One of the measures taken by the 1979 Revolutionary Government of Iran was to denounce the mixed public-private ownership of the banking system of the pre-revolutionary era and implement a full scale banking nationalization and merging scheme. Since then the banking system has been operating under close supervision and scrutiny of the government - exercising its power to impose a variety of res...

Abstract I provide comments and replies to the seven insightful contributions that discussed “The Democratic Challenge of Central Bank Credit Policies” proposal for a European Council. review how interdisciplinary scholarship on political economy central banking have shown limits simple principal-agent framework applied bank power legitimacy. emphasize why change independence is not necessary f...

Using migration data of a rating agency, this paper attempts to quantify the impact of macroeconomic conditions on credit-rating migrations. The migrations are modeled as a coupled Markov chain, where the macroeconomic factors are represented by unobserved tendency variables. In the simplest case, these binary random variables are static and credit-class-specific. A generalization treats tenden...

Rapidly declining gasoline prices from their record high during the summer of 2008, while ethanol prices remained relatively high, made it difficult for many bio-fuel policy modelers to fully explain the impacts of U.S. bio-fuel policies on fuel prices. Using profitmaximization models for blenders, refiners, and distillers, we conduct a comparative static analysis to measure the relative magnit...

We analyze conventional and unconventional monetary policies in a dynamic small open-economy model with financial frictions. In the model, financial intermediaries or banks borrow from the world market and lend to domestic households. Banks can borrow abroad up to a multiple of their equity; in turn, there is a limit to how much bank equity households can hold. An economy-wide credit constraint...

Motivation Policies to promote solar photovoltaic (PV) adoption have been gaining momentum throughout the world, as concerns over global climate change and national security externalities continue to grow. In the US: 30% solar energy federal investment tax credit. Yet we understand very little about the process of diffusion of this technology.

Emergency surgeon: “ last of the mohicans” 2014-2016 editorial policy WSESWJES: position papers, guidelines, courses, books and original research; from WJES impact factor to WSES congress impact factor Fausto Catena, Frederick Moore, Luca Ansaloni, Ari Leppäniemi, Massimo Sartelli, Andrew B Peitzmann, Walt Biffl, Federico Coccolini, Salomone Di Saverio, Belinda De Simone, Michele Pisano and Ern...

Payment card associations Visa and MasterCard offer both debit and credit cards and, until recently, used to engage in a tie-in on the merchant side through the so-called honorall-cards (HAC) rule. This rule has come under attack on the grounds that the credit and debit card markets are separate markets and that the associations lever their market power in the “credit card market” to exclude on...