Marine reserve theory suggests that where large, productive populations are protected within no-take marine reserves, fished areas outside reserves will benefit through the spillover of larvae produced in the reserves. However, empirical evidence for larval export has been sparse. Here we use a simple idealized coastline model to estimate the expected magnitude and spatial scale of larval expor...

The appropriate configuration of marine reserves for maximizing harvests or ensuring species persistence when there is uncertainty or variability in larval dispersal patterns is not completely understood. This is particularly true in environments with large alongshore advection rates, as the success of a system of marine reserves depends on connectivity through larval and/or adult dispersal bet...

Fully-protected marine reserves can function at several spatial scales, from a single area encompassing few habitats, to local networks of many habitats, to large-scale networks connected by larval dispersal. However, the amount, spatial distribution, and associated administrative attributes of Caribbean marine reserves are collectively unknown. We compiled information on reserves from 21 count...

I study a non-stochastic, perfect foresight, general equilibrium model with a banking system that may hold large excess reserves when the central bank pays interest on reserves. The banking system also faces a capital constraint that may or may not be binding. When the rate of interest on reserves equals the market rate, if the quantity of reserves is large and bank capital is not scarce, the p...

Interest on reserves allows the Federal Reserve to pursue an appropriate monetary policy even with a high level of excess reserves. However, a banking system flush with excess reserves can raise the risk of monetary policy getting behind the curve. In recent months, the level of total reserves held by depository institutions (DIs) in the United States has been consistently above $1 trillion. Of...

Operating reserves allow nonprofit organizations to smooth out imbalances between revenues and expenses, helping to maintain program output in the presence of fiscal shocks. We know surprisingly little about why nonprofits might save operating reserves and what factors explain variation between organizations’ savings behavior. Findings suggest that operating reserves are reduced in the presence...

We welcome the opportunity to discuss the IEO’s evaluation of this critical policy area, and its findings that Fund research on the topic is at the frontier, and that Fund surveillance of the largest reserve holders was commendable. However, this report fails to acknowledge that many of its general recommendations are already reflected in Fund policy papers and other initiatives. We are also co...

In the process of implementing marine reserves, policy makers typically are occupied with (1) choosing the spatial configuration of areas to protect and (2) addressing the concerns of fishermen regarding the effects of proposed reserves on fishery yield. The spatial configuration is typically set by choosing the habitat, species, and ecosystems to protect, assuming that the associated species w...

Assessments of the conservation and fisheries effects of marine reserves typically focus on single reserves where sampling occurs over narrow spatiotemporal scales. A strategy for broadening the collection and interpretation of data is collaborative fisheries research (CFR). Here we report results of a CFR program formed in part to test whether reserves at the Santa Barbara Channel Islands, USA...

— We study the role of the exchange rate regime, reserve accumulation, and sterilization policies in the macroeconomics of aid surges. Absent sterilization, a peg allows for almost full aid absorption—an increase in the current account deficit net of aid—delivering the same effects as those of a flexible regime but with a necessary increase in inflation. Regardless of the regime, policies that ...