This paper studies robust Ramsey policy problems in a general discrete-time linearquadratic framework when the Ramsey planner faces three types of ambiguity. This framework includes both exogenous and endogenous state variables. In addition, the equilibrium system from the private sector contains both backward-looking and forward-looking dynamics. We provide recursive characterizations and algo...

In competitive social environments, people often deviate from what rational choice theory prescribes, resulting in losses or suboptimal monetary gains. We investigate how competition affects learning and decision-making in a common value auction task. During the experiment, groups of five human participants were simultaneously scanned using MRI while playing the auction task. We first demonstra...

This is a special conference for the Federal Reserve Bank of Boston, and for me personally. The role of monetary aggregates in monetary policy was intensely controversial when I joined the staff of the Board of Governors in May 1969. I was immediately asked to join the staff of the newly formed FOMC Committee on the Directive. Governor Sherman Maisel chaired that committee; the other two member...

After decades of central planning that ignored local conditions and the complex needs of final users, and then tried to do away with the commons for monetary reasons, people have forgotten the principal geometrical, human-scaled patterns that generated our most successful urban spaces throughout history. There has been an important loss of the shared knowledge that once let people build humane ...

the mādayān ī hazār dādestān «the book of thousand judgements» only an incomplete manuscript of several legal collections of sasanian era is at hand. noinformation about the life of farroxmard vahrāmān (f son v) collector is available. in principle, it is possible that the book be written under the reign of khosrow parviz, the last king listed in the book. .this article will examine the legal t...

This paper investigates whether nominal disturbances have important real effects. What differentiates the paper from the countless others on the same subject is that it focuses not on purely statistical evidence but on evidence derived from the historical record--evidence based on what we call the "narrative approach." This approach was pioneered by Friedman and Schwartz in their Monetary Histo...

Throughout history, nations have devised many institutions to carry out these same tasks, often relying primarily on the private sector and market discipline, and giving governments a minimal role. Today, central banks, functioning as extensions of governments and issuing fiat currencies, attempt to ensure monetary stability. However, we have come to call upon central banks to perform many oper...

darabgird is one of the ancient cities in fars province. according to iranian mythology, darab shah (dariush, the great) found the city in the achaemenid period. but, due to the fact that 1.21% of total ceramics gathered from the city belongs to the parthian era, we can accept that the city remained in use since parthian period to the islamic era. data analysis shows that the city had a strong...