We propose a tractable and coherent framework that captures both conventional and unconventional monetary policies with the shadow fed funds rate. Empirically, we document the shadow rate’s resemblance to an overall financial conditions index, various private interest rates, the Fed’s balance sheet, and the Taylor rule. Theoretically, we demonstrate the impact of unconventional policies, such a...

vrije Universiteit amsterdam 1. INTRODUCTION In recent years the interest in urban environmental and energy policies has shown a remarkable rise. After the era of nationwide and/or sectoral energy policies it has been realized that cities and regions form important focal points for integrative and effective energy savings strategies with a view on both economizing on resource expenditures and i...

This paper examines the effect of economic globalization on human development and argues that the relation between economic globalization and human development is mediated by economic freedom and corruption. Findings suggest that economic globalization affects economic freedom positively and corruption negatively. In turn, economic freedom has a positive effect and corruption has a negative eff...

Theory of thermal emission from periodic structures. Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. The MIT Faculty has made this article openly available. Please share how this access benefits you. Your story matters. We provide a momentum space formulation for thermal emission f...

Animals are the focus of public policy around world. Nonetheless, animal has not been established as a separate domain. This article describes elements to clarify its scope for discourse and give it distinct research status. Three perspectives on identified—anthropocentrism, welfare, natural rights. Each these ideas shapes responses issues cruelty, species disruptions, use animals service. By o...

To alleviate scalability problems in the Web, many researchers concentrate on how to incorporate advanced caching and replication techniques. Many solutions incorporate objectbased techniques. In particular, Web resources are considered as distributed objects offering a well-defined interface. We argue that most proposals ignore two important aspects. First, there is little discussion on what k...

I work on a wide range of economic policies. While each area raises unique issues, the ultimate question in analyzing any of them is the same: what impact will this policy have on welfare? In many of the topics I work on, there is not a well-developed, coherent framework for answering that question. As a result, we often have to rely on heuristics: what stimulus measure has the most bang-for-th...

Although the launch of the euro went better than many expected, sluggish growth, persistent unemployment and growing disenchantment with key elements of the economic governance system have led to demands for change, especially in policy coordination. This paper examines the criticisms of economic policy in the EU and the mechanisms through which it is coordinated, and considers how the EMU poli...

While deterministic optimization enjoys an almost universally accepted canonical form, stochastic optimization is a jungle of competing notational systems and algorithmic strategies. This is especially problematic in the context of sequential (multistage) stochastic optimization problems, which is the focus of our presentation. In this article, we place a variety of competing strategies into a ...

This book gathers contributions from members of the UK Energy Research Centre, in the context of a collaborative research project. It addresses the challenge of determining how the United Kingdom might meet its objective of reducing greenhouse gas emissions by 80 per cent by 2050. This target was included in the UK’s 2008 Climate Change Act. Yet, significant changes are required in the UK energ...