PSN: Other Monetary Policy (Topic)最新文献_第2页

Equitable Monetary Relief Under the FTC Act: An Opportunity for a Marginal Improvement 联邦贸易委员会法案下的公平货币救济:边际改进的机会

PSN: Other Monetary Policy (Topic) Pub Date : 2020-03-03 DOI: 10.2139/ssrn.3549899

James C. Cooper, Bruce H. Kobayashi

{"title":"Equitable Monetary Relief Under the FTC Act: An Opportunity for a Marginal Improvement","authors":"James C. Cooper, Bruce H. Kobayashi","doi":"10.2139/ssrn.3549899","DOIUrl":"https://doi.org/10.2139/ssrn.3549899","url":null,"abstract":"Optimal remedies should be grounded in consumer harm. The caselaw interpreting the FTC's ability to obtain equitable monetary relief, however, has strayed far from this benchmark. Rather than requiring the FTC to show the marginal impact of deception, courts presume that everyone exposed to deception is harmed based on the fiction that the FTC has proven materiality. This approach is likely to overstate consumer harm in most circumstances involving a legitimate product, which will reduce the amount of beneficial marketplace information available to consumers. Several cases that challenge the FTC's legal authority to use 13(b) to obtain equitable monetary relief are awaiting certiorari determinations, which have led some to call for Congressional intervention to fix the statutory problem. Regardless of the outcome of this process, we see this turn of events as an opportunity for the FTC to recalibrate its consumer protection remedies to more closely mirror consumer harm. It should do so by focusing on the marginal impact of deception, a task that could be accomplished through Congressional action or on the FTC's own initiative. Regardless of the path, this marginal improvement would be an important one for consumers.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116372248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Monetary Policy Shocks and Skill Differences in the U.S. Labor Market 货币政策冲击和美国劳动力市场的技能差异

PSN: Other Monetary Policy (Topic) Pub Date : 2020-01-29 DOI: 10.2139/ssrn.3527650

Pritha Chaudhuri

引用次数: 0

The Importance of Production Networks and Sectoral Heterogeneity for Monetary Policy 生产网络和部门异质性对货币政策的重要性

PSN: Other Monetary Policy (Topic) Pub Date : 2019-12-01 DOI: 10.2139/ssrn.3499902

Nicolas Castro

引用次数: 9

The Chinese Monetary Power: The Brazilian Legal Environment as an Important Institutional Variable for the Adoption of the Renminbi in the Chinese Investments in Brazil 中国货币力量:巴西法律环境作为中国在巴西投资采用人民币的重要制度变量

PSN: Other Monetary Policy (Topic) Pub Date : 2019-05-30 DOI: 10.2139/ssrn.3430878

Alexandre Coelho

{"title":"The Chinese Monetary Power: The Brazilian Legal Environment as an Important Institutional Variable for the Adoption of the Renminbi in the Chinese Investments in Brazil","authors":"Alexandre Coelho","doi":"10.2139/ssrn.3430878","DOIUrl":"https://doi.org/10.2139/ssrn.3430878","url":null,"abstract":"The purpose of this essay is to present how the expansion of the Chinese monetary power may impact Brazil and whether the Brazilian legal environment may be of relevance to the Chinese investment and trade strategies. This study is part of research in progress that has been developed in the Global Law and Development Study Center at the School of Law of Getulio Vargas Foundation in Sao Paulo – Brazil. In order to present this issue, the author analyzes the Chinese measures related to the utilization of the Renminbi (RMB) in investments and trade from the Brazilian economic, political, and legal perspective. The main research question is: whether or not the Brazilian legal environment promotes the adoption of the RMB in the Chinese trade strategies, and direct and portfolio investments in Brazil? The author tries to answer this question by analyzing Brazilian laws and rules concerning with investments and trade. The preliminary conclusions suggest that: (i) the Brazilian legal framework may represent obstacles to or even hinder trade, and foreign investments in Brazil, and consequently may not prove to be favorable to the use of the RMB in the economic relations between Brazil and China; (ii) China has still not been able to carry out - if there is such an intention - to create in Brazil a zone of monetary dependence backed by the RMB; and (iii) the parallel legal framework structured by China together with the Brazilian bureaucracy, translated into cooperation agreements, the investment mechanism based on the China-LAC Industrial Cooperation Investment Fund Co., Ltd. - Claifund, and the BRICS CRA suggests the attempts to establish an equivalent legal reality to the use of the RMB as a means of payment in economic relations between Brazil and China, although without success until this moment.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125991482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Term Structure, Forecast Revision and the Signaling Channel of Monetary Policy 期限结构、预测修正与货币政策信号通道

PSN: Other Monetary Policy (Topic) Pub Date : 2019-03-21 DOI: 10.2139/ssrn.3357480

Donghai Zhang

引用次数: 2

Cross-Border Bank Flows and Monetary Policy 跨境银行流动与货币政策

PSN: Other Monetary Policy (Topic) Pub Date : 2018-12-01 DOI: 10.17016/IFDP.2018.1241

Ricardo Correa, Teodora Paligorova, Horacio. Sapriza, A. Zlate

引用次数: 30

Effects of Monetary Policy Decisions on Professional Forecasters’ Expectations and Expectations Uncertainty 货币政策决策对专业预测者预期和预期不确定性的影响

PSN: Other Monetary Policy (Topic) Pub Date : 2018-11-20 DOI: 10.2139/ssrn.3288387

S. Oinonen, Maritta Paloviita, M. Virén

{"title":"Effects of Monetary Policy Decisions on Professional Forecasters’ Expectations and Expectations Uncertainty","authors":"S. Oinonen, Maritta Paloviita, M. Virén","doi":"10.2139/ssrn.3288387","DOIUrl":"https://doi.org/10.2139/ssrn.3288387","url":null,"abstract":"In this paper, we examine how professional forecasters’ expectations and expectation uncertainty have reacted to the ECB’s interest rate decisions and non-conventional monetary policy measures during the period 1999-2017. The analysis makes use of a conventional dif-in-dif type set up with different time series tools. The results indicate that expectations have been sensitive to policy actions, but all forecasters’ reactions do not seem to follow the basic predictions of a standard New Keynesian model. Also the relationship between inflation and output forecasts does not seem to follow a Phillips curve type relationship. Moreover, short- and long term reactions to policy are often weakly related and of different sign. Interestingly, subjective forecast uncertainty measures are very sensitive to policy measures. Thus, there seems to be much heterogeneity in forecasters’ reactions to most policy decisions. All uncertainty measures, including long-term inflation uncertainty, have increased over time. This has to be taken into account when considering the anchoring of inflation expectations to the inflation target.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114591134","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Commodity Money, Free Banking, and Nominal Income Targeting: Lessons for Monetary Policy Reform 商品货币、自由银行和名义收入目标制:货币政策改革的教训

PSN: Other Monetary Policy (Topic) Pub Date : 2018-09-21 DOI: 10.2139/ssrn.3253166

Joshua R. Hendrickson

{"title":"Commodity Money, Free Banking, and Nominal Income Targeting: Lessons for Monetary Policy Reform","authors":"Joshua R. Hendrickson","doi":"10.2139/ssrn.3253166","DOIUrl":"https://doi.org/10.2139/ssrn.3253166","url":null,"abstract":"Abstract Some have argued that nominal income targeting is desirable because it would replicate characteristics of a free banking regime. However, the degree to which this is true and desirable depends on the properties of commodity-based monetary regimes. In this paper, I provide a model of commodity money. I find that a pure commodity money regime can only generate an efficient stationary equilibrium by divine coincidence or by giving policymakers control over the supply of the commodity. The introduction of bank notes makes it much more likely that the economy will achieve an efficient equilibrium. In particular, in a commodity-based system, bank notes are equivalent to call options on the commodity and the commodity holdings are equivalent to a put option on the commodity. Assuming that there is no risk-free arbitrage in equilibrium, then both bank notes and the commodity will have an expected rate of return equal to the risk-free rate. If the risk-free rate is equal to the rate of time preference, then this commodity regime is efficient. A free banking system would therefore not only minimize deviations between the supply and demand for money, but it would also (potentially) implement the Friedman rule. Both market-based and more conventional nominal income targeting regimes are unlikely to replicate both features of a free banking system unless the nominal income target has a deflationary bias.","PeriodicalId":355111,"journal":{"name":"PSN: Other Monetary Policy (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124758728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Unconventional Monetary Policy and the Portfolio Choice of International Mutual Funds 非常规货币政策与国际共同基金的投资组合选择

PSN: Other Monetary Policy (Topic) Pub Date : 2018-01-12 DOI: 10.2139/ssrn.3606408

Gino Cenedese, Ilaf Elard

引用次数: 4

Optimal Monetary Policy Under Bounded Rationality 有限理性下的最优货币政策

PSN: Other Monetary Policy (Topic) Pub Date : 2018-01-01 DOI: 10.24149/gwp336

Jonathan Benchimol, Lahcen Bounader

引用次数: 11