Richard Heeks
- Published in print:
- 2004
- Published Online:
- September 2007
- ISBN:
- 9780199241057
- eISBN:
- 9780191714290
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199241057.003.0012
- Subject:
- Business and Management, Information Technology
India was a Third World Information Technology colossus by the year 2000. In 1998/99, it exported an estimated US$2.2 billion-worth of software and produced more than 700,000 computers for the home ...
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India was a Third World Information Technology colossus by the year 2000. In 1998/99, it exported an estimated US$2.2 billion-worth of software and produced more than 700,000 computers for the home market, worth over US$1 billion. Such success has encouraged many other developing and transitional nations to see India as an IT model that must be understood and imitated. This chapter explores IT production policies in India and their impact from the 1960s to the 1990s, and draws some policy lessons from that understanding. It sets out an IT policy framework that will be used to analyse the Indian experiences.Less
India was a Third World Information Technology colossus by the year 2000. In 1998/99, it exported an estimated US$2.2 billion-worth of software and produced more than 700,000 computers for the home market, worth over US$1 billion. Such success has encouraged many other developing and transitional nations to see India as an IT model that must be understood and imitated. This chapter explores IT production policies in India and their impact from the 1960s to the 1990s, and draws some policy lessons from that understanding. It sets out an IT policy framework that will be used to analyse the Indian experiences.
Yung Chul Park
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199276776
- eISBN:
- 9780191603051
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199276773.003.0025
- Subject:
- Economics and Finance, South and East Asia
China’s growing influence has become a concern in terms of its role and potential dominance in East Asian integration. The key to a successful new paradigm for East Asia involves taking elements from ...
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China’s growing influence has become a concern in terms of its role and potential dominance in East Asian integration. The key to a successful new paradigm for East Asia involves taking elements from both the pre-crisis and Anglo-American models resulting in better policy coordination, more efficient regional cooperative agreements, and deeper integration.Less
China’s growing influence has become a concern in terms of its role and potential dominance in East Asian integration. The key to a successful new paradigm for East Asia involves taking elements from both the pre-crisis and Anglo-American models resulting in better policy coordination, more efficient regional cooperative agreements, and deeper integration.
Mario L. Possas and Heloisa Borges
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199235261
- eISBN:
- 9780191715617
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199235261.003.0017
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Competition policy, especially antitrust, is not usually seen as part of an industrial policy framework. In fact, these are often viewed as conflicting with each other. This chapter discusses the ...
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Competition policy, especially antitrust, is not usually seen as part of an industrial policy framework. In fact, these are often viewed as conflicting with each other. This chapter discusses the role that should be ascribed, under a broadly defined “evolutionary” framework, to competition policy within or at least related to industrial policies. It argues that above a certain development threshold, competition policies and other industry-fostering policies tend to be complementary rather than in conflict with each other. In this light, the chapter discusses the experience of selected developed economies as well as newly industrialized ones, examining both competition and industrial policies alongside the process of industrial development.Less
Competition policy, especially antitrust, is not usually seen as part of an industrial policy framework. In fact, these are often viewed as conflicting with each other. This chapter discusses the role that should be ascribed, under a broadly defined “evolutionary” framework, to competition policy within or at least related to industrial policies. It argues that above a certain development threshold, competition policies and other industry-fostering policies tend to be complementary rather than in conflict with each other. In this light, the chapter discusses the experience of selected developed economies as well as newly industrialized ones, examining both competition and industrial policies alongside the process of industrial development.
Justin Yifu Lin and Célestin Monga
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9780691192338
- eISBN:
- 9781400884681
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691192338.003.0004
- Subject:
- Economics and Finance, International
This chapter discusses the foundations of the most popular policy prescriptions that are offered to developing countries as blueprints for prosperity. It starts by sketching the historical ...
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This chapter discusses the foundations of the most popular policy prescriptions that are offered to developing countries as blueprints for prosperity. It starts by sketching the historical intellectual background that determined economic policies in colonial times. It then reviews the various waves of development thinking that have dominated research and policy making since World War II. It also highlights some issues with the analytics of growth and the random search for binding constraints in developing countries. The chapter concludes with a review of the disappointing results of the lengthy policy prescriptions that developing countries typically receive and adopt. It emphasizes how new approaches should be complemented by more precise policy frameworks to guide government and private sector actions and encourage the process of industrial upgrading and structural change, which is at the core of all successful development strategies.Less
This chapter discusses the foundations of the most popular policy prescriptions that are offered to developing countries as blueprints for prosperity. It starts by sketching the historical intellectual background that determined economic policies in colonial times. It then reviews the various waves of development thinking that have dominated research and policy making since World War II. It also highlights some issues with the analytics of growth and the random search for binding constraints in developing countries. The chapter concludes with a review of the disappointing results of the lengthy policy prescriptions that developing countries typically receive and adopt. It emphasizes how new approaches should be complemented by more precise policy frameworks to guide government and private sector actions and encourage the process of industrial upgrading and structural change, which is at the core of all successful development strategies.
James Wakiaga
- Published in print:
- 2015
- Published Online:
- May 2016
- ISBN:
- 9781447328537
- eISBN:
- 9781447328551
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447328537.003.0002
- Subject:
- Political Science, Public Policy
The Chapter analyses the post-Millennium Development Goals policy debate to frame a successor framework that is universally acceptable. It looks at the changing global dynamics since the adoption of ...
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The Chapter analyses the post-Millennium Development Goals policy debate to frame a successor framework that is universally acceptable. It looks at the changing global dynamics since the adoption of the MDGs in 2000 and calls for a paradigm shift and rethinking in approach. The author argues that the task of formulating the post-2015 development framework will need to be balanced by a plethora of other global development initiatives that have taken place over the past few years. The analysis points to an emerging framework that must contend with the dynamics of a fast changing world and why it is essential to build a global policy convergence. The chapter highlights on the Common African Position on the post-2015 agenda and some of the key priority issues to be considered in the post-2015 development agenda.Less
The Chapter analyses the post-Millennium Development Goals policy debate to frame a successor framework that is universally acceptable. It looks at the changing global dynamics since the adoption of the MDGs in 2000 and calls for a paradigm shift and rethinking in approach. The author argues that the task of formulating the post-2015 development framework will need to be balanced by a plethora of other global development initiatives that have taken place over the past few years. The analysis points to an emerging framework that must contend with the dynamics of a fast changing world and why it is essential to build a global policy convergence. The chapter highlights on the Common African Position on the post-2015 agenda and some of the key priority issues to be considered in the post-2015 development agenda.
Deserai Crow and Michael Jones
- Published in print:
- 2021
- Published Online:
- January 2022
- ISBN:
- 9781447359821
- eISBN:
- 9781447359845
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447359821.003.0003
- Subject:
- Political Science, Political Theory
This chapter discusses how public policy is navigated by a system of actors that are vying for their preferred policy goals and wield narratives to help achieve those goals. It analyzes the intuitive ...
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This chapter discusses how public policy is navigated by a system of actors that are vying for their preferred policy goals and wield narratives to help achieve those goals. It analyzes the intuitive ad hoc nature of policy narration by drawing upon extant narrative research in public policy to offer theoretically based and useful storytelling advice. It also uses the Narrative Policy Framework, a recent theoretical innovation in policy scholarship, to build a guide for applied understanding of theory. The chapter outlines two key pitfalls that can lead to ineffective policy communication: knowledge fallacy and empathy fallacy. It elaborates that knowledge fallacy is likely to be familiar to those versed in the science communication literature, while empathy fallacy has not been identified within policy narrative research.Less
This chapter discusses how public policy is navigated by a system of actors that are vying for their preferred policy goals and wield narratives to help achieve those goals. It analyzes the intuitive ad hoc nature of policy narration by drawing upon extant narrative research in public policy to offer theoretically based and useful storytelling advice. It also uses the Narrative Policy Framework, a recent theoretical innovation in policy scholarship, to build a guide for applied understanding of theory. The chapter outlines two key pitfalls that can lead to ineffective policy communication: knowledge fallacy and empathy fallacy. It elaborates that knowledge fallacy is likely to be familiar to those versed in the science communication literature, while empathy fallacy has not been identified within policy narrative research.
Justin Yifu Lin and Célestin Monga
- Published in print:
- 2019
- Published Online:
- May 2020
- ISBN:
- 9780691192338
- eISBN:
- 9781400884681
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691192338.003.0005
- Subject:
- Economics and Finance, International
This chapter analyzes the mechanics of failure and the secrets of economic success. Cesar Luis Menotti's strategy's main ingredients could serve as a metaphor for the basic argument in the chapter: ...
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This chapter analyzes the mechanics of failure and the secrets of economic success. Cesar Luis Menotti's strategy's main ingredients could serve as a metaphor for the basic argument in the chapter: any low-income country can achieve sustained and inclusive growth if it properly identifies its endowment structure and uses its most competitive factors to exploit its comparative advantage. The chapter starts with a presentation of the standard model of stabilization and structural adjustment, which has come to dominate development thinking and policy across the world and has survived several decades of critical research. It then explores reasons why the model has endured despite criticism from across the ideological spectrum, especially in the 1980s and 1990s. It also offers an analysis of why traditional policy frameworks derived from the standard model often do not yield results, and it stresses the need to focus growth strategies on coordination and externalities. The chapter ends with a discussion of one of the main side effects of the standard model and its growth prescriptions: the extreme dependence on foreign aid by many low-income economies, especially those in Africa.Less
This chapter analyzes the mechanics of failure and the secrets of economic success. Cesar Luis Menotti's strategy's main ingredients could serve as a metaphor for the basic argument in the chapter: any low-income country can achieve sustained and inclusive growth if it properly identifies its endowment structure and uses its most competitive factors to exploit its comparative advantage. The chapter starts with a presentation of the standard model of stabilization and structural adjustment, which has come to dominate development thinking and policy across the world and has survived several decades of critical research. It then explores reasons why the model has endured despite criticism from across the ideological spectrum, especially in the 1980s and 1990s. It also offers an analysis of why traditional policy frameworks derived from the standard model often do not yield results, and it stresses the need to focus growth strategies on coordination and externalities. The chapter ends with a discussion of one of the main side effects of the standard model and its growth prescriptions: the extreme dependence on foreign aid by many low-income economies, especially those in Africa.
Ann Leahy
- Published in print:
- 2021
- Published Online:
- January 2022
- ISBN:
- 9781447357155
- eISBN:
- 9781447357193
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781447357155.003.0004
- Subject:
- Sociology, Gerontology and Ageing
This Chapter discusses the separation of public policy frameworks on ageing and on disability and the consequences for older people, focusing on social care. Public policies traditionally underscore ...
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This Chapter discusses the separation of public policy frameworks on ageing and on disability and the consequences for older people, focusing on social care. Public policies traditionally underscore difference between people with different timings of disability onset, operating as if people were disabled or older, not both. This separately constructs ‘disability’ experienced at different points of the lifespan. The Chapter first outlines disability prevalence linked to ageing and discuses traditional approaches to policies on ageing and on disability. It then moves to the consequences of the traditional separation between these two policy frameworks for older people. The Chapter goes on to address attempts to bridge the two fields in practice and finishes by suggesting lessons that can be drawn by those attempting to find a way forward in this area.Less
This Chapter discusses the separation of public policy frameworks on ageing and on disability and the consequences for older people, focusing on social care. Public policies traditionally underscore difference between people with different timings of disability onset, operating as if people were disabled or older, not both. This separately constructs ‘disability’ experienced at different points of the lifespan. The Chapter first outlines disability prevalence linked to ageing and discuses traditional approaches to policies on ageing and on disability. It then moves to the consequences of the traditional separation between these two policy frameworks for older people. The Chapter goes on to address attempts to bridge the two fields in practice and finishes by suggesting lessons that can be drawn by those attempting to find a way forward in this area.
Norma M. Riccucci
- Published in print:
- 2018
- Published Online:
- September 2018
- ISBN:
- 9781479845040
- eISBN:
- 9781479896356
- Item type:
- book
- Publisher:
- NYU Press
- DOI:
- 10.18574/nyu/9781479845040.001.0001
- Subject:
- Political Science, American Politics
Policy Drift: Shared Powers and the Making of U.S. Law and Policy is a seminal book that closely examines the role of shared powers on shifts or drifts in three critical areas of domestic public ...
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Policy Drift: Shared Powers and the Making of U.S. Law and Policy is a seminal book that closely examines the role of shared powers on shifts or drifts in three critical areas of domestic public policy: privacy rights, civil rights, and climate policy. Most books focus on the politics of implementation, but here the author shows how existing policy can drift in unanticipated directions due to punctuated social, political, or economic forces.Less
Policy Drift: Shared Powers and the Making of U.S. Law and Policy is a seminal book that closely examines the role of shared powers on shifts or drifts in three critical areas of domestic public policy: privacy rights, civil rights, and climate policy. Most books focus on the politics of implementation, but here the author shows how existing policy can drift in unanticipated directions due to punctuated social, political, or economic forces.
David Colander and Roland Kupers
- Published in print:
- 2016
- Published Online:
- January 2018
- ISBN:
- 9780691169132
- eISBN:
- 9781400850136
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691169132.001.0001
- Subject:
- Economics and Finance, History of Economic Thought
Complexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not ...
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Complexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, they are damaging in others, directing thinking away from creative, innovative policy solutions. This book outlines a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced. The book describes how economists and society became locked into the current policy framework, and lay out fresh alternatives for framing policy questions. Offering original solutions to stubborn problems, the complexity narrative builds on broader philosophical traditions, such as those in the work of John Stuart Mill, to suggest initiatives that the authors call “activist laissez-faire” policies. The book develops innovative bottom-up solutions that, through new institutional structures such as for-benefit corporations, channel individuals’ social instincts into solving societal problems, making profits a tool for change rather than a goal. It argues that a central role for government in this complexity framework is to foster an ecostructure within which diverse forms of social entrepreneurship can emerge and blossom.Less
Complexity science—made possible by modern analytical and computational advances—is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. While these standard narratives are useful in some cases, they are damaging in others, directing thinking away from creative, innovative policy solutions. This book outlines a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced. The book describes how economists and society became locked into the current policy framework, and lay out fresh alternatives for framing policy questions. Offering original solutions to stubborn problems, the complexity narrative builds on broader philosophical traditions, such as those in the work of John Stuart Mill, to suggest initiatives that the authors call “activist laissez-faire” policies. The book develops innovative bottom-up solutions that, through new institutional structures such as for-benefit corporations, channel individuals’ social instincts into solving societal problems, making profits a tool for change rather than a goal. It argues that a central role for government in this complexity framework is to foster an ecostructure within which diverse forms of social entrepreneurship can emerge and blossom.
R.U.S. Prasad
- Published in print:
- 2010
- Published Online:
- October 2012
- ISBN:
- 9780198066453
- eISBN:
- 9780199081271
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198066453.003.0001
- Subject:
- Law, Competition Law
This chapter examines the present situation in telecommunications. It reveals that the developments in telecommunication have been motivated by liberalization and technology, thus making it both very ...
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This chapter examines the present situation in telecommunications. It reveals that the developments in telecommunication have been motivated by liberalization and technology, thus making it both very dynamic and prone to disputes. Expansions in telecommunications and the arrival of new services can be attributed to the union of entertainment, information, and communication. It then stresses the need for a stable policy and regulatory framework. The chapter also includes some cases that were presented to the telecom dispute settlement body in India. The role of other dispute settlement units and regulators become the primary focus. This is used to determine if the present legal framework is suitable for the telecom sector, and if the current dispute resolution mechanisms are keeping up with the dynamic industry structure.Less
This chapter examines the present situation in telecommunications. It reveals that the developments in telecommunication have been motivated by liberalization and technology, thus making it both very dynamic and prone to disputes. Expansions in telecommunications and the arrival of new services can be attributed to the union of entertainment, information, and communication. It then stresses the need for a stable policy and regulatory framework. The chapter also includes some cases that were presented to the telecom dispute settlement body in India. The role of other dispute settlement units and regulators become the primary focus. This is used to determine if the present legal framework is suitable for the telecom sector, and if the current dispute resolution mechanisms are keeping up with the dynamic industry structure.
Cherie Booth, Marc Bush, and Ruth Scott
- Published in print:
- 2011
- Published Online:
- March 2012
- ISBN:
- 9781847423375
- eISBN:
- 9781447302186
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781847423375.003.0002
- Subject:
- Sociology, Social Stratification, Inequality, and Mobility
This chapter shows that bias towards special schools is due to the complex relationship that has evolved between social care law and children's education. It provides an analysis of England and Wales ...
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This chapter shows that bias towards special schools is due to the complex relationship that has evolved between social care law and children's education. It provides an analysis of England and Wales that determines how the policy and legislative frameworks of education and social care for the last twenty years have taken divergent approaches. This analysis also shows that these divergent approaches have restricted the progress of inclusive education. The chapter does not include a narration of the debates that surround the definition of inclusive education.Less
This chapter shows that bias towards special schools is due to the complex relationship that has evolved between social care law and children's education. It provides an analysis of England and Wales that determines how the policy and legislative frameworks of education and social care for the last twenty years have taken divergent approaches. This analysis also shows that these divergent approaches have restricted the progress of inclusive education. The chapter does not include a narration of the debates that surround the definition of inclusive education.
Masaaki Shirakawa
- Published in print:
- 2021
- Published Online:
- January 2022
- ISBN:
- 9780300258974
- eISBN:
- 9780300263008
- Item type:
- chapter
- Publisher:
- Yale University Press
- DOI:
- 10.12987/yale/9780300258974.003.0023
- Subject:
- Economics and Finance, Economic History
This epilogue reflects on the future of central banks. The Bank of Japan was the first central bank to find itself stuck in the “low-for-long” world, meaning that low-interest rates persist for an ...
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This epilogue reflects on the future of central banks. The Bank of Japan was the first central bank to find itself stuck in the “low-for-long” world, meaning that low-interest rates persist for an extended period of time. At some point in time, the low-for-long world will inevitably be forced to change. What will unfold might be inflation, a financial bubble and subsequent financial crisis, social discontent due to widening inequalities in wealth, a continuous decline in the growth rate, or some combination of these factors. Witnessing how the economy and society are now being profoundly impacted by the global pandemic of the COVID-19 virus, one certainly cannot rule out something happening that is beyond current imagination. Central banks are thus faced with enormous challenges. The current conundrum reflects underlying political, social, and technological trends that are largely beyond the control of central banks. Nevertheless, they should take the lead in reconsidering the current monetary policy framework.Less
This epilogue reflects on the future of central banks. The Bank of Japan was the first central bank to find itself stuck in the “low-for-long” world, meaning that low-interest rates persist for an extended period of time. At some point in time, the low-for-long world will inevitably be forced to change. What will unfold might be inflation, a financial bubble and subsequent financial crisis, social discontent due to widening inequalities in wealth, a continuous decline in the growth rate, or some combination of these factors. Witnessing how the economy and society are now being profoundly impacted by the global pandemic of the COVID-19 virus, one certainly cannot rule out something happening that is beyond current imagination. Central banks are thus faced with enormous challenges. The current conundrum reflects underlying political, social, and technological trends that are largely beyond the control of central banks. Nevertheless, they should take the lead in reconsidering the current monetary policy framework.
Fabian Amtenbrink and René Repasi
- Published in print:
- 2017
- Published Online:
- April 2017
- ISBN:
- 9780198746560
- eISBN:
- 9780191808487
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198746560.003.0010
- Subject:
- Law, EU Law, Constitutional and Administrative Law
This chapter examines the EU’s new economic policy coordination regime and specifically the secondary Union law rules in the shape of the Six Pack and Two Pack, as well as the TSCG and the ESM ...
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This chapter examines the EU’s new economic policy coordination regime and specifically the secondary Union law rules in the shape of the Six Pack and Two Pack, as well as the TSCG and the ESM Treaty. To this end the chapter develops an analytical framework for assessing the current legal framework. It then operationalizes this analytical framework by categorizing and analysing the main legal mechanisms in place to ensure compliance with the Union’s objectives geared towards ensuring fiscal stability in the EMU. The chapter then offers a qualitative evaluation of the potential of the current economic policy coordination framework to ensure compliance. Finally, this chapter makes some concrete proposals on how the current system can be improved and places these in the broader context of the future of EMU.Less
This chapter examines the EU’s new economic policy coordination regime and specifically the secondary Union law rules in the shape of the Six Pack and Two Pack, as well as the TSCG and the ESM Treaty. To this end the chapter develops an analytical framework for assessing the current legal framework. It then operationalizes this analytical framework by categorizing and analysing the main legal mechanisms in place to ensure compliance with the Union’s objectives geared towards ensuring fiscal stability in the EMU. The chapter then offers a qualitative evaluation of the potential of the current economic policy coordination framework to ensure compliance. Finally, this chapter makes some concrete proposals on how the current system can be improved and places these in the broader context of the future of EMU.
Ken Geiser
- Published in print:
- 2015
- Published Online:
- January 2016
- ISBN:
- 9780262012522
- eISBN:
- 9780262327015
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262012522.003.0005
- Subject:
- Environmental Science, Environmental Studies
Developing a truly effective chemical management approach in the United States requires changing the way that the chemicals problem has been framed. Instead of controlling a few hundred truly ...
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Developing a truly effective chemical management approach in the United States requires changing the way that the chemicals problem has been framed. Instead of controlling a few hundred truly dangerous chemicals, we should be focusing on all the chemicals on the market today and progressively shifting towards safer chemicals and non-chemical alternatives. This will require understanding chemicals as products of a massive chemical production, consumption and disposal system that needs to be restructured. A new safer chemical policy framework is needed and a comprehensive chemical conversion strategy that involves three strategic fronts; converting the chemical market, transforming the chemical industry and designing greener chemicals.Less
Developing a truly effective chemical management approach in the United States requires changing the way that the chemicals problem has been framed. Instead of controlling a few hundred truly dangerous chemicals, we should be focusing on all the chemicals on the market today and progressively shifting towards safer chemicals and non-chemical alternatives. This will require understanding chemicals as products of a massive chemical production, consumption and disposal system that needs to be restructured. A new safer chemical policy framework is needed and a comprehensive chemical conversion strategy that involves three strategic fronts; converting the chemical market, transforming the chemical industry and designing greener chemicals.
Ben Bernanke
- Published in print:
- 2016
- Published Online:
- January 2017
- ISBN:
- 9780262034623
- eISBN:
- 9780262333450
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262034623.003.0013
- Subject:
- Economics and Finance, Public and Welfare
This chapter discusses the monetary policy framework of the Federal Reserve Open Market Committee (FOMC). It argues that the current framework has improved the FOMC’s communication, has strengthened ...
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This chapter discusses the monetary policy framework of the Federal Reserve Open Market Committee (FOMC). It argues that the current framework has improved the FOMC’s communication, has strengthened the anchoring of inflation expectations, and has given the Fed more scope to ease monetary policy in response to the global recession. The chapter discusses alternatives to the current framework, including adopting rules that would specify how the policy instrument should be set. It concludes with a discussion of policy tools, and argues that the new tools devised during the global recession will likely go back on the shelf once the zero lower bound is no longer a constraint.Less
This chapter discusses the monetary policy framework of the Federal Reserve Open Market Committee (FOMC). It argues that the current framework has improved the FOMC’s communication, has strengthened the anchoring of inflation expectations, and has given the Fed more scope to ease monetary policy in response to the global recession. The chapter discusses alternatives to the current framework, including adopting rules that would specify how the policy instrument should be set. It concludes with a discussion of policy tools, and argues that the new tools devised during the global recession will likely go back on the shelf once the zero lower bound is no longer a constraint.
Luiz Awazu Pereira da Silva
- Published in print:
- 2016
- Published Online:
- January 2017
- ISBN:
- 9780262034623
- eISBN:
- 9780262333450
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262034623.003.0022
- Subject:
- Economics and Finance, Public and Welfare
This chapter makes a case for the pragmatic policy approach to policy making implemented in Brazil, and EMEs more generally. Initially, the approach consisted of textbook policies (adopt a floating ...
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This chapter makes a case for the pragmatic policy approach to policy making implemented in Brazil, and EMEs more generally. Initially, the approach consisted of textbook policies (adopt a floating exchange rate, keep debt within reasonable limits and control inflation) and pragmatic policies (self-insurance via reserves buildup and FX interventions to smooth exchange rate volatility). More recently, with the surge in capital inflows and the risks to financial stability, the approach has been successfully enhanced to include macro-prudential policies and refinements in FX intervention policies.Less
This chapter makes a case for the pragmatic policy approach to policy making implemented in Brazil, and EMEs more generally. Initially, the approach consisted of textbook policies (adopt a floating exchange rate, keep debt within reasonable limits and control inflation) and pragmatic policies (self-insurance via reserves buildup and FX interventions to smooth exchange rate volatility). More recently, with the surge in capital inflows and the risks to financial stability, the approach has been successfully enhanced to include macro-prudential policies and refinements in FX intervention policies.
Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Wolfgang Lemke, Roberto Motto, Arthur Saint Guilhem, and Jonathan Yiangou
- Published in print:
- 2021
- Published Online:
- July 2021
- ISBN:
- 9780192895912
- eISBN:
- 9780191916403
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780192895912.003.0002
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The design of the European Central Bank (ECB) reflected a decades-long evolution of academic thinking and real-world experience concerning the optimal practice of central banking. In this chapter, we ...
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The design of the European Central Bank (ECB) reflected a decades-long evolution of academic thinking and real-world experience concerning the optimal practice of central banking. In this chapter, we aim to unpack these influences and explain how they motivated both the drafters of the ECB’s statute and the economists in the national central banks who set the ECB up. We concentrate on the ideas that were dominant at the turn of the last century and the principles that were seen to constitute ‘good’ monetary governance, including the notion that monetary policy should focus primarily on price stability. We show how these principles were not only echoed in the EU Treaty, but also ‘hard-coded’ into the policy framework that, by the second half of the 1990s, had come to prominence in academic and policy circles: inflation targeting and its counterpart in econometrics, the New Keynesian model.Less
The design of the European Central Bank (ECB) reflected a decades-long evolution of academic thinking and real-world experience concerning the optimal practice of central banking. In this chapter, we aim to unpack these influences and explain how they motivated both the drafters of the ECB’s statute and the economists in the national central banks who set the ECB up. We concentrate on the ideas that were dominant at the turn of the last century and the principles that were seen to constitute ‘good’ monetary governance, including the notion that monetary policy should focus primarily on price stability. We show how these principles were not only echoed in the EU Treaty, but also ‘hard-coded’ into the policy framework that, by the second half of the 1990s, had come to prominence in academic and policy circles: inflation targeting and its counterpart in econometrics, the New Keynesian model.
M. Dinesh Kumar
- Published in print:
- 2010
- Published Online:
- October 2012
- ISBN:
- 9780198065364
- eISBN:
- 9780199081219
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198065364.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter focuses on the institution and policies for water management in India. It analyses data on sustainable water use index and explores the range of economic instruments and institutional ...
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This chapter focuses on the institution and policies for water management in India. It analyses data on sustainable water use index and explores the range of economic instruments and institutional options for managing water economies. It explains the legal, policy, and administrative measures for implementing the economic and market instruments and discusses the institutional framework for water management in a river basin, using the example of Sabarmati River Basin for greater clarity of the issues and approaches.Less
This chapter focuses on the institution and policies for water management in India. It analyses data on sustainable water use index and explores the range of economic instruments and institutional options for managing water economies. It explains the legal, policy, and administrative measures for implementing the economic and market instruments and discusses the institutional framework for water management in a river basin, using the example of Sabarmati River Basin for greater clarity of the issues and approaches.
David Griffiths, Nando Sigona, and Roger Zetter
- Published in print:
- 2005
- Published Online:
- March 2012
- ISBN:
- 9781861346346
- eISBN:
- 9781447303152
- Item type:
- chapter
- Publisher:
- Policy Press
- DOI:
- 10.1332/policypress/9781861346346.003.0005
- Subject:
- Sociology, Migration Studies (including Refugee Studies)
This chapter provides an outline of the institutional and policy framework in the regions. It starts by contrasting the socioeconomic characteristics of the West Midlands and the North West. The ...
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This chapter provides an outline of the institutional and policy framework in the regions. It starts by contrasting the socioeconomic characteristics of the West Midlands and the North West. The chapter then examines the structure of the consortia and the current integration arrangements for refugees in the regions. The strategy, policy, and practice of the local authorities in coping with new arrivals and the more recently settled communities are then reviewed.Less
This chapter provides an outline of the institutional and policy framework in the regions. It starts by contrasting the socioeconomic characteristics of the West Midlands and the North West. The chapter then examines the structure of the consortia and the current integration arrangements for refugees in the regions. The strategy, policy, and practice of the local authorities in coping with new arrivals and the more recently settled communities are then reviewed.
