Download or read book Adaptive Learning Model Uncertainty and Monetary Policy Inertia in a Large Information Environment written by Fabio Milani and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Due to the existence of imperfect information, central banks need to monitor a large variety of data series. This paper provides an attempt to model monetary policy-making in a large information environment. With a large information set, model uncertainty is likely to be very pervasive. We propose to model model uncertainty by means of Bayesian Model Averaging (BMA). We discuss some advantages of this technique over robust control or mere model selection. Parameters' estimates and models are updated over time through adaptive learning. In this enriched framework, we try to give an explanation of central banks' observed monetary policy inertia.
Download or read book Adaptive Learning and Macroeconomic Inertia in the Euro Area written by Fabio Milani and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article aims to study the determinants of macroeconomic inertia in the euro area. To this end, it estimates a simple monetary DSGE model with private-sector learning, but which also includes more structural sources of inertia, such as habit formation in consumption and inflation indexation. Economic agents are assumed to form near-rational expectations and to learn the model parameters over time. Likelihood-based Bayesian methods are used to estimate the agents' beliefs jointly within the system and to provide evidence on the fit of alternative learning rules. The results show that European macroeconomic inertia has only moderately changed over the sample. The evidence is consistent with a small gain coefficient and low degrees of habits and indexation, although some uncertainty remains after the estimation.
Download or read book Adaptive Learning Endogenous Inattention and Changes in Monetary Policy written by William A. Branch and published by . This book was released on 2006 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Central Banking in Theory and Practice written by Alan S. Blinder and published by MIT Press. This book was released on 1999-01-07 with total page 116 pages. Available in PDF, EPUB and Kindle. Book excerpt: Alan S. Blinder offers the dual perspective of a leading academic macroeconomist who served a stint as Vice-Chairman of the Federal Reserve Board—one who practiced what he had long preached and then returned to academia to write about it. He tells central bankers how they might better incorporate academic knowledge and thinking into the conduct of monetary policy, and he tells scholars how they might reorient their research to be more attuned to reality and thus more useful to central bankers. Based on the 1996 Lionel Robbins Lectures, this readable book deals succinctly, in a nontechnical manner, with a wide variety of issues in monetary policy. The book also includes the author's suggested solution to an age-old problem in monetary theory: what it means for monetary policy to be "neutral."
Download or read book Rangeland Systems written by David D. Briske and published by Springer. This book was released on 2017-04-12 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is open access under a CC BY-NC 2.5 license. This book provides an unprecedented synthesis of the current status of scientific and management knowledge regarding global rangelands and the major challenges that confront them. It has been organized around three major themes. The first summarizes the conceptual advances that have occurred in the rangeland profession. The second addresses the implications of these conceptual advances to management and policy. The third assesses several major challenges confronting global rangelands in the 21st century. This book will compliment applied range management textbooks by describing the conceptual foundation on which the rangeland profession is based. It has been written to be accessible to a broad audience, including ecosystem managers, educators, students and policy makers. The content is founded on the collective experience, knowledge and commitment of 80 authors who have worked in rangelands throughout the world. Their collective contributions indicate that a more comprehensive framework is necessary to address the complex challenges confronting global rangelands. Rangelands represent adaptive social-ecological systems, in which societal values, organizations and capacities are of equal importance to, and interact with, those of ecological processes. A more comprehensive framework for rangeland systems may enable management agencies, and educational, research and policy making organizations to more effectively assess complex problems and develop appropriate solutions.
Download or read book The Inflation Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.
Download or read book Monetary Policy Inflation and the Business Cycle written by Jordi Galí and published by Princeton University Press. This book was released on 2015-06-09 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: The classic introduction to the New Keynesian economic model This revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability–oriented strategies adopted by most central banks in the industrialized world. Using a canonical version of the New Keynesian model as a reference, Jordi Galí explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on nominal interest rates and an analysis of unemployment’s significance for monetary policy. The most up-to-date introduction to the New Keynesian framework available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts
Download or read book Adaptive Environmental Management written by Catherine Allan and published by Springer Science & Business Media. This book was released on 2009-06-05 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adaptive management is the recommended means for continuing ecosystem management and use of natural resources, especially in the context of ‘integrated natural resource management’. Conceptually, adaptive management is simply learning from past management actions to improve future planning and management. However, adaptive management has proved difficult to achieve in practice. With a view to facilitating better practice, this new book presents lessons learned from case studies, to provide managers with ready access to relevant information. Cases are drawn from a number of disciplinary fields, including management of protected areas, watersheds and farms, rivers, forests, biodiversity and pests. Examples from Australia, New Zealand, the USA, Canada, the UK and Europe are presented at a variety of scales, from individual farms, through regional projects, to state-wide planning. While the book is designed primarily for practitioners and policy advisors in the fields of environmental and natural resource management, it will also provide a valuable reference for students and researchers with interests in environmental, natural resource and conservation management.
Download or read book Reinforcement Learning second edition written by Richard S. Sutton and published by MIT Press. This book was released on 2018-11-13 with total page 549 pages. Available in PDF, EPUB and Kindle. Book excerpt: The significantly expanded and updated new edition of a widely used text on reinforcement learning, one of the most active research areas in artificial intelligence. Reinforcement learning, one of the most active research areas in artificial intelligence, is a computational approach to learning whereby an agent tries to maximize the total amount of reward it receives while interacting with a complex, uncertain environment. In Reinforcement Learning, Richard Sutton and Andrew Barto provide a clear and simple account of the field's key ideas and algorithms. This second edition has been significantly expanded and updated, presenting new topics and updating coverage of other topics. Like the first edition, this second edition focuses on core online learning algorithms, with the more mathematical material set off in shaded boxes. Part I covers as much of reinforcement learning as possible without going beyond the tabular case for which exact solutions can be found. Many algorithms presented in this part are new to the second edition, including UCB, Expected Sarsa, and Double Learning. Part II extends these ideas to function approximation, with new sections on such topics as artificial neural networks and the Fourier basis, and offers expanded treatment of off-policy learning and policy-gradient methods. Part III has new chapters on reinforcement learning's relationships to psychology and neuroscience, as well as an updated case-studies chapter including AlphaGo and AlphaGo Zero, Atari game playing, and IBM Watson's wagering strategy. The final chapter discusses the future societal impacts of reinforcement learning.
Download or read book Managing Climate Risk in the U S Financial System written by Leonardo Martinez-Diaz and published by U.S. Commodity Futures Trading Commission . This book was released on 2020-09-09 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
Download or read book Understanding Risks and Uncertainties in Energy and Climate Policy written by Haris Doukas and published by Springer. This book was released on 2018-12-10 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book analyzes and seeks to consolidate the use of robust quantitative tools and qualitative methods for the design and assessment of energy and climate policies. In particular, it examines energy and climate policy performance and associated risks, as well as public acceptance and portfolio analysis in climate policy, and presents methods for evaluating the costs and benefits of flexible policy implementation as well as new framings for business and market actors. In turn, it discusses the development of alternative policy pathways and the identification of optimal switching points, drawing on concrete examples to do so. Lastly, it discusses climate change mitigation policies’ implications for the agricultural, food, building, transportation, service and manufacturing sectors.
Download or read book Riverine Ecosystem Management written by Stefan Schmutz and published by Springer. This book was released on 2018-05-08 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book surveys the frontier of scientific river research and provides examples to guide management towards a sustainable future of riverine ecosystems. Principal structures and functions of the biogeosphere of rivers are explained; key threats are identified, and effective solutions for restoration and mitigation are provided. Rivers are among the most threatened ecosystems of the world. They increasingly suffer from pollution, water abstraction, river channelisation and damming. Fundamental knowledge of ecosystem structure and function is necessary to understand how human acitivities interfere with natural processes and which interventions are feasible to rectify this. Modern water legislation strives for sustainable water resource management and protection of important habitats and species. However, decision makers would benefit from more profound understanding of ecosystem degradation processes and of innovative methodologies and tools for efficient mitigation and restoration. The book provides best-practice examples of sustainable river management from on-site studies, European-wide analyses and case studies from other parts of the world. This book will be of interest to researchers in the field of aquatic ecology, river system functioning, conservation and restoration, to postgraduate students, to institutions involved in water management, and to water related industries.
Download or read book Applications of Neuroscience Breakthroughs in Research and Practice written by Management Association, Information Resources and published by IGI Global. This book was released on 2018-03-02 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: Neuroscience is a multidisciplinary research area that evaluates the structural and organizational function of the nervous system. Advancing research and applications in this field can assist in successfully furthering advancements in various other fields. Applications of Neuroscience: Breakthroughs in Research and Practice is a comprehensive reference source for the latest scholarly material on trends, techniques, and various uses of neuroscience, and examines the benefits and challenges of these developments. Highlighting a range of pertinent topics, such as cognitive processes, neuroeconomics, and neural signal processing, this publication is ideally designed for researchers, academics, professionals, graduate-level students, and practitioners interested in emerging applications of neuroscience.
Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Download or read book America s Climate Choices written by National Research Council and published by National Academies Press. This book was released on 2011-06-11 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Climate change is occurring. It is very likely caused by the emission of greenhouse gases from human activities, and poses significant risks for a range of human and natural systems. And these emissions continue to increase, which will result in further change and greater risks. America's Climate Choices makes the case that the environmental, economic, and humanitarian risks posed by climate change indicate a pressing need for substantial action now to limit the magnitude of climate change and to prepare for adapting to its impacts. Although there is some uncertainty about future risk, acting now will reduce the risks posed by climate change and the pressure to make larger, more rapid, and potentially more expensive reductions later. Most actions taken to reduce vulnerability to climate change impacts are common sense investments that will offer protection against natural climate variations and extreme events. In addition, crucial investment decisions made now about equipment and infrastructure can "lock in" commitments to greenhouse gas emissions for decades to come. Finally, while it may be possible to scale back or reverse many responses to climate change, it is difficult or impossible to "undo" climate change, once manifested. Current efforts of local, state, and private-sector actors are important, but not likely to yield progress comparable to what could be achieved with the addition of strong federal policies that establish coherent national goals and incentives, and that promote strong U.S. engagement in international-level response efforts. The inherent complexities and uncertainties of climate change are best met by applying an iterative risk management framework and making efforts to significantly reduce greenhouse gas emissions; prepare for adapting to impacts; invest in scientific research, technology development, and information systems; and facilitate engagement between scientific and technical experts and the many types of stakeholders making America's climate choices.
Download or read book Climate Change 2014 written by Groupe d'experts intergouvernemental sur l'évolution du climat and published by . This book was released on 2015 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book World Development Report 2010 written by World Bank and published by World Bank Publications. This book was released on 2009-11-06 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the crowded field of climate change reports, 'WDR 2010' uniquely: emphasizes development; takes an integrated look at adaptation and mitigation; highlights opportunities in the changing competitive landscape; and proposes policy solutions grounded in analytic work and in the context of the political economy of reform.
