scholarly journals Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares

2017 ◽  
Vol 107 (5) ◽  
pp. 614-620 ◽  
Author(s):  
Ricardo J. Caballero ◽  
Emmanuel Farhi ◽  
Pierre-Olivier Gourinchas
Keyword(s):  
Interest Rates ◽  
Risk Premia ◽  
Short Paper ◽  
Labor Share ◽  
First Order ◽  
Economic Forces ◽  
Secular Decline ◽  
The Subject ◽  
Factor Shares ◽  
Subsequent Stabilization

The secular decline in safe interest rates since the early 1980s has been the subject of considerable attention. In this short paper, we argue that it is important to consider the evolution of safe real rates in conjunction with three other first-order macroeconomic stylized facts: the relative constancy of the real return to productive capital, the decline in the labor share, and the decline and subsequent stabilization of the earnings yield. Through the lens of a simple accounting framework, these four facts offer suggestive insights into the economic forces that might be at work.

The Political Manipulation of Macroeconomic Policy

1990 ◽  
Vol 84 (3) ◽  
pp. 767-795 ◽  
Author(s):  
John T. Williams
Keyword(s):  
Interest Rates ◽  
The United States ◽  
Real Income ◽  
Policy Cycle ◽  
Presidential Approval ◽  
Policy Changes ◽  
Macroeconomic Policies ◽  
Monetary Policies ◽  
Economic Forces ◽  
Party Differences

Conventional wisdom and some research indicate that macroeconomic policies follow cycles corresponding to political, as well as economic, forces. Using vector autoregression analysis, I test three models of monetary policy determination for the United States, 1953–1984: the electoral cycle model (that reelection motivations on the part of presidents create a policy cycle), the party differences model (that policy changes reflect revolving presidential party administrations), and the referendum model (that changes in presidential approval create, in effect, a continuing referendum, allowing presidents to monitor their success and change macroeconomic policies when necessary). Analysis shows that monetary policies, as measured by the monetary base and short-term interest rates, respond to the election cycle and presidential approval (although the effect on macroeconomic outcomes is ambiguous). Party differences are found in real income but are not very significant in other variables.

The Community and the Aggressive Child

1948 ◽  
Vol 94 (396) ◽  
pp. 623-628
Author(s):  
J. D. W. Pearce
Keyword(s):  
Mental Health ◽  
Great Britain ◽  
International Congress ◽  
Short Paper ◽  
Aggressive Child ◽  
The Subject

A subject such as this is much too large to deal with at all fully in a short paper. As it is designed as a preparatory review of this topic as it applies to Great Britain, the subject being dealt with at the International Congress of Mental Health by delegates from overseas, I am placing the emphasis on the community rather than on the aggressive child. It is necessary, however, to consider what the aggressive child does to the community and why, in addition to discussing what the community does to the aggressive child, and the reason for this.

Problems for the architect and town planner caused by air in motion

1971 ◽  
Vol 269 (1199) ◽  
pp. 335-341 ◽  
Keyword(s):  
The Other ◽  
Short Paper ◽  
High Rise ◽  
Engineering Problems ◽  
Original Contribution ◽  
Motion Range ◽  
The Subject

This short paper makes no original contribution to knowledge but simply describes and identifies a range of problems encountered in practice by town planners and architects. The term ‘ architectural ’ in the subject title of the Discussion Meeting is taken to imply that the results of aerodynamic research are now as applicable to architectural as to engineering problems. Architecture is broadly interpreted as the coordination of many techniques to give significant form to social programmes. As this is a comprehensive activity, it follows that the problems caused by air in motion range from the location and layout of whole cities at one end of the scale, to the design of a window or the control of an ornamental jet of water at the other. In the middle of this range typical problems arise from the siting of buildings singly and in groups, and in the structure and cladding of high-rise and low-rise buildings to resist wind, rain penetration and air-borne pollution.

scholarly journals Criterios definidores y conceptuales del enfoque basado en derechos humanos: de la teoría a la práctica

2017 ◽  
pp. 43-86
Author(s):  
Alfonso CHACÓN MATA
Keyword(s):  
Human Rights ◽  
United Nations ◽  
Public Administration ◽  
Public Policies ◽  
The State ◽  
The Public ◽  
First Order ◽  
Derechos Humanos ◽  
The Subject ◽  
Human Rights Based Approach

LABURPENA: «Giza Eskubideetan Oinarritutako Ikuspegiaren» irismena azaltzeko asmoa dauka artikulu honek, zer-nolako aldagaiak eta kontzeptuak biltzen dituen ulertze aldera. Horren bilakaeraz eta indarraldiaz arituko gara, bai eta horren modalitate aplikatua nola nabarmentzen den azalduko ere. Horretarako, Nazio Batuen Erakundearen esparruan garatu diren ekarpenak eta gaiaren inguruko doktrina aditua erabiliko ditugu. Administrazio Publikoan duen indarra ezin ukatuzkoa da; izan ere, estatuak eta horri atxikitako erakundeek oso kontuan eduki behar dute politika publikoak norbanakoen eta komunitateen beharrei arreta ematen ari zaien jakiteko balio duela ikuspegi horrek, edota politika publiko horiek kontu emanez gardentasun publikoa eratzen ari diren nahiz edozelako diskriminazioa saihesten ari diren jakiteko balio duela. Azkenik, ikuspegi horrek Giza Eskubideen Gorte Interamerikarraren jurisprudentzia-aurrekari batzuetan duen indarraldia eta eragina aztertuko dira. RESUMEN: El presente artículo tiene la intención de exponer los alcances del «Enfoque Basado en Derechos Humanos», con la finalidad de entender que variables y conceptos involucra. Haremos un recuento de su evolución, vigencia y cómo se evidencia su modalidad aplicada, a través de diferentes aportes desarrollados en el marco de la Organización de Naciones Unidas, así como de la doctrina estudiosa del tema. Su vigencia en la Administración Pública es de primer orden, puesto que el Estado y sus entidades adscritas, deben tener muy en cuenta que el enfoque citado, sirve para conocer si las políticas públicas, están atendiendo necesidades de individuos y comunidades concretas; generando transparencia pública a través de rendición de cuentas, así como evitando cualquier tipo de discriminación. Finalmente, se analizará su vigencia e impacto en algunos antecedentes jurisprudenciales de la Corte Interamericana de Derechos Humanos. ABSTRACT: This article intends to expose the scope of the «Human Rights Based Approach», in order to understand what variables and concepts it involves. We will recount its evolution, validity and how its applied modality is evidenced, through different contributions developed within the framework of the United Nations, as well as the doctrine studious of the subject. Its validity in the Public Administration is of the first order, since the State and its affiliated entities must take into account that the aforementioned approach serves to know if public policies are addressing the needs of specific individuals and communities; Generating public transparency through accountability, as well as avoiding any type of discrimination. Finally, its validity and impact will be analyzed in some jurisprudential antecedents of the Inter-American Court of Human Rights.

scholarly journals Some elements of the forensic characterization of bribery

2021 ◽  
Vol 1 (1) ◽  
pp. 240-244
Keyword(s):  
Interest Rates ◽  
Bank Loans ◽  
Payment Systems ◽  
Electronic Money ◽  
Law Enforcement Agencies ◽  
Official Position ◽  
The Subject ◽  
The Relationship ◽  
Investigation Process

In the article, the authors consider the criminalistics aspect of a corruption crime on the example of bribery, the subject of criminal encroachment, the place and time of Commission. The characteristics and features of methods of committing bribery have been given. It has been concluded that the nature of the mechanism in each specific case is directly related to the way the crimes were committed and the personality of the participants, and their interest in concealing the fact of illegal actions and their high official position always serve as a guarantee of the absence of trace information. Bribery has a high latency and has a direct impact on strengthening the attitude of tolerance in society to the manifestation of such behavior, affects the unwillingness of a significant number of citizens to assist law enforcement agencies in identifying, disclosing and investigating corruption crimes. Recently, electronic money has become widespread, which allows offenders to use the various technical capabilities of numerous electronic payment systems and the Internet. The use of electronic money significantly complicates the process of identifying bribe-givers and bribe-takers. The subject of a bribe, together with money and other property, can be property services rendered free of charge, but payable, and certain material benefits, which should be understood, in particular, the underestimation of the value of the transferred property, privatized objects, a decrease in rental payments, interest rates for use of bank loans, etc. The nature of the subject of a bribe may also indicate the nature of the relationship between the subjects of corrupt relations. Nevertheless, the typical characteristics of the personality of the offender, the subject of the bribe, the method of committing the crime and the mechanisms of trace formation, in any case, are the basis for planning and organizing the investigation process of the acts in question.

scholarly journals A Territory-Oriented Approach to Operationilize Sustainable Management

2019 ◽  
pp. 1-15
Author(s):  
Ana L. Burgos ◽  
Alejandro Velázquez
Keyword(s):  
Sustainable Management ◽  
Negative Impact ◽  
Land Use Policy ◽  
Spatially Explicit ◽  
Decision Making Process ◽  
Clear Understanding ◽  
Novel Approach ◽  
Economic Forces ◽  
The Subject ◽  
Oriented Approach

Sustainable science ultimately seeks to minimize the negative impact of human activities on nature, however its role is regarded as limited, chiefly because it lacks a robust spatial framework to join ecological and social processes. Space, from a territorial perspective, is the result of historical interactions between socio-economic forces governing access to natural resources. This paper provides a territorial-oriented approach to improve land use policy from a spatially explicit perspective. We develop a novel approach, namely ‘Territorial Configuration’ implying the dissection of the geographic continuum into territorial conglomerates. These are delimited by a range of meaningfully socio-histori calliaisonen compassing a clear understanding of how space is controlled by space holders trigging proximal and underlying governing processes. We discuss how the territorial configuration facilitates overcoming pending issues inland use policy, such as, ecological and geographical articulation, legitimate decision-making process, and increase of certainty on the subject of management among others.

The World Economy

2007 ◽  
Vol 202 ◽  
pp. 9-33
Keyword(s):  
Financial Markets ◽  
Interest Rates ◽  
Federal Reserve ◽  
Risk Premia ◽  
Real Economy ◽  
Subprime Mortgages ◽  
Money Markets ◽  
Moderate Growth ◽  
The Us ◽  
Global Growth

Defaults on subprime mortgages in the US have triggered jitters in global financial markets over the course of this year, leading to a sharp rise in certain types of risk premia over the summer. The Federal Reserve and the ECB responded by injecting emergency liquidity into money markets, on top of which the Federal Reserve cut interest rates by 50 basis points in September. We expect the recent turbulence to be short-lived, and impacts on the real economy will be limited. We continue to expect global growth of 5.2 per cent this year, with a sharper slowdown in the US offset by persistently strong growth in China and a relatively robust outlook for Europe and Japan - despite disappointing outturns for the second quarter of 2007. Global growth is expected to ease to 4.7 per cent in 2008, reflecting more moderate growth in China and Europe. However, as annual global growth has exceeded 4.5 per cent in only nine years since 1970, global prospects continue to look promising. Risks to the outlook include a further rise in risk premia, which could potentially lead to major banking crises.

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