The Riksbank Endows a Nobel Prize

2019 ◽  
pp. 89-106
Author(s):  
Avner Offer ◽  
Gabriel Söderberg
Keyword(s):  
Interest Rates ◽  
Nobel Prize ◽  
Full Employment ◽  
The United States ◽  
Central Banks ◽  
The Other ◽  
Price Stability ◽  
Low Interest Rates ◽  
The One ◽  
Unintended Outcome

This chapter shows how the Swedish economy during the mid-twentieth century aided in the formation of a Nobel Prize in economics. During the 1950s, the forces of sound money in Sweden had become restive. When inflation began to rise, the choice appeared to be between full employment and housebuilding on the one side, or price stability on the other. The Nobel Prize was an indirect and unintended outcome of this dilemma. Unlike most central banks between the wars, the Riksbank was the bank of Parliament and belonged to the nation. After the war, low interest rates were imposed by government on the bank (as in the United States and Britain). In Sweden, the main reason was to keep housing credit cheap. The central bank was made to purchase government and mortgage bonds.

scholarly journals SAY NO TO INFLATION TARGETING: A CALL FOR THE ADAPTATION OF A ZERO-INTEREST REGIME

2021 ◽  
Vol 7 (3) ◽  
Author(s):  
Atiq Ur Rehman
Keyword(s):  
Monetary Policy ◽  
Interest Rates ◽  
Inflation Targeting ◽  
Full Employment ◽  
Central Banks ◽  
Policy Framework ◽  
Price Stability ◽  
Socioeconomic Indicators ◽  
Wide Range ◽  
The Impact

In its early history, monetary policy focused on numerous objectives, including stable growth, full employment, stable exchange rates and price stability. In the 1990s, many countries shifted their monetary policy framework from monetary aggregate/interest rate targeting to inflation targeting, in which inflation was regarded as the primary target of monetary policy, and interest rates the primary tool for achieving target inflation. Inflation targeting has diverted the focus of central banks from growth and employment to price stability. Unfortunately, there is considerable evidence which shows that inflation targeting frameworks are unable to control inflation in the way central banks want, and in fact lead to a greater departure from optimal growth and employment, the two key targets of sustainable development goals (SDGs). There is also evidence suggesting a strong association between inflation targeting and the move away from several other SDGs. Employing a systematic review of the related literature and Granger causality tests applied to data from various countries, this paper shows that inflation targeting fails to control inflation and has several undesirable impacts on a wide range of socioeconomic indicators. It is argued that the zero-interest regime is the optimal regime with respect to the impact on socioeconomic indicators, and also supports the interest free economy advocated by Islam.

From Scarcity to Abundance: Achieving Quality-Assured Mass Higher Education

2011 ◽  
Vol 15 (2) ◽  
Author(s):  
Peter P. Smith
Keyword(s):  
Higher Education ◽  
Knowledge Economy ◽  
Good Practice ◽  
The United States ◽  
The Other ◽  
Secondary System ◽  
Mass Higher Education ◽  
Post Secondary ◽  
One Year ◽  
The One

The United States is in a bind. On the one hand, we need millions of additional citizens with at least one year of successful post-secondary experience to adapt to the knowledge economy. Both the Gates and Lumina Foundations, and our President, have championed this goal in different ways. On the other hand, we have a post-secondary system that is trapped between rising costs and stagnant effectiveness, seemingly unable to respond effectively to this challenge. This paper analyzes several aspects of this problem, describes changes in the society that create the basis for solutions, and offers several examples from Kaplan University of emerging practice that suggests what good practice might look like in a world where quality-assured mass higher education is the norm.

Muslims, Islamic Law, and the Sociopolitical Reality in the United States

2000 ◽  
Vol 17 (2) ◽  
pp. 1-28
Author(s):  
Sherman A. Jackson
Keyword(s):  
Islamic Law ◽  
The United States ◽  
The Other ◽  
Double Consciousness ◽  
American Muslims ◽  
Way Of Life ◽  
Subjective Responses ◽  
Self Image ◽  
The One ◽  
Politics And Law

Native born African-American Muslims and the Immigrant Muslimcommunity foxms two important groups within the American Muslimcommunity. Whereas the sociopolitical reality is objectively the samefor both groups, their subjective responses are quite different. Both arevulnerable to a “double Consciousness,” i.e., an independently subjectiveconsciousness, as well as seeing oneself through the eyes of theother, thus reducing one’s self-image to an object of other’s contempt.Between the confines of culture, politics, and law on the one hand andthe “Islam as a way of life” on the other, Muslims must express theircultural genius and consciously discover linkages within the diverseMuslim community to avoid the threat of double consciousness.

Can India Balance China in Asia?

2017 ◽  
Author(s):  
Jonathan Holslag
Keyword(s):  
United States ◽  
Central Asia ◽  
Economic Reforms ◽  
The United States ◽  
The Other ◽  
Military Power ◽  
Regional Power ◽  
Political Fragmentation ◽  
Strong Interest ◽  
The One

The chapter argues that India has a strong interest to balance China and that the two Asian giants will not be able grow together without conflict. However, India will not be able to balance China’s rise. The chapter argues that India remains stuck between nonalignment and nonperformance. On the one hand, it resists the prospect of a new coalition that balances China from the maritime fringes of Eurasia, especially if that coalition is led by the United States. On the other hand, it has failed to strengthen its own capabilities. Its military power lags behind China’s, its efforts to reach out to both East and Central Asia have ended in disappointment, and its economic reforms have gone nowhere. As a result of that economic underachievement, India finds itself also torn between emotional nationalism and paralyzing political fragmentation, which, in turn, will further complicate its role as a regional power.

Remaking Retirement

2020 ◽  
Keyword(s):  
Interest Rates ◽  
Older Workers ◽  
Older Persons ◽  
The United States ◽  
Older Population ◽  
The Past ◽  
Cost Of Education ◽  
The World ◽  
Low Interest Rates ◽  
Key Aspects

Around the world, people nearing and entering retirement are holding ever-greater levels of debt than in the past. This is not a benign situation, as many pre-retirees and retirees are stressed about their indebtedness. Moreover, this growth in debt among the older population may render retirees vulnerable to financial shocks, medical care bills, and changes in interest rates. Contributors to this volume explore key aspects of the rise in debt across older cohorts, drill down into the types of debt and reasons for debt incurred by the older population, and review policies to remedy some of the financial problems facing older persons, in the United States and elsewhere. The authors explore which groups are most affected by debt, and they also identify the factors causing this important increase in leverage at older ages. It is clear that the economic and market environments are influential when it comes to saving and debt. Access to easy borrowing, low interest rates, and the rising cost of education have had important impacts on how much people borrow, and how much debt they carry at older ages. In this environment, the capacity to manage debt is ever more important as older workers lack the opportunity to recover for mistakes.

Counting on Relief: Industrializing the Statistical Interviewer during the New Deal

2011 ◽  
Vol 24 (2) ◽  
pp. 281-310 ◽  
Author(s):  
Emmanuel Didier
Keyword(s):  
United States ◽  
New Deal ◽  
White Collar ◽  
The United States ◽  
The Other ◽  
Other Hand ◽  
White Collar Workers ◽  
Statistical Studies ◽  
The One ◽  
The New Deal

ArgumentWhen the New Deal administration attained power in the United States, it was confronted with two different problems that could be linked to one another. On the one hand, there was a huge problem of unemployment, affecting everybody including the white-collar workers. And, on the other hand, the administration suffered from a very serious lack of data to illuminate its politics. One idea that came out of this situation was to use the abundant unemployed white-collar workers as enumerators of statistical studies. This paper describes this experiment, shows how it paradoxically affected the professionalization of statistics, and explains why it did not affect expert democracy despite its Deweysian participationist aspect.

Immigrant Transnationalism in Europe and the United States

2006 ◽  
Vol 27 (1) ◽  
pp. 51-59
Author(s):  
Riva Kastoryano ◽  
Alejandro Portes
Keyword(s):  
United States ◽  
The United States ◽  
The Other ◽  
The One

Pascal Delisle (American Center in Sciences Po Director): Professor Kastoryano and Professor Portes, your respective studies invite to a comparison between the situations of the United States on the one hand, and of Europe on the other.

The Most-Favored-Nation Policy in Relation to Trade Agreements

1939 ◽  
Vol 33 (3) ◽  
pp. 411-423
Author(s):  
Francis B. Sayre
Keyword(s):  
Trade Agreements ◽  
The United States ◽  
The Other ◽  
Trade Barriers ◽  
Most Favored Nation ◽  
Economic Stability ◽  
Foreign Markets ◽  
The World ◽  
Political Advantage ◽  
The One

The virulent disease which has been attacking and crippling international trade, particularly since 1929, has manifested itself in two different forms. The one is mounting trade barriers, which tend to fence off nation from nation and thus effectively to check the flow of world trade. The other is the practice of discrimination, which nations are using in increasing degree to force markets out of the hands of their competitors or to gain political advantage of one kind or another. If economic stability is to be won and the peace of the world to be made secure, it is just as necessary to overcome the one as the other.The Trade Agreements Act was passed by Congress for the purpose “of expanding foreign markets for the products of the United States.” It is clear that the accomplishment of this purpose necessitates a program with a two-fold objective. The program must seek, first, the reduction or elimination of excessive trade barriers; and second, the elimination of trade discriminations.

scholarly journals Diversity of and Selection Acting on CylindrospermopsincyrBGene Adenylation Domain Sequences in Florida

2011 ◽  
Vol 77 (7) ◽  
pp. 2502-2507 ◽  
Author(s):  
Mete Yilmaz ◽  
Edward J. Phlips
Keyword(s):  
United States ◽  
Low Frequency ◽  
Purifying Selection ◽  
The United States ◽  
The Other ◽  
Cylindrospermopsis Raciborskii ◽  
Adenylation Domain ◽  
Other Hand ◽  
Neutrality Tests ◽  
The One

ABSTRACTAphanizomenon ovalisporumis the only confirmed cylindrospermopsin producer identified in the United States to date. On the other hand,Cylindrospermopsis raciborskiiis a prominent feature of many lakes in Florida and other regions of the United States. To see the variation in cylindrospermopsincyrBgene adenylation domain sequences and possibly discover new cylindrospermopsin producers, we collected water samples for a 3-year period from 17 different systems in Florida. Positive amplicons were cloned and sequenced, revealing that approximately 92% of sequences wereA. ovalisporum-like (>99% identity). Interestingly, 6% of sequences were very similar (>99% identity) tocyrBsequences ofC. raciborskiifrom Australia and ofAphanizomenonsp. from Germany. Neutrality tests suggest thatA. ovalisporum-likecyrBadenylation domain sequences are under purifying selection, with abundant low-frequency polymorphisms within the population. On the other hand, when compared between species by codon-based methods, amino acids of CyrB also seem to be under purifying selection, in accordance with the one proposed amino acid thought to be activated by the CyrB adenylation domain.

scholarly journals Albania's Monetary Policy and the Basic Indicators that Effect the Economic Growth

2019 ◽  
Vol 2 (2) ◽  
pp. 51
Author(s):  
Bernard Balla
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rates ◽  
Inflation Targeting ◽  
Inflation Rate ◽  
Full Employment ◽  
Price Stability ◽  
Macroeconomic Policies ◽  
Consumer Prices

Macroeconomic policies aim to stabilize the economy by achieving their goal of price stability, full employment and economic growth. Price stability is the responsibility of macroeconomic policies that are developed to maintain a low inflation rate, contribute to the solidity of the domestic product and maintain an exchange rate that can be predictable. The purpose of this paper is to analyze Albania's monetary policy by highlighting the main indicators that can be used as a measurement of the efficiency of this policy in the economic development. The literature review shows that there are many attitudes regarding the factors that need to be taken into consideration when analyzing monetary policies, including the elements of fiscal policies. In the Albanian economy, the prices and the level of inflation are the most important aspects. The Bank of Albania uses the inflation targeting regime, considering that the main indicator of inflationary pressures in the economy is the deviation of inflation forecasted in the medium term by its target level. In numerical terms, the bank intends to maintain its annual growth in consumer prices at the level of 3%. According to the latest reports published by the Bank of Albania in 2019, monetary policy continues to contribute positively to a financial environment with a low interest rate and an annual inflation rate of 2%. Although the inflation rate hit the lowest value of 1.8 % in 2018, a balanced rate was achieved through the reduction of interest rates and risk premiums in financial markets and, more recently, through the tightening of the exchange rate. These monetary conditions are appropriate to support the growth of domestic demand and the strengthening of inflationary pressures.

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