'For at least two decades, scholars and practitioners have argued that international beneficiaries of ecosystem conservation should help pay for the supply of services from which they benefit. Yet these arguments have remained inchoate and have had little real impact on the ground. Bishop and...

New Keynesian models of monetary policy assign no role to monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity of money. We evaluate the empirical validity of this prediction by studying the effects of shocks...