We present an algorithm and software routines for computing nth-order approximate solutions to dynamic, discrete-time rational expectations models around a nonstochastic steady state. We apply these routines to investigate the optimal monetary policy with commitment in an optimizing-agent model...

We present an algorithm and software routines for computing nth-order approximate solutions to dynamic, discrete-time rational expectations models around a nonstochastic steady state. We apply these routines to investigate the optimal monetary policy with commitment (and from a ``timeless...

We investigate the extent to which inflation expectations have been more firmly anchored in the United Kingdom-a country with an explicit inflation target-than in the United States-a country with no such target-using the difference between far-ahead forward rates on nominal and inflation-indexed...

We compute the optimal Ramsey policy in a New Keynesian model where the steady state suffers from monopolistic and tax distortions. We show that the optimal monetary policy in this environment displays asymmetric responses to shocks to optimally inflate the economy (slightly) at times when it...

People covered by public pensions are often the subject of 'pension envy:' that is, their benefits might seem more generous and their contributions lower than those offered by the private sector. Yet this book points out that such judgments are often inaccurate, since civil servants hold jobs...

A benefit-cost study of New York State's Centers for Advanced Technology (CAT) program was undertaken to (1) respond to increasing legislative and executive demands for quantitative assessments of these programs; (2) demonstrate the feasibility, within identified limits, of evaluating the...

The book offers a clear-cut methodology to diagnose organizational strengths and weakness at the onset of development activities. With it, beneficiaries can respond to growing pressures from donors for accountable and sustainable use of funding.Abstract: Ofrece una metodología clara para...

When contracting is costly, members of a production team will seek assurance that the transaction-pecific investments they make will be protected. The institutional framework created by a firm in such a setting can be considered a constitution. Under some circumstances, firms will create...