This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and a highly effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works very well in terms...

This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing...

Workers do not directly observe their output in many organizational settings. Employers benefit from this, as a less informed worker is cheaper to motivate to repeatedly exert effort. In this environment, monitoring a worker's output is costly if it informs him of his own performance and, thus,...

Research on productive efficiency at the firm level has developed as an important and active strand of research the last decades, both within operations research, management science and economics. However, the interests pursued within the fields have had some differences regarding sound...

The modelling of the interaction between production activities and the natural environment requires formulating a multioutput production function for intended and unintended outputs. The key feature when modelling joint production of intended outputs and unintended residuals is that the latter...

The generation of unintended residuals in the production of intended outputs is the key factor behind our serious problems with pollution. The way this joint production is modelled is therefore of crucial importance for our understanding and empirical efforts to change economic activities in...