Some recent empirical research suggests that the implementation of policy reforms is largely dependent on domestic political economy factors. This finding is taken to suggest that aid and adjustment lending should only be provided to those countries that, on the basis of certain characteristics,...

This paper analyses the extent of inequality amongst the major states of India over nearly two decades. It reviews various theoretical propositions for possible convergence and divergence and argues that while the evidence from the more developed countries supports the case of convergence the...

Managerial skills are viewed as being of fundamental importance for improved managerial performance and effectiveness as the whole. Recent developments in the field point to the presence of three paramount and overlapping categories of managerial skills namely, task-, people- and self-related,...

A number of different models with behavioral economics have a reduced form rep- resentation where potentially boundedly rational decision-makers do not necessarily in- ternalize all the consequences of their actions on payo¤ relevant features (which we label as psychological states) of the...

New Keynesian models rely heavily on two workhorse models of nominal inertia - price contracts of random duration (Calvo, 1983) and price adjustment costs (Rotemberg, 1982) - to generate a meaningful role for monetary policy. These alternative descriptions of price stickiness are often used...

This paper considers the optimal degree of discretion in monetary policy when the central bank conducts policy based on its private information about the state of the economy and is unable to commit. Society seeks to maximize social welfare by imposing restrictions on the central bank's actions...