International development agencies continue to influence the development agenda of many developing countries. One of the latest development strategies being promoted by these bodies is local economic development (LED). The introduction of contemporary LED practice, where local stakeholders and...

This paper examines optimal monetary policy under heterogeneous expectations. To this end, we develop a stochastic New Keynesian model with a cost-push shock and coexistence of one-step-ahead rational and adaptive expectations in decentralized markets. On the one side, heterogeneous expectations...

The Rural Minimum Living Standard is an important component of social security in rural areas of China, as it provides social assistance to poor rural households. The country’s size and large development heterogeneities, however, make the policy’s implementation a challenging task. Using...