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Estimates of Potential Output and the Neutral Rate for the U.S. Economy
Estimates of potential output and the neutral short-term interest rate play important roles in policy making. However, such estimates are associated with significant uncertainty and subject to significant revisions. This paper extends the structural multivariate filter methodology by adding a monetary policy block, which allows estimating the neutral rate of interest for the U.S. economy. The addition of the monetary policy block further improves the reliability of the structural multivariate filter.
Multivariate Filter Estimation of Potential Output for the United States: An Extension with Labor Market Hysteresis
This paper extends the multivariate filter approach of estimating potential output developed by Alichi and others (2018) to incorporate labor market hysteresis. This extension captures the idea that long and deep recessions (expansions) cause persistent damage (improvement) to the labor market, thereby reducing (increasing) potential output. Applying the model to U.S. data results in significantly smaller estimates of output gaps, and higher estimates of the NAIRU, after the global financial crisis, compared to estimates without hysteresis. The smaller output gaps partly explain the absence of persistent deflation despite the slow recovery during 2010-2017. Going forward, if strong growth performance continues well beyond 2018, hysteresis is expected to result in a structural improvement in growth and employment.
Another Piece of the Puzzle: Adding Swift Data on Documentary Collections to the Short-Term Forecast of World Trade
This paper extends earlier research by adding SWIFT data on documentary collections to the short-term forecast of international trade. While SWIFT documentary collections accounted for just over one percent of world trade financing in 2020, they have strong explanatory power to forecast world trade and national trade in selected economies. The informational content from documentary collections helps improve the forecast of world trade, while a horse race with machine learning algorithms shows significant non-linearities between trade and its determinants during the Covid-19 pandemic.
Public Expenditure Review of Armenia
This, the first full-scale World Bank Public Expenditure Review for Armenia, reviews the main fiscal trends in Armenia for the period of 1997-2001 and develops recommendations with respect to further fiscal adjustment, expenditure prioritization, and budget consolidation. The analysis focuses on the following core issues: Sustainability of fiscal adjustment, fiscal transparency, expenditure priorities, and short-term expenditure management given the existing economy-wide institutional constraints. This study covers extra-budgetary funds, in-kind external grants, subsidies provided by the state-owned companies in the energy and utility sectors, and operation of the Social Insurance Fund, as well as regular budgetary spending. It suggests a medium-term action plan to address identified weaknesses. Sector chapters review health, education, and social protection and insurance. The report also analyzes budget support for core public infrastructure, and ArmeniaA's public investment program.
EURO 2012 The 14th UEFA European Football Championship
Spain's breath-taking and record-breaking win over Italy in the 2012final in Kiev, Ukraine was the thrilling ending to a EURO 2012 competition that had begun back in 2010. This book is the definitive record of every one of the 271 games in both the qualification competition and the Finals tournament in Poland & Ukraine. There are tables showing the standings of each team after every round of games, so the progress of teams can be followed as they attempted to qualify. There are also full squad details for the 2012 Finals tournament plus sections on the tournament scorers.
More Money for Health
Armenia has made significant gains in population health, but faces challenges in ensuring health care access, due to financial barriers. As mortality caused by infectious diseases has fallen over the past two decades, the prevalence of noncommunicable diseases (NCDs) has increased. The NCD burden can be reduced via public health measures, such as tobacco control exposure, and access to high-quality health care. However, financial barriers to access are a significant challenge.
Migration and the Rise of the United States
By bringing together eminent scholars, this book highlights the current scholarship in the field of migration, which tries to present a counter-narrative to popular anti-immigrant rhetoric and populist domestic politics. There has been a growing global trend of alternative histories and anthropologies that brings forth the voices from the margins and the developing world. This volume, in that sense, without undermining the US's eminence, tries to deprovincialise (Burke, 2020) or deparochialise it from within or through the histories of the immigrants. In other words, it attempts to re-read the US's emergence as an important power with immigration as the site of analysis. It provides a comprehensive and in-depth theoretical and empirical discussion that will appeal to scholars and practitioners alike.
