{"title":"The Big Con – How the Consulting Industry Weakens Our Businesses, Infantilizes Our Governments and Warps Our Economies, by Mariana Mazzucato and Rosie Collington (Penguin Random House, London, 2024), pp. 344.","authors":"Stephen Bartos","doi":"10.1111/1475-4932.12863","DOIUrl":"https://doi.org/10.1111/1475-4932.12863","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 333","pages":"246-247"},"PeriodicalIF":1.1,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492569","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic Inequality and Poverty, by Nanak Kakwani and Hyun H. Son (Oxford University Press, Oxford, 2022), pp. 544","authors":"Roger Wilkins","doi":"10.1111/1475-4932.12865","DOIUrl":"https://doi.org/10.1111/1475-4932.12865","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 334","pages":"394-396"},"PeriodicalIF":1.2,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145037766","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Growth: A Reckoning, by Daniel Susskind (Allen Lane, London, 2024), pp. 368","authors":"Julia Wdowin","doi":"10.1111/1475-4932.12861","DOIUrl":"https://doi.org/10.1111/1475-4932.12861","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 333","pages":"240-242"},"PeriodicalIF":1.1,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economy and Interest: A New Presentation of the Fundamental Problems Related to the Economic Role of the Rate of Interest and Their Solutions, by Maurice Allais (University of Chicago Press, Chicago, IL, 2015), pp. 632","authors":"Richard Holden","doi":"10.1111/1475-4932.12862","DOIUrl":"https://doi.org/10.1111/1475-4932.12862","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 333","pages":"243-245"},"PeriodicalIF":1.1,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Would raising the inflation target require an increase in the nominal interest rate in the short run? We answer this policy question, first analytically in a small-scale New Keynesian model with backward-looking components where a closed-form solution exists, and then, in a medium-scale Smets and Wouters model calibrated to the US economy. Our analysis shows that the short-run comovement between inflation and the nominal interest rate conditional on changes in the inflation target is more likely to be positive, all else equal, as the monetary authority reacts less aggressively to the deviation of inflation from its target. Meanwhile, features of the model that enhance backward-looking behaviour, such as backward price indexation and habit formation in consumption, are shown to reduce the likelihood of the positive comovement. However, our investigations reveal that in both models, this positive comovement or the so-called Neo-Fisherism is prevalent across a wide range of empirically plausible parameter values. Using the Smets and Wouters model with a zero lower bound (ZLB) constraint on the nominal interest rate, we show that raising the inflation target could be an effective alternative policy framework to reduce the possibility of a binding ZLB constraint and to mitigate the potentially large output loss.
{"title":"Changes in the Inflation Target and the Comovement Between Inflation and the Nominal Interest Rate1","authors":"Yunjong Eo, Denny Lie","doi":"10.1111/1475-4932.12853","DOIUrl":"https://doi.org/10.1111/1475-4932.12853","url":null,"abstract":"<p>Would raising the inflation target require an increase in the nominal interest rate in the short run? We answer this policy question, first analytically in a small-scale New Keynesian model with backward-looking components where a closed-form solution exists, and then, in a medium-scale Smets and Wouters model calibrated to the US economy. Our analysis shows that the short-run comovement between inflation and the nominal interest rate conditional on changes in the inflation target is more likely to be positive, all else equal, as the monetary authority reacts less aggressively to the deviation of inflation from its target. Meanwhile, features of the model that enhance backward-looking behaviour, such as backward price indexation and habit formation in consumption, are shown to reduce the likelihood of the positive comovement. However, our investigations reveal that in both models, this positive comovement or the so-called Neo-Fisherism is prevalent across a wide range of empirically plausible parameter values. Using the Smets and Wouters model with a zero lower bound (ZLB) constraint on the nominal interest rate, we show that raising the inflation target could be an effective alternative policy framework to reduce the possibility of a binding ZLB constraint and to mitigate the potentially large output loss.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 332","pages":"3-40"},"PeriodicalIF":1.1,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143612401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We extend the monocentric model to examine the effects of character protections on household welfare. Protections indirectly generate amenity values for residents but require floor area ratio (FAR) restrictions on housing development, presenting a trade-off between welfare-increasing amenities and welfare-decreasing floor space constraints. Welfare effects become negative when the associated FAR restrictions of character protections are sufficiently tight. This is more likely when protections apply to neighbourhoods that have high demand due to proximity to non-character amenities or employment locations. Calibrating the model to Auckland, we find negative welfare effects, equivalent to a reduction in representative household income of $391 to $1375 per year.
{"title":"The Welfare Effects of Character Protections on Neighbourhoods*","authors":"Ryan Greenaway-McGrevy, James Allan Jones","doi":"10.1111/1475-4932.12851","DOIUrl":"https://doi.org/10.1111/1475-4932.12851","url":null,"abstract":"<p>We extend the monocentric model to examine the effects of character protections on household welfare. Protections indirectly generate amenity values for residents but require floor area ratio (FAR) restrictions on housing development, presenting a trade-off between welfare-increasing amenities and welfare-decreasing floor space constraints. Welfare effects become negative when the associated FAR restrictions of character protections are sufficiently tight. This is more likely when protections apply to neighbourhoods that have high demand due to proximity to non-character amenities or employment locations. Calibrating the model to Auckland, we find negative welfare effects, equivalent to a reduction in representative household income of $391 to $1375 per year.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 333","pages":"203-232"},"PeriodicalIF":1.1,"publicationDate":"2025-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Theory of Inertial Inflation: The Foundation of Economic Reform in Brazil and Argentina, by Luiz Bresser Pereira and Yoshiaki Nakano (Lynne Rienner Publishers, Boulder, CO, 2023), pp. 224","authors":"A. Sri Wahyuddin, Madris, Anas Iswanto Anwar","doi":"10.1111/1475-4932.12859","DOIUrl":"https://doi.org/10.1111/1475-4932.12859","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 333","pages":"267-269"},"PeriodicalIF":1.1,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic Growth and Development in the Tropics, by Sook Rei Tan, Haejin Jang and Jacob Wood (Routledge, Abingdon, 2024), pp. 298","authors":"Raehana Tul Jannah, Indraswati Tri Abdireviane","doi":"10.1111/1475-4932.12860","DOIUrl":"https://doi.org/10.1111/1475-4932.12860","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 333","pages":"270-272"},"PeriodicalIF":1.1,"publicationDate":"2024-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Remnants of Race Science: UNESCO and Economic Development in the Global South, by Sebastián Gil-Riaño (Columbia University Press, New York, 2023), pp. 392","authors":"Aldi Aldi, Nurdjanah Hamid","doi":"10.1111/1475-4932.12854","DOIUrl":"https://doi.org/10.1111/1475-4932.12854","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"101 333","pages":"264-266"},"PeriodicalIF":1.1,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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