Friday, February 14, 2025
From a paper by Khadijah Iddrisu, Joshua Yindenaba Abor, Osman Issah, and Felix Owusu Gyebi:
“This chapter investigates the crucial role of monetary policy in shaping economic outcomes and promoting inclusive growth, particularly during periods of economic uncertainty. It begins by defining monetary policy and detailing the tools used by central banks, including unconventional methods like quantitative easing (QE) and forward guidance. The discussion highlights the importance of central bank independence (CBI) for protecting policy decisions from political influence and bolstering market credibility. It addresses the challenges central banks face in implementing monetary policy and provides an overview of inclusive growth. The chapter further explores how monetary policy impacts inclusive growth, examining its specific role during economic uncertainty. It also analyses the challenges, opportunities and future prospects of monetary policy in fostering inclusive growth amid economic instability. This thorough analysis emphasises the dynamic nature of monetary policy and its essential function in stabilising economies while advancing equity and development.”
From a paper by Khadijah Iddrisu, Joshua Yindenaba Abor, Osman Issah, and Felix Owusu Gyebi:
“This chapter investigates the crucial role of monetary policy in shaping economic outcomes and promoting inclusive growth, particularly during periods of economic uncertainty. It begins by defining monetary policy and detailing the tools used by central banks, including unconventional methods like quantitative easing (QE) and forward guidance. The discussion highlights the importance of central bank independence (CBI) for protecting policy decisions from political influence and bolstering market credibility.
Posted by 7:49 AM
atLabels: Uncategorized
Working papers and conferences:
On the US—developments on house prices, rent, permits and mortgage:
On the US—other developments:
On China:
On Australia and New Zealand:
On other countries:
Working papers and conferences:
Posted by 5:00 AM
atLabels: Global Housing Watch
Thursday, February 13, 2025
From a paper by Luca Bettarelli, Davide Furceri, Loredana Pisano, Pietro Pizzuto:
“This paper investigates the impact of climate change policies on inflation, for a large sample of 177 developed and developing economies, 78 subnational territorial areas and 17 sectors, over the period 1989-2022. We show that carbon taxes lead to inflationary pressures. The effect is not negligible: a one standard deviation carbon tax shock—corresponding to a 5$/tCO2 increase in emissions-weighted carbon taxes—leads to an increase of the price level of about 0.7 percent one year after the implementation of the policy, and between 1.6 and 4 percent in the medium term. These results hold at the national, sub-national and sectoral level. The effect is larger when inflation is initially high, and in regions (sectors) characterized by high emissions and low innovation capacity. In contrast, we find that emissions trading systems as well as non-market-based climate change policies (such as R&D subsidies) do not have statistically significant effects on prices.”
From a paper by Luca Bettarelli, Davide Furceri, Loredana Pisano, Pietro Pizzuto:
“This paper investigates the impact of climate change policies on inflation, for a large sample of 177 developed and developing economies, 78 subnational territorial areas and 17 sectors, over the period 1989-2022. We show that carbon taxes lead to inflationary pressures. The effect is not negligible: a one standard deviation carbon tax shock—corresponding to a 5$/tCO2 increase in emissions-weighted carbon taxes—leads to an increase of the price level of about 0.7 percent one year after the implementation of the policy,
Posted by 7:38 AM
atLabels: Energy & Climate Change
Monday, February 10, 2025
From a paper by Xiaoshan Hu, Guanghua Wan, and Congmin Zuo:
“Education has long been perceived as a “great equalizer”, but even with universal rises in schooling years, income distribution worsened world-wide. We propose a method for decomposing the contribution of a variable to the change in inequality into three components: the mean, the dispersion, and the price components. The proposed method is then used to investigate the roles of the education variable in driving down China’s wage inequality between 2010 and 2018. We find that (1) education accounted for over 30% of total wage inequality in 2010 and 2018; (2) 70% of the overall decline in wage inequality from 2010 to 2018 can be attributed to education development, and (3) the 70% inequality-reducing effect was made up of 95% benign dispersion and price components and 25% malign mean component. The benign components are attributable to an improvement in educational equity and a decrease in the college premium.”
From a paper by Xiaoshan Hu, Guanghua Wan, and Congmin Zuo:
“Education has long been perceived as a “great equalizer”, but even with universal rises in schooling years, income distribution worsened world-wide. We propose a method for decomposing the contribution of a variable to the change in inequality into three components: the mean, the dispersion, and the price components. The proposed method is then used to investigate the roles of the education variable in driving down China’s wage inequality between 2010 and 2018.
Posted by 2:23 PM
atLabels: Inclusive Growth
From a paper by Amaama Abdul Malik and Asad Ul Islam Khan:
“The Covid 19 pandemic was a strong shock that plummeted into the entire interconnected economic activities of the world. As a result of the lockdown associated with the pandemic, the economies of the world were affected through restrictions like lockdown leading to the reduction of economic indicators like Gross Domestic Product (GDP) and increase in Unemployment. This paper set out to look at the relationship between the GDP and unemployment in Ghana in the periods prior and during the covid pandemic. The Autoregressive Distributed Lag (ARDL) model was used on data from 1991 to 2021. The result shows the nonexistence of the Okun’s law in Ghana in each of these periods. We conclude by advising policy makers to implement policies that directly generate more jobs like improvement in the agriculture sector through training and financial support to enable increased employment to match the increase in economic growth.”
From a paper by Amaama Abdul Malik and Asad Ul Islam Khan:
“The Covid 19 pandemic was a strong shock that plummeted into the entire interconnected economic activities of the world. As a result of the lockdown associated with the pandemic, the economies of the world were affected through restrictions like lockdown leading to the reduction of economic indicators like Gross Domestic Product (GDP) and increase in Unemployment. This paper set out to look at the relationship between the GDP and unemployment in Ghana in the periods prior and during the covid pandemic.
Posted by 2:22 PM
atLabels: Inclusive Growth
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