Projecting Potential Output

In spite of the widespread use of the concept of potential output in economic theory and empirical applications as well as in economic policy debates, the historical background and the assumptions inh

Boards of directors are at the apex of organisational decision-making and so are central in ensuring effective corporate governance. But boards are under increasing scrutiny due to the continuing prevalence of scandals and failures. Boards have been viewed as set up to fail because the demands placed upon them cannot effectively be delivered. In this Element, I examine this tension and look at the board as a working group, one which has an input, a process and an output. Through looking at the board as a group, the dynamics of how boards, and the potential for effective and ineffective operation, are highlighted. I conclude with outlining how the future of board dynamics may evolve.

This report describes the world economic outlook as of April 2018, projecting that advanced economies will continue to expand above their potential growth rates before decelerating, while growth in

This book covers a range of devices that use piezoelectricity to convert mechanical deformation into electrical energy and relates their output capabilities to a range of potential applications. Start

This book's central theme is that a policymaker's role is to enhance the public's ability to coordinate their price information, price expectations, and economic activities. This role is fulfilled when policymakers maintain inflation stability. Inflation persists less when an implicit or explicit inflation target is met. Granato and Wong argue that inflation persistence is reduced when the public substitutes the prespecified inflation target for past inflation. A by-product of this co-ordination process is greater economic stability. In particular, inflation stability contributes to greater economic output stability, including the potential for the simultaneous reduction of both inflation and output variability - inflation-output co-stabilization (IOCS). Granato and Wong use historical, formal, and applied statistical analysis of business-cycle performance in the United States for the 1960 to 2000 period. They find that during periods when policymakers emphasize inflation stability, in

This book explores Korea's place in terms of multiple levels and domains of interaction pertaining to foreign-policy behaviors and relations with the four regional/global powers (China, Russia, Japan, and the United States). The synergy of global transformations has now brought to an end Korea's proverbial identity and role as the helpless shrimp among whales, and both North Korea and South Korea have taken on new roles in the process of redefining and projecting their national identities. Synthetic national identity theory offers a useful perspective on change and continuity in Korea's turbulent relationships with the great powers over the years. Following a review of Korean diplomatic history and competing theoretical approaches, along with a synthetic national-identity theory as an alternative approach, one chapter each is devoted to how Korea relates to the four powers in turn, and the book concludes with a consideration of inter-Korean relations and potential reunification.

Based on lectures given as part of The Stone Lectures in Economics, this book discusses the problem of formulating monetary policy in practice, under the uncertain circumstances which characterize the real world. The first lecture highlights the limitations of decision rules suggested by the academic literature and recommends an approach involving, first, a firm reliance on the few fundamental and robust results of monetary economics and, secondly, a pragmatic attitude to policy implementation, taking into consideration lessons from central banking experience. The second lecture revisits Milton Friedman's questions about the effects of active stabilization policies on business cycle fluctuations. It explores the implications of a simple model where the policy maker has imperfect knowledge about potential output and the private sector forms expectations according to adaptive learning. This lecture shows that imperfect knowledge limits the scope for active stabilization policy and streng