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The No Surcharge Rule (NSR) precludes merchants from charging higher prices to consumers who pay by card instead of other means (‘cash’). We analyze the NSR’s effects when a payment network faces loca...
There are a number of reasons for this new emphasis. Increased attention to expectations has led to the need to specify future as well as current policy actions and hence to the specification of pol...
The ECB and the Taylor Rule     The ECB  the Taylor Rule       2015/8/4
The ECB and the Taylor Rule.
This draft was prepared for the Robert A. Mundell Festschrift Conference, organized by Guillermo Calvo, Rudi Dornbusch, and Maury Obstfeld and held at the World Bank, Washington, D.C., October 24, 1...
A number of years ago I proposed a simple rule as a guideline for monetary policy.1 I made no suggestion then that the rule should be written into law, or even that it be used to monitor policy, or ...
It’s a pleasure to read and discuss this very nice and well-written paper by NikolskoRzhevskyy, Papell and Prodan. Let me begin with a summary of what the paper does, and then discuss some of the is...
We investigate jointly the importance of contemporary country-level institutional structures and local ethnic-specific pre-colonial institutions in shaping comparative regional development in Africa. ...
We examine three reforms to property rights introduced by the United States in the Philippines in the early 20th century: the redistribution of large estates to their tenants, the creation of a system...
We examine three reforms to property rights introduced by the United States in the Philippines in the early 20th century: the redistribution of large estates to their tenants, the creation of a system...
Carbon emission is a problem of global concern because it scares humanity’s living. While CCS (carbon capture and sequestration/storage) strategy received global attention, some scholars argued that t...
Natural resource stocks held in situ are physical assets. Equilibrium in the assets market requires that their rates of return be such that their owners are just willing to hold on to them rather than...
(1227) Ansgar Belke and Yuhua Cui This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve (Fed) for the period 1999–2006. Two models are...
The aim of this paper is to contribute to the debate about the electoral rules in Italy. In particular, we simulate some voting rules to test what is the best electoral system on the basis of a utilit...
The uptick rule is a former rule established by the SEC that required that every short sale transaction be entered at a price that is higher than the price of the previous trade. The purpose of this...
It is not uncommon for the interests and desires of those who plan the disposition of their estates to become entangled with principles of property and probate law not originally intended to thwart ...

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