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Irving R. Levine, the longtime NBC News correspondent whose easily accessible explanations of monetary policy, fluctuations in the Dow Jones industrial average and the intricacies of the global market helped make the economy a staple of television news, died in Washington on Friday.
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Shared rents associated with the formation of long-term employment relationships imply that the optimal policy entails fluctuations in after-tax real wages much larger than in models with neoclassical labor markets, in which no such rent-sharing margin exists.
Key factors include land-use planning, public policies, economic fluctuations, new transport-related technologies and societal/consumer trends.
Yet, if observed as a dynamic process, China's public policy implementation shows obvious fluctuations.
"Lessons for Monetary Policy from Asset Price Fluctuations," in World Economic Outlook (Fall), chapter 3. Washington: International Monetary Fund.
Other research has revealed that fluctuations in policy implementation between loose and strict methods are commonplace in grassroots Chinese society, and the resultant problems in grassroots governance also proliferate.
Hence, to the extent that public sector budget constraints can (still) be viewed as inter-temporal, the optimal policy responses to cyclical fluctuations may very well be to upgrade social insurance programs during recessions.
This is key to an in-depth explanation of the fluctuation in policy implementation.
Fluctuation in policy implementation is an important cause of many problems in grassroots governance.
The potential gains from integrating their monetary policies and eliminating currency fluctuations within the block are huge.
Hence, policies designed to reduce fluctuations can generate large welfare gains because smaller fluctuations are associated with permanently higher rates of growth.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com