Suchergebnisse

In July 2001, Lieutenant General Donald L. Peterson, Deputy Chief of Staff, Personnel, United States Air Force, testified before Congress that adverse retention rates were senior leadership's number one concern. Military compensation sustains "defense manpower policies that in turn support the nation's defense strategy." Defense spending must be allocated efficiently to maintain the optimal mix of forces and weapon systems to respond to national security objectives. The President requested $149.9 billion for military pay and healthcare for Fiscal Year 2009, or 29 percent of the total proposed defense budget. When military compensation constitutes nearly one-third of department expenses, its impact on retention of personnel must meet targets. This thesis estimates the value of military compensation's effect on the probability of retaining Air Force personnel in a cross-sectional analysis. The findings suggest that compensation packages are effective at retaining military members at critical points in their career to develop senior officer and enlisted leaders. Prior research estimated at the aggregate level, but we modeled our data for individual observations to estimate how members prefer to delay civilian earnings until after retirement eligibility. We found that our findings, while interesting, would improve if estimated through a binary probit model in time-series analysis.

"We study interactions between monetary and macroprudential policies in a model with nominal and financial frictions. The latter derive from a financial sector that provides credit and liquidity services that lead to a financial accelerator-cum-fire-sales amplification mechanism. In response to fluctuations in world interest rates, inflation targeting dominates standard Taylor rules, but leads to increased volatility in credit and asset prices. The use of a countercyclical macroprudential instrument in addition to the policy rate improves welfare and has important implications for the conduct of monetary policy. "Leaning against the wind" or augmenting a standard Taylor rule with an argument on credit growth may not be an effective policy response"--Abstract

In this paper, we analyze how lack of credibility and transparency of monetary and fiscal policies undermines the effectiveness of macroeconomic policies to isolate the economy from commodity price fluctuations. We develop a general equilibrium model for a commodity-exporting economy where macro policies are conducted through rules. We show that the responses of output, aggregate demand, and inflation to an increase in commodity price are magnified when these rules are imperfectly credible and lack transparency. If policies are imperfectly credible, then transparency helps private agents to le

This paper studies optimal monetary policy in a two-sector small open economy model under segmented asset markets and sticky prices. We solve the Ramsey problem under full commitment, and characterize the optimal monetary policy in a calibrated version of the model. The findings of the paper are threefold. First, the Ramsey solution mimics the allocations under flexible prices. Second, under the optimal policy the volatility of non-tradable inflation is close to zero. Third, stabilizing nontradable inflation is optimal regardless of the financial structure of the small open economy. Even for a

AbstractThis study evaluates whether intergovernmental information sharing enhances forecasting performance. This is accomplished by examining the accuracy of state revenue forecasts following the federal passage of the Tax Cuts and Jobs Act (TCJA) of 2017. The quantitative analysis suggests that states that shared information produced more accurate corporate income tax forecasts than nonsharing states. This result is consistent with surveys and interviews of federal and state officials that reported significant information‐sharing activity arising from uncertainty about the TCJA's corporate income tax provisions. This study demonstrates that information sharing plays an important yet overlooked role in mitigating forecast uncertainty.

Descripción e historia de Derca, empresa familiar cuyo objetivo es el suministro de instrumentos militares.