This paper discusses how central banking is evolving in light of recent experience, with particular emphasis on the incorporation of uncertainty into policy decision-making. The sort of post-crisis uncertainty that central banks are dealing with today is more profound than that which is...

We construct a generalized model of finite change whereby exogenous shocks such as international trade or technological change, not only contract, but totally shut down production in some sectors. In such cases even in a competitive structure and in absolute contrast to the conventional wisdom,...

Many countries have begun to require benefit-cost analysis as a way of informing key regulatory decisions. However, its actual use seem to be limited, especially in the area of environmental, health, and safety regulation. Reasons for this seem to be lack of knowledge and experience among...

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More countries are turning to expert commissions to assess labour market and demographic data to help to answer the fundamental migration questions of how many, from where, and in what status newcomers should arrive. Britain has had a Migration Advisory Commission since 2008, and most US...

Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...

More than two decades after the Rio-conference on environment and development in 1992, sustainable development remains a big challenge. Politics and administration, especially in democratic societies, have a specific responsibility in coordinating sustainable development. In order to fulfill...