This paper quantifies the impact of monetary policy shocks on asset markets in the United States and gauges the usefulness of a shadow short rate as a measure of conventional and unconventional monetary policy shocks. Monetary policy surprises are found to have had a larger impact on asset...

This paper examines the experience of Indonesia during two major crisis episodes, the 1997-98 Asian financial crisis and the 2008-09 global economic recession. In the first episode, Indonesia experienced a deep economic and political crisis, while in the second the impacts were very mild. The...

This paper examines macroeconomic experiences and policies of Malaysia with emphasis on the three major crisis episodes during the post independence era. It probes the nature and origin of the macroeconomic shocks and the institutional and ideological influences on policy formulation and the...

We document that trust in public institutions—and particularly trust in banks, business and government—has declined over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in institutions. Cross-country comparisons reveal a clear...

This paper presents a number of responses to Gordon de Brouwer's criticisms of my paper on monetary policy in Indonesia. Among other things, it argues that de Brouwer has failed to disentangle the impact of two exogenous disturbances on prices - and relative prices - during the crisis and...

Recent papers by Wagner in this journal and Vollebergh et al. in the Journal of Environmental Economics and Management point out some fundamental econometric problems with traditional methods of estimating the environmental Kuznets curve (EKC) and propose alternative approaches that avoid these...

This paper explores the impact of English proficiency on the labour supply of recent immigrants in Australia. While previous research finds that English proficiency is crucial for participation and employment of immigrants, almost no research, and none in Australia, has been done with respect to...

Our study examines changes in diets over the period 1993-2004. Diets have shifted away from cereals towards higher consumption of fruits, vegetables, oils and livestock products. Using household data, reduced form demand relations are estimated for nine food commodities. Significant own and...

We examine whether contagion tests are affected by controls for volatility clustering and the collection of synchronized data sets. Without controlling for volatility clustering synchronization does not apparently matter. Once volatility clustering is accounted for synchronized data dramatically...

Using a unique panel data for rural India for the periods 1999 and 2006 this paper models vulnerability to poverty. We quantify household vulnerability in rural India in 1999 and 2006, investigate the determinants of ex post poverty as well as ex ante vulnerability, assess the role of ex ante...