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There are two main approaches to modelling monetary policy; simple instrument rules and optimal policy. We propose an alternative that combines the two by extending the loss function with a term penalizing deviations from a simple rule. We analyze the properties of the modified loss function by considering three different models for the US economy. The choice of the weight on the simple rule determines the trade-off between optimality and robustness. We show that placing some weight on a simple Taylor-type rule in the loss function, one can prevent disastrous outcomes if the model is not a correct representation of the underlying economy.

We analyze the influence of the Taylor rule on US monetary policy by estimating the policy preferences of the Fed within a DSGE framework. The policy preferences are represented by a standard loss function, extended with a term that represents the degree of reluctance to letting the interest rate deviate from the Taylor rule. The empirical support for the presence of a Taylor rule term in the policy preferences is strong and robust to alternative specifications of the loss function. Analyzing the Fed's monetary policy in the period 2001-2006, we find no support for a decreased weight on the Taylor rule, contrary to what has been argued in the literature. The large deviations from the Taylor rule in this period are due to large, negative demand-side shocks, and represent optimal deviations for a given weight on the Taylor rule.

The lumpy nature of plant-level investment is generally not taken into account in the context of monetary theory (see, e.g., Christiano et al. 2005 and Woodford 2005). We formulate a generalized (S,s) pricing and investment model which is empirically more plausible along that dimension. Surprisingly, our main result shows that the presence of lumpy investment casts doubt on the ability of sticky prices to imply a quantitatively relevant monetary transmission mechanism.

This paper analyzes the effects of fiscal policy in an open economy. We extend the saversspenders theory of Mankiw (2000) to a small open economy with endogenous labor supply. We first show how the Dornbusch (1983) consumption-based real interest rate for open economies is modified when labor supply is endogenous. We then turn to the effects of fiscal policy when there are both savers and spenders. With this heterogeneity taken into account, tax cuts have a short-run contractionary effect on domestic production, and increased public spending has a short-run expansionary effect. Although consistent with recent empirical work, this result contrasts with those of most other theoretical models. Transitory changes in demand have permanent real effects in our model, and we discuss the implications for real exchange-rate dynamics. We also show how ?rational? savers may magnify or dampen the responses of ?irrational? spenders, and show how this is related to features of the utility functions.

This analysis of the decision‐making process involved in Nobel Peace Prizes prior to the Second World War is illustrated with a dozen case studies. An independent Norwegian Nobel Committee chosen by the Storting, or Norwegian parliament, awards prizes. In this period its decisions reflected the dynamics among its members and advisers, all of whom were prominent political figures, some closely tied to the popular peace movement in Norway and abroad. Representatives of the Liberal party dominated the committee, although it also responded to the contesting views of other elements in the Storting. Nobel awards generally paralleled the orientation of Norwegian foreign policy, with its traditional bias toward peace.

This analysis of the decision-making process involved in Nobel Peace Prizes prior to WWII is illustrated with a dozen case studies. An independent Norwegian Nobel Committee chosen by the Storting, or Norwegian parliament, awards prizes. In this period, its decisions reflected the dynamics among its members & advisers, all of whom were prominent political figures, some closely tied to the popular peace movement in Norway & abroad. Representatives of the Liberal party dominated the committee, although it also responded to the contesting views of other elements in the Storting. Nobel awards generally paralleled the orientation of Norwegian foreign policy, with its traditional bias toward peace. Adapted from the source document.

AbstractVolunteering is associated with health-promoting benefits for both recipients and volunteers and may contribute to a more inclusive society. However, studies have shown a persistent pattern of social inequality among those who volunteer, and immigrants participate as volunteers less than the majority population. To date, approaches for recruiting immigrant populations have not been sufficiently examined, even though multicultural societies are becoming increasingly diverse. This study investigates how recruitment is carried out in voluntary organizations and how volunteers who are involved in recruitment reflect on the inclusion of citizens with immigrant backgrounds. Qualitative interviews were conducted with 18 volunteers and three employees with recruitment responsibility at five voluntary organizations engaged in welfare and community-related activities in a semirural district in Norway. Our findings show that different structural factors and individual aspects of the recruiter influence the recruitment of immigrants as volunteers. Large-scale organizations are more professionalized and more directed by fundings and frameworks and demand more qualifications due to their volunteer tasks. This might make inclusive recruitment more challenging. Small-scale organizations have more flexibility and less professionalized volunteer activities, making recruitment more inclusive. In addition, if the small-scale organizations are minority driven, it seems to positively influence the recruitment of immigrants through increased diversity sensitivity and more connections with immigrants through their social network.

Open Geospatial Data, capable of enriching OpenStreetMap, is being released by governments around the world at an increasing rate. The OSM import methods have been refined since the massive TIGER-import, moving towards assisted methods such as the with micro-tasking method used by the LA and NY buildings imports. While these imports serve as great case studies of imports, they do not deal with complex datasets, or updates to the data, neither do they deal with partitioning of tasks. We examine how the Norwegian FKB-dataset can be imported to OSM using micro-tasking, and perform a user-test to determine the best partition of these micro-tasking tasks. In this we hope to improve the micro-tasking method to enable efficient and correct imports and updates of Open Governmental Geospatial Data to OSM.

In an influential paper Engel (1999. Accounting for U.S. Real Exchange Rate Changes, Journal of Political Economy 107, 507-538) argues that essentially all the fluctuations in the real exchange rate can be attributed to fluctuations in the relative price of traded goods, and that only a small part of the fluctuations can be attributed to changes in the relative price of non-tradables. We instead decompose the real exchange rate into three components: the relative price of traded goods at-the-dock, the difference in the relative price of non-traded to traded goods and the difference in the wedge between retail prices of traded goods and the prices of traded goods at-the-dock. Using data on US bilateral real exchange rates we find that the fluctuations in the relative wedge between retail prices and traded goods prices at-the-dock account for on average between 30 and 70 percent of the movements in the real exchange rate. These findings suggest that the relationship between traded goods prices at-the-dock and retail prices of traded goods is key to understanding real exchange rate fluctuations. ; publishedVersion

In an influential paper Engel (1999. Accounting for U.S. Real Exchange Rate Changes, Journal of Political Economy 107, 507-538) argues that essentially all the fluctuations in the real exchange rate can be attributed to fluctuations in the relative price of traded goods, and that only a small part of the fluctuations can be attributed to changes in the relative price of non-tradables. We instead decompose the real exchange rate into three components: the relative price of traded goods at-the-dock, the difference in the relative price of non-traded to traded goods and the difference in the wedge between retail prices of traded goods and the prices of traded goods at-the-dock. Using data on US bilateral real exchange rates we find that the fluctuations in the relative wedge between retail prices and traded goods prices at-the-dock account for on average between 30 and 70 percent of the movements in the real exchange rate. These findings suggest that the relationship between traded goods prices at-the-dock and retail prices of traded goods is key to understanding real exchange rate fluctuations.