Suchergebnisse

How to sustain an international system of cooperation in the midst of geopolitical struggleCan the international economic and legal system survive today's fractured geopolitics? Democracies are facing a drawn-out contest with authoritarian states that is entangling much of public policy with global security issues. In Global Discord, Paul Tucker lays out principles for a sustainable system of international cooperation, showing how democracies can deal with China and other illiberal states without sacrificing their deepest political values. Drawing on three decades as a central banker and regulator, Tucker applies these principles to the international monetary order, including the role of the U.S. dollar, trade and investment regimes, and the financial system.Combining history, economics, and political and legal philosophy, Tucker offers a new account of international relations. Rejecting intellectual traditions that go back to Hobbes, Kant, and Grotius, and deploying instead ideas from David Hume, Bernard Williams, and modern mechanism-design economists, Tucker describes a new kind of political realism that emphasizes power and interests without sidelining morality. Incentives must be aligned with values if institutions are to endure. The connecting tissue for a system of international cooperation, he writes, should be legitimacy, creating a world of concentric circles in which we cooperate more with those with whom we share the most and whom we fear the least

AbstractIn this commentary, I argue that Leon Wansleben's focus on financial plumbing as a source of central banks' epistemic and instrumental power will be met by the profession with a mixture of relief, incredulity, and worry. More importantly, I maintain that central bankers' relationship with finance varies according to whether or not they are independent from elected government, an under researched area. All this works as a point of departure for remarks, drawing on my own memories, on central banking's relationship with neoliberalism in monetary policy, monetary operations, and banking. Finally, I urge that Wansleben's method be applied to anti-trust and the micro-economic regulation of utility services.

Related Content: Busuioc and Lodge (PAR January/February 2017)

As many people have said, this is a challenging time for policymakers. But the real challenge is for households and firms in the real world who are having to navigate the fallout from the extraordinary combination of financial and commodity shocks rippling through the world economy. Our job as policymakers is to make that process as smooth as it can be over the medium term. And having our eye on the medium term means we must ensure that the gains of the past 10–15 years in stabilizing inflation are not frittered away. In confronting that task, policymakers are having both to make big picture judgments about the balance of forces buffeting the UK economy, and to apply areas of economic theory that stretch the frontiers of existing research. So, I want to sketch, broadly, what the current conjuncture suggests, from the policymaker's perspective, should feature in the future research agenda of monetary economists.

"There is no shortage of criticisms of governments' responses to Covid-19. Surely, we can respond better to the next pandemic. But how? What lessons for the future can we learn from responses to Covid-19? Some elements of adequate preparation for the next pandemic are straightforward and uncontroversial, such as adequate stockpiling of medical supplies, more vigorous efforts to encourage and coordinate vaccine research, improving healthcare infrastructures to function under the stress of a pandemic, developing capacity for vaccine production in less affluent countries, improving early reporting of the emergence of new infectious diseases, and providing more timely, more effective, and better coordinated aid to under-resourced countries. This book identifies institutional failures to explain the substantive flaws of Covid-19 pandemic policies, and then proposes institutional reforms that would reduce the risk that similar institutional failures will occur in the future. Preparation for the next pandemic requires significant institutional change at the national and international levels"--

International audience ; Inlet distortion is typically encountered during the off-design conditions on civil aircrafts and in S-ducts in military aircrafts. It is known to severely deteriorate the performance of a gas-turbine engine. As the intakes get shorter, there is an increased interaction between the inlet distortion and the downstream fan. Previous studies in the literature use low-fidelity methods (RANS or URANS) to address this unsteady interaction, due the substantial computational cost associated with the high fidelity methods like LES/DNS. On the other hand, it is well known that the low order methods like RANS have limitations to accurately represent the distorted flows. In this paper, we propose a mixed-fidelity approach and employ it to study the intake-fan interaction at an affordable computational cost. e results demonstrate that there are two ways through which the fan affects the separated flow. Firstly, the suction effect of the fan alleviates the undesired distortion by 'directly' changing the streamline curvature, intensifying the turbulence transport and closing the recirculation bubble much earlier. Secondly, the enhanced turbulence in the vicinity of the fan feeds back into the initial growth of the shear layer by means of the recirculating flow. is 'indirect' feedback is found to increase the turbulence production during the initial stages of the shear layer. Both the direct and indirect effects of the fan significantly suppress the inlet distortion.