When hybrids go wrong. How hybridization can create invasive species.

Gene flow is the movement of genes from one plant population to another. Gene flow is a natural process and a part of plant evolution. There are two ways for gene flow to occur in plants. The first is through sexual reproduction – pollen lands on a flower and a viable seed develops. The second method is through dispersal of seeds and/or vegetative plant parts (e.g. stolons, rhizomes). Gene flow can produce hybrid offspring with an increased or decreased ability to survive in the landscape. If hybrid offspring have some advantage in the environment, they could become invasive. This poster shows two examples of gene flow in plants and the potential for environmental damage.

The Making of Optimal and Consistent Policy: An Implementation Theory Framework for Monetary Policy

This paper shows that optimal policy and consistent policy outcomes require the use of control-theory and game-theory solution techniques. While optimal policy and consistent policy often produce different outcomes even in a one-period model, we analyze consistent policy and its outcome in a simple model, finding that the cause of the inconsistency with optimal policy traces to inconsistent targets in the social loss function. As a result, the social loss function cannot serve as a direct loss function for the central bank. Accordingly, we employ implementation theory to design a central bank loss function (mechanism design) with consistent targets, while the social loss function serves as a social welfare criterion. That is, with the correct mechanism design for the central bank loss function, optimal policy and consistent policy become identical. In other words, optimal policy proves implementable (consistent).