Time Horizons And Smoothing In The Bank Of England’s Reaction Function: The Contrast Between The Standard GMM And Ex Ante Forecast Approaches

The monetary policy reaction function of the Bank of England is estimated by the standard GMM approach and the ex-ante forecast method developed by Goodhart (2005), with particular attention to the horizons for inflation and output at which each approach gives the best fit. The horizons for the ex-ante approach are much closer to what is implied by the Bank’s view of the transmission mechanism, while the GMM approach produces an implausibly slow adjustment of the interest rate, and suffers from a weak instruments problem. These findings suggest a strong preference for the ex-ante approach.

Time Horizons And Smoothing In The Bank Of England’s Reaction Function: The Contrast Between The Standard GMM And Ex Ante Forecast Approaches

The monetary policy reaction function of the Bank of England is estimated by the standard GMM approach and the ex-ante forecast method developed by Goodhart (2005), with particular attention to the horizons for inflation and output at which each approach gives the best fit. The horizons for the ex-ante approach are much closer to what is implied by the Bank’s view of the transmission mechanism, while the GMM approach produces an implausibly slow adjustment of the interest rate, and suffers from a weak instruments problem. These findings suggest a strong preference for the ex-ante approach.

Liquidity, moral hazard and bank crises

Bank crises, by interrupting liquidity provision, have been viewed as resulting in welfare losses. In a model of banking with moral hazard, we show that second best bank contracts that improve on autarky ex ante require costly crises to occur with positive probability at the interim stage. When bank payoffs are partially appropriable, either directly via imposition of fines or indirectly by the use of bank equity as a collateral, we argue that an appropriately designed ex-ante regime of policy intervention involving conditional monitoring can prevent bank crises.

El marketing de valores

El present treball pretén aportar una definició del “màrqueting de valors” distingint-lo d'altres tipus de màrqueting que es podrien prestar a confusió: el màrqueting comercial, el màrqueting social, el màrqueting amb causa, i el màrqueting no lucratiu. Posteriorment ens endinsem en la filosofia postmoderna amb els corrents relativistas i nihilistas sobre la pèrdua dels valors tradicionals per a demostrar que, encara remanent en la nostra societat les visió del relativisme moral, no significa que hagi un relativisme ètic, legitimant així la nomenclatura de “màrqueting de valors”. En un segon capítol, s'analitzen vuit casos de projectes reals en països en vies de desenvolupament com exemples de màrqueting de valors. Acarem la viabilitat de la nostra proposta de definició de màrqueting de valors amb cadascun dels exemples, arribant a la conclusió que la definició és viable i defineix un tipus de màrqueting particular.

Designing the Optimal Conservativeness of the Central Bank

In this paper we propose a new measure of the degree of conservativeness of an inde- pendent central bank and we derive the optimal value from the social welfare perspective. We show that the mere appointment of an independent central bank is not enough to achieve lower inflation, which may explain the mixed results found between central bank independence and inflation in the empirical literature. Further, the optimal central bank should not be too conservative. For instance, we will show that in some circumstances it will be optimal that the central bank is less conservative than society in the Rogoff sense. JEL classification: E58, E63. Keywords: Central bank; Conservativeness; Independence.

El Videojuego : el paso de un producto de entretenimiento social a un nuevo producto de marketing social

Aquest treball final de carrera analitza el món dels videojocs des d’una perspectiva comercial i de màrqueting. Els videojocs s’han convertit en la forma d’oci audiovisual més important, per davant del cinema i de la música, fins arribar a estar presents en la majoria de les plataformes actuals: consoles, ordinadors, dispositius mòbils, xarxes socials… Aquest creixement exponencial del mercat dels videojocs no ha passat desapercebut per les grans marques, les quals ja han començat a invertir importants sumes de diners en el desenvolupament de noves campanyes amb els videojocs com a protagonistes. El que ens fa també adonar-nos del potencial que té aquest mitjà publicitari de cara al futur, són les constants millores que van sortint al mercat de forma progressiva. Algunes millores que ja han començat a situar la videoconsola com el centre d'oci multimèdia dins de les nostres llars.

First Annual Report of the Alcohol Marketing Communications Monitoring Body (2006)

First Annual Report of the Alcohol Marketing Communications Monitoring Body (2006) In December 2005 the Minister for Health and Children set up the Alcohol Marketing Communications Monitoring Body (the Monitoring Body) to oversee the implementation of and adherence to the Voluntary Codes of Practice to limit the exposure of young people to alcohol advertising. These Codes were agreed between the Department of Health and Children and representatives of the advertising, drinks and mediacommunications industries. Click here to download PDF 139kb

Second Report of the Alcohol Marketing Communications Monitoring Body (2007)

In December 2005, the Minister for Health and Children set up the Alcohol Marketing Communications Monitoring Body (the Monitoring Body) to oversee the implementation of and adherence to the Voluntary Codes of Practice to limit the exposure of young people to alcohol advertising. These Codes were agreed between the Department of Health and Children and representatives of the advertising, drinks and media communications industries. Click here to download PDF 146kb

Alcohol Marketing, Communications and Sponsorship Codes of Practice

In 2002 the Minister for Health and Children met with representative organisations from the Advertising Industry, the Association of Advertisers in Ireland (AAI), representing advertisers, the Institute of Advertising Practitioners in Ireland (IAPI), representing the advertising agencies and Drinks Industry Group Ireland (DIGI) representing the Alcohol Drinks Industry. The discussions centred on the Ministerâ?Ts concerns about some of the content, weight of exposure and placement of alcohol advertising. In addition, issues were discussed on activities involved in the sponsorship of, and activities surrounding, music and sports events. Download document here