Fiscal policy and US-Canadian trade

A factor-augmented vector autoregressive (FAVAR) model is applied to determine the effects of a rise in US government expenditure on the United States and Canadian economies. The results obtained reasonably characterize the effect of a rise in US government spending to the United States and Canadian economies emphasizing the role of the traded goods sector.

Popular consent and foreign policy choices : war against the Philippines and covert action in Chile

It is usually assumed that US policymakers need to generate popular consent in order to undertake regime change against another state. This article explores the ways in which contextual factors such as the joint democracy effect, popular values and public moods influenced efforts by elites in the United States to generate popular consent for regime change in the Philippines and Chile. Against the backdrop of the Vietnam War, the United States undertook covert action in Chile due to public recognition of the target state's democratic credentials and a public mood opposed to further military ventures. In contrast, the absence of a strong joint democracy effect, a national mood infused with romantic nationalism qua militarism and social Darwinism facilitated efforts by US elites to generate consent for the invasion and occupation of the Philippines. Subsequently, this article contributes to understandings of the domestic-level factors that influence foreign policy decisions.

Application of epidemiology to change health policy : defining age-related thresholds of bone mineral density for primary prevention of fracture

In Australia, benefits for antifracture therapies have been available for patients with osteoporosis and a prior fracture. No benefits were available to those with no prior fracture. We aimed to define, in women with no prior fracture, age-related thresholds of bone mineral density (BMD) associated with fracture risk equivalent to that of women with prior fracture and osteoporosis. A case-control study of women (≥50 yr) was conducted, including 291 fracture cases and 823 controls. BMD was measured at the proximal femur and posterior anterior (PA) spine. A fracture risk score (FRS) for the group with no prior fracture was calculated with discriminant analysis. The thresholds for equivalent fracture risk between those with no prior fracture and those with prior fracture were assessed using logistic regression. Increasing the FRS to +0.98 in women with no prior fracture resulted in equivalent odds of sustaining a fracture to those with prior fracture and osteoporosis. The corresponding T-score thresholds at the spine were −4.6 at 50 yr, −3.9 at 60 yr, −3.1 at 70 yr, and −2.4 at 80 yr. The femoral neck T-score thresholds were lower by 0.5 standard deviation. The high-risk individuals defined by this study should be considered for primary fracture prevention therapy.

Adaptation to climate change in regional Australia : a decision-making framework for modelling policy for rural production

A decision-making framework was developed and applied in regional Australia to identify adaptation issues arising in agricultural systems and rural production as a consequence of climate change. Australian agriculture is very susceptible to the adverse impacts of climate change, with major shifts in temperature and rainfall projected. An advantage of the framework is that it provides a suite of tools to aid in the formulation of strategies for sustainable regional development and adaptation. The decision-making framework uses a participatory approach that integrates land suitability analysis with uncertainty analysis and spatial optimisation to determine optimal agricultural land use (at a regional scale) for current and possible future climatic conditions. It thus provides a robust analytic approach to (i) recognise regions under threat of productivity declines, (ii) identify alternative cropping systems better adapted to likely future climatic conditions and (iii) investigate policy actions to improve the sub-optimal situations created by climate change. The decision-making framework and its methods were applied in a case study of the South West Region of Victoria.

Least squares learning and the US Treasury bill rate

Understanding how agents formulate their expectations about Fed behavior is important for market participants because they can potentially use this information to make more accurate estimates of stock and bond prices. Although it is commonly assumed that agents learn over time, there is scant empirical evidence in support of this assumption. Thus, in this paper we test if the forecast of the three month T-bill rate in the Survey of Professional Forecasters (SPF) is consistent with least squares learning when there are discrete shifts in monetary policy. We first derive the mean, variance and autocovariances of the forecast errors from a recursive least squares learning algorithm when there are breaks in the structure of the model. We then apply the Bai and Perron (1998) test for structural change to a forecasting model for the three month T-bill rate in order to identify changes in monetary policy. Having identified the policy regimes, we then estimate the implied biases in the interest rate forecasts within each regime. We find that when the forecast errors from the SPF are corrected for the biases due to shifts in policy, the forecasts are consistent with least squares learning. © 2014 Elsevier B.V.

Corrigendum to “Least squares learning and the US treasury bill rate” [Econ. Syst. 38 (2014) 194–204]

Understanding how agents formulate their expectations about Fed behavior is important for market participants because they can potentially use this information to make more accurate estimates of stock and bond prices. Although it is commonly assumed that agents learn over time, there is scant empirical evidence in support of this assumption. Thus, in this paper we test if the forecast of the three month T-bill rate in the Survey of Professional Forecasters (SPF) is consistent with least squares learning when there are discrete shifts in monetary policy. We first derive the mean, variance and autocovariances of the forecast errors from a recursive least squares learning algorithm when there are breaks in the structure of the model. We then apply the Bai and Perron (1998) test for structural change to a forecasting model for the three month T-bill rate in order to identify changes in monetary policy. Having identified the policy regimes, we then estimate the implied biases in the interest rate forecasts within each regime. We find that when the forecast errors from the SPF are corrected for the biases due to shifts in policy, the forecasts are consistent with least squares learning.

Free Trade Agreements and US Foreign Policy

The United States has completed numerous free trade agreements (FTAs), but the pattern of these agreements defies conventional explanations. Arguments that are based on domestic interests and economic gains cannot explain the comparative under-performance of US trade agreements. The pattern of US trade agreements is also inconsistent with explanations that focus on state power, which depict FTAs as a “reward” for loyal clients. This article finds a better explanation for the pattern of the United States’ FTAs by consideringthe systemic level of analysis, and in particular the dynamics of the international economic order. It illustrates that strong competition for bilateral trade agreements has resulted in patterns of agreements that the United States cannot easily dominate. This is not to say that the United States has no capacity to finalize trade agreements: the United States remains the world’s most influential nation-state, but the constraints of the international system necessarily limit the degree to which FTAs can serve the interests of US foreign economic policy. The recent evolution of international trade politics, however, indicates that smaller states are comparatively less vulnerable to pressure from great powers, such as the United States.

Neoconservatism as discourse: virtue, power and US foreign policy

Neoconservatism in US foreign policy is a hotly contested subject, yet most scholars broadly agree on what it is and where it comes from. From a consensus that it first emerged around the 1960s, these scholars view neoconservatism through what we call the ‘3Ps’ approach, defining it as a particular group of people (‘neocons’), an array of foreign policy preferences and/or an ideological commitment to a set of principles. While descriptively intuitive, this approach reifies neoconservatism in terms of its specific and often static ‘symptoms’ rather than its dynamic constitutions. These reifications may reveal what is emblematic of neoconservatism in its particular historical and political context, but they fail to offer deeper insights into what is constitutive of neoconservatism. Addressing this neglected question, this article dislodges neoconservatism from itsperceived home in the ‘3Ps’ and ontologically redefines it as a discourse. Adopting aFoucauldian approach of archaeological and genealogical discourse analysis, we trace itsdiscursive formations primarily to two powerful and historically enduring discourses ofthe American self — virtue and power — and illustrate how these discourses produce aparticular type of discursive fusion that is ‘neoconservatism’. We argue that to betterappreciate its continued effect on contemporary and future US foreign policy, we needto pay close attention to those seemingly innocuous yet deeply embedded discoursesabout the US and its place in the world, as well as to the people, policies and principlesconventionally associated with neoconservatism.

An overview of domestic aspects in US climate policy

The article shows how domestic aspects influence the United States national and international climate policy. To accomplish the task, the authors analyzes the discussions when Bill Clinton was ruling the country, a time during which global discussions were forwarded. The paper recalls the debate in the Bush administration and the growing polarization since Barack Obama took office.

Climate change in Latin America: impacts and mitigation policy options

Includes bibliography.