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6531. Report on Sudan

Publication Date:
04-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
In its first annual report issued May 2000, the U.S. Commission on International Religious Freedom (the Commission) found that the government of Sudan was the world's most violent abuser of the right to freedom of religion and belief. The Commission also found that religion was a major factor in the ongoing civil war, and that religion and religious–freedom violations were intertwined with other human rights and humanitarian abuses in Sudan. In the Commission's view, the Sudanese government was committing genocidal atrocities against civilian populations in the southern part of the country and in the Nuba Mountains. In light of these conditions, the Commission recommended, among other things, that the Clinton administration launch a comprehensive program of diplomatic and economic pressures to stop human rights abuses in Sudan. Moreover, the Commission was disturbed by the reported connection between oil development and the Sudanese government's abuses, as well as by an initial public offering in the U.S. by a subsidiary of one of the government's joint–venture partners in the development of Sudan's oil fields. Therefore, the Commission recommended that foreign companies engaged in the development of Sudan's oil and gas fields be prohibited from raising money in U.S. capital markets.
Topic:
Foreign Policy, Diplomacy, Human Rights, and Religion
Political Geography:
Africa, United States, Sudan, and North Africa

6532. Report on the Democratic People's Republic of Korea

Publication Date:
04-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The people of the Democratic People's Republic of Korea (North Korea or DPRK) are perhaps the least free on earth, barely surviving under a totalitarian regime that denies basic human dignity and lets them starve while pursuing military might and weapons of mass destruction. By all accounts, there are no personal freedoms of any kind in North Korea, and no protection for human rights. Religious freedom does not exist, and what little religious activity that is permitted by the government is apparently staged for foreign visitors.
Topic:
Foreign Policy, Diplomacy, Human Rights, and Religion
Political Geography:
United States, Asia, North Korea, and Korea

6533. Annual Industrial Capabilities Report to Congress, MAR 2002

Publication Date:
03-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Section 2504 of title 10, United States Code, requires that the Secretary of Defense submit an annual report to the Committee on Armed Services of the Senate and the Committee on Armed Services of the House of Representatives, by March 1st of each year. The report is to include:”(1) A description of the departmental guidance prepared pursuant to section 2506 of this title.(2) A description of the methods and analyses being undertaken by the Department of Defense alone or in cooperation with other Federal agencies, to identify and address concerns regarding technological and industrial capabilities of the national technology and industrial base.(3) A description of the assessments prepared pursuant to section 2505 of this title and other analyses used in developing the budget submission of the Department of Defense for the next fiscal year.(4) Identification of each program designed to sustain specific essential technological and industrial capabilities and processes of the national technology and industrial base.” This report contains the required information.
Topic:
Defense Policy, Economics, Industrial Policy, and Science and Technology
Political Geography:
United States

6534. Regional Influences on U.S. Monetary Policy: Some Implications for Europe

Author:
Ellen E. Meade and D. Nathan Sheets
Publication Date:
02-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper looks at the monetary policy decisions of the U.S. Federal Reserve and asks whether those decisions have been influenced solely by national concerns, or whether regional factors have played a role. All of the Federal Reserve's policymakers have some regional identity, i.e., either their positions explicitly carry some regional affiliation or their region of origin is a factor that must be considered in the selection process. This research is relevant for the Fed, and it may also be relevant for Europe's fledgling central bank in Frankfurt. Critics have asserted that ECB policymakers have an incentive to base policy on national developments and respond to national political pressures. We find that Fed policymakers do take into account developments in regional unemployment when deciding monetary policy, and that these regional developments are more important for central bankers at the hub than in the spokes. These findings are robust to a variety of different specifications of the voting equation.
Topic:
Economics and International Trade and Finance
Political Geography:
United States and Europe

6535. Identifying VARs Based on High Frequency Futures Data

Author:
Jonathan H. Wright, Jon Faust, and Eric Swanson
Publication Date:
02-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Using the prices of federal funds futures contracts, we measure the impact of the surprise component of Federal Reserve policy decisions on the expected future trajectory of interest rates. We show how this information can be used to identify the effects of a monetary policy shock in a standard monetary policy VAR. This constitutes an alternative approach to identification that is quite different, and, we would argue, more plausible, than the conventional short-run restrictions. We find that the usual recursive identification of the model is rejected, but we nevertheless agree with the literature's conclusion that only a small fraction of the variance of output can be attributed to monetary policy shocks.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States

6536. Inflation Targeting and Nominal Income Growth Targeting: When and Why Are They Suboptimal?

Author:
Dale W. Henderson and Jinill Kim
Publication Date:
02-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We derive optimal monetary stabilization rules and compare them to simple rules under both full and partial information. The nominal interest rate is the instrument of monetary policy. Special attention is devoted to inflation targeting and nominal-income-growth targeting. We use an optimizing-agent model of a closed economy which features monopolistic competition in both product and labor markets. A stabilization problem exists because there are one-period nominal contracts, either for wages alone or for both wages and prices, and three shocks that are unknown when contracts are signed. In order to highlight basic theoretical results, we deliberately keep our model simple enough that we can obtain exact solutions. Optimal rules maximize the expected utility of the representative agent subject to the information set of the policymaker. A key result, possibly surprising at first, is that even with monopolistic competition, the optimal full information policy makes the economy mimic the hypothetical equilibrium with flexible prices and wages. We explain why strict versions of inflation targeting, nominal income growth targeting, and other such simple rules are suboptimal under both full and partial information and derive flexible versions that are optimal under certain partial information assumptions. Nominal income growth targeting dominates inflation targeting for plausible parameter values.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States

6537. On the Sequencing of Projects, Reputation Building, and Relationship Finance

Author:
David C. Smith, Steven Ongena, and Dominik Egli
Publication Date:
02-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We study the decision an entrepreneur faces in financing multiple projects and show that relationship financing will arise endogenously in an environment where strategic defaults are likely, even when firms have access to arm's-length financing. Relationship financing allows an entrepreneur to build a private reputation for repayment that reduces the cost of financing. However, in an environment where the risk of strategic default is low, the benefits from reputation building are outweighed by holdup rents extractable by the incumbent lender. Entrepreneurs then choose to finance projects from single or multiple arm's-length lenders.
Topic:
International Relations, Economics, and International Trade and Finance
Political Geography:
United States

6538. Department of Defense Dictionary of Military and Associated Terms

Publication Date:
04-2002
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
The Department of Defense Dictionary of Military and Associated Terms (short title: Joint Pub 1-02 or JP 1-02) sets forth standard US military and associated terminology to encompass the joint activity of the Armed Forces of the United States in both US joint and allied joint operations, as well as to encompass the Department of Defense (DOD) as a whole. These military and associated terms, together with their definitions, constitute approved DOD terminology for general use by all components of the Department of Defense. The Secretary of Defense, by DOD Directive 5025.12, 23 August 1989, Standardization of Military and Associated Terminology, has directed the use of JP 1-02 throughout the Department of Defense to ensure standardization of military and associated terminology.
Topic:
Security and Defense Policy
Political Geography:
United States

6539. La calidad del ciudadano. Past and Present. The Nature of Citizenship in Mexico and the United States- 1776-1912

Author:
Erika Pani
Publication Date:
07-2002
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
Mexico's transition to democratic rule has triggered much debate about the legacies of the past under which Mexicans must labor. Mexico is seen as emerging from a monolithic, murky and only rarely interrupted authoritarian past, from the Aztec tlatoanis to the PRI. Mexican “political culture” is seen as both the underlying principle and the creature of this historical experience. Some characterize Mexicans as lacking democratic values, with no electoral culture and with their families structured along patriarchic and authoritarian lines. Ironically, this approach, which tries to explain the present by understanding the past, is blatantly unhistorical. It speaks of static, eternal core values, of an unchanging México Profundo that has supposedly lurked inside every Mexican through the ages regardless of class or regional origin. Thus, writes one scholar, “behind an image of modernity and values, lies hidden the arithmetic relationship of dominion and subordination.” The trappings of a modern society barely cover one that is deeply traditional, whose real values and practices are rooted in “the ancient Mesoamerican civilizations.”
Topic:
International Relations, Security, and Regional Cooperation
Political Geography:
United States and Mexico

6540. U.S. Policy Toward the Former Yugoslavia

Author:
Steven E. Meyer
Publication Date:
08-2002
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
As long as the Cold War framed the international arena, relations between the United States and Yugoslavia were—for the most part—fairly clear and predictable. Both sides played their assigned roles well in the larger East-West drama. For the U.S., Yugoslavia—after Tito and Stalin split in 1948—was the useful, even reliable, strategically-placed, communist antagonist to the Soviet Union. Certainly, Washington complained at times about Yugoslavia's preference for nonalignment and lamented the fact that it was not part of the Western alliance. The fact that Yugoslavia was indeed a communist state that Moscow could not control, however, more than compensated for these “short comings.” As a reward, the U.S. courted Tito, provided economic aid, and paid virtually no attention to how he ran the country—even his brutal rise to power after World War II was of little consequence.
Topic:
International Relations, Foreign Policy, Cold War, and Politics
Political Geography:
United States, Europe, Washington, Soviet Union, and Yugoslavia