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AUCTION QUOTAS with OLIGOPOLY Cambridge, MA 02138
NBER WORKING PAPER SERIES THE CASE OF THE VANISHING REVENUES: AUCTION QUOTAS WITH OLIGOPOLY Kala Krishna Working Paper No. 2723 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 September 1988 I am grateful to the Center for International Affairs at Harvard and The World Bank for research support, to Vijay Krishna for asking the question, to Susan Collins for the title, to Kathleen Hogan and Phillip Swagel for able research assistance, and to Paul Krugman and Elhanan Helpman for access to Chapter 4 in their forthcoming book on VERs with foreign duopoly. I am also grateful to Lael Brainard for comments. Some parts of this paper were presented at the Conference on International Trade at the University of Western Ontario and to the lunch group on international economics of the NBER in the Spring of 1988. This research is part of the NBER's researchprogram in International Studies. Any opinions expressed are those of the author not those of the National Bureau of Economic Research. NEER Working Paper #2723 September 1988 THECASEOF THE VANISHING REVENUES; AUCTION QUOTAS WITH OLIGOPOLY ABSTRACT This paper examines the effects of auctioning quota licenses when market power exists. The overall conclusion is that with oligopolistic markets, quotas, even when set optimally and with quota licenses auctioned off, are - unlikelyto dominate free trade. Moreover, auction quotas only strictly dominate giving away licenses which are competitively traded if thequota is quite restrictive. When there is a foreign duopoly or oligopoly and domestic competition it is shown that such sales of licenses does not raise revenues unless they are quite restrictive. -
Nominations of Joseph Otting and Randal Quarles Hearing Committee on Banking, Housing, and Urban Affairs United States Senate
S. HRG. 115–133 NOMINATIONS OF JOSEPH OTTING AND RANDAL QUARLES HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED FIFTEENTH CONGRESS FIRST SESSION ON THE NOMINATIONS OF: JOSEPH OTTING, OF NEVADA, TO BE COMPTROLLER OF THE CURRENCY, OFFICE OF THE COMPTROLLER OF THE CURRENCY RANDAL QUARLES, OF COLORADO, TO BE A MEMBER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, AND VICE CHAIRMAN FOR SUPERVISION, BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM JULY 27, 2017 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.govinfo.gov/ U.S. GOVERNMENT PUBLISHING OFFICE 28–282 PDF WASHINGTON : 2018 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 13:17 Mar 27, 2018 Jkt 046629 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 S:\DOCS\28282.TXT SHERYL COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS MIKE CRAPO, Idaho, Chairman RICHARD C. SHELBY, Alabama SHERROD BROWN, Ohio BOB CORKER, Tennessee JACK REED, Rhode Island PATRICK J. TOOMEY, Pennsylvania ROBERT MENENDEZ, New Jersey DEAN HELLER, Nevada JON TESTER, Montana TIM SCOTT, South Carolina MARK R. WARNER, Virginia BEN SASSE, Nebraska ELIZABETH WARREN, Massachusetts TOM COTTON, Arkansas HEIDI HEITKAMP, North Dakota MIKE ROUNDS, South Dakota JOE DONNELLY, Indiana DAVID PERDUE, Georgia BRIAN SCHATZ, Hawaii THOM -
IFFCBANO Symposium: Keeping Trade Moving
IFFCBANO Symposium: Keeping Trade Moving Adrienne C. Slack Regional Executive Federal Reserve Bank of Atlanta - New Orleans Branch The views expressed here are my own, and not necessarily those of the Atlanta Fed or the Federal Reserve System. The Fed’s Dual Mandate • The Fed is pursuing two objectives as given to us by Congress— maximum employment and price stability. • The maximum level of employment is largely determined by nonmonetary factors that affect the structure and dynamics of the job market, although a stronger economy does help with job creation. • The Federal Open Market Committee (FOMC) has chosen an inflation target of two percent per year over the medium term as measured by the annual change in the price index for personal consumption expenditures. 2 Board of Governors of the Federal Reserve System Randal Quarles Jerome H. Powell Richard H. Clarida Lael Brainard Vice Chair for Chair Vice Chair Supervision Vacant Michelle W. Bowman Vacant 3 The Federal Reserve Bank Presidents Loretta Mester Charles Evans Neel Kashkari Patrick Harker Eric Rosengren Cleveland Chicago Minneapolis Philadelphia Boston 4th District 7th District 9th District 3rd District 1st District John Williams New York 2nd District Tom Barkin Richmond 5th District Mary Daly San Francisco Esther George Raphael Bostic Robert Kaplan James Bullard 12th District Kansas City Atlanta 10th District Dallas St. Louis 6th District 11th District 8th District 4 The Sixth District Information Flow Public Sixth Policy District Business Sixth FOMC District Research Sixth Atlanta District Board of President Directors 6 Summary of the Economic Environment: The May 2019 FOMC Policy Statement • Information received since the Federal Open Market Committee met in March indicates that the labor market remains strong and that economic activity rose at a solid rate. -
2016 Annual Meetings of the Boards of Governors
THE WORLD BANK GROUP Public Disclosure Authorized 2016 ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS Public Disclosure Authorized SUMMARY PROCEEDINGS Public Disclosure Authorized Washington, D.C. October 7-9, 2016 Public Disclosure Authorized THE WORLD BANK GROUP Headquarters 1818 H Street, NW Washington, D.C. 20433 U.S.A. Phone: (202) 473-1000 Fax: (202) 477-6391 Internet: www.worldbankgroup.org iii INTRODUCTORY NOTE The 2016 Annual Meetings of the Boards of Governors of the World Bank Group (Bank), which consist of the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), the International Finance Corporation (IFC), International Centre for the Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA), held jointly with the International Monetary Fund (Fund), took place on October 7, 2016 in Washington, D.C. The Honorable Mauricio Cárdenas, Governor of the Bank and Fund for Colombia, served as the Chairman. In Committee Meetings and the Plenary Session, a joint session with the Board of Governors of the International Monetary Fund, the Board considered and took action on reports and recommendations submitted by the Executive Directors, and on matters raised during the Meeting. These proceedings outline the work of the 70th Annual Meeting and the final decisions taken by the Board of Governors. They record, in alphabetical order by member countries, the texts of statements by Governors and the resolutions and reports adopted by the Boards of Governors of the World Bank Group. In addition, the Development Committee discussed the Forward Look – A Vision for the World Bank Group in 2030, and the Dynamic Formula – Report to Governors Annual Meetings 2016. -
The Federal Reserve Act of 1913
THE FEDERAL RESERVE ACT OF 1913 HISTORY AND DIGEST by V. GILMORE IDEN PUBLISHED BY THE NATIONAL BANK NEWS PHILADELPHIA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Copyright, 1914 by Ccrtttiois Bator Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act History N MONDAY, October 21, 1907, the Na O tional Bank of Commerce of New York City announced its refusal to clear for the Knickerbocker Trust Company of the same city. The trust company had deposits amounting to $62,000,000. The next day, following a run of three hours, the Knickerbocker Trust Company paid out $8,000,000 and then suspended. One immediate result was that banks, acting independently, held on tight to the cash they had in their vaults, and money went to a premium. Ac cording to the experts who investigated the situation, this panic was purely a bankers’ panic and due entirely to our system of banking, which bases the protection of the financial solidity of the country upon the individual reserves of banks. In the case of a stress, such as in 1907, the banks fail to act as a whole, their first consideration being the protec tion of their own reserves. PAGE 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act The conditions surrounding previous panics were entirely different. -
A Semantic Analysis of Monetary Shamanism: a Case of the BOJ's Governor Haruhiko Kuroda
DPRIETI Discussion Paper Series 17-E-011 A Semantic Analysis of Monetary Shamanism: A case of the BOJ's Governor Haruhiko Kuroda KEIDA Masayuki Rissho University TAKEDA Yosuke Sophia University The Research Institute of Economy, Trade and Industry http://www.rieti.go.jp/en/ RIETI Discussion Paper Series 17-E-011 February 2017 A Semantic Analysis of Monetary Shamanism: A case of the BOJ's Governor Haruhiko Kuroda* KEIDA Masayuki TAKEDA Yosuke Rissho University Sophia University Abstract This paper examines whether statistical natural language processing techniques have been useful in analyzing documents on monetary policy. A simple latent semantic analysis shows a relatively good performance in classifying the Bank of Japan (BOJ)’s documents on its governors’ policy and the impact without human reading. Our results also show that Governor Haruhiko Kuroda’s communication strategy changed slightly in 2016 when the BOJ introduced the negative interest rate policy. This change in 2016 is comparable to the one from the transition from Masaaki Shirakawa to Kuroda. In spite of the intention, the BOJ had a misjudgment in the communication strategy. Keywords: Monetary policy, Communication, Latent semantic analysis JEL classification: E52, E58 RIETI Discussion Papers Series aims at widely disseminating research results in the form of professional papers, thereby stimulating lively discussion. The views expressed in the papers are solely those of the author(s), and neither represent those of the organization to which the author(s) belong(s) nor the Research Institute of Economy, Trade and Industry. *This study is conducted as a part of the Project “Sustainable Growth and Macroeconomic Policy” undertaken at Research Institute of Economy, Trade and Industry (RIETI). -
Regpulse Newsletter July 26, 2021 – August 6, 2021
Financial Services RegPulse Newsletter July 26, 2021 – August 6, 2021 Recent developments › BIS published a white paper on principles for an emerging regulatory framework for the use of AI in financial services › The OCC appointed its first-ever Climate Change Risk Officer and joined the Network of Central Banks and Supervisors for Greening the Financial System › The Senate Banking Committee hosted a hearing on the oversight of selected financial regulators › SEC Chair Gary Gensler delivered separate remarks on digital assets and climate risks › The House and Senate both held hearings on the future of digital currencies in the US Regulatory Roundup | Deloitte Center for Regulatory Strategy, Americas 1 Introduction The Deloitte Center for Regulatory Strategy (DCRS) is a source of critical insight and advice, designed to help clients anticipate change and respond with confidence to the strategic and aggregate impact of national and international regulatory policy. The RegPulse Newsletter is a bi-weekly distribution that features the latest regulatory news and issues that are impacting the financial services and fintech industries. For a deeper analysis and discussion of regulatory developments, make sure to check out our RegPulse blog series, which are a collection of blogs that are contributed by our powerful team of former regulators, industry specialists, and trusted business advisors. US regulatory developments Congress Derivatives Banking & Capital Markets Investment Management Consumer Protection Insurance BSA/AML Fintech EMEA regulatory developments Key: Cross-sector The development covers multiple financial services sub-sectors or other industries. FBO The development pertains to or affects foreign banking organizations (FBOs). Blog/POV The development has been covered or is currently being analyzed by our team to be produced into either a RegPulse blog or broader point of view (POV). -
Chairman Jay Clayton, February 1, 2018 to February 28, 2018
Chairman Jay Clayton Public Calendar February 1, 2018 to February 28, 2018 Thursday, February 1, 2018 9:00 am Meeting with staff 9:30 am Meeting with staff 10:00 am Meeting with staff 10:30 am Meeting with staff 12:00 pm Meeting with Commissioner 1:00 pm Meeting with Silicon Valley Bank, including: Greg Becker, CEO, and Michael Zuckert, General Counsel; and Kara Calvert, Partner, Franklin Square Group 2:00 pm Closed Commission Meeting 2:30 pm Meeting with staff 3:00 pm Meeting with staff 3:30 pm Meeting with staff Friday, February 2, 2018 8:30 am Phone call with Senator Sherrod Brown 9:00 am Meeting with the Capital Market Authority (CMA) of Saudi Arabia, including: Ms. Mona Al-Nemer, Manager, Investment Products Development Department; and Ms. Hanan Al-Shehri, Officer, Investment Products Development Department 11:30 am Speaking engagement at the Mid-Atlantic Security Traders Association’s 2018 Winter Conference Monday, February 5, 2018 11:00 am Meeting with Commissioner 12:00 pm Meeting with staff 2:00 pm Meeting with Greg Gilman, President, National Treasury Employees Union Chapter 293 4:00 pm Meeting with Senator Heidi Heitkamp 6:30 pm Meeting with Tom Ayres, Department of the Air Force General Counsel Nominee Tuesday, February 6, 2018 8:30 am Phone call with Jerome Powell, Governor, Federal Reserve Board 10:00 am Hearing before the Senate Committee on Banking, Housing, and Urban Affairs 2:00 pm Meeting with staff 2:30 pm Meeting with staff 3:00 pm Meeting with staff 4:00 pm Meeting with Commissioner 4:45 pm Meeting with Commissioner -
Minutes of the Federal Open Market Committee April 27–28, 2021
_____________________________________________________________________________________________Page 1 Minutes of the Federal Open Market Committee April 27–28, 2021 A joint meeting of the Federal Open Market Committee Ann E. Misback, Secretary, Office of the Secretary, and the Board of Governors was held by videoconfer- Board of Governors ence on Tuesday, April 27, 2021, at 9:30 a.m. and con- tinued on Wednesday, April 28, 2021, at 9:00 a.m.1 Matthew J. Eichner,2 Director, Division of Reserve Bank Operations and Payment Systems, Board of PRESENT: Governors; Michael S. Gibson, Director, Division Jerome H. Powell, Chair of Supervision and Regulation, Board of John C. Williams, Vice Chair Governors; Andreas Lehnert, Director, Division of Thomas I. Barkin Financial Stability, Board of Governors Raphael W. Bostic Michelle W. Bowman Sally Davies, Deputy Director, Division of Lael Brainard International Finance, Board of Governors Richard H. Clarida Mary C. Daly Jon Faust, Senior Special Adviser to the Chair, Division Charles L. Evans of Board Members, Board of Governors Randal K. Quarles Christopher J. Waller Joshua Gallin, Special Adviser to the Chair, Division of Board Members, Board of Governors James Bullard, Esther L. George, Naureen Hassan, Loretta J. Mester, and Eric Rosengren, Alternate William F. Bassett, Antulio N. Bomfim, Wendy E. Members of the Federal Open Market Committee Dunn, Burcu Duygan-Bump, Jane E. Ihrig, Kurt F. Lewis, and Chiara Scotti, Special Advisers to the Patrick Harker, Robert S. Kaplan, and Neel Kashkari, Board, Division of Board Members, Board of Presidents of the Federal Reserve Banks of Governors Philadelphia, Dallas, and Minneapolis, respectively Carol C. Bertaut, Senior Associate Director, Division James A. -
Global Finance's Central Banker Report Cards 2021
Global Finance’s Central Banker Report Cards 2021 NEW YORK, September 1, 2021 — Global Finance magazine has released the names of Central Bank Governors who earned “A” or “A-” grades as part of its Central Banker Report Cards 2021. The full Central Banker Report Cards 2021 report and grade list will appear in Global Finance’s October print and digital editions and online at GFMag.com. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of 101 key countries and territories including the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. About Global Finance Grades are based on an “A” to “F” scale for success in areas such as inflation control, economic Global Finance, founded in growth goals, currency stability and interest rate management. (“A” represents an excellent 1987, has a circulation of performance down through “F” for outright failure.) Subjective criteria also apply. 50,000 and readers in 191 countries. Global Finance’s “With the pandemic still surging in many areas, and inflation emerging as a major area of audience includes senior concern once again, the world’s central bankers are confronting multiple challenges from corporate and financial multiple directions,” said Global Finance publisher and editorial director Joseph Giarraputo. officers responsible for making investment and strategic “Global Finance’s annual Central Banker Report Cards show which financial policy leaders are decisions at multinational succeeding in the face of adversity and which are falling behind.” companies and financial The Central Bankers earning an “A” grade in the Global Finance Central Banker Report Card institutions. -
OECD, "Seminar on Capital Movements Agenda,"
PROGRAMME SEMINAR ON OPEN AND ORDERLY CAPITAL MOVEMENTS Does global co-operation matter? 25 October 2016, OECD, Paris Organised by the OECD in co-operation with Germany (Federal Ministry of Finance) as the upcoming G20 Presidency Open and orderly capital movements: does global co-operation matter? An open, transparent and orderly global system of capital flows underpins global growth and stability. In light of the increasingly interconnected global economy, faced with episodes of heightened capital flows volatility, significant value is attached to credible commitment mechanisms to rules-based and co-operative approaches to capital flows that send a positive signal of a predictable policy agenda. This type of framework will help countries maintain markets’ confidence and continue to attract the long-term, high-quality capital needed to support inclusive growth and sustainable development. The OECD Code of Liberalisation of Capital Movements (the Code) provides such a framework. As an instrument that encourages co-operation, it has provided a tried and tested process for global dialogue for over 50 years. The Code is used by the 35 OECD countries, including emerging economies, as well as by non-OECD countries. Four non-OECD countries have applied for adherence since it was opened to all in 2012. It is a living instrument adaptable to countries at different levels of development, through built-in flexibility clauses that allow temporary suspension of liberalisation commitments in times of economic and financial disturbance. Over time, Adherents have developed a body of well-established jurisprudence on the implementation of the Code’s rights and obligations and the conformity of individual country measures. -
Is Inflation Really Transitory?
Is Inflation Really Transitory? By Eric Grover National Review August 17, 2021 Financial-market indicators point to a persistent uptick in inflation. DESPITE a few recent hints of unease, the Fed still maintains that the current surge in inflation is “transitory.” That seems optimistic: The central bank has been stoking inflation and is stubbornly blind to the danger of getting more than it bargained for, of letting loose what Nobel Prize– winning economist Friedrich Hayek described as the “tiger.” Fed chairman Paul Volcker caged inflation after it’d crested at 13.5 percent in 1980. Since then, however, the Fed, politicians, consumers, and producers have become complacent about the risk that it might escape again. The current cocktail of money-printing, massive deficit spending, pandemic- related supply-chain disruptions, and pent-up demand coming out of COVID-19 hibernation means inflation ahead — and not just for the short term. The outlook is only made worse by the hit to the supply side that will come from increased regulation and taxes, not to speak of the boost to energy costs that will flow from the administration’s hostility to fossil fuels. The Fed’s balance sheet has ballooned from $900 billion in August 2008 to a whopping $8.2 trillion in mid July 2021. However, by paying banks interest to park excess reserves held at the Fed, the central bank has managed to keep new dollars from entering the economy in the form of credit, thereby holding down inflation. Now, printed money is showing up in consumption and price data, and the longer the “transitory” surge endures, the more difficult it will be to contain.