How should monetary policymakers respond to the new challenges of global integration?

In a presentation at the Federal Reserve Banks of Kansas City's 2000 symposium, "Global Economic Integration: Opportunities and Challenges," Governor Brash of the Reserve Bank of New Zealand highlighted four issues related to global economic integration that affect central banks. First, increasing foreign trade is causing greater integration of countries and regions and thereby increasing the appeal of regional currency zones. Second, growing integration has potentially caused economies to become less inflation prone. Third, global financial institutions are developing at an accelerating rate, raising issues about financial regulation and the transmission of monetary policy. And fourth, the increasing speed with which capital flows around the world is making it more difficult for central banks to achieve domestic objectives.> Focusing primarily on the last issue, Governor Brash described how monetary policy in New Zealand has responded to increased economic integration. Two key challenges are the heightened response of capital flows to changes in monetary policy and the disruptive effects of exchange-rate cycles to the macro economy. Among the key ingredients to successful management of external or internal shocks in an open economy are "clear, transparent, and credible objectives" and "effective risk management." The specific approach in New Zealand has been to adopt an explicit inflation target and to maintain floating exchange rates and an open capital account.Monetary policy ; Banks and banking, Central ; New Zealand

Inflation Targeting in New Zealand: Experience and Practice

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The role of monetary policy: where does unemployment fit in?

Unemployment is one of the biggest problems facing most OECD countries, and there are strong demands on policymakers to provide solutions. But responsible policymakers must recognize there are clear limits to what monetary policy can do to help lower unemployment. Monetary policy does have an important part to play, but it is not a tool we should use directly to stimulate growth or employment. The best contribution monetary policy can make to growth and employment is to maintain stability in the general level of prices.> In remarks made before the Federal Reserve Bank of Kansas City's 1994 symposium, "Reducing Unemployment: Current Issues and Policy Options," Governor Brash of the Reserve Bank of New Zealand gave his insights into the way this issue has developed in New Zealand and how the Reserve Bank has respondedMonetary policy ; Unemployment

New Zealand's economic reforms: a model for change?

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The Structure of the Nucleon: Elastic Electromagnetic Form Factors

Precise proton and neutron form factor measurements at Jefferson Lab, using spin observables, have recently made a significant contribution to the unraveling of the internal structure of the nucleon. Accurate experimental measurements of the nucleon form factors are a test-bed for understanding how the nucleon's static properties and dynamical behavior emerge from QCD, the theory of the strong interactions between quarks. There has been enormous theoretical progress, since the publication of the Jefferson Lab proton form factor ratio data, aiming at reevaluating the picture of the nucleon. We will review the experimental and theoretical developments in this field and discuss the outlook for the future.Comment: arXiv admin note: text overlap with arXiv:1301.0905, arXiv:hep-ph/0609004, arXiv:1411.6908 by other author

Arsenite-Induced Alterations of DNA Photodamage Repair and Apoptosis After Solar-Simulation UVR in Mouse Keratinocytes in Vitro

Our laboratory has shown that arsenite markedly increased the cancer rate caused by solar-simulation ultraviolet radiation (UVR) in the hairless mouse skin model. In the present study, we investigated how arsenite affected DNA photodamage repair and apoptosis after solar-simulation UVR in the mouse keratinocyte cell line 291.03C. The keratinocytes were treated with different concentrations of sodium arsenite (0.0, 2.5, 5.0 μM) for 24 hr and then were immediately irradiated with a single dose of 0.30 kJ/m(2) UVR. At 24 hr after UVR, DNA photoproducts [cyclobutane pyrimidine dimers (CPDs) and 6–4 photoproducts (6-4PPs)] and apoptosis were measured using the enzyme-linked immunosorbent assay and the two-color TUNEL (terminal deoxynucleotide transferase dUTP nick end labeling) assay, respectively. The results showed that arsenite reduced the repair rate of 6-4PPs by about a factor of 2 at 5.0 μM and had no effect at 2.5 μM. UVR-induced apoptosis at 24 hr was decreased by 22.64% at 2.5 μM arsenite and by 61.90% at 5.0 μM arsenite. Arsenite decreased the UVR-induced caspase-3/7 activity in parallel with the inhibition of apoptosis. Colony survival assays of the 291.03C cells demonstrate a median lethal concentration (LC(50)) of arsenite of 0.9 μM and a median lethal dose (LD(50)) of UVR of 0.05 kJ/m(2). If the present results are applicable in vivo, inhibition of UVR-induced apoptosis may contribute to arsenite’s enhancement of UVR-induced skin carcinogenesis

The electric form factor of the neutron and its chiral content

Considering the nucleon as a system of confined valence quarks surrounded by pions we derive a Galster-like parameterization of the neutron electric form factor $G_E^n$. Furthermore, we show that the proposed parameterization can be linked to properties of the pion cloud. By this, the high quality data for the pion form factor can be used in predictions of $G_E^n$ in the low $Q^2$ region, where the direct double polarization measurements are not available.Comment: 11 pages, 3 figure

Electroexcitation of the P33(1232), P11(1440), D13(1520), S11(1535) at Q^2=0.4 and 0.65(GeV/c)^2

Using two approaches: dispersion relations and isobar model, we have analyzed recent high precision CLAS data on cross sections of \pi^0, \pi^+, and \eta electroproduction on protons, and the longitudinally polarized electron beam asymmetry for p(\vec{e},e'p)\pi^0 and p(\vec{e},e'n)\pi^+. The contributions of the resonances P33(1232), P11(1440), D13(1520), S11(1535) to \pi electroproduction and S11(1535) to \eta electroproduction are found. The results obtained in the two approaches are in good agreement with each other. There is also good agreement between amplitudes of the \gamma^* N \to S11(1535) transition found in \pi and \eta electroproduction. For the first time accurate results are obtained for the longitudinal amplitudes of the P11(1440), D13(1520) and S11(1535) electroexcitation on protons.Comment: 9 pages, 9 figure