The rewarding value of good motor performance in the context of monetary incentives.

Science.gov (United States)

Lutz, Kai; Pedroni, Andreas; Nadig, Karin; Luechinger, Roger; Jäncke, Lutz

2012-07-01

Whether an agent receives positive task feedback or a monetary reward, neural activity in their striatum increases. In the latter case striatal activity reflects extrinsic reward processing, while in the former, striatal activity reflects the intrinsically rewarding effects of performing well. There can be a "hidden cost of reward", which is a detrimental effect of extrinsic on intrinsic reward value. This raises the question how these two types of reward interact. To address this, we applied a monetary incentive delay task: in all trials participants received feedback depending on their performance. In half of the trials they could additionally receive monetary reward if they performed well. This resulted in high performance trials, which were monetarily rewarded and high performance trials that were not. This made it possible to dissociate the neural correlates of performance feedback from the neural correlates of monetary reward that comes with high performance. Performance feedback alone elicits activation increases in the ventral striatum. This activation increases due to additional monetary reward. Neural response in the dorsal striatum on the other hand is only significantly increased by feedback when a monetary incentive is present. The quality of performance does not significantly influence dorsal striatum activity. In conclusion, our results indicate that the dorsal striatum is primarily sensitive to optional or actually received external rewards, whereas the ventral striatum may be coding intrinsic reward due to positive performance feedback. Thus the ventral striatum is suggested to be involved in the processing of intrinsically motivated behavior. Copyright © 2012 Elsevier Ltd. All rights reserved.

The effectiveness of a monetary incentive offer on survey response rates and response completeness in a longitudinal study.

Science.gov (United States)

Yu, Shengchao; Alper, Howard E; Nguyen, Angela-Maithy; Brackbill, Robert M; Turner, Lennon; Walker, Deborah J; Maslow, Carey B; Zweig, Kimberly C

2017-04-26

Achieving adequate response rates is an ongoing challenge for longitudinal studies. The World Trade Center Health Registry is a longitudinal health study that periodically surveys a cohort of ~71,000 people exposed to the 9/11 terrorist attacks in New York City. Since Wave 1, the Registry has conducted three follow-up surveys (Waves 2-4) every 3-4 years and utilized various strategies to increase survey participation. A promised monetary incentive was offered for the first time to survey non-respondents in the recent Wave 4 survey, conducted 13-14 years after 9/11. We evaluated the effectiveness of a monetary incentive in improving the response rate five months after survey launch, and assessed whether or not response completeness was compromised due to incentive use. The study compared the likelihood of returning a survey for those who received an incentive offer to those who did not, using logistic regression models. Among those who returned surveys, we also examined whether those receiving an incentive notification had higher rate of response completeness than those who did not, using negative binomial regression models and logistic regression models. We found that a $10 monetary incentive offer was effective in increasing Wave 4 response rates. Specifically, the $10 incentive offer was useful in encouraging initially reluctant participants to respond to the survey. The likelihood of returning a survey increased by 30% for those who received an incentive offer (AOR = 1.3, 95% CI: 1.1, 1.4), and the incentive increased the number of returned surveys by 18%. Moreover, our results did not reveal any significant differences on response completeness between those who received an incentive offer and those who did not. In the face of the growing challenge of maintaining a high response rate for the World Trade Center Health Registry follow-up surveys, this study showed the value of offering a monetary incentive as an additional refusal conversion strategy. Our

Does a monetary incentive improve the response to a postal questionnaire in a randomised controlled trial? The MINT incentive study

Directory of Open Access Journals (Sweden)

Mt-Isa Shahrul

2009-06-01

Full Text Available Abstract Background Sending a monetary incentive with postal questionnaires has been found to improve the proportion of responders, in research in non-healthcare settings. However, there is little research on use of incentives to improve follow-up rates in clinical trials, and existing studies are inconclusive. We conducted a randomised trial among participants in the Managing Injuries of the Neck Trial (MINT to investigate the effects on the proportion of questionnaires returned and overall non-response of sending a £5 gift voucher with a follow-up questionnaire. Methods Participants in MINT were randomised to receive either: (a a £5 gift voucher (incentive group or (b no gift voucher (no incentive group, with their 4 month or 8 month follow-up questionnaire. We recorded, for each group, the number of questionnaires returned, the number returned without any chasing from the study office, the overall number of non-responders (after all chasing efforts by the study office, and the costs of following up each group. Results 2144 participants were randomised, 1070 to the incentive group and 1074 to the no incentive group. The proportion of questionnaires returned (RR 1.10 (95% CI 1.05, 1.16 and the proportion returned without chasing (RR 1.14 (95% CI 1.05, 1.24 were higher in the incentive group, and the overall non-response rate was lower (RR 0.68 (95% CI 0.53, 0.87. Adjustment for injury severity and hospital of recruitment to MINT made no difference to these results, and there were no differences in results between the 4-month and 8-month follow up questionnaires. Analysis of costs suggested a cost of £67.29 per additional questionnaire returned. Conclusion Monetary incentives may be an effective way to increase the proportion of postal questionnaires returned and minimise loss to follow-up in clinical trials. Trial registration number ISRCTN61305297

Aligning ambition and incentives

DEFF Research Database (Denmark)

Koch, Alexander; Peyrache, Eloïc

2011-01-01

Labor turnover creates longer term career concerns incentives that motivate employees in addition to the short term monetary incentives provided by the current employer. We analyze how these incentives interact, and derive implications for the design of incentive contracts and organizational choice...

Aligning Ambition and Incentives

DEFF Research Database (Denmark)

Koch, Alexander; Peyrache, Eloïc

Labor turnover creates longer term career concerns incentives that motivate employees in addition to the short term monetary incentives provided by the current employer. We analyze how these incentives interact and derive implications for the design of incentive contracts and organizational choice...

Hidden Benefits of Reward : A Field Experiment on Motivation and Monetary Incentives

OpenAIRE

Kvaløy, Ola; Nieken, Petra; Schöttner, Anja

2013-01-01

We conducted a field experiment in a controlled work environment to investigate the effect of motivational talk and its interaction with monetary incentives. We find that motivational talk significantly improves performance only when accompanied by performance pay. Moreover, performance pay slightly reduces performance unless it is accompanied by motivational talk. These effects also carry over to the quality of work. Performance pay alone leads to more mistakes. Adding motivational talk make...

Effects of Mental Fatigue on Physical Endurance Performance and Muscle Activation Are Attenuated by Monetary Incentives.

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Brown, Denver M Y; Bray, Steven R

2017-12-01

Physical performance is impaired following cognitive control exertion. Incentives can ameliorate adverse carryover effects of cognitive control exertion but have not been investigated for physical endurance. This study examined the effect of monetary incentives on physical performance and muscle activation following exposure to a mentally fatiguing, cognitive control task. Participants (N = 82) performed two isometric endurance handgrip trials separated by a 12-min cognitive control manipulation using a 2 (high cognitive control [HCC]/low cognitive control [LCC]) × 2 (incentive/no incentive) design. Mental fatigue was significantly higher in the HCC conditions. Performance decreased in the HCC/no incentive condition but was unaffected in the HCC/incentive condition, which did not differ from the low cognitive control conditions. Electromyography data revealed increased muscle activation in the HCC/no incentive condition, which was also attenuated in the HCC/incentive condition. Findings show that incentives counteract the negative effects of HCC on physical endurance and alter central drive to motor units.

Monetary incentive moderates the effect of implicit fear on effort-related cardiovascular response.

Science.gov (United States)

Chatelain, Mathieu; Gendolla, Guido H E

2016-05-01

Integrating the implicit-affect-primes-effort model (Gendolla, 2012, 2015) with the principles of motivational intensity theory (Brehm & Self, 1989) we investigated if the effort mobilization deficit observed in people exposed to fear primes (vs. anger primes) in a difficult short-term memory task could be compensated by high monetary incentive. Effort was operationalized as cardiac response. We expected that fear primes should lead to the strongest cardiac pre-ejection period (PEP) reactivity when incentive was high (high subjective demand and high justified effort) and to the weakest response when incentive was low (high subjective demand but only low justified effort). PEP reactivity in the anger-prime conditions should fall in between (high but feasible demand). We obtained the predicted pattern on responses of PEP and systolic blood pressure. The present findings show for the first time that the effort mobilization deficit of participants exposed to fear primes in a difficult cognitive task could be compensated by a high incentive. Copyright © 2016 Elsevier B.V. All rights reserved.

Monetary and Non-monetary SWO Retention Bonuses: An Experimental Approach to the Combinatorial Retention Auction Mechanism (CRAM)

Science.gov (United States)

2009-12-01

aircraft carrier would not function properly nor could a guided missile destroyer fulfill its missions. Retention of qualified and motivated ...19 Jason Blake Ellis, “Variability of Valuation of Non-Monetary Incentives: Motivating and...this illustration offer individual values that exceed the Navy’s cost to provide the incentive for most individuals. On the other hand, telecommuting

Voluntary non-monetary approaches for implementing conservation

OpenAIRE

Santangeli, Andrea; Arroyo, Beatriz; Dicks, Lynn V.; Herzon, Irina; Kukkala, Aija S.; Sutherland, William J.; Moilanen, Atte

2016-01-01

The voluntary non-monetary approach to conservation refers to actions that citizens or organizations could voluntarily implement in their area of influence without the incentive of monetary compensations. To be effectively implemented by untrained actors, actions should be clearly defined, straightforward to implement and not require specific scientific knowledge. The costs of actions should also be sufficiently affordable to be widely applied without monetary incentives. A voluntary non-mone...

Altruism, Conformism, and Incentives in the Workplace

OpenAIRE

Tichem, Jan

2014-01-01

markdownabstractPerformance pay can motivate employees, but money is not the only motivation in the workplace. Altruism, which means that someone enjoys the well-being of someone else, can also provide a powerful motivation. The first part of this thesis studies theoretically how altruism between an employee and his superior affects the optimal use of monetary incentives. Among others, the analysis reveals how altruism influences the credibility of monetary incentive schemes, and how altruist...

Oxytocin modulates hemodynamic responses to monetary incentives in humans

Science.gov (United States)

Mickey, Brian J.; Heffernan, Joseph; Heisel, Curtis; Peciña, Marta; Hsu, David T.; Zubieta, Jon-Kar; Love, Tiffany M.

2016-01-01

Oxytocin is a neuropeptide widely recognized for its role in regulating social and reproductive behavior. Increasing evidence from animal models suggests that oxytocin also modulates reward circuitry in non-social contexts, but evidence in humans is lacking. Here we examined the effects of oxytocin administration on reward circuit function in 18 healthy men as they performed a monetary incentive task. The blood oxygenation level dependent (BOLD) signal was measured using functional magnetic resonance imaging in the context of a randomized, double-blind, placebo-controlled, crossover trial of intranasal oxytocin. We found that oxytocin increases the BOLD signal in the midbrain (substantia nigra and ventral tegmental area) during the late phase of the hemodynamic response to incentive stimuli. Oxytocin’s effects on midbrain responses correlated positively with its effects on positive emotional state. We did not detect an effect of oxytocin on responses in the nucleus accumbens. Whole-brain analyses revealed that oxytocin attenuated medial prefrontal cortical deactivation specifically during anticipation of loss. Our findings demonstrate that intranasal administration of oxytocin modulates human midbrain and medial prefrontal function during motivated behavior. These findings suggest that endogenous oxytocin is a neurochemical mediator of reward behaviors in humans – even in a non-social context – and that the oxytocinergic system is a potential target of pharmacotherapy for psychiatric disorders that involve dysfunction of reward circuitry. PMID:27614896

Oxytocin modulates hemodynamic responses to monetary incentives in humans.

Science.gov (United States)

Mickey, Brian J; Heffernan, Joseph; Heisel, Curtis; Peciña, Marta; Hsu, David T; Zubieta, Jon-Kar; Love, Tiffany M

2016-12-01

Oxytocin is a neuropeptide widely recognized for its role in regulating social and reproductive behavior. Increasing evidence from animal models suggests that oxytocin also modulates reward circuitry in non-social contexts, but evidence in humans is lacking. We examined the effects of oxytocin administration on reward circuit function in 18 healthy men as they performed a monetary incentive task. The blood oxygenation level-dependent (BOLD) signal was measured using functional magnetic resonance imaging in the context of a randomized, double-blind, placebo-controlled, crossover trial of intranasal oxytocin. We found that oxytocin increases the BOLD signal in the midbrain (substantia nigra and ventral tegmental area) during the late phase of the hemodynamic response to incentive stimuli. Oxytocin's effects on midbrain responses correlated positively with its effects on positive emotional state. We did not detect an effect of oxytocin on responses in the nucleus accumbens. Whole-brain analyses revealed that oxytocin attenuated medial prefrontal cortical deactivation specifically during anticipation of loss. Our findings demonstrate that intranasal administration of oxytocin modulates human midbrain and medial prefrontal function during motivated behavior. These findings suggest that endogenous oxytocin is a neurochemical mediator of reward behaviors in humans-even in a non-social context-and that the oxytocinergic system is a potential target of pharmacotherapy for psychiatric disorders that involve dysfunction of reward circuitry.

Sustainable Decision-Making: Non-Monetary Incentives for Pro-Social Behavior in the Energy Sector

OpenAIRE

S. Rosenkranz; K.S. Muehlfeld; G. van der Laan; G.U. Weitzel; J. van der Donk; H. Ivanova; E.J. van Kesteren; M. Ottink; H. van der Spek

2013-01-01

Taking into account insights into the reality of human decision-making, is an important challenge for today’s policymakers. Are there `cheaper´, more efficient and possibly as well more effective, non-financial ways of influencing the behaviour of private and corporate citizens, nudging them towards socially desired choices, for example, in the domain of energy consumption? Can such mechanisms complement or substitute for monetary incentives in fostering sustainable decision-making in poli...

Endogenous cortisol levels are associated with an imbalanced striatal sensitivity to monetary versus non-monetary cues in pathological gamblers

Directory of Open Access Journals (Sweden)

Yansong eLi

2014-03-01

Full Text Available Pathological gambling is a behavioral addiction characterized by a chronic failure to resist the urge to gamble. It shares many similarities with drug addiction. Glucocorticoid hormones including cortisol are thought to play a key role in the vulnerability to addictive behaviors, by acting on the mesolimbic reward pathway. Based on our previous report of an imbalanced sensitivity to monetary versus non-monetary incentives in the ventral striatum of pathological gamblers (PGs, we investigated whether this imbalance was mediated by individual differences in endogenous cortisol levels. We used functional magnetic resonance imaging (fMRI and examined the relationship between cortisol levels and the neural responses to monetary versus non-monetary cues, while PGs and healthy controls were engaged in an incentive delay task manipulating both monetary and erotic rewards. We found a positive correlation between cortisol levels and ventral striatal responses to monetary versus erotic cues in PGs, but not in healthy controls. This indicates that the ventral striatum is a key region where cortisol modulates incentive motivation for gambling versus non-gambling related stimuli in PGs. Our results extend the proposed role of glucocorticoid hormones in drug addiction to behavioral addiction, and help understand the impact of cortisol on reward incentive processing in PGs.

Endogenous cortisol levels are associated with an imbalanced striatal sensitivity to monetary versus non-monetary cues in pathological gamblers.

Science.gov (United States)

Li, Yansong; Sescousse, Guillaume; Dreher, Jean-Claude

2014-01-01

Pathological gambling is a behavioral addiction characterized by a chronic failure to resist the urge to gamble. It shares many similarities with drug addiction. Glucocorticoid hormones including cortisol are thought to play a key role in the vulnerability to addictive behaviors, by acting on the mesolimbic reward pathway. Based on our previous report of an imbalanced sensitivity to monetary versus non-monetary incentives in the ventral striatum of pathological gamblers (PGs), we investigated whether this imbalance was mediated by individual differences in endogenous cortisol levels. We used functional magnetic resonance imaging (fMRI) and examined the relationship between cortisol levels and the neural responses to monetary versus non-monetary cues, while PGs and healthy controls were engaged in an incentive delay task manipulating both monetary and erotic rewards. We found a positive correlation between cortisol levels and ventral striatal responses to monetary versus erotic cues in PGs, but not in healthy controls. This indicates that the ventral striatum is a key region where cortisol modulates incentive motivation for gambling versus non-gambling related stimuli in PGs. Our results extend the proposed role of glucocorticoid hormones in drug addiction to behavioral addiction, and help understand the impact of cortisol on reward incentive processing in PGs.

The dark side of monetary incentive: how does extrinsic reward crowd out intrinsic motivation.

Science.gov (United States)

Ma, Qingguo; Jin, Jia; Meng, Liang; Shen, Qiang

2014-02-12

It was widely believed that incentives could effectively enhance the motivation of both students and employees. However, psychologists reported that extrinsic reward actually could undermine individuals' intrinsic motivation to a given interesting task, which challenged viewpoints from traditional incentive theories. Numerous studies have been carried out to test and explain the undermining effect; however, the neural basis of this effect is still elusive. Here, we carried out an electrophysiological study with a simple but interesting stopwatch task to explore to what extent the performance-based monetary reward undermines individuals' intrinsic motivation toward the task. The electrophysiological data showed that the differentiated feedback-related negativity amplitude toward intrinsic success failure divergence was prominently reduced once the extrinsic reward was imposed beforehand. However, such a difference was not observed in the control group, in which no extrinsic reward was provided throughout the experiment. Furthermore, such a pattern was not observed for P300 amplitude. Therefore, the current results indicate that extrinsic reward demotivates the intrinsic response of individuals toward success-failure outcome, which was reflected in the corresponding reduced motivational-related differentiated feedback-related negativity, but not in amplitude of P300.

Intermediaries in Trust: Indirect Reciprocity, Incentives, and Norms

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Giangiacomo Bravo

2015-01-01

Full Text Available Any trust situation involves a certain amount of risk for trustors that trustees could abuse. In some cases, intermediaries exist who play a crucial role in the exchange by providing reputational information. To examine under what conditions intermediary opinion could have a positive impact on cooperation, we designed two experiments based on a modified version of the investment game where intermediaries rated the behaviour of trustees under various incentive schemes and different role structures. We found that intermediaries can increase trust if there is room for indirect reciprocity between the involved parties. We also found that the effect of monetary incentives and social norms cannot be clearly separable in these situations. If properly designed, monetary incentives for intermediaries can have a positive effect. On the one hand, when intermediary rewards are aligned with the trustor’s interest, investments and returns tend to increase. On the other hand, fixed monetary incentives perform less than any other incentive schemes and endogenous social norms in ensuring trust and fairness. These findings should make us reconsider the mantra of incentivization of social and public conventional policy.

Incentives and provider payment methods.

Science.gov (United States)

Barnum, H; Kutzin, J; Saxenian, H

1995-01-01

The mode of payment creates powerful incentives affecting provider behavior and the efficiency, equity and quality outcomes of health finance reforms. This article examines provider incentives as well as administrative costs, and institutional conditions for successful implementation associated with provider payment alternatives. The alternatives considered are budget reforms, capitation, fee-for-service, and case-based reimbursement. We conclude that competition, whether through a regulated private sector or within a public system, has the potential to improve the performance of any payment method. All methods generate both adverse and beneficial incentives. Systems with mixed forms of provider payment can provide tradeoffs to offset the disadvantages of individual modes. Low-income countries should avoid complex payment systems requiring higher levels of institutional development.

Expert views on most suitable monetary incentives on food to stimulate healthy eating.

Science.gov (United States)

Waterlander, Wilma E; Steenhuis, Ingrid H M; de Vet, Emely; Schuit, Albertine J; Seidell, Jacob C

2010-06-01

Pricing strategies are an important component in the marketing mix and may also be useful in stimulating healthier food choices. However, due to competing interests and feasibility problems, the introduction of pricing strategies is complicated. For successfully introducing food pricing strategies, it is essential to explore incentives that are not only promising but also realizable and being approved by different sectors. We aimed to assemble a list of pricing strategies by exploring expert views using the Delphi method. Subjects included experts from academia, industry, retail, agriculture, policymakers, consumers and non-governmental organizations. Data were collected in three rounds. In round one, experts designed promising pricing strategies. Based on a time-budget model incorporating Sleep, Leisure, Occupation, Transportation and Home-based activities, these strategies were in the subsequent rounds judged on several criteria. Results were analysed using median and interquartile deviations scores. We found fair consensus levels among experts and a varied list of promising pricing strategies. The panel agreed on the potential success of offering small presents, providing price-cuts on healthy foods and discounting healthier foods more frequently. Also, it was found that experts gave higher rates to pricing strategies for which the implementation responsibilities could be placed elsewhere. The resulted list of promising monetary incentives is an essential first step for the future design of pricing strategies. Following this study, it is important to determine how to make solid agreements on responsibility and implementation issues. Also, consumer perceptions regarding the proposed pricing strategies should be studied.

Cocaine addiction is associated with abnormal prefrontal function, increased striatal connectivity and sensitivity to monetary incentives, and decreased connectivity outside the human reward circuit.

Science.gov (United States)

Vaquero, Lucía; Cámara, Estela; Sampedro, Frederic; Pérez de Los Cobos, José; Batlle, Francesca; Fabregas, Josep Maria; Sales, Joan Artur; Cervantes, Mercè; Ferrer, Xavier; Lazcano, Gerardo; Rodríguez-Fornells, Antoni; Riba, Jordi

2017-05-01

Cocaine addiction has been associated with increased sensitivity of the human reward circuit to drug-related stimuli. However, the capacity of non-drug incentives to engage this network is poorly understood. Here, we characterized the functional sensitivity to monetary incentives and the structural integrity of the human reward circuit in abstinent cocaine-dependent (CD) patients and their matched controls. We assessed the BOLD response to monetary gains and losses in 30 CD patients and 30 healthy controls performing a lottery task in a magnetic resonance imaging scanner. We measured brain gray matter volume (GMV) using voxel-based morphometry and white matter microstructure using voxel-based fractional anisotropy (FA). Functional data showed that, after monetary incentives, CD patients exhibited higher activation in the ventral striatum than controls. Furthermore, we observed an inverted BOLD response pattern in the prefrontal cortex, with activity being highest after unexpected high gains and lowest after losses. Patients showed increased GMV in the caudate and the orbitofrontal cortex, increased white matter FA in the orbito-striatal pathway but decreased FA in antero-posterior association bundles. Abnormal activation in the prefrontal cortex correlated with GMV and FA increases in the orbitofrontal cortex. While functional abnormalities in the ventral striatum were inversely correlated with abstinence duration, structural alterations were not. In conclusion, results suggest abnormal incentive processing in CD patients with high salience for rewards and punishments in subcortical structures but diminished prefrontal control after adverse outcomes. They further suggest that hypertrophy and hyper-connectivity within the reward circuit, to the expense of connectivity outside this network, characterize cocaine addiction. © 2016 Society for the Study of Addiction.

Pattern of the rational worker incentive system

Directory of Open Access Journals (Sweden)

Kopytova A.V.

2017-01-01

Full Text Available The article presents a model of rational incentive system with the structure consisting of three blocks. The first block (financial incentives provides monetary compensation to a worker. The second block (stimulating by comfortable living conditions is aimed to regulate the quality of a worker’s life in and outside the place he works. The third block (non-financial incentives takes into account cultural and social worker’s needs. The proposed structure of incentive system provides the most comprehensive coverage to the employee’s needs and organizes them in the way accessible both for specialists of labor economics and human resource management and for ordinary workers.

Incentives, behavioral biases, and risk taking

NARCIS (Netherlands)

Pikulina, E.S.

2014-01-01

While economists believe that monetary incentives provide the most powerful motivation for individuals to undertake an activity, major schools in psychology and sociology emphasize the motives coming from within the individual and from the personal and cultural differences among individuals. This

Monetary Incentive Effects on Event-Based Prospective Memory Three Months after Traumatic Brain Injury in Children

Science.gov (United States)

Pedroza, Claudia; Chapman, Sandra B.; Cook, Lori G.; Vásquez, Ana C.; Levin, Harvey S.

2011-01-01

Information regarding the remediation of event-based prospective memory (EB-PM) impairments following pediatric traumatic brain injury (TBI) is scarce. Addressing this, two levels of monetary incentives were used to improve EB-PM in children ages 7 to 16 years with orthopedic injuries (OI, n = 51), or moderate (n = 25), and severe (n = 39) TBI at approximately three months postinjury. The EB-PM task consisted of the child giving a specific verbal response to a verbal cue from the examiner while performing a battery of neuropsychological measures (ongoing task). Significant effects were found for Age-at-Test, Motivation Condition, Period, and Group. Within-group analyses indicated OI and moderate TBI groups performed significantly better under the high-versus low-incentive condition, but the severe TBI group demonstrated no significant improvement. These results indicate EB-PM can be significantly improved at three months postinjury in children with moderate, but not severe, TBI. PMID:21347945

Monetary incentives at retrieval promote recognition of involuntarily learned emotional information.

Science.gov (United States)

Yan, Chunping; Li, Yunyun; Zhang, Qin; Cui, Lixia

2018-03-07

Previous studies have suggested that the effects of reward on memory processes are affected by certain factors, but it remains unclear whether the effects of reward at retrieval on recognition processes are influenced by emotion. The event-related potential was used to investigate the combined effect of reward and emotion on memory retrieval and its neural mechanism. The behavioral results indicated that the reward at retrieval improved recognition performance under positive and negative emotional conditions. The event-related potential results indicated that there were significant interactions between the reward and emotion in the average amplitude during recognition, and the significant reward effects from the frontal to parietal brain areas appeared at 130-800 ms for positive pictures and at 190-800 ms for negative pictures, but there were no significant reward effects of neutral pictures; the reward effect of positive items appeared relatively earlier, starting at 130 ms, and that of negative pictures began at 190 ms. These results indicate that monetary incentives at retrieval promote recognition of involuntarily learned emotional information.

Essays on incentives and pro-environmental behaviour

OpenAIRE

De Martino, Samantha

2017-01-01

This thesis consists of four self-contained essays at the nexus of applied microeconomics, behavioural economics, and environmental economics. In the essays of the thesis, I use field experiments and econometric tools to examine the impact of monetary and non monetary incentives for behavioural change during resource scarcity. I use methods of eliciting intrinsic motivations and then empirically test theories on the interaction of intrinsic motivation and extrinsic incentives. Specifically I ...

42 CFR 495.310 - Medicaid provider incentive payments.

Science.gov (United States)

2010-10-01

... 42 Public Health 5 2010-10-01 2010-10-01 false Medicaid provider incentive payments. 495.310 Section 495.310 Public Health CENTERS FOR MEDICARE & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN... INCENTIVE PROGRAM Requirements Specific to the Medicaid Program § 495.310 Medicaid provider incentive...

Small sustainable monetary incentives versus charitable donations to promote exercise: Rationale, design, and baseline data from a randomized pilot study.

Science.gov (United States)

Williams, David M; Lee, Harold H; Connell, Lauren; Boyle, Holly; Emerson, Jessica; Strohacker, Kelley; Galárraga, Omar

2018-03-01

Regular physical activity (PA) enhances weight-loss and reduces risk of chronic disease. However, as few as 10% of U.S. adults engage in regular PA. Incentive programs to promote PA have shown some promise, but have typically used incentives that are too large to sustain over time and have not demonstrated habit formation or been tested in community settings. This report presents the rationale and design of a randomized pilot study testing the feasibility and preliminary efficacy of small monetary incentives for PA (n=25) versus charitable donations in the same amount (n=25) versus control (n=25) over 12months among 75 low-active but otherwise healthy adults at a local YMCA. Incentives are based on YMCA attendance, which is verified by electronic swipe card data and is the primary study outcome, with self-reported minutes/week of PA assessed as a secondary outcome. Incentives are intentionally small enough-$1/session, maximum of $5/week-such that they could be indefinitely sustained by community organizations, privately-owned health clubs, healthcare organizations, or employers (e.g., employer fitness facilities). Costs of the incentive program for the sponsoring organization may be partially offset by increases in membership resulting from the appeal of the program. Moreover, if efficacious, the charitable donation incentive program may have the added benefit of building social capital for the sponsoring organization and potentially serving as a tax write-off, thus further offsetting the cost of the incentives. Findings will also have implications for the use of financially sustainable community-based incentive programs for other health-related behaviors (e.g., weight loss, smoking). Copyright © 2018 Elsevier Inc. All rights reserved.

Improving response rates using a monetary incentive for patient completion of questionnaires: an observational study

Science.gov (United States)

Brealey, Stephen D; Atwell, Christine; Bryan, Stirling; Coulton, Simon; Cox, Helen; Cross, Ben; Fylan, Fiona; Garratt, Andrew; Gilbert, Fiona J; Gillan, Maureen GC; Hendry, Maggie; Hood, Kerenza; Houston, Helen; King, David; Morton, Veronica; Orchard, Jo; Robling, Michael; Russell, Ian T; Torgerson, David; Wadsworth, Valerie; Wilkinson, Clare

2007-01-01

Background Poor response rates to postal questionnaires can introduce bias and reduce the statistical power of a study. To improve response rates in our trial in primary care we tested the effect of introducing an unconditional direct payment of £5 for the completion of postal questionnaires. Methods We recruited patients in general practice with knee problems from sites across the United Kingdom. An evidence-based strategy was used to follow-up patients at twelve months with postal questionnaires. This included an unconditional direct payment of £5 to patients for the completion and return of questionnaires. The first 105 patients did not receive the £5 incentive, but the subsequent 442 patients did. We used logistic regression to analyse the effect of introducing a monetary incentive to increase the response to postal questionnaires. Results The response rate following reminders for the historical controls was 78.1% (82 of 105) compared with 88.0% (389 of 442) for those patients who received the £5 payment (diff = 9.9%, 95% CI 2.3% to 19.1%). Direct payments significantly increased the odds of response (adjusted odds ratio = 2.2, 95% CI 1.2 to 4.0, P = 0.009) with only 12 of 442 patients declining the payment. The incentive did not save costs to the trial – the extra cost per additional respondent was almost £50. Conclusion The direct payment of £5 significantly increased the completion of postal questionnaires at negligible increase in cost for an adequately powered study. PMID:17326837

Improving response rates using a monetary incentive for patient completion of questionnaires: an observational study

Directory of Open Access Journals (Sweden)

Orchard Jo

2007-02-01

Full Text Available Abstract Background Poor response rates to postal questionnaires can introduce bias and reduce the statistical power of a study. To improve response rates in our trial in primary care we tested the effect of introducing an unconditional direct payment of £5 for the completion of postal questionnaires. Methods We recruited patients in general practice with knee problems from sites across the United Kingdom. An evidence-based strategy was used to follow-up patients at twelve months with postal questionnaires. This included an unconditional direct payment of £5 to patients for the completion and return of questionnaires. The first 105 patients did not receive the £5 incentive, but the subsequent 442 patients did. We used logistic regression to analyse the effect of introducing a monetary incentive to increase the response to postal questionnaires. Results The response rate following reminders for the historical controls was 78.1% (82 of 105 compared with 88.0% (389 of 442 for those patients who received the £5 payment (diff = 9.9%, 95% CI 2.3% to 19.1%. Direct payments significantly increased the odds of response (adjusted odds ratio = 2.2, 95% CI 1.2 to 4.0, P = 0.009 with only 12 of 442 patients declining the payment. The incentive did not save costs to the trial – the extra cost per additional respondent was almost £50. Conclusion The direct payment of £5 significantly increased the completion of postal questionnaires at negligible increase in cost for an adequately powered study.

How effective are energy-efficiency incentive programs? Evidence from Italian homeowners

International Nuclear Information System (INIS)

Alberini, Anna; Bigano, Andrea

2015-01-01

We evaluate incentives for residential energy upgrades in Italy using data from an original survey of Italian homeowners. In this paper, attention is restricted to heating system replacements, and to the effect of monetary and non-monetary incentives on the propensity to replace the heating equipment with a more efficient one. To get around adverse selection and free riding issues, we ask stated preference questions to those who weren't planning energy efficiency upgrades any time soon. We argue that these persons are not affected by these behaviors. We use their responses to fit an energy-efficiency renovations curve that predicts the share of the population that will undertake these improvements for any given incentive level. This curve is used to estimate the CO_2 emissions saved and their cost-effectiveness. Respondents are more likely to agree to a replacement when the savings on the energy bills are larger and experienced over a longer horizon, and when rebates are offered to them. Reminding the respondents about possible CO_2 emissions reductions (our non-monetary incentive) had little effect. Even under optimistic assumptions, monetary incentives similar to those in the Italian tax credit program are generally not cost-effective.

Event-related EEG responses to anticipation and delivery of monetary and social reward.

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Flores, Amanda; Münte, Thomas F; Doñamayor, Nuria

2015-07-01

Monetary and a social incentive delay tasks were used to characterize reward anticipation and delivery with electroencephalography. During reward anticipation, N1, P2 and P3 components were modulated by both prospective reward value and incentive type (monetary or social), suggesting distinctive allocation of attentional and motivational resources depending not only on whether rewards or non-rewards were cued, but also on the monetary and social nature of the prospective outcomes. In the delivery phase, P2, FRN and P3 components were also modulated by levels of reward value and incentive type, illustrating how distinctive affective and cognitive processes were attached to the different outcomes. Our findings imply that neural processing of both reward anticipation and delivery can be specific to incentive type, which might have implications for basic as well as translational research. These results are discussed in the light of previous electrophysiological and neuroimaging work using similar tasks. Copyright © 2015 Elsevier B.V. All rights reserved.

Comparing farmers' market revenue trends before and after the implementation of a monetary incentive for recipients of food assistance.

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Freedman, Darcy A; Mattison-Faye, Amy; Alia, Kassandra; Guest, M Aaron; Hébert, James R

2014-05-22

We examined the influence of an intervention to increase fruit and vegetable purchases at farmers' markets for recipients of food assistance, Shop N Save (SNS), on revenue trends at a farmers' market located at a federally qualified health center (FQHC) in rural South Carolina. We compared revenue trends for 20 weeks before the intervention (2011) and 20 weeks after (2012). SNS provided one $5 monetary incentive per week to customers spending $5 or more in food assistance at the farmers' market. SNS was available to any farmers' market customer using Supplemental Nutrition Assistance Program (SNAP), Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), and/or Senior or WIC Farmers' Market Nutrition Program (FMNP) vouchers. Sales receipts were recorded for each transaction at the farmers' market to document payment type and the cost of the purchase. All SNS participants completed a one-time enrollment survey. A total of 336 customers self-enrolled in SNS from June through October 2012. Most SNS participants were female, African American, and patients at the FQHC. In total, the use of all forms of food assistance (SNAP, WIC, and FMNP) at the farmers' market increased significantly after the intervention (from 10% before, to 25% after, P = .003). Senior FMNP vouchers and SNAP usage increased the most. Interventions that provide incentives to recipients of food assistance programs at farmers' markets are a viable strategy for increasing food assistance usage and revenue.

Comparing Farmers’ Market Revenue Trends Before and After the Implementation of a Monetary Incentive for Recipients of Food Assistance

Science.gov (United States)

Mattison-Faye, Amy; Alia, Kassandra; Guest, M. Aaron; Hébert, James R.

2014-01-01

Introduction We examined the influence of an intervention to increase fruit and vegetable purchases at farmers’ markets for recipients of food assistance, Shop N Save (SNS), on revenue trends at a farmers’ market located at a federally qualified health center (FQHC) in rural South Carolina. We compared revenue trends for 20 weeks before the intervention (2011) and 20 weeks after (2012). Methods SNS provided one $5 monetary incentive per week to customers spending $5 or more in food assistance at the farmers’ market. SNS was available to any farmers’ market customer using Supplemental Nutrition Assistance Program (SNAP), Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), and/or Senior or WIC Farmers’ Market Nutrition Program (FMNP) vouchers. Sales receipts were recorded for each transaction at the farmers’ market to document payment type and the cost of the purchase. All SNS participants completed a one-time enrollment survey. Results A total of 336 customers self-enrolled in SNS from June through October 2012. Most SNS participants were female, African American, and patients at the FQHC. In total, the use of all forms of food assistance (SNAP, WIC, and FMNP) at the farmers’ market increased significantly after the intervention (from 10% before, to 25% after, P = .003). Senior FMNP vouchers and SNAP usage increased the most. Conclusion Interventions that provide incentives to recipients of food assistance programs at farmers’ markets are a viable strategy for increasing food assistance usage and revenue. PMID:24854238

Conjoint Analysis of Farmers’ Response to Conservation Incentives

Directory of Open Access Journals (Sweden)

David Conner

2016-07-01

Full Text Available Environmental degradation threatens the long term resiliency of the US food and farming system. While USDA has provided conservation incentives for the adoption of best management practices (BMPs, only a small percentage of farms have participated in such conservation programs. This study uses conjoint analysis to examine Vermont farmers’ underlying preferences and willingness-to-accept (WTA incentives for three common BMPs. Based on the results of this survey, we hypothesize that federal cost share programs’ payments are below preferred incentive levels and that less familiar and more complex BMPs require a higher payment. Our implications focus on strategies to test these hypotheses and align incentive payments and other non-monetary options to increase BMP adoption.

Behavioural economics: Cash incentives avert deforestation

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Cárdenas, Juan Camilo

2017-10-01

There is tension in developing countries between financial incentives to clear forests and climate regulation benefits of preserving trees. Now research shows that paying private forest owners in Uganda reduced deforestation, adding to the debate on the use of monetary incentives in forest conservation.

Evaluation of the effects of an offer of a monetary incentive on the rate of questionnaire return during follow-up of a clinical trial: a randomised study within a trial.

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Hardy, Pollyanna; Bell, Jennifer L; Brocklehurst, Peter

2016-07-15

A systematic review on the use of incentives to promote questionnaire return in clinical trials suggest they are effective, but not all studies have sufficient funds to use them. Promising an incentive once data are returned can reduce the cost-burden of this approach, with possible further cost-savings if the offer were restricted to reminder letters only. This study aimed to evaluate the effect of promising a monetary incentive at first mailout versus a promise on reminder letters only. This was a randomised Study Within A Trial (SWAT) nested within BUMPES, a multicentre randomised controlled trial of maternal position in the late stage of labour in women with an epidural. The follow-up questionnaire asked for information on the women's health, wellbeing and health service use one year following the birth of their baby. Women who consented to be contacted were randomised to a promise of a monetary incentive at first mailout or a promise on reminder letters only. Women were given an option of completing the questionnaire on paper or on online. The incentive was posted out on receipt of a completed questionnaire. The primary outcome was the overall return rate, and secondary outcomes were the return rate without any chasing from the study office, and the total cost of the vouchers. A total of 1,029 women were randomised, 508 to the first mailout group and 518 to the reminder group. There was no evidence to suggest a difference between groups in the overall return rate (adjusted RR 1.03 (95 % CI 0.96 to 1.11), however the proportion returned without chasing was higher in the first mailout group (adjusted RR 1.22, 95 % CI 1.07 to 1.39). The total cost of the vouchers per participant was higher in the first mailout group (mean difference £4.56, 95 % CI £4.02 to £5.11). Offering a monetary incentive when a reminder is required could be cost-effective depending on the sample size of the study and the resources available to administer the reminder letters. The

Adaptive neural reward processing during anticipation and receipt of monetary rewards in mindfulness meditators.

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Kirk, Ulrich; Brown, Kirk Warren; Downar, Jonathan

2015-05-01

Reward seeking is ubiquitous and adaptive in humans. But excessive reward seeking behavior, such as chasing monetary rewards, may lead to diminished subjective well-being. This study examined whether individuals trained in mindfulness meditation show neural evidence of lower susceptibility to monetary rewards. Seventy-eight participants (34 meditators, 44 matched controls) completed the monetary incentive delay task while undergoing functional magnetic resonance imaging. The groups performed equally on the task, but meditators showed lower neural activations in the caudate nucleus during reward anticipation, and elevated bilateral posterior insula activation during reward anticipation. Meditators also evidenced reduced activations in the ventromedial prefrontal cortex during reward receipt compared with controls. Connectivity parameters between the right caudate and bilateral anterior insula were attenuated in meditators during incentive anticipation. In summary, brain regions involved in reward processing-both during reward anticipation and receipt of reward-responded differently in mindfulness meditators than in nonmeditators, indicating that the former are less susceptible to monetary incentives. © The Author (2014). Published by Oxford University Press. For Permissions, please email: journals.permissions@oup.com.

Incentives for breastfeeding and for smoking cessation in pregnancy: an exploration of types and meanings.

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Crossland, Nicola; Thomson, Gill; Morgan, Heather; Dombrowski, Stephan U; Hoddinott, Pat

2015-03-01

Financial or tangible incentives are a strategy for improving health behaviours. The mechanisms of action of incentives are complex and debated. Using a multidisciplinary integrated mixed methods study, with service-user collaboration throughout, we developed a typology of incentives and their meanings for initiating and sustaining smoking cessation in pregnancy and breastfeeding. The ultimate aim was to inform incentive intervention design by providing insights into incentive acceptability and mechanisms of action. Systematic evidence syntheses of incentive intervention studies for smoking cessation in pregnancy or breastfeeding identified incentive characteristics, which were developed into initial categories. Little published qualitative data on user perspectives and acceptability was available. Qualitative interviews and focus groups conducted in three UK regions with a diverse socio-demographic sample of 88 women and significant others from the target population, 53 service providers, 24 experts/decision makers, and conference attendees identified new potential incentives and providers, with and without experience of incentives. Identified incentives (published and emergent) were classified into eight categories: cash and shopping vouchers, maternal wellbeing, baby and pregnancy-related, behaviour-related, health-related, general utility, awards and certificates, and experiences. A typology was refined iteratively through concurrent data collection and thematic analysis to explore participants' understandings of 'incentives' and to compare and contrast meanings across types. Our typology can be understood in three dimensions: the degree of restriction, the extent to which each is hedonic and/or utilitarian, and whether each has solely monetary value versus monetary with added social value. The layers of autonomy, meanings and the social value of incentive types influence their acceptability and interact with structural, social, and personal factors. Dimensions

Value affect of construction incentive payments on pavement performance.

Science.gov (United States)

2009-08-01

The Michigan Department of Transportation (MDOT) has been using monetary incentive payments : for many years to improve contractors conformance with specifications and their overall : workmanship. It was envisioned that incentive/disincentive (I/D...

Salary administration as part of employee incentive system at industrial enterprises

Directory of Open Access Journals (Sweden)

Sagandykov Michail

2017-01-01

Full Text Available The article analyses the financial staff incentives at industrial enterprises. The paper concludes that the incentive system should be developed taking into account the developed staff motivation. The only efficient target of influence is the existing staff motivation components. A 3-element employee incentive framework for industrial enterprises is suggested. The article presents the critical analysis of the existing payroll systems of several industrial enterprises, elicits the common flaws of the incentive payments, and develops requirements for such systems. The paper also provides an industrial enterprise needs matrix and an incentive payment types matrix required to build up a rational monetary staff incentive system. These matrices can be adapted for any industrial enterprise with regard to its long-term objectives.

MONETARY AND NON-MONETARY INCENTIVES TO BOOST TAX PAYMENT A CONTROLLED EXPERIMENT

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Victoria, Giarrizzo

2012-01-01

Full Text Available After centuries in which control and punishment formed the basis of policies designed to combat tax evasion, the results in many world economies are far from expected. Paying taxes is a resisted action, a few people are predisposed to do so voluntarily and that bias is reduced if people perceive inefficiencies from the State. When that happens, controls and penalties, although necessary, become insufficient and it is necessary to create parallel incentives. This research shows evidence of the usefulness of positive incentives and the need to replace the traditional control scheme and penalties for a control scheme, punishments and rewards. Supported by a controlled experiment contrasts the results of the allocation of awards for a good contributor, showing some advantages of non-cash prizes on the prize money.

Advertising energy saving programs: The potential environmental cost of emphasizing monetary savings.

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Schwartz, Daniel; Bruine de Bruin, Wändi; Fischhoff, Baruch; Lave, Lester

2015-06-01

Many consumers have monetary or environmental motivations for saving energy. Indeed, saving energy produces both monetary benefits, by reducing energy bills, and environmental benefits, by reducing carbon footprints. We examined how consumers' willingness and reasons to enroll in energy-savings programs are affected by whether advertisements emphasize monetary benefits, environmental benefits, or both. From a normative perspective, having 2 noteworthy kinds of benefit should not decrease a program's attractiveness. In contrast, psychological research suggests that adding external incentives to an intrinsically motivating task may backfire. To date, however, it remains unclear whether this is the case when both extrinsic and intrinsic motivations are inherent to the task, as with energy savings, and whether removing explicit mention of extrinsic motivation will reduce its importance. We found that emphasizing a program's monetary benefits reduced participants' willingness to enroll. In addition, participants' explanations about enrollment revealed less attention to environmental concerns when programs emphasized monetary savings, even when environmental savings were also emphasized. We found equal attention to monetary motivations in all conditions, revealing an asymmetric attention to monetary and environmental motives. These results also provide practical guidance regarding the positioning of energy-saving programs: emphasize intrinsic benefits; the extrinsic ones may speak for themselves. (c) 2015 APA, all rights reserved).

Monetary Policy and Excessive Bank Risk Taking

NARCIS (Netherlands)

Agur, I.; Demertzis, M.

2010-01-01

If monetary policy is to aim at financial stability, how would it change? To analyze this question, this paper develops a general-form model with endogenous bank risk profiles. Policy rates affect both bank incentives to search for yield and the cost of wholesale funding. Financial stability

THE IMPACT OF INCENTIVES ON PRODUCTIVITY OF FIRMS IN GHANA: A CASE STUDY OF GHANA AIRPORT COMPANY LIMITED

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Godson Ahiabor

2013-12-01

Full Text Available The study investigates the impact of incentives on the productivity of firms in Ghana. The study had the following objectives: to establish the relationship between incentives and higher productivity among workers, to find out any relationship between motivational factors and work of staff, and to determine how incentives influence workers approach to work and their performance. To achieve these goals, a questionnaire was designed based on the objectives. The completed questionnaires were processed and analyzed using Simple Percentage and Frequency. The findings of this study revealed that there was a positive relationship between incentives and productivity, alongside monetary incentives, another key factor in motivating employees is to involve them in the process aimed at attaining organizational effectiveness because without their co-operation the organization cannot perform. The study concluded that non monetary factors like health, equipment use among other things counted more than monetary rewards. The study recommends the establishment of a unit to look at issues of incentives that will enhance productivity.

Effects of alexithymia and empathy on the neural processing of social and monetary rewards.

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Goerlich, Katharina Sophia; Votinov, Mikhail; Lammertz, Sarah E; Winkler, Lina; Spreckelmeyer, Katja N; Habel, Ute; Gründer, Gerhard; Gossen, Anna

2017-07-01

Empathy has been found to affect the neural processing of social and monetary rewards. Alexithymia, a subclinical condition showing a close inverse relationship with empathy is linked to dysfunctions of socio-emotional processing in the brain. Whether alexithymia alters the neural processing of rewards, which is currently unknown. Here, we investigated the influence of both alexithymia and empathy on reward processing using a social incentive delay (SID) task and a monetary incentive delay (MID) task in 45 healthy men undergoing functional magnetic resonance imaging. Controlling for temperament-character dimensions and rejection sensitivity, the relationship of alexithymia and empathy with neural activity in several a priori regions of interest (ROIs) was examined by means of partial correlations, while participants anticipated and received social and monetary rewards. Results were considered significant if they survived Holm-Bonferroni correction for multiple comparisons. Alexithymia modulated neural activity in several ROIs of the emotion and reward network, both during the anticipation of social and monetary rewards and in response to the receipt of monetary rewards. In contrast, empathy did not affect reward anticipation and modulated ROI activity only in response to the receipt of social rewards. These results indicate a significant influence of alexithymia on the processing of social and monetary rewards in the healthy brain.

Variation in Incentive Effects across Neighbourhoods

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Mark J Hanly

2014-03-01

Full Text Available Small monetary incentives increase survey cooperation rates, however evidence suggests that the appeal of incentives may vary across sample subgroups. Fieldwork budgets can be most effectively distributed by targeting those subgroups where incentives will have the strongest appeal. We examine data from a randomised experiment implemented in the pilot phase of the Irish Longitudinal Study of Ageing, which randomly assigned households to receive a higher (€25 or lower (€10 incentive amount. Using a random effects logistic regression model, we observe a variable effect of the higher incentive across geographic neighbourhoods. The higher incentive has the largest impact in neighbourhoods where baseline cooperation is low, as predicted by Leverage-Saliency theory. Auxiliary neighbourhood-level variables are linked to the sample frame to explore this variation further, however none of these moderate the incentive effect, suggesting that richer information is needed to identify sample subgroups where incentive budgets should be directed.

Loss anticipation and outcome during the Monetary Incentive Delay Task: a neuroimaging systematic review and meta-analysis

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Jules R. Dugré

2018-05-01

Full Text Available Background Reward seeking and avoidance of punishment are key motivational processes. Brain-imaging studies often use the Monetary Incentive Delay Task (MIDT to evaluate motivational processes involved in maladaptive behavior. Although the bulk of research has been done on the MIDT reward events, little is known about the neural basis of avoidance of punishment. Therefore, we conducted a meta-analysis of brain activations during anticipation and receipt of monetary losses in healthy controls. Methods All functional neuro-imaging studies using the MIDT in healthy controls were retrieved using PubMed, Google Scholar & EMBASE databases. Functional neuro-imaging data was analyzed using the Seed-based d Mapping Software. Results Thirty-five studies met the inclusion criteria, comprising 699 healthy adults. In both anticipation and loss outcome phases, participants showed large and robust activations in the bilateral striatum, (anterior insula, and anterior cingulate gyrus relatively to Loss > Neutral contrast. Although relatively similar activation patterns were observed during the two event types, they differed in the pattern of prefrontal activations: ventro-lateral prefrontal activations were observed during loss anticipation, while medial prefrontal activations were observed during loss receipt. Discussion Considering that previous meta-analyses highlighted activations in the medial prefrontal cortex/anterior cingulate cortex, the anterior insula and the ventral striatum, the current meta-analysis highlighted the potential specificity of the ventro-lateral prefrontal regions, the median cingulate cortex and the amygdala in the loss events. Future studies can rely on these latter results to examine the neural correlates of loss processing in psychiatric populations characterized by harm avoidance or insensitivity to punishment.

Loss anticipation and outcome during the Monetary Incentive Delay Task: a neuroimaging systematic review and meta-analysis

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Dugré, Jules R.; Dumais, Alexandre; Bitar, Nathalie

2018-01-01

Background Reward seeking and avoidance of punishment are key motivational processes. Brain-imaging studies often use the Monetary Incentive Delay Task (MIDT) to evaluate motivational processes involved in maladaptive behavior. Although the bulk of research has been done on the MIDT reward events, little is known about the neural basis of avoidance of punishment. Therefore, we conducted a meta-analysis of brain activations during anticipation and receipt of monetary losses in healthy controls. Methods All functional neuro-imaging studies using the MIDT in healthy controls were retrieved using PubMed, Google Scholar & EMBASE databases. Functional neuro-imaging data was analyzed using the Seed-based d Mapping Software. Results Thirty-five studies met the inclusion criteria, comprising 699 healthy adults. In both anticipation and loss outcome phases, participants showed large and robust activations in the bilateral striatum, (anterior) insula, and anterior cingulate gyrus relatively to Loss > Neutral contrast. Although relatively similar activation patterns were observed during the two event types, they differed in the pattern of prefrontal activations: ventro-lateral prefrontal activations were observed during loss anticipation, while medial prefrontal activations were observed during loss receipt. Discussion Considering that previous meta-analyses highlighted activations in the medial prefrontal cortex/anterior cingulate cortex, the anterior insula and the ventral striatum, the current meta-analysis highlighted the potential specificity of the ventro-lateral prefrontal regions, the median cingulate cortex and the amygdala in the loss events. Future studies can rely on these latter results to examine the neural correlates of loss processing in psychiatric populations characterized by harm avoidance or insensitivity to punishment. PMID:29761060

Nudging for health: do we need financial incentives?

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Goel, Vivek

2012-01-01

Nudges, creating simple processes or structures that guide people toward a particular behaviour choice, are potentially a powerful tool for health promotion. User financial incentives could be a monetary form of such nudges. Given the challenges of chronic disease prevention, interventions such as nudges should be explored further. However, there would appear to be limited rationale for pursuing financial incentives as nudges.

Incentives and nuclear waste siting: Prospects and constraints

International Nuclear Information System (INIS)

Carnes, S.A.; Copenhaver, E.D.; Sorensen, J.H.; Soderstrom, E.J.; Reed, J.H.; Bjornstad, D.J.; Peelle, E.

1983-01-01

Limited anecdotal evidence from existing incentive-based facility sitings, and from a survey of rural Wisconsin residents in 1980 regarding the acceptability of a nuclear waste repository, indicates that incentives may help ahcieve the twin goals of increasing local support and decreasing local opposition to hosting nuclear waste facilities. Incentives are classified according to functional categories (i.e., mitigation, compensation, and reward), and prerequisites to the use of incentives are outlined (i.e., guarantee of public health and safety, some measure of local control, and a legitimation of negotiations during siting). Criteria for evaluating the utility of incentives packages may be more useful than single incentives, and nonmonetary incentives, such as independent monitoring and access to credible information, may be as important in eliciting support as monetary incentives. 54 references, 1 figure, 4 tables

Better Monetary Control may Increase the Inflationary Bias of Policy

NARCIS (Netherlands)

O.H. Swank (Otto)

1994-01-01

textabstractExplores the implications of imperfect monetary control and uncertainty about the trade-off between output and inflation to discretionary policy. Impact of imperfect control of money growth on policymakers' incentive to create surprises; Consequences of imperfect control of money growth

Can pay-for-performance to primary care providers stimulate appropriate use of antibiotics?

DEFF Research Database (Denmark)

Dietrichson, Jens; Maria Ellegård, Lina; Anell, Anders

-for-performance in a difference-in-differences analysis. Despite that the monetary incentives were small, we find that P4P significantly increased narrow-spectrum antibiotics' share of RTI antibiotics consumption. We further find larger effects in areas where there were many private providers, where the incentive was formulated...... as a penalty rather than a reward, and where all providers were close to a P4P target....

Neural basis of the undermining effect of monetary reward on intrinsic motivation.

Science.gov (United States)

Murayama, Kou; Matsumoto, Madoka; Izuma, Keise; Matsumoto, Kenji

2010-12-07

Contrary to the widespread belief that people are positively motivated by reward incentives, some studies have shown that performance-based extrinsic reward can actually undermine a person's intrinsic motivation to engage in a task. This "undermining effect" has timely practical implications, given the burgeoning of performance-based incentive systems in contemporary society. It also presents a theoretical challenge for economic and reinforcement learning theories, which tend to assume that monetary incentives monotonically increase motivation. Despite the practical and theoretical importance of this provocative phenomenon, however, little is known about its neural basis. Herein we induced the behavioral undermining effect using a newly developed task, and we tracked its neural correlates using functional MRI. Our results show that performance-based monetary reward indeed undermines intrinsic motivation, as assessed by the number of voluntary engagements in the task. We found that activity in the anterior striatum and the prefrontal areas decreased along with this behavioral undermining effect. These findings suggest that the corticobasal ganglia valuation system underlies the undermining effect through the integration of extrinsic reward value and intrinsic task value.

A Meta-Analysis of Experiments on the Effectiveness of Incentives in Organizational Surveys

NARCIS (Netherlands)

Torres van Grinsven, Vanessa; Hox, Joop

2014-01-01

The use of monetary and non-monetary incentives for increasing response is considered a proven and widely used method in surveys of individuals or households. This applies not only to mail, but also to face-to-face and telephone surveys. Experimental research shows that the technique is also

Incentives and the siting of radioactive waste facilities

Energy Technology Data Exchange (ETDEWEB)

Carnes, S.A.; Copenhaver, E.D.; Reed, J.H.; Soderstrom, E.J.; Sorensen, J.H.; Peelle, E.; Bjornstad, D.J.

1982-08-01

The importance of social and institutional issues in the siting of nuclear waste facilities has been recognized in recent years. Limited evidence from a survey of rural Wisconsin residents in 1980 indicates that incentives may help achieve the twin goals of increasing local support and decreasing local opposition to hosting nuclear waste facilities. Incentives are classified according to functional categories (i.e., mitigation, compensation, and reward) and the conditions which may be prerequisites to the use of incentives are outlined (i.e., guarantee of public health and safety, some measure of local control, and a legitimation of negotiations during siting). Criteria for evaluating the utility of incentives in nuclear waste repository siting are developed. Incentive packages may be more useful than single incentives, and nonmonetary incentives, such as independent monitoring and access to credible information, may be as important in eliciting support as monetary incentives. Without careful attention to prerequisites in the siting process it is not likely that incentives will facilitate the siting process.

Incentives and the siting of radioactive waste facilities

International Nuclear Information System (INIS)

Carnes, S.A.; Copenhaver, E.D.; Reed, J.H.; Soderstrom, E.J.; Sorensen, J.H.; Peelle, E.; Bjornstad, D.J.

1982-08-01

The importance of social and institutional issues in the siting of nuclear waste facilities has been recognized in recent years. Limited evidence from a survey of rural Wisconsin residents in 1980 indicates that incentives may help achieve the twin goals of increasing local support and decreasing local opposition to hosting nuclear waste facilities. Incentives are classified according to functional categories (i.e., mitigation, compensation, and reward) and the conditions which may be prerequisites to the use of incentives are outlined (i.e., guarantee of public health and safety, some measure of local control, and a legitimation of negotiations during siting). Criteria for evaluating the utility of incentives in nuclear waste repository siting are developed. Incentive packages may be more useful than single incentives, and nonmonetary incentives, such as independent monitoring and access to credible information, may be as important in eliciting support as monetary incentives. Without careful attention to prerequisites in the siting process it is not likely that incentives will facilitate the siting process

The efficacy of incentives to motivate continued fitness-center attendance in college first-year students: a randomized controlled trial.

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Pope, Lizzy; Harvey, Jean

2014-01-01

To determine whether fitness-center attendance established with the provision of weekly monetary incentives persisted after the discontinuation, or decreased frequency, of incentives. One hundred seventeen first-year college students participated during the 2011-2012 academic year. A randomized controlled trial with control, discontinued-incentive, and continued-incentive conditions was conducted. During fall semester, students in incentive conditions received weekly monetary payments for meeting fitness-center attendance goals. During spring semester, discontinued-incentive condition participants no longer received incentives, whereas continued-incentive condition participants received payments on a variable-interval schedule. ID-card attendance records tracked fitness-center attendance. Goal completion decreased from 63% in the incentive groups during the fall semester to 3% in the discontinued-incentive condition, and 39% in the continued-incentive condition during the spring semester. There was not a significant interaction between condition and body mass index change, F(6, 332) = 0.67, p = .68. Incentive discontinuation resulted in students no longer meeting fitness-center attendance goals. A variable-interval reward schedule better maintained attendance.

Punitive preferences, monetary incentives and tacit coordination in the punishment of defectors promote cooperation in humans

Science.gov (United States)

Diekmann, Andreas; Przepiorka, Wojtek

2015-05-01

Peer-punishment is effective in promoting cooperation, but the costs associated with punishing defectors often exceed the benefits for the group. It has been argued that centralized punishment institutions can overcome the detrimental effects of peer-punishment. However, this argument presupposes the existence of a legitimate authority and leaves an unresolved gap in the transition from peer-punishment to centralized punishment. Here we show that the origins of centralized punishment could lie in individuals’ distinct ability to punish defectors. In our laboratory experiment, we vary the structure of the punishment situation to disentangle the effects of punitive preferences, monetary incentives, and individual punishment costs on the punishment of defectors. We find that actors tacitly coordinate on the strongest group member to punish defectors, even if the strongest individual incurs a net loss from punishment. Such coordination leads to a more effective and more efficient provision of a cooperative environment than we observe in groups of all equals. Our results show that even an arbitrary assignment of an individual to a focal position in the social hierarchy can trigger the endogenous emergence of more centralized forms of punishment.

Monetary reward modulates task-irrelevant perceptual learning for invisible stimuli.

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Pascucci, David; Mastropasqua, Tommaso; Turatto, Massimo

2015-01-01

Task Irrelevant Perceptual Learning (TIPL) shows that the brain's discriminative capacity can improve also for invisible and unattended visual stimuli. It has been hypothesized that this form of "unconscious" neural plasticity is mediated by an endogenous reward mechanism triggered by the correct task performance. Although this result has challenged the mandatory role of attention in perceptual learning, no direct evidence exists of the hypothesized link between target recognition, reward and TIPL. Here, we manipulated the reward value associated with a target to demonstrate the involvement of reinforcement mechanisms in sensory plasticity for invisible inputs. Participants were trained in a central task associated with either high or low monetary incentives, provided only at the end of the experiment, while subliminal stimuli were presented peripherally. Our results showed that high incentive-value targets induced a greater degree of perceptual improvement for the subliminal stimuli, supporting the role of reinforcement mechanisms in TIPL.

The influence of provider characteristics and market forces on response to financial incentives.

Science.gov (United States)

O'Neil, Brock; Tyson, Mark; Graves, Amy J; Barocas, Daniel A; Chang, Sam S; Penson, David F; Resnick, Matthew J

2017-11-01

Alternative payment models, such as accountable care organizations, use financial incentives as levers for change to facilitate the transition from volume to value. However, implementation raises concerns about adverse changes in market competition and the resultant physician response. We sought to identify physician characteristics and market-level factors associated with variation in response to financial incentives for cancer care that may ultimately be leveraged in risk-shared payment models. Retrospective cohort study of physicians providing minimally invasive bladder cancer procedures to fee-for-service Medicare beneficiaries. We examined the relationship of between-group differences in market-level factors (competition [Herfindahl-Hirschman Index (HHI)] and provider density) and physician-level factors (use of unique billing codes, number of billing codes per patient, and competing financial interest) to responsiveness to financial incentives. Incentive-responsive providers had increased odds (odds ratio [OR], 1.19; 95% CI, 1.04-1.35) of practicing in markets with the highest quartile of provider density but not HHI (OR, 0.96; 95% CI, 0.87-1.05). Incentive-responsive providers were more likely to bill in the highest quartile for unique codes (OR, 1.49; 95% CI, 1.32-1.69) and codes per patient (OR, 1.18; 95% CI, 1.11-1.25) and less likely to have a competing financial interest (OR, 0.76; 95% CI, 0.72-0.81). Responsiveness to financial incentives in cancer care is associated with high market provider density, profit-maximizing billing behavior, and lack of competing financial ownership interests. Identifying physicians and markets responsive to financial incentives may ultimately promote the successful implementation of alternative payment models in cancer care.

Integrating Monetary and Non-Monetary Retention Incentives for the U.S. Navy Dental Corps Officers Utilizing the Combinatorial Retention Auction Mechanism (CRAM)

Science.gov (United States)

2010-03-01

include flexible work schedules, sabbaticals, educational opportunities, telecommuting , and so on. The types of incentives to be offered to employees vary...Guaranteed Promotion / Less Oversight from Leadership / Less Dependence on Contractors and Non-military Providers 48 Male 51 and above O-6 Single

Personal financial incentives in health promotion: where do they fit in an ethic of autonomy?

Science.gov (United States)

Ashcroft, Richard E

2011-06-01

This paper reviews the ethical controversy concerning the use of monetary incentives in health promotion, focussing specifically on the arguments relating to the impact on personal autonomy of such incentives. Offering people small amounts of money in the context of health promotion and medical care has been attempted in a number of settings in recent years. This use of personal financial incentives has attracted a degree of ethical controversy. One form of criticism is that such schemes interfere with the autonomy of the patient or citizen in an illegitimate way. This paper presents a thematic analysis of the main arguments concerning personal autonomy and the use of monetary incentives in behaviour change. The main moral objections to the uses of incentives are that they may be in general or in specific instances paternalistic, coercive, involve bribery, or undermine the agency of the person. While incentive schemes may engage these problems on occasion, there is no good reason to think that they do so inherently and of necessity. We need better behavioural science evidence to understand how incentives work, in order to evaluate their moral effects in practice. © 2011 Blackwell Publishing Ltd.

Economic and utilitarian benefits of monetary versus non-monetary in-store sales promotions

DEFF Research Database (Denmark)

Reid, Mike; Thompson, Peter; Mavondo, Felix

2014-01-01

While prior research has examined the issue of sales promotion proneness, very little has examined proneness to non-monetary promotions, such as contests and premiums discovered in store. This study draws on a promotions benefits framework to examine the influence of shoppers’ desired benefits...... are that many monetary sales promotion-prone shoppers may be attracted by the benefits provided by non-monetary promotions. The increased use by managers of non-monetary promotions instead of monetary promotions may result in improved category value and brand equity benefits....

Higher incentives can impair performance: neural evidence on reinforcement and rationality.

Science.gov (United States)

Achtziger, Anja; Alós-Ferrer, Carlos; Hügelschäfer, Sabine; Steinhauser, Marco

2015-11-01

Standard economic thinking postulates that increased monetary incentives should increase performance. Human decision makers, however, frequently focus on past performance, a form of reinforcement learning occasionally at odds with rational decision making. We used an incentivized belief-updating task from economics to investigate this conflict through measurements of neural correlates of reward processing. We found that higher incentives fail to improve performance when immediate feedback on decision outcomes is provided. Subsequent analysis of the feedback-related negativity, an early event-related potential following feedback, revealed the mechanism behind this paradoxical effect. As incentives increase, the win/lose feedback becomes more prominent, leading to an increased reliance on reinforcement and more errors. This mechanism is relevant for economic decision making and the debate on performance-based payment. © The Author (2015). Published by Oxford University Press. For Permissions, please email: journals.permissions@oup.com.

Measuring Provider Performance for Physicians Participating in the Merit-Based Incentive Payment System.

Science.gov (United States)

Squitieri, Lee; Chung, Kevin C

2017-07-01

In 2017, the Centers for Medicare and Medicaid Services began requiring all eligible providers to participate in the Quality Payment Program or face financial reimbursement penalty. The Quality Payment Program outlines two paths for provider participation: the Merit-Based Incentive Payment System and Advanced Alternative Payment Models. For the first performance period beginning in January of 2017, the Centers for Medicare and Medicaid Services estimates that approximately 83 to 90 percent of eligible providers will not qualify for participation in an Advanced Alternative Payment Model and therefore must participate in the Merit-Based Incentive Payment System program. The Merit-Based Incentive Payment System path replaces existing quality-reporting programs and adds several new measures to evaluate providers using four categories of data: (1) quality, (2) cost/resource use, (3) improvement activities, and (4) advancing care information. These categories will be combined to calculate a weighted composite score for each provider or provider group. Composite Merit-Based Incentive Payment System scores based on 2017 performance data will be used to adjust reimbursed payment in 2019. In this article, the authors provide relevant background for understanding value-based provider performance measurement. The authors also discuss Merit-Based Incentive Payment System reporting requirements and scoring methodology to provide plastic surgeons with the necessary information to critically evaluate their own practice capabilities in the context of current performance metrics under the Quality Payment Program.

Monopolistic Market Position and Losses from Monetary Integration

Directory of Open Access Journals (Sweden)

Paweł Młodkowski

2009-12-01

Full Text Available The objective of the paper is to show how a market position influences company’s gains and losses from monetary integration. The literature on monetary integration already features cost and benefit analysis. However the proposed examples of both results (negative and positive are not offered for different market structures and most often are macroeconomic in nature. The paper develops an idea that a monopolistic enterprise might be worse off because of monetary integration. The case discussed, shows that prior to monetary integration, a specific solution regarding pricing of imported goods allowed the company for: (1 hedging effectively from exchange rate risk, (2 benefiting from long-term appreciation trend of the domestic currency against the euro. Both goals were achieved due to privileged market position (legal monopoly of the company. The monetary integration and the expected full EMU accession is going to remove the need for hedging but simultaneously it will result in loosing the ability to achieve extra profits extracted so far. This is a basis for a claim that costs and benefits flowing from monetary integration could depend on market structure an entity operates in. We conclude that in a more monopolized economies, the microeconomic benefits achieved by households are at the cost of firms, while in a perfect competition gains are uniformly distributed across agents at supply and demand sides of markets. Therefore, producers in monopolized economies could be less prone to join a monetary union. The opposite hypothesis might also be true. In economies with fewer monopolies there are fewer incentives to oppose monetary integration. The comparison of the two extreme settings allows posting a hypothesis that the perfect competition is monetary integration-neutral and the monopoly is monetary integration-averse market structure. Data for the paper and the studied case are originating from one of the largest legal monopolists in Poland that

Controlled trial of the effect of length, incentives, and follow-up techniques on response to a mailed questionnaire.

Science.gov (United States)

Hoffman, S C; Burke, A E; Helzlsouer, K J; Comstock, G W

1998-11-15

Mailed questionnaires are an economical method of data collection for epidemiologic studies, but response tends to be lower than for telephone or personal interviews. As part of a follow-up study of volunteers who provided a brief health history and blood sample for a blood specimen bank in 1989, the authors conducted a controlled trial of the effect of length, incentives, and follow-up techniques on response to a mailed questionnaire. Interventions tested included variations on length of the questionnaire, effect of a monetary incentive, and effect of a postcard reminder versus a letter accompanied by a second questionnaire. Response was similar for the short (16-item, 4-page) and long (76-item, 16-page) questionnaire groups. The non-monetary [corrected] incentive did not improve the frequency of response. The second mailing of a questionnaire was significantly better than a postcard reminder in improving responses (23% vs. 10%). It is important to systematically test marketing principles to determine which techniques are effective in increasing response to mailed questionnaires for epidemiologic studies.

Neural mechanisms underlying paradoxical performance for monetary incentives are driven by loss aversion.

Science.gov (United States)

Chib, Vikram S; De Martino, Benedetto; Shimojo, Shinsuke; O'Doherty, John P

2012-05-10

Employers often make payment contingent on performance in order to motivate workers. We used fMRI with a novel incentivized skill task to examine the neural processes underlying behavioral responses to performance-based pay. We found that individuals' performance increased with increasing incentives; however, very high incentive levels led to the paradoxical consequence of worse performance. Between initial incentive presentation and task execution, striatal activity rapidly switched between activation and deactivation in response to increasing incentives. Critically, decrements in performance and striatal deactivations were directly predicted by an independent measure of behavioral loss aversion. These results suggest that incentives associated with successful task performance are initially encoded as a potential gain; however, when actually performing a task, individuals encode the potential loss that would arise from failure. Copyright © 2012 Elsevier Inc. All rights reserved.

Social values and the corruption argument against financial incentives for healthy behaviour.

Science.gov (United States)

Brown, Rebecca C H

2017-03-01

Financial incentives may provide a way of reducing the burden of chronic diseases by motivating people to adopt healthy behaviours. While it is still uncertain how effective such incentives could be for promoting health, some argue that, even if effective, there are ethical objections that preclude their use. One such argument is made by Michael Sandel, who suggests that monetary transactions can have a corrupting effect on the norms and values that ordinarily regulate exchange and behaviour in previously non-monetised contexts. In this paper, I outline Sandel's corruption argument and consider its validity in the context of health incentives. I distinguish between two forms of corruption that are implied by Sandel's argument: efficiency corruption and value corruption While Sandel's thought-provoking discussion provides a valuable contribution to debates about health policies generally and health incentives specifically, I suggest the force of his criticism of health incentives is limited: further empirical evidence and theoretical reasoning are required to support the suggestion that health incentives are an inappropriate tool for promoting health. While I do not find Sandel's corruption argument compelling, this only constitutes a partial defence of health incentives, since other criticisms relating to their use may prove more successful. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

Commonly cited incentives in the community implementation of the ...

African Journals Online (AJOL)

EB

Background: Mortality of mothers and newborns is an important public health problem in low-income countries. ... Conclusion: Monetary allowances, improved transportation and some sort of ... Key words: Incentives, motivation, community health workers, community ... countries in Africa, including Kenya, use volunteers.

Monetary reward modulates task-irrelevant perceptual learning for invisible stimuli.

Directory of Open Access Journals (Sweden)

David Pascucci

Full Text Available Task Irrelevant Perceptual Learning (TIPL shows that the brain's discriminative capacity can improve also for invisible and unattended visual stimuli. It has been hypothesized that this form of "unconscious" neural plasticity is mediated by an endogenous reward mechanism triggered by the correct task performance. Although this result has challenged the mandatory role of attention in perceptual learning, no direct evidence exists of the hypothesized link between target recognition, reward and TIPL. Here, we manipulated the reward value associated with a target to demonstrate the involvement of reinforcement mechanisms in sensory plasticity for invisible inputs. Participants were trained in a central task associated with either high or low monetary incentives, provided only at the end of the experiment, while subliminal stimuli were presented peripherally. Our results showed that high incentive-value targets induced a greater degree of perceptual improvement for the subliminal stimuli, supporting the role of reinforcement mechanisms in TIPL.

Effectiveness of UK provider financial incentives on quality of care: a systematic review.

Science.gov (United States)

Mandavia, Rishi; Mehta, Nishchay; Schilder, Anne; Mossialos, Elias

2017-11-01

Provider financial incentives are being increasingly adopted to help improve standards of care while promoting efficiency. To review the UK evidence on whether provider financial incentives are an effective way of improving the quality of health care. Systematic review of UK evidence, undertaken in accordance with Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) recommendations. MEDLINE and Embase databases were searched in August 2016. Original articles that assessed the relationship between UK provider financial incentives and a quantitative measure of quality of health care were included. Studies showing improvement for all measures of quality of care were defined as 'positive', those that were 'intermediate' showed improvement in some measures, and those classified as 'negative' showed a worsening of measures. Studies showing no effect were documented as such. Quality was assessed using the Downs and Black quality checklist. Of the 232 published articles identified by the systematic search, 28 were included. Of these, nine reported positive effects of incentives on quality of care, 16 reported intermediate effects, two reported no effect, and one reported a negative effect. Quality assessment scores for included articles ranged from 15 to 19, out of a maximum of 22 points. The effects of UK provider financial incentives on healthcare quality are unclear. Owing to this uncertainty and their significant costs, use of them may be counterproductive to their goal of improving healthcare quality and efficiency. UK policymakers should be cautious when implementing these incentives - if used, they should be subject to careful long-term monitoring and evaluation. Further research is needed to assess whether provider financial incentives represent a cost-effective intervention to improve the quality of care delivered in the UK. © British Journal of General Practice 2017.

Carrots and Sticks: New Brunswick and Maine Forest Landowner Perceptions Toward Incentives and Regulations

Science.gov (United States)

Quartuch, Michael R.; Beckley, Thomas M.

2014-01-01

The governments of countries that allow private land ownership have two main tools to motivate landowner behavior: regulations and incentives. This research examines landowner preferences toward these policy tools and asks specifically: Do private forest landowners in New Brunswick and Maine believe that regulations and/or incentives are effective means to motivate responsible stewardship? Can landowners identify explicit regulations and policies that restrict property rights? Also, we were interested to see if any discernible differences existed between these adjacent jurisdictions from different countries, but that share similar forests and a similar settlement history. We identified and interviewed diverse landowners, recorded and transcribed our discussions, and analyzed the results using a grounded theory approach. Findings suggest that both New Brunswick and Maine participants are fairly comfortable with most regulations and many agreed that a combination of incentives and regulations are in fact useful. Furthermore, landowners in New Brunswick discussed non-monetary incentives as a mechanism to reward "good" stewardship; while Maine respondents articulated a degree of responsible stewardship that transcends a need to incentivize landowners. This study demonstrates that diverse landowners may be more comfortable with environmental regulations than previously understood and may be interested in non-monetary incentives.

Three experiments exploring how preferences, motivations and incentives influence behaviour

OpenAIRE

ZACHARY JAMES MOAR DORNER

2018-01-01

We can make better choices with a deeper understanding of what drives our behaviours. This thesis uses economic experiments to shed light on health and environmental behaviours. The first paper identifies that risk averse people care about the security of supply of city water. The second paper finds that small monetary payments can work better than high monetary payments for motivating people because large incentives can significantly reduce intrinsic motivation. The third paper shows that mo...

Money in monetary policy Information variable? Channel of monetary transmission? What is its role in Poland?

OpenAIRE

Tomasz Łyziak; Jan Przystupa; Anna Sznajderska; Ewa Wróbel

2012-01-01

The paper provides an overview of the literature on the role of monetary aggregates for conducting monetary policy and attempts to assess the role of these aggregates in the Polish monetary policy. We compare theoretical and empirical arguments which justify or undermine the need for usage of monetary aggregates by central banks, as well as arguments indicating related problems. We describe the most important areas of the discussion on the role of money in monetary policy. We present studies ...

Monetary Cooperation in East Asia: Major Issues and Future Prospects

Directory of Open Access Journals (Sweden)

Jai-Won Ryou

2004-06-01

Full Text Available The Asian currency crisis in 1997 and the launch of the euro in 1999 made the possibility and desirability of introducing a regional currency union in East Asia a point of debate. At present, the empirical findings and policy implications of previous studies are mixed. We are still in need of theoretical and empirical studies that capture the salient features of East Asia, and give us reliable recommendations for incentive structures, configurations and policy instruments in monetary cooperation in its various stages. This paper aims to review major conceptual and empirical issues relevant to monetary cooperation in East Asia, including proposals for a regional cooperative framework for exchange rate stability or forming a currency union in the region. East Asian countries have no experience with any type of monetary cooperation and all we have are hypothetical predictions. Nevertheless, East Asian countries may be on the brink of an historical evolution to economic and monetary integration, as Europe was half a century ago. The progressive integration of markets in East Asia has conferred a commonality of economic interest upon the countries in the region. As the economic structures of East Asian countries converge with one another through closer ties of trade, investment and finance, the necessity for monetary cooperation will be more likely to emerge in the future. Monetary cooperation in East Asia will be a long process. East Asian countries should make efforts to build collective institutions in the beginning.

Impact of monetary policy changes on the Chinese monetary and stock markets

Science.gov (United States)

Tang, Yong; Luo, Yong; Xiong, Jie; Zhao, Fei; Zhang, Yi-Cheng

2013-10-01

The impact of monetary policy changes on the monetary market and stock market in China is investigated in this study. The changes of two major monetary policies, the interest rate and required reserve ratio, are analyzed in a study period covering seven years on the interbank monetary market and Shanghai stock market. We find that the monetary market is related to the macro economy trend and we also find that the monetary change surprises both of lowering and raising bring significant impacts to the two markets and the two markets respond to the changes differently. The results suggest that the impact of fluctuations is much larger for raising policy changes than lowering changes in the monetary market on policy announcing and effective dates. This is consistent with the “sign effect”, i.e. bad news brings a greater impact than good news. By studying the event window of each policy change, we also find that the “sign effect” still exists before and after each change in the monetary market. A relatively larger fluctuation is observed before the event date, which indicates that the monetary market might have a certain ability to predict a potential monetary change, while it is kept secret by the central bank before official announcement. In the stock market, we investigate how the returns and spreads of the Shanghai stock market index respond to the monetary changes. Evidences suggest the stock market is influenced but in a different way than the monetary market. The climbing of returns after the event dates for the lowering policy agrees with the theory that lowering changes can provide a monetary supply to boost the market and drive the stock returns higher but with a delay of 2 to 3 trading days on average. While in the bear market, the lowering policy brings larger volatility to the market on average than the raising ones. These empirical findings are useful for policymakers to understand how monetary policy changes impact the monetary and stock markets

78 FR 25013 - Medicare Program; Requirements for the Medicare Incentive Reward Program and Provider Enrollment

Science.gov (United States)

2013-04-29

.... ACTION: Proposed rule. SUMMARY: This proposed rule would revise the Incentive Reward Program provisions... significant of these revisions include: changing the Incentive Reward Program potential reward amount for... related to the Incentive Reward Program. Frank Whelan, (410) 786-1302, for issues related to provider...

The Relationship of Financial Incentives and Consumers' Willingness to Disclose Information to eCommerce Marketers

Science.gov (United States)

Pourhosseini, Parissa

2009-01-01

In this study the problem examined was a lack of research based information on the degree to which incentives can be used to encourage consumers to volunteer private information. The purpose of this study was to determine if monetary incentives would be a beneficial means to increase consumers' involvement in eCommerce and thereby boost the growth…

When and why do university managers use publication incentive payments?

DEFF Research Database (Denmark)

Opstrup, Niels

2017-01-01

in Denmark that use publication incentive payments. Most often it is used when heads of department outside the humanities think it is a good idea to reward scholars financially for publications. In-depth analysis of the cases reveals, however, that department heads cannot only be divided between ‘believers......’ and ‘non-believers’. Almost half expressed confidence in that publication incentive payments motivate researchers to perform better, not because of the monetary reward, but because of the positive feedback signalled by the pay supplement...

Major depressive disorder is characterized by greater reward network activation to monetary than pleasant image rewards.

Science.gov (United States)

Smoski, Moria J; Rittenberg, Alison; Dichter, Gabriel S

2011-12-30

Anhedonia, the loss of interest or pleasure in normally rewarding activities, is a hallmark feature of unipolar Major Depressive Disorder (MDD). A growing body of literature has identified frontostriatal dysfunction during reward anticipation and outcomes in MDD. However, no study to date has directly compared responses to different types of rewards such as pleasant images and monetary rewards in MDD. To investigate the neural responses to monetary and pleasant image rewards in MDD, a modified Monetary Incentive Delay task was used during functional magnetic resonance imaging to assess neural responses during anticipation and receipt of monetary and pleasant image rewards. Participants included nine adults with MDD and 13 affectively healthy controls. The MDD group showed lower activation than controls when anticipating monetary rewards in right orbitofrontal cortex and subcallosal cortex, and when anticipating pleasant image rewards in paracingulate and supplementary motor cortex. The MDD group had relatively greater activation in right putamen when anticipating monetary versus pleasant image rewards, relative to the control group. Results suggest reduced reward network activation in MDD when anticipating rewards, as well as relatively greater hypoactivation to pleasant image than monetary rewards. 2011 Elsevier Ireland Ltd. All rights reserved.

Prepaid monetary incentives-Predictors of taking the money and completing the survey: Results from the International Tobacco Control (ITC) Four Country Survey.

Science.gov (United States)

Mutti, Seema; Kennedy, Ryan David; Thompson, Mary E; Fong, Geoffrey T

2014-05-01

Prepaid monetary incentives are used to address declining response rates in random-digit-dial surveys. There is concern among researchers that some respondents will accept the prepayment but not complete the survey. There is little research to understand check cashing and survey completing behaviors among respondents who receive pre-payment. Data from the International Tobacco Control Four Country Study-a longitudinal survey of smokers in Canada, the US, the UK, and Australia, were used to examine the impact of prepayment (in the form of checks, approximately $10USD) on sample profile. Approximately 14% of respondents cashed their check, but did not complete the survey, while about 14% did not cash their checks, but completed the survey. Younger adults (Canada, US), those of minority status (US), and those who had been in the survey for only two waves or less (Canada, US) were more likely to cash their checks and not complete the survey.

Blood donor incentives: A step forward or backward

Directory of Open Access Journals (Sweden)

Abolghasemi Hassan

2010-01-01

Full Text Available Dramatic increase in blood usage and critical seasonal blood shortages are faced by various countries. Countries which previously reached 100% voluntary nonremunerated donation have been led to offer different kinds of incentives to recruit blood donors and meet their blood demands. In some cases, these incentives are considered monetary and are in complete contrast with International standards like World Health Organization (WHO. It seems that attitudes toward sole dependency on nonremunerated voluntary blood donation have been changed in recent years and experts in some developed countries are reevaluating partial reliance on paid donation. On the other hand, besides the effects of such incentives on blood safety, several economic and psychological studies have shown that incentives have discouraging effects on pro-social behaviors like blood donation and will reduce the number of blood donors in long term. With regard to the results of such studies, it seems that implementing incentive-based blood donor recruitment programs to meet blood requirements by some countries is becoming a challenge for blood banks.

Effect of non-monetary incentives on uptake of couples' counselling and testing among clients attending mobile HIV services in rural Zimbabwe: a cluster-randomised trial.

Science.gov (United States)

Sibanda, Euphemia L; Tumushime, Mary; Mufuka, Juliet; Mavedzenge, Sue Napierala; Gudukeya, Stephano; Bautista-Arredondo, Sergio; Hatzold, Karin; Thirumurthy, Harsha; McCoy, Sandra I; Padian, Nancy; Copas, Andrew; Cowan, Frances M

2017-09-01

participants who completed the telephone survey, 11 (2·6%) reported that they were pressured or themselves pressured their partner to test together; none regretted couples' testing. Relationship unrest was reported by eight individuals (1·9%), although none attributed this to incentives. Small non-monetary incentives, which are potentially scalable, were associated with significantly increased CHTC and HIV case diagnosis. Incentives did not increase social harms beyond the few typically encountered with CHTC without incentives. The intervention could help achieve UNAIDS 90-90-90 targets. The study was funded by the UK Department for International Development, Irish AID, and Swedish SIDA, through Population Services International Zimbabwe under the Integrated Support Program. Copyright © 2017 The Author(s). Published by Elsevier Ltd. This is an Open Access article under the CC BY-NC-ND 4.0 license. Published by Elsevier Ltd.. All rights reserved.

The Higher Essence of Economic Convergence Regarding Monetary Impacts

Directory of Open Access Journals (Sweden)

Hudec Martin

2017-06-01

Full Text Available The increasing pace of achieving socio-economic growth and convergence into developed structures represents the main desire of most countries. Moreover, membership in monetary unions has quite a significant impact on the economies of participating countries, since integration processes have become undoubtedly the undisputed accelerator of convergence and integration catalyst, reflecting on the development of the world economy. The growing intensity of world trade, the ever-deepening division of labor and specialization, international movement of capital and labor mobility as wells as investments into education, research and development, innovations are among the factors that lead to the creation of increasingly closer ties between economies, deepening their mutual dependence, further reflected in knowledge-based societies. Thus, the close ties between national economies themselves represent a further incentive for more intensive cooperation through the different stages of economic integration. International economic integration is an objective to promote a gradual process of linking and connecting existing economic units, i.e. national economies to the greater interconnected units in the global economy. The aim of our research paper, by using the methods of analysis and comparison, is to closely present the issue of monetary integration, focusing on the impact of monetary integration on countries’ economy, resulting in the issue of benefits and costs of the countries’ entry into the monetary union, associated with initial economic shocks.

Monetary Policy Analysis in Serbia

Directory of Open Access Journals (Sweden)

Martin Vesna

2015-09-01

Full Text Available The paper focuses on analysing monetary policy in Serbia. The National Bank of Serbia chose inflation targeting, which sets price stability as the main objective of monetary policy. To achieve this goal, the central bank uses different monetary policy instruments which analysis can provide us with the understanding of the main directions of their actions but also of the limitations of its application. Only through improvement of both instruments and monetary policy the central bank will create a better foundation for achieving monetary stability. In addition, the implementation of exchange rate policy is entrusted to the National Bank of Serbia, as the main regulator of the financial system. A mere use of managed floating exchange rate, as the chosen exchange rate regime, is an appropriate solution in the current economic circumstances and in accordance with the desired objective of monetary policy.

Paying for performance: Performance incentives increase desire for the reward object.

Science.gov (United States)

Hur, Julia D; Nordgren, Loran F

2016-09-01

The current research examines how exposure to performance incentives affects one's desire for the reward object. We hypothesized that the flexible nature of performance incentives creates an attentional fixation on the reward object (e.g., money), which leads people to become more desirous of the rewards. Results from 5 laboratory experiments and 1 large-scale field study provide support for this prediction. When performance was incentivized with monetary rewards, participants reported being more desirous of money (Study 1), put in more effort to earn additional money in an ensuing task (Study 2), and were less willing to donate money to charity (Study 4). We replicated the result with nonmonetary rewards (Study 5). We also found that performance incentives increased attention to the reward object during the task, which in part explains the observed effects (Study 6). A large-scale field study replicated these findings in a real-world setting (Study 7). One laboratory experiment failed to replicate (Study 3). (PsycINFO Database Record (c) 2016 APA, all rights reserved).

Elevated Striatal Reactivity Across Monetary and Social Rewards in Bipolar I Disorder

Science.gov (United States)

Dutra, Sunny J.; Cunningham, William A.; Kober, Hedy; Gruber, June

2016-01-01

Bipolar disorder (BD) is associated with increased reactivity to rewards and heightened positive affectivity. It is less clear to what extent this heightened reward sensitivity is evident across contexts and what the associated neural mechanisms might be. The present investigation employed both a monetary and social incentive delay task among adults with remitted BD type I (N=24) and a healthy non-psychiatric control group (HC; N=25) using fMRI. Both whole-brain and region-of-interest analyses revealed elevated ventral and dorsal striatal reactivity across monetary and social reward receipt, but not anticipation, in the BD group. Post-hoc analyses further suggested that greater striatal reactivity to reward receipt across monetary and social reward tasks predicted decreased self-reported positive affect when anticipating subsequent rewards in the HC, but not BD, group. Results point toward elevated striatal reactivity to reward receipt as a potential neural mechanism of reward reactivity. PMID:26390194

Incentives in statutory health insurance bonus schemes - Communication as an underrated precondition of success

OpenAIRE

Viviane Scherenberg; Gerd Glaeske

2009-01-01

Aim - Bonus schemes within German statutory health insurance (GKV) use monetary incentives to promote health-conscious behaviour, particularly amongst risk groups. The idea is to exploit a latent potential for participation in money-saving preventive measures. First studies suggest that incidental effects (good risks) are more common than prevention effects. The purpose of the article is to present factors contributing to the successfulness of incentive schemes. Methods - To outline the findi...

Monetary Incentives Improve Recall of Research Consent Information: A Randomized Pilot Study

Science.gov (United States)

Festinger, David S.; Marlowe, Douglas B.; Croft, Jason R.; Dugosh, Karen L.; Arabia, Patricia L.; Benasutti, Kathleen M.

2011-01-01

Research participants often fail to recall substantial amounts of informed consent information after delays of only a few days. Numerous interventions have proven effective at improving consent recall; however, virtually all have focused on compensating for potential cognitive deficits and have ignored motivational factors. In this pilot study, we randomly assigned 31 drug court clients participating in a clinical research trial to a standard consent procedure or to the same procedure plus incentives for correctly recalling consent information. The incentive group was told they would receive $5 for each of the 15 consent items they could answer correctly 1-week later. At the follow-up, the incentive group recalled a significantly greater percentage of consent information overall than the standard group (65% vs. 42%; p < .01). Similar findings were observed for specific categories of consent information, including study purpose and design, risks and benefits, and human subject protections. Effect sizes were all large (d = 0.89 to 1.25). Findings suggest that motivation plays a key role in recall of consent information and should be considered in the development of future interventions. PMID:19331486

Provider and Patient Directed Financial Incentives to Improve Care and Outcomes for Patients with Diabetes

Science.gov (United States)

Lorincz, Ilona S.; Lawson, Brittany C. T.

2012-01-01

Incentive programs directed at both providers and patients have become increasingly widespread. Pay-for-performance (P4P) where providers receive financial incentives to carry out specific care or improve clinical outcomes has been widely implemented. The existing literature indicates they probably spur initial gains which then level off or partially revert if incentives are withdrawn. The literature also indicates that process measures are easier to influence through P4P programs but that intermediate outcomes such as glucose, blood pressure, and cholesterol control are harder to influence, and the long term impact of P4P programs on health is largely unknown. Programs directed at patients show greater promise as a means to influence patient behavior and intermediate outcomes such as weight loss; however, the evidence for long term effects are lacking. In combination, both patient and provider incentives are potentially powerful tools but whether they are cost-effective has yet to be determined. PMID:23225214

Monetary reward magnitude effects on behavior and brain function during goal-directed behavior.

Science.gov (United States)

Rosell-Negre, P; Bustamante, J C; Fuentes-Claramonte, P; Costumero, V; Benabarre, S; Barrós-Loscertales, A

2017-08-01

Reward may modulate the cognitive processes required for goal achievement, while individual differences in personality may affect reward modulation. Our aim was to test how different monetary reward magnitudes modulate brain activation and performance during goal-directed behavior, and whether individual differences in reward sensitivity affect this modulation. For this purpose, we scanned 37 subjects with a parametric design in which we varied the magnitude of monetary rewards (€0, €0.01, €0.5, €1 or €1.5) in a blocked fashion while participants performed an interference counting-Stroop condition. The results showed that the brain activity of left dorsolateral prefrontal cortex (DLPFC) and the striatum were modulated by increasing and decreasing reward magnitudes, respectively. Behavioral performance improved as the magnitude of monetary reward increased while comparing the non reward (€0) condition to any other reward condition, or the lower €0.01 to any other reward condition, and this improvement was related with individual differences in reward sensitivity. In conclusion, the locus of influence of monetary incentives overlaps the activity of the regions commonly involved in cognitive control.

Independent functional connectivity networks underpin food and monetary reward sensitivity in excess weight.

Science.gov (United States)

Verdejo-Román, Juan; Fornito, Alex; Soriano-Mas, Carles; Vilar-López, Raquel; Verdejo-García, Antonio

2017-02-01

Overvaluation of palatable food is a primary driver of obesity, and is associated with brain regions of the reward system. However, it remains unclear if this network is specialized in food reward, or generally involved in reward processing. We used functional magnetic resonance imaging (fMRI) to characterize functional connectivity during processing of food and monetary rewards. Thirty-nine adults with excess weight and 37 adults with normal weight performed the Willingness to Pay for Food task and the Monetary Incentive Delay task in the fMRI scanner. A data-driven graph approach was applied to compare whole-brain, task-related functional connectivity between groups. Excess weight was associated with decreased functional connectivity during the processing of food rewards in a network involving primarily frontal and striatal areas, and increased functional connectivity during the processing of monetary rewards in a network involving principally frontal and parietal areas. These two networks were topologically and anatomically distinct, and were independently associated with BMI. The processing of food and monetary rewards involve segregated neural networks, and both are altered in individuals with excess weight. Copyright © 2016 Elsevier Inc. All rights reserved.

Is Monetary Policy Effective During Financial Crises?

OpenAIRE

Frederic S. Mishkin

2009-01-01

This short paper argues that the view that monetary policy is ineffective during financial crises is not only wrong, but may promote policy inaction in the face of a severe contractionary shock. To the contrary, monetary policy is more potent during financial crises because aggressive monetary policy easing can make adverse feedback loops less likely. The fact that monetary policy is more potent than during normal times provides a rationale for a risk-management approach to counter the contra...

Using Economic Incentives to Reduce Electricity Consumption: A field Experiment in Matsuyama, Japan

Directory of Open Access Journals (Sweden)

Kenichi Mizobuchi

2012-01-01

Full Text Available This study examines the effectiveness of economic incentives in promoting electricity-conservation behavior among Japanese households. Fifty-three Japanese households participated in a field experiment and were offered monetary rewards depending on their rate of reduction in electricity consumption. To avoid bias in sample selection, which is typically present in previous studies, we adopted a request-based approach for recruiting participants. Results showed that only 34% of the participants succeeded in reducing their electricity consumption, and the average reduction rate was –4.8%. Econometric analysis confirmed that monetary rewards had a positive influence on the electricity conservation behavior, especially of family members who typically stay at home on weekdays. Responses to the questionnaires administered before and after the experiment suggest that participants may have underestimated the marginal costs of the electricity conservation behavior. The efficacy of economic incentives, established in our study, offers a potential measure for encouraging electricity-conservation behavior among Japanese households.

Monetary Policy Committee and Monetary Policy Conduct in Nigeria: A Preliminary Investigation

OpenAIRE

Ekor, Maxwell; Saka, Jimoh; Adeniyi, Oluwatosin

2014-01-01

The study provides an incisive but preliminary investigation into the activities of the monetary policy committee of the central bank of Nigeria and the implications for monetary policy, using the standard deviation measure of volatility and the ordinary least square method. The findings show that the ‘internal’ members and majority of the ‘external’ members have different preferences as shown in the voting patterns. Also, there has been reduction in inflation, money and stock markets vola...

Motivating employees through incentives: productive or a counterproductive strategy.

Science.gov (United States)

Qayum, Mehran; Sawal, Shefa Haider; Khan, Hassan Mehmood

2014-05-01

The disparity between human resource in health and provision of health services is a growing concern worldwide. Many developing countries are facing this crisis and therefore human resource in health is considered a high priority on their agenda.This imbalance between supplies of human resource is exacerbated by migration of health workers in many countries. Understanding the motivational factor is an important aspect to retain the migrating health workforce. This paper analyses the role of financial and non financial incentives in motivating the health work force. A review of available literature was conducted to understand the role of motivational factor in retaining health workforce. A review of current literature found that an incentive plays a key role in motivating a health worker. Financial incentives are useful in improving the compliance to standard policies and procedures. Comprehensive integrated incentive system approach should be established to develop a sustainable health workforce with required skill. Likewise monetary incentives should be linked to adherence to provincial and national guidelines and procedures. Sustainability could be ensured by commitment of government, political will and involvement of key stakeholders and decision makers.

Incentives and compensation: providing resources for communities hosting low-level waste facilities

International Nuclear Information System (INIS)

Anon.

1982-01-01

State responsibility for the management of low-level radioactive waste necessitates the selection of candidate locations for a disposal facility. Concern over potential impacts can be expected from segments of the citizenry neighboring a proposed site. A number of national organizations comprising state and local officials have recommended the use of incentives and compensation to help offset the negative local impacts. This document explores that concept. Discussion provides background information on potential local impacts from a low-level waste facility and considers the nature and types of incentives and compensation benefits that could be provided. The document then examines realistic options for planning and implementing the benefit program. This information is intended, primarily, to assist state officials - executive, legislative, and agency - in planning for and managing low-level waste disposal facilities

“THE NET MONETARY STATEMENT” AND “THE NET NON-MONETARY STATEMENT” – ASSESSMENT INDICATORS FOR THE FINANCIAL POSITION OF THE ENTITY

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SORIN-CONSTANTIN DEACONU

2012-10-01

Full Text Available This paper examines two indicators, namely the net monetary statement and the net non-monetary statement. To determine and analyze them, we started with the classification of assets (monetary and non-monetary and liabilities (monetary and nonmonetary. The actual values of these elements were established on the basis of information supplied by the balance sheet, followed by the calculus of the net monetary statement and of the net non-monetary statement. These indicators provide relevant and reliable information to the users of financial statements and, in the future, they should be taken into account because they bring additional information about the financial position of the entity.

Behavioral implications of providing real incentives in stated choice experiments

DEFF Research Database (Denmark)

Mørkbak, Morten Raun; Olsen, Søren Bøye; Campbell, Danny

2014-01-01

the scope of research to other behavioral aspects where consumers in CE are often found to deviate from homo economicus. We develop a theoretical model where not only Willingness to pay (WTP) measures but also decision processing can be affected by the introduction of an economic incentive. Specifically...... incentive, we find marked benefits in relation to a number of behavioral aspects that together would favor the use of an economic incentive regardless of hypothetical bias being present or not....

Neural effects of positive and negative incentives during marijuana withdrawal.

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Francesca M Filbey

Full Text Available In spite of evidence suggesting two possible mechanisms related to drug-seeking behavior, namely reward-seeking and harm avoidance, much of the addiction literature has focused largely on positive incentivization mechanisms associated with addiction. In this study, we examined the contributing neural mechanisms of avoidance of an aversive state to drug-seeking behavior during marijuana withdrawal. To that end, marijuana users were scanned while performing the monetary incentive delay task in order to assess positive and negative incentive processes. The results showed a group x incentive interaction, such that marijuana users had greater response in areas that underlie reward processes during positive incentives while controls showed greater response in the same areas, but to negative incentives. Furthermore, a negative correlation between withdrawal symptoms and response in the amygdala during negative incentives was found in the marijuana users. These findings suggest that although marijuana users have greater reward sensitivity and less harm avoidance than controls, that attenuated amygdala response, an area that underlies fear and avoidance, was present in marijuana users with greater marijuana withdrawal symptoms. This is concordant with models of drug addiction that involve multiple sources of reinforcement in substance use disorders, and suggests the importance of strategies that focus on respective mechanisms.

Monetary policy and insolvency of economic sector

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Tepavac Rajko

2012-03-01

Full Text Available The main task of monetary policy of our central bank is to achieve and preserve stability of prices and currency. Targeted inflation rate has been chosen as operating instrument for gradual realization of low and stable inflation, along with elimination of inflation expectations. Also, a specific inflation corridor is chosen to ensure operations, transparency and ex ante effects of monetary policy. The paper presents analysis on whether there really is a restrictive monetary policy, deflections of real inflation from the programmed one, level of 'restrictiveness' of monetary policy and behavior of bank loans, money supply, nominal and real economic growth. Analysis is carried out and criticism of concepts of monetary regulation of mandatory bank reserves, blocking of financial bank potential through monetary regulation instruments, but also relations between central and business banks through open market policy. Criticism of repo operations and complete disappearance of selective credit policy is provided as well. The problem of almost embedded insolvency of economic sector is highlighted.

The impact of federal incentives on the adoption of hybrid electric vehicles in the United States

International Nuclear Information System (INIS)

Jenn, Alan; Azevedo, Inês L.; Ferreira, Pedro

2013-01-01

Starting in 2004, the federal government in the United States offered several nationwide incentives to consumers to increase the adoption of hybrid electric vehicles. This study assesses the effectiveness of the Energy Policy Act of 2005 in this regard using econometric methods and data between 2000 and 2010. Our model accounts for network externalities by using lagged sales as an independent variable. This approach helps to capture the exponential initial growth associated with the diffusion of new technologies and avoids overestimating the effect of the policy incentives. Our results show that the Energy Policy Act of 2005 increased the sales of hybrids from 3% to 20% depending on the vehicle model considered. In addition, we find that this incentive is only effective when the amount provided is sufficiently large. - Highlights: • We collected data on monthly car sales by vehicle model for 11 years. • Econometric methods are used to model vehicle sales. • Inclusion of a lagged dependent variable is employed to control for natural growth. • Direct monetary incentives are found to be statistically insignificant. • Macro-effects of unemployment and gas prices are important for vehicle sales

Interventions to increase recommendation and delivery of screening for breast, cervical, and colorectal cancers by healthcare providers systematic reviews of provider assessment and feedback and provider incentives.

Science.gov (United States)

Sabatino, Susan A; Habarta, Nancy; Baron, Roy C; Coates, Ralph J; Rimer, Barbara K; Kerner, Jon; Coughlin, Steven S; Kalra, Geetika P; Chattopadhyay, Sajal

2008-07-01

Most major medical organizations recommend routine screening for breast, cervical, and colorectal cancers. Screening can lead to early detection of these cancers, resulting in reduced mortality. Yet not all people who should be screened are screened, either regularly or, in some cases, ever. This report presents results of systematic reviews of effectiveness, applicability, economic efficiency, barriers to implementation, and other harms or benefits of two provider-directed intervention approaches to increase screening for breast, cervical, and colorectal cancers. These approaches, provider assessment and feedback, and provider incentives encourage providers to deliver screening services at appropriate intervals. Evidence in these reviews indicates that provider assessment and feedback interventions can effectively increase screening by mammography, Pap test, and fecal occult blood test. Health plans, healthcare systems, and cancer control coalitions should consider such evidence-based findings when implementing interventions to increase screening use. Evidence was insufficient to determine the effectiveness of provider incentives in increasing use of any of these tests. Specific areas for further research are suggested in this report, including the need for additional research to determine whether provider incentives are effective in increasing use of any of these screening tests, and whether assessment and feedback interventions are effective in increasing other tests for colorectal cancer (i.e., flexible sigmoidoscopy, colonoscopy, or double-contrast barium enema).

46 CFR 506.3 - Civil monetary penalty inflation adjustment.

Science.gov (United States)

2010-10-01

... 46 Shipping 9 2010-10-01 2010-10-01 false Civil monetary penalty inflation adjustment. 506.3... PENALTY INFLATION ADJUSTMENT § 506.3 Civil monetary penalty inflation adjustment. The Commission shall... each civil monetary penalty provided by law within the jurisdiction of the Commission by the inflation...

Brain reward system's alterations in response to food and monetary stimuli in overweight and obese individuals.

Science.gov (United States)

Verdejo-Román, Juan; Vilar-López, Raquel; Navas, Juan F; Soriano-Mas, Carles; Verdejo-García, Antonio

2017-02-01

The brain's reward system is crucial to understand obesity in modern society, as increased neural responsivity to reward can fuel the unhealthy food choices that are driving the growing obesity epidemic. Brain's reward system responsivity to food and monetary rewards in individuals with excessive weight (overweight and obese) versus normal weight controls, along with the relationship between this responsivity and body mass index (BMI) were tested. The sample comprised 21 adults with obesity (BMI > 30), 21 with overweight (BMI between 25 and 30), and 39 with normal weight (BMI food (Willing to Pay) and monetary rewards (Monetary Incentive Delay). Neural activations within the brain reward system were compared across the three groups. Curve fit analyses were conducted to establish the association between BMI and brain reward system's response. Individuals with obesity had greater food-evoked responsivity in the dorsal and ventral striatum compared with overweight and normal weight groups. There was an inverted U-shape association between BMI and monetary-evoked responsivity in the ventral striatum, medial frontal cortex, and amygdala; that is, individuals with BMIs between 27 and 32 had greater responsivity to monetary stimuli. Obesity is associated with greater food-evoked responsivity in the ventral and dorsal striatum, and overweight is associated with greater monetary-evoked responsivity in the ventral striatum, the amygdala, and the medial frontal cortex. Findings suggest differential reactivity of the brain's reward system to food versus monetary rewards in obesity and overweight. Hum Brain Mapp 38:666-677, 2017. © 2016 Wiley Periodicals, Inc. © 2016 Wiley Periodicals, Inc.

The Effect of Incentives and Meta-incentives on the Evolution of Cooperation.

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Isamu Okada

2015-05-01

Full Text Available Although positive incentives for cooperators and/or negative incentives for free-riders in social dilemmas play an important role in maintaining cooperation, there is still the outstanding issue of who should pay the cost of incentives. The second-order free-rider problem, in which players who do not provide the incentives dominate in a game, is a well-known academic challenge. In order to meet this challenge, we devise and analyze a meta-incentive game that integrates positive incentives (rewards and negative incentives (punishments with second-order incentives, which are incentives for other players' incentives. The critical assumption of our model is that players who tend to provide incentives to other players for their cooperative or non-cooperative behavior also tend to provide incentives to their incentive behaviors. In this paper, we solve the replicator dynamics for a simple version of the game and analytically categorize the game types into four groups. We find that the second-order free-rider problem is completely resolved without any third-order or higher (meta incentive under the assumption. To do so, a second-order costly incentive, which is given individually (peer-to-peer after playing donation games, is needed. The paper concludes that (1 second-order incentives for first-order reward are necessary for cooperative regimes, (2 a system without first-order rewards cannot maintain a cooperative regime, (3 a system with first-order rewards and no incentives for rewards is the worst because it never reaches cooperation, and (4 a system with rewards for incentives is more likely to be a cooperative regime than a system with punishments for incentives when the cost-effect ratio of incentives is sufficiently large. This solution is general and strong in the sense that the game does not need any centralized institution or proactive system for incentives.

The Effect of Incentives and Meta-incentives on the Evolution of Cooperation.

Science.gov (United States)

Okada, Isamu; Yamamoto, Hitoshi; Toriumi, Fujio; Sasaki, Tatsuya

2015-05-01

Although positive incentives for cooperators and/or negative incentives for free-riders in social dilemmas play an important role in maintaining cooperation, there is still the outstanding issue of who should pay the cost of incentives. The second-order free-rider problem, in which players who do not provide the incentives dominate in a game, is a well-known academic challenge. In order to meet this challenge, we devise and analyze a meta-incentive game that integrates positive incentives (rewards) and negative incentives (punishments) with second-order incentives, which are incentives for other players' incentives. The critical assumption of our model is that players who tend to provide incentives to other players for their cooperative or non-cooperative behavior also tend to provide incentives to their incentive behaviors. In this paper, we solve the replicator dynamics for a simple version of the game and analytically categorize the game types into four groups. We find that the second-order free-rider problem is completely resolved without any third-order or higher (meta) incentive under the assumption. To do so, a second-order costly incentive, which is given individually (peer-to-peer) after playing donation games, is needed. The paper concludes that (1) second-order incentives for first-order reward are necessary for cooperative regimes, (2) a system without first-order rewards cannot maintain a cooperative regime, (3) a system with first-order rewards and no incentives for rewards is the worst because it never reaches cooperation, and (4) a system with rewards for incentives is more likely to be a cooperative regime than a system with punishments for incentives when the cost-effect ratio of incentives is sufficiently large. This solution is general and strong in the sense that the game does not need any centralized institution or proactive system for incentives.

Incentive Use in Research: Protecting Vulnerable Populations from Exploitation

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Haruna Muwonge

2013-06-01

Full Text Available Global investment in Medical Research and Development has markedly increased in the last few decades. However, due to the decreasing public altruism, researchers have come under increased pressures from the funding bodies to produce results. Out of desperation, some researchers have resorted to using incentives as a means of sourcing for volunteers. Consequently, the research burden has disproportionately been shared among the most vulnerable populations in the society. Incentives especially monetary ones present an ethical dilemma because of the uncertainties’ surrounding the morality, amount and type of payment, vulnerability of volunteers and possible threats to voluntary participation. Several studies done on the use of incentives in medical research have noted that financial motivation was the number one reason for subjects to volunteer in Medical research. Mutual benefit and freedom of choice by participants were given as reasons to support their use. However, scientists who are against the use of incentives believe that they are coercive or undue inducements, and may influence a subjects’ ability to give an informed consent. Guidelines exist that protect vulnerable groups from exploitation, although none sheds light into the use of incentives. Nonetheless, in the face of the waning public altruism, the benefits of using incentives far outweigh the dangers, although researchers should avoid situations where their use may become problematic. As a mode of payment to research subjects, researchers should adopt a combination of the Dickerts’ Wage and re-imbursement models as guides in quantifying the incentive. [Archives Medical Review Journal 2013; 22(3.000: 408-417

THEORIES OF MONETARY POLICY – FROM THE MERCANTILIST PRAGMATISM TO THE MODERN MONETARY THEORIES

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Zina CIORAN

2014-06-01

Full Text Available The purpose of this article is to perform an incursion into the monetary theories, from the mercantilists to the modern theories. The monetary area is an important component of the economic system which has always been and still is tormented by anxiety and uncertainty. The currency can be considered a barometer that promptly and precisely registers a country’s economic oscillations and the fundamental problems that torment the human society nowadays is mainly expressed in monetary terms. Being one of the major tools the state uses to balance the economy, the monetary politics has permanently generated fervent controversies and discussions. Scientific research of the monetary phenomenon, facing the complexity of the currency problems with a diversity of currency types and with the complex currency role within the company, as well as the explosive evolution of the financial institutions, structures and monetary and financial products has always kept the monetary theory in the beginning of a new research program. The monetary theory center, around which the economists‘ thinking is founded, is formed of: emphasizing the money role in the economy, the money measurement, the money offer and request with their influence factors, the monetary balance theory, the monetary impulse transition modality as well as the monetary behavior on the part of the economic agents. It was established that each economical thinking movement marked the social, economical and political life for a certain amount of time, each school has criticized or supported their predecessors’ ideas contributing to the enrichment of the monetary theory and the economic development, implicitly.

The anticipation and outcome phases of reward and loss processing: A neuroimaging meta-analysis of the monetary incentive delay task.

Science.gov (United States)

Oldham, Stuart; Murawski, Carsten; Fornito, Alex; Youssef, George; Yücel, Murat; Lorenzetti, Valentina

2018-04-25

The processing of rewards and losses are crucial to everyday functioning. Considerable interest has been attached to investigating the anticipation and outcome phases of reward and loss processing, but results to date have been inconsistent. It is unclear if anticipation and outcome of a reward or loss recruit similar or distinct brain regions. In particular, while the striatum has widely been found to be active when anticipating a reward, whether it activates in response to the anticipation of losses as well remains ambiguous. Furthermore, concerning the orbitofrontal/ventromedial prefrontal regions, activation is often observed during reward receipt. However, it is unclear if this area is active during reward anticipation as well. We ran an Activation Likelihood Estimation meta-analysis of 50 fMRI studies, which used the Monetary Incentive Delay Task (MIDT), to identify which brain regions are implicated in the anticipation of rewards, anticipation of losses, and the receipt of reward. Anticipating rewards and losses recruits overlapping areas including the striatum, insula, amygdala and thalamus, suggesting that a generalised neural system initiates motivational processes independent of valence. The orbitofrontal/ventromedial prefrontal regions were recruited only during the reward outcome, likely representing the value of the reward received. Our findings help to clarify the neural substrates of the different phases of reward and loss processing, and advance neurobiological models of these processes. © 2018 The Authors Human Brain Mapping Published by Wiley Periodicals, Inc.

Expectations, Bond Yields and Monetary Policy

DEFF Research Database (Denmark)

Chun, Albert Lee

2011-01-01

expectations about inflation, output growth, and the anticipated path of monetary policy actions contain important information for explaining movements in bond yields. Estimates from a forward-looking monetary policy rule suggest that the central bank exhibits a preemptive response to inflationary expectations...... of this type may provide traders and policymakers with a new set of tools for formally assessing the reaction of bond yields to shifts in market expectations...

Incentives for Blood Donation: A Discrete Choice Experiment to Analyze Extrinsic Motivation.

Science.gov (United States)

Sadler, Andrew; Shi, Ling; Bethge, Susanne; Mühlbacher, Axel

2018-04-01

Background: Demographic trends affect size and age structure of populations. One of the consequences will be an increasing need for blood products to treat age-related diseases. Donation services rely on voluntariness and charitable motivation. It might be questioned whether there will be sufficient blood supply with voluntary donation. The present study focused on elicitation of preferences for incentives and aimed to contribute to the discussion on how to increase donation rates. Methods: A self-administered discrete choice experiment (DCE) was applied. Respondents were repeatedly asked to choose between hypothetical blood donation centers. In case of reluctance to receiving incentives a none-option was included. Random parameter logit (RPL) and latent class models (LCM) were used for analysis. Results: The study sample included 416 college students from the US and Germany. Choice decisions were significantly influenced by the characteristics of the donation center in the DCE. Incentives most preferred were monetary compensation, paid leave, and blood screening test. LCM identified subgroups with preference heterogeneity. Small subgroups indicated moderate to strong aversion to incentives. Conclusion: The majority of the sample positively responded to incentives and indicated a willingness to accept incentives. In face of future challenges, the judicious use and appropriate utilization of incentives might be an option to motivate potential donors and should be open to discussion.

OPEN MARKETING - A SPECIFIC FORM OF MONETARY POLICY IN ORDER TO MONETARY VOLUME ADJUSTMENT

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CHIRTOC IRINA- ELENA

2013-02-01

Full Text Available : Applying a uniform monetary policy by all European Union member states also require harmonization of monetary policy instruments and national interbank market integration also. Monetary policy instruments used by NBR (National Bank of Romania have evolved over time as a result of alignment with the instruments used by the European Central Bank. Money market operations in Romania have appeared for the first time in 1997. Starting from the wishing of Central Bank to reduce excess liquidity in 2001 they became the most important monetary policy tool used by the National Bank of Rumania. Open market operations are the instrument of monetary policy, central banking in Eastern Europe to work towards monetary contraction or expansion. Open-market operations in recent years have become the most important monetary policy instrument they play an essential role in promoting monetary policy by the central bank. Through open marketing operations the monetary authorities aim to alter bank reserves and thereby influence the amount of currency in circulation. In Romania, the open marketing operations are initiated by the National Bank of Romania, which determines what type of tools will be used while setting terms and conditions of the implementation. Through the use and control of monetary policy instruments, the central bank as the state bank seeks managing liquidity in the economy.

How do monetary policy tools work? An investigation on monetary transmission mechanism in Iran

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Naser Ali Yadollahzadeh Tabari

2013-04-01

Full Text Available Monetary transmission mechanism includes some channels in which monetary policy influences on macroeconomic variables such as the output and inflation. In this study, the effect of monetary policy tools including interest rate, exchange rate and money supply on the variables of monetary policy targets including inflation and output is examined through VECM methodology over the period 1989:2-2007:2. Our findings show that in long-term, monetary supply is the most important variable influencing the price followed by the variables of output and exchange rate, respectively. Exogenous-being of interest rate indicates that this channel is underdeveloped and there is no monetary policy rule like Taylor rule in Iran's economy.

Incentive Compatibility

OpenAIRE

Ledyard, John O.

1987-01-01

Incentive compatibility is described and discussed. A summary of the current state of understanding is provided. Key words are: incentive compatibility, game theory, implementation, mechanism, Bayes, Nash, and revelation.

The interaction of fiscal and monetary policy in a monetary union : Balancing credibility and flexibility

NARCIS (Netherlands)

Beetsma, R.M.W.J.; Bovenberg, A.L.

1995-01-01

This paper explores how decentralized, national fiscal policies interact with a common monetary policy in a monetary union. We show that fiscal policy plays a more important ro le in stabilizing country-specific shocks than with national monetary policies. Whereas monetary u nification with an

Incentive Processing in Persistent Disruptive Behavior and Psychopathic Traits: A Functional Magnetic Resonance Imaging Study in Adolescents.

Science.gov (United States)

Cohn, Moran D; Veltman, Dick J; Pape, Louise E; van Lith, Koen; Vermeiren, Robert R J M; van den Brink, Wim; Doreleijers, Theo A H; Popma, Arne

2015-11-01

Children with early-onset disruptive behavior disorder (DBD), especially those with callous-unemotional traits, are at risk of developing persistent and severe adult antisocial behavior. One possible underlying mechanism for persistence is deficient reward and loss sensitivity, i.e., deficient incentive processing. However, little is known about the relation between deficient incentive processing and persistence of antisocial behavior into adulthood or its relation with callous-unemotional and other psychopathic traits. In this study, we investigate the relationship between the neural correlates of incentive processing and both DBD persistence and psychopathic traits. In a sample of 128 adolescents (mean age 17.7) with a history of criminal offending before age 12, functional magnetic resonance imaging was performed during a monetary incentive delay task designed to assess neural responses during incentive processing. Neural activation during incentive processing was then associated with DBD persistence and psychopathic traits, measured with the Youth Psychopathic Traits Inventory. Compared with both healthy control subjects and youths who had desisted from DBD, persistent DBD subjects showed lower neural responses in the ventral striatum during reward outcomes and higher neural responses in the amygdala during loss outcomes. Callous-unemotional traits were related to lower neural responses in the amygdala during reward outcomes, while other psychopathic traits were not related to incentive processing. In the current study, aberrant incentive processing is related to persistence of childhood antisocial behavior into late adolescence and to callous-unemotional traits. This mechanism may underlie treatment resistance in a subgroup of antisocial youth and provide a target for intervention. Copyright © 2015 Society of Biological Psychiatry. Published by Elsevier Inc. All rights reserved.

Why monetary board: Monetary board and endogenic price flexibility

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Bašić Tamara

2004-01-01

Full Text Available The paper presents a model which proves that a unilateral exchange rate fixing, i.e. monetary board, as opposed to certain opinions, is an optimal policy since it increases flexibility of nominal prices, which is the ultimate goal of a flexible exchange rate policy. A suitable calibration of the model shows that the higher the initial price flexibility, the lower the difference needed for "utility increase" in getting the producers to switch from fixed to flexible prices. The results obtained in all cases indicate that exchange rate fixing increases price flexibility, which proves that a unilateral exchange rate fixing, i.e. monetary board, could be an optimal monetary policy.

Using Economic Incentives to Reduce Electricity Consumption: A field Experiment in Matsuyama, Japan

OpenAIRE

Kenichi Mizobuchi; Kenji Takeuchi

2012-01-01

This study examines the effectiveness of economic incentives in promoting electricity-conservation behavior among Japanese households. Fifty-three Japanese households participated in a field experiment and were offered monetary rewards depending on their rate of reduction in electricity consumption. To avoid bias in sample selection, which is typically present in previous studies, we adopted a request-based approach for recruiting participants. Results showed that only 34% of the participants...

Two sides of the same coin : Monetary incentives concurrently improve and bias confidence judgments

NARCIS (Netherlands)

Lebreton, Maël; Langdon, Shari; Slieker, Matthijs J; Nooitgedacht, Jip S; Goudriaan, Anna E; Denys, D.; van Holst, Ruth J; Luigjes, Judy

2018-01-01

Decisions are accompanied by a feeling of confidence, that is, a belief about the decision being correct. Confidence accuracy is critical, notably in high-stakes situations such as medical or financial decision-making. We investigated how incentive motivation influences confidence accuracy by

The Effect of Incentives and Meta-incentives on the Evolution of Cooperation

OpenAIRE

Okada, Isamu; Yamamoto, Hitoshi; Toriumi, Fujio; Sasaki, Tatsuya

2015-01-01

Although positive incentives for cooperators and/or negative incentives for free-riders in social dilemmas play an important role in maintaining cooperation, there is still the outstanding issue of who should pay the cost of incentives. The second-order free-rider problem, in which players who do not provide the incentives dominate in a game, is a well-known academic challenge. In order to meet this challenge, we devise and analyze a meta-incentive game that integrates positive incentives (re...

Inflation Targeting as the Monetary Policy Framework: Bangladesh Perspective

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Mohammed SAIFUL ISLAM

2011-06-01

Full Text Available Inflation targeting strategy has become a widely accepted monetary policy framework in many countries all over the world. Our study finds that the central bank of Bangladesh is neither inflation targeting nor does follow any other rule-guided monetary policy, rather the policy is formulated with substantial discretion under the guidelines of donor agencies. This paper provides the evidence that monetary sector of Bangladesh economy has gained considerable degree of maturity and fulfils a number of prerequisites to adopt inflation targeting strategy. Using data over 1980-2010 we estimate an error correction model in order to examine if interest rate policy could fight the inflation. This is evident that deviation in inflation from target can be corrected via the changes in interest rate. Empirical findings jointly with few descriptive statistics provide strong evidence to recommend inflation targeting as the monetary policy strategy for Bangladesh.

Exchange rate regimes and monetary arrangements

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Ivan Ribnikar

2005-06-01

Full Text Available There is a close relationship between a country’s exchange rate regime and monetary arrangement and if we are to examine monetary arrangements then exchange rate regimes must first be analysed. Within the conventional and most widely used classification of exchange rate regimes into rigid and flexible or into polar regimes (hard peg and float on one side, and intermediate regimes on the other there, is a much greater variety among intermediate regimes. A more precise and, as will be seen, more useful classification of exchange rate regimes is the first topic of the paper. The second topic is how exchange rate regimes influence or determine monetary arrangements and monetary policy or monetary policy regimes: monetary autonomy versus monetary nonautonomy and discretion in monetary policy versus commitment in monetary policy. Both topics are important for countries on their path to the EU and the euro area

Fiscal aspects of the European monetary integration

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Golubović Srđan

2014-01-01

Full Text Available Along with the introduction of the euro as a single currency, importance of respecting the fiscal aspects which determine longevity of the monetary arrangement is recognized. For this reason, although underdeveloped, the EU fiscal system provides mechanisms to ensure fiscal discipline among member states. In addition to the fulfillment of the convergence criteria which is a precondition for joining the monetary union, they include no bailout clause and monetary financing prohibition. Sovereign debt that escalated in 2010 showed all the imperfections of these arrangements and pointed to the need for introduction of new and more effective fiscal rules. With fiscal system of the European Union as a starting point, the paper analyzes instruments defined by the fiscal system of the Union, which purpose is to ensure fiscal discipline of the European Monetary Union member states. Last part of the paper analyze new fiscal rules introduced as a response to the debt crisis in the Eurozone.

Cost-effectiveness analysis of malaria rapid diagnostic test incentive schemes for informal private healthcare providers in Myanmar.

Science.gov (United States)

Chen, Ingrid T; Aung, Tin; Thant, Hnin Nwe Nwe; Sudhinaraset, May; Kahn, James G

2015-02-05

The emergence of artemisinin-resistant Plasmodium falciparum parasites in Southeast Asia threatens global malaria control efforts. One strategy to counter this problem is a subsidy of malaria rapid diagnostic tests (RDTs) and artemisinin-based combination therapy (ACT) within the informal private sector, where the majority of malaria care in Myanmar is provided. A study in Myanmar evaluated the effectiveness of financial incentives vs information, education and counselling (IEC) in driving the proper use of subsidized malaria RDTs among informal private providers. This cost-effectiveness analysis compares intervention options. A decision tree was constructed in a spreadsheet to estimate the incremental cost-effectiveness ratios (ICERs) among four strategies: no intervention, simple subsidy, subsidy with financial incentives, and subsidy with IEC. Model inputs included programmatic costs (in dollars), malaria epidemiology and observed study outcomes. Data sources included expenditure records, study data and scientific literature. Model outcomes included the proportion of properly and improperly treated individuals with and without P. falciparum malaria, and associated disability-adjusted life years (DALYs). Results are reported as ICERs in US dollars per DALY averted. One-way sensitivity analysis assessed how outcomes depend on uncertainty in inputs. ICERs from the least to most expensive intervention are: $1,169/DALY averted for simple subsidy vs no intervention, $185/DALY averted for subsidy with financial incentives vs simple subsidy, and $200/DALY averted for a subsidy with IEC vs subsidy with financial incentives. Due to decreasing ICERs, each strategy was also compared to no intervention. The subsidy with IEC was the most favourable, costing $639/DALY averted compared with no intervention. One-way sensitivity analysis shows that ICERs are most affected by programme costs, RDT uptake, treatment-seeking behaviour, and the prevalence and virulence of non

42 CFR 495.370 - Appeals process for a Medicaid provider receiving electronic health record incentive payments.

Science.gov (United States)

2010-10-01

... & MEDICAID SERVICES, DEPARTMENT OF HEALTH AND HUMAN SERVICES (CONTINUED) STANDARDS AND CERTIFICATION STANDARDS FOR THE ELECTRONIC HEALTH RECORD TECHNOLOGY INCENTIVE PROGRAM Requirements Specific to the... provide that the provider (whether individual or entity) is also given any additional appeals rights that...

Financial incentives for a healthy life style and disease prevention among older people: a systematic literature review.

Science.gov (United States)

Tambor, Marzena; Pavlova, Milena; Golinowska, Stanisława; Arsenijevic, Jelena; Groot, Wim

2016-09-05

To motivate people to lead a healthier life and to engage in disease prevention, explicit financial incentives, such as monetary rewards for attaining health-related targets (e.g. smoking cessation, weight loss or increased physical activity) or disincentives for reverting to unhealthy habits, are applied. A review focused on financial incentives for health promotion among older people is lacking. Attention to this group is necessary because older people may respond differently to financial incentives, e.g. because of differences in opportunity costs and health perceptions. To outline how explicit financial incentives for healthy lifestyle and disease prevention work among older persons, this study reviews the recent evidence on this topic. We applied the method of systematic literature review and we searched in PUBMED, ECONLIT and COCHRANE LIBRARY for studies focused on explicit financial incentives targeted at older adults to promote health and stimulate primary prevention as well as screening. The publications selected as relevant were analyzed based on directed (relational) content analysis. The results are presented in a narrative manner complemented with an appendix table that describes the study details. We assessed the design of the studies reported in the publications in a qualitative manner. We also checked the quality of our review using the PRISMA 2009 checklist. We identified 15 studies on the role of explicit financial incentives in changing health-related behavior of older people. They include both, quantitative studies on the effectiveness of financial rewards as well as qualitative studies on the acceptability of financial incentives. The quantitative studies are characterized by a great diversity of designs and provide mixed results on the effects of explicit financial incentives. The results of the qualitative studies indicate limited trust of older people in the use of explicit financial incentives for health promotion and prevention. More

MONETARY CONFORMATION OF THE CORPORATE GOVERNMENTALITY III DESCRIPTION OF THE MONETARY SYSTEM

Directory of Open Access Journals (Sweden)

Eduardo Rivera Vicencio

2016-04-01

Full Text Available This paper describes the current monetary system, identifying different components and the relationship between them. It is part of the Foucaultian approach of power relations and forms part of a body of work on the monetary conformation of corporate governmentality. It also forms part of the theoretical framework: the general monetary theory and, in particular, the quantity theory of money and the theory of business cycles. It describes four major components such as international organizations with effects on the money supply, states from dominant or dominated economies, the economy of large financial and non-financial companies and the real economy, made up of families and small and medium size companies. Within these four main components, there are different levels of action and influence in the money supply. The relationships, that are addressed, are the relationships which occur within each one of the components and the relationships between the different components. In these relationships between components of the monetary system, the creation of excess money supply is explained which produced the economic crisis as a result of the structure of the monetary system and its historical conformation. This document also describes the conformation of rent appropriation and yields, together with the process of the concentration of wealth, where the monetary system acts as an essential tool for achieving these purposes by large companies.

Do Tax Incentives Affect Business Location? Evidence from State Film Incentives

OpenAIRE

Patrick Button

2015-01-01

I provide the first estimates of the impacts of recently-popular U.S. state film incentives on filming location, establishment location, and employment in the film industry. Filming in this industry is relatively insensitive to locational characteristics, and these incentives are numerous and strong, so this is a good case study to bound the effects of tax incentives on business location. I compile a detailed database of incentives across U.S. states, matching this with TV series and feature ...

Financial incentive approaches for reducing peak electricity demand, experience from pilot trials with a UK energy provider

International Nuclear Information System (INIS)

Bradley, Peter; Coke, Alexia; Leach, Matthew

2016-01-01

Whilst tariff-based approaches to load-shifting are common in the residential sector, incentive-based approaches are rare. This is so, even though providing customers incentives to shape their power consumption patterns has substantial potential. This paper presents findings from an exploratory UK pilot study that trials financial payments and detailed energy feedback to incentivise load-shifting of residential electricity consumption. An intervention study was implemented measuring actual energy use by individual households as well as conducting surveys and interviews. From the trials it was found that the approaches resulted in reductions in peak time energy use. Evidence from the study found that the incentives-based approaches were able to overcome some of the barriers to response experienced in Time-of-Use studies, though less good on others. Interestingly, the height of the barriers varied by the electricity-using practice and the incentivising approach applied. The height of the barriers also varied by participant. The study concludes by identifying that broad participation in demand response is likely to require a suite of incentivising approaches that appeal to different people, a key policy finding of interest to international agencies, government, public and private sector entities. - Highlights: • Novel study of financial incentive approaches for shifting residential energy. • First academic paper comprehensively identifying barriers to time of use tariffs. • First study reporting barriers to financial incentive approaches for demand response. • Incentive study design can be applied by government and energy companies.

Housing and the Monetary Transmission Mechanism

OpenAIRE

Frederic S. Mishkin

2007-01-01

The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary policy...

Monetary valuation of environmental goods, services and impacts: variability of monetary values. Seminar proceedings of December 10, 2014

International Nuclear Information System (INIS)

Bonnet, Xavier; Ben Maid, Atika; Calvet, Melanie; Darses, Ophelie; Devaux, Jeremy; Simon, Olivier; Gatier, Alexis; Wittmann, Anne-laure; Bonnet, Xavier; Bonroy, Olivier; Ceci-Renaud, Nila; Tarayoun, Tedjani; Mercadie, Corinne; Adam, Gabrielle; Perrissin Fabert, Baptiste; Combet, Emmanuel; Casset, Loic; Meunier, David; Le Maitre, Helene; Brunel, Julien; Rotillon, Gilles

2015-06-01

Within the General Commission for Sustainable Development, the Service for Economics, Assessment and Integration of Sustainable Development is in charge of developing and promoting the economic valuation of policies, regulations, environmental goods and services, related to biodiversity, natural assets and environmental amenities. On December 10, 2014, it held the fifth annual seminar on monetary valuation of environmental goods, services and impacts. The first four editions respectively were devoted to economic valuation methods of environmental goods and services, implementations of these methods, uses of monetary values and methodological innovations; the 2014 seminar addressed the variability of monetary values. The ten presentations of the seminar explored the different values resulting from monetary valuation methods: what do they mean? What do they measure? Why are they relevant to integrate environmental valuation in the various economic sectors? From both a theoretical and practical point of view, theses questions were addressed by considering three main topics: the integration of environmental value in market prices, the different meanings of carbon values and the temporal variability of values used in assessment of investment projects in the transport sector. Those conferences are aimed for experts and practitioners of monetary valuation techniques as well as for users of the values produced. They provide a place to gather and facilitate dialogue between representatives from universities, government agencies and private sector involved in these issues. (authors)

Monetary and fiscal policy aspects of indirect tax changes in a monetary union

OpenAIRE

von Thadden, Leopold; Lipińska, Anna

2009-01-01

In recent years a number of European countries have shifted their tax structure more strongly towards indirect taxes, motivated, inter alia, by the intention to foster competitiveness. Against this background, this paper develops a tractable two-country model of a monetary union, characterised by national fiscal and supranational monetary policy, with price-setting firms and endogenously determined terms of trade. The paper discusses a number of monetary and fiscal policy questions which emer...

On Monetary and Non-Monetary Interventions to Combat Corruption

OpenAIRE

Banerjee, Ritwik; Mitra, Arnab

2017-01-01

The paper studies the relative effectiveness of extrinsic monetary disincentives and intrinsic non-monetary disincentives to corruption. In doing so, we also test the Beckarian prediction that at the same level of expected payoff, a low probability of detection with high penalty is a stronger deterrent to corruption than a high probability of detection with low penalty. In Experiment 1, two treatments are designed to study the effect of a low probability of detection with high penalty, and a ...

Conquering Credibility for Monetary Policy Under Sticky Confidence

Directory of Open Access Journals (Sweden)

Jaylson Jair da Silveira

2015-06-01

Full Text Available We derive a best-reply monetary policy when the confidence by price setters on the monetary authority’s commitment to price level targeting may be both incomplete and sticky. We find that complete confidence (or full credibility is not a necessary condition for the achievement of a price level target even when heterogeneity in firms’ price level expectations is endogenously time-varying and may emerge as a long-run equilibrium outcome. In fact, in the absence of exogenous perturbations to the dynamic of confidence building, it is the achievement of a price level target for long enough that, due to stickiness in the state of confidence, rather ensures the conquering of full credibility. This result has relevant implications for the conduct of monetary policy in pursuit of price stability. One implication is that setting a price level target matters more as a means to provide monetary policy with a sharper focus on price stability than as a device to conquer credibility. As regards the conquering of credibility for monetary policy, it turns out that actions speak louder than words, as the continuing achievement of price stability is what ultimately performs better as a confidence-building device.

MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

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Kosta JOSIFIDIS

2010-01-01

Full Text Available The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, and implicit/explicit inflation targeting monetary regime and floating (managed/free exchange rate regime. The monetary transmission is tracked during different phases in a transition process towards the EU and compared between different nominal anchors and exchange rate regimes. In order to track the influence of a monetary policy instruments (impulses to different goals of a monetary policy (responses during the period from 6-24 months, we use VAR and VEC models. Monthly frequency of following time series are used in the models: nominal exchange rates, consumer price indexes, foreign exchange reserves, and reference interest rates. The aim of the paper is to point to the distinction between de jure and de facto exchange rate regimes, and to the adequacy of used combination of monetary and exchange rate regimes having in mind revealed features of investigated monetary transmission channels.

The impact of incentives on intrinsic and extrinsic motives for fitness-center attendance in college first-year students.

Science.gov (United States)

Pope, Lizzy; Harvey, Jean

2015-01-01

A criticism of incentives for health behaviors is that incentives undermine intrinsic motivation. The objective of this study was to determine the impact of monetary incentive provision on participation motives for exercise in first-year college students at a northeastern public university. Randomized-controlled trial. Public university in the Northeastern United States. One hundred seventeen first-year college students. Participants were randomized to one of three conditions: a control condition receiving no incentives for meeting fitness-center attendance goals; a discontinued-incentive condition receiving weekly incentives during fall semester 2011, and no incentives during spring semester 2012; or a continued-incentive condition receiving weekly incentives during fall semester, and incentives on a variable-interval schedule during spring semester. The Exercise Motivation Inventory 2 measured exercise participation motives at baseline, end of fall semester, and end of spring semester. Fitness-center attendance was monitored by using ID-card check-in/check-out records. Repeated-measures analyses using linear mixed models with first-order autoregressive covariance structures were run to compare motive changes in the three conditions. Participation motives of Enjoyment and Revitalization associated with intrinsic motivation did not decrease significantly over time in any of the conditions, F(4, 218) = 2.25, p = .065 and F(4, 220) = 1.67, p = .16, respectively. Intrinsically associated participation motives for exercise did not decrease with incentive provision. Therefore, incentives may encourage fitness-center attendance without negatively impacting participation motives for exercise.

Monetary accounting of ecosystem services

NARCIS (Netherlands)

Remme, R.P.; Edens, Bram; Schröter, Matthias; Hein, Lars

2015-01-01

Ecosystem accounting aims to provide a better understanding of ecosystem contributions to the economy in a spatially explicit way. Ecosystem accounting monitors ecosystem services and measures their monetary value using exchange values consistent with the System of National Accounts (SNA). We

Social and monetary reward processing in autism spectrum disorders.

Science.gov (United States)

Delmonte, Sonja; Balsters, Joshua H; McGrath, Jane; Fitzgerald, Jacqueline; Brennan, Sean; Fagan, Andrew J; Gallagher, Louise

2012-09-26

Social motivation theory suggests that deficits in social reward processing underlie social impairments in autism spectrum disorders (ASD). However, the extent to which abnormalities in reward processing generalize to other classes of stimuli remains unresolved. The aim of the current study was to examine if reward processing abnormalities in ASD are specific to social stimuli or can be generalized to other classes of reward. Additionally, we sought to examine the results in the light of behavioral impairments in ASD. Participants performed adapted versions of the social and monetary incentive delay tasks. Data from 21 unmedicated right-handed male participants with ASD and 21 age- and IQ-matched controls were analyzed using a factorial design to examine the blood-oxygen-level-dependent (BOLD) response during the anticipation and receipt of both reward types. Behaviorally, the ASD group showed less of a reduction in reaction time (RT) for rewarded compared to unrewarded trials than the control group. In terms of the fMRI results, there were no significant group differences in reward circuitry during reward anticipation. During the receipt of rewards, there was a significant interaction between group and reward type in the left dorsal striatum (DS). The ASD group showed reduced activity in the DS compared to controls for social rewards but not monetary rewards and decreased activation for social rewards compared to monetary rewards. Controls showed no significant difference between the two reward types. Increased activation in the DS during social reward processing was associated with faster response times for rewarded trials, compared to unrewarded trials, in both groups. This is in line with behavioral results indicating that the ASD group showed less of a reduction in RT for rewarded compared to unrewarded trials. Additionally, de-activation to social rewards was associated with increased repetitive behavior in ASD. In line with social motivation theory, the ASD

Small Business Taxation: Revamping Incentives to Encourage Growth

Directory of Open Access Journals (Sweden)

Duanjie Chen

2011-05-01

aforementioned threshold effect. We use a new approach in assessing the impact of taxes on small business growth by estimating the amount of tax paid on the rate of return to capital as a small business grows in size. We show that small business growth is hampered by the existing tax system. As a business grows, effective tax rates on capital investments made by entrepreneurs virtually double when the business grows from as a little as $1 million to over $30 million in asset size. The issue is particularly important to the provinces that have been creating greater gaps between large and small business tax rates. The aim of tax incentives should be to try to avoid creating a wall that inhibits growth in small businesses, but instead flattens corporate and personal taxes with respect to incentives structured to induce growth. We provide some specific recommendations for growth-enhancing incentives that are superior to the small business tax deduction and other incentives of a similar type. Incentives associated with size should be avoided as much as possible, a proposal that is consistent with International Monetary Fund (IMF recommendations.

Leverage, monetary policy, and firm investment

OpenAIRE

Charles X. Hu

1999-01-01

In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.

Abstinence duration modulates striatal functioning during monetary reward processing in cocaine patients.

Science.gov (United States)

Bustamante, Juan-Carlos; Barrós-Loscertales, Alfonso; Costumero, Víctor; Fuentes-Claramonte, Paola; Rosell-Negre, Patricia; Ventura-Campos, Noelia; Llopis, Juan-José; Ávila, César

2014-09-01

Pre-clinical and clinical studies in cocaine addiction highlight alterations in the striatal dopaminergic reward system that subserve maintenance of cocaine use. Using an instrumental conditioning paradigm with monetary reinforcement, we studied striatal functional alterations in long-term abstinent cocaine-dependent patients and striatal functioning as a function of abstinence and treatment duration. Eighteen patients and 20 controls underwent functional magnetic resonance imaging during a Monetary Incentive Delay task. Region of interest analyses based on masks of the dorsal and ventral striatum were conducted to test between-group differences and the functional effects in the cocaine group of time (in months) with no more than two lapses from the first time patients visited the clinical service to seek treatment at the scanning time (duration of treatment), and the functional effects of the number of months with no lapses or relapses at the scanning session time (length of abstinence). We applied a voxel-wise and a cluster-wise FWE-corrected level (pFWE) at a threshold of P reward anticipation than the control group. The regression analyses in the patients group revealed a positive correlation between duration of treatment and brain activity in the left caudate during reward anticipation. Likewise, length of abstinence negatively correlated with brain activity in the bilateral nucleus accumbens during monetary outcome processing. In conclusion, caudate and nucleus accumbens show a different brain response pattern to non-drug rewards during cocaine addiction, which can be modulated by treatment success. © 2013 The Authors, Addiction Biology © 2013 Society for the Study of Addiction.

Collateral fluctuations in a monetary economy

NARCIS (Netherlands)

Ferraris, L.; Watanabe, M.

2011-01-01

This paper studies economy-wide fluctuations that occur endogenously in the presence of monetary and real assets. Using a standard monetary search model, we consider an economy in which agents can increase consumption, over and above what their liquid monetary asset holdings would allow, pledging

Bank of England’s monetary policy committee – assessing the importance and the implication upon monetary policy

OpenAIRE

Florin Cornel DUMITER; Horatiu Florin SOIM

2012-01-01

The monetary policy strategies arround the world have been envolving in the last two decades considerable. In the past, central banks’ have been associated with a „veil of mistery” having at their grounds the so-called policy mistique. Nowadays, the new monetary policy strategy – inflation targeting – promoted by many countries established new coordinates for monetary policy. In this paper we focuse upon the monetary policy committee with a special focus upon the Bank of England’s case, becau...

Monetary Policy Strategy: Lessons from the Crisis

OpenAIRE

Frederic S. Mishkin

2011-01-01

This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy strategy. It will then examine how the crisis has changed the thinking of both macro/monetary economists and central bankers. Finally, it looks how much of the science of monetary policy needs to be a...

RISKS AND CONSTRAINTS FOR THE MONETARY STABILITY

Directory of Open Access Journals (Sweden)

Camelia MILEA

2013-09-01

Full Text Available Starting from the definition according to which monetary stability requires an appropriate level of liquidity in an economy with dynamic objectives, of growth and job creation, non-inflationary in terms of price stability, based on the analysis of the effects of some relevant economic phenomena and on the economic literature, in this article, the author has highlighted some of the risks to monetary stability. One of the major risks is represented by the loss of its instruments, i.e. the instruments for liquidity management, through monetary and exchange rate policies. Another important risk is represented by the capital fluctuation due to various shocks: exchange rate, political, financial and capital account liberalization. Also, as a result of the analysis of relevant studies and of the effects of the European integration in terms of monetary stability, the author has shown the elements on which depends monetary stability. Among these, there are: the existence of an institutional framework with a clear goal and a proper degree of responsibility, strong operational independence of monetary policy, monetary policy implementation with a view to ensuring an appropriate balance between discipline and discretion, the level of the interest rate of monetary policy, the efficiency of the transmission mechanism of monetary policy, the existence of a viable and stable financial system, the existence of enough instruments at hand for the central bank, the structure and soundness of the financial and banking system. The paper is a capitalization of the research project “Global Risks for the Financial and Monetary Stability. Implications for Romania and European Union” elaborated in 2013, at “Victor Slăvescu” Centre for Financial and Monetary Research.

THE COMPARATIVE ANALISYS OF POLISH MONETARY POLICY WITH THE MONETARY RULE FOR THE YEARS 1995–2007

OpenAIRE

Maciej Ryczkowski

2008-01-01

According to the research and econometrical model Poland’s monetary policy and the monetary rule are very similar. In many fields both strategies prove to result in the same outcomes. Both aim to guarantee low inflation and long-term economic growth. The difference is that in Poland the control of supply of money is carried out by the control inflation instead of direct control of monetary aggregates as in monetary rule. To sum up, there is no need to separate control of money’s supply in the...

Monetary Organization and National Identity

DEFF Research Database (Denmark)

Ravn Sørensen, Anders

2016-01-01

This article develops a detailed overview of literature on the relationship between monetary organization, understood as currencies and central banks, and issues of national identity and nationalism. It demonstrates how the literature on this subject for the past 20 years has developed into a dis......This article develops a detailed overview of literature on the relationship between monetary organization, understood as currencies and central banks, and issues of national identity and nationalism. It demonstrates how the literature on this subject for the past 20 years has developed...... into a distinct research field and the article sketches a set of different methodological approaches as well as geographical and thematical variations within the field. In particular, the overview points to a recent shift in focus from a preoccupation with the identity-cultivating qualities of monetary...... organization to an emphasis on how collective identities legitimize monetary organization. Based on the literature review, the article points to two underdeveloped themes for future research to investigate: (1) further studies on the interrelation between the legitimacy of monetary organization and national...

Monetary management in a monetary union

DEFF Research Database (Denmark)

Thygesen, Niels

1991-01-01

The design and implementation of monetary policy in the EMU raises a number of difficult conceptual issues, though less complex than those of the transition. The Delors Report (1989) addressed three issues, in particular: (1) the appropriate mandate for the European system of Central Banks (ESCB)......, and on the desirable degree of decentralization within the ESCB of operational and supervisory authority. Some preliminary reflections on these issues are found in the final section......The design and implementation of monetary policy in the EMU raises a number of difficult conceptual issues, though less complex than those of the transition. The Delors Report (1989) addressed three issues, in particular: (1) the appropriate mandate for the European system of Central Banks (ESCB......): (2) the relationship of the ESCB to national and EEC political authorities, and (3) the accountability of the ESCB for its implementation of its mandate. The paper pays special attention to the interaction of these three issues. The Delors Report was less specific on the desing of instruments...

78 FR 672 - Civil Monetary Penalties

Science.gov (United States)

2013-01-04

... Part 3560 RIN 0575AC93 Civil Monetary Penalties AGENCY: Rural Housing Service, USDA. ACTION: Proposed rule. SUMMARY: The Rural Housing Service (RHS or Agency) proposes to implement two civil monetary... civil monetary penalties under the authority of 42 U.S.C. 1490s (section 543 of the Housing Act of 1949...

Monetary policy and regional output in Brazil

Directory of Open Access Journals (Sweden)

Rafael Rockenbach da Silva Guimarães

2014-03-01

Full Text Available This work presents an analysis of whether the effects of the Brazilian monetary policy on regional outputs are symmetric. The strategy developed combines the techniques of principal component analysis (PCA to decompose the variables that measure regional economic activity into common and region-specific components and vector autoregressions (VAR to observe the behavior of these variables in response to monetary policy shocks. The common component responds to monetary policy as expected. Additionally, the idiosyncratic components of the regions showed no impact of monetary policy. The main finding of this paper is that the monetary policy responses on regional output are symmetrical when the regional output decomposition is performed, and the responses are asymmetrical when this decomposition is not performed. Therefore, performing the regional output decomposition corroborates the economic intuition that monetary policy has no impact on region-specific issues. Once monetary policy affects the common component of the regional economic activity and does not impact its idiosyncratic components, it can be considered symmetrical.

Quantification model of the consequences of monetary policy shocks

Directory of Open Access Journals (Sweden)

Coralia Emilia POPA

2017-11-01

Full Text Available The monetary analysis based on the BVAR (Bayesian Vector Autoregression model is extremely important in the monetary policy implementation strategy, the information provided is important not only for the Central Bank, but also for the economic agents and the population. Therefore, conducting this analysis at the level of Romania helps to understand better the mechanism by which monetary policy is transmitted in order to achieve the set target, namely inflation targeting, but it also provides us with important information regarding the accession to the euro area. The model we are trying to test helps us understand through the correlations between the interest rate, GDP and the inflation rate how monetary policy responds to shocks. The model follows the methodology presented by Sims and Zha (1998 in the paper "Bayesian Methods for Dynamic Multivariate Models and Using the Bayesian Autoregressive Vector". In the analysis of this model, quarterly data for a minimum of three years, three variables are used to make the results relevant. The data needed to model the model are used in logarithmic form, except for the interest rate, and the outcome is applied to a differentiated premium operator. Of the variables used, the interest rate is the only one that does not allow seasonal adjustment.

Divisia and Simple Sum Monetary Aggregates: Any Empirical Relevance for Turkey?

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Polat Umurcan

2018-01-01

Full Text Available In consideration of channels through which monetary policy affects economic activity, the monetary aggregates have been mostly ignored by the monetary authorities instead of which shortrun interest rates have been given a priori role. These monetary aggregates are largely argued to fail in measuring the effectiveness of different monetary policy regimes in forecasting the macroeconomic fundamentals. Grounded on the “Barnett critique”, the formation of traditional simple-sum monetary aggregates assuming for perfect substitution among the components of the money supply is blamed for such a failure of money in explaining the real activity. Given increasing varieties of financial assets which have completely different “moneyness”, it is important to provide an alternative measure of the money supply. Hereby, the Divisia monetary aggregates which give different weights to different assets have arisen as an alternative approach. In this study, a Divisia index is constructed to test its predictive power on quantities and prices compared to its simple sum counterpart. Accordingly, a Divisia index is built-up for Turkish economy for the period 2006-2016 to see whether the utilization of the Divisia monetary aggregates in the conduct of monetary policy makes any difference compared to that of traditional simple sum money supply. Under different specifications, though the relative power of the Divisia aggregates in predicting quantity and price variables is found, still, it can be argued that theoretically well-rounded formation of the Divisia index is not that much empirically justified for the case of Turkey.

EURO ZONE AND ITS MONETARY POLICY

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Dorel Dumitru CHIRIŢESCU

2010-03-01

Full Text Available In this article I have tried to make a short presentation of the Euro Zone and it’s monetary policy. At the present moment the Euro Zone has 16 countries that have adopted the Euro as a national currency and also 4 small countries that have monetary agreements with their neighbours. The monetary policy represents all the regulations of the money supply and interest rates adopted by the European Central Bank in order to control the inflation rate and to stabilize a specific currency, in this case, the Euro. Stabilizing the inflation rate to certain levels is the main goal of the monetary policy. The monetary policy is the second policy, next to the fiscal one which in which a government, in this case the European Union’s official bodies, can impact the economic situation of the Eurozone. The fiscal policy represents the way a government spends, borrows or applies different types of taxes. The Monetary policy can be either expansionary, when unemployement and recessions needs to be combated, or contractionary, when inflation is conbated byt raising the interest rates.

THE IMPACT OF MONETARY POLICY ON BANK CREDIT DURING ECONOMIC CRISIS: INDONESIA’S EXPERIENCE

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Abdul Mongid

2017-03-01

Full Text Available The monetary policy mechanism by which monetary policy was transmitted to thereal economy had emerged as the pivotal discussion topic recently. This paper tried to discussthe impact of Bank Indonesia’s monetary policy on loan bank. By using simple loan bankframework we concluded that monetary policies were able to influence loan bank. Themonetary variables such as discount rate policy, base money and exchange rate policy werevery important in determining the banking credit. As the credit was very important to influencesthe economic activitiy, the result provided evidence that monetary policy was important as atool to control economic activity via credit channel. The validity of this study challenged thehypotheses that monetary policy was death. However, monetary policy maker should carefullyconsider the soundness of the banking industry because it was a strategic partner for monetaryauthority to control the economic activities.

Implementation of Responsible Research and Innovation (RRI Practices in Industry: Providing the Right Incentives

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Agata Gurzawska

2017-09-01

Full Text Available Abstract: Responsible Research and Innovation (RRI is a term used by policy-makers and academics to refer to research and innovation that is ethically acceptable and socially desirable. Despite the fact that the vast majority of research and innovation (R&I is funded and produced by industry, companies tend to have no awareness or recognition of this concept. This is unfortunate, as the RRI paradigm could be mutually beneficial for both business and society: it could help businesses realise competitive opportunities while also leading to positive economic, societal and environmental impacts. This paper investigates how industry can be incentivised to engage in research and innovation following the approach of RRI. We propose a matrix of incentives for stimulating the adoption of RRI. We categorise incentives according to three dichotomies: external and internal, instrumental and non-instrumental, direct and indirect. The incentives are formalised in a causal loop diagram, which can be used to demonstrate the sound character of investing in RRI from a business perspective. We discuss examples of incentives, including corporate reputation and critical consumerism, certification, employee engagement, and governance. Lastly, to ensure effective implementation of RRI, we outline factors for the realisation of successful incentives for RRI in industry.

Game of Thrones: Accommodating Monetary Policies in a Monetary Union

Directory of Open Access Journals (Sweden)

Dmitri Blueschke

2018-02-01

Full Text Available In this paper, we present an application of the dynamic tracking games framework to a monetary union. We use a small stylized nonlinear three-country macroeconomic model of a monetary union to analyze the interactions between fiscal (governments and monetary (common central bank policy makers, assuming different objective functions of these decision makers. Using the OPTGAME algorithm, we calculate solutions for several games: a noncooperative solution where each government and the central bank play against each other (a feedback Nash equilibrium solution, a fully-cooperative solution with all players following a joint course of action (a Pareto optimal solution and three solutions where various coalitions (subsets of the players play against coalitions of the other players in a noncooperative way. It turns out that the fully-cooperative solution yields the best results, the noncooperative solution fares worst and the coalition games lie in between, with a broad coalition of the fiscally more responsible countries and the central bank against the less thrifty countries coming closest to the Pareto optimum.

Role of contingency in striatal response to incentive in adolescents with anxiety.

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Benson, Brenda E; Guyer, Amanda E; Nelson, Eric E; Pine, Daniel S; Ernst, Monique

2015-03-01

This study examines the effect of contingency on reward function in anxiety. We define contingency as the aspect of a situation in which the outcome is determined by one's action-that is, when there is a direct link between one's action and the outcome of the action. Past findings in adolescents with anxiety or at risk for anxiety have revealed hypersensitive behavioral and neural responses to higher value rewards with correct performance. This hypersensitivity to highly valued (salient) actions suggests that the value of actions is determined not only by outcome magnitude, but also by the degree to which the outcome is contingent on correct performance. Thus, contingency and incentive value might each modulate reward responses in unique ways in anxiety. Using fMRI with a monetary reward task, striatal response to cue anticipation is compared in 18 clinically anxious and 20 healthy adolescents. This task manipulates orthogonally reward contingency and incentive value. Findings suggest that contingency modulates the neural response to incentive magnitude differently in the two groups. Specifically, during the contingent condition, right-striatal response tracks incentive value in anxious, but not healthy, adolescents. During the noncontingent condition, striatal response is bilaterally stronger to low than to high incentive in anxious adolescents, while healthy adolescents exhibit the expected opposite pattern. Both contingency and reward magnitude differentiate striatal activation in anxious versus healthy adolescents. These findings may reflect exaggerated concern about performance and/or alterations of striatal coding of reward value in anxious adolescents. Abnormalities in reward function in anxiety may have treatment implications.

The 'donations for decreased ALT (D4D)' prosocial behavior incentive scheme for NAFLD patients.

Science.gov (United States)

Sumida, Yoshio; Yoshikawa, Toshikazu; Tanaka, Saiyu; Taketani, Hiroyoshi; Kanemasa, Kazuyuki; Nishimura, Tekeshi; Yamaguchi, Kanji; Mitsuyoshi, Hironori; Yasui, Kohichiroh; Minami, Masahito; Naito, Yuji; Itoh, Yoshito

2014-12-01

Physicians often experience difficulties in motivating patients with non-alcoholic fatty liver disease (NAFLD) to undergo lifestyle changes. The aim of this study is to examine whether 'Donations for Decreased alanine aminotransferase (ALT)' (D4D) prosocial behavior incentive can serve as an effective intrinsic motivational factor in comparison with conventional dietary and exercise intervention alone for NAFLD patients. Twenty-five NAFLD patients with elevated ALT were randomly assigned to a control group that received conventional dietary and exercise intervention alone, or a donation group whereby, as an incentive, we would make a monetary donation to the United Nations World Food Programme (WFP) based on the decrease in their ALT levels achieved over 12 weeks, in addition to receiving control intervention. In a donation group, we would donate US$1 to the WFP for every 1 IU/l of decrease in their ALT levels. There were no differences of pre-treatment clinical characteristics between the two groups. Significant reductions of ALT levels were achieved only in a donation group, although post-treatment ALT levels were not different between the two groups. These patients raised a total of $316 for the WFP. Promoting patients' intrinsic motivation by incorporating 'D4D' prosocial behavior incentive into conventional dietary and exercise intervention may provide a means to improve NAFLD. © The Author 2013. Published by Oxford University Press on behalf of Faculty of Public Health. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

Dissemination of Technology to Evaluate Healthy Food Incentive Programs.

Science.gov (United States)

Freedman, Darcy A; Hunt, Alan R; Merritt, Katie; Shon, En-Jung; Pike, Stephanie N

2017-03-01

Federal policy supports increased implementation of monetary incentive interventions for chronic disease prevention among low-income populations. This study describes how a Prevention Research Center, working with a dissemination partner, developed and distributed technology to support nationwide implementation and evaluation of healthy food incentive programming focused on Supplemental Nutrition Assistance Program recipients. FM Tracks, an iOS-based application and website, was developed to standardize evaluation methods for healthy food incentive program implementation at direct-to-consumer markets. This evaluation examined diffusion and adoption of the technology over 9 months (July 2015-March 2016). Data were analyzed in 2016. FM Tracks was disseminated to 273 markets affiliated with 37 regional networks in 18 states and Washington, DC. All markets adopted the sales transaction data collection feature, with nearly all recording at least one Supplemental Nutrition Assistance Program (99.3%) and healthy food incentive (97.1%) transaction. A total of 43,493 sales transactions were recorded. By the ninth month of technology dissemination, markets were entering individual sales transactions using the application (34.5%) and website (29.9%) and aggregated transactions via website (35.6%) at similar rates. Use of optional evaluation features like recording a customer ID with individual transactions increased successively with a low of 22.2% during the first month to a high of 69.2% in the ninth month. Systematic and widely used evaluation technology creates possibilities for pragmatic research embedded within ongoing, real-world implementation of food access interventions. Technology dissemination requires supportive technical assistance and continuous refinement that can be advanced through academic-practitioner partnerships. Copyright © 2016 American Journal of Preventive Medicine. Published by Elsevier Inc. All rights reserved.

International Monetary Policy Coordination in a New Keynesian Model with NICE Features

Science.gov (United States)

Poutineau, Jean-Christophe; Vermandel, Gauthier

2018-01-01

The authors provide a static two-country new Keynesian model to teach two related questions in international macroeconomics: the international transmission of unilateral monetary policy decisions and the gains coming from the coordination monetary rules. They concentrate on "normal times" and use a thoroughly graphical approach to…

Mergers, managerial incentives, and efficiencies

OpenAIRE

Jovanovic, Dragan

2014-01-01

We analyze the effects of synergies from horizontal mergers in a Cournot oligopoly where principals provide their agents with incentives to cut marginal costs prior to choosing output. We stress that synergies come at a cost which possibly leads to a countervailing incentive effect: The merged firm's principal may be induced to stifle managerial incentives in order to reduce her agency costs. Whenever this incentive effect dominates the well-known direct synergy effect, synergies actually red...

Monetary Policy Rules in Some Transition Economies

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Mohamed El-Hodiri

2014-12-01

Full Text Available In this paper we examine the question of whither monetary rules or ad hoc monetary policies were followed during the early stages of transition and in response to the global financial crisis. We study Eastern European countries and thee CIS countries. We find that during the early of transition, both developed economies and economies in transition used the monetary base, as well as the interest rate, as the main tools for monetary policy. However, in response to the global crises, priority was given to the main objective such as containing inflation and supporting economic growth. Monetary authorities had the additional possible choice of alternative objectives, such as stabilization of nominal exchange rate and real effective exchange rate, or increase in reserves. It was found that countries mostly retained priorities of monetary policy and some of them gave a greater importance to the alternative objectives.

Photovoltaic Incentive Design Handbook

Energy Technology Data Exchange (ETDEWEB)

Hoff, T. E.

2006-12-01

Investments in customer-owned grid-connected photovoltaic (PV) energy systems are growing at a steady pace. This is due, in part, to the availability of attractive economic incentives offered by public state agencies and utilities. In the United States, these incentives have largely been upfront lump payments tied to the system capacity rating. While capacity-based ''buydowns'' have stimulated the domestic PV market, they have been criticized for subsidizing systems with potentially poor energy performance. As a result, the industry has been forced to consider alternative incentive structures, particularly ones that pay based on long-term measured performance. The industry, however, lacks consensus in the debate over the tradeoffs between upfront incentive payments versus longer-term payments for energy delivery. This handbook is designed for agencies and utilities that offer or intend to offer incentive programs for customer-owned PV systems. Its purpose is to help select, design, and implement incentive programs that best meet programmatic goals. The handbook begins with a discussion of the various available incentive structures and then provides qualitative and quantitative tools necessary to design the most appropriate incentive structure. It concludes with program administration considerations.

Assessing the Impact of the ECB's Monetary Policy on the Stock Markets: A Sectoral View

OpenAIRE

Konstantin Kholodilin; Alberto Montagnoli; Oreste Napolitano; Boriss Siliverstovs

2008-01-01

This paper analyzes the response of the European stock markets to the monetary policy shocks by the European Central Bank using the heteroskedasticity based approach of Rigobon (2003). We find that monetary policy tightening has a heterogeneous impact on the Euro Area sectors on the day the monetary policy is publicly announced. Furthermore, we provide statistical evidence against the use of the popular event study approach when assessing the impact of monetary policy shocks on the stock mark...

CONSIDERATIONS REGARDING MONETARY POLICY IN ROMANIA

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Pitorac Ruxandra

2015-07-01

Full Text Available The main objective of this paper is to study the Romania’s monetary policy, in the period 1996-2013. The research starts with a theoretical review of the monetary policy, whose main purpose is influencing the broad money supply and the lending requirements and the institution in charge of achieving this objective is the Central Bank, highlighting its impact upon the economic activity, through the Keynesian analysis model IS-LM and a correlation between the monetary policy measures and the phases of the economic cycle whose results indicate that during the recession periods it is recommended to reduce interest rates in order to stimulate investments, by raising the money supply, and during the expansion period it is recommended to increase the interest rate in order to cut back the money supply. Starting from this premises, the research takes into account the study of the monetary policy measures adopted by the governmental authority of Romania, making a quantitative analysis of the main macroeconomic indicators: the real interest rate, the lending interest rate, the deposit interest rate and the broad money supply and through a multifactorial regression, highlighting the impact of the interest rates upon the monetary aggregate M2. Moreover, a comparison between the monetary policy measures adopted in Romania and the monetary policies recommended by specialized literature has been done, and the results have indicated that during recession periods the attention of the governmental authorities is focused upon adopting the right measures, but during the expansion periods this doesn’t happen. The results of this research highlight the economic situation in Romania and the way in which the governmental authority intervened, through the monetary policy measures, in order to mitigate the negative effects of the cyclical fluctuations.

Electromyographic activity of hand muscles in a motor coordination game: effect of incentive scheme and its relation with social capital.

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Roberto Censolo

Full Text Available BACKGROUND: A vast body of social and cognitive psychology studies in humans reports evidence that external rewards, typically monetary ones, undermine intrinsic motivation. These findings challenge the standard selfish-rationality assumption at the core of economic reasoning. In the present work we aimed at investigating whether the different modulation of a given monetary reward automatically and unconsciously affects effort and performance of participants involved in a game devoid of visual and verbal interaction and without any perspective-taking activity. METHODOLOGY/PRINCIPAL FINDINGS: Twelve pairs of participants were submitted to a simple motor coordination game while recording the electromyographic activity of First Dorsal Interosseus (FDI, the muscle mainly involved in the task. EMG data show a clear effect of alternative rewards strategies on subjects' motor behavior. Moreover, participants' stock of relevant past social experiences, measured by a specifically designed questionnaire, was significantly correlated with EMG activity, showing that only low social capital subjects responded to monetary incentives consistently with a standard rationality prediction. CONCLUSIONS/SIGNIFICANCE: Our findings show that the effect of extrinsic motivations on performance may arise outside social contexts involving complex cognitive processes due to conscious perspective-taking activity. More importantly, the peculiar performance of low social capital individuals, in agreement with standard economic reasoning, adds to the knowledge of the circumstances that makes the crowding out/in of intrinsic motivation likely to occur. This may help in improving the prediction and accuracy of economic models and reconcile this puzzling effect of external incentives with economic theory.

31 CFR 596.307 - Monetary instruments.

Science.gov (United States)

2010-07-01

... FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY TERRORISM LIST GOVERNMENTS SANCTIONS REGULATIONS General Definitions § 596.307 Monetary instruments. The term monetary instruments shall have the meaning...

Marine Corps Pay Incentives

Science.gov (United States)

Marines from 2000 to 2017. The thesis includes a literature review on economic theory related to pay incentives in the Department of Defense, a...The purpose of this thesis to provide the Marine Corps with a comprehensive report on pay incentive programs and special pay that were available to...summarization of pay incentive categories, a data analysis on take-up rates and average annual amounts at the end of each fiscal year, and a program review

Riserve monetarie e inflazione mondiale.

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D.I. FAND

2014-09-01

Full Text Available World reserves have almost tripled since 1968, with world monetary growth accelerating since 1971 and world inflation jumping to double digits in 1974. In light of these developments, the article looks at whether the stock of world reserves has grown so rapidly that it may generate further world inflation, or whether it is deficient and potentially deflationary. The author first reviews the expansion of global reserves in the 1968-73 period of fixed exchange rates and the recent acceleration of inflation. A comparison of the transitional and permanent effects of floating rates on the demand for international reserves, excess reserves, monetary growth and world inflation is then presented and the impact of gold prices on the monetary bases, growth and inflation is taken up. Finally, OPEC’s accumulation of foreign assets and its impact on the monetary bases of individual countries is considered, as well as other influences on world liquidity.JEL: E31, E42, F31

Incentives, health promotion and equality.

Science.gov (United States)

Voigt, Kristin

2012-07-01

The use of incentives to encourage individuals to adopt 'healthier' behaviours is an increasingly popular instrument in health policy. Much of the literature has been critical of 'negative' incentives, often due to concerns about equality; 'positive' incentives, however, have largely been welcomed as an instrument for the improvement of population health and possibly the reduction of health inequalities. The aim of this paper is to provide a more systematic assessment of the use of incentives from the perspective of equality. The paper begins with an overview of existing and proposed incentive schemes. I then suggest that the distinction between 'positive' and 'negative' incentives - or 'carrots' and 'sticks' - is of limited use in distinguishing those incentive schemes that raise concerns of equality from those that do not. The paper assesses incentive schemes with respect to two important considerations of equality: equality of access and equality of outcomes. While our assessment of incentive schemes will, ultimately, depend on various empirical facts, the paper aims to advance the debate by identifying some of the empirical questions we need to ask. The paper concludes by considering a number of trade-offs and caveats relevant to the assessment of incentive schemes.

Frontal theta and beta synchronizations for monetary reward increase visual working memory capacity.

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Kawasaki, Masahiro; Yamaguchi, Yoko

2013-06-01

Visual working memory (VWM) capacity is affected by motivational influences; however, little is known about how reward-related brain activities facilitate the VWM systems. To investigate the dynamic relationship between VWM- and reward-related brain activities, we conducted time-frequency analyses using electroencephalograph (EEG) data obtained during a monetary-incentive delayed-response task that required participants to memorize the position of colored disks. In case of a correct answer, participants received a monetary reward (0, 10 or 50 Japanese yen) announced at the beginning of each trial. Behavioral results showed that VWM capacity under high-reward condition significantly increased compared with that under low- or no-reward condition. EEG results showed that frontal theta (6 Hz) amplitudes enhanced during delay periods and positively correlated with VWM capacity, indicating involvement of theta local synchronizations in VWM. Moreover, frontal beta activities (24 Hz) were identified as reward-related activities, because delay-period amplitudes correlated with increases in VWM capacity between high-reward and no-reward conditions. Interestingly, cross-frequency couplings between frontal theta and beta phases were observed only under high-reward conditions. These findings suggest that the functional dynamic linking between VWM-related theta and reward-related beta activities on the frontal regions plays an integral role in facilitating increases in VWM capacity.

Managing charging loads of electric vehicles by monetary incentives. A model-based optimization; Monetaere Anreize zur Steuerung der Ladelast von Elektrofahrzeugen. Eine modellgestuetzte Optimierung

Energy Technology Data Exchange (ETDEWEB)

Paetz, Alexandra-Gwyn; Kaschub, Thomas; Kopp, Martin; Jochem, Patrick; Fichtner, Wolf [Karlsruher Institut fuer Technologie, Karlsruhe (Germany). Inst. fuer Industriebetriebslehre und Industrielle Produktion

2013-03-15

Electric mobility is supposed to contribute to climate policy targets by reducing CO{sub 2}-emissions in the transportation sector. Increasing penetration rates of electric vehicles (EV) can lead to new challenges in the electricity sector, especially with regard to local distribution networks. Thus the management of charging loads is discussed as a key issue in energy economics. Due to their long parking times, high electricity and power demand, EV seem to be predestined for load management. Monetary incentives as dynamic pricing can be suitable for that: They reflect the current supply situation, pass the information to the consumers and can thus lead to a corresponding charging behaviour. In this article we analyse this interaction between dynamic pricing and charging loads. For this reason we have developed the optimization model DS-Opt+. It models a total number of 4,000 households in two residential areas of a major city with regard to its electricity demand, its mobility behaviour and its equipment of photovoltaic systems. Four different pricing models are tested for their effects on charging behaviour and thus the total load of the residential area. The results illustrate that only fairly high penetration rates of EV lead to remarkably higher electricity demand and require some load management. The tested dynamic pricing models are suitable for influencing charging loads; load-based tariffs are best in achieving a balanced load curve. In our analysis uncontrolled charging strategies are superior regarding a balanced load curve than controlled strategies by time-varying tariffs. Our results lead to several implications relevant for the energy industry and further research.

I Don’t Want to Miss a Thing – Learning Dynamics and Effects of Feedback Type and Monetary Incentive in a Paired Associate Deterministic Learning Task

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Magda Gawlowska

2017-06-01

Full Text Available Effective functioning in a complex environment requires adjusting of behavior according to changing situational demands. To do so, organisms must learn new, more adaptive behaviors by extracting the necessary information from externally provided feedback. Not surprisingly, feedback-guided learning has been extensively studied using multiple research paradigms. The purpose of the present study was to test the newly designed Paired Associate Deterministic Learning task (PADL, in which participants were presented with either positive or negative deterministic feedback. Moreover, we manipulated the level of motivation in the learning process by comparing blocks with strictly cognitive, informative feedback to blocks where participants were additionally motivated by anticipated monetary reward or loss. Our results proved the PADL to be a useful tool not only for studying the learning process in a deterministic environment, but also, due to the varying task conditions, for assessing differences in learning patterns. Particularly, we show that the learning process itself is influenced by manipulating both the type of feedback information and the motivational significance associated with the expected monetary reward.

Virtual Currencies – monetary policy dilemmas and regulatory challenges

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Daj Alexis

2018-01-01

Full Text Available Although the topic of virtual currencies is not completely new, the current technological developments and the extent of the globalisation process appear to have changed the scope of the research efforts needed to cover not only the advantages and opportunities, but also the disadvantages and threats that the expansion of virtual currencies can pose for monetary policy and the safety of the financial system. This paper comprises a brief presentation of the different types of virtual currencies and identifies some of the most significant implications of large-scale virtual currency adoption for monetary authorities and regulators, while providing an overview of the main trends in the evolution of virtual currencies. In the end, one conclusion is evident: whatever monetary policy or regulatory issues arise from the use of virtual currencies, their consequences are far from virtual.

Monetary models and exchange rate determination: The Nigerian ...

African Journals Online (AJOL)

Monetary models and exchange rate determination: The Nigerian evidence. ... income levels and real interest rate differentials provide better forecasts of the ... partner can expect to suffer depreciation in the external value of her currency.

The monetary mechanics of the crisis

OpenAIRE

von Hagen, Jürgen

2009-01-01

In response to the financial and economic crisis, central banks, unlike in the 1930s, have created enormous amounts of money. There are fears that this will lead to inflation, but it is base money (the central bank's liabilities) that has expanded; total monetary aggregates have not. By contrast, in the 1930s, base money remained stable and monetary aggregates dropped. The reason for this is that in a crisis the relationship between the base money and monetary aggregates is altered. The money...

Differential dependence of Pavlovian incentive motivation and instrumental incentive learning processes on dopamine signaling

Science.gov (United States)

Wassum, Kate M.; Ostlund, Sean B.; Balleine, Bernard W.; Maidment, Nigel T.

2011-01-01

Here we attempted to clarify the role of dopamine signaling in reward seeking. In Experiment 1, we assessed the effects of the dopamine D1/D2 receptor antagonist flupenthixol (0.5 mg/kg i.p.) on Pavlovian incentive motivation and found that flupenthixol blocked the ability of a conditioned stimulus to enhance both goal approach and instrumental performance (Pavlovian-to-instrumental transfer). In Experiment 2 we assessed the effects of flupenthixol on reward palatability during post-training noncontingent re-exposure to the sucrose reward in either a control 3-h or novel 23-h food-deprived state. Flupenthixol, although effective in blocking the Pavlovian goal approach, was without effect on palatability or the increase in reward palatability induced by the upshift in motivational state. This noncontingent re-exposure provided an opportunity for instrumental incentive learning, the process by which rats encode the value of a reward for use in updating reward-seeking actions. Flupenthixol administered prior to the instrumental incentive learning opportunity did not affect the increase in subsequent off-drug reward-seeking actions induced by that experience. These data suggest that although dopamine signaling is necessary for Pavlovian incentive motivation, it is not necessary for changes in reward experience, or for the instrumental incentive learning process that translates this experience into the incentive value used to drive reward-seeking actions, and provide further evidence that Pavlovian and instrumental incentive learning processes are dissociable. PMID:21693635

MONETARY POLICY AND ECONOMIC DEVELOPMENT: LESSONS ...

African Journals Online (AJOL)

promote monetary stability and a sound financial system in Nigeria under the overall ... default in the money market and, (iv) Excessive borrowing for speculative ..... Crookett, A. (1979): Monetary Theory, Policy and Institutions, Thomas Nelson ...

Effect of GABRA2 Genotype on Development of Incentive-Motivation Circuitry in a Sample Enriched for Alcoholism Risk

Science.gov (United States)

Heitzeg, Mary M; Villafuerte, Sandra; Weiland, Barbara J; Enoch, Mary-Anne; Burmeister, Margit; Zubieta, Jon-Kar; Zucker, Robert A

2014-01-01

Heightened reactivity of the incentive-motivation system has been proposed to underlie adolescent-typical risky behaviors, including problem alcohol involvement. However, even in adolescence considerable individual variation in these behaviors exists, which may have genetic underpinnings and be related to variations in risk for later alcohol use disorder (AUD). Variants in GABRA2 have been associated with adult alcohol dependence as well as phenotypic precursors, including impulsiveness and externalizing behaviors. We investigated the impact of GABRA2 on the developmental trajectory of nucleus accumbens (NAcc) activation during anticipation of monetary reward from childhood to young adulthood. Functional MRI during a monetary incentive delay task was collected in 175 participants, with the majority (n=151) undergoing repeated scanning at 1- to 2-year intervals. One group entered the study at age 8–13 years (n=76) and another entered at age 18–23 years (n=99). Most participants were children of alcoholics (79%) and thus at heightened risk for AUD. A total of 473 sessions were completed, covering ages 8–27 years. NAcc activation was heightened during adolescence compared with childhood and young adulthood. GABRA2 genotype (SNP rs279858) was associated with individual differences in NAcc activation specifically during adolescence, with the minor allele (G) associated with greater activation. Furthermore, NAcc activation mediated an effect of genotype on alcohol problems (n=104). This work demonstrates an impact of GABRA2 genotype on incentive-motivation neurocircuitry in adolescence, with implications for vulnerability to alcoholism. These findings represent an important step toward understanding the genetic and neural basis of individual differences in how risk for addiction unfolds across development. PMID:24975023

Directions in low-level radioactive-waste management. Incentives and compensation: providing resources for communities hosting low-level waste facilities

International Nuclear Information System (INIS)

1982-10-01

State responsibility for the management of low-level radioactive waste necessitates the selection of candidate locations for a disposal facility. Concern over potential impacts can be expected from segments of the citizenry neighboring a proposed site. A number of national organizations comprising state and local officials have recommended the use of incentives and compensation to help offset the negative local impacts. This document explores that concept. Discussion provides background information on potential local impacts from a low-level waste facility and considers the nature and types of incentives and compensation benefits that could be provided. The document then examines realistic options for planning and implementing the benefit program. This information is intended, primarily, to assist state officials - executive, legislative, and agency - in planning for and managing low-level waste disposal facilities

Monetary Policy Shocks and Portfolio Choice

OpenAIRE

Fratzscher, Marcel; Saborowski, Christian; Straub, Roland

2010-01-01

The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of their time variation. Monetary policy easing causes positive returns to both equities and bonds. Yet such a monetary policy easing shock also induces a shift in portfolio composition out of equities and...

A Study of Philippine Monetary and Banking Policies

OpenAIRE

Bautista, Ernesto D.

1992-01-01

This study assesses the Philippine monetary and banking policies with the view of identifying preferred policy options and features of a monetary and banking policy program supportive of overall economic growth and agro-industrial development. It describes the following: the impact of existing monetary and banking policy on short- and long-term economic development and the legislative and administrative measures required to adopt and implement such a monetary and banking policy. It also ident...

Monetary transmission and bank lending in the Netherlands

OpenAIRE

Kakes, Jan

1998-01-01

This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they use to offset monetary shocks. The main implication of our study is that a bank lending channel is not likely to be an important transmission mechanism of monetary policy.

Temporal changes of striatal dopamine release during and after a video game with a monetary reward: a PET study with [11C]raclopride continuous infusion

International Nuclear Information System (INIS)

Kim, S. E.; Cho, S. S.; Choe, Y. S.; Lee, S. Y.; Kang, E.; Kim, B. T.

2002-01-01

In an attempt to understand the neurochemical changes associated with rewarded motor learning in human brain, we investigated the temporal changes of striatal dopamine (DA) release during and after a goal-directed psychomotor task (a video game) with a monetary incentive using [ 11 C]raclopride PET. Seven healthy, right-handed, nonsmokers were studied with PET for 120 min (50 min resting followed by 40 min video game and another 30 min resting) while receiving a bolus plus constant infusion of the DA D2 receptor radioligand [ 11 C]raclopride. During the video game (from 50 to 90 min postinjection), subjects played Tetris, which involved learning of joystick movement to fit falling jigsaw blocks, and periodically rewarded with unpredictable amount monetary incentives for improved performance. Striatal V3', calculated as striatal-cerebellar/cerebellar activity ratio, was measured under equilibrium condition, at baseline and during and after the video game. Striatal V3' was significantly reduced during the video game compared with baseline levels, indicating increased DA release in this region (caudate, -15±6%; putamen, -30±10%). During the 30 min after the game ended, striatal [ 11 C]raclopride binding was gradually increased and the V3' approached baseline levels. There was a significant correlation between the reduction in striatal V3' and the task performance during the video game. These results demonstrate DA release in the human striatum during a psychomotor task with a monetary reward and to our knowledge for the first time a gradual DA restoration to baseline levels following the offset of stimulation. They also illustrate that acute fluctuations of synaptic DA can be measured in vivo using [ 11 C]raclopride PET

How do patients and providers react to different incentives in the Chinese multiple health security systems?

Science.gov (United States)

Zhang, Chun-Yu; Hashimoto, Hideki

2015-03-05

China has achieved universal health insurance coverage. This study examined how patients and hospitals react to the different designs of the plans and to monitoring of patients by the local authority in the Chinese multiple health security schemes. The sample for analysis consisted of 1006 orthopedic inpatients who were admitted between January and December 2011 at a tertiary teaching hospital located in Beijing. We conducted general linear regression analyses to investigate whether medical expenditure and length of stay differed according to the different incentives. Patients under plans with lower copayment rates consumed significantly more medication compared with those under plans with higher copayment rates. Under plans with an annual ceiling for insurance coverage, patients spent significantly more in the second half of the year than in the first half of the year. The length of stay was shorter among patients when there were government monitoring and a penalty to the hospital service provider. Our results indicate that the different designs and monitoring of the health security systems in China cause opportunistic behavior by patients and providers. Reformation is necessary to reduce those incentives, and improve equity and efficiency in healthcare use.

MONETARY POLICY AND PARALLEL FINANCIAL MARKETS

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Adela IONESCU

2015-07-01

Full Text Available Monetary policy is one of the economic policy "tools" through which it acts on the currency demand and supply in the economy. The importance of monetary policy results from its primary objective - price stability, plus limiting inflation and maintaining internal and external value of the currency. Responsibility for achieving these objectives rests with the Central Bank, which has a monopoly in the formulation and the implementation of monetary policy targets. Price stability is the primary objective of monetary policy and also the central objective of economic policy, alongside with: sustainable economic growth, full employment of labor force, balance of external payments equilibrium. To achieve these overall objectives of economic policy, monetary policy acts through currency as an instrument of action and it represents the overall action exercised by the monetary authority to influence economic development and to ensure price stability. In economic processes numerous factors emerge to the sale or purchase of capital available for a shorter or longer period and to achieving their aspirations of maximize capital gains, they are negotiating, they are confronting and agreeing within specific market relationships. The entirety of relations between various economic issues, enterprises and individuals, between them and the banking intermediaries, as well as the relationship between banks and other credit institutions on the transfer of cash money as specific form of debt and fructification of capital, form capital markets or credit markets. These markets are carved up according to the nature and purposes of the participants.

International Monetary Power and China’s Response

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Hongyu Lin

2013-12-01

Full Text Available International monetary power has become a new area of interest since the outbreak of the global financial crisis in 2008. The USA, the EU and China will pursue global monetary power in the future, and the USD, the EURO and the RMB will become the most important world reserve currencies. The pattern of international monetary power will shift from a unilateral-hegemony structure to a triangle-balance structure. This shift has a very strong influence on changes in the current international political system. As the largest emerging economy, China will speed up the globalization of the RMB to meet the challenges of the international monetary system.

Neural substrates of social facilitation effects on incentive-based performance

Science.gov (United States)

Chib, Vikram S; Adachi, Ryo; O’Doherty, John P

2018-01-01

Abstract Throughout our lives we must perform tasks while being observed by others. Previous studies have shown that the presence of an audience can cause increases in an individual’s performance as compared to when they are not being observed—a phenomenon called ‘social facilitation’. However, the neural mechanisms underlying this effect, in the context of skilled-task performance for monetary incentives, are not well understood. We used functional magnetic resonance imaging to monitor brain activity while healthy human participants performed a skilled-task during conditions in which they were paid based on their performance and observed and not observed by an audience. We found that during social facilitation, social signals represented in the dorsomedial prefrontal cortex (dmPFC) enhanced reward value computations in ventromedial prefrontal cortex (vmPFC). We also found that functional connectivity between dmPFC and ventral striatum was enhanced when participants exhibited social facilitation effects, indicative of a means by which social signals serve to modulate brain regions involved in regulating behavioral motivation. These findings illustrate how neural processing of social judgments gives rise to the enhanced motivational state that results in social facilitation of incentive-based performance. PMID:29648653

The effect of financial incentives on the quality of health care provided by primary care physicians.

Science.gov (United States)

Scott, Anthony; Sivey, Peter; Ait Ouakrim, Driss; Willenberg, Lisa; Naccarella, Lucio; Furler, John; Young, Doris

2011-09-07

The use of blended payment schemes in primary care, including the use of financial incentives to directly reward 'performance' and 'quality' is increasing in a number of countries. There are many examples in the US, and the Quality and Outcomes Framework (QoF) for general practitioners (GPs) in the UK is an example of a major system-wide reform. Despite the popularity of these schemes, there is currently little rigorous evidence of their success in improving the quality of primary health care, or of whether such an approach is cost-effective relative to other ways to improve the quality of care. The aim of this review is to examine the effect of changes in the method and level of payment on the quality of care provided by primary care physicians (PCPs) and to identify:i) the different types of financial incentives that have improved quality;ii) the characteristics of patient populations for whom quality of care has been improved by financial incentives; andiii) the characteristics of PCPs who have responded to financial incentives. We searched the Cochrane Effective Practice and Organisation of Care (EPOC) Trials Register, Cochrane Central Register of Controlled Trials (CENTRAL) and Cochrane Database of Systematic Reviews (CDSR) (The Cochrane Library), MEDLINE, HealthSTAR, EMBASE, CINAHL, PsychLIT, and ECONLIT. Searches of Internet-based economics and health economics working paper collections were also conducted. Finally, studies were identified through the reference lists of retrieved articles, websites of key organisations, and from direct contact with key authors in the field. Articles were included if they were published from 2000 to August 2009. Randomised controlled trials (RCT), controlled before and after studies (CBA), and interrupted time series analyses (ITS) evaluating the impact of different financial interventions on the quality of care delivered by primary healthcare physicians (PCPs). Quality of care was defined as patient reported outcome

Effectiveness of non-monetary factors on staff retention within the South African banking sector

Directory of Open Access Journals (Sweden)

Sandiso Ngcobo

2015-01-01

Full Text Available The recent global recession resulted in many job losses across the world with the financial industry being most severely impacted. Today the focus for many banks is to do more with less employees and to reduce the cost to income ratio on their balance sheets. It is therefore pertinent that they devise strategies that will enable them to retain talented employees. This paper mainly employed a quantitative approach in which a questionnaire was utilised as the instrument for data collection with a focus on non-monetary incentives and turnover intentions. Small scale interviews were used to supplement the collected quantitative data. The findings revealed that non-financial rewards are an important factor in employee retention that cannot be ignored.

De controller als choice architect

NARCIS (Netherlands)

V.S. Maas (Victor)

2012-01-01

textabstractManagement accountants are choice architects: they provide information that is used in managerial decision making and they have considerable influence on the monetary and non-monetary incentives that drive managers’ decision-making processes. Over the past two decades, our know

Intranasal oxytocin enhances neural processing of monetary reward and loss in post-traumatic stress disorder and traumatized controls.

Science.gov (United States)

Nawijn, Laura; van Zuiden, Mirjam; Koch, Saskia B J; Frijling, Jessie L; Veltman, Dick J; Olff, Miranda

2016-04-01

Anhedonia is a significant clinical problem in post-traumatic stress disorder (PTSD). PTSD patients show reduced motivational approach behavior, which may underlie anhedonic symptoms. Oxytocin administration is known to increase reward sensitivity and approach behavior. We therefore investigated whether oxytocin administration affected neural responses during motivational processing in PTSD patients and trauma-exposed controls. 35 police officers with PTSD (21 males) and 37 trauma-exposed police officers without PTSD (19 males) were included in a within-subjects, randomized, placebo-controlled fMRI study. Neural responses during anticipation of monetary reward and loss were investigated with a monetary incentive delay task (MID) after placebo and oxytocin (40 IU) administration. Oxytocin increased neural responses during reward and loss anticipation in PTSD patients and controls in the striatum, dorsal anterior cingulate cortex and insula, key regions in the reward pathway. Although PTSD patients did not differ from controls in motivational processing under placebo, anhedonia severity in PTSD patients was negatively related to reward responsiveness in the ventral striatum. Furthermore, oxytocin effects on reward processing in the ventral striatum were positively associated with anhedonia. Oxytocin administration increased reward pathway sensitivity during reward and loss anticipation in PTSD patients and trauma-exposed controls. Thus, oxytocin administration may increase motivation for goal-directed approach behavior in PTSD patients and controls, providing evidence for a neurobiological pathway through which oxytocin could potentially increase motivation and reward sensitivity in PTSD patients. Copyright © 2016 Elsevier Ltd. All rights reserved.

The advantage of international fiscal cooperation under alternative monetary regimes

DEFF Research Database (Denmark)

Jensen, Henrik

1996-01-01

We consider the strategic interplay between international monetary and fiscal cooperation in a world of interdependent economies. Motivated by the ongoing discussion of monetary unification of Europe, focus is on monetary cooperation, and in particular how its performance is altered by the introd......We consider the strategic interplay between international monetary and fiscal cooperation in a world of interdependent economies. Motivated by the ongoing discussion of monetary unification of Europe, focus is on monetary cooperation, and in particular how its performance is altered...

Perspectives on financial incentives to health service providers for increasing breast feeding and smoking quit rates during pregnancy: a mixed methods study.

Science.gov (United States)

Hoddinott, Pat; Thomson, Gill; Morgan, Heather; Crossland, Nicola; MacLennan, Graeme; Dykes, Fiona; Stewart, Fiona; Bauld, Linda; Campbell, Marion K

2015-11-13

To explore the acceptability, mechanisms and consequences of provider incentives for smoking cessation and breast feeding as part of the Benefits of Incentives for Breastfeeding and Smoking cessation in pregnancy (BIBS) study. Cross-sectional survey and qualitative interviews. Scotland and North West England. Early years professionals: 497 survey respondents included 156 doctors; 197 health visitors/maternity staff; 144 other health staff. Qualitative interviews or focus groups were conducted with 68 pregnant/postnatal women/family members; 32 service providers; 22 experts/decision-makers; 63 conference attendees. Early years professionals were surveyed via email about the acceptability of payments to local health services for reaching smoking cessation in pregnancy and breastfeeding targets. Agreement was measured on a 5-point scale using multivariable ordered logit models. A framework approach was used to analyse free-text survey responses and qualitative data. Health professional net agreement for provider incentives for smoking cessation targets was 52.9% (263/497); net disagreement was 28.6% (142/497). Health visitors/maternity staff were more likely than doctors to agree: OR 2.35 (95% CI 1.51 to 3.64; pgaming, box-ticking bureaucracies and health inequalities were counterbalances to potential benefits. Provider incentives are favoured by non-medical staff. Solutions which increase trust and collaboration towards shared goals, without negatively impacting on relationships or increasing bureaucracy are required. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/

Effects of Charitable Versus Monetary Incentives on the Acceptance of and Adherence to a Pedometer-Based Health Intervention: Study Protocol and Baseline Characteristics of a Cluster-Randomized Controlled Trial.

Science.gov (United States)

Kowatsch, Tobias; Kramer, Jan-Niklas; Kehr, Flavius; Wahle, Fabian; Elser, Niklas; Fleisch, Elgar

2016-09-13

Research has so far benefited from the use of pedometers in physical activity interventions. However, when public health institutions (eg, insurance companies) implement pedometer-based interventions in practice, people may refrain from participating due to privacy concerns. This might greatly limit the applicability of such interventions. Financial incentives have been successfully used to influence both health behavior and privacy concerns, and may thus have a beneficial effect on the acceptance of pedometer-based interventions. This paper presents the design and baseline characteristics of a cluster-randomized controlled trial that seeks to examine the effect of financial incentives on the acceptance of and adherence to a pedometer-based physical activity intervention offered by a health insurance company. More than 18,000 customers of a large Swiss health insurance company were allocated to a financial incentive, a charitable incentive, or a control group and invited to participate in a health prevention program. Participants used a pedometer to track their daily physical activity over the course of 6 months. A Web-based questionnaire was administered at the beginning and at the end of the intervention and additional data was provided by the insurance company. The primary outcome of the study will be the participation rate, secondary outcomes will be adherence to the prevention program, physical activity, and health status of the participants among others. Baseline characteristics indicate that residence of participants, baseline physical activity, and subjective health should be used as covariates in the statistical analysis of the secondary outcomes of the study. This is the first study in western cultures testing the effectiveness of financial incentives with regard to a pedometer-based health intervention offered by a large health insurer to their customers. Given that the incentives prove to be effective, this study provides the basis for powerful health

On the effects of monetary policy shocks in developing countries

Directory of Open Access Journals (Sweden)

Magda Kandil

2014-06-01

Full Text Available Using annual data for a sample of developing countries, the time-series evidence indicates the allocation of monetary policy shocks, both expansionary and contractionary, between price inflation and output growth. Subsequently, cross-country regressions evaluate factors that underlie the difference in these allocations and their implications. The real effects of monetary shocks increase as the elasticity of aggregate demand increases with respect to monetary shocks. Nonetheless, capacity constraints hamper the output adjustment to monetary shocks and increase price inflation. Across countries, trend output growth increases with the output response to monetary shocks. Consistent with the stabilizing function of monetary policy, the variability of output growth decreases in the face of monetary fluctuations across countries. In contrast, monetary fluctuations increase the trend and variability of price inflation across countries.

Stock-based Compensation Plans and Employee Incentives

OpenAIRE

Jan Zabojnik

2014-01-01

Standard principal-agent theory predicts that large firms should not use employee stock options and other stock-based compensation to provide incentives to non-executive employees. Yet, business practitioners appear to believe that stock-based compensation improves incentives, and mounting empirical evidence points to the same conclusion. This paper provides an explanation for why stock-based incentives can be effective. In the model of this paper, employee stock options complement individual...

Monetary Policy and Financial (InStability

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Adam Koronowski

2010-06-01

Full Text Available This paper presents how monetary policy, restricted only by price stability, may easily become propitious to asset inflation and – eventually – to a financial crisis. This risk is particularly high when the financial system lacks proper regulation and effective supervision. Hasty liberalization, negligence of official oversight and „Greenspan doctrine” which refuted any activist policy promoting financial stability characterized Fed’s monetary policy under the former Fed’s governor. The paper also analyses another aspect of the linkages between monetary policy and financial crises – monetary policy reaction to financial crises. It is not surprising that it consists of cutting interest rates and bail-out of insolvent, systemically important financial institutions. Such policy, especially when run too long and changed too abruptly, not only creates moral hazards but it also sets the stage for another „search for yield” and build-up of another speculative bubble. As a result, monetary policy becomes asymmetric and pro-cyclical. Fed’s reaction to the recent crisis seems to be very much in line with this pattern typical of Fed’s policy in the past. However, this time the scale of flooding the economy with liquidity and – as a consequence – the risks of future major imbalances in the financial system are unprecedented. A general conclusion of the paper says that there can’t be a sound financial and economic system unless money itself is a scarce resource. However trivial this statement is, monetary policy of some central banks seems to miss the point.

Dual Monetary System and Macroeconomic Performance in Indonesia

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Sri Herianingrum

2016-02-01

Full Text Available This research aims to evaluate the impact of dual monetary policyshock on macroeconomic indicators of Indonesia: growth and inflation. Inaddition, this study will also examine whether conventional monetary policy hasa particular impact upon Islamic banking sector. This research apply VAR (vectorauto regressive method on monthly data from Bank Of Indonesia during theperiod of January 2010 to December 2013. The result of IRF explain that theinterest rate channel find the hard way to accomplished the macroeconomic goalswhile the Islamic monetary instrument indicates the potential growth of outputand hold the inflation low. The result of VDC describes that the Islamic instrumentstill affected by conventional monetary policy because of slow development inIslamic monetary systemDOI: 10.15408/aiq.v8i1.2509

Monetary valuation in Life Cycle Assessment

DEFF Research Database (Denmark)

Pizzol, Massimo; Weidema, Bo Pedersen; Brandão, Miguel

2015-01-01

different impacts and/or with other economic costs and benefits. For this reason, monetary valuation has a great potential to be applied also in Life Cycle Assessment (LCA), especially in the weighting phase. However, several challenges limit its diffusion in the field, which resulted in only a few......Monetary valuation is the practice of converting measures of social and biophysical impacts into monetary units and is used to determine the economic value of non-market goods, i.e. goods for which no market exists. It is applied in cost benefit analysis to enable the cross-comparison between...

The need for monetary information within corporate water accounting.

Science.gov (United States)

Burritt, Roger L; Christ, Katherine L

2017-10-01

A conceptual discussion is provided about the need to add monetary data to water accounting initiatives and how best to achieve this if companies are to become aware of the water crisis and to take actions to improve water management. Analysis of current water accounting initiatives reveals the monetary business case for companies to improve water management is rarely considered, there being a focus on physical information about water use. Three possibilities emerge for mainstreaming the integration of monetization into water accounting: add-on to existing water accounting frameworks and tools, develop new tools which include physical and monetary information from the start, and develop environmental management accounting (EMA) into a water-specific application and set of tools. The paper appraises these three alternatives and concludes that development of EMA would be the best way forward. Suggestions for further research include the need to examine the use of a transdisciplinary method to address the complexities of water accounting. Copyright © 2017 Elsevier Ltd. All rights reserved.

Monetary transmission and bank lending in Germany

OpenAIRE

Kakes, Jan; Sturm, Jan-Egbert; Philipp Maier

1999-01-01

This paper analyses the role of bank lending in the monetary transmission process in Germany. We follow a sectoral approach by distinguishing corporate lending and household lending. We find that banks respond to a monetary contraction by adjusting their securities holdings, rather than reducing their loans portfolio. Most lending categories even show an increase following a monetary tightening. The main implication of our results is that a bank lending channel is not an important transmissio...

Endogenous price flexibility and optimal monetary policy

OpenAIRE

Ozge Senay; Alan Sutherland

2014-01-01

Much of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously to changes in monetary conditions. This article extends the standard new Keynesian model to incorporate an endogenous degree of price flexibility. The model shows that endogenizing the degree of price flexibility tends to shift optimal monetary policy towards complete i...

Monetary Romanticism

DEFF Research Database (Denmark)

Ravn Sørensen, Anders

2013-01-01

the interrelation between monetary organisation and nationalism. In the conflict between the Danish state and the Duchies of Schleswig-Holstein in the nineteenth century, banks and currencies were mobilised as political symbols to promote an agenda of regional nationalism. The local Schleswig-Holstein currency...

Monetary transmission and business cycle asymmetry

NARCIS (Netherlands)

Kakes, Jan

1998-01-01

This paper investigates asymmetric effects of monetary policy over the business cycle. A two-state Markov Switching Model is employed to model both recessions and expansions. For the United States and Germany, strong evidence is found that monetary policy is more effective in a recession than during

The Impact of the FOMC's Monetary Policy Actions on the growth of Credit Risk: the Monetary Policy - Liquidity Paradox

OpenAIRE

Kwamie Dunbar

2008-01-01

Credit risk is influenced by interest rates and market liquidity. This paper examines the direct and indirect impacts of unexpected monetary policy shifts on the growth of corporate credit risk, with the aim of quantifying the size and direction of the response. The results surprisingly indicate that monetary policy and liquidity impulses move counter to each other in their effects on credit risk ("The monetary policy-liquidity paradox"). The analysis indicates that while contractionary monet...

Acceptability of financial incentives for maintenance of weight loss in mid-older adults: a mixed methods study.

Science.gov (United States)

McGill, Bronwyn; O'Hara, Blythe J; Grunseit, Anne C; Bauman, Adrian; Osborne, Dale; Lawler, Luke; Phongsavan, Philayrath

2018-02-13

Health insurers worldwide implement financial incentive schemes to encourage health-related behaviours, including to facilitate weight loss. The maintenance of weight loss is a public health challenge, and as non-communicable diseases become more prevalent with increasing age, mid-older adults could benefit from programs which motivate weight loss maintenance. However, little is understood about their perceptions of using financial incentives to maintain weight loss. We used mixed methods to explore the attitudes and views of participants who had completed an Australian weight loss and lifestyle modification program offered to overweight and obese health insurance members with weight-related chronic diseases, about the acceptability and usefulness of different types of financial incentives to support weight loss maintenance. An online survey was completed by 130 respondents (mean age = 64 years); and a further 28 participants (mean age = 65 years) attended six focus groups. Both independent samples of participants supported a formalised maintenance program. Online survey respondents reported that non-cash (85.2%) and cash (77%) incentives would be potentially motivating; but only 40.5% reported that deposit contracts would motivate weight loss maintenance. Results of in-depth discussions found overall low support for any type of financial incentive, but particularly deposit contracts and lotteries. Some participants expressed that improved health was of more value than a monetary incentive and that they felt personally responsible for their own health, which was at odds with the idea of financial incentives. Others suggested ongoing program and peer support as potentially useful for weight loss maintenance. If financial incentives are considered for mid-older Australian adults in the health insurance setting, program planners will need to balance the discordance between participant beliefs about the individual responsibility for health and their desire

DUAL MONETARY SYSTEM AND MACROECONOMIC PERFORMANCE IN INDONESIA

Directory of Open Access Journals (Sweden)

Sri Herianingrum

2016-02-01

Full Text Available This research aims to evaluate the impact of dual monetary policy shock on macroeconomic indicators of Indonesia: growth and inflation. In addition, this study will also examine whether conventional monetary policy has a particular impact upon Islamic banking sector. This research apply VAR (vector auto regressive method on monthly data from Bank Of Indonesia during the period of January 2010 to December 2013. The result of IRF explain that the interest rate channel find the hard way to accomplished the macroeconomic goals while the Islamic monetary instrument indicates the potential growth of output and hold the inflation low. The result of VDC describes that the Islamic instrument still affected by conventional monetary policy because of slow development in Islamic monetary systemDOI: 10.15408/aiq.v8i1.1990

Euroization, monetary union and the credibility of monetary policy

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Luka Brkić

2008-01-01

Full Text Available Assessment of exchange-rate arrangements has become an integral feature of recent discussions on reform of the international financial architecture. The upshot of this recent interest in exchange-rate regimes is that a large part of the profession appears to have become converted to ‘the hypothesis of the vanishing middle regime’, for countries well-integrated into world capital markets, there is little, if any, middle ground between floating exchange rates and monetary unification. The literature on optimal currency areas emphasizes that policy independence is crucial if countries face recurrent idiosyncratic disturbances. If member-countries of the EMU show sizeable asymmetry in the timing of business cycle phases and their exposure to exogenous shocks, these countries may be better off retaining their ability to conduct monetary and exchange-rate policies. Consequently,the important empirical issue is whether Europe is a region in which country-specific shocks prevail or whether shocks affect most of these countries in a similar way. Euroization is a relatively rare phenomenon. Yet in recent years it has attracted a lot of attention,which can be proved by an increasing number of studies dealing with this problem, as well as an increasing number of countries taking this course of action. This paper deals with the advantages and disadvantages of euroization (dollarization, not only from the theoretical aspect but also on the basis of experience of other dollarized countries. The unequivocal conclusion is that euroization (dollarization is not a monetary policy instrument that can be recommended to Croatia.

[Performance-related middle management in medical teaching. Attractiveness of incentive tools from the perspective of the teachers].

Science.gov (United States)

Hofer, M; Pieper, M; Sadlo, M; Reipen, J; Heussen, N

2008-08-01

German medical schools are increasingly challenged by the competition for public funds and talented students. Therefore. many curriculum planners, deans and school administrators plan to implement a systematic and comprehensive awarding system for good teaching. The OBJECTIVE of this study was to elaborate which specific incentives would be most effective to increase the motivation and enthusiasm for teaching among basic scientists as well as residents and attendings involved in medical education. In addition, a cost-effective model should be developed, which could be used as an adjustable blue-print for an awarding system. Based on literature search, existing approaches to rewards and incentives for medical teachers were analysed by an interdisciplinary committee in coordination with the members' department heads. According to german teaching methods and available resources, a catalogue of specific incentives has been designed and ranked by a representative sample of 200 medical teachers / faculty at two universities. Thus, a variety of favourite rewarding instruments could be elaborated, which were preferred by teachers in theoretical versus clinical disciplines. The majority of the medical teachers prefer heterogeneously monetary incentives and additional protected time, followed by career-effective incentives (tenure & promotion). The discussion reflects on a transferable catalogue of different rewarding instruments, including a cost-/benefit-analysis and prerequisite students' evaluation data. A single alteration of departmental teaching budgets does not seem to be sufficient. It seems rather advisable, also to strive for a variety of different incentives on a level that predominantly affects individual teaching personnel. Even with comparatively small amounts of money, significant effects on teachers' motivation can be achieved.

MONETARY POLICY AND THE INFLATION TARGETING STRATEGY

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Zina V. MARCU căs. CIORAN

2013-10-01

Full Text Available The monetary policy is a basic component of the economic policy. It has an important role in fulfilling the main objectives of the economic politics, which is: price stability, insurance of a balanced economic raise, full occupancy of human resources and the external payment balance stability insurance. Inflation is a negative thing affecting the economy both on short and long term. On short term, it erodes the purchasing power of currency and thus, it mostly affects the retirees and those with fixed incomes. On long term, inflation discourages the investments and the economic growth. The purpose of this paper consists in the revision and presentation of the specialized literature concerning the impact the monetary policy has on the main macro-economical variables, especially on inflation, in terms of influence of the monetary authority decision on economic and financial conjunction. It was found that the monetary authorities of any country can evaluate exactly the rhythm and the effects of their actions on the economy by understanding the mechanisms which the monetary policy uses to influence the economy.

Monetary Policy and Price Stability in Nigeria

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Idoko Ahmed Itodo

2017-06-01

Full Text Available Irregular price changes, with its economic consequences of market risks and uncertainties, have been one of the most challenging problems facing the Nigerian economy. Successive financial sector reforms, which seek to enhance the role of monetary policy instruments in macroeconomic management, in view of the theoretical and empirical link between monetary policy and general price level, have been implemented with less than satisfactory results. This paper examines the monetary policy in stabilizing price level in Nigeria. We employ the Vector Autoregressive (VAR model, with in-built differencing to take care of unit root in these time series data, to capture this relationship. From our findings, we discover that, money supply has no significant relationship with price level in Nigeria. This, we believe, may be due to the influence of the large informal financial sector which controls a very significant fraction of money in circulation. Thus, policy reforms that would curb the influence of the informal financial sector should be implemented in order to allow the central monetary authority to work better, and enhance the role of monetary management in Nigeria.

MONETARY EXPECTATIONS OF THE ROMANIAN EXECUTIVES REGARDING THE ADHERATION

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Ramona DUMITRIU

2006-01-01

Full Text Available This paper explores the monetary expectations induced to the managers of Romanian firms by adheration. It is based on an investigation among twenty Romanian executives regarding the impact on adheration over monetary aspects: inflation, exchange rates and adoption of euro. We conclude that the results of the monetary policy in the last years made the executives confident that the Romanian authorities could maintain the monetary stability after theadheration.

Financial incentives and coverage of child health interventions: a systematic review and meta-analysis.

Science.gov (United States)

Bassani, Diego G; Arora, Paul; Wazny, Kerri; Gaffey, Michelle F; Lenters, Lindsey; Bhutta, Zulfiqar A

2013-01-01

Financial incentives are widely used strategies to alleviate poverty, foster development, and improve health. Cash transfer programs, microcredit, user fee removal policies and voucher schemes that provide direct or indirect monetary incentives to households have been used for decades in Latin America, Sub-Saharan Africa, and more recently in Southeast Asia. Until now, no systematic review of the impact of financial incentives on coverage and uptake of health interventions targeting children under 5 years of age has been conducted. The objective of this review is to provide estimates on the effect of six types of financial incentive programs: (i) Unconditional cash transfers (CT), (ii) Conditional cash transfers (CCT), (iii) Microcredit (MC), (iv) Conditional Microcredit (CMC), (v) Voucher schemes (VS) and (vi) User fee removal (UFR) on the uptake and coverage of health interventions targeting children under the age of five years. We conducted systematic searches of a series of databases until September 1st, 2012, to identify relevant studies reporting on the impact of financial incentives on coverage of health interventions and behaviors targeting children under 5 years of age. The quality of the studies was assessed using the CHERG criteria. Meta-analyses were undertaken to estimate the effect when multiple studies meeting our inclusion criteria were available. Our searches resulted in 1671 titles identified 25 studies reporting on the impact of financial incentive programs on 5 groups of coverage indicators: breastfeeding practices (breastfeeding incidence, proportion of children receiving colostrum and early initiation of breastfeeding, exclusive breastfeeding for six months and duration of breastfeeding); vaccination (coverage of full immunization, partial immunization and specific antigens); health care use (seeking healthcare when child was ill, visits to health facilities for preventive reasons, visits to health facilities for any reason, visits for health

Who responds to financial incentives for weight loss? Evidence from a randomized controlled trial.

Science.gov (United States)

Paloyo, Alfredo R; Reichert, Arndt R; Reuss-Borst, Monika; Tauchmann, Harald

2015-11-01

There is a paucity of evidence on the heterogeneous impacts of financial incentives on weight loss. Between March 2010 and January 2012, in a randomized controlled trial, we assigned 700 obese persons to three experimental arms. We test whether particular subgroups react differently to financial incentives for weight loss. Two treatment groups obtained a cash reward (€150 and €300 with 237 and 229 participants, respectively) for achieving an individually-assigned target weight within four months; the control group (234 participants) was not incentivized. Participants and administrators were not blinded to the intervention. We find that monetary rewards effectively induced obese individuals to reduce weight across all subgroups. However, there is no evidence for treatment-effect heterogeneity for those groups that were incentivized. Among those who were in the €300 group, statistically significant and large weight losses were observed for women, singles, and those who are not working (all above 4 kg in four months). In addition, the magnitude of the reward matters only for women and migrants. The effectiveness of financial incentives to reduce weight nevertheless raises sensitive ethical issues that should be taken into consideration by policymakers. Copyright © 2015 Elsevier Ltd. All rights reserved.

Monetary Union is the future of EAEU

Directory of Open Access Journals (Sweden)

Vyacheslav S. Kuznetsov

2015-01-01

Full Text Available The president of Russian Federation V. Putin's Order from the 10th of March 2015 to the Government and Central Bank of Russia to work on the plan of creating Monetary Union of EAEU by the 1st of September cannot be ignored by scientific community's attention of Russia and other Eurasian countries. Strategic goal of this document is pretty clear - to create an island of currency stability in the surrounding of Jamaica's Monetary nonsystem and existing monopolar and assimetric world's dollar order, to minimize the dependency of Eurasian countries on US dollar, to hold its world expansion, to freeze the process of financing of USA imbalances by all countries, to turn back the process of dollarization of Eurasian countries and world's dollarization and relieve the world's community from future financial crises. The world's financial and economic crisis of 2008-2010 has clearly shown that US monetary, credit and banking system has become a permanent source of future turmoil of world's scale. It creates a necessity to activate the process of monetary integration of countries on the regional level and transformation of the modern Jamaica's world's dollar standard into the world's multipolar monetary standard. In this article the author analyses he stages of setting up the Eurasian regional monetary order from the creation of multilateral settlement system using common regional currency unit to the introduction of Eurasian currency system with Eurasian currency unit, which can be transformed in the future into the Eurasian Economic and monetary union with common regional currency (euras, which can restrict the world's monopoly position of the dollar.

Temporal changes of striatal dopamine release during and after a video game with a monetary reward: a PET study with [11C] raclopride continuous infusion

International Nuclear Information System (INIS)

Sang Eun Kim; Yearn Seong Choe; Eunjoo Kang; Dong Soo Lee; June-Key Chung; Myung-Chul Lee; Sang Soo Cho

2004-01-01

Purpose: In an attempt to understand the neurochemical changes associated with rewarded motor learning in human brain, we investigated the temporal changes of striatal dopamine (DA) release during and after a goal-directed psychomotor task (a video game) with a monetary incentive using [ 11 C] raclopride PET. Methods: Seven healthy, right-handed, nonsmokers were studied with PET for 120 min (50 min resting followed by 40 min video game and another 30 min resting) while receiving a bolus plus constant infusion of the DA D2 receptor radioligand [ 11 C] raclopride. During the video game (from 50 to 90 min postinjection), subjects played Tetris, which involved learning of joystick movement to fit falling jigsaw blocks, and periodically rewarded with unpredictable amount monetary incentives for improved performance. Striatal V 3 ', calculated as striatal-cerebellar/cerebellar activity ratio, was measured under equilibrium condition, at baseline and during and after the video game. Results: Striatal V 3 ' was significantly reduced during the video game compared with baseline levels, indicating increased DA release in this region (caudate, -15±6%; putamen, -30±10%). During the 30 min after the game ended, striatal [ 11 C] raclopride binding was gradually increased and the V 3 ' approached baseline levels. There was a significant correlation between the reduction in striatal V 3 ' and the task performance during the video game. Conclusions: These results demonstrate DA release in the human striatum during a psychomotor task with a monetary reward and to our knowledge for the first time a gradual DA restoration to baseline levels following the offset of stimulation. They also illustrate that acute fluctuations of synaptic DA can be measured in vivo using [ 11 C] raclopride PET. (authors)

International Monetary Power and China’s Response

OpenAIRE

Hongyu Lin

2013-01-01

International monetary power has become a new area of interest since the outbreak of the global financial crisis in 2008. The USA, the EU and China will pursue global monetary power in the future, and the USD, the EURO and the RMB will become the most important world reserve currencies. The pattern of international monetary power will shift from a unilateral-hegemony structure to a triangle-balance structure. This shift has a very strong influence on changes in the current international polit...

The Realization Mechanism of China's Monetary Policy Objectives: 2001-2010

Institute of Scientific and Technical Information of China (English)

Wang Guogang

2013-01-01

This article explores the realization mechanism for the final and interim targets of China's monetary policy from 2001 to 2010.It finds that the three significant price surges in the ten years were not the results of loose monetary policy While maintaining rapid economic growth,China avoided the inflation linked with excess monetary supply.The introduction of total new lending in the interim targets also showed the maturing of China's monetary policy target system.To improve China's monetary operation,three measures need to te taken:firstly,basing stabilizing monetary policy on the trend of the non-food price index within the CPI;secondly,readjusting the definition of money according the different characteristics of transaction money and reserve money;and thirdly,including yuan exchange rates into the intermediate objectives of monetary policy.

Regional and Global Monetary Cooperation

OpenAIRE

Mario Lamberte; Peter J. Morgan

2012-01-01

The increasing occurrence of national, regional, and global financial crises, together with their rising costs and complexity, have increased calls for greater regional and global monetary cooperation. This is particularly necessary in light of volatile capital flow movements that can quickly transmit crisis developments in individual countries to other countries around the world. Global financial safety nets (GFSNs) are one important area for monetary cooperation. This paper reviews the c...

Altered prefrontal correlates of monetary anticipation and outcome in chronic pain.

Science.gov (United States)

Martucci, Katherine T; Borg, Nicholas; MacNiven, Kelly H; Knutson, Brian; Mackey, Sean C

2018-04-04

Chronic pain may alter both affect- and value-related behaviors, which represents a potentially treatable aspect of chronic pain experience. Current understanding of how chronic pain influences the function of brain reward systems, however, is limited. Using a monetary incentive delay task and functional magnetic resonance imaging (fMRI), we measured neural correlates of reward anticipation and outcomes in female participants with the chronic pain condition of fibromyalgia (N = 17) and age-matched, pain-free, female controls (N = 15). We hypothesized that patients would demonstrate lower positive arousal, as well as altered reward anticipation and outcome activity within corticostriatal circuits implicated in reward processing. Patients demonstrated lower arousal ratings as compared with controls, but no group differences were observed for valence, positive arousal, or negative arousal ratings. Group fMRI analyses were conducted to determine predetermined region of interest, nucleus accumbens (NAcc) and medial prefrontal cortex (mPFC), responses to potential gains, potential losses, reward outcomes, and punishment outcomes. Compared with controls, patients demonstrated similar, although slightly reduced, NAcc activity during gain anticipation. Conversely, patients demonstrated dramatically reduced mPFC activity during gain anticipation-possibly related to lower estimated reward probabilities. Further, patients demonstrated normal mPFC activity to reward outcomes, but dramatically heightened mPFC activity to no-loss (nonpunishment) outcomes. In parallel to NAcc and mPFC responses, patients demonstrated slightly reduced activity during reward anticipation in other brain regions, which included the ventral tegmental area, anterior cingulate cortex, and anterior insular cortex. Together, these results implicate altered corticostriatal processing of monetary rewards in chronic pain.

The Regional Impact of Monetary Policy in Indonesia

NARCIS (Netherlands)

Ridhwan, M.M.; de Groot, H.L.F.; Rietveld, P.; Nijkamp, P.

2014-01-01

This paper employs vector autoregressive (VAR) models to measure the impact of monetary policy shocks on regional output in Indonesia. We find substantial cross-regional variation in policy responses in terms of both magnitude as well as timing. Our work adds to the existing literature by providing

Financial stability and monetary policy -The case of Brazil

Directory of Open Access Journals (Sweden)

Benjamin M. Tabak

2013-12-01

Full Text Available This paper seeks to examine the effects of monetary policy over banks' loans growth and whether there is a bank lending channel operating in Brazil. Therefore, we employ a detailed high frequency panel data in which we include bank characteristics and ownership control. We contribute to the literature on bank lending channel by showing that during periods of loosening/tightening monetary policy, banks increase/decrease their loans. Additionally,our results illustrate that large, well-capitalized and liquid banks react differentially to the effects of monetary policy shocks. Finally, we show that the impact of monetary policy differs across state-owned, foreign and private domestic banks. These results are important for developing and conducting monetary policy.

Monetary and Fiscal Policy Interactions and Limitations: The Need ...

African Journals Online (AJOL)

Lwati: A Journal of Contemporary Research ... This 'divorce' of monetary and debt management functions calls for the need for effective coordination of monetary and fiscal policy if overall economic ... Therefore an appropriate combination of monetary and fiscal policy mix is crucial for macroeconomic management.

Monetary and Fiscal Policy Coordination

OpenAIRE

Hanif, Muhammad N.; Arby, Muhammad Farooq

2003-01-01

Macroeconomic policies are meant to achieve non-inflationary, stable growth. There are two major groups of policy instruments to achieve the purpose; one is related to monetary conditions and the other to fiscal conditions. Monetary instruments are employed by the central bank and fiscal instruments are employed by ministry of finance. The objectives and implications of policy measures taken by the two institutions often conflict with each other and thus call for policy coordination for effec...

An Historical Analysis of Monetary Policy Rules

OpenAIRE

John B. Taylor

1998-01-01

This paper examines several episodes in U.S. monetary history using the framework of an interest rate rule for monetary policy. The main finding is that a monetary policy rule in which the interest rate responds to inflation and real output more aggressively than it did in the 1960s and 1970s, or than during the time of the international gold standard, and more like the late 1980s and 1990s, is a good policy rule. Moreover, if one defines rule, then such mistakes have been associated with eit...

Temporal changes of striatal dopamine release during and after a video game with a monetary reward: a PET study with [{sup 11}C]raclopride continuous infusion

Energy Technology Data Exchange (ETDEWEB)

Kim, S. E. [Sungkyunkwon University School of Medicine, Suwon (Korea, Republic of); Cho, S. S.; Choe, Y. S.; Lee, S. Y.; Kang, E.; Kim, B. T. [Seoul National University hospital, Seoul (Korea, Republic of)

2002-07-01

In an attempt to understand the neurochemical changes associated with rewarded motor learning in human brain, we investigated the temporal changes of striatal dopamine (DA) release during and after a goal-directed psychomotor task (a video game) with a monetary incentive using [{sup 11}C]raclopride PET. Seven healthy, right-handed, nonsmokers were studied with PET for 120 min (50 min resting followed by 40 min video game and another 30 min resting) while receiving a bolus plus constant infusion of the DA D2 receptor radioligand [{sup 11}C]raclopride. During the video game (from 50 to 90 min postinjection), subjects played Tetris, which involved learning of joystick movement to fit falling jigsaw blocks, and periodically rewarded with unpredictable amount monetary incentives for improved performance. Striatal V3', calculated as striatal-cerebellar/cerebellar activity ratio, was measured under equilibrium condition, at baseline and during and after the video game. Striatal V3' was significantly reduced during the video game compared with baseline levels, indicating increased DA release in this region (caudate, -15{+-}6%; putamen, -30{+-}10%). During the 30 min after the game ended, striatal [{sup 11}C]raclopride binding was gradually increased and the V3' approached baseline levels. There was a significant correlation between the reduction in striatal V3' and the task performance during the video game. These results demonstrate DA release in the human striatum during a psychomotor task with a monetary reward and to our knowledge for the first time a gradual DA restoration to baseline levels following the offset of stimulation. They also illustrate that acute fluctuations of synaptic DA can be measured in vivo using [{sup 11}C]raclopride PET.

32 CFR 269.3 - Civil monetary penalty inflation adjustment.

Science.gov (United States)

2010-07-01

... 32 National Defense 2 2010-07-01 2010-07-01 false Civil monetary penalty inflation adjustment. 269... DEFENSE (CONTINUED) MISCELLANEOUS CIVIL MONETARY PENALTY INFLATION ADJUSTMENT § 269.3 Civil monetary penalty inflation adjustment. The Department shall, not later than 180 days after the enactment of the...

Perspectives on Monetary Policy and Cost of Capital: Evidence from Turkey

Directory of Open Access Journals (Sweden)

Turguttopbas Neslihan

2017-05-01

Full Text Available The target of monetary policy is generally set as to create an environment of manageable employment and affordable long-term interest rates. However, priorities of central banks may differ depending on economic and financial circumstances of individual countries. Modern approaches to monetary policy transmission can be grouped under two headings, Money View and Credit View. The money view concentrates on interest rates to explain the effects of monetary policy on aggregate spending by creating an interest rate channel. The credit channel transmission approach focuses on the supply of credits by banks following a monetary policy shift in interest rates. In 2010, the Central Bank of Turkey (CBT developed an interest rate corridor shaped by one-week and overnight repo lending to the financial banks to absorb excessive volatility caused by short-term capital inflows. Under this framework, the CBT implements its monetary policy in two ways; firstly it can alter the interest rates of weekly repo as well as O/N lending rate. Secondly, it can configure the funding structure it provides to the financial intermediaries. In such a framework, the interest rate transmission mechanism has been operated by two benchmark interest rates, one of which is the weighted average of the cost of funds provided by the CBT and the other is the interest rate in Borsa Istanbul (BIST money market transactions at an overnight maturity. There is a strong co-movement between the interest rates and they are affected by the movements in the CBT lending rate in both directions. Interest rates applied to deposits and loans by banks are affected by the policy rate (CBT Average Funding Rate and the market rate (BIST O/N Repo Rate.

Global Implications of Self-Oriented National Monetary Rules

OpenAIRE

Maurice Obstfeld; Kenneth Rogoff

2003-01-01

It is well known that if international linkages are relatively small, the potential gains to international monetary policy coordination are typically quite limited. But what if goods and financial markets are tightly linked? Is it then problematic if countries unilaterally design their institutions for monetary stabilization? Are the stabilization gains from having separate currencies largely squandered in the absence of effective international monetary coordination? We argue that under p...

EFFECTS OF MONETARY POLICY IN ROMANIA - A VAR APPROACH

Directory of Open Access Journals (Sweden)

Iulian Popescu

2012-10-01

Full Text Available Understanding how monetary policy decisions affect inflation and other economic variables is particularly important. In this paper we consider the implications of monetary policy under the inflation targeting regime in Romania, based on an autoregressive vector method including recursive VAR and structural VAR (SVAR. Therefore, we focus on assessing the extent and persistence of monetary policy effects on gross domestic product (GDP, price level, extended monetary aggregate (M3 and exchange rate. The main results of VAR analysis reflect a negative response of consumer price index (CPI, GDP and M3 and positive nominal exchange rate behaviour to a monetary policy shock, and also a limited impact of a short-term interest rate shock in explaining the consumer prices, production and exchange rate fluctuations.

Testing the Monetary Model for Exchange Rate Determination in South Africa: Evidence from 101 Years of Data

Directory of Open Access Journals (Sweden)

Riané de Bruyn

2013-03-01

Full Text Available Evidence in favor of the monetary model of exchange rate determination for the South African Rand is, at best, mixed. A co-integrating relationship between the nominal exchange rate and monetary fundamentals forms the basis of the monetary model. With the econometric literature suggesting that the span of the data, not the frequency, determines the power of the co-integration tests and the studies on South Africa primarily using short-span data from the post-Bretton Woods era, we decided to test the long-run monetary model of exchange rate determination for the South African Rand relative to the US Dollar using annual data from 1910 – 2010. The results provide some support for the monetary model in that long-run co-integration is found between the nominal exchange rate and the output and money supply deviations. However, the theoretical restrictions required by the monetary model are rejected. A vector error-correction model identifies both the nominal exchange rate and the monetary fundamentals as the channel for the adjustment process of deviations from the long-run equilibrium exchange rate. A subsequent comparison of nominal exchange rate forecasts based on the monetary model with those of the random walk model suggests that the forecasting performance of the monetary model is superior.

Japan's approach to monetary policy

OpenAIRE

Giovanni P. Olivei

2002-01-01

The goal of monetary policy as conducted by the Bank of Japan is to contribute to the sound development of the national economy through the pursuit of price stability. The objective of price stability, however, is not precisely defined as it has been for other central banks. Following the implementation of the new Bank of Japan Law in 1998, the monetary policy framework is characterized by central bank independence, the primacy of the price stability objective, instrument independence, and po...

Two-week administration of the combined serotonin-noradrenaline reuptake inhibitor duloxetine augments functioning of mesolimbic incentive processing circuits.

Science.gov (United States)

Ossewaarde, Lindsey; Verkes, Robbert J; Hermans, Erno J; Kooijman, Sabine C; Urner, Maren; Tendolkar, Indira; van Wingen, Guido A; Fernández, Guillén

2011-09-15

Anhedonia and lack of motivation are core symptoms of major depressive disorder (MDD). Neuroimaging studies in MDD patients have shown reductions in reward-related activity in terminal regions of the mesolimbic dopamine (DA) system, such as the ventral striatum. Monoamines have been implicated in both mesolimbic incentive processing and the mechanism of action of antidepressant drugs. However, not much is known about antidepressant effects on mesolimbic incentive processing in humans, which might be related to the effects on anhedonia. To investigate the short-term effects of antidepressants on reward-related activity in the ventral striatum, we investigated the effect of the combined serotonin-norepinephrine reuptake inhibitor duloxetine. Healthy volunteers underwent functional magnetic resonance imaging in a randomized, double-blind, placebo-controlled, crossover study. After taking duloxetine (60 mg once a day) or placebo for 14 days, participants completed a monetary incentive delay task that activates the ventral striatum during reward anticipation. Our results (n = 19) show enhanced ventral striatal responses after duloxetine administration compared with placebo. Moreover, this increase in ventral striatal activity was positively correlated with duloxetine plasma levels. This is the first study to demonstrate that antidepressants augment neural activity in mesolimbic DA incentive processing circuits in healthy volunteers. These effects are likely caused by the increase in monoamine neurotransmission in the ventral striatum. Our findings suggest that antidepressants may alleviate anhedonia by stimulating incentive processing. Copyright © 2011 Society of Biological Psychiatry. Published by Elsevier Inc. All rights reserved.

48 CFR 16.304 - Cost-plus-incentive-fee contracts.

Science.gov (United States)

2010-10-01

... 48 Federal Acquisition Regulations System 1 2010-10-01 2010-10-01 false Cost-plus-incentive-fee...-incentive-fee contracts. A cost-plus-incentive-fee contract is a cost-reimbursement contract that provides... allowable costs to total target costs. Cost-plus-incentive-fee contracts are covered in subpart 16.4...

Motivation and incentives of rural maternal and neonatal health care providers: a comparison of qualitative findings from Burkina Faso, Ghana and Tanzania.

Science.gov (United States)

Prytherch, Helen; Kagoné, Moubassira; Aninanya, Gifty A; Williams, John E; Kakoko, Deodatus C V; Leshabari, Melkidezek T; Yé, Maurice; Marx, Michael; Sauerborn, Rainer

2013-04-25

In Burkina Faso, Ghana and Tanzania strong efforts are being made to improve the quality of maternal and neonatal health (MNH) care. However, progress is impeded by challenges, especially in the area of human resources. All three countries are striving not only to scale up the number of available health staff, but also to improve performance by raising skill levels and enhancing provider motivation. In-depth interviews were used to explore MNH provider views about motivation and incentives at primary care level in rural Burkina Faso, Ghana and Tanzania. Interviews were held with 25 MNH providers, 8 facility and district managers, and 2 policy-makers in each country. Across the three countries some differences were found in the reasons why people became health workers. Commitment to remaining a health worker was generally high. The readiness to remain at a rural facility was far less, although in all settings there were some providers that were willing to stay. In Burkina Faso it appeared to be particularly difficult to recruit female MNH providers to rural areas. There were indications that MNH providers in all the settings sometimes failed to treat their patients well. This was shown to be interlinked with differences in how the term 'motivation' was understood, and in the views held about remuneration and the status of rural health work. Job satisfaction was shown to be quite high, and was particularly linked to community appreciation. With some important exceptions, there was a strong level of agreement regarding the financial and non-financial incentives that were suggested by these providers, but there were clear country preferences as to whether incentives should be for individuals or teams. Understandings of the terms and concepts pertaining to motivation differed between the three countries. The findings from Burkina Faso underline the importance of gender-sensitive health workforce planning. The training that all levels of MNH providers receive in

MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

OpenAIRE

JOSIFIDIS, Kosta; PUCAR, Emilija Beker; SUPIĆ, Novica

2010-01-01

The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former) transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, a...

Monetary economics from econophysics perspective

Science.gov (United States)

Yakovenko, Victor M.

2016-12-01

This is an invited article for the Discussion and Debate special issue of The European Physical Journal Special Topics on the subject "Can Economics be a Physical Science?" The first part of the paper traces the personal path of the author from theoretical physics to economics. It briefly summarizes applications of statistical physics to monetary transactions in an ensemble of economic agents. It shows how a highly unequal probability distribution of money emerges due to irreversible increase of entropy in the system. The second part examines deep conceptual and controversial issues and fallacies in monetary economics from econophysics perspective. These issues include the nature of money, conservation (or not) of money, distinctions between money vs. wealth and money vs. debt, creation of money by the state and debt by the banks, the origins of monetary crises and capitalist profit. Presentation uses plain language understandable to laypeople and may be of interest to both specialists and general public.

The Effects of Corruption in a Monetary Union

OpenAIRE

Garcia Fortuny, Judit

2015-01-01

Many countries around the world suffer from corruption. In a monetary union, corruption varies from one country to another. It is possible corruption in one country may affect another country in a monetary union. We demonstrate that this feature has important implications in a monetary union with two asymmetric countries. Country 1 has a corrupted government while country 2 does not. Within this framework, we determine under which conditions corruption damages or benefits both countr...

Monetary policy rules for convergence to the Euro

OpenAIRE

Orlowski, Lucjan T.

2008-01-01

This paper aims to devise a monetary policy instrument rule that is suitable for open economies undergoing monetary convergence to a common currency area. The open-economy convergence-consistent Taylor rule is forward-looking, consistent with monetary framework based on inflation targeting, containing input variables that are relative to the corresponding variables in the common currency area. The policy rule is tested empirically for three inflation targeting countries converging to the euro...

Monetary transmission and bank lending in Germany

NARCIS (Netherlands)

Kakes, Jan; Sturm, Jan-Egbert; Philipp Maier, [No Value

1999-01-01

This paper analyses the role of bank lending in the monetary transmission process in Germany. We follow a sectoral approach by distinguishing corporate lending and household lending. We find that banks respond to a monetary contraction by adjusting their securities holdings, rather than reducing

The co-movement of monetary policy and its time-varying nature: A DCCA approach

Science.gov (United States)

Rohit, Abhishek; Mitra, Subrata Kumar

2018-02-01

Employing a novel methodology of DCCA cross-correlation coefficient (ρDCCA), this study attempts to provide fresh evidences for the co-movement of monetary policies of the advanced (AEs) as well as the emerging economies (EMEs) vis-à-vis the United States. A higher degree of monetary co-movement as measured by ρDCCA values, is identified for the AEs as compared to the EMEs. Lower co-movement of monetary policy is especially noticeable in the short run for EMEs. We further investigate the time-varying nature of such co-movements for the AEs by splitting the period (1980-2014) into four sub periods and also by performing a rolling window estimation for the entire period to reveal smoother dynamics. Significant evidence of higher monetary coordination is revealed for sub-periods with stronger trade and financial linkages.

THE MONETARY POLICY TRANSMISSION MECHANISM THROUGH INTEREST RATE. EMPIRICAL ANALYSIS: ROMANIA

OpenAIRE

Gabriel Bistriceanu

2008-01-01

Understanding monetary policy transmission is necessary to moentary policy projection and implementation of monetary policy in a efficient manner. I consider that interest rate monetary policy mechanism is very important because the interest rate is now the main instrument used by the majority of central banks in the world in taking monetary policy decissions and by all central banks wich have inflation targeting strategy. In this paper, I analysed monetary policy transmission mechanism throu...

Essays in empirical finance and monetary policy

NARCIS (Netherlands)

van Holle, Frederiek

2017-01-01

This dissertation consists of three essays. In the first paper, “Stock-Bond Correlations, Macroeconomic Regimes and Monetary Policy”, we link the evolution of stock-bond correlations for an international sample to both local and global regimes in inflation, the output gap and monetary policy. We

monetary policy and macroeconomic management: a simulation ...

African Journals Online (AJOL)

Admin

The results show that monetary variables and government finance is linked through the government's net indebtedness to the banking system. ... monetary squeeze would reduce inflation rate faster than if the reduction in ... This reduction in money supply also leads to a reduction in output, .... Methodological Framework.

Using financial incentives to improve value in orthopaedics.

Science.gov (United States)

Lansky, David; Nwachukwu, Benedict U; Bozic, Kevin J

2012-04-01

A variety of reforms to traditional approaches to provider payment and benefit design are being implemented in the United States. There is increasing interest in applying these financial incentives to orthopaedics, although it is unclear whether and to what extent they have been implemented and whether they increase quality or reduce costs. We reviewed and discussed physician- and patient-oriented financial incentives being implemented in orthopaedics, key challenges, and prerequisites to payment reform and value-driven payment policy in orthopaedics. We searched the MEDLINE database using as search terms various provider payment and consumer incentive models. We retrieved a total of 169 articles; none of these studies met the inclusion criteria. For incentive models known to the authors to be in use in orthopaedics but for which no peer-reviewed literature was found, we searched Google for further information. Provider financial incentives reviewed include payments for reporting, performance, and patient safety and episode payment. Patient incentives include tiered networks, value-based benefit design, reference pricing, and value-based purchasing. Reform of financial incentives for orthopaedic surgery is challenged by (1) lack of a payment/incentive model that has demonstrated reductions in cost trends and (2) the complex interrelation of current pay schemes in today's fragmented environment. Prerequisites to reform include (1) a reliable and complete data infrastructure; (2) new business structures to support cost sharing; and (3) a retooling of patient expectations. There is insufficient literature reporting the effects of various financial incentive models under implementation in orthopaedics to know whether they increase quality or reduce costs. National concerns about cost will continue to drive experimentation, and all anticipated innovations will require improved collaboration and data collection and reporting.

Non-organ donors' attitudes toward incentives.

Science.gov (United States)

Tumin, Makmor; Noh, Abdillah; Chong, Chin-Sieng; Lim, Soo-Kun; Abdullah, Nawi; Ng, Kok-Peng

2013-01-01

Malaysians indicating that they did not intend to become organ donors upon their death were surveyed regarding interest in non-fungible financial incentives to be granted to surviving family members. Among the 730 (56% of the total sample of 1311) indicating unwillingness to be donors, 29.6% (216/730) subsequently indicated that they would be willing donors if the government introduced policies that, upon their death, "rewarded your (their) family with incentives for your (their) deeds." Among the 69% (504/730) who insisted that they would not become organ donor even with incentive, nearly 80% (404/501) of them were able to identify relevant incentives they thought should be provided by the state to those who make organ donations upon death. The majority of both groups preferred the state provide medical benefits to a surviving family member, suggesting this may be an attractive policy option for the state to raise the deceased organ donation pool. © 2013 John Wiley & Sons A/S.

The role of EU institutions in implementing its monetary policy

Directory of Open Access Journals (Sweden)

Emilia GEORGIEVA

2011-06-01

Full Text Available The main goal of the current article is to illustrate in detail the powers of the EU institutions to implement its monetary policy. The methods used to explore the topic and to draw the conclusions and interpret the findings are based on deduction and induction. On the grounds of the information presented in the article the following conclusions have been drawn: the relations between the EU institutions responsible for implementing its monetary policy (the European Central Bank, the European Parliament, the Council, the European Commission and others are entirely based on fundamental principles laid down for all its institutions; the commitments of the institutions implementing the EU monetary policy are strictly stipulated in its primary legislation and are mostly related to the establishment of the EU Economic and Monetary Union, the framing, planning and implementing of the common monetary policy, the management of the Monetary Union. In the conditions of world financial and economic crisis the EU has attempted to respond adequately to its monetary policy problems, commensurate with the scope and matching the specific nature of this crisis.

Did capital market convergence lower the effectiveness of monetary policy?

NARCIS (Netherlands)

Jansen, P.W.

2009-01-01

International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

Monetary Transmission and Asset - Liability management by financial institutions in transitional economies - implications for czech monetary policy

OpenAIRE

Derviz, Alexis

2000-01-01

The paper deals with the transmission of monetary policy within the financial sector. The objective is to link an optimizing stochastic model of portfolio decisions by a representative financial institution with a number of features that this optimizing behavior implies for monetary transmission and credit conditions in a transitional economy. The main example is the intermediation performance of Czech financial sector in the years 1993 to 1999.

Indicator Accuracy and Monetary Policy: Is Ignorance Bliss?

OpenAIRE

Nimark, Kristoffer P.

2003-01-01

This paper argues that assuming a common information set shared by the public and the central bank may be inappropriate when one is concerned with the value of information itself. Specifically, we argue that it may lead one to draw the conclusion that monetary policy do not benefit from accurate real time data. This paper sets up a New-Keynesian model with optimal discretionary monetary policy, where we allow for partial and diverse information. The model is used to show that monetary policy ...

The Monetary Policy – Restrictive or Expansive?

Directory of Open Access Journals (Sweden)

Adam Szafarczyk

2007-10-01

Full Text Available The monetary policy plays an important role in macroeconomic policy of government. There is a question concerning type of this policy expansive or restrictive (easy or tidy monetary policy. Unfortunately, we have a lot of criteria. Each of them gives us other answer. So due to equitation of Irving Fisher we have dominantly expansive monetary policy. This same situation exists when we use nominal value of rediscount interest rate of central bank. Opposite result appears when we use real value of this interest rate or level of obligatory reserve. Taking under consideration liquidity on money market we know, that level of interest rate is too high.

Comparing the neural basis of monetary reward and cognitive feedback during information-integration category learning.

Science.gov (United States)

Daniel, Reka; Pollmann, Stefan

2010-01-06

The dopaminergic system is known to play a central role in reward-based learning (Schultz, 2006), yet it was also observed to be involved when only cognitive feedback is given (Aron et al., 2004). Within the domain of information-integration category learning, in which information from several stimulus dimensions has to be integrated predecisionally (Ashby and Maddox, 2005), the importance of contingent feedback is well established (Maddox et al., 2003). We examined the common neural correlates of reward anticipation and prediction error in this task. Sixteen subjects performed two parallel information-integration tasks within a single event-related functional magnetic resonance imaging session but received a monetary reward only for one of them. Similar functional areas including basal ganglia structures were activated in both task versions. In contrast, a single structure, the nucleus accumbens, showed higher activation during monetary reward anticipation compared with the anticipation of cognitive feedback in information-integration learning. Additionally, this activation was predicted by measures of intrinsic motivation in the cognitive feedback task and by measures of extrinsic motivation in the rewarded task. Our results indicate that, although all other structures implicated in category learning are not significantly affected by altering the type of reward, the nucleus accumbens responds to the positive incentive properties of an expected reward depending on the specific type of the reward.

The Effects of Financial Incentives on Women’s Performance: The Tournament Theory Applied to Female Tennis Players

Directory of Open Access Journals (Sweden)

Matthieu LLORCA

2017-06-01

Full Text Available The purpose of this paper is to analyze the management model of women’s professional tennis by using the theoretical framework of the tournament theory. Indeed, this sport is particularly appropriate to study the effects of financial incentives on women’s performance in the context of competitive elimination tournament. Moreover, we take into account the direct opposition between players by building two relative performance indicators. Empirical tests are conducted, by using Ordinary Least Squares method, on the whole tournaments played by the 30 best women’s tennis players, over the 2011 season. Interesting implication found is that one tournament theory principle, the incentive effect, is confirmed. In other words, an undistributed prize structure between tournament rounds increases the player performance. However, the other consequence of the tournament theory, the participative effect, is rejected because the monetary gains distributed by the tournament’s organizer (either the premium earned or the total dollar endowment do not induce better player performance.

Providing adequate economic incentives for bioenergies with CO2 capture and geological storage

International Nuclear Information System (INIS)

Ricci, Olivia

2012-01-01

Knowing that carbon capture and storage (CCS) could play an important role in reducing emissions, it is important to have a good understanding of this role and the importance of environmental policies to support carbon capture and geological storage from bioenergies (BECCS). To date CCS technologies are not deployed on a commercial level, and policy instruments should be used to provide incentives to firms to use these technologies to reduce pollution. The aim of this paper is to compare the cost-efficiency of several incentive-based instruments (a fossil fuel tax, an emissions tax, a cap and trade system, and a subsidy on captured emissions) needed to spur the adoption of CCS and BECCS, using a dynamic general equilibrium model. This type of model has become the standard for assessing economy-wide impacts of environmental and technological policies. The study shows that BECCS will be deployed only if a specific subsidy per unit of biomass emissions captured with a CCS technology is available. We show also that the two most cost-efficient instruments for achieving a given emissions reduction target are a specific subsidy that rewards captured emissions and a carbon tax whose revenues are recycled to subsidize BECCS. - Highlights: ► We investigate the suitability of economic instruments to support CCS and BECCS. ► We model CCS and BECCS in a dynamic general equilibrium model. ► We compare the cost-efficiency of economic instruments to reduce emissions. ► A subsidy that rewards biomass captured emissions is appropriate to encourage BECCS. ► A carbon tax whose revenues are recycled to subsidize BECCS is cost-efficient.

Monetary shocks and stock returns: identification through the impossible trinity

OpenAIRE

Ali K. Ozdagli; Yifan Yu

2012-01-01

This paper attempts to identify how monetary policy shocks affect stock prices by using Mundell and Fleming's theory of the "Impossible Trinity." According to this theory, it is impossible to simultaneously have a fixed exchange rate, free capital movement (an absence of capital controls), and an independent monetary policy. The authors present evidence that Hong Kong's monetary policy is heavily dependent on the monetary policy of the United States, a stance which is consistent with this the...

Monetary Policy Shocks and Stock Returns Reactions: Evidence ...

African Journals Online (AJOL)

SIPHAMBE, H.K. (PROF.)

context is useful to both monetary authorities and investors. ... they should target stock prices or use stock price information as indicators of the monetary ... current account transactions, with remaining controls on the capital account eliminated ...

Drilling contracts and incentives

International Nuclear Information System (INIS)

Osmundsen, Petter; Sorenes, Terje; Toft, Anders

2008-01-01

Shortages of rigs and personnel have encouraged discussion of designing incentive contracts in the drilling sector. However, for the drilling contracts, there are not a large variety of contract types in use. This article describes and analyses incentives for drilling contractors. These are directly represented by the compensation formats utilised in the present and in the consecutive drilling contracts. Indirectly, incentives are also provided by the evaluation criteria that oil companies use for awarding drilling assignments. Changes in contract format pose a number of relevant questions relating to resource management, and the article takes an in-depth look at some of these. Do evaluation criteria for awarding drilling assignments encourage the development of new technology and solutions? How will a stronger focus on drilling efficiency influence reservoir utilisation?

Monetary policy and bank behavior: Empirical evidence from India

OpenAIRE

Ghosh, Saibal

2006-01-01

The paper develops an empirical model to explore the role that bank characteristics play in influencing the monetary transmission process. Employing data on Indian commercial banks for the period 1992-2004, the findings indicate that for banks classified according to size and capitalization, a monetary contraction lowers bank lending, although large and well-capitalized banks are able to shield their loan portfolio from monetary shocks.

An incentive-based architecture for social recommendations

KAUST Repository

Bhattacharjee, Rajat; Goel, Ashish; Kollias, Konstantinos

2009-01-01

We present an incentive-based architecture for providing recommendations in a social network. We maintain a distinct reputation system for each individual and we rely on users to identify appropriate correlations and rate the items using a system-provided recommendation language. The key idea is to design an incentive structure and a ranking system such that any inaccuracy in the recommendations implies the existence of a profitable arbitrage opportunity, hence making the system resistant to malicious spam and presentation bias. We also show that, under mild assumptions, our architecture provides users with incentive to minimize the Kullback-Leibler divergence between the ratings and the actual item qualities, quickly driving the system to an equilibrium state with accurate recommendations. Copyright 2009 ACM.

Central African detail experience: what US FIA field staff can teach and learn through short term assignments—Democratic Republic of Congo and Cameroon

Science.gov (United States)

Josh. Feinberg

2015-01-01

REDD+, Reduction of Emissions from Deforestation and Forest Degradation is a United Nations initiative targeted to combat atmospheric carbon dioxide and global warming by providing monetary incentives to developing countries to preserve their forested land as effective carbon sinks. In order for these countries to receive this monetary benefit, they must develop and...

The Influence Of Monetary And Non-Monetary Poverty Of Economically Active People’s Households On Job Satisfaction

Directory of Open Access Journals (Sweden)

Vyacheslav Nikolaevich Bobkov

2014-12-01

Full Text Available The main aim of this paper is to reveal the relationship between poverty of economically active people’s households (monetary and non-monetary and job satisfaction of workers from these households. Thus, the object of the study is economically active population in Russia and the subject — peculiarities of its poorest part’s attitude towards career. The study of the empirical side of the object in Russia is conducted on RLMS data, using pooled samples of its 21st wave (November-December 2012. The entire set of working individuals is divided into strata on the basis of per capita income or deprivation experienced by their households. Then we conduct a statistical study of job satisfaction of employees from these strata, with a special emphasis on the poorest stratum. During our study we compute the correlation coefficients, carry out a frequency analysis and t-tests for independent samples, construct contingency tables and calculate mean values. On the basis of these calculations, some conclusions about the degree of influence of monetary and non-monetary poverty on job satisfaction in Russia are made. The paper concludes with a number of recommendations aimed at reducing household poverty while improving job satisfaction of the economically active people living in poor households of Russia

The Dispersion of Employees' Wage Increases and Firm Performance

DEFF Research Database (Denmark)

Grund, Christian; Westergård-Nielsen, Niels Chr.

does not induce any monetary incentives. Evidence from unique Danish linked employer employee data shows that large dispersion of wage growth within firms is generally connected with low firm performance. The results are mainly driven by white collar rather than blue collar workers.......In this contribution, we examine the interrelation between intra-firm wage increases and firm performance. Previous studies have focused on the dispersion of wages in order to examine for the empirical dominance of positive monetary incentives effects compared to adverse effects due to fairness...... considerations. We argue that the dispersion of wage increases rather than wage levels is a crucial measure for monetary incentives in firms. The larger the dispersion of wage increases the higher the amount of monetary incentives in firms. In contrast, huge wage inequality without any promotion possibilities...

Monetary policy, bank size and bank lending: Evidence from Australia

OpenAIRE

Liu, Luke

2011-01-01

The transmission of monetary policy may hold the key to explaining the effects of policy on the economy. The objective of the study is to assess the importance of the bank lending channel in the transmission of monetary policy in Australia. In this paper, we found that the effectiveness of monetary policy varies with the size of the bank as well as the type of the loan. For different asset size and different kinds of loans, the effect of monetary policy is different. Thus, policy has distribu...

The Monetary Effect of Power: How Perception of Power Affects Monetary Value Judgments in China and US

OpenAIRE

Qian Yang; Kaiping Peng; Xueya Zhou; Ruoqiao Zheng; Wanhua Peng

2013-01-01

Previous research has found a positive correlation between the perception of power and the perception of a number of social attributes (e.g., attractiveness, height, personality traits), but most of the studies were conducted in the US, and none has investigated the relationship between power perception and monetary value judgments. The current study found dramatic differences between Americans and Chinese on value estimations; the Chinese seem to perceive much higher monetary values for all ...

Uncertainty of Monetary Valued Ecosystem Services - Value Transfer Functions for Global Mapping.

Directory of Open Access Journals (Sweden)

Stefan Schmidt

Full Text Available Growing demand of resources increases pressure on ecosystem services (ES and biodiversity. Monetary valuation of ES is frequently seen as a decision-support tool by providing explicit values for unconsidered, non-market goods and services. Here we present global value transfer functions by using a meta-analytic framework for the synthesis of 194 case studies capturing 839 monetary values of ES. For 12 ES the variance of monetary values could be explained with a subset of 93 study- and site-specific variables by utilizing boosted regression trees. This provides the first global quantification of uncertainties and transferability of monetary valuations. Models explain from 18% (water provision to 44% (food provision of variance and provide statistically reliable extrapolations for 70% (water provision to 91% (food provision of the terrestrial earth surface. Although the application of different valuation methods is a source of uncertainty, we found evidence that assuming homogeneity of ecosystems is a major error in value transfer function models. Food provision is positively correlated with better life domains and variables indicating positive conditions for human well-being. Water provision and recreation service show that weak ownerships affect valuation of other common goods negatively (e.g. non-privately owned forests. Furthermore, we found support for the shifting baseline hypothesis in valuing climate regulation. Ecological conditions and societal vulnerability determine valuation of extreme event prevention. Valuation of habitat services is negatively correlated with indicators characterizing less favorable areas. Our analysis represents a stepping stone to establish a standardized integration of and reporting on uncertainties for reliable and valid benefit transfer as an important component for decision support.

MONETARY POLICY FORCE EFFECT BY MEANS OF BANKS MONEY CREATION

Directory of Open Access Journals (Sweden)

Victoria COCIUG

2014-07-01

Full Text Available In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetary policy followed by the authorities and the ability of banks to create money with its impact on various practical regulations.

Does incentive-elicited nucleus accumbens activation differ by substance of abuse? An examination with adolescents

Directory of Open Access Journals (Sweden)

Hollis C. Karoly

2015-12-01

Full Text Available Numerous questions surround the nature of reward processing in the developing adolescent brain, particularly in regard to polysubstance use. We therefore sought to examine incentive-elicited brain activation in the context of three common substances of abuse (cannabis, tobacco, and alcohol. Due to the role of the nucleus accumbens (NAcc in incentive processing, we compared activation in this region during anticipation of reward and loss using a monetary incentive delay (MID task. Adolescents (ages 14–18; 66% male were matched on age, gender, and frequency of use of any common substances within six distinct groups: cannabis-only (n = 14, tobacco-only (n = 34, alcohol-only (n = 12, cannabis + tobacco (n = 17, cannabis + tobacco + alcohol (n = 17, and non-using controls (n = 38. All groups showed comparable behavioral performance on the MID task. The tobacco-only group showed decreased bilateral nucleus accumbens (NAcc activation during reward anticipation as compared to the alcohol-only group, the control group, and both polysubstance groups. Interestingly, no differences emerged between the cannabis-only group and any of the other groups. Results from this study suggest that youth who tend toward single-substance tobacco use may possess behavioral and/or neurobiological characteristics that differentiate them from both their substance-using and non-substance-using peers.

U.S. monetary shocks and global stock prices

NARCIS (Netherlands)

Laeven, L.; Tong, H.

2012-01-01

This paper studies how US monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in US interest rates, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for sectors that

THE INFLUENCES OF INFLATION ON THE MONETARY POLICY INTEREST

Directory of Open Access Journals (Sweden)

Popa Coralia Emilia

2012-12-01

Full Text Available In the context of sovereign debt crisis in Europe, a crisis entirely felt also in the direct relation between credit institutions, the National Bank of Romania (NBR adopted a monetary policy strategy meant to determine the reinforcement of its image, by initiating in the autumn of 2011 a new series of reduction of the monetary policy interest rate and implicitly the appropriate resizing of liquidity conditions. By increasing the role of liquidity adjustment, the European Central Bank (ECB succeeded to determine in the money market the decrease of interbank rate interests under the interest rate level of monetary policy. The direct inflation targeting strategy used by the European Central Bank in applying its monetary policy has the first criterion of implementation the expression of inflation target in terms of „headline inflation” (consumer price index - CPI given that the economic market in Romania is familiar with this indicator. Also, the main criterion considered by the investment segment of the market to achieve capital infusions in economic transactions is represented by the consumer price index, this one ensuring the necessary transparency related to the effects of inflation phenomenon. A strong argument supporting the use of consumer price index in monetary policy is represented by its upward flexibility towards the limited effectiveness of monetary aggregates in sizing inflationary anticipations. The downward slope of inflation phenomenon, in whose depreciation the evolution of consumer price index, whose positive trend surprised the European Central Bank, played a significant role, determined adjustments in the monetary policy strategy of the National Bank of Romania and at the same time the achievement of the inflationary target proposed with a direct effect on the monetary policy interest rate. The same measure to reduce the key interest rate is outlined in the monetary policy of the European Central Bank and it is

32 CFR 269.4 - Cost of living adjustments of civil monetary penalties.

Science.gov (United States)

2010-07-01

... 32 National Defense 2 2010-07-01 2010-07-01 false Cost of living adjustments of civil monetary... DEFENSE (CONTINUED) MISCELLANEOUS CIVIL MONETARY PENALTY INFLATION ADJUSTMENT § 269.4 Cost of living... increasing the maximum civil monetary penalty for each civil monetary penalty by the cost-of-living...

The International Impact of US Unconventional Monetary Policy

DEFF Research Database (Denmark)

Lutz, Chandler

2015-01-01

Using a structural factor-augmented vector autoregression model and a large data set of daily time series, we study the impact of US unconventional monetary policy on British and German financial markets. Our findings indicate that a surprise US unconventional monetary policy easing leads...

76 FR 74625 - Civil Monetary Penalties Inflation Adjustment

Science.gov (United States)

2011-12-01

...-2011] RIN 1125-AA69 Civil Monetary Penalties Inflation Adjustment AGENCIES: U.S. Customs and Border... adjust for inflation certain civil monetary penalties assessed under the Immigration and Nationality Act... assessed under the INA. The Federal Civil Penalties Inflation Adjustment Act of 1990 (Adjustment Act...

Structural convergence under reversible and irreversible monetary unification

NARCIS (Netherlands)

Beetsma, R.M.W.J.; Jensen, H.

2003-01-01

We explore endogenous monetary unification in the context of a model in which a country with serious structural distortions (and, hence, high inflation) is admitted into a monetary union once its economic structure has converged sufficiently towards that of the existing participants. If unification

Structural convergence under reversible and irreversible monetary unification

NARCIS (Netherlands)

Beetsma, R.M.W.J.; Jensen, H.

1999-01-01

We explore endogenous monetary unification in the context of a model in which a country with serious structural distortions (and, hence, high inflation) is admitted into a monetary union once its economic structure has converged sufficiently towards that of the existing participants. If unification

Monetary union without fiscal coordination may discipline policymakers

NARCIS (Netherlands)

Beetsma, R.M.W.J.; Bovenberg, A.L.

1995-01-01

We show that, with benevolent policymakers and fiscal leadership, monetary unification reduces inflation, taxes and public spending. These disciplining effects of a monetary union, which rise with the number of fiscal players in the union, are likely to raise welfare. Joining an optimally designed

46 CFR 506.4 - Cost of living adjustments of civil monetary penalties.

Science.gov (United States)

2010-10-01

... 46 Shipping 9 2010-10-01 2010-10-01 false Cost of living adjustments of civil monetary penalties... MONETARY PENALTY INFLATION ADJUSTMENT § 506.4 Cost of living adjustments of civil monetary penalties. (a... penalty for each civil monetary penalty by the cost-of-living adjustment. Any increase determined under...

BOLD responses in reward regions to hypothetical and imaginary monetary rewards.

Science.gov (United States)

Miyapuram, Krishna P; Tobler, Philippe N; Gregorios-Pippas, Lucy; Schultz, Wolfram

2012-01-16

Monetary rewards are uniquely human. Because money is easy to quantify and present visually, it is the reward of choice for most fMRI studies, even though it cannot be handed over to participants inside the scanner. A typical fMRI study requires hundreds of trials and thus small amounts of monetary rewards per trial (e.g. 5p) if all trials are to be treated equally. However, small payoffs can have detrimental effects on performance due to their limited buying power. Hypothetical monetary rewards can overcome the limitations of smaller monetary rewards but it is less well known whether predictors of hypothetical rewards activate reward regions. In two experiments, visual stimuli were associated with hypothetical monetary rewards. In Experiment 1, we used stimuli predicting either visually presented or imagined hypothetical monetary rewards, together with non-rewarding control pictures. Activations to reward predictive stimuli occurred in reward regions, namely the medial orbitofrontal cortex and midbrain. In Experiment 2, we parametrically varied the amount of visually presented hypothetical monetary reward keeping constant the amount of actually received reward. Graded activation in midbrain was observed to stimuli predicting increasing hypothetical rewards. The results demonstrate the efficacy of using hypothetical monetary rewards in fMRI studies. Copyright © 2011 Elsevier Inc. All rights reserved.

Korea's Post-Crisis Monetary Policy Reforms

OpenAIRE

Donghyun Park; Junggun Oh

2005-01-01

Korea's financial crisis of 1997–1998 was brought about by the unsustainable combination of large capital inflows and an inefficient financial system. The Bank of Korea contributed to the crisis primarily through its failures as the regulator of the financial system rather than as the conductor of monetary policy. Our paper explores the role of the two major monetary policy reforms Korea has implemented in response to the crisis — the establishment of a new financial regulator and the adoptio...

Does the Effort of Processing Potential Incentives Influence the Adaption of Context Updating in Older Adults?

Science.gov (United States)

Schmitt, Hannah; Kray, Jutta; Ferdinand, Nicola K

2017-01-01

A number of aging studies suggest that older adults process positive and negative information differently. For instance, the socioemotional selectivity theory postulates that older adults preferably process positive information in service of emotional well-being (Reed and Carstensen, 2012). Moreover, recent research has started to investigate whether incentives like gains or losses can influence cognitive control in an ongoing task. In an earlier study (Schmitt et al., 2015), we examined whether incentive cues, indicating potential monetary gains, losses, or neutral outcomes for good performance in the following trial, would influence older adults' ability to exert cognitive control. Cognitive control was measured in an AX-Continuous-Performance-Task (AX-CPT) in which participants had to select their responses to probe stimuli depending on a preceding context cue. In this study, we did not find support for a positivity effect in older adults, but both gains and losses led to enhanced context processing. As the trial-wise presentation mode may be too demanding on cognitive resources for such a bias to occur, the main goal of the present study was to examine whether motivational mindsets, induced by block-wise presentation of incentives, would result in a positivity effect. For this reason, we examined 17 older participants (65-76 years) in the AX-CPT using a block-wise presentation of incentive cues and compared them to 18 older adults (69-78 years) with the trial-wise presentation mode from our earlier study (Schmitt et al., 2015). Event-related potentials were recorded to the onset of the motivational cue and during the AX-CPT. Our results show that (a) older adults initially process cues signaling potential losses more strongly, but later during the AX-CPT invest more cognitive resources in preparatory processes like context updating in conditions with potential gains, and (b) block-wise and trial-wise presentation of incentive cues differentially influenced

Does the Effort of Processing Potential Incentives Influence the Adaption of Context Updating in Older Adults?

Directory of Open Access Journals (Sweden)

Hannah Schmitt

2017-11-01

Full Text Available A number of aging studies suggest that older adults process positive and negative information differently. For instance, the socioemotional selectivity theory postulates that older adults preferably process positive information in service of emotional well-being (Reed and Carstensen, 2012. Moreover, recent research has started to investigate whether incentives like gains or losses can influence cognitive control in an ongoing task. In an earlier study (Schmitt et al., 2015, we examined whether incentive cues, indicating potential monetary gains, losses, or neutral outcomes for good performance in the following trial, would influence older adults’ ability to exert cognitive control. Cognitive control was measured in an AX-Continuous-Performance-Task (AX-CPT in which participants had to select their responses to probe stimuli depending on a preceding context cue. In this study, we did not find support for a positivity effect in older adults, but both gains and losses led to enhanced context processing. As the trial-wise presentation mode may be too demanding on cognitive resources for such a bias to occur, the main goal of the present study was to examine whether motivational mindsets, induced by block-wise presentation of incentives, would result in a positivity effect. For this reason, we examined 17 older participants (65–76 years in the AX-CPT using a block-wise presentation of incentive cues and compared them to 18 older adults (69–78 years with the trial-wise presentation mode from our earlier study (Schmitt et al., 2015. Event-related potentials were recorded to the onset of the motivational cue and during the AX-CPT. Our results show that (a older adults initially process cues signaling potential losses more strongly, but later during the AX-CPT invest more cognitive resources in preparatory processes like context updating in conditions with potential gains, and (b block-wise and trial-wise presentation of incentive cues

Macroeconomic Activity and Monetary Policy Actions: Some Preliminary Evidence.

OpenAIRE

Haslag, Joseph H; Hein, Scott E

1992-01-01

Monetary policy is conducted through open market operations, loans at the discount window, and changes in the reserve requirement structure. The purpose of this paper is to formally investigate the notion that the effect of changes in reserve requirement ratios is different from the effect of other policy tools. This is accomplished by decomposing the monetary base into those changes caused by changes in reserve requirement ratios and those caused by other monetary policy actions. Some prelim...

Monetary policy implications of financial innovation: In-depth analysis

OpenAIRE

Bernoth, Kerstin; Gebauer, Stefan; Schäfer, Dorothea

2017-01-01

In this policy brief, we argue that the financial innovations triggered by the FinTech industry have the potential to affect the transmission of monetary policy as well as the informational content of important monetary indicators. The growing FinTech industry could contribute substantially to the emergence of nonbank finance as a substitute for traditional commercial bank finance. While the overall effect of nonbank finance on monetary policy transmission is not yet clear, we argue that regu...

Interdependencies Between the Capital Market and the Monetary Policy Decisions

Directory of Open Access Journals (Sweden)

Claudia Guni

2010-12-01

Full Text Available The declared scope of this work is to highlight the main correlations between the monetary and the capital market, including identifying the adequate objective of monetary policy which might positively influence over the offer on the capital market. The main target of the monetary market consists in the stability of the prices. The link between monetary policy and stock market is extremely important. The stock prices are sensible to economical conditions. Moreover, these prices rapidly change, thus there is a chance for a deviation from the fundamental value, with side-effects for economy.

Disintegration of monetary system of medieval Serbia

Directory of Open Access Journals (Sweden)

Gnjatović Dragana

2014-01-01

Full Text Available The subject matter of this paper is the process of gradual disintegration of monetary system of medieval Serbia during the second half of the 14th and the first half of the 15th century. This period is characterized by an appearance of frequent usurpations of the ruling right to mint coinage by local landlords and the attempts of the rulers from Lazarević and Branković families to restore unified monetary system. Common debasements and restorations of silver coinage provoked economic instability and induced frequent turning backwards to the custom of using weighted silver instead of silver coins as commodity monetary standard. The aim of this paper is to explain the reasons for those phenomena. We apply qualitative, historical, empirical analysis where we consider money minting right holders and their decisions to debase and restore the value of silver dinars. We found that gradual disintegration of monetary system of medieval Serbian State continued until the fall of Serbian Despotate as a consequence of political instability following dissolution of medieval Serbian Empire and economic and financial exhaustion of Serbia by Ottoman suzerains.

Monetary transmission and bank lending in the Netherlands

NARCIS (Netherlands)

Kakes, Jan

1998-01-01

This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they use

The Adoption of Indirect Instruments of Monetary Policy

OpenAIRE

Tomás J. T. Baliño; Charles Enoch; William E. Alexander

1995-01-01

This paper examines the experience of implementing indirect instruments of monetary policy. The experiences of country studies illustrate the variety of circumstances under which indirect instruments of monetary policy have been introduced. Case Studies are presented for Chile, Egypt, Ghana, Indonesia, Mexico, New Zealand, and Poland.

Financial assistance for investments in wind power in Germany. Business incentives provided by the Deutsche Ausgleichsbank

Energy Technology Data Exchange (ETDEWEB)

Koch, M [Deutsche Ausgleichsbank, Bonn (Germany)

1996-12-31

Within a generous financial framework investments in wind energy power have rapidly increased in Germany since the late 1980`s. In addition to direct subsidies or incentive stipulated by statutory provisions the DtA has encouraged investments in wind energy projects by loans at preferential interest rates with tremendous success and it will continue to do so. At present especially new ways of supporting environmental investments are being seek which have a cross-border environmental impact. The goal is to provide financial assistance both to domestic and foreign companies willing to invest in transboundary projects which may be located in East European Countries

Financial assistance for investments in wind power in Germany. Business incentives provided by the Deutsche Ausgleichsbank

Energy Technology Data Exchange (ETDEWEB)

Koch, M. [Deutsche Ausgleichsbank, Bonn (Germany)

1995-12-31

Within a generous financial framework investments in wind energy power have rapidly increased in Germany since the late 1980`s. In addition to direct subsidies or incentive stipulated by statutory provisions the DtA has encouraged investments in wind energy projects by loans at preferential interest rates with tremendous success and it will continue to do so. At present especially new ways of supporting environmental investments are being seek which have a cross-border environmental impact. The goal is to provide financial assistance both to domestic and foreign companies willing to invest in transboundary projects which may be located in East European Countries

Financial assistance for investments in wind power in Germany. Business incentives provided by the Deutsche Ausgleichsbank

International Nuclear Information System (INIS)

Koch, M.

1995-01-01

Within a generous financial framework investments in wind energy power have rapidly increased in Germany since the late 1980's. In addition to direct subsidies or incentive stipulated by statutory provisions the DtA has encouraged investments in wind energy projects by loans at preferential interest rates with tremendous success and it will continue to do so. At present especially new ways of supporting environmental investments are being seek which have a cross-border environmental impact. The goal is to provide financial assistance both to domestic and foreign companies willing to invest in transboundary projects which may be located in East European Countries

Irregular incentives

International Nuclear Information System (INIS)

Cicchetti, M.A.

1993-01-01

Public utility regulation lacks a formal proxy for the economic profits that can be earned in an effectively competitive market if a firm is efficient or innovative. After all, public utility regulation operated on cost-plus basis. If a utility is efficient or innovative and lowers its costs, its typical reward is to have its rates reduced. This is a perverse incentive to motivate a utility to produce at the most efficient level. In addition, since regulation operates on this cost-plus basis, a utility can increase its net income, all other things being equal, by overinvesting in (or open-quotes gold-platingclose quotes) its system, another perverse incentive. Recognizing these flaws of regulation, academicians, utility executives, regulators, and legislators have tried over the last several years to implement incentive regulation plans that correct such perverse incentives. However, under many of the earnings-sharing or price-regulation incentive plans, the rewards for efficient production are not tied directly to measures under a company's control. In fact, such plans could prove highly detrimental to ratepayers and competitors of the regulated company and its affiliates. An incentive regulation plan that ties an appropriate reward for efficient production to specific efficiency gains is a better proxy of an effectively competitive environment. What's more, it is superior to an incentive plan that rewards circumstances beyond the company's control or self-serving manipulation. This is particularly true if no earnings cap is associated with the reward for efficiency. Rewards for efficient production should be tied to specific actions. A suitable incentive plan does not preclude appropriately derived flexible prices for certain products or services where warranted

How Cultural Alignment and the Use of Incentives Can Promote a Culture of Health: Stakeholder Perspectives.

Science.gov (United States)

Laurie T, Martin; Linnea Warren, May; Sarah, Weilant; Joie D, Acosta; Anita, Chandra

2018-01-01

In 2013, the Robert Wood Johnson Foundation embarked on a pioneering effort to advance a Culture of Health. This report focuses on two questions that are central to understanding how individuals and sectors think about health and are motivated to promote it: How can the commonly understood concepts of cultural identity (e.g., ethnic or religious; lesbian, gay, bisexual, transgender plus; military) and organizational culture be harnessed to develop a Culture of Health? How can incentives be used to promote individual health and engage investors and leaders within organizations or governments to promote health and well-being broadly? This study draws on 43 one-hour semistructured interviews that RAND researchers conducted with stakeholders whose work focused on cultural alignment, incentives, or both to learn how organizations are addressing and leveraging culture and incentives to promote health and well-being, as well as to identify facilitators, barriers, potential best practices, and lessons learned. Key findings include the following: Equity is often addressed in silos, which impedes progress toward a unified goal of health equity for all; members of specific cultural groups need to be given a voice in health-related activities; systems are built around prevailing cultural norms, making it challenging for those working with specific cultures to make cultural adaptations; and not all incentives are monetary. Recommendations include institutionalizing practices that ensure ongoing input from marginalized populations, identifying ways to help smaller organizations overcome structural inequalities, and institutionalizing health promotion efforts in sectors other than public health or health care to sustain collaborative efforts.

An oil demand and supply model incorporating monetary policy

International Nuclear Information System (INIS)

Askari, Hossein; Krichene, Noureddine

2010-01-01

Oil price inflation may have had a significant role in pushing the world economy into its worst post-war recession during 2008-2009. Reserve currency central banks pursued an overly expansionary monetary policy during 2001-2009, in the form of low or negative real interest rates and accompanied by a rapidly falling US dollar, while paying inadequate attention to the destabilizing effects on oil markets. In this paper, we show that monetary policy variables, namely key interest rates and the US dollar exchange rate, had a powerful effect on oil markets. World oil demand was significantly influenced by interest and dollar exchange rates, while oil supply was rigid. Oil demand and supply have very low price elasticity and this characteristic makes oil prices highly volatile and subject to wider fluctuations than the prices of other commodities. Aggressive monetary policy would stimulate oil demand, however, it would be met with rigid oil supply and would turn inflationary and disruptive to economic growth if there was little excess capacity in oil output. We argue that a measure of stability in oil markets cannot be achieved unless monetary policy is restrained and real interest rates become significantly positive. Monetary tightening during 1979-1982 might imply that monetary policy has to be restrained for a long period and with high interest rates in order to bring stability back to oil markets. (author)

The monetary policy of the European Central Bank in modern conditions

Directory of Open Access Journals (Sweden)

Kavitskaya Irina, L.

2015-12-01

Full Text Available The paper presents the monetary policy analysis of the European Central Bank (ECB under the present crisis conditions. The paper systematizes the ECB monetary policy in today's crisis and researches it at different stages of the crisis. A detailed analysis showed that the ECB's monetary policy is significantly different from the actions of other central banks during the current crisis (for example, the Federal Reserve. Thus, the ECB unconventional monetary policy combined with traditional measures, but does not replace them. Often ECB use credit easing instead of quantitative easing. The ECB's monetary policy used not only to combat the financial crisis, such as the Fed, but also to deal with the debt crisis. These features of the ECB’s monetary policy were due to both the institutional characteristics of the European Union, as well as special conditions of flow of the financial crisis in the euro zone.

Incentive motivation deficits in schizophrenia reflect effort computation impairments during cost-benefit decision-making.

Science.gov (United States)

Fervaha, Gagan; Graff-Guerrero, Ariel; Zakzanis, Konstantine K; Foussias, George; Agid, Ofer; Remington, Gary

2013-11-01

Motivational impairments are a core feature of schizophrenia and although there are numerous reports studying this feature using clinical rating scales, objective behavioural assessments are lacking. Here, we use a translational paradigm to measure incentive motivation in individuals with schizophrenia. Sixteen stable outpatients with schizophrenia and sixteen matched healthy controls completed a modified version of the Effort Expenditure for Rewards Task that accounts for differences in motoric ability. Briefly, subjects were presented with a series of trials where they may choose to expend a greater amount of effort for a larger monetary reward versus less effort for a smaller reward. Additionally, the probability of receiving money for a given trial was varied at 12%, 50% and 88%. Clinical and other reward-related variables were also evaluated. Patients opted to expend greater effort significantly less than controls for trials of high, but uncertain (i.e. 50% and 88% probability) incentive value, which was related to amotivation and neurocognitive deficits. Other abnormalities were also noted but were related to different clinical variables such as impulsivity (low reward and 12% probability). These motivational deficits were not due to group differences in reward learning, reward valuation or hedonic capacity. Our findings offer novel support for incentive motivation deficits in schizophrenia. Clinical amotivation is associated with impairments in the computation of effort during cost-benefit decision-making. This objective translational paradigm may guide future investigations of the neural circuitry underlying these motivational impairments. Copyright © 2013 Elsevier Ltd. All rights reserved.

Do non-monetary prices target the poor? Evidence from a field experiment in India

OpenAIRE

Hoffmann, Bridget

2016-01-01

This paper uses willingness to pay (WTP) data from a field experiment in Hyderabad, India in 2013 to determine whether non-monetary prices better target health products to the poor than monetary prices. Monetary WTP is increasing in income and non-monetary WTP is weakly decreasing in income. Household fixed effects in a pooled sample of monetary WTP and non-monetary WTP are used to compare the correlation of income and WTP across price types. It is found that non-monetary WTP falls relative t...

THE REGULATION OF MONEY CIRCULATION ON THE BASIS OF USING METHODS AND INSTRUMENTS OF MONETARY POLICY

OpenAIRE

S. Mishchenko; S. Naumenkova

2013-01-01

In the article it was researched the instruments and mechanism of safeguarding stability of money market on the basis of implementing the optimal monetary policy regime. It was determined the main directions of appliance the monetary policy methods and instruments to guiding money market stability and it was also investigated the influence of transmission mechanism on providing the soundness of money circulations.

Some considerations on using monetary policy to promote financial stability

Directory of Open Access Journals (Sweden)

Petria, N.

2010-12-01

Full Text Available The current period of crisis on credit markets has highlighted the crucial role of the behaviour of banks in the transmission mechanism of monetary policy. This paper summarises our considerations on how monetary policy, as the main instrument, acts in order to promote financial stability and to stabilize the banking system. Central banks have a variety of tools for implementing monetary policy, but the tool that has received the most attention in literature is the interest rate. We observe that the financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy, notably the transmission of policy through the supply of credit and overall conditions in the capital markets. Monetary policy has important macroeconomic effects only to the extent that it moves financial market prices that really matter—like long-term interest rates, stock market values, and exchange rates.

TESTING NONLINEAR INFLATION CONVERGENCE FOR THE CENTRAL AFRICAN ECONOMIC AND MONETARY COMMUNITY

Directory of Open Access Journals (Sweden)

Emmanuel Anoruo

2014-01-01

Full Text Available This paper uses nonlinear unit root testing procedures to examine the issue of inflation convergence for the Central African Economic and Monetary Community (CEMAC member states including Cameron, Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of Congo. The results from nonlinear STAR unit root tests suggest that inflation differentials for the sample countries are nonlinear and mean reverting processes. These results provide evidence of inflation convergence among countries within CEMAC. The finding of inflation convergence indicates the feasibility of a common monetary policy and/or inflation targeting regime within CEMAC.

The importance and role of the Central Bank in the creation of a healthy monetary and investment policy

Directory of Open Access Journals (Sweden)

Šmigić-Miladinović Jasmina

2016-01-01

Full Text Available The paper's starting point is finding an answer to the question: What kind of monetary policy should be followed by the Central bank in new market circumstances? As a major monetary institution, the Central bank should provide credibility for its monetary policy, which is particularly important during a macroeconomic stabilisation. In order to choose the most appropriate monetary policy, its creators should be familiar with the monetary policy's effects on economic activities, first of all on investment activities and the period in which they may occur. The Central bank uses its special status and authorisations to control monetary trends, to keep and handle foreign exchange reserves, to keep banks' required reserves, to manage the country's debt, to be the final creditor of the banking system, to take care of the banking system's liquidity. That is why the Central bank has become important for the functioning of the whole financial market, and especially the monetary market. The Central bank has both direct and indirect influence on the most important events on financial markets, financial system, as well as a wider influence - on a country's whole economy. In order to envisage the financial market's impact on monetary and investment policies, one should begin with the Central bank's role on the financial market, and at the same time analyse the financial market's instruments and institutions.

Incentivizing energy-efficient behavior at work: An empirical investigation using a natural field experiment on eco-driving

International Nuclear Information System (INIS)

Schall, Dominik L.; Mohnen, Alwine

2017-01-01

Highlights: • We conduct a natural field experiment on incentives for fuel-efficient driving. • A monetary and a tangible non-monetary reward for eco-driving are compared. • The non-monetary reward results in an average reduction of fuel consumption of 5%. • There is only a small reduction effect in the equivalent monetary reward treatment. • Emphasis of fun, emotional responses and frequency of recalling might play a role. - Abstract: Reducing greenhouse gas emissions is a highly prevalent goal of public policy in many countries around the world. Convincing people to drive more fuel-efficiently (“eco-driving”) can contribute substantially to this goal and is often an integral part of policy initiatives. However, there is a lack of scientific studies on the effects of individual monetary and non-monetary incentives for eco-driving, especially in organizational settings and with regards to demonstrating causality, e.g., by using controlled experiments. We address this gap with a six months long controlled natural field experiment and introduce a monetary and a non-monetary reward for eco-driving to drivers of light commercial vehicles in different branches of a logistics company. Our results show an average reduction of fuel consumption of 5% due to a tangible non-monetary reward and suggest only a small reduction of the average fuel consumption in the equivalent monetary reward treatment. We find indications that more emphasis on the fun of achieving a higher fuel efficiency, a more emotional response to non-monetary incentives, and a higher frequency of thinking and talking about non-monetary incentives might play a role in the stronger effect of the tangible non-monetary reward. Policy implications for private and public actors are discussed.

The roles of incentives and voluntary cooperation for contractual compliance

OpenAIRE

Gächter, Simon; Kessler, Esther; Königstein, Manfred

2011-01-01

Efficiency under contractual incompleteness often requires voluntary cooperation in situations where self-regarding incentives for contractual compliance are present as well. Here we provide a comprehensive experimental analysis based on the gift-exchange game of how explicit and implicit incentives affect cooperation. We first show that there is substantial cooperation under non-incentive compatible contracts. Incentive-compatible contracts induce best-reply effort and crowd out any voluntar...

Impact of Monetary Policy and Fiscal Policy on Indonesian Stock Market

Directory of Open Access Journals (Sweden)

Rossanto Dwi HANDOYO

2015-05-01

Full Text Available This paper attempts to investigate the effect of fiscal and monetary policy on Indonesian Stock price as well as main sectors stock price such as agricultural, mining, manufacture, and financial sector indexes. We consider the world oil price as a foreign variable that will influence domestic economy as in regular small open economy model. In this paper, we employ the Monte Carlo algorithm to Near-SVAR models (If some of the VAR equations have regressors not included in the others. We find that there is a positive stock price response to monetary policy shock both aggregated and sectoral stock price. In term of interaction between fiscal policy shock and stock market, we find that all sectors respond negative relationship. From this empirical finding, fiscal policy crowd out private sector activity in market, thus, its effect will be impotent in economy. We also provide the evidence that not only both policies are able to influence the stock price individually, but also the interaction between monetary and fiscal policy is important in explaining stock market performance.

Amplification Effects and Unconventional Monetary Policies

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Cécile BASTIDON GILLES

2012-02-01

Full Text Available Global financial crises trigger off amplification effects, which allow relatively small shocks to propagate through the whole financial system. For this reason, the range of Central banks policies is now widening beyond conventional monetary policies and lending of last resort. The aim of this paper is to establish a rule for this practice. The model is based on the formalization of funding conditions in various types of markets. We conduct a comprehensive analysis of the “unconventional monetary policies”, and especially quantify government bonds purchases by the Central bank.

An overview of reviews evaluating the effectiveness of financial incentives in changing healthcare professional behaviours and patient outcomes

Science.gov (United States)

Flodgren, Gerd; Eccles, Martin P; Shepperd, Sasha; Scott, Anthony; Parmelli, Elena; Beyer, Fiona R

2014-01-01

Background There is considerable interest in the effectiveness of financial incentives in the delivery of health care. Incentives may be used in an attempt to increase the use of evidence-based treatments among healthcare professionals or to stimulate health professionals to change their clinical behaviour with respect to preventive, diagnostic and treatment decisions, or both. Financial incentives are an extrinsic source of motivation and exist when an individual can expect a monetary transfer which is made conditional on acting in a particular way. Since there are numerous reviews performed within the healthcare area describing the effects of various types of financial incentives, it is important to summarise the effectiveness of these in an overview to discern which are most effective in changing health professionals’ behaviour and patient outcomes. Objectives To conduct an overview of systematic reviews that evaluates the impact of financial incentives on healthcare professional behaviour and patient outcomes. Methods We searched the Cochrane Database of Systematic Reviews (CDSR) (The Cochrane Library); Database of Abstracts of Reviews of Effectiveness (DARE); TRIP; MEDLINE; EMBASE; Science Citation Index; Social Science Citation Index; NHS EED; HEED; EconLit; and Program in Policy Decision-Making (PPd) (from their inception dates up to January 2010). We searched the reference lists of all included reviews and carried out a citation search of those papers which cited studies included in the review. We included both Cochrane and non-Cochrane reviews of randomised controlled trials (RCTs), controlled clinical trials (CCTs), interrupted time series (ITSs) and controlled before and after studies (CBAs) that evaluated the effects of financial incentives on professional practice and patient outcomes, and that reported numerical results of the included individual studies. Two review authors independently extracted data and assessed the methodological quality of each

Uncertainty of Monetary Valued Ecosystem Services – Value Transfer Functions for Global Mapping

Science.gov (United States)

Schmidt, Stefan; Manceur, Ameur M.; Seppelt, Ralf

2016-01-01

Growing demand of resources increases pressure on ecosystem services (ES) and biodiversity. Monetary valuation of ES is frequently seen as a decision-support tool by providing explicit values for unconsidered, non-market goods and services. Here we present global value transfer functions by using a meta-analytic framework for the synthesis of 194 case studies capturing 839 monetary values of ES. For 12 ES the variance of monetary values could be explained with a subset of 93 study- and site-specific variables by utilizing boosted regression trees. This provides the first global quantification of uncertainties and transferability of monetary valuations. Models explain from 18% (water provision) to 44% (food provision) of variance and provide statistically reliable extrapolations for 70% (water provision) to 91% (food provision) of the terrestrial earth surface. Although the application of different valuation methods is a source of uncertainty, we found evidence that assuming homogeneity of ecosystems is a major error in value transfer function models. Food provision is positively correlated with better life domains and variables indicating positive conditions for human well-being. Water provision and recreation service show that weak ownerships affect valuation of other common goods negatively (e.g. non-privately owned forests). Furthermore, we found support for the shifting baseline hypothesis in valuing climate regulation. Ecological conditions and societal vulnerability determine valuation of extreme event prevention. Valuation of habitat services is negatively correlated with indicators characterizing less favorable areas. Our analysis represents a stepping stone to establish a standardized integration of and reporting on uncertainties for reliable and valid benefit transfer as an important component for decision support. PMID:26938447

A small unconditional non-financial incentive suggests an increase in survey response rates amongst older general practitioners (GPs): a randomised controlled trial study.

Science.gov (United States)

Pit, Sabrina Winona; Hansen, Vibeke; Ewald, Dan

2013-07-30

Few studies have investigated the effect of small unconditional non-monetary incentives on survey response rates amongst GPs or medical practitioners. This study assessed the effectiveness of offering a small unconditional non-financial incentive to increase survey response rates amongst general practitioners within a randomised controlled trial (RCT). An RCT was conducted within a general practice survey that investigated how to prolong working lives amongst ageing GPs in Australia. GPs (n = 125) were randomised to receive an attractive pen or no pen during their first invitation for participation in a survey. GPs could elect to complete the survey online or via mail. Two follow up reminders were sent without a pen to both groups. The main outcome measure was response rates. The response rate for GPs who received a pen was higher in the intervention group (61.9%) compared to the control group (46.8%). This study did not find a statistically significant effect of a small unconditional non-financial incentive (in the form of a pen) on survey response rates amongst GPs (Odds ratio, 95% confidence interval: 1.85 (0.91 to 3.77). No GPs completed the online version. A small unconditional non-financial incentives, in the form of a pen, may improve response rates for GPs.

Banks' risk appetite, heterogeneity and monetary policy: evidence ...

African Journals Online (AJOL)

The study examines the effects of bank heterogeneity on risk appetite under changing monetary policy stance of the monetary authority. The scope of the study covers the period 2005 to 2015 using data obtained from the published accounts of the affected banks and Central Bank of Nigeria (CBN) statistical bulletin, various ...

Monetary aggregate targeting and inflation in Nigeria | Adedoyin ...

African Journals Online (AJOL)

Abstract. In a capitalist economy, monetary aggregate policy instruments are normally employed by monetary authorities. ... To the financial analysts, if the direction of the volume of money supply into a given economy and the velocity and output of good and services remain constant, there is bound to be an impact on prices.

Chaotic dynamics in optimal monetary policy

Science.gov (United States)

Gomes, O.; Mendes, V. M.; Mendes, D. A.; Sousa Ramos, J.

2007-05-01

There is by now a large consensus in modern monetary policy. This consensus has been built upon a dynamic general equilibrium model of optimal monetary policy as developed by, e.g., Goodfriend and King [ NBER Macroeconomics Annual 1997 edited by B. Bernanke and J. Rotemberg (Cambridge, Mass.: MIT Press, 1997), pp. 231 282], Clarida et al. [J. Econ. Lit. 37, 1661 (1999)], Svensson [J. Mon. Econ. 43, 607 (1999)] and Woodford [ Interest and Prices: Foundations of a Theory of Monetary Policy (Princeton, New Jersey, Princeton University Press, 2003)]. In this paper we extend the standard optimal monetary policy model by introducing nonlinearity into the Phillips curve. Under the specific form of nonlinearity proposed in our paper (which allows for convexity and concavity and secures closed form solutions), we show that the introduction of a nonlinear Phillips curve into the structure of the standard model in a discrete time and deterministic framework produces radical changes to the major conclusions regarding stability and the efficiency of monetary policy. We emphasize the following main results: (i) instead of a unique fixed point we end up with multiple equilibria; (ii) instead of saddle-path stability, for different sets of parameter values we may have saddle stability, totally unstable equilibria and chaotic attractors; (iii) for certain degrees of convexity and/or concavity of the Phillips curve, where endogenous fluctuations arise, one is able to encounter various results that seem intuitively correct. Firstly, when the Central Bank pays attention essentially to inflation targeting, the inflation rate has a lower mean and is less volatile; secondly, when the degree of price stickiness is high, the inflation rate displays a larger mean and higher volatility (but this is sensitive to the values given to the parameters of the model); and thirdly, the higher the target value of the output gap chosen by the Central Bank, the higher is the inflation rate and its

European monetary union: limits to growth or bifurcation point

Directory of Open Access Journals (Sweden)

Oleksandr Sharov

2014-02-01

Full Text Available The paper presents the background and process of the EU monetary union establishment with regard to historical experience of European countries involving previous attempts of currency integration between separate countries. The author also analyzes methods of solving various theoretical and practical problems arising during the process. In particular, it is pointed out that the majority of the problems were caused by neglecting monetary integration principles, the need for observing which had been clearly stated yet at the preliminary stages of the integration process. Special emphasis is made on reviewing current development stage of the monetary union, in particular, with regard to problems caused by the financial crisis in "peripheral countries" of the Union as well as by concurrent intensification of cooperation in the field of banking and fiscal issues. In this context, the trends of further European monetary integration development are also considered. As resulted from analysis, the author concludes that the European Monetary Union had exhausted its energy for development along previously assigned trajectory and reached the bifurcation point, whereas its further improvement or gradual preservation and decline depend upon the direction in which the point is passed.

MONETARY POLICY ADJUSTMENT AT THE GLOBAL FINANCIAL CRISIS CONSTRAINTS

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Adina Criste

2014-12-01

Full Text Available The global financial crisis marked a border for central banks, as it raised challenges which constrained them both to extend the range of monetary policy instruments and to redefine their role in the financial system. The present paper aims to identify features of conducting the monetary policy of some central banks, during and after the global financial crisis outbreak. For that purpose, we apply to a comparative analysis between some central banks of European Union (EU, namely Czech National Bank (CNB, National Bank of Hungary (NBH, National Bank of Poland (NBP and National Bank of Romania (NBR. We also assume that the monetary policy could be characterised through both the challenges faced by the central banks and the type of measures adopted, as a reaction to these challenges. Analysis shows that central banks have different levels of burden, according to domestic condition, and also different ”pattern” of monetary policy adjustments, using more or less unconventional or macro-prudential measures. An important conclusion raised from this article refers to the increasing role of these special measures for central banks, which requires defining a new monetary policy framework in the near future.

Equilibrium Strategies in a Fiscal-Monetary Game : a Simulation Analysis

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Irena Woroniecka-Leciejewicz

2015-01-01

Full Text Available The results from a simulation analysis of the policy-mix have been presented, carried out in a fiscal-monetary game, in which fiscal and monetary authorities make decisions from the point of view of realizing their own respective economic objectives. In order to represent the interrelations between, on the one hand, the instruments of fiscal policy and of monetary policy, and, on the other hand - the economic effects resulting from their application, a modified logistic function was used. The method adopted enables consideration of the specificity of the effects of these instruments on the business cycle, consisting in the limited effectiveness of applying any extremely restrictive or expansive policy, and the respective impact on the economy. The simulation study was meant to show the influence exerted both by the parameters of the function and the priorities of the fiscal and monetary authorities on the Nash equilibrium state, corresponding to the choice of a particular combination of budgetary and monetary policies. (original abstract

Interactions between Monetary and Fiscal Policy via Open Market Operations

NARCIS (Netherlands)

Schabert, A.

2004-01-01

We examine interactions of monetary and fiscal policy in a sticky price model where public debt is non-neutral, as it provides transaction services. This property is brought about by a legal restriction on open market operations by which only government bonds are eligible. Debt creation eases access

MONETARY POLICY FORCE EFFECT BY MEANS OF BANKS MONEY CREATION

OpenAIRE

Victoria COCIUG; Olga TIMOFEI

2014-01-01

In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetar...

MONETARY POLICY TRANSMISSION MECHANISM IN EMERGING COUNTRIES

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Andreea ROŞOIU

2013-06-01

Full Text Available The transmission channels of monetary policy are used by central banks to accomplish the main objective of price stability in the context of sustainable economic growth. The importance of interest rate and exchange rate channels for the emerging countries Romania, Poland, Czech Republic and Hungary is analyzed by using Bayesian VAR approach with Diffuse priors over 1998Q1-2012Q3. Main result of the empirical study is that both channels are effective for the monetary policy transmission mechanism in Hungary and Czech Republic. In Romania and Poland they do not exhibit puzzles, but the impact of the macroeconomic variables is not very significant and shows very high volatility. In the context of monetary integration, exchange rate channel will become irrelevant when these countries adopt Euro currency. This change will lead instead to a powerful interest rate channel.

Characteristics and contemporary challenges of the international monetary and financial system

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Kovačević Radovan

2015-01-01

Full Text Available A well-functioning international monetary system (IMS should provide a satisfactory international liquidity and facilitate money and capital flows in the world economy. In a crisis, the IMS is expected to facilitate capital flows in order to eliminate imbalances leading to the crisis. The main leverage of the IMS in the postwar period was the dollar convertibility into gold, which enabled the US currency to become a global reserve currency. US monetary policy in this monetary system has a basic mission to generate international liquidity. When President Nixon suspended convertibility of the dollar to gold in 1971, this situation led to the collapse of the Bretton Woods system, the dollar began to float freely, but remained the key global reserve currency until today. The 2008 global financial crisis reminded us about the weakness of the current IMS, because the unstable value of the dollar created the risk of US dollar-denominated reserve assets. The current crisis has renewed the objections by the countries with the largest foreign exchange reserves in the world about 'exorbitant privilege' of the U.S. dollar in the IMS, as Charles De Gaulle once called it. The monetary policy impulses in the countries whose currencies belong to the club of leading world currencies (primarily the US, Eurozone and Japan are transferred outside the borders of these countries and affect other countries in the globalized world economy. This paper deals with the consequences of the present IMS structure, which is characterized by the dominant role of the dollar and the euro in international trade and financial flows. The paper studies the channels of US and Eurozone monetary spillovers into the international environment, and their consequences for other countries.

Monetary policy and dynamic adjustment of corporate investment: A policy transmission channel perspective

Directory of Open Access Journals (Sweden)

Qiang Fu

2015-06-01

Full Text Available We investigate monetary policy effects on corporate investment adjustment, using a sample of China’s A-share listed firms (2005–2012, under an asymmetic framework and from a monetary policy transmission channel perspective. We find that corporate investment adjustment is faster in expansionary than contractionary monetary policy periods. Monetary policy has a significant effect on adjustment speed through monetary and credit channels. An increase in the growth rate of money supply or credit accelerates adjustment. Both effects are significantly greater during tightening than expansionary periods. The monetary channel has significant asymmetry, whereas the credit channel has none. Leverage moderates the relationship between monetary policy and adjustment, with a greater effect in expansionary periods. This study enriches the corporate investment behavior literature and can help governments develop and optimize macro-control policies.

The Impact of Conventional and Unconventional Monetary Policy on Investor Sentiment

DEFF Research Database (Denmark)

Lutz, Chandler

2015-01-01

This paper examines the relationship between monetary policy and investor sentiment across conventional and unconventional monetary policy regimes. During conventional times, we find that a surprise decrease in the fed funds rate leads to a large increase in investor sentiment. Similarly, when...... the fed funds rate is at its zero lower bound, research results indicate that expansionary unconventional monetary policy shocks also have a large and positive impact on investor mood. Together, our findings highlight the importance of both conventional and unconventional monetary policy...... in the determination of investor sentiment....

Tax Incentives : Using Tax Incentives to Attract Foreign Direct Investment

OpenAIRE

Morisset, Jacques

2003-01-01

The increasing mobility of international firms and the gradual elimination of barriers to global capital flows have stimulated competition among governments to attract foreign direct investment, often through tax incentives. This note reviews the debate about the effectiveness of tax incentives, examining two much-contested questions: can tax incentives attract foreign investment? And what...

THE REGULATION OF MONEY CIRCULATION ON THE BASIS OF USING METHODS AND INSTRUMENTS OF MONETARY POLICY

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S. Mishchenko

2013-05-01

Full Text Available In the article it was researched the instruments and mechanism of safeguarding stability of money market on the basis of implementing the optimal monetary policy regime. It was determined the main directions of appliance the monetary policy methods and instruments to guiding money market stability and it was also investigated the influence of transmission mechanism on providing the soundness of money circulations.

Fiscal Deficits, Monetary Reform and Inflation Stabilization in Romania.

NARCIS (Netherlands)

van Wijnbergen, S.J.G.; Budina, N.

2001-01-01

Investigates the consistency between inflation, monetary reform and fiscal policy in Romania. Offers a framework for the assessment of the fiscal and monetary interactions of Romanian economy; Shows impact of inflation on fiscal inconsistency measure; Considers importance of consolidating public

The impact of monetary policy on New Zealand business cycles and inflation variability

OpenAIRE

Nathan McLellan; Robert A Buckle; Kunhong Kim

2004-01-01

This paper uses the open economy structural VAR model developed in Buckle, Kim, Kirkham, McLellan and Sharma (2002) to evaluate the impact of monetary policy on New Zealand business cycles and inflation variability and the output/inflation variability trade-off. The model includes a forward-looking Taylor Rule to identify monetary policy and the impact of monetary policy is evaluated by deriving a monetary policy index using a procedure suggested by Dungey and Pagan (2000). Monetary policy ha...

7 CFR 3.91 - Adjusted civil monetary penalties.

Science.gov (United States)

2010-01-01

... articles not for monetary gain), $275,000 in the case of any other person for each violation, and $550,000... violation of the AHPA by an individual moving regulated articles not for monetary gain, $275,000 in the case... and a maximum of $550. (3) Food and Nutrition Service. (i) Civil penalty for hardship fine in lieu of...

Financial Incentives to Enable Clean Energy Deployment: Policy Overview and Good Practices

Energy Technology Data Exchange (ETDEWEB)

Cox, Sadie [National Renewable Energy Lab. (NREL), Golden, CO (United States)

2016-02-24

Financial incentives have been widely implemented by governments around the world to support scaled up deployment of renewable energy and energy efficiency technologies and practices. As of 2015, at least 48 countries have adopted financial incentives to support renewable energy and energy efficiency deployment. Broader clean energy strategies and plans provide a crucial foundation for financial incentives that often complement regulatory policies such as renewable energy targets, standards, and other mandates. This policy brief provides a primer on key financial incentive design elements, lessons from different country experiences, and curated support resources for more detailed and country-specific financial incentive design information.

Neural activation to monetary reward is associated with amphetamine reward sensitivity.

Science.gov (United States)

Crane, Natania A; Gorka, Stephanie M; Weafer, Jessica; Langenecker, Scott A; de Wit, Harriet; Phan, K Luan

2018-03-14

One known risk factor for drug use and abuse is sensitivity to rewarding effects of drugs. It is not known whether this risk factor extends to sensitivity to non-drug rewards. In this study with healthy young adults, we examined the association between sensitivity to the subjective rewarding effects of amphetamine and a neural indicator of anticipation of monetary reward. We hypothesized that greater euphorigenic response to amphetamine would be associated with greater neural activation to anticipation of monetary reward (Win > Loss). Healthy participants (N = 61) completed four laboratory sessions in which they received d-amphetamine (20 mg) and placebo in alternating order, providing self-report measures of euphoria and stimulation at regular intervals. At a separate visit 1-3 weeks later, participants completed the guessing reward task (GRT) during fMRI in a drug-free state. Participants reporting greater euphoria after amphetamine also exhibited greater neural activation during monetary reward anticipation in mesolimbic reward regions, including the bilateral caudate and putamen. This is the first study to show a relationship between neural correlates of monetary reward and sensitivity to the subjective rewarding effects of amphetamine in humans. These findings support growing evidence that sensitivity to reward in general is a risk factor for drug use and abuse, and suggest that sensitivity of drug-induced euphoria may reflect a general sensitivity to rewards. This may be an index of vulnerability for drug use or abuse.

Estimation of weights for the Monetary Conditions Index in Poland

OpenAIRE

Andrzej Toroj

2008-01-01

In this paper, we follow the econometric approach to assess relative importance of real interest rate and real exchange rate for the monetary conditions in Poland, quantified as weights for Monetary Conditions Index (MCI). We consider both single- and multiple-equation specifications proposed in the literature with an application to Poland. Although MCI is nowadays broadly considered a rather obsolete indicator in monetary policy conduct, we argue that the econometric framework used for this ...

The Relative Importance of the Channels of Monetary Policy ...

African Journals Online (AJOL)

importance channels of monetary policy which are working in Zambia. It answers the ... several ways through which monetary policy affect the balance sheets of economic agents and hence ... economies, especially those with flexible exchange rate regimes. ..... transmission channels work endogenously or exogenously.

Financial structure and monetary policy transmission in transition countries

NARCIS (Netherlands)

Elbourne, A.; de Haan, J.

Using the structural vector autoregressive methodology, we present estimates of monetary transmission for the new and future EU member countries in Central and Eastern Europe. Unlike most previous research we include ten transition countries. We examine to what extent monetary transmission in these

Monetary Policy: Its Impact On The Profitability Of Banks In India

OpenAIRE

Punita Rao

2011-01-01

This purpose of this study is to investigate the impact of monetary policy on the profitability of banks in the context of financial sector reforms in India. We discuss the financial sector reforms and the implication of the banks, the various instruments of monetary policy in India, and the impact of monetary policy on the profitability of banks.

Aggregate Stability in Monetary Economy with Consumption Tax and Taylor Rule

OpenAIRE

Fujisaki, Seiya

2016-01-01

We analyze aggregate stability of a monetary economy with an interest-rate control type of monetary policy and endogenous consumption tax rate under balanced-budget rule, in terms of equilibrium determinacy. We find the effect of the response to income in monetary policy on macroeconomic stability depends on whether the consumption tax rate is adequately high.

Monetary Policy in Chile: a black box?

OpenAIRE

Angel Cabrera; Luis Felipe Lagos

2000-01-01

This paper studies monetary policy in Chile during the 1986-1997 period. We concentrate in understanding the monetary transmission mechanism by which the Central Bank instrument—the real interest rate—affects total expenditure, output and the inflation rate. The methodology used is structural VARS. We find a weak effect of the interest rate on all the variables. The interest rate has a significant effect on the expenditure-output gap. Both the interest rate and the expenditure-output gap have...

The role of forecasts in monetary policy

OpenAIRE

Jeffery D. Amato; Thomas Laubach

2000-01-01

Forecasts of future economic developments play an important role for the monetary policy decisions of central banks. For example, forecasts of goal variables can help central banks achieve their goals and make them more accountable to the public. There are two primary explanations for the benefits of forecasts. The first is that monetary policy affects goal variables such as inflation and output only with substantial lags. Policy actions should, therefore, be based on forecasts of goal variab...

The Monetary Policy in a Changing World

Directory of Open Access Journals (Sweden)

Mariana Trandafir

2015-05-01

Full Text Available In a context where “the economies’ evolution is driven by the crisis”, the monetary policies are facing, in the post-crisis period, challenges that bring to the forefront of debates the rethinking of objectives, strategies and even implementation tools. This paper presents in a comparative analysis, the relevance of price stability in terms of theoretical fundaments and effectiveness of the concept for the pre and post – crisis periods, in the Eurozone, the US and Japan in an attempt to identify the explicative resorts of the central bank’s monetary behavior. At this time when the central banks are obliged to unconventional measures to save the global economy from the danger of deflation, the topic is important and timely addressed. The paper uses statistical data of official documents taken from the International Monetary Fund, European Union and central bank websites.

Incentive-based demand response programs designed by asset-light retail electricity providers for the day-ahead market

International Nuclear Information System (INIS)

Fotouhi Ghazvini, Mohammad Ali; Faria, Pedro; Ramos, Sergio; Morais, Hugo; Vale, Zita

2015-01-01

Following the deregulation experience of retail electricity markets in most countries, the majority of the new entrants of the liberalized retail market were pure REP (retail electricity providers). These entities were subject to financial risks because of the unexpected price variations, price spikes, volatile loads and the potential for market power exertion by GENCO (generation companies). A REP can manage the market risks by employing the DR (demand response) programs and using its' generation and storage assets at the distribution network to serve the customers. The proposed model suggests how a REP with light physical assets, such as DG (distributed generation) units and ESS (energy storage systems), can survive in a competitive retail market. The paper discusses the effective risk management strategies for the REPs to deal with the uncertainties of the DAM (day-ahead market) and how to hedge the financial losses in the market. A two-stage stochastic programming problem is formulated. It aims to establish the financial incentive-based DR programs and the optimal dispatch of the DG units and ESSs. The uncertainty of the forecasted day-ahead load demand and electricity price is also taken into account with a scenario-based approach. The principal advantage of this model for REPs is reducing the risk of financial losses in DAMs, and the main benefit for the whole system is market power mitigation by virtually increasing the price elasticity of demand and reducing the peak demand. - Highlights: • Asset-light electricity retail providers subject to financial risks. • Incentive-based demand response program to manage the financial risks. • Maximizing the payoff of electricity retail providers in day-ahead market. • Mixed integer nonlinear programming to manage the risks

Examining the volatility of exchange rate: Does monetary policy matter?

OpenAIRE

Lim, Shu Yi; Sek, Siok Kun

2014-01-01

We conduct empirical analysis on examining the changes in exchange rate volatility under two monetary policy regimes, i.e. the pre- and post- inflation targeting (IT) regimes. In addition, we also investigate if the monetary decisions can have impacts on the volatility of exchange rate. The study is focused in four Asian countries that experienced drastic in the switch of monetary policy from the rigid exchange rate to flexible exchange rate and inflation targeting after the Asian financial c...

Monetary incentives and environmental concern

DEFF Research Database (Denmark)

Thøgersen, John

1994-01-01

Artiklen gennemfører en teoretisk og empirisk diskussion af anvendelsen af økonomiske incitamenter til fremme af miljøvenlig adfærd med særlig henblik på kildesortering af husholdningsaffald. Der argumenteres for, at de fleste forbrugeres holdning til kildesortering er moralsk begrundet, og at my...

Transmission Channels of Monetary Policy: A Broader View

Directory of Open Access Journals (Sweden)

Lukáš Kučera

2016-08-01

Full Text Available The paper deals with a transmission mechanism of monetary policy under the regime of inflation targeting. It focuses on the expectations channel, the credit view and the cost channel. These channels work side by side and may amplify effects of the traditional view of transmission mechanisms of monetary policy, which emphasises adjustments on the demand side.

Development and Application of Econometric Models for Forecasting and Analysis of Monetary Policy Scenarios

OpenAIRE

Malugin, Vladimir; Demidenko , Mikhail; Kalechits, Dmitry; Miksjuk , Alexei; Tsukarev , Taras

2009-01-01

A system of econometric models designed for forecasting target monetary indicators as well as conducting monetary policy scenarios analysis is presented. The econometric models integrated in the system are represented in the error correction form and are interlinked by means of monetary policy instruments variables, common exogenous variables characterizing external shocks, and monetary policy target endogenous variables. Forecast accuracy estimates and monetary policy analysis results are pr...

Monetary conversion factors for economic evaluations of substance use disorders.

Science.gov (United States)

McCollister, Kathryn; Yang, Xuan; Sayed, Bisma; French, Michael T; Leff, Jared A; Schackman, Bruce R

2017-10-01

Estimating the economic consequences of substance use disorders (SUDs) is important for evaluating existing programs and new interventions. Policy makers in particular must weigh program effectiveness with scalability and sustainability considerations in deciding which programs to fund with limited resources. This study provides a comprehensive list of monetary conversion factors for a broad range of consequences, services, and outcomes, which can be used in economic evaluations of SUD interventions (primarily in the United States), including common co-occurring conditions such as HCV and HIV. Economic measures were selected from standardized clinical assessment instruments that are used in randomized clinical trials and other research studies (e.g., quasi-experimental community-based projects) to evaluate the impact of SUD interventions. National datasets were also reviewed for additional SUD-related consequences, services, and outcomes. Monetary conversion factors were identified through a comprehensive literature review of published articles as well as targeted searches of other sources such as government reports. Eight service/consequence/outcome domains were identified containing more than sixty monetizable measures of medical and behavioral health services, laboratory services, SUD treatment, social services, productivity outcomes, disability outcomes, criminal activity and criminal justice services, and infectious diseases consequences. Unit-specific monetary conversion factors are reported, along with upper and lower bound estimates, whenever possible. Having an updated and standardized source of monetary conversion factors will facilitate and improve future economic evaluations of interventions targeting SUDs and other risky behaviors. This exercise should be repeated periodically as new sources of data become available to maintain the timeliness, comprehensiveness, and quality of these estimates. Copyright © 2017 The Authors. Published by Elsevier Inc

ANALIZA INTERACȚIUNII INDICATORILOR MONETARI ȘI DE CREDIT ÎN ECONOMIA REPUBLICII MOLDOVA

Directory of Open Access Journals (Sweden)

Tudor SULA

2017-08-01

objectives of the monetary policy, new international approaches and practices are needed, including those recommended by international financial organizations to improve prudential supervision. The National Bank of Moldova is expected to work more efficiently with the Government of the Republic of Moldova to provide sufficient investment resources to meet the needs of the real sector of the economy.

The Structure of Enterprise Law: Interrelationships among contracts, markets, and laws in the bargaining structure of the firm

OpenAIRE

SHISHIDO Zenichi

2010-01-01

The firm is an ongoing joint project requiring both financial and human capital. Like other joint projects, the firm cannot maximize added value without achieving an efficient incentive bargain among the indispensable capital providers, i.e., shareholders and creditors as the monetary capital providers, and management and employees as the human capital providers. To stimulate efficient incentive bargaining at the firm level and, consequently, to enhance the efficiency of the whole economy, I ...

The trade-off between monetary policy and bank stability

NARCIS (Netherlands)

Lamers, Martien; Mergaerts, Frederik; Meuleman, Elien; Vennet, Rudi Vander

2016-01-01

This paper investigates how monetary policy interventions by the European Central Bank and the Federal Reserve affect the stock market perception of bank systemic risk. In a first step, we identify monetary policy shocks using a structural VAR approach by exploiting the changes of the volatility of

8 CFR 280.53 - Civil monetary penalties inflation adjustment.

Science.gov (United States)

2010-01-01

... 8 Aliens and Nationality 1 2010-01-01 2010-01-01 false Civil monetary penalties inflation... REGULATIONS IMPOSITION AND COLLECTION OF FINES § 280.53 Civil monetary penalties inflation adjustment. (a) In general. In accordance with the requirements of the Federal Civil Penalties Inflation Adjustment Act of...

17 CFR 143.8 - Inflation-adjusted civil monetary penalties.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Inflation-adjusted civil... JURISDICTION General Provisions § 143.8 Inflation-adjusted civil monetary penalties. (a) Unless otherwise amended by an act of Congress, the inflation-adjusted maximum civil monetary penalty for each violation of...

Monetary stability and financial development in Sub-Saharan countries

NARCIS (Netherlands)

Adema, Yvonne; Sterken, Elmer

2001-01-01

Abstract We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called

Monetary stability and financial development in Sub-Saharan countries

NARCIS (Netherlands)

Adema, Yvonne; Sterken, Elmer

2001-01-01

We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called CFA-countries,

Internal and external transmissions of monetary and fiscal policies in the EMU

NARCIS (Netherlands)

Aarle, B. van; Garretsen, J.H.; Moorsel, C. van

2001-01-01

With the introduction of Economic and Monetary Union (EMU), the sovereignty of national monetary institutions has been replaced by a common monetary institution, the European Central Bank (ECB) and national currencies have been replaced by a common currency, the euro. EMU therefore implies the loss

MONEY: FROM STATISTICAL DEFINITION TO MONETARY POLICY FOR ADOPTING EURO.

Directory of Open Access Journals (Sweden)

Zapodeanu Daniela

2011-07-01

Full Text Available Abstract: The evolution of monetary aggregates is closely related to the economic cycle, especially the evolution of GDP. The study aims to analyse the primary monetary aggregates (M1, the secondary (M2 and the tertiary (M3 in three Central and Eastern European countries: Romania, Bulgaria and Poland. The countries were chosen as follows: Romania and Bulgaria on the basis of the economic and geographical closeness and Poland as a benchmark for the first group. The data used are money supply, monetary aggregates: primary, secondary and tertiary, in Romania, Poland and Bulgaria, for the period January 2004 - March 2011, the monthly series are obtained from central bank websites, Poland's Central Bank and Bulgarian National Statistical Institute. The evolution of monetary aggregates of the three countries was compared with the Euro area and it was noticed a high degree of similarity between countries more developed economically as compared to less developed countries. From the viewpoint of optimum currency areas, it is necessary that the countries that adopt the Euro would respond symmetrically to external shocks and also have similar economic behaviour. Our study aims, in this respect, to analyse the components and the characteristics of the monetary aggregates, as well as the trends existing within them. The analysis of the correlation between monetary aggregates will show how the way in which the monetary mass and aggregates behave and which the sense of connection established between these countries is. We find that Romania and Bulgaria have a similar comportment, the correlation between these being the highest, we observe some differences between Romania and Bulgaria versus Poland.

Towards Regional Monetary Unions through Blockchain Networks

OpenAIRE

Hegadekatti, Kartik

2017-01-01

The concept of political and economic integration has not progressed beyond the concept of a Nation-state. The primary reason is the trust deficit among citizens in a supra-national entity. We can use Blockchain systems-which are trustless networks-to resolve this issue. We can float a Regional Cryptocurrency (RCC) which can bring about a successful Regional Monetary Unions (RMU) amongst a group of nations in a transparent manner. This paper deals with the idea of realizing a monetary uni...

Evaluation of Reports Required by the Statutes for Distribution of Monetary Donations and Allowances

OpenAIRE

Harun Tugcu; Mehmet Toygar; Ender Senol; I. Ozgur Can; Mukerrem Safali

2007-01-01

Physicians have to write reports in accordance with the relevant laws, statutes and regulations when requested by the administrations for distribution of monetary donations and allowances. The Statutes for Distribution of Monetary Donations and Allowances show the conditions requiring monetary support, the people who need monetary donations and the types of making monetary donations in cases of disabilities and injuries. We retrospectively reviewed the reports written in accordance with the S...

Incentive regulation of nuclear power plants by state public utility commissions

International Nuclear Information System (INIS)

Petersen, J.C.

1987-12-01

This report on incentive regulation of nuclear power plants by state public utility commissions (PUCs). Economic performance incentives established by state PUCs are applicable to the construction or operation of about 45 nuclear power reactors owned by 30 utilities in 17 states. The NRC staff monitors development of the incentives and periodically provides an updated report on all nuclear plant incentives to its regional offices. The staff maintains contact with the PUCs and the utilities responsible for implementing the incentives in order to obtain the updated information and to consider potential safety effects of the incentives. This report presents the NRC staff's concerns on potential safety effects of economic performance incentives. It also includes a plant-by-plant survey that describes the mechanics of each incentive and discusses the financial effects of the incentive on the utility-owner(s) of the plant

The Influence of Different Kinds of Incentives on Decision-Making and Cognitive Control in Adolescent Development: A Review of Behavioral and Neuroscientific Studies

Science.gov (United States)

Kray, Jutta; Schmitt, Hannah; Lorenz, Corinna; Ferdinand, Nicola K.

2018-01-01

A number of recent hypothetical models on adolescent development take a dual-systems perspective and propose an imbalance in the maturation of neural systems underlying reward-driven and control-related behavior. In particular, such models suggest that the relative dominance of the early emerging subcortical reward system over the later emerging prefrontal-guided control system leads to higher risk-taking and sensation-seeking behavior in mid-adolescents. Here, we will review recent empirical evidence from behavioral and neuroscientific studies examining interactions between these systems and showing that empirical evidence in support for the view of a higher sensitivity to rewards in mid-adolescents is rather mixed. One possible explanation for this may be the use of different kinds and amounts of incentives across studies. We will therefore include developmental studies comparing the differential influence of primary and secondary incentives, as well as those investigating within the class of secondary incentives the effects of monetary, cognitive, or social incentives. We hypothesized that the value of receiving sweets or sours, winning or losing small or large amounts of money, and being accepted or rejected from a peer group may also changes across development, and thereby might modulate age differences in decision-making and cognitive control. Our review revealed that although developmental studies directly comparing different kinds of incentives are rather scarce, results of various studies rather consistently showed only minor age differences in the impact of incentives on the behavioral level. In tendency, adolescents were more sensitive to higher amounts of incentives and larger uncertainty of receiving them, as well as to social incentives such as the presence of peers observing them. Electrophysiological studies showed that processing efficiency was enhanced during anticipation of incentives and receiving them, irrespective of incentive type. Again, we

The Influence of Different Kinds of Incentives on Decision-Making and Cognitive Control in Adolescent Development: A Review of Behavioral and Neuroscientific Studies

Directory of Open Access Journals (Sweden)

Jutta Kray

2018-05-01

Full Text Available A number of recent hypothetical models on adolescent development take a dual-systems perspective and propose an imbalance in the maturation of neural systems underlying reward-driven and control-related behavior. In particular, such models suggest that the relative dominance of the early emerging subcortical reward system over the later emerging prefrontal-guided control system leads to higher risk-taking and sensation-seeking behavior in mid-adolescents. Here, we will review recent empirical evidence from behavioral and neuroscientific studies examining interactions between these systems and showing that empirical evidence in support for the view of a higher sensitivity to rewards in mid-adolescents is rather mixed. One possible explanation for this may be the use of different kinds and amounts of incentives across studies. We will therefore include developmental studies comparing the differential influence of primary and secondary incentives, as well as those investigating within the class of secondary incentives the effects of monetary, cognitive, or social incentives. We hypothesized that the value of receiving sweets or sours, winning or losing small or large amounts of money, and being accepted or rejected from a peer group may also changes across development, and thereby might modulate age differences in decision-making and cognitive control. Our review revealed that although developmental studies directly comparing different kinds of incentives are rather scarce, results of various studies rather consistently showed only minor age differences in the impact of incentives on the behavioral level. In tendency, adolescents were more sensitive to higher amounts of incentives and larger uncertainty of receiving them, as well as to social incentives such as the presence of peers observing them. Electrophysiological studies showed that processing efficiency was enhanced during anticipation of incentives and receiving them, irrespective of

Using Effective Contractual Incentives to Obtain Superior Contractor Performance

National Research Council Canada - National Science Library

Venable, Timothy

2000-01-01

The purpose of this thesis is to provide the reader with the ability to analyze the effectiveness of incentives and to document innovative approaches to incentive contracting that can be applied to Cost-Plus-Award-Fee (CPAF) contracts...

Monetary Shocks in Models with Inattentive Producers.

Science.gov (United States)

Alvarez, Fernando E; Lippi, Francesco; Paciello, Luigi

2016-04-01

We study models where prices respond slowly to shocks because firms are rationally inattentive. Producers must pay a cost to observe the determinants of the current profit maximizing price, and hence observe them infrequently. To generate large real effects of monetary shocks in such a model the time between observations must be long and/or highly volatile. Previous work on rational inattentiveness has allowed for observation intervals that are either constant-but-long ( e.g . Caballero, 1989 or Reis, 2006) or volatile-but-short ( e.g . Reis's, 2006 example where observation costs are negligible), but not both. In these models, the real effects of monetary policy are small for realistic values of the duration between observations. We show that non-negligible observation costs produce both of these effects: intervals between observations are infrequent and volatile. This generates large real effects of monetary policy for realistic values of the average time between observations.

Da obiettivi monetari a obiettivi di cambio. (From monetary to exchange rate targets

Directory of Open Access Journals (Sweden)

M.J. ARTIS

2013-12-01

Full Text Available Questo documento è stato presentato in occasione del quarto Seminario Internazionale sui diritti economici e monetaria dell'Unione Europea, tenutosi a Copenaghen nel marzo del 1981. L'autore prende le questioni teoriche nell'ambito dell'analisi sia statica che dinamica. Egli sostiene, sulla base del criterio di minimizzare la varianza dei prezzi intorno loro valore nominale, che un obiettivo di cambio supera un obiettivo monetario nella maggior parte dei tipi immaginabili di disturbi in un'analisi statica.This paper was presented at the Fourth International Seminar on European Economic and Monetary Union, held in Copenhagen in March of 1981. The author takes up the theoretical issues in the framework of both static and dynamic analysis. He argues, on the basis of the criterion of minimising the variance of prices around their target value, that an exchange-rate target outperforms a monetary target under most conceivable types of disturbances in a static analysis. JEL: E24, F36

POLITICAL MONETARY CYCLES IN COALITION AND SINGLE PARTY GOVERNMENT PERIODS: A CASE STUDY ON TURKEY

Directory of Open Access Journals (Sweden)

AHMET EMRAH TAYYAR

2017-12-01

Full Text Available According to the theory of political monetary cycles, the government manipulates monetary policy during election periods in order to be re-elected. According to the said theory, expansionary monetary policies are implemented before the elections with opportunistic objective, while the contractionary monetary policies are implemented to stabilize the economy immediately after the elections. The use of monetary policy instruments for political purposes depends on the presence of a non-autonomous central bank, flexible exchange rate regime in the country, and the coordination between fiscal and monetary policies. Thus, the changes in the monetary policy indicators in election periods during coalition and single party governments in Turkey between 1990 and 2016 were examined in the present study. The money in circulation (M0, M1 money supply, domestic loans and inflation series were analyzed with the seasonal Box-Jenkins method for the above mentioned periods. Based on the findings of the study, political monetary cycles were not observed during the 1990-2000 coalition governments. It was determined that there were political monetary cycles during the single party government period between 2000 and 2016.Furthermore, although it could be expected that the political monetary cycles would be removed with the liberalization of the Turkish central bank on 25 April 2001, the existence of political monetary cycles during the period of 2000-2016 indicates that central bank independence was not fully achieved in Turkey. Based on another finding of the present study, the lack of political monetary cycles during the coalition government periods could lead to the failure in financing the budget deficit that increase due to political reasons with monetary policies. However, due to the existence of political monetary cycles during the single party government period, it could be argued that politically induced budget deficits changed in consistence with the

Monetary Policy, Determinancy and Learnability in the Open Economy

NARCIS (Netherlands)

Bullard, J.; Schaling, E.

2005-01-01

We study how determinacy and learnability of global rational expectations equilibrium may be affected by monetary policy in a simple, two country, New Keynesian framework.The two blocks may be viewed as the U.S. and Europe, or as regions within the euro zone.We seek to understand how monetary policy

Using Behavioral Economics to Design Physician Incentives That Deliver High-Value Care.

Science.gov (United States)

Emanuel, Ezekiel J; Ubel, Peter A; Kessler, Judd B; Meyer, Gregg; Muller, Ralph W; Navathe, Amol S; Patel, Pankaj; Pearl, Robert; Rosenthal, Meredith B; Sacks, Lee; Sen, Aditi P; Sherman, Paul; Volpp, Kevin G

2016-01-19

Behavioral economics provides insights about the development of effective incentives for physicians to deliver high-value care. It suggests that the structure and delivery of incentives can shape behavior, as can thoughtful design of the decision-making environment. This article discusses several principles of behavioral economics, including inertia, loss aversion, choice overload, and relative social ranking. Whereas these principles have been applied to motivate personal health decisions, retirement planning, and savings behavior, they have been largely ignored in the design of physician incentive programs. Applying these principles to physician incentives can improve their effectiveness through better alignment with performance goals. Anecdotal examples of successful incentive programs that apply behavioral economics principles are provided, even as the authors recognize that its application to the design of physician incentives is largely untested, and many outstanding questions exist. Application and rigorous evaluation of infrastructure changes and incentives are needed to design payment systems that incentivize high-quality, cost-conscious care.

Canadian incentives for oil and gas exploration. [Applicability to USA

Energy Technology Data Exchange (ETDEWEB)

1980-04-01

During the 1970s a number of different exploration and production incentive programs were put in place in Canada, in particular in the Province of Alberta, Canada's principal oil- and gas-producing province. The DOE/RA is evaluating Canadian incentives for oil and gas exploration, and this study is intended to provide information that will help guide DOE/RA in determining the applicability of Canadian incentive programs in US energy policy. The study describes and documents the fiscal structure in which the Canadian oil industry operates. The incentive features of pricing policy, taxation policy, and provincial royalty systems are discussed. A principal focus of the study is on one of the most important of Canada's specific incentive programs, the Alberta Exploratory Drilling Incentive Credit Program (EDICP). The study describes and evaluates the effect of the EDICP on increased oil and gas exploration activity. Similarly, the study also reviews and evaluates other specific incentive programs such as the Alberta Geophysical Incentive Program, Frontier Exploration Allowances, and various tar sand and heavy oil development incentives. Finally the study evaluates the applicability of Canadian incentives to US energy policy.

Incentive regulation of nuclear power plants by state Public Utility Commissions

International Nuclear Information System (INIS)

Martin, R.L.; Olson, J.; Hendrickson, P.

1989-12-01

Economic performance incentives established by state Public Utility Commissions (PUCs) currently are applicable to the construction or operation of approximately 73 nuclear power reactors owned by 27 utilities with investment greater than 10% in 18 states. The NRC staff monitors development of the incentives and periodically provides an updated report on all nuclear plant incentives to its headquarters and regional offices. The staff maintains contact with the PUCs and the utilities responsible for implementing the incentives in order to obtain the updated information and to consider potential safety effects of the incentives. This report on incentive regulation of nuclear power plants by state PUCs presents the NRC staff's concerns on potential safety effects of economic performance incentives. It also includes a plant-by-plant survey that describes the mechanics of each incentive and discusses the financial effects of the incentive on the utility-owner(s) of the plant

14 CFR 13.305 - Cost of living adjustments of civil monetary penalties.

Science.gov (United States)

2010-01-01

... 14 Aeronautics and Space 1 2010-01-01 2010-01-01 false Cost of living adjustments of civil... Inflation Adjustment § 13.305 Cost of living adjustments of civil monetary penalties. (a) Except for the... and maximum civil monetary penalty for each civil monetary penalty by the cost-of-living adjustment...

Relationship Between Energy Prices, Monetary Policy and Inflation; A Case Study of South Asian Economies

Directory of Open Access Journals (Sweden)

Atiq-ur-Rehman

2014-01-01

Full Text Available Monetary policy tools, including money supply and interest rate, are the most popular instruments to control inflation around the globe. It is assumed that a tight monetary policy, either in form of reduction in money supply or an increase in interest rate, will reduce inflation by reducing aggregate demand in an economy. However, monetary policy could be counterproductive if cost side effects of monetary tightening prevail. High energy prices may increase the cost of production by reducing aggregate supply in the economy. If tight monetary policy is used to reduce this cost push inflation, the cost side effect of energy prices will add to cost side effects of monetary tightening and will become dominant. In this case, the monetary policy could be counterproductive. Furthermore, simultaneous reduction in aggregate supply and aggregate demand will bring twofold reduction in output. Therefore greater care is needed in the use of monetary policy in the situation of cost push inflation. This article investigates the presence of cost side effect of monetary transmission mechanism, the role of international oil prices in domestic inflation, and implications for monetary policy. The findings suggest that both monetary policy and oil prices have cost side effects on inflation and monetary tightening could be counterproductive if used to reduce energy pushed inflationary trend.

MONETARY TRANSMISSION CHANNELS IN ROMANIA – THE CREDIT CHANNEL

Directory of Open Access Journals (Sweden)

Magdalena RĂDULESCU

2009-12-01

Full Text Available The theoretical – intuitive analysis applied to the segment of monetary transmission evidences the fact that forming the traditional monetary impulses transmission channels are in a starting phase due to the long financial non – intermediary process which Romanian economy had known. In these conditions, the exchange rate channel, and also NBR currency purchases was, for a long time, an important way through which monetary authorities actions influenced macro economical behaviors. But starting with 2000, it is observed a credit channel reactivation and, especially, interest rate channel. Anyhow, the credit channel continues to be undermined by the existence of liquidity surplus within the system, by the phenomena of substitution of national currency credit with currency credits, and also moral hazardous displays. Albeit some of these phenomena also affect the interest rate channel, its role in sending monetary policy impulses is in a continuous progress. Apparently, it acts by way of nominal interest rates, their real level seeming less relevant. Once with remaking the two traditional channels, the companies and households balance is configured and consolidated, which shall potentate in the future the efficiency of the monetary policy. This paper analyses the credit channel in Romania, through an unrestricted VAR analysis.. It shows the responses of exchange rate, inflation rate, GDP, interest rate, imports and exports to a shock on non-governmental credit

Designing an Incentive Contract Menu for Sustaining the Electricity Market

Directory of Open Access Journals (Sweden)

Ying Yu

2015-12-01

Full Text Available This paper designs an incentive contract menu to achieve long-term stability for electricity prices in a day-ahead electricity market. A bi-level Stackelberg game model is proposed to search for the optimal incentive mechanism under a one-leader and multi-followers gaming framework. A multi-agent simulation platform was developed to investigate the effectiveness of the incentive mechanism using an independent system operator (ISO and multiple power generating companies (GenCos. Further, a Q-learning approach was implemented to analyze and assess the response of GenCos to the incentive menu. Numerical examples are provided to demonstrate the effectiveness of the incentive contract.

Incentives for Recruiters

Science.gov (United States)

1992-09-01

promotions, with prizes for the kids: anything from football ti’kets to trips to Disneyland ." [Ref. 10:p. 68] Any publisher who wants a successful...such as a trip to Disneyland . The latter focuses more on providing an 29 incentive to the carrier to get a certain number of new customers in a short

Hermann agreement updates IRS guidelines for incentives.

Science.gov (United States)

Broccolo, B M; Peregrine, M W

1995-01-01

The October 1994 agreement between the Internal Revenue Service (IRS) and Hermann Hospital of Houston, Texas, elucidates current IRS policy on physician recruitment incentives. The IRS distinguishes between the recruiting and the retention of physicians and perimts incentives beyond reasonable compensation in the former but not the latter circumstance. This new agreement, while not legally precedential, nevertheless provides guidance for healthcare organizations seeking safe harbor protection.

Accountability of the International Monetary Fund | CRDI - Centre de ...

International Development Research Centre (IDRC) Digital Library (Canada)

Accountability of the International Monetary Fund. Couverture du livre Accountability of the International Monetary Fund. Directeur(s):. Barry Carin et Angela Wood. Maison(s) d'édition: Ashgate, CRDI. 29 juin 2005. ISBN : 0754645231. 140 pages. e-ISBN : 1552501752. Téléchargez le PDF · Téléchargez le cyberlivre.

Monetary ecosystem services valuation in natural environment management

OpenAIRE

Álvarez, David

2017-01-01

As it happened with Stern Report, which made international community change their attitude related to climate change, TEEB (The Economics of Ecosystem Services and Biodiversity) was a turning point in valuing biodiversity and ecosystem services. This change of attitude happened, partially, thanks to include monetary ecosystem valuation of ecosystem services and how much their conservation and avoid their loss worth to the entire society. Integrate monetary valuation in green infrastructur...

Economic Incentives for Sex-Selective Abortion in India

OpenAIRE

Daniel Rosenblum

2014-01-01

In order to understand the economic incentives behind sex selection in India, I provide the first estimates of the magnitude of the economic benefits of having a son instead of a daughter. I estimate large gains to per capita income and expenditure, household assets, and a reduction in the probability the household is below the poverty line. The observed pattern of incentives are compared to observed patterns in sex selection. Estimates show that sex selection may provide economic advantages ...

Information frictions and monetary policy

Czech Academy of Sciences Publication Activity Database

Matějka, Filip

2012-01-01

Roč. 6, č. 1 (2012), s. 7-24 ISSN 1802-792X Institutional support: RVO:67985998 Keywords : nominal rigidity * information frictions * monetary economics Subject RIV: AH - Economics http://www.vsfs.cz/periodika/acta-2012-01.pdf

The changing U.S. financial system : some implications for the monetary transmission mechanism

OpenAIRE

Gordon H. Sellon

2002-01-01

An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity.> In recent decades, significant changes in the structure of financial markets and institutions in the United Sta...

Incentive Design and Mis-Allocated Effort

OpenAIRE

Schnedler, Wendelin

2013-01-01

Incentives often distort behavior: they induce agents to exert effort but this effort is not employed optimally. This paper proposes a theory of incentive design allowing for such distorted behavior. At the heart of the theory is a trade-off between getting the agent to exert effort and ensuring that this effort is used well. The theory covers various moral-hazard models, ranging from traditional single-task to multi-task models. It also provides -for the first time- a formalization and proof...

Monetary and Fiscal Policies for a Finite Planet

Directory of Open Access Journals (Sweden)

Adam Scanlan

2013-06-01

Full Text Available Current macroeconomic policy promotes continuous economic growth. Unemployment, poverty and debt are associated with insufficient growth. Economic activity depends upon the transformation of natural materials, ultimately returning to the environment as waste. Current levels of economic throughput exceed the planet’s carrying capacity. As a result of poorly constructed economic institutions, society faces the unacceptable choice between ecological catastrophe and human misery. A transition to a steady-state economy is required, characterized by a rate of throughput compatible with planetary boundaries. This paper contributes to the development of a steady-state economy by addressing US monetary and fiscal policies. A steady-state monetary policy would support counter-cyclical, debt-free vertical money creation through the public sector, in ways that contribute to sustainable well-being. The implication for a steady-state fiscal policy is that any lending or spending requires a careful balance of recovery of money, not as a means of revenue, but as an economic imperative to meet monetary policy goals. A steady-state fiscal policy would prioritize targeted public goods investments, taxation of ecological “bads” and economic rent and implementation of progressive tax structures. Institutional innovations are considered, including common asset trusts, to regulate throughput, and a public monetary trust, to strictly regulate money supply.

Sensitivity to monetary reward is most severely compromised in recently abstaining cocaine addicted individuals: a cross-sectional ERP study.

Science.gov (United States)

Parvaz, Muhammad A; Maloney, Thomas; Moeller, Scott J; Woicik, Patricia A; Alia-Klein, Nelly; Telang, Frank; Wang, Gene-Jack; Squires, Nancy K; Volkow, Nora D; Goldstein, Rita Z

2012-07-30

Recent studies suggest that drug-addicted individuals have a dampened cortical response to non-drug rewards. However, it remains unclear whether recency of drug use impacts this impairment. Therefore, in this event-related potential study, recency of cocaine use was objectively determined by measuring cocaine in urine on study day. Thirty-five individuals with current cocaine use disorder [CUD: 21 testing positive (CUD+) and 14 testing negative (CUD-) for cocaine in urine] and 23 healthy controls completed a sustained attention task with graded monetary incentives (0¢, 1¢ and 45¢). Unlike in controls, in both CUD subgroups P300 amplitude was not modulated by the varying amounts of money and the CUD- showed the most severe impairment as documented by the lowest P300 amplitudes and task accuracy. Moreover, while recency of drug use was associated with better accuracy and higher P300 amplitudes, chronic drug use was associated with lower sensitivity to money. These results extend our previous findings of decreased sustained sensitivity to monetary reward in CUD+ to recently abstaining individuals, where level of impairment was most severe. Taken together, these results support the self-medication hypothesis, where CUD may be self-administering cocaine to avoid or compensate for underlying cognitive and emotional difficulties albeit with a long-term detrimental effect on sensitivity to non-drug reward. Copyright © 2012 Elsevier Ireland Ltd. All rights reserved.

Sensitivity to monetary reward is most severely compromised in recently abstaining cocaine addicted individuals: A cross-sectional ERP study

Science.gov (United States)

Parvaz, Muhammad A.; Maloney, Thomas; Moeller, Scott J.; Woicik, Patricia A.; Alia-Klein, Nelly; Telang, Frank; Wang, Gene-Jack; Squires, Nancy K.; Volkow, Nora D.; Goldstein, Rita Z.

2012-01-01

Recent studies suggest that drug addicted individuals have a dampened cortical response to non-drug rewards. However, it remains unclear whether recency of drug use impacts this impairment. Therefore, in this study, recency of cocaine use was objectively determined by measuring cocaine in urine on study day. Thirty-five individuals with current cocaine use disorder [CUD: 21 testing positive (CUD+) and 14 testing negative (CUD−) for cocaine in urine] and 23 healthy controls completed a sustained attention task with graded monetary incentives (0¢, 1¢ and 45¢). Unlike in controls, in both CUD subgroups P300 amplitude was not modulated by the varying amounts of money and the CUD− showed the most severe impairment as documented by the lowest P300 amplitudes and task accuracy. Moreover, while recency of drug use was associated with better accuracy and higher P300 amplitudes, chronic drug use was associated with lower sensitivity to money. These results extend our previous findings of decreased sustained sensitivity to monetary reward in CUD+ to recently abstaining individuals, where level of impairment was most severe. Taken together, these results support the self-medication hypothesis, where CUD may be self-administering cocaine to avoid or compensate for underlying cognitive and emotional difficulties albeit with a long-term detrimental effect on sensitivity to non-drug reward. PMID:22841343

MONETARY POLICY TRANSMISSION MECHANISM AND TVP-VAR MODEL

Directory of Open Access Journals (Sweden)

Andreea ROŞOIU

2013-12-01

Full Text Available The transmission of monetary policy to the economy is a subject of major importance for central banks because, by using these measures, central banks can achieve their purpose of ensuring price stability without neglecting the objective of sustainable economic growth. In order to analyze the evolution of the monetary policy transmission mechanism in Romania, a time varying structural vector autoregression model is estimated, by using a Markov Chain Monte Carlo algorithm for the posterior evolution. The conclusions of the empirical study are: both systematic and non-systematic monetary policy have changed during the investigated period of time, the systematic response of the interest rate to shocks in inflation and unemployment being faster over the recent period. Also, non-policy shocks seem more important than interest rate shocks in explaining inflation and unemployment evolution.

Information and Uncertainty in the Theory of Monetary Policy

OpenAIRE

Wagner, Helmut

2007-01-01

Theory and practice of monetary policy have changed significantly over the past three decades. A very important part of today's monetary policy is management of the expectations of private market participants. Publishing and justifying the central bank's best forecast of inflation, output, and the instrument rate is argued to be the most effective way to manage those expectations.

The Impact of Monetary Policy on Bank Credit During Economic Crisis: Indonesia's Experience

OpenAIRE

Mongid, Abdul

2008-01-01

The monetary policy mechanism by which monetary policy was transmitted to thereal economy had emerged as the pivotal discussion topic recently. This paper tried to discussthe impact of Bank Indonesia’s monetary policy on loan bank. By using simple loan bankframework we concluded that monetary policies were able to influence loan bank. Themonetary variables such as discount rate policy, base money and exchange rate policy werevery important in determining the banking credit. As the credit was ...

Monetary Policy Transmission and Firms’ Investment: Evidence From the Manufacturing Sector of Pakistan

Directory of Open Access Journals (Sweden)

Arslan Majeed

2017-12-01

Full Text Available This study explores the effects of monetary policy on firms’ business fixed investment spending through the interest rate and broad credit channels of monetary policy transmission mechanism in Pakistan. Due to the problem of endogeneity, Generalized Method of Moments (GMM two step estimation technique is applied on neo-classical investment model by using disaggregated firm level data of manufacturing sector of Pakistan over the period 1974-2010. The results suggest the relevance of both the interest rate and broad credit channels in Pakistan. Firms’ investment found to be negatively affected by the monetary contraction while positively influenced by cash flow and the sales. Small firms explored to be more sensitive to the monetary tightening as compared to large firms indicating that monetary policy exerts heterogeneous effects. Results highlight the importance of considering the financial conditions of the firms in formulation of monetary policy.

Welfare Implications of Alternative Monetary Policy Rules: A New Keynesian DSGE Model for Turkey

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Yağcıbaşı Özge Filiz

2017-12-01

Full Text Available In recent years, there has been extensive research on the conduct of monetary policy in small open economies that are subject to inflation and output fluctuations. Policymakers should decide whether to implement strict inflation targeting or to respond to the changes in output fluctuations while conducting monetary policy rule. This study aims to examine the response of alternative monetary policy rules to Turkish economy by means of a DSGE model that is subject to demand and technology shocks. The New Keynesian model we used is borrowed from Gali (2015 and calibrated for the Turkish economy. Welfare effects of alternative Taylor rules are evaluated under different specifications of central bank loss function. One of the main findings of this paper is that in the case of a technology shock, strict inflation targeting rules provide the minimum welfare loss under all loss function configurations. On the contrary, the losses are weakened if the monetary authority responds to output fluctuations in the presence of a demand shock. Finally, there exists a trade-off between the volatility of output and inflation in case of a technology shock, while the volatility of both variables moves in the same direction in response to a demand shock.

The Impact of the Great Recession on Monetary and Fiscal Policy in Developed Market Economies

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Šehović Damir

2015-03-01

Full Text Available Background: With the occurrence of the crisis in 2007, which caused the largest economic contraction since the Great Depression in the thirties, it has become evident that the previous understanding of strategies, effects and roles of monetary and fiscal policy should be redefined. Objectives: The aim of this paper is to illustrate a possible expected change in monetary and fiscal policy in developed market economies that could occur as a consequence of the Great Recession. Methods/Approach: The paper provides a comparative analysis of various primary economic variables related to the developed OECD countries, as well as the empirical testing of the selected theoretical assumptions. Results: The changes in monetary policy refer to the question of raising target inflation, considering a possible use of aggregate price level targeting and paying attention to the role of central banks in suppressing the formation of an asset bubble. The success of fiscal policy in attaining stabilization depends on the size of possible fiscal measures and creation of automatic stabilizers. Conclusions: For the most part, monetary and fiscal policies will still stay unchanged, although some segments of these policies need to be improved.

Friendliness pays off! Monetary and immaterial gifts in consumer-salesperson interactions

OpenAIRE

Kirchler, Michael; Palan, Stefan

2014-01-01

Recent studies find ample evidence that monetary and immaterial gifts influence effort in the workplace. We investigate the impacts of monetary gift exchange and of expressions of respect on salespersons' reciprocity when purchasing doner durum, a common lunch snack. Prior to the food's preparation, we either induce monetary gift exchange by tipping or explore the role of respect by making a compliment. We repeat the interaction on five consecutive days. Our findings show that salespersons ex...

Monetary regimes in open economies

NARCIS (Netherlands)

Korpos, A.

2006-01-01

This thesis presents a two-country open economy framework for the analysis of strategic interactions among monetary authorities and wage bargaining institutions. From this perspective, the thesis investigates the economic consequences of replacing flexible and fixed exchange rate regimes with a

On the Effectiveness of Incentive Pay

DEFF Research Database (Denmark)

Friis, Ivar; Hansen, Allan; Vámosi, Tamás S.

2015-01-01

research addressing the need to better understand how interdependencies arise among management control system elements and how they affect organisational effectiveness. Based on an in-depth case study on the implementation of a new incentive system in a manufacturing firm, we seek to provide more research...... and insight into how incentive pay features in complementary and substitutional relationships in an individual organisational setting. Greater insight can help illustrate how complementary and substitutional relationships unfold in even more complex ways than current research indicates, as well as how...

Monetary Value of a Prescription Assistance Program Service in a Rural Family Medicine Clinic

Science.gov (United States)

Whitley, Heather P.

2011-01-01

Purpose: To quantify the monetary value of medications provided to rural Alabamians through provision of pharmaceutical manufacturer-sponsored prescription assistance programs (PAPs) provided by a clinical pharmacist in a private Black Belt family medicine clinic during 2007 and 2008. Methods: Patients struggling to afford prescription medications…

Evaluation of Reports Required by the Statutes for Distribution of Monetary Donations and Allowances

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Harun Tugcu

2007-12-01

Full Text Available Physicians have to write reports in accordance with the relevant laws, statutes and regulations when requested by the administrations for distribution of monetary donations and allowances. The Statutes for Distribution of Monetary Donations and Allowances show the conditions requiring monetary support, the people who need monetary donations and the types of making monetary donations in cases of disabilities and injuries. We retrospectively reviewed the reports written in accordance with the Statutes for Distribution of Monetary Donations and Allowances in the Department of Forensic Medicine of Gulhane Military Medical Academy between 1st January 2005 and 31st December 2006. There were 87 reports written in accordance with the Statutes for Distribution of Monetary Donations and Allowances. The mean age of the cases was 25.93 ±5.8 years (20-43 years. The most frequent condition requiring monetary support was gun shot wounds (42.6%. The most frequent location of the wounds was the head (31% and there was an increase in the duration of work leave caused by disabilities (p<0.05. The aim of this study was to determine problems which physicians face when they write reports required by the Statutes for Distribution of Monetary Donations and Allowances and to underline the points concerning writing those reports based on the relevant laws. [TAF Prev Med Bull 2007; 6(6.000: 475-478

Evaluation of Reports Required by the Statutes for Distribution of Monetary Donations and Allowances

Directory of Open Access Journals (Sweden)

Harun Tugcu

2007-12-01

Full Text Available Physicians have to write reports in accordance with the relevant laws, statutes and regulations when requested by the administrations for distribution of monetary donations and allowances. The Statutes for Distribution of Monetary Donations and Allowances show the conditions requiring monetary support, the people who need monetary donations and the types of making monetary donations in cases of disabilities and injuries. We retrospectively reviewed the reports written in accordance with the Statutes for Distribution of Monetary Donations and Allowances in the Department of Forensic Medicine of Gulhane Military Medical Academy between 1st January 2005 and 31st December 2006. There were 87 reports written in accordance with the Statutes for Distribution of Monetary Donations and Allowances. The mean age of the cases was 25.93 ±5.8 years (20-43 years. The most frequent condition requiring monetary support was gun shot wounds (42.6%. The most frequent location of the wounds was the head (31% and there was an increase in the duration of work leave caused by disabilities (p<0.05. The aim of this study was to determine problems which physicians face when they write reports required by the Statutes for Distribution of Monetary Donations and Allowances and to underline the points concerning writing those reports based on the relevant laws. [TAF Prev Med Bull. 2007; 6(6: 475-478

EFFECTIVENESS AND LIMITATIONS OF MONETARY POLICY INSTRUMENTS IN ROMANIA AND THE EUROPEAN UNION

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Zina CIORAN

2014-12-01

Full Text Available The complexity of the monetary phenomenon as well as the effects that it induces in the social and economic life of the countries around the world have represented and still represent the subject of much controversy and dispute. The current forms of the monetary circulation organization in different countries, internationally as well, represent the result of a continuous process of changes and innovations in the monetary area. The purpose of this article is to present aspects of the monetary policy and its instruments which have evolved according to the historical conditions of each period. The paper is also a presentation of effectiveness and limits of the monetary policy instruments and their role in solving the current economic problems for which the governments seek solutions. As a consequence to the analysis, it can be seen that in most cases it uses a mixture of monetary policy instruments because, when acting in a complementary way, they have a higher efficiency.

Incentive delegation and collusion

NARCIS (Netherlands)

Mukherjee, A.

2000-01-01

In an infinitely repeated duopoly the implications of strategic incentive delegation are shown. Whether incentive delegation makes consumers or producers better-off depends on the nature of competition. WeThe presence or absence of incentive delegation may affect the interests of the consumers and

Can an incentive-based intervention increase physical activity and reduce sitting among adults? the ACHIEVE (Active Choices IncEntiVE) feasibility study.

Science.gov (United States)

Ball, Kylie; Hunter, Ruth F; Maple, Jaimie-Lee; Moodie, Marj; Salmon, Jo; Ong, Kok-Leong; Stephens, Lena D; Jackson, Michelle; Crawford, David

2017-03-21

Despite recent interest in the potential of incentivisation as a strategy for motivating healthier behaviors, little remains known about the effectiveness of incentives in promoting physical activity and reducing sedentary behavior, and improving associated health outcomes. This pre-post-test design study investigated the feasibility, appeal and effects of providing non-financial incentives for promoting increased physical activity, reduced sedentary time, and reduced body mass index (BMI) and blood pressure among inactive middle-aged adults. Inactive men (n = 36) and women (n = 46) aged 40-65 years were recruited via a not-for-profit insurance fund and participated in a 4 month pre-post design intervention. Baseline and post-intervention data were collected on self-reported physical activity and sitting time (IPAQ-Long), BMI and blood pressure. Participants were encouraged to increase physical activity to 150 mins/week and reduce sedentary behavior by 150 mins/week in progressive increments. Incentives included clothing, recipe books, store gift vouchers, and a chance to win one of four Apple iPad Mini devices. The incentive component of the intervention was supported by an initial motivational interview and text messaging to encourage participants and provide strategies to increase physical activity and reduce sedentary behaviors. Only two participants withdrew during the program, demonstrating the feasibility of recruiting and retaining inactive middle-aged participants. While two-thirds of the sample qualified for the easiest physical activity incentive (by demonstrating 100 mins physical activity/week or 100 mins reduced sitting time/week), only one third qualified for the most challenging incentive. Goals to reduce sitting appeared more challenging, with 43% of participants qualifying for the first incentive, but only 20% for the last incentive. More men than women qualified for most incentives. Mean leisure-time physical activity increased by 252

The Transmission of Monetary Policy through Conventional and Islamic Banks

NARCIS (Netherlands)

Zaheer, S.; Ongena, S.; van Wijnbergen, S.J.G.

2011-01-01

We investigate the differences in banks’ responses to monetary policy shocks across bank size, liquidity, and type, i.e., conventional versus Islamic, in Pakistan between 2002:II to 2010:I. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

On the influence of institutional design on monetary policy making

NARCIS (Netherlands)

Raes, L.B.D.

2014-01-01

This thesis consists of a collection of essays on monetary policy making. These essays focus on institutional aspects which impact monetary policy making. Two chapters focus on analyzing voting records of central banks. A method is proposed to use the observed votes to infer the preferences of

The transmission of monetary policy through conventional and islamic banks

NARCIS (Netherlands)

Zaheer, S.; Ongena, S.; van Wijnbergen, S.

2012-01-01

We investigate the differences in banks' responses to monetary policy shocks across bank size, liquidity, and type, i.e., conventional versus Islamic, in Pakistan between 2002:II to 2010:I. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

Education, Endogenous Human Capital, and Monetary Economic Growth with MIU Approach

OpenAIRE

Zhang, Wei-Bin

2013-01-01

This study builds a monetary growth model with inflation policy and education. The model is a synthesis of the Uzawa-Lucas two-sector growth model and traditional monetary model with the money-in-utility (MIU) approach. We show how money, physical capital and human capital interact over time under exogenous inflation policy in a free market economy. The dynamics of the economy is described by three differential equations. We show that the monetary economic system has a saddle equilibrium poin...

Monetary Policy and Financial Asset Prices: Empirical Evidence from Pakistan

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Imran Umer Chhapra

2018-03-01

Full Text Available Monetary transmission mechanism assumed to be significantly influenced by the effect of policy decisions on financial markets. However, various previous studies have come up with different outcomes. The purpose of this study is to examine the impact of monetary policy on different asset classes (shares and bonds in Pakistan. This study using stock price and bond yield as dependent variable and discount rate, money supply, inflation, and exchange rate are independent variables. Data of all variables have collected from 2010 to 2016, and Vector Autoregressive (VAR technique has applied. The empirical results indicate that there is an impact of monetary policy components on both stock and bond market as an increase in policy rate causes decline in stocks prices and bonds yields. The findings of this study will help the potential investors in making long-term (in general and short-term (in particular investment strategies concerning monetary policy.DOI: 10.15408/sjie.v7i2.7099

De controller als choice architect

OpenAIRE

Maas, V.S.

2012-01-01

textabstractManagement accountants are choice architects: they provide information that is used in managerial decision making and they have considerable influence on the monetary and non-monetary incentives that drive managers’ decision-making processes. Over the past two decades, our know - ledge of how people make economic decisions has increased tremendously. However, this has had only very little impact on the design of management accounting and control systems in organizations. Consequen...

Distributed Solar Incentive Programs: Recent Experience and Best Practices for Design and Implementation

Energy Technology Data Exchange (ETDEWEB)

Bird, L.; Reger, A.; Heeter, J.

2012-12-01

Based on lessons from recent program experience, this report explores best practices for designing and implementing incentives for small and mid-sized residential and commercial distributed solar energy projects. The findings of this paper are relevant to both new incentive programs as well as those undergoing modifications. The report covers factors to consider in setting and modifying incentive levels over time, differentiating incentives to encourage various market segments, administrative issues such as providing equitable access to incentives and customer protection. It also explores how incentive programs can be designed to respond to changing market conditions while attempting to provide a longer-term and stable environment for the solar industry. The findings are based on interviews with program administrators, regulators, and industry representatives as well as data from numerous incentive programs nationally, particularly the largest and longest-running programs. These best practices consider the perspectives of various stakeholders and the broad objectives of reducing solar costs, encouraging long-term market viability, minimizing ratepayer costs, and protecting consumers.

Towards the Theory of monetary degradation, or Post Keynesian analysis of monetary problems of the Russian transitional economy in 1991-1998

OpenAIRE

ROZMAINSKY I.V.

2016-01-01

The paper develops Post Keynesian theory of endogenous money and applies it to analysis of changes in monetary circulation in the Russian transitional economy in 1991-1998. These changes were characterized by displacement of bank deposits by cash, barter and inter-firm arrears as special means of payment. Author treats this process as «monetary degradation» because it created additional barriers to financing investment, made for criminalization and contributed to cost-push inflation. All this...

A Monetary Union in Asia? Some European Lessons

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Wyplosz Charles

2001-12-01

Full Text Available Monetary Union in Europe has been the natural response to the combined desire of stabilizing intra-European exchange rates and of lifting permanently all capital controls. The commitment to stable exchange rate has long been rooted in policymakers’ conviction that trade integration requires precise rules which eliminate the risk of misalignments, whether imposed by the markets or arranged by the authorities. The success in maintaining fixed-but-adjustable exchange rates within the EMS and next in adopting a single currency is largely due to the patient and progressive building institutions that became the uneasy repository of those parts of national sovereignty that have been abandoned. This experience suggests three lessons for current discussions about a monetary union in Asia. First, multilateral regional exchange rate arrangements are more conducive to an effective defense than indirect approaches like basket pegs. They probably require some limits to capital mobility. Second, adopting a single currency necessitates elaborate preparations that can only be underpinned by the gradual build up of collective institutions. Third, a monetary union requires some reasonable degree of real convergence. This implies starting with a core of sufficiently homogeneous countries. At this stage, starting with a monetary union in Asia would imply reversing the European sequencing, which started with a common market, moved on to the EMS, and liberalization of capital movements.

MONETARY POLICIES AND INDUSTRIAL FLUCTUATIONS IN EAST EUROPEAN COUNTRIES

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Mihaela IFRIM

2015-03-01

Full Text Available Industrial fluctuations are closely related to the evolution of relative prices of produced goods and resources involved in production activity. Industrial fluctuations, as an expression of forces manifested in the real economy, are caused by changes in individuals’ consumption and investment decisions, produced within expansionary monetary policies. The ease of obtaining a bank loan in the context of decreasing interest rates and of larger amounts of money caused an increase in individuals’ demand for goods resulted from longer, capital intensive production processes. The rise in prices of intermediate and capital goods in a faster pace compared to the increase in prices of consumer goods is doubled by the increase of the share of higher order industries in the structure of production. The objective of this paper is to analyze changes in industrial structure of Eastern Europe countries within the policies of quick access to monetary resources. The analyzed states (Bulgaria, the Czech Republic, Hungary, Poland and Romania are part of the European Union and have autonomous monetary policies, meaning that they have not yet adopted the common currency. In all economies analyzed, we find approximately the same patterns of monetary expansion and industrial fluctuations.

The transmission of monetary policy through conventional and Islamic banks

NARCIS (Netherlands)

Zaheer, S.; Ongena, S.; van Wijnbergen, S.J.G.

2013-01-01

We investigate the differences in banks’ responses to monetary policy shocks across bank size, liquidity, and type—i.e., conventional versus Islamic—in Pakistan between 2002:Q2 and 2010:Q1. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

17 CFR Table IV to Subpart E of... - Civil Monetary Penalty Inflation Adjustments

Science.gov (United States)

2010-04-01

... Inflation Adjustments IV Table IV to Subpart E of Part 201 Commodity and Securities Exchanges SECURITIES AND... Table IV to Subpart E of Part 201—Civil Monetary Penalty Inflation Adjustments Table IV to Subpart E U.S. Code citation Civil monetary penalty inflation adjustments Civil monetary penalty description Year...

Financial Incentives to Increase Advance Care Planning Among Medicaid Beneficiaries: Lessons Learned From Two Pragmatic Randomized Trials.

Science.gov (United States)

Barnato, Amber E; Moore, Robert; Moore, Charity G; Kohatsu, Neal D; Sudore, Rebecca L

2017-07-01

Medicaid populations have low rates of advance care planning (ACP). Potential policy interventions include financial incentives. To test the effectiveness of patient plus provider financial incentive compared with provider financial incentive alone for increasing ACP discussions among Medicaid patients. Between April 2014 and July 2015, we conducted two sequential assessor-blinded pragmatic randomized trials in a health plan that pays primary care providers (PCPs) $100 to discuss ACP: 1) a parallel cluster trial (provider-delivered patient incentive) and 2) an individual-level trial (mail-delivered patient incentive). Control and intervention arms included encouragement to complete ACP, instructions for using an online ACP tool, and (in the intervention arm) $50 for completing the online ACP tool and a small probability of $1000 (i.e., lottery) for discussing ACP with their PCP. The primary outcome was provider-reported ACP discussion within three months. In the provider-delivered patient incentive study, 38 PCPs were randomized to the intervention (n = 18) or control (n = 20) and given 10 patient packets each to distribute. Using an intention-to-treat analysis, there were 27 of 180 ACP discussions (15%) in the intervention group and 5 of 200 (2.5%) in the control group (P = .0391). In the mail-delivered patient incentive study, there were 5 of 187 ACP discussions (2.7%) in the intervention group and 5 of 189 (2.6%) in the control group (P = .99). ACP rates were low despite an existing provider financial incentive. Adding a provider-delivered patient financial incentive, but not a mail-delivered patient incentive, modestly increased ACP discussions. PCP encouragement combined with a patient incentive may be more powerful than either encouragement or incentive alone. Copyright © 2017 American Academy of Hospice and Palliative Medicine. Published by Elsevier Inc. All rights reserved.

House Prices and the stance of Monetary Policy.

OpenAIRE

Jarociński, Marek; Smets, Frank

2008-01-01

This paper estimates a Bayesian VAR for the US economy which includes a housing sector and addresses the following questions. Can developments in the housing sector be explained on the basis of developments in real and nominal GDP and interest rates? What are the effects of housing demand shocks on the economy? How does monetary policy affect the housing market? What are the implications of house price developments for the stance of monetary policy? Regarding the latter question, we implement...

Monetary Policy Instruments and Bank Risks in China

OpenAIRE

Zhongyuan Geng; Xue Zhai

2013-01-01

The authors use a panel data regression model to examine the effects of main monetary policy instruments on commercial bank risks in China from 1998 to 2011. The interest rate has a positive effect on bank risk while the interest rate margin, the reserve requirement ratio and open market operation have a negative effect. Among the three monetary policy instruments, the reserve requirement ratio has the greatest effect on bank risk, the interest rate (the interest rate margin) the second large...

Monetary Policy Drivers of Bond and Equity Risks

OpenAIRE

Luis Viceira; Carolin Pflueger; John Campbell

2014-01-01

How do monetary policy rules, monetary policy uncertainty, and macroeconomic shocks affect the risk properties of US Treasury bonds? The exposure of US Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average over the period 1960-2011, it was unusually high in the 1980s, and negative in the 2000s, a period during which Treasury bonds enabled investors to hedge macroeconomic risks. This paper develops a New Keynesian macroeconomic model wit...

BOLD responses in reward regions to hypothetical and imaginary monetary rewards.

OpenAIRE

Miyapuram Krishna P; Tobler Philippe N; Gregorios-Pippas Lucy; Schultz Wolfram

2012-01-01

Monetary rewards are uniquely human. Because money is easy to quantify and present visually, it is the reward of choice for most fMRI studies, even though it cannot be handed over to participants inside the scanner. A typical fMRI study requires hundreds of trials and thus small amounts of monetary rewards per trial (e.g. 5p) if all trials are to be treated equally. However, small payoffs can have detrimental effects on performance due to their limited buying power. Hypothetical monetary rewa...

Tax incentives for research and development and their use in tax planning

OpenAIRE

Pfeiffer, Olena; Spengel, Christoph

2017-01-01

This study provides a comprehensive analysis of various aspects of R&D tax incentives. It explains the economic justification behind the state support of research and development and summarizes its main types. In addition, it gives an overview of the existing R&D tax incentives in Europe and provides a thorough review of the empirical literature on the outcomes of fiscal incentives. Furthermore, the Devereux and Griffith model is used to determine the effective tax burden of multinational fir...

Interest rate transmission mechanism of monetary policy in the selected EMU candidate countries

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Mirdala Rajmund

2009-01-01

Full Text Available The stable macroeconomic environment, as one of the primary objectives of the Visegrad countries in the 1990s, was partially supported by the exchange rate policy. Fixed exchange rate systems within gradually widen bands (Czech Republic, Slovak Republic and crawling peg system (Hungary, Poland were replaced by the managed floating in the Czech Republic (May 1997, Poland (April 2000, Slovak Republic (October 1998 and fixed exchange rate to euro in Hungary (January 2000 with broad band (October 2001. Higher macroeconomic and banking sector stability allowed countries from the Visegrad group to implement the monetary policy strategy based on the interest rate transmission mechanism. Continuous harmonization of the monetary policy framework (with the monetary policy of the ECB and the increasing sensitivity of the economy agents to the interest rates changes allowed the central banks from the Visegrad countries to implement monetary policy strategy based on the key interest rates determination. In the paper we analyze the impact of the central banks' monetary policy in the Visegrad countries on the selected macroeconomic variables in the period 1999-2008 implementing SVAR (structural vector autoregression approach. We expect that higher sensitivity of domestic variables to interest rates shocks can be interpreted as a convergence of monetary policies in candidate countries towards the ECB's monetary policy.

Money Affects Theory of Mind Differently by Gender.

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Garret Ridinger

Full Text Available Theory of Mind (ToM--the ability to understand other's thoughts, intentions, and emotions--is important for navigating interpersonal relationships, avoiding conflict, and empathizing. Prior research has identified many factors that affect one's ToM ability, but little work has examined how different kinds of monetary incentives affect ToM ability. We ask: Does money affect ToM ability? If so, how does the effect depend on the structure of monetary incentives? How do the differences depend on gender? We hypothesize that money will affect ToM ability differently by gender: monetary rewards increase males' motivation to express ToM ability while simultaneously crowding out females' motivation. This prediction is confirmed in an experiment that varies the structure of monetary rewards for correct answers in the Reading the Mind in the Eyes Test (RMET. RMET scores decrease for females and increase for males with individual payments, and this effect is stronger with competitively-structured payments. RMET scores do not significantly change when monetary earnings go to a charity. Whether money improves or hinders ToM ability, and, hence, success in social interactions, thus depends on the interaction of gender and monetary incentive structure.

Monetary Policy, Risk-Taking, and Pricing : Evidence from a Quasi-Natural Experiment

NARCIS (Netherlands)

Ioannidou, V.; Ongena, S.; Peydro, J.L.

2009-01-01

We analyse the impact of monetary policy on bank risk-taking and pricing. Bolivia provides us with an excellent experimental setting to identify this impact. Its small economy is not synchronized with the US economy but its banking system is almost fully dollarized. Consequently the US federal funds

The effect of monetary policy of Central Bank on activities of Tehran Stock Exchange

Directory of Open Access Journals (Sweden)

Hossein Vazifehdust

2013-08-01

Full Text Available This paper examines the relationship between monetary policy and activity of the Tehran Stock Exchange. The statistical population of the research consists of all companies listed in Tehran Stock Exchange and central bank monetary policy variables including time series generated by the central bank seasonally. For the purpose of data analysis, econometric autoregressive system models, and two-stage ADF regression with unit roots test, co-integration and reliability were used to determine level of effect and type of effect of the four components of monetary policy on exchange activity. The results of this study show that there is a strong relation between share price index and monetary policy variables and between monetary policy variables and trading volume. However, the relation between monetary policy variables and cash yield index was not so strong, but monetary policy variables’ effect on stock exchange activity was acceptable considering strong relation between the two first variables. It is suggested that if this work is done using non-linear models, it will yield better results.

Impact of monetary policy on the volatility of stock market in pakistan

OpenAIRE

Abdul Qayyum; Saba Anwa

2010-01-01

This paper addresses the linkages between the monetary policy and the stock market in Pakistan. The estimation technique employed includes Engle Granger two step procedure and the bivariate EGARCH method. The results indicate that any change in the monetary policy stance have a significant impact on the volatility of the stock market. Thus contributing to the ongoing debate in the monetary policy rule literature regarding the proactive and reactive approach.

Monetary Developments and Decolonization in Ethiopia (1941-1952

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Arnaldo Mauri

2010-03-01

Full Text Available The article analyses the reorganization process of the monetary setting in Ethiopia which started in 1941 along with decolonization, when the Italian colonial rule came to an end. The country regained independence and the former Ethiopian empire was restored. The monetary reform in Ethiopia after the liberation during World War II, was a necessary measure to be adopted. Different paths however could have been followed at that moment by the Ethiopian government. The crucial choice made in money matter was to re-establish a national monetary unit instead of keeping the country inside the East African shilling area, as it was envisaged in British designs for the post-war setting of the Horn of Africa. The Ethiopian project unpredictably prevailed at the end of a weary negotiation, due to the chiefly American support in the framework of a new role gained by the United States in this area. The Ethiopian Authorities were, as a consequence, enabled to free themselves from dependence on Great Britain.

Managing risk selection incentives in health sector reforms.

Science.gov (United States)

Puig-Junoy, J

1999-01-01

The object of the paper is to review theoretical and empirical contributions to the optimal management of risk selection incentives ('cream skimming') in health sector reforms. The trade-off between efficiency and risk selection is fostered in health sector reforms by the introduction of competitive mechanisms such as price competition or prospective payment systems. The effects of two main forms of competition in health sector reforms are observed when health insurance is mandatory: competition in the market for health insurance, and in the market for health services. Market and government failures contribute to the assessment of the different forms of risk selection employed by insurers and providers, as the effects of selection incentives on efficiency and their proposed remedies to reduce the impact of these perverse incentives. Two European (Netherlands and Spain) and two Latin American (Chile and Colombia) case studies of health sector reforms are examined in order to observe selection incentives, their effects on efficiency and costs in the health system, and regulation policies implemented in each country to mitigate incentives to 'cream skim' good risks.

THE ASSET PRICE CHANNEL AND ITS ROLE IN MONETARY POLICY TRANSMISSION

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Dan Horatiu

2013-07-01

Full Text Available his paper addresses the subject of the monetary policy transmission mechanism by focusing on the asset price channel, which is the monetary transmission channel responsible for the propagation of the effects induced by the monetary policy decisions made by the central bank that affect the price of assets. We will analyze the asset price channel by taking a close look at its structure, internal processes and the way it delivers monetary policy throughout the economy, ultimately influencing key variables such as the unemployment rate and the levels of consumption and production. After an introduction dealing with the entire monetary transmission mechanism, its role and purposes, we will focus on the particularities of the asset price channel and the two main ways in which it delivers monetary policy decision effects: through changes in Tobin’s q value, which is the ratio between the market value of a given company and its replacement cost of capital, and through the effect of wealth, both of financial and housing nature, on consumption. In our study, we will consider theoretical aspects and observations, but also empirical evidence that highlights that the exact way in which the asset price channel functions may differ from one economy to another due to differences in the structures of the respective economies and differences in psychology and cultural values of consumers. The deep understanding of the asset price transmission channel is very important for any central bank, as this is the channel that governs key aspects of monetary policy transmission linked to the market value of assets and individual wealth. These values have, as we will see in more detail throughout the paper, an important impact on both consumption and investment, two economic actions that can help the economy, but can also prove to be a crucial element in starting and perpetuating an economic crisis.

Revival of Legacy of Tooke and Gibson: Implications for Monetary Policy

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Rehman Atiq-ur

2015-05-01

Full Text Available The monetary policy rules used by central banks these days are based on the assumption that inflation could be reduced by increasing interest rate. On contrary, Tooke (1774-1858, the forefather of monetary economics, was of the view that the relationship between interest rate and inflation should be positive. His view was based on simple logic, ‘interest is a part of cost, and therefore, the increase in interest rate should increase inflation by increasing cost of production (Tooke, 1838’. Tooke’s view has got support from a number of empirical evidence including Gibson (1923 who found positive correlation between two variables for UK data over a period of 200 years. On the other hand, mainstream economic thinking on which the actual monetary practices are based ignored any possibility of positive relationship between interest rate and inflation throughout the history. The existence of Tooke’s cost side effects of monetary policy is a serious concern because if these effects exist than the use of monetary policy would be counterproductive. Using the data from entire globe, I attempt to explore the nature of relationship between the interest rate and inflation. I found that the data supports the perception of Tooke and Gibson and denies that the effectiveness of monetary policy currently adapted by the correlation between interest rate and inflation is positive. The results are robust to sample size, sample period, and various definitions of interest rate and inflation.

Estimation of Monetary Value of Information on the Internet

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Mohsen Nazari

2015-03-01

Full Text Available This research estimates the monetary value of internet information for each type of information and services by using Hedonic pricing method. The statistic social of this research is high-speed internet users in Tehran. Based on the results, high speed internet users of Tehran consider a positive monetary value for some information types in the internet, in descendent respect, such as film downloading, gaming, News, social network, and music. Also, the results indicates that people with higher education level and people who are subscribed to high speed internet earlier than other people consider more monetary value to use the internet. For generalizing the result of this research, it’s suggested to do this research at other cities of Iran. At last, some applicable suggestions made.

Participatory development of incentives to coexist with jaguars and pumas.

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Amit, Ronit; Jacobson, Susan K

2018-01-22

Reducing costs and increasing benefits for rural communities coexisting with large carnivores is necessary for conservation of jaguar (Panthera onca) and puma (Puma concolor). To design acceptable incentives, stakeholders must be involved in the process. We conducted an innovative, structured, group communication process based on a Delphi technique as a template for identifying potential incentives. Community workshops with 133 members of 7 communities and surveys with 25 multidisciplinary experts from government, nongovernmental organizations, and academia provided iterative data to design a plan of incentives through 4 rounds of discussion. The final product integrated 862 ideas into 6 types of incentives: organization of communities, mechanisms for improved dialogue, citizen technical assistance, green labeling for community products, payment for the ecosystem service of biodiversity, and an assessment of financial alternatives. We used quantitative and qualitative techniques to indicate support for decisions about the design of incentives, which reduced researcher subjectivity. The diverse incentives developed and the cooperation from multiple stakeholders resulted in an incentive plan that integrated issues of governance, equity, and social norms. © 2018 Society for Conservation Biology.

Financial Recruitment Incentive Programs for Nursing Personnel in Canada.

Science.gov (United States)

Mathews, Maria; Ryan, Dana

2015-03-01

Financial incentives are increasingly offered to recruit nursing personnel to work in underserved communities. The authors describe and compare the characteristics of federal, provincial and territorial financial recruitment incentive programs for registered nurses (RNs), nurse practitioners (NPs), licensed practical nurses (LPNs), registered practical nurses or registered psychiatric nurses. The authors identified incentive programs from government, health ministry and student aid websites and by contacting program officials. Only government-funded recruitment programs providing funding beyond the normal employee wages and benefits and requiring a service commitment were included. The authors excluded programs offered by hospitals, regional or private firms, and programs that rewarded retention. All provinces and territories except QC and NB offer financial recruitment incentive programs for RNs; six provinces (BC, AB, SK, ON, QC and NL) offer programs for NPs, and NL offers a program for LPNs. Programs include student loan forgiveness, tuition forgiveness, education bursaries, signing bonuses and relocation expenses. Programs target trainees, recent graduates and new hires. Funding and service requirements vary by program, and service requirements are not always commensurate with funding levels. This snapshot of government-funded recruitment incentives provides program managers with data to compare and improve nursing workforce recruitment initiatives. Copyright © 2015 Longwoods Publishing.

Hyporeactivity of ventral striatum towards incentive stimuli in unmedicated depressed patients normalizes after treatment with escitalopram.

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Stoy, Meline; Schlagenhauf, Florian; Sterzer, Philipp; Bermpohl, Felix; Hägele, Claudia; Suchotzki, Kristina; Schmack, Katharina; Wrase, Jana; Ricken, Roland; Knutson, Brian; Adli, Mazda; Bauer, Michael; Heinz, Andreas; Ströhle, Andreas

2012-05-01

Major Depressive Disorder (MDD) involves deficits in the reward system. While neuroimaging studies have focused on affective stimulus processing, few investigations have directly addressed deficits in the anticipation of incentives. We examined neural responses during gain and loss anticipation in patients with MDD before and after treatment with a selective serotonin reuptake inhibitor (SSRI). Fifteen adults with MDD and 15 healthy participants, matched for age, verbal IQ and smoking habits, were investigated in a functional magnetic resonance imaging (fMRI) study using a monetary incentive delay task. Patients were scanned drug-free and after 6 weeks of open-label treatment with escitalopram; controls were scanned twice at corresponding time points. We compared the blood oxygenation level dependent (BOLD) response during the anticipation of gain and loss with a neutral condition. A repeated measures ANOVA was calculated to identify effects of group (MDD vs. controls), time (first vs. second scan) and group-by-time interaction. Severity of depression was measured with the Hamilton Rating Scale of Depression and the Beck Depression Inventory. MDD patients showed significantly less ventral striatal activation during anticipation of gain and loss compared with controls before, but not after, treatment. There was a significant group-by-time interaction during anticipation of loss in the left ventral striatum due to a signal increase in patients after treatment. Ventral striatal hyporesponsiveness was associated with the severity of depression and in particular anhedonic symptoms. These findings suggest that MDD patients show ventral striatal hyporesponsiveness during incentive cue processing, which normalizes after successful treatment.

UNCONVENTIONAL MONETARY POLICY: CHANGING EUROPEAN CENTRAL BANK’S PERSPECTIVE ON FINANCIAL GOVERNANCE

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Bogdan Munteanu

2017-06-01

Full Text Available The paper aims to look at the European Central Bank governance in terms of decisions taken to deploy a new kit of unconventional monetary policy measures, in order to respond to a new economic paradigm characterized by dynamic change in evolution, high volatility and enhanced financial risks. As an institution, the European Central Bank is led by the Governing Council and the decisions taken on how to use monetary policy impact an entire financial system. European Central Banking governance is about safeguarding the common currency and ensuring a future for the economic and monetary area to emerge stronger. For this purpose, when conventional monetary policies reach limits in their effects, it is time for the European Central Bank governance to analyse and assume the decision to deploy the arsenal of unconventional monetary policies. The experience of recent years showed a positive effect of the European Central Bank’s unconventional monetary measures, but costs could rise in case of extensive use of such measures. When these measures are used in combination, the effect is amplified and the European Central Bank needs to assess when it is time to withdraw the support, how to communicate and what exit strategy should use, what the costs are and impact can expect.

Markov switching monetary policy in a two-country DSGE model

NARCIS (Netherlands)

Mavromatis, K.

2012-01-01

In this paper I show, using both empirical and theoretical analysis, that changes in monetary policy in one country can have important e.ects on other economies. My ew empirical evidence shows that changes in the monetary policy behaviour of the Fed since the start of the Euro, well captured by a

Effects of Monetary Shocks on Exchange Rate: Empirical Evidence from India

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Sharma Chandan

2017-08-01

Full Text Available This paper examines the effect of monetary policy shocks on exchange rate in a Multiple Indicator Approach (MIA framework. This study has employed a monetary policy index of key monetary policy instruments in India (Bank rate, Cash Reserve Ratio, Repo and Reverse Repo rates. The study finds the empirical evidence for puzzling behavior of price level and exchange rate. Both price and exchange rate increase initially in response to a contractionary policy shock. Policy shocks affect output, inflation and exchange rate to an appreciable extent over a forecasting horizon of one year.

Monetary Channels in Brazil through the Lens of a Semi-Structural Model

OpenAIRE

André Minella; Nelson F. Souza-Sobrinho

2009-01-01

We develop and estimate a medium-size, semi-structural model for Brazil's economy during the inflation targeting period. The model captures key features of the economy, and allows us to investigate the transmission mechanisms of monetary policy. We decompose the monetary channels into household interest rate, firm interest rate, and exchange rate channels. We find that the household interest rate channel plays the most important role in explaining output dynamics after a monetary policy shock...

Money, interest and capital accumulation in Karl Marx's economies: a monetary interpretation

OpenAIRE

Hein, Eckhard

2002-01-01

"Starting from Schumpeter's important distinction between 'real analysis' and 'monetary analysis', in this paper it is shown that major elements of Marx's economic theory fall in the camp of monetary analysis and the implications for Marx's theory of capital accumulation are derived. First, Marx's theory of labour value has to be considered a 'monetary theory of value' because 'abstract labour' as the social substance of value cannot be measured without a social standard of val...

Monetary Diet Cost, Diet Quality, and Parental Socioeconomic Status in Spanish Youth.

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Helmut Schröder

Full Text Available Using a food-based analysis, healthy dietary patterns in adults are more expensive than less healthy ones; studies are needed in youth. Therefore, the objective of the present study was to determine relationships between monetary daily diet cost, diet quality, and parental socioeconomic status.Data were obtained from a representative national sample of 3534 children and young people in Spain, aged 2 to 24 years. Dietary assessment was performed with a 24-hour recall. Mediterranean diet adherence was measured by the KIDMED questionnaire. Average food cost was calculated from official Spanish government data. Monetary daily diet cost was expressed as euros per day (€/d and euros per day standardized to a 1000kcal diet (€/1000kcal/d.Mean monetary daily diet cost was 3.16±1.57€/d (1.56±0.72€/1000kcal/d. Socioeconomic status was positively associated with monetary daily diet cost and diet quality measured by the KIDMED index (€/d and €/1000kcal/d, p<0.019. High Mediterranean diet adherence (KIDMED score 8-12 was 0.71 €/d (0.28€/1000kcal/d more expensive than low compliance (KIDMED score 0-3. Analysis for nonlinear association between the KIDMED index and monetary daily diet cost per1000kcal showed no further cost increases beyond a KIDMED score of 8 (linear p<0.001; nonlinear p = 0.010.Higher monetary daily diet cost is associated with healthy eating in Spanish youth. Higher socioeconomic status is a determinant for higher monetary daily diet cost and quality.

Markov Switching Monetary Policy in a two-country DSGE model

NARCIS (Netherlands)

Mavromatis, K.

2013-01-01

Using real-time data for the US and the Eurozone I find evidence in favor of 1) regime changes in US monetary policy since 1999 and 2) the fact that the responses inflation and output in the Eurozone are sensitive to the regime of US monetary policy. I examine this case theoretically through the

Requesting a unique personal identifier or providing a souvenir incentive did not affect overall consent to health record linkage: evidence from an RCT nested within a cohort.

Science.gov (United States)

Ni, Michael Y; Li, Tom K; Hui, Rex W H; McDowell, Ian; Leung, Gabriel M

2017-04-01

It is unclear if unique personal identifiers should be requested from participants for health record linkage: this permits high-quality data linkage but at the potential cost of lower consent rates due to privacy concerns. Drawing from a sampling frame based on the FAMILY Cohort, using a 2 × 2 factorial design, we randomly assigned 1,200 participants to (1) request for Hong Kong Identity Card number (HKID) or no request and (2) receiving a souvenir incentive (valued at USD4) or no incentive. The primary outcome was consent to health record linkage. We also investigated associations between demographics, health status, and postal reminders with consent. Overall, we received signed consent forms from 33.3% (95% confidence interval [CI] 30.6-36.0%) of respondents. We did not find an overall effect of requesting HKID (-4.3%, 95% CI -9.8% to 1.2%) or offering souvenir incentives (2.4%, 95% CI -3.1% to 7.9%) on consent to linkage. In subgroup analyses, requesting HKID significantly reduced consent among adults aged 18-44 years (odds ratio [OR] 0.53, 95% CI 0.30-0.94, compared to no request). Souvenir incentives increased consent among women (OR 1.55, 95% CI 1.13-2.11, compared to no souvenirs). Requesting a unique personal identifier or providing a souvenir incentive did not affect overall consent to health record linkage. Copyright © 2017 Elsevier Inc. All rights reserved.

EHR Incentive Programs - Data and Reports

Data.gov (United States)

U.S. Department of Health & Human Services — As of March 2013, more than 259,000 health care providers received payment for participating in the Medicare and Medicaid Electronic Health Record (EHR) Incentive...

Monetary Policy, Debt and the Cyclical Behavior of Inventories

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Abdul Ghafar Ismail

2007-01-01

Full Text Available An earlier study on the determinants of inventories investment has been proposed by Lovel (1961. However, the study fails to mention the effects of financial variables. The puzzle prevails on account of imperfect capital markets. This implies that interest rate generally affects inventory investment indirectly through the debt channel. For instance, in the period of tight monetary policy, increasing interest rates have a negative impact on the present value of firms’ collateralizable net worth. In addition, they also weaken firms’ balance sheets as interest expenses also rise up. In imperfect capital markets, this fact indicates an increase in the amount of external financing that firms need, a rise in the premium on external financing that they face, and a reduction in their accumulation of assets, their spending and their production. Given the low adjustment cost that characterizes firms, it will be inventories that firms will initially reduce. Therefore, this paper is contributes to the issue of monetary policy transmission in Malaysia. Our specific attention is limited to the channel of monetary policy on a firm’s inventory. Using micro data, we try to take into account the relevance of the firm’s balance sheet conditions in the transmission of monetary policy.

How much monetary policy rules do we need to estimate DSGE model for Russia?

OpenAIRE

Shulgin, Andrei

2014-01-01

This paper presents a three-sector DSGE model for a small open economy under the intermediate exchange rate regime. The central bank balance sheet equations are added to allow introducing two different monetary policy rules in the model. The principal question is how many independent monetary policy rules we need to describe Russian monetary policy in 2001–2012. To get an answer we perform Bayesian estimation of the DSGE model for four different combinations of monetary policy rules. The main...

Application of monetary valuation in Life Cycle Assessment

DEFF Research Database (Denmark)

Weidema, Bo Pedersen; Pizzol, Massimo; Miguel, Brandão

Monetary valuation, or monetarisation, is the determination of the economic value of non-market goods, i.e. goods for which no market exists. Although monetary valuation has a great potential to be applied in Life Cycle Assessment (LCA), in particular in the weighting phase, several challenges...... for LCA. For the two surveys, the total number of respondents was 209. The critial review showed that observed- and revealed-preference methods and the abatement cost method have limited applicability in LCA, whereas the conjoint analysis method and the budget constraint method are the best options...

Reconsidering Money: Monetary Exchange with Additive Transaction Costs

DEFF Research Database (Denmark)

Schröder, Philipp

2001-01-01

Under the assumption of purely additive transaction costs in exchange, the literature on money has a standard example of direct exchange dominating indirect (monetary) exchange. From here it is frequently concluded that subadditive costs (e.g. search costs) must be examined in order to explain...... money. In contrast, this paper presents an additive transaction costs model in which the mere absence of double coincidences of wants suffices to motivate monetary exchange. Furthermore it is found that not all commodity moneys, that are collectively desirable, qualify for the core, but that all fiat...

Financial-real side interactions in the monetary circuit: loving or dangerous hugs?

OpenAIRE

Botta, Alberto; Caverzasi, Eugenio; Tori, Daniele

2015-01-01

Monetary circuit theory is one of the most known attempts to formally describe the functioning of a monetary production economy as centered around the concept of flux-reflux of money. Endogenous money creation by commercial banks allows the circuit to open and firms to implement production processes. Financial markets ‘passively’ close the circuit by intermediating savings via bond and equity issuance. Despite its natural focus on financial-real side links, the monetary circuit literature has...

What incentives influence employers to engage in workplace health interventions?