BANK FOR INTERNATIONAL SETTLEMENTS BIS REVIEW NO. 29: EVALUATING MONETARY POLICY

March 16, 2009 at 7:52 pm | Posted in Economics, Financial, Research | Leave a comment

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BIS Review

Bank for International Settlements

BIS Review No 29 available‏

Press, Service (Press.Service@bis.org)

Publications, Service (Publications@bis.org)

Mon 3/16/09

Please find BIS Review No 29 attached as an Adobe Acrobat (PDF) file.

Alternatively, you can access this BIS Review on the Bank for International Settlements’ website by clicking on http://www.bis.org/review/index.htm.

What’s included?

BIS Review No 29 (16 March 2009)

Christian Noyer: Interview with the Financial Times

Ardian Fullani: Recent economic and financial developments in Albania

Amando M Tetangco, Jr: Thrift banks – moving forward through responsive, responsible banking

Lars E O Svensson: Evaluating monetary policy

David Longworth: Financial system policy responses to the crisis

please e-mail press.service@bis.org.

BIS Review

Bank for International Settlements

BIS Review No 29 available‏

Press, Service (Press.Service@bis.org)

Publications, Service (Publications@bis.org)

http://www.bis.org/review/index.htm

Mon 3/16/09

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STRUCTURAL BREAKS: BUNDESBANK DISCUSSION PAPER

March 16, 2009 at 11:53 am | Posted in Economics, Financial, Germany, History, Research | Leave a comment

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Bundesbank Discussion Paper‏

Newsletter Forschungszentrum Bundesbank

(vo5555@newsletter.bundesbank.de)

Mon 3/16/09

Dear customer,

The Bundesbank Research Centre has released

a new Discussion Paper:

(No 05/2009 Series 1).

Author/s:
Jörg Breitung
Sandra Eickmeier

Title:

Testing for structural breaks in

dynamic factor models

Abstract:

From time to time, economies undergo far-reaching structural changes.

In this paper we investigate the consequences of structural breaks in the factor loadings for the specification and estimation of factor models based on principal components and suggest test procedures for structural breaks. It is shown that structural breaks severely inflate the number of factors identified by the usual information criteria.
Based on the strict factor model the hypothesis of a structural break is tested by using Likelihood-Ratio, Lagrange-Multiplier and Wald statistics. The LM test which is shown to perform best in our Monte Carlo simulations, is generalized to factor models where the common factors and idiosyncratic components are serially correlated. We also apply the suggested test procedure to a US dataset used in Stock and Watson (2005) and a euro-area dataset described in Altissimo et al.(2007). We find evidence that the beginning of the so-called Great Moderation in the US as well as the Maastricht treaty and the handover of monetary policy from the European national central banks to the ECB coincide with structural breaks in the factor loadings. Ignoring these breaks may yield misleading results if the empirical analysis focuses on the interpretation of common factors or on the transmission of common shocks to the variables of interest.

http://vo5555.newsletter.bundesbank.de/servlet/rd?l=Diskussionspapiere-JOKA-PJN1-M7DJ-ONL3-NWSL77

+ 01: Deutsche Bundesbank
Forschungszentrum
Research Centre
Wilhelm-Epstein-Strasse 14
60431 Frankfurt am Main
Germany

+ 02: Contact
presse-information@bundesbank.de

Bundesbank Discussion Paper‏

Newsletter Forschungszentrum Bundesbank

vo5555@newsletter.bundesbank.de

Deutsche Bundesbank
Forschungszentrum
Research Centre
Wilhelm-Epstein-Strasse 14
60431 Frankfurt am Main
Germany

Mon 3/16/09

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DEVELOPMENT ECONOMICS RESOURCES

March 16, 2009 at 11:26 am | Posted in Development, Economics, Financial, Globalization, History, Research, Third World, World-system | Leave a comment

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Development Economics Links:

UNU-WIDER

Katajanokanlaituri 6 B    FI-00160 Helsinki    Finland

Tel: +358-9-6159911    Fax: +358-9-61599333
Email:
wider@wider.unu.edu

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“THE KINDLY ONES”: HOLOCAUST NOVEL

March 16, 2009 at 8:58 am | Posted in Art, Books, France, History, Judaica, Literary | Leave a comment

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The Kindly Ones

by Jonathan Littell (Author)

Charlotte Mandell (Translator)

Editorial Reviews

From Publishers Weekly

Written in French by an American, this was the hot book of Frankfurt in 2006 and won two of France’s major literary awards.

Dr. Max Aue, the petulant narrator of this overlong exercise in piling-on, is a rising star in the SS. His career helped along by a slick SS benefactor, Aue watches the wholesale slaughter of Jews in the Ukraine, survives getting shot through the head in Stalingrad, researches and writes dozens of reports, tours Auschwitz and Birkenau, and finds himself in Hitler’s bunker in the Reich’s final days. He kills people, too, and is secretly gay—a catcher—and tormented by his love for his twin sister, Una, who now rebuffs his lusty advances. He also hates his mother and stepfather. As he claims, If you ever managed to make me cry, my tears would sear your face. But after nearly 1,000 pages, Herr Doktor Aue, for all his alleged coldness and self-hatred and self-indulgent ruminations, amounts to nothing more than a bloodless conduit for boasting the breadth of Littell’s research (i.e., a nine-page digression on the history of Caucasian linguistics). The text itself is notable for its towering, imposing paragraphs that often run on for pages. Unfortunately, these paragraphs are loaded with dream sequences marked by various unpleasant bodily functions, a 14-page hallucination where a very Céline-like crackpot cameos as Dr. Sardine and dozens of numbing passages in which SS functionaries debate logistical aspects of the Jewish Question. Also, nary an anus goes by that isn’t lovingly described (among the best is one surrounded by a pink halo, gaped open like a sea anemone between two white globes). Most crippling, however, is Aue’s inability to narrate outside his one bulldozing, breathless register, and while it may work marvelously early on as he relates the troubles of trying to fit the maximum number of bodies into a pit, the monotone voice quickly loses its luster. In the final 200 or so pages, Berlin is burning, the Russians and Americans are making rapid advances, Hitler is nearly assassinated and SS brass are formulating their personal endgames. But, alas, this massive endeavor grinds to its conclusion on a pulp conceit: two German cops, against all odds, are in hot pursuit of Aue for a crime he may or may not have committed. Littell’s strung together many tens of thousands of words, but many tens of thousands of words does not necessarily a novel make. As the French say, tant pis, Jonathan.

Publishers Weekly

Product Description

“Oh my human brothers, let me tell you how it happened.” So begins the chilling fictional memoir of Dr. Maximilien Aue, a former Nazi officer who has reinvented himself, many years after the war, as a middle-class family man and factory owner in France.

Max is an intellectual steeped in philosophy, literature, and classical music. He is also a cold-blooded assassin and the consummate bureaucrat. Through the eyes of this cultivated yet monstrous man, we experience in disturbingly precise detail the horrors of the Second World War and the Nazi genocide of the Jews. During the period from June 1941 through April 1945, Max is posted to Poland, the Ukraine, and the Caucasus; he is present at the Battle of Stalingrad and at Auschwitz; and he lives through the chaos of the final days of the Nazi regime in Berlin. Although Max is a totally imagined character, his world is peopled by real historical figures, such as Eichmann, Himmler, Göring, Speer, Heyrich, Höss, and Hitler himself.

A supreme historical epic and a haunting work of fiction, Jonathan Littell’s masterpiece is intense, hallucinatory, and utterly original. Published to impressive critical acclaim in France in 2006, it went on to win the Prix Goncourt, that country’s most prestigious literary award, and sparked a broad range of responses and questions from readers: How does fiction deal with the nature of human evil? How should a novel encompass the Holocaust? At what point do history and fiction come together and where do they separate?

A provocative and controversial work of literature, The Kindly Ones is a morally challenging read; it holds up a mirror to humanity—and the reader cannot look away.

Product Details:

  • Hardcover: 992 pages

  • Publisher: Harper

  • March 3, 2009

  • Language: English

  • ISBN-10: 0061353450

  • ISBN-13: 978-0061353451

The Kindly Ones

by Jonathan Littell (Author)

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NETANYAHU BRAIN TRUST

March 16, 2009 at 8:30 am | Posted in History, Iran, Israel, Zionism | Leave a comment

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‘Strategic thought team’to advise

Netanyahu’s new government‏

on behalf of imra@netvision.net.il

Sun 3/15/09

‘Strategic thought team’ to advise

Netanyahu’s new government

By Aluf Benn, Haaretz Correspondent

Last update – 15/03/2009

www.haaretz.com/hasen/spages/1071050.html

A group of former top security, government and economic officials are offering crisis management and decision-making services to the new government.

The “strategic thought team” will present its main findings for the Benjamin Netanyahu administration’s first 100 days Sunday at the Interdisciplinary Center in Herzliya, in a conference by the Lauder School of Government.

The team members include former Military Intelligence head Amos Malka, strategic adviser Haim Asa, Lauder dean Alex Mintz, former Africa Israel CEO Erez Meltzer and outgoing Cabinet Secretary Oved Yehezkel. Former air force chief Eliezer Shkedi is expected to join at a later date.

The team will advise government bodies like the Prime Minister’s Office, National Insurance Institute and the Foreign and Defense Ministries.

Mintz will present a plan for addressing the Iranian nuclear threat by creating a civil administration to coordinate economic warfare, sanctions, influencing Iranian public opinion, military preparations, public relations and legal action against Iranian President Mahmoud Ahmadinejad.

In addition, Asa will present the administration with three recommendations:
stepping up negotiating efforts with Syria as a cornerstone for a regional peace agreement, changing government offices (in particular, moving the Finance Ministry’s budget division to the Prime Minister’s Office to help set the national agenda) and developing a national security project for developing drones, which will not only bolster national security but will also find work for unemployed high-tech professionals.

‘Strategic thought team’ to advise

Netanyahu’s new government‏

on behalf of imra@netvision.net.il

Sun 3/15/09

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