Monetary policy and long-term interest rates: a survey of empirical literature.

This paper surveys recent empirical literature on effects of monetary policy on long-term interest rates. Most studies reviewed here suggest that tightening monetary policy results in higher long-term interest rates. But available evidence suffers from conceptual and empirical problems and fails to indicate the magnitude of short-run and long-run policy effects on long rates. Also, recent studies have not investigated the possibility of shifts in recent-year effects of monetary policy on long rates. Finally, the paper offers a policy perspective on limitations of existing evidence and suggests future research on monetary policy effects on long rates.

I. INTRODUCTION

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A Special Education with Special Education Online Courses

In one community alone, the superintendent of schools anticipates hiring 50-100 new teachers with the next five years. Because of increasing needs, many positions will be available for special education teachers. Unfortunately, special ed teachers are in short supply. Therefore, special education online courses can help potential teachers become exceptional children specialists, and current teachers can take the necessary online courses to obtain a special education endorsement or obtain a graduate degree in special education.

First, school districts around the country are desperate for qualified exceptional children specialists. (A glorified term for special education teachers) Understandably, special education teachers have additional challenges and concerns beyond those of a regular classroom teacher. Teaching physically, mentally, emotionally, and learning disabled students takes a very special educator. However, with the added convenience of special education online courses, the call for special teachers can reach the individuals wanting to enroll in a special education program and make the difference in the lives of exceptional children, who cannot afford to relocate or give up a current job in the interim.

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Do Monetary Handcuffs Restrain Leviathan? Fiscal Policy in Extreme Exchange Rate Regimes

This paper studies fiscal policy in countries that have chosen an extreme monetary stance. We think of a country as having an extreme monetary policy if it is in either a currency board or a common currency area. In much of our analysis, we distinguish between multilateral currency unions (such as the East Caribbean Currency Area, or ECCA) and countries that have unilaterally adopted the currency of an anchor country (such as Panama).

It is possible to motivate our analysis in several ways. A number of countries are considering whether to abandon national monetary sovereignty and unilaterally adopt the money of another country, including Mexico and Argentina; Ecuador, Guatemala, and El Salvador are already proceeding with dollarization. In Europe, 12 countries have already abandoned national monetary discretion within the Economic and Monetary Union (EMU). More generally, there has been much discussion of the “disappearing center” of exchange rate regimes; countries are said to have a choice of either freely floating or going to an extreme monetary stance.

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