India underwent a significant structural transformation through trade liberalization and other reforms (domestic) in the 1990s because of a balance-of-payments crisis. I use this episode to identify the causal effect of a drop in tariffs on wage inequality, measured through managerial and nonmanagerial compensation, between 1990 and 2011. I find that a drop in input tariffs (and not output) significantly ...

This paper critically considers the operation and objective of Japan’s creative industry policy and suggests how to redesign it to align it with recent attention to cultural diversity . But the paper’s scope goes beyond business and extends to defining creativity as a means to enhance civic dialogue, sympathy and inclusion to imagine a better society The creative industry can include independent and ...

NZIER’s Monetary Policy Shadow Board has adjusted their recommendation in the wake of the Reserve Bank’s OCR cut in May. The NZIER Shadow Board recommends the Reserve Bank should leave the OCR on hold at the OCR Review on Wednesday. However, there have been mixed views as to whether the OCR should have been cut in the first place. Nonetheless, an easing bias remains amongst the NZIER Shadow Board.

The latest NZIER Consensus Forecasts shows a softer near-term growth outlook, relative to the previous quarter. The downward revision partly reflects a lower starting point in light of the softer than expected data on economic activity. The export growth outlook has also been revised lower, likely reflecting increasing uncertainty over the effects of the trade war between the US and China. Slowing ...

The emergence of a decentralized peer-to-peer platform that matches lending and borrowing without collateral requirements has called the bank lending and balance-sheet channels for monetary transmission into question. Via a standard New Keynesian macroeconomic model expanded with two-sided platform and group identity, we put forward a novel platform density channel of monetary transmission, which ...