3 results
3 - Product variety and macro trade models: implications for the new EU Member States
-
- By Joseph Gagnon, Assistant Director Division of International Finance, Board of Governors of the Federal Reserve System
- Edited by Filippo Di Mauro, European Central Bank, Frankfurt, Robert Anderton, European Central Bank, Frankfurt
-
- Book:
- The External Dimension of the Euro Area
- Published online:
- 22 September 2009
- Print publication:
- 26 April 2007, pp 52-62
-
- Chapter
- Export citation
-
Summary
Introduction
Standard trade equations in multi-country macroeconomic models imply that rapidly-growing countries should have either declining trade balances or declining terms of trade. In long-run equilibrium, intertemporal budget constraints prevent trade balances from declining indefinitely. Hence, for countries that are expected to grow faster than their trading partners for an extended period of time, standard models imply that the terms of trade should decline secularly.
The new EU Member States (NEUMS) to the European Union (EU) are expected to grow faster than the fifteen pre-2004 EU countries (EU-15) for the foreseeable future. Given that the overwhelming majority of NEUMS trade occurs within the EU, standard macroeconomic models imply that NEUMS export prices should decline relative to NEUMS import prices. This conclusion has a potentially important implication for NEUMS monetary policy. A fixed exchange rate with other EU countries might be expected to have a deflationary effect on NEUMS economies – yet six of the NEUMS have already joined the Exchange Rate Mechanism linking them (plus Denmark) to the euro, albeit with fairly wide bands. All of the NEUMS have expressed their intention to join the euro area by the end of the decade.
Will exchange-rate links to the euro doom the NEUMS to persistent export price deflation, with possible harmful consequences for macroeconomic outcomes? This chapter argues that the answer is ‘no’ because the standard macroeconomic models have a serious misspecification of the trade sector.
Invited Paper D Industry perspective regarding outcomes research in oncology
-
- By Kati Copley-Merriman, M.S., M.B.A., Senior Director/Site Leader Pfizer Inc., Joseph Jackson, Ph.D., Group Director Bristol-Myers Squibb, J. Gregory Boyer, Ph.D., Assistant Executive Director Pharmacia Corp, Joseph C. Cappelleri, Ph.D., Director, Biostatistics Pfizer Inc., Robert DeMarinis, Ph.D., Assistant Vice President Wyeth-Ayerst Research, Joseph DiCesare, M.P.H., R.Ph., Executive Director Novartis Pharmaceuticals Corp., M. Haim Erder, Ph.D., Director Amgen Inc., Jean Paul Gagnon, Ph.D., Director Aventis Pharmaceuticals Inc., Lou Garrison, Ph.D., Vice President and Head F. Hoffman-La Roche AG, Kathleen Gondek, Ph.D., Director Bayer Corp., Kim A. Heithoff, Ph.D., Director Schering-Plough Pharmaceuticals, Tom Hughes, Ph.D., Director Eli Lilly and Company, David Miller, Ph.D., Vice President GlaxoSmithKline, Margaret Rothman, Ph.D., Executive Director Johnson & Johnson Pharmaceutical Services, LLC, Nancy Santanello, M.D., M.S., Executive Director Merck Research Laboratories, Richard Willke, Ph.D., Senior Director/Group Leader Pharmacia Corp, Bruce Wong, M.D., Vice President Bristol-Myers Squibb
- Edited by Joseph Lipscomb, National Cancer Institute, Bethesda, Maryland, Carolyn C. Gotay, Claire Snyder, National Cancer Institute, Bethesda, Maryland
-
- Book:
- Outcomes Assessment in Cancer
- Published online:
- 18 December 2009
- Print publication:
- 23 December 2004, pp 623-638
-
- Chapter
- Export citation
-
Summary
Introduction
The goal of treatment for many persons with cancer is not cure but improvement or maintenance of functioning and well-being during their remaining period of life. This is particularly true for patients with advanced or metastatic cancers. Trials to produce evidence of effectiveness or for regulatory approval may include patient assessments of benefit as well as classical clinical endpoints used in oncology settings. These patient assessments of treatment benefit may or may not be related to the traditional measures of treatment success such as survival, tumor shrinkage, or time to tumor progression. For this reason, additional outcome measures to estimate benefit or risk/benefit trade-offs have been developed. Outcomes measures in this category of health assessment are referred to as patient-reported outcomes (PROs) because they are used to collect data directly from the patient.
It is increasingly recognized that the patient's perspective is unique and represents a valuable contribution to drug evaluation and treatment processes. This is particularly important when studying the effects of treatments on cancer symptoms such as pain and fatigue, outcomes not accurately measured by observers. Recent changes in the health care system have greatly empowered patients who are now considered partners rather than passive consumers. To maximize their contribution, they need to be informed about the outcomes associated with treatment. Patients are not always concerned with the same questions as treating physicians or clinical researchers.
3 - International coordination of macroeconomic policies: still alive in the new millennium?
-
- By Laurence H. Meyer, Distinguished Scholar, Center for Strategic and International Studies in Washington, DC; Senior Advisor and Director, Macroeconomic Advisors, Brian M. Doyle, Economist in the Division of International Finance, Federal Reserve Board, Joseph E. Gagnon, Assistant Director in the Division of International Finance, Federal Reserve Board, Dale W. Henderson, Senior Adviser in the Division of International Finance, Federal Reserve Board; Professor of Economics, Georgetown University
- Edited by David Vines, University of Oxford, Christopher L. Gilbert, Universiteit van Amsterdam
-
- Book:
- The IMF and its Critics
- Published online:
- 04 December 2009
- Print publication:
- 26 February 2004, pp 59-105
-
- Chapter
- Export citation
-
Summary
Introduction
The subject of this chapter is macroeconomic policy coordination among developed countries. The chapter covers both the findings of theoretical models of policy coordination and the historical experience of coordination between policy-makers in different countries. Most importantly, the chapter assesses the extent to which models of policy coordination capture the key features of practical experience. For areas where the models and experience diverge, we attempt to draw some lessons for both modellers and policy-makers.
The past few decades have seen the development of theoretical and empirical models designed to explore the benefits of international macroeconomic policy coordination. The models highlight the fact that macroeconomic policy actions in one country affect economic welfare in other countries; that is, they have externalities for other countries. The key insight of the models is that coordination of policies among countries that takes into account these externalities may lead to higher welfare for all countries. Starting with this key insight, the modelling of international policy coordination has moved in many different directions addressing such issues as the types of problems that coordination is best suited to address, which policies are best suited to address which problems, the means of enforcing international agreements, the roles that uncertainty and information sharing play in the coordination process and the measurement of the gains from policy coordination.