Archive for August 12th, 2009

Financial Literacy in Schools

August 12, 2009

Ewart Williams, Governor, Central Bank of Trinidad & Tobago gives a nice account of the way the Central Bank is trying to infuse financial literacy. They have developed National Financial Literacy Program which has a program of teaching the same to school teachers which then pass the message to the students.

A superb account of Fed Independence and relation with US Government

August 12, 2009

Laurence H. Meyer, ex Governor Fed gives you an excellent brief on Fed independence and its relationship with US Govt and Congress.

He starts with the concepts of independence, historical account of Fed independence, tiffs with Congress and President, how Congress tried (and keeps trying) to interfere in Fed operations, How Senate members are happy when rates are lowered  and how Fed continues to defend its independence.

The account tells you that Fed independence was pretty ad-hoc and was never really planned. It has been quite a journey really. It is a big big puzzle to me. Fed doesn’t really have any of the fancy things a central banks is supposed to have these days – inflation targeting, a well-planned central bank independence etc etc and still has delivered as far as price stability goes.

A new IMF Blog

August 12, 2009

I don’t wish to add to any more reading burden but can’t help it. IMF economists have started a new blog –

iMFdirect is a weblog covering the global economy and policy issues, posted by the International Monetary Fund (IMF) headquartered in Washington D.C., United States. iMFdirect posts content related to the IMF’s work in economics and finance at global or national level, and posts currently highlight the debate over policy responses to the biggest global recession since the Great Depression.

It has some excellent posts already – on Sweden’s 1990 crisis lessons (crisis management wasn’t as rosy as it is made out to be) and ECB’s monetary policy impact. It provides links to the new IMF papers/discussions in the topic.

Another addition to the favorite list.

Papers on labor intensive manufacturing potential in India

August 12, 2009

ICRIER has released two very useful papers on labor intensve industries.

  • The first one identifies labor intensive industries and says labor intenstiy declined in the same in the period 1990-91 and 2003-04.
  • The second one sees whether labor intensive industries generate employment and the constraints in the process and suggestions.  

I have read the second paper and is pretty well done. Most of the issues are well known (lack of education, skill, labor reforms etc) and this paper just adds a research perspective to it.

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