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Search‐theoretic models of monetary exchange are based on explicit descriptions of the frictions that make money essential. However, tractable versions of these models typically make strong assumptions that render them ill suited for monetary policy analysis. We propose a new framework, based on explicit micro foundations, within which macro policy can be studied. The framework is analytically tractable and easily quantifiable. We calibrate the model to standard observations and use it to measure the cost of inflation. We find that going from 10 percent to 0 percent inflation is worth between 3 and 5 percent of consumption—much higher than previous estimates.

Background When an individual is detained in hospital it is important that they maintain contact with their family, friends and communities as these can be helpful for their well-being and recovery. Maintaining these relationships is also important to unpaid carers (family or friends), but they can be strained by carers’ instigation of, or compliance with, the involuntary detention. Section 17 of the Mental Health Act (1983) in England and Wales allows for temporary leave from hospital, from an hour in the hospital grounds to going home for a few days. However, carers are not always involved in decisions around statutory s.17 leave, even where they are expected to support someone at home. This study aimed to explore how practice can be improved to better involve and support carers around s.17 leave. Methods Semi-structured interviews and focus groups were held with 14 unpaid carers and 19 mental health practitioners, including four Responsible Clinicians, in three sites in England in 2021. The research explored views on what works well for carers around s.17 leave, what could be improved and the barriers to such improvements. Transcripts were analysed using reflexive thematic analysis. Results Three themes were identified in the analysis: the need for carer support and the challenges surrounding provision; challenges with communication, planning and feedback around s.17 leave; and inconsistency in involving carers around s.17 leave. Permeating all themes was a lack of resources presenting as under-staffing, high demands on existing staff, and lack of time and capacity to work and communicate with carers. Conclusion Implications include the need for more funding for mental health services for both prevention and treatment; staff training to increase confidence with carers; and standardised guidance for practitioners on working with carers around s.17 leave to help ensure consistency in practice. The study concluded with the production of a ‘S.17 Standard’, a guidance document based on the research findings consisting of 10 steps for practitioners to follow to support the greater involvement and support of carers.

We show analytically that in a rational expectations present‐value model, an asset price manifests near–random walk behavior if fundamentals are I(1) and the factor for discounting future fundamentals is near one. We argue that this result helps explain the well‐known puzzle that fundamental variables such as relative money supplies, outputs, inflation, and interest rates provide little help in predicting changes in floating exchange rates. As well, we show that the data do exhibit a related link suggested by standard models—that the exchange rate helps predict these fundamentals. The implication is that exchange rates and fundamentals are linked in a way that is broadly consistent with asset‐pricing models of the exchange rate.

Is individual labor income more risky in recessions? This is a difficult question to answer because existing panel data sets are so short. To address this problem, we develop a generalized method of moments estimator that conditions on the macroeconomic history that each member of the panel has experienced. Variation in the cross‐sectional variance between households with differing macroeconomic histories allows us to incorporate business cycle information dating back to 1930, even though our data do not begin until 1968. We implement this estimator using household‐level labor earnings data from the Panel Study of Income Dynamics. We estimate that idiosyncratic risk is (i) highly persistent, with an annual autocorrelation coefficient of 0.95, and (ii) strongly countercyclical, with a conditional standard deviation that increases by 75 percent (from 0.12 to 0.21) as the macroeconomy moves from peak to trough.

The paper introduces the proposal of the measurement model for insurance and reinsurance contracts in accordance with the new standard IFRS 17 Insurance contracts that will be effective as of January 1, 2023. The Standard does not contain formulas, but it is principle-based, which is why the selected method of general model measurement is a scientific benefit for the measurement of the insurance product. The application of the GMM method is not the same as that of the insurance company and the reinsurance company perspective, despite the same chosen actuarial assumptions. The scope of changes, which the new Standard offers, is comprehensive and brings new challenges, even for scientific purposes.

Although the educational community has learned much about better educational practices, less is known about processes for implementing new practices. The standard model of diffusion suggests that people change perceptions about the value of an innovation through communication, and these perceptions then drive implementation. But implementation can be affected by more instrumental forces. In particular, members of a school share the common fate of the organization and affiliate with the common social system of the organization. Thus, they are more able to gain access to each others' expertise informally and are more likely to respond to social pressure to implement an innovation, regardless of their own perceptions of the value of the innovation. This article characterizes informal access to expertise and responses to social pressure as manifestations of social capital. Using longitudinal and network data in a study of the implementation of computer technology in six schools, the authors found that the effects of perceived social pressure and access to expertise through help and talk were at least as important as the effects of traditional constructs. By implication, change agents should attend to local social capital processes that are related to the implementation of educational innovations or reforms.

The authors investigated vigorous physical activity and psychological well-being during transition from high school to first-year university in a sample of 145 Canadian undergraduates. Participants completed retrospective measures assessing vigorous physical activity during their first 2 months at university and their last 2 months at high school as well as measures assessing psychological well-being. According to nationally recommended (US Department of Health and Human Services) standards, two thirds (66.2%) of students reported adequate levels of vigorous activity in high school, whereas significantly fewer (44.1%) met the standard during their first 8 weeks at university. One third of students were active in high school but became insufficiently active once at university; 33% were active at both times; 23% consistently fell short of recommended levels; and only 11% became active once at university. Students who had become insufficiently active reported higher levels of fatigue and lower levels of vigor compared with those who continued to be active.

: Sedentary behaviors, like television viewing, are positively associated with overweight among young people. To monitor national health objectives for sedentary behaviors in young adolescents, this project developed and assessed the reliability and validity of a brief questionnaire to measure weekly television viewing, usual television viewing, and computer use by middle school children. Reliability and validity of the Youth Risk Behavior Survey (YRBS) question on weekday television viewing also were examined. A brief, five‐item television and computer use questionnaire was completed twice by 245 middle school children with one week apart. To concurrently assess validity, students also completed television and computer use logs for seven days. Among all students, Spearman correlations for test‐retest reliability for television viewing and computer use ranged from 0.55 to 0.68. Spearman correlations between the first questionnaire and the seven‐day log produced the following results: YRBS question for weekday television viewing (0.46), weekend television viewing (0.37), average television viewing over the week (0.47), and computer use (0.39). Methods comparison analysis showed a mean difference (hours/week) between answers to questionnaire items and the log of −0.04 (1.70 standard deviation [SD]) hours for weekday television, −0.21 (2.54 SD) for weekend television, −0.09 (1.75 SD) for average television over the week, and 0.68 (1.26 SD) for computer use. The YRBS weekday television viewing question, and the newly developed questions to assess weekend television viewing, average television viewing, and computer use, produced adequate reliability and validity for surveillance of middle school students. (J Sch Health. 2004;74(9):370–377)

This study considers the risk management of insurance policies in line with the implementation of the new International Financial Reporting Standards 17. It applies the paid-incurred chain method to model the future unpaid losses by combining the information channels of both the incurred claims and paid losses. We propose the recovery of the empirical distribution of the outstanding claims liabilities associated with a group of contracts via moment-based density approximation. We determine the risk measures and adjustments that are compliant with the new standard using the Monte–Carlo simulation method and approximated distributions. The historical data on the aggregate Ontario automobile insurance claims over a 15-year period are analyzed to examine the appropriateness and accuracy of our approach.

This study examined the effects of mothers' style of interaction on children's interactive engagement. The study consisted of a sample of 30 children from Korea, including chronologically age-matched groups of children with disabilities (n = 13) and children without disabilities (n = 17). Parents were videotaped while playing with their children with a standard set of developmentally appropriate toys. These observations were coded with the Child Behavior Rating Scale to assess children's engagement and the Maternal Behavior Rating Scale to assess mother's style interaction. Results are described in terms of (a) factors that contribute to children's developmental growth and (b) the kinds of intervention objectives that should be targeted with responsive teaching strategies.