Jagjit Chadha, 02 November 2014

The impact of the stock and maturity of government debt on longer-term bond yields matters for monetary policy. This column assesses the magnitude and relative importance of overall bond supply and maturity effects on longer-term US Treasury interest rates using data from 1976 to 2008. Both factors have a significant impact on both forwards and term premia, but maturity of public debt appears to matter more. The results have implications for exit from unconventional policies, and also for the links between monetary and fiscal policy and debt management.

Amir Attaran, Roger Bate, Ginger Jin, Aparna Mathur, 09 October 2014

There is a perception amongst pharmaceutical experts that some Indian manufacturers and/or their distributors segment the global medicine market into portions that are served by different quality medicines. This column finds that drug quality is poorer among Indian-labelled drugs purchased inside African countries than among those purchased inside India or middle-income countries. Substandard drugs – non-registered in Africa and containing insufficient amounts of the active ingredient – are the biggest driver of this quality difference.

Jerónimo Carballo, Gianmarco Ottaviano, Christian Volpe, 11 August 2013

The authors use highly disaggregated firm-level export data from Costa Rica, Ecuador, and Uruguay over the period 2005-08 to provide a precise characterization of firms' export margins, across products, destination countries, and crucially customers. They show that a firm's number of buyers and the distribution of sales across them systematically vary with the characteristics of its destination markets.

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