Neomycin [KLH]

This study aims to explore the relationships between different types of student engagement and moral reasoning development among U.S. college students. Using the Wabash National Study of Liberal Arts Education, a longitudinal dataset, and applying fixed-effect and random-effects models, the results indicate that various types of student engagement, including honors programs, participation in undergraduate research, and the frequency of nonclassroom interaction with faculty, improve students' moral reasoning. This study provides a comprehensive understanding of student engagement in the development of moral reasoning.

As the "Volcker shock" is believed to have generated useful information on the effects of monetary policy, this paper develops a transparent procedure to identify other significant monetary contractions. The approach is applied to a panel data set spanning 162 countries (over the period 1970-2017), in which it identifies 147 large monetary contractions. The procedure selects episodes where a protracted period of loose monetary policy was suddenly followed by sizeable interest rate increases. Focusing on contractions of significant size increases the signal-to-noise ratio, while they are unlikely to be accompanied by confounding "information effects" (markets interpreting a rate hike as the Central Bank being optimistic about the real side of the economy). A subsequent panel VAR analysis suggests that, on average, a 100-basis point rate hike reduces real GDP by 0.5 percent. This reduction in output seems to be persistent, pointing to a certain degree of hysteresis. The price level falls by 1.5 percent, indicating that the medium-/long-run impact of contractionary monetary shocks is not characterized by a neo-Fisherian response. Advanced economies appear to display more price stickiness than emerging/developing countries, as the former combine a more muted price response with a larger effect on output. (C) 2020 Elsevier Inc. All rights reserved.