LATWLight Anti-Tank Weapon
LATWLine Around the World
LATWLive at the Wireless (radio broadcast; Australia)
LATWLatin American Test Workshop
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It is also worth emphasising that, in any case, these simulation exercises probably underestimate the gains from LATW. First, these models do not allow for the possibility that if it were known ex ante that the central bank would take this into account, then this would likely reduce both the probability and the eventual size of any bubble.
Notwithstanding the above arguments, LATW is opposed by many thoughtful and highly respected central bankers.
Therefore, it is to some of the 'practical' objections to LATW that I turn to next.
Problems vis-&vis identifying a bubble Many central bankers and academics have argued that the difficulties associated with identifying a bubble make LATW impractical (see Bernanke, 2002; Gertler, 1998; and Issing, 1998).
However, I do not believe that bubble identification is a problem that is unique to a LATW policy.
However, in a stimulating and important paper, Gruen, Plumb and Stone (2005, GPS hereafter) come up with a sophisticated example of a situation where not knowing enough about the stochastic properties of a bubble can lead to a LATW tilt being sub-optimal relative to doing nothing.
GPS contend that because the information requirements of following a policy with a LATW tilt may be so great (to make sure that one does not tighten policy when it might be the optimal policy to ease) that it might, indeed, be optimal under certain circumstances to be a policy sceptic and completely ignore the future possible path for the asset price bubble in setting policy.
In general, I would not wish to imply that a LATW policy will not occasionally lead to the central bank tightening when it should have eased.
Thus, the LATW offers actors the rewards of being in a prestige production--for only a week's time.
While many actors are repeaters, newcomers are also attracted to the LATW format.
Recently, she listened to the LATW version of Arthur Miller's Incident at Vichy, about the rounding up of the Jews in Paris during World War II.
For information on LATW or any of their programs or to request a catalogue of audio plays, call 800-708-8863 or visit the website at
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