Price-setting models with monopolistic competition and costs of changing prices exhibit coordination failure: in response to a monetary policy shock, individual agents lack incentives to change prices even when it would be Pareto-improving if all agents did so. The potential welfare gains are in part evaluated relative to a benchmark equilibrium of perfect, costless coordination; in practice, s...

This paper investigates the implications of external indebtedness and international …nancial integration on the e¤ects of foreign interest rate shocks in a small-open economy. The theoretical component of the analysis develops a business cycle model that can successfully match the impulse responses of the Turkish economy to U.S. interest rate shocks. It is found in the context of this model tha...

We develop a multi-sector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages induce across-sector pricing complementarities that contribute to a slow response of prices to aggregate shocks. In turn, labor-market segmentation at the sectoral level induces within-sector pricing substitutability,...

This paper estimates a sticky-information general-equilibrium model for the United States and the Euro-area, and uses it as a laboratory to answer monetary policy questions. The …rst set of questions is positive and concerns describing past monetary policy: what policy rule has best described policy? What has been the role of stabilization policy? How large have policy errors been? What is the ...

www.thelancet.com/lancetgh Vol 5 January 2017 e30 2 US CDC. HIV/AIDS: prevention. 2016. http://www.cdc.gov/hiv/basics/prevention. html (accessed Sept 18, 2016). 3 US CDC. HIV: risk reduction tool. http://www. cdc.gov/hivrisk/decreased_risk/abstinence. html (accessed Sept 18, 2016). 4 US CDC. Smoking and tobacco use: fast facts. http://www.cdc.gov/tobacco/data_statistics/ fact_sheets/fast_facts/...

This paper gives local stability conditions for convergence of the price dynamics in a cobweb model with rationally heterogeneous expectations, generalizing the example of Brock and Hommes (1997). When agents choose between rational, naive, and adaptive beliefs, the steady state may be locally asymptotically stable if the adaptive predictor places enough weight on past prices and is costless. I...

We show that dependence on foreign energy can increase economic instability by raising the likelihood of equilibrium indeterminacy, hence making ‡uctuations driven by selfful…lling expectations easier to occur. This is demonstrated in a standard neoclassical growth model. Calibration exercises, based on the estimated share of imported energy in production for several countries, show that the de...

We study the relationship between growth and variability in a DSGE model with nominal rigidities and growth driven by learning-by-doing. We show that this relationship may be positive or negative depending on the impulse source of fluctuations A key role is also played by the Frisch elasticity of labour supply and by institutional features of the labour market. Our general findings are that mon...

Melastoma malabathricum Linn. is a shrub that comes with beautiful pink or purple flowers and has berries-like fruits rich in anthocyanins. This study was carried out with the aim to evaluate the inhibitory activities of different concentrations of the M. malabathricum Linn. flower and fruit crude extracts against Listeria monocytogenes IMR L55, Staphylococcus aureus IMR S244, Escherichia coli ...

I show that the cross-sectional standard deviation of individual price changes in the BLS CPI database is countercyclical and comoves strongly with the frequency of price adjustments. Standard Ss models with only …rst moment shocks cannot explain these facts. Adding a second moment (‘uncertainty’) shock improves the model …t signi…cantly. Furthermore, it implies a strongly procyclical sensitivi...