Search-based theories of the exchange process provide economists with a way of formalizing the microfoundations of monetary economics and to discuss a variety of issues in monetary theory and policy in a new light. Many questions that cannot even be formulated in more traditional monetary models can be profitably analyzed in these new models. In this essay, we propose to review recent developme...

The Economic and Monetary Union (EMU) implies a considerable change in monetary and fiscal policy design in the European Union. With the aid of a two-country version of the Alesina and Tabellini (1987) model, this paper provides a stylized analysis of monetary and fiscal policy interaction in the EMU. It is shown how macroeconomic outcomes are affected by common monetary and fiscal policies, an...

© 2013 ETRI Journal, Volume 35, Number 6, December 2013 http://dx.doi.org/10.4218/etrij.13.0213.0404 Dual-mode terminals (DMTs) equipped with cellular and WLAN interfaces have become popular in recent years. Users of DMTs can enjoy high-speed WLAN Internet access and wide area Internet access to cellular networks. However, a DMT may consume power inefficiently when discovering a WLAN with inher...

In this paper we study the monetary and fiscal policy making in a monetary union when authorities face asymmetries in the countries constructing this monetary union. We analyze this problem in an asymmetric environment using a two-country theoretical model and by introducing two alternative types of national asymmetries : asymmetric shocks and the asymmetric transmission mechanism. The central ...

The past three decades have seen an extraordinary transformation in the conduct of monetary policy. In the 1970s, inflation had risen to very high levels, with most countries, including the United States, experiencing inflation rates in the double digits. Today, almost all nations in the world are in a low inflation environment. Of 223 countries, 193 currently have annual inflation rates less t...

Mereotopology is the branch of logic that treats the qualitative formalisation of parthood and connection relations between entities. Although it has apparently not yet found use in spatial reasoning for designed product modelling, the author proposes that it is well suited to the task. This paper introduces mereotopology and discusses some of the principles guiding the development of design me...

In this paper we consider space-time codes where the code-words are restricted to either real or quaternion matrices. We prove two separate diversity-multiplexing gain trade-off (DMT) upper bounds for such codes and provide a criterion for a lattice code to achieve these upper bounds. We also point out that lattice codes based on Q-central division algebras satisfy this optimality criterion. As...

This paper argues that health promotion needs to develop an approach to evaluation and effectiveness that values qualitative methodologies. It posits the idea that qualitative research could learn from the experience of quantitative researchers and promote more useful ways of measuring effectiveness by the use of intermediate and indirect indicators. It refers to a European-wide project designe...

Most analyses of monetary policy delegation schemes typically ignore the behavior of the fiscal policy maker. The paper investigates how monetary price level targeting or monetary nominal income targeting may yield social gain in an economy with government debt and where the fiscal policymaker, acting strategically, may take counter actions. We argue that the choice of fiscal policy instrument ...