If the benchmark model without frictions can replicate the stylized facts of the business cycle, the cycles may be just an efficient phenomenon generated by markets in response to certain shocks, such as, for example, productivity shocks. Furthermore, if markets are complete and individuals can diversify risk, Lucas (1987) calculated the welfare cost of the aggregate fluctuations to be negligible.

We consider a multi-item two-echelon inventory system in which the central warehouse operates under a (Q,R) policy, and the local warehouses implement basestock policy. An exact solution procedure is proposed to find the inventory control policy parameters that minimize the system-wide inventory holding and fixed ordering cost subject to an aggregate mean response time constraint at each facility.

the purpose of this research was to evaluate the application of recycled aggregates of constructiondebris such as concrete, cement block and rubbles from pars-kangan site in asphalt concrete mix design. toevaluate the performance of aggregates different mix designs with recycled aggregate percentages of 0, 10,30, 50 and bitumen percentages of 4, 4.5, 5, 5.5, 6, and 6.5 were provided and two mar...

Sequential aggregate signature schemes allow n signers, in order, to sign a message each, at a lower total cost than the cost of n individual signatures. We present a sequential aggregate signature scheme based on trapdoor permutations (e.g., RSA). Unlike prior such proposals, our scheme does not require a signer to retrieve the keys of other signers and verify the aggregateso-far before adding...

BEA study derives industry R&D productivity. The chal­ industry level. Not surprisingly, R&D price indexes lenge is to identify the growth the use of a common deflator for Research and development rate of this R&D productivity R&D investment implies more (R&D) and other intangibles are using data available on an ongo­ rapid R&D investment growth widely understood to make sig­ ing basis. for ind...

OBJECTIVE To discern how the public in four countries, each with unique health systems and cultures, feels about efforts to restrain healthcare costs by limiting the use of high-cost prescription drugs and medical/surgical treatments. DESIGN Cross-sectional survey. SETTING Adult populations in Germany, Italy, the UK and the USA. PARTICIPANTS 2517 adults in the four countries. A questionna...

OBJECTIVE To estimate the annual cost of temporary work disability (TWD) caused by musculoskeletal diseases (MSDs) in Spain and its variations between regions (autonomous communities: ACs) and paying institutions. METHOD Descriptive study of the costs of MSD-related TWD in ACs in 2007. The Spanish National Institute of Social Security (NISS) provided aggregate data. Extrapolations to the rest...