Standard monetary policy analysis built upon the New Keynesian model suggests that an optimal monetary policy rule is one which minimizes a weighted sum of the variance of inflation and the variance of the output gap. As one might expect, the Taylor rule evaluates well under this criteria. Recent calls for nominal GDP targeting therefore must contend with Taylor rule as an alternative approach ...

Typical measures for closed loop systems are so-called gaps between two systems, classically either L2 or H2 gap. Here, the distance between to candidate models for a plant can be measured taking all possible combinations of bounded input and output signals into account. Rather recently, a variant of theses gaps, the ν − gap, gained interest in the “identification for control” community. This r...

Introducing intermediate band(s) within the energy gap of the semiconductor could possibly increase efficiencies of solar cells. Photons with energy less than the band gap can contribute to the device output by using the intermediate band(s) as a ‘ladder’ to the conduction band. The present analysis shows the maximum efficiency an ideal solar cell containing one and two intermediate bands can a...

It is very appropriate that a conference on monetary policy transparency begin with a paper by Alex Cukierman. His 1986 paper with Allan Meltzer was the first modern treatment of transparency and the model developed in that paper continues to serve as the basic framework for much of the recent work in this area. Economists at most major central banks seem to feel the average inflation bias that...

This paper considers the appropriate stabilization objectives for monetary policy in a microfounded model with staggered price-setting. Rotemberg and Woodford (1997) and Woodford (2002) have shown that under certain conditions, a local approximation to the expected utility of the representative household in a model of this kind is related inversely to the expected discounted value of a conventi...

Asymmetric effects from positive and negative output gaps on inflation . '. . . . . . . 63 Allowing for possible mismeasurement of the gap . . . . . . . . . . . . . . . . . . . . . . . 64 An illustrative example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Summary and policy implications. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

This paper considers the appropriate stabilization objectives for monetary policy in a microfounded model with staggered price-setting. Rotemberg and Woodford (1997) and Woodford (2002) have shown that under certain conditions, a local approximation to the expected utility of the representative household in a model of this kind is related inversely to the expected discounted value of a conventi...

Elucidating the mechanisms whereby neuroendocrine tissues coordinate their input and output signals to ensure appropriate hormone secretion is currently a topical issue. In particular, whether a direct communication mediated by gap junctions between neurosecretory cells contributes to hormone release in vivo still remains unknown. Here we address this issue using a microsurgical approach allowi...