1 Introduction From the late 1960s through the early 1980s, the macroeconomy experienced high in‡ation and several recessions. Many attribute this to oil price shocks. Others argue that the persistent high in‡ation may have been due to poorly managed monetary policy. CGG set out to add rigor to this latter argument. CGG estimate a forward-looking interest rate rule before Paul Volker (pre-1979)...

During fi nancial crises central banks usually decrease interest rates in order to reduce fi nancial uncertainty. This behavior increases infl ation risk. The trade-off between infl ation and uncertainty stabilization can be modeled by the generalized Taylor rule, which describes infl ation sensitivity as a function of fi nancial uncertainty instead of a constant parameter. Based on the GMM-est...

This paper investigates the relationship between short-term and long-term in‡ation expectations using daily data on in‡ation compensation. We use a ‡exible econometric model which allows us to uncover this relationship in a data-based manner. We relate our …ndings to the issue of whether in‡ation expectations are anchored, unmoored or contained. Our empirical results indicate no support for eit...

RÉSUMÉ Dans le modèle de la ommuni ation dite basée ontenus (CBN: Content-Based Communi ation), l'information est a heminée vers les ré epteurs intéressés, plut t que vers des destinataires identi és. Ce style de ommuni ation répond parfaitement aux besoins des appli ations né essitant une API de ommuni ation de type publish-subs ribe. Dans et artile nous nous intéressons au support de la ommun...

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The relationship between in‡ation and the output gap can be modeled simply and e¤ectively by including an unobserved random walk component in the model. The dynamic properties match the stylized facts and the random walk component satis…es the properties normally required for core in‡ation. The model may be generalized to as to include a term for the expectation of next period’s output, but it ...

OF WESTERN HANDWRITTEN CAPITALS FUSI WANG, LOUIS VUURPIJL AND LAMBERT SCHOMAKER Nijmegen Institute for Cognition and Information P.O.Box 9104, 6500 HE Nijmegen, The Netherlands E-mail: fswang(vuurpijl,s homaker) ni i.kun.nl http://hwr.ni i.kun.nl In this paper, new te hniques are presented using Support Ve tor Ma hines (SVMs) for multilass lassi ation problems. The issue of de omposing a Nlass ...