This paper examines methods of controlling the supply shock in the estimation of the Phillips curve and discusses the relationship between the supply shock and inflation inertia. The empirical results clearly show that controlling the supply shock effect, not only for current inflation but also for lagged inflation using the asymmetry of the price change distribution, substantially outperforms ...

This paper generalizes the model of Becker, Grossman, and Murphy (1994) to the multivariate case. The multivariate model generates Frisch demand functions where current consumption is related to prices of all goods, and lagged and future consumption of all goods. The theoretical restrictions are that current price effects (holding lagged and future consumption constant) are negative definite, a...

Just when it seemed like the market for short-range RF technologies had become synonymous with Bluetooth, Wi-Fi and other products reaching commodity status, there will soon be another signal to contend with: ZigBee. This pervasive wireless networking environment adds to the challenge that engineers designing these systems have to provide a receiver that delivers valid, uncorrupted data packets...

Based on forward curves modelled as Hilbert-space valued processes, we analyze the pricing of various options relevant in energy markets. In particular, we connect empirical evidence about energy forward prices known from the literature to propose stochastic models. Forward prices can be represented as linear functions on a Hilbert space, and options can thus be viewed as derivatives on the who...

This paper presents an algorithm that extracts the pictorial information of an image into a very compact wavelet fingerprint while conserving the most significant global and local visual characteristics of the image. A query algorithm is described that compares a fingerprint of a query image with all potential target fingerprints from a small remote database in terms of their similarity. The si...