Article history: Received 16 March 2014 Received in revised form 3 May 2015 Accepted 8 May 2015 Available online 15 May 2015 The lack of an observable variable measuring inflationary expectation has been a major difficulty in empirical work on hyperinflation. In this paper we propose a direct measure of expectations—the black-market interest rate in Shanghai—and study the behavior of money dema...

This paper reexamines the role of money demand for the local dynamics of a sticky price model where money enters the utility function and monetary policy is either conducted according to a Taylor-type interest rate rule or to a Friedman-type constant money growth rule. It is shown that activeness, which is commonly recommended as a device for a stabilizing interest rate policy, leads to stable ...

This paper presents the empirical results of an econometric investigation of the demand and supply of real money with Livingston‟s price expectations and real Federal debt in the U.S.A. economy as a Vector Auto-Regressions System with subsequent „Hendryfication‟. This allows the study to focus on a partial equilibrium model of the money market that pinpoints the crucial variables of fiscal and ...

Price rigidity is the key mechanism for propagating business cycles in traditional Keynesian theory. Yet the New Keynesian literature has failed to show that sticky prices by themselves can e¤ectively propagate business cycles in general equilibrium. We show that price rigidity in fact can (by itself) give rise to a strong propagation mechanism of the business cycle in standard New Keynesian mo...

In a wide class of monetary models with both cash and credit goods, the main welfare cost of inflation is that it distorts the choice between these two goods. In these models, distortions exist because the relevant measure of the relative price between cash and credit goods for consumers is the usual relative price discounted by the nominal interest rate. Changes in the inflation rate therefore...

Proteins are the building blocks of life, regarded as one most complex and crucial biomacromolecules in biological systems, playing a significant role executing genes transferring genetic information. The aggregation induced emission (AIE) concept its applications for real-time imaging make AIE luminogens attractive protein tracking, detecting, medical applications. (Article number 2021, 2, e41)

Two strains of Bacillus, B. cereus E41 and B. anthracis F34, were isolated from a salt lake in Aïn M'lila-Oum El Bouaghi, eastern Algeria, and Ain Baida-Ouargla, southern Algeria, respectively. Their genomes display genes for the production of several bioactive secondary metabolites, including polyhydroxyalkanoate, iron siderophores, lipopeptides, and bacteriocins.