In the heart, the rapid propagation and synchronization of action potentials necessary for a normal heart rhythm and an effective cardiac output are mediated by specialized ionic channels that link adjacent cells and are known collectively as gap junctions. Cardiac gap junctions are gated by various physiological and pharmacological agents, but the role of voltage in their gating is unclear. Wh...

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data spanning 1980–2000. The P model is shown to have considerable empirical support. Thus, the “price gap” or, equivalently, the “real money gap” (the gap between current real balances and long-run equilibrium real balances), has substantial predictive power for future inflation. The...

Bank of Japan May 2011 The earthquake that struck Japan in March 2011 has reduced the supply capacity of the economy, which works in the direction of tightening the output gap. At the same time, however, if weak household and corporate sentiment lead to a decline in aggregate demand, this will work in the direction of increasing the slack in the economy. Moreover, developments in supply and dem...

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 ...

The chapter deals with parametric models for the measurement of the business cycle in economic time series. It presents univariate methods based on parametric trend–cycle decompositions and multivariate models featuring a Phillips type relationship between the output gap and inflation and the estimation of the gap using mixed frequency data. We finally address the issue of assessing the accurac...