The paper examines the transmission mechanism of monetary policy in an open economy with and without a binding zero bound on nominal interest rates. In particular, a foolproof way of escaping from a liquidity trap is suggested, consisting of a price-level target path, a devaluation of the currency and a temporary exchange rate peg, which is later abandoned in favor of price-level or in‡ation ta...

The pinna, or ex ternal ear, has been shown experim entally to perform an acoustical tran sfo r­ m ation essential to localization in hum an hearing. The m athem atical form of th e tran sfo rm a­ tion is given, the inverse to the transform ation is shown to exist, and a theory of localization constructed from the evidence. The theory is extended to reverberation and o ther facets of hum an hea...

Context-aware systems use sensors in order to analyse their environment and to adapt their behaviour. We have designed and developed Sens-ation, an open and generic service-oriented platform, which provides powerful, yet easy-to-use, tools to software developers who want to develop context-aware, sensor-based infrastructures. The service-oriented paradigm of Sens-ation enables standardised comm...

This paper studies U.S. in‡ation adjustment speed to aggregate technology shocks and to monetary policy shocks in a medium size Bayesian VAR model. According to the model estimated on the 1959-2007 sample, in‡ation adjusts much faster to aggregate technology shocks than to monetary policy shocks. These results are robust to di¤erent identi…cation assumptions and measures of aggregate prices. Ho...

learners of English Sylvain Chevalier Saybot In . Shanghai, China sylvain saybot. om Abstra t Saybot is a software appli ation whi h uses spee h proessing te hnology to help users pra ti e spoken English. It is a ommer ial appli ation available sin e O tober 2005 in China with mu h ontent designed for learners of many different pro les. In this paper, we present the strategy used and dis uss it...

Although there have been a very limited number of cases of defl ation in a developed country, one such case occurred in the United States during the Great Depression in the 1930s, where an annualized 7% price plunge was observed. Compared to this, the present defl ation in Japan can be considered as a moderate price decline continuing over a very long period. The fact that defl ation has not be...

This paper examines the extent to which a decline in market power could have contributed to the general decline in inflation rates experienced in developed countries during the 1990s. *Staff economist of the Division of International Finance of the Federal Reserve Board. Email: [email protected]. I wish to thank Jon Faust, Steve Kamin, and Jeremy Rudd for valuable comments. This paper repr...

Cross country studies of in‡ation di¤erentials, and in particular in the EMU, have focused on three main explanations: (i) the role of tradable and nontradable sector productivity growth di¤erentials and the BalassaSamuelson e¤ect, (ii) the role of the demand-side e¤ects, and (iii) heterogeneity of in‡ationary processes inside the EMU. To understand the role played by each feature in shaping in...