One of the more important questions in the area of quantitative economic policy concerns the suitability of optimal control theory for economic stabilization problems. Despite extensive theoretical and applied research in this area, the question of the appropriateness of control theory has still not been completely resolved. The papers by Kalchbrenner and Tinsley and by Prescott are, therefore,...

The Hodrick-Prescott filter represents one of the most popular method for trendcycle extraction in macroeconomic time series. In this paper we provide a multivariate generalization of the Hodrick-Prescott filter, based on the seemingly unrelated time series approach. We first derive closed-form expressions linking the signal-noise matrix ratio to the parameters of the VARMA representation of th...

As part of the new macroeconomic modelling project at the Reserve Bank of New Zealand, considerable effort has been directed towards constructing an historical estimate of the productive capacity of the New Zealand economy. The technique documented in this paper augments the stochastic-trend estimation approach of the Hodrick-Prescott (1997) filter with information from broad macroeconomic rela...

Christopher Prescott, Arja Karivieri, Peter Campbell, Kristian Göransson & Sebastiano Tusa (ed.). 2021. Trinacria: ‘an island outside time’. International archaeology in Sicily. Oxford: Oxbow; 978-1-78925-591-1 hardback £55. - Volume 95 Issue 383

In the case of Beal v. Doe, decided in 1977, the US Supreme Court ruled that states could constitutionally restrict money from Medicaid from funding elective abortions. After the 1973 case Roe v. Wade [2], in which the US Supreme Court had ruled that women have rights to terminate pregnancies within the first trimester [3], the state of Pennsylvania passed legislation that restricted the use of...

Electro-coagulation of the Gasserian ganglion was introduced in Germany by Kirschner in 1931. 1 In recent years, the percutaneous approach to coagulation of the ganglion for treatment of trigeminal neuralgia has gained in popularity. Sweet and Wepsic recently reported on 353 patients stating that "the patient's cooperation is maintained by the use of the neuroleptanesthetic Innovar® and the pro...