1,721,002 research outputs found
Learning the monetary/fiscal interaction under trend inflation
Full text linkHow does a higher inflation target affect determinacy and learnability of rational expectations equilibria under alternative monetary/fiscal policy mixes in new Keynesian models? What is the role of central bank transparency? This article proves that in a non-Ricardian regime, determinacy and learnability conditions are insensitive to changes in trend inflation and to transparency issues: expectations stabilization requires taxes to react weakly to government debt. Conversely, a higher inflation target always destabilizes expectations under active monetary regimes. In a Ricardian regime, raising the inflation target requires a more hawkish central bank to attain determinacy. However, determinacy implies learnability only when agents are aware of both the inflation target and the central bank reaction function. If agents need to learn a positive inflation target, active monetary regimes are unstable. Therefore, fully disclosing the reaction function, including the target inflation rate, greatly increases the central bank’s effectiveness in stabilizing expectations
LEARNING THE FISCAL-MONETARY INTERACTION UNDER TREND INFLATION
No full textWhat are the effects of a higher inflation target on the determinacy properties under alternative monetary/fiscal policy mixes in New Keynesian models? Would it be more difficult for the central bank to stabilize inflation expectations if the inflation target is raised? What role for central bank transparency? We find that trend inflation does not affect determinacy as long as monetary policy is passive. Conversely, an active central bank should fight inflation more strongly with higher trend inflation, in order to guarantee the determinacy of the AM/PF equilibrium. Furthermore, this equilibrium, if determinate, is always E-stable under transparency. In the AF/PM case the equilibrium is always determinate and E-stable under both transparency and opacity. We find the degree of price stickiness to be a crucial structural parameter. In particular, in a low price rigidity country, say the United States, adhering to the Taylor principle is a sufficient condition for equilibrium determinacy under the AM/PF regime, irrespective of the level of trend inflation. Still, the central bank must be transparent to stabilize expectations. On the contrary, in a high price rigidity economy, say Europe, to have determinacy under AM/PF mix, the inflation target cannot be larger than 2% but the central bank needs not to be transparent to stabilize expectations. Furthermore, high rigidity makes non-Ricardian policies less E-stable
Controlling inflation with switching monetary and fiscal policies: expectations, fiscal guidance and timid regime changes
No full textInflation depends on both monetary and fiscal policies and on how agents believe that these policies will evolve in the future. Can monetary policy control inflation, when both monetary and fiscal policies are allowed to change over time? To analyse this problem, we study a model in which both monetary and fiscal policies may switch according to a Markov process. Controlling inflation entails a unique and Ricardian solution. We propose a natural generalisation of the original Leeper (1991) taxonomy, introducing the concepts of globally active (or passive) and globally switching policies to define the conditions that allow monetary policy to control inflation under Markov switching. First, monetary and fiscal policies need to be globally balanced to guarantee a unique equilibrium: globally active monetary policies need to be coupled with globally passive fiscal policies, and switching monetary policies with switching fiscal policies. Second, this distinction characterises the nature of the solutions: a globally AM/PF regime is Ricardian, while a globally switching regime features expectation and wealth effects. Third, the strength of policy deviations across regimes is key, insofar a globally active (or passive) policy allows only timid deviations. Finally, our framework can rationalise the impulse responses from a Bayesian VAR on U.S. data for the recent zero lower bound period as being due to "timidity" in fiscal actions that have been unable to spur inflation
Monetary and fiscal policy interactions: Leeper (1991) redux
Full text linkA natural generalisation of the original Leeper (1991) taxonomy leads to the concepts of globally active (or passive) and globally switching policies to explain the determinacy properties of a model where both monetary and fiscal policies may switch according to a Markov process. Monetary and fiscal policies need to be globally balanced to guarantee a unique equilibrium: globally active monetary policies need to be coupled with globally passive fiscal policies, and switching monetary policies with switching fiscal policies. This new taxonomy also links the determinacy analysis to the model dynamics because it qualifies under which conditions expectations and wealth effectsarise in the Markov-switching model
METHOD FOR THE AUTOMATIC DETECTION OF RESPIRATORY DISEASES AND FOR THE PREDICTION OF FUTURE ACUTE AIRWAY INSTABILITIES
No full textSistema per la valutazione automatica di patologie respiratorie e per la predizione di acute future instabilita' delle vie aeree.
No full textSistema di rilevamento automatico di patologie respiratorie e loro gravità e di previsione di future instabilità acute delle vie aeree comprendente: un dispositivo per misurare l'impedenza respiratoria di un soggetto umano durante una pluralità di cicli respiratori di detto soggetto umano; detto dispositivo per misurare misura detta impedenza respiratoria almeno una volta al giorno per almeno due giorni, e fornisce una pluralità di misurazioni; una memoria per conservare dette misurazioni; un computer per calcolare variazione di detta pluralità di misurazioni; un computer per indicare il posizionamento di detta variazione paragonata ad un valore di soglia prefissato o paragonato ad una curva statistica
A Kernel Search for a Patient Satisfaction-oriented Nurse Routing Problem with Time-Windows
Full text linkWe study a variant of the Nurse Routing Problem where each patient may require more than one service at possible different times during the day. Each executed service yields a profit, and an additional reward is gained if all services associated with a patient are fulfilled. The problem looks for nurse routes, each one not exceeding a predefined working time limit, that maximize the global collected service profits plus the patient rewards, while respecting the time windows associated with services. We first provide a compact Mixed-Integer Linear Programming formulation for the problem. Then, we develop an Iterative Kernel Search to solve the problem heuristically. Finally, we compare the heuristic performance on several instances with that of the plain model solved through a state-of-the-art exact solver and strengthened by the separation of valid inequalities. The obtained results clearly show that our heuristic algorithm finds fairly good solutions in terms of quality, despite the use of shorter computational times
Sistema e metodo per la misura dell'impedenza meccanica del sistema respiratorio.
No full textSistema per misura dell’impedenza meccanica del sistema respiratorio caratterizzato dal fatto di comprendere un sistema per la registrazione delle misure di pressione e di flusso dell’aria e per la generazione di stimoli pressori comprendente: una cavità; un motore che aziona una ventola; detto motore e detta ventola sono posti in detta cavità; detta cavità comprende una estremità iniziale ed un estremità finale, entrambe di accesso all’esterno; detta ventola preleva aria da detta estremità finale; detta estremità iniziale comprende un sensore di pressione dell’aria ed un sensore di flusso dell’aria; detto sistema comprende una memoria per memorizzare i valori dei segnali derivanti da detto sensore di pressione e da detto sensore di flusso dell’aria ed una unita' di elaborazione per il calcolo dell'impedenza meccanica del sistema respiratorio e dei parametri ad essa collegati
Home monitoring of within-breath respiratory mechanics by a simple and automatic forced oscillation technique device.
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