2,395 research outputs found
The Timeless Perspective vs. Discretion: Theory and Monetary Policy Implications for an Open Economy
No full textCompared to the standard Phillips curve, an open-economy version that features a real exchange rate channel leads to a markedly different target rule in a New Keynesian optimizing framework. Under optimal policy from a timeless perspective (TP) the target rule involves additional history dependence in the form of lagged inflation. The target rule also depends on more parameters, notably the discount factor as well as two IS and two Phillips curve parameters. Stabilization policy in this open economy model is no longer isomorphic to policy in a closed economy. Because of the additional history dependence in an open economy target rule price level targeting is no longer consistent with optimal policy. The gains from commitment are smaller in economies where the real exchange rate channel exerts a direct effect on inflation in the Phillips curve.CPI Inflation Targeting; UIP Puzzle; Instrument Rule; Target Rule; Optimal Monetary Policy
The timeless perspective vs. discretion: theory and monetary policy implications for an open economy
No full textThis paper proposes an open-economy Phillips Curve that features a real exchange rate channel. The resulting target rule under optimal policy from a timeless perspective (TP) involves additional history dependence in the form of lagged inflation. The target rule also depends on the discount factor as well as IS and Phillips Curve parameters. This is in sharp contrast to a closed economy where the target rule depends only on the change in the output gap, the current rate of inflation and the structural parameter in the Phillips Curve. Because of the additional history dependence in an open economy, price level targeting is no longer consistent with optimal policy. If a real exchange rate channel does not exist in the Phillips Curve, monetary policy eases in the wake of a positive cost-push disturbance under policy from a TP and is thus diametrically opposed to same under discretion. Maximum gains accrue from commitment relative to discretion in an open economy where the real exchange rate is absent from the Phillips Curve and the policymaker places strong emphasis on maintaining price stability. --Timeless Perspective,Discretion,Price Level Targeting,Exchange Rate Channel
Relationship between biodistribution of a novel thymidine phosphorylase (TP) imaging probe and TP expression levels in normal mice
No full textObjective: Thymidine phosphorylase (TP) is a key enzyme in the pyrimidine nucleoside salvage pathway and its expression is upregulated in a wide variety of solid tumors. In mice, we previously observed high and specific accumulation levels of our TP imaging probe, radioiodinated 5-iodo-6-[(2-iminoimidazolidinyl)methyl]uracil (IIMU) not only in high-TP-expressing tumors, but also in the liver and small intestine. To clarify the reason for the high accumulation levels of radioiodinated IIMU in the liver and small intestine, we investigated the expression levels of TP in mice in comparison with the biodistribution of radioiodinated IIMU (123I-IIMU). Methods: BALB/cCrSlc mice were injected with 123I-IIMU, and the radioactivity levels [%ID/g (normalized to a mouse of 25 g body weight)] in the tissues of interest were determined 0.5, 1, 3 and 24 h after the injection (n = 5, each time point). To determine the expression levels of TP, BALB/cCrSlc and ddy mice (n = 3/each strain) were euthanized, and the heart, liver, lung, spleen, kidney, stomach, small intestine, large intestine and brain were collected. The mRNA and protein expression levels of TP in these organs were examined by quantitative reverse transcription-polymerase chain reaction and western blot analyses, respectively. Results: In BALB/cCrSlc mice administered 123I-IIMU, markedly high radioactivity levels were observed in the liver [1.568 ± 0.237 (%ID/g)] and small intestine [0.506 ± 0.082 (%ID/g)], whereas those in the other tissues were fairly low [<0.010 ± 0.003 (%ID/g)] 30 min after the injection. The highest expression levels of TP mRNA were also observed in the liver and small intestine among the tissues tested. Immunoblotting showed intense immunoreactive bands of the TP protein for the liver and small intestine, whereas no notable bands were detected for other tissues. Similar expression profiles of TP mRNA and protein were observed in ddy mice. Conclusion: We confirmed TP expression in various tissues of mice at the mRNA and protein levels: high TP expression levels were observed in the liver and small intestine. These high TP expression levels are consistent with the high accumulation levels of 123I-IIMU in these tissues. Our results may provide important information about the physiological accumulation of 123I-IIMU, which may be useful for the clinical diagnostic imaging of TP
An Absent Author? Myth in Augusto Roa Bastos's Yo el Supremo
No full textThis article examines the presence of indigenous myths in Yo el Supremo (1974) by the Paraguayan novelist Augusto Roa Bastos. It identifies a number of key indigenous myths in the novel and analyses how they are represented in relation to other intertexts which have traditionally been regarded as more prestigious. It also considers how they undermine the power of el Supremo, the dictator who is the novel's protagonist. This is achieved by using Roa Bastos's concept of the texto ausente to consider how the mythic intertexts are both absent and powerful. Este artículo examina la presencia de mitos indígenas en Yo el Supremo (1974) del escritor paraguayo Augusto Roa Bastos. Identifica varios mitos indígenas clave en la novela y analiza cómo están representados en relación con otros intertextos que tradicionalmente han sido considerados más prestigiosos. También considera cómo minan el poder de El Supremo, el dictador protagonista de la novela. Esto se logra a través del uso del concepto del texto ausente de Roa Bastos para considerar cómo los intertextos míticos son a la vez ausentes y poderosos
An Absent Author? Myth in Augusto Roa Bastos's Yo el Supremo
No full textThis article examines the presence of indigenous myths in Yo el Supremo (1974) by the Paraguayan novelist Augusto Roa Bastos. It identifies a number of key indigenous myths in the novel and analyses how they are represented in relation to other intertexts which have traditionally been regarded as more prestigious. It also considers how they undermine the power of el Supremo, the dictator who is the novel's protagonist. This is achieved by using Roa Bastos's concept of the texto ausente to consider how the mythic intertexts are both absent and powerful. Este artículo examina la presencia de mitos indígenas en Yo el Supremo (1974) del escritor paraguayo Augusto Roa Bastos. Identifica varios mitos indígenas clave en la novela y analiza cómo están representados en relación con otros intertextos que tradicionalmente han sido considerados más prestigiosos. También considera cómo minan el poder de El Supremo, el dictador protagonista de la novela. Esto se logra a través del uso del concepto del texto ausente de Roa Bastos para considerar cómo los intertextos míticos son a la vez ausentes y poderosos
NONLINEAR MONETARY POLICY RULES: SOME NEW EVIDENCE FOR THE US
No full textThis paper dreives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size aymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed`s inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime.
TP-model transformation-based-control design frameworks
No full textThis book covers new aspects and frameworks of control, design, and optimization based on the TP model transformation and its various extensions. The author outlines the three main steps of polytopic and LMI based control design: 1) development of the qLPV state-space model, 2) generation of the polytopic model; and 3) application of LMI to derive controller and observer. He goes on to describe why literature has extensively studied LMI design, but has not focused much on the second step, in part because the generation and manipulation of the polytopic form was not tractable in many cases. The author then shows how the TP model transformation facilitates this second step and hence reveals new directions, leading to powerful design procedures and the formulation of new questions. The chapters of this book, and the complex dynamical control tasks which they cover, are organized so as to present and analyze the beneficial aspect of the family of approaches (control, design, and optimization). Additionally, the book aims to convey simple TP modeling; a new convex hull manipulation based possibilities for optimization; a general framework for stability analysis; standardized modeling and system description; relaxed and universal LMI based design framework; and a gateway to time-delayed systems
The prediction theory of stationary random fields. III. Fourfold Wold decompositions
No full textAbstractIn this paper, we investigate various fourfold Wold-type decompositions of stationary random fields under different hypotheses of commutation properties. Spectral characterizations of the three multiplicities of the innovation subspaces are obtained. The equivalence relations between the weak commutation property, fourfold Wold-type decomposition, and quarter-plane moving average representation are proved. A complete spectral characterization of the weak commutation property is also given
IGD-TP Competence Maintenance, Education and Training Strategy and Action Plan for 2013-2016: DELIVERABLE (D-N°:3.2) Work Package 3
No full textThe purpose of this document is to define how the working group on Competence Maintenance, Education and Training (CMET) can support the IGD-TP Vision "2025". Also it was and it is still intended for outlining the activities of this working group and Joint Activity (no 14) during 2013-2016. In connection with its Vision statement (IGD-TP 2009 Vision Report) the IGD-TP committed to among its other goals to "Facilitate access to expertise and technology and maintain competences in the field of geological disposal for the benefit of Member States". The CMET working group was established in 2012 when its first Terms of Reference (ToR) version was approved by the IGD-TP Executive Group (EG). During 2013-2015 resourcing to support the group was received under SecIGD2 project with the EURATOM FP7 grant and with a direct contribution from the IGD-TP Executive Group members. This document was planned for production already during the first SecIGD2 project year. It was to be based on the needs of the IGD-TP's Joint Activities that were already deployed or planned to start in 2012, and on the needs of the CMET group members. The role of CMET group was to address Competence Maintenance, Education and Training needs from the demand side. However, at the early stage of deployment, it was somewhat difficult to express or the identify competence gaps in the activities or they had already been identified and resourced at the beginning of the joint activity. Thus there was not adequate amount of input for the first CMET working group meeting as a direct basis for a strategy formulation beyond the action plan, which had been prepared for the SecIGD2 project proposal. The SecIGD2 project's Work Package 3 in the project's description of work (DoW) that was originally prepared in alignment with the CMET Terms of Reference included the main action plan for the CMET group. With the exception of this document, the actions foreseen to be carried out by the CMET in the action plan have been implemented according to the original timetable. The actions are described in this report and two other public project documents, which are included in this report's references. The CMET working group members have contributed to the content of this report either directly via email commenting or by participating in the work group meeting discussion providing input to this report. The editors mentioned on this report's front page have been the persons who have produced this report document itself. The document represents the views of the authors and of the CMET working group. This document does not represent the views of the IGD-TP Executive Group.Geo-engineerin
The Depiction of Dictatorship and Resistance in Augusto Roa Bastos's "Trilogía Paraguaya"
No full textIn a literary career spanning over fifty years Augusto Roa Bastos has established himself as one of Latin America's foremost novelists and has given Paraguay's literature a profile it had never previously enjoyed. Roa Bastos makes no secret of his political commitment as a writer, and his work displays a deep and incisive understanding of the social and political conditions that have shaped Paraguay. Within Roa Bastos's literary production two novels, Hijo de hombre and Yo el Supremo, have received the bulk of the critical attention. However, these novels form part of the author's Paraguayan trilogy alongside the more recent novel El fiscal and to date no major work has examined Roa Bastos's trilogy as a whole. This study aims to correct this deficiency by examining how Roa Bastos's trilogy examines the presence of dictatorship in Paraguay and its effects on society, and how the trilogy's depiction of dictatorship evolves over time. In each chapter the appropriate novel's depiction of the means by which dictatorships support themselves will be examined, as will the implications of each of the regimes depicted. The author uses both history and myth in the representation of these governments. His trilogy questions the possibility of historical veracity and rejects myth as a basis for government by exposing how unscrupulous regimes manipulate both history and myth to use them to support their power. The depiction in the trilogy of resistance and the questioning of its value will also be examined. Over thirty years divide the writing of Hijo de hombre from that of El fiscal, a period which saw major changes in both the global political situation and the author's life. The effects these developments have had on Roa Bastos's works, and the thematic evolution of his novels will be examined in the current work
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