3,642 research outputs found
Inflation Persistence and the Taylor Principle
No full textAlthough the persistence of inflation is a central concern of macroeconomics, there is no consensus regarding whether or not inflation is stationary or has a unit root. We show that, in the context of a “textbook” macroeconomic model, inflation is stationary if and only if the Taylor rule obeys the Taylor principle, so that the real interest rate is increased when inflation rises above the target inflation rate. We estimate Markov switching models for both inflation and real-time forward looking Taylor rules. Inflation appears to have a unit root for most of the 1967 – 1981 period, and is stationary before 1967 and after 1981. We find that the Fed’s response to inflation is also regime dependent, with both the pre and post-Volcker samples containing monetary regimes where the Fed both did and did not follow the Taylor principle. This contrasts to recent research that suggests the Fed’s response to inflation has been time invariant, and that changes in monetary policy only occurred with respect to the output gap.Taylor rule, real-time data, Great inflation, policy regimes, Markov switching
I-V characteristics and differential conductance fluctuations of Au nanowires
No full textElectronic transport properties of the Au nanostructure are investigated using both experimental and theoretical analysis. Experimentally, stable Au nanowires were created using a mechanically controllable break junction in air, and simultaneous current-voltage (I-V) and differential conductance δI/δV data were measured. The atomic device scale structures are mechanically very stable up to bias voltage Vb∼0.6 V and have a lifetime of a few minutes. Facilitated by a shape function data analysis technique which finger prints electronic properties of the atomic device, our data show clearly differential conductance fluctuations with an amplitude >1% at room temperature and a nonlinear I-V characteristics. To understand the transport features of these atomic scale conductors, we carried out ab initio calculations on various Au atomic wires. The theoretical results demonstrate that transport properties of these systems crucially depend on the electronic properties of the scattering region, the leads, and most importantly the interaction of the scattering region with the leads. For ideal, clean Au contacts, the theoretical results indicate a linear I-V behavior for bias voltage Vb<0.5 V. When sulfur impurities exist at the contact junction, nonlinear I-V curves emerge due to a tunneling barrier established in the presence of the S atom. The most striking observation is that even a single S atom can cause a qualitative change of the I-V curve from linear to nonlinear. A quantitatively favorable comparison between experimental data and theoretical results is obtained. We also report other results concerning quantum transport through Au atomic contacts
Correction to: The ‘can do, do do’ concept in COPD; quadrant interpretation, affiliation and tracking longitudinal changes
No full textFollowing publication of the original article [1], the authors identified a mistake in the author names, as both forename and initials were stated. Initially published author names: A. J. Alex van ’t Hul, E. H. Noortje Koolen, H. W. Jeroen van Hees, B. Bram van den Borst and M. A. Martijn Spruit Correct author names: Alex J. van ‘t Hul, Noortje H. Koolen, Jeroen W. van Hees, Bram van den Borst, Martijn A. Spruit. The original article has been corrected.</p
Alex Houston
No full textThis photograph shows 13 year old Alex Houston (1932-2017) of Hendersonville, North Carolina with puppet. Founder and director of the Mountain Youth Jamboree, Hubert H. Hayes (1901-1964) auditioned and directed youth to perform in folk dance, music, and folk and ballad singing. The jamboree was held in the Asheville City Auditorium (now known as Thomas Wolfe Auditorium) from 1948 to 1973, and Hayes’ wife, Leona Trantham Hayes (1913-1989) continued to direct the program after his death in 1964. Hubert Hayes was an author, playwright, and alumni of Duke University
Does Instrument Independence Matter under the Constrained Discretionof an Inflation Targeting Goal? Lessons from UK Taylor Rule Empirics
No full textWe investigate whether increased independence affects central bank behavior when monetary policy is already in an inflation targeting regime. Taking advantage of the recent UK experience to identify such an exogenous change, we estimate Taylor rules via alternative methods, specifications and proxies. Our contribution is to detect two novel results: the Bank of England has responded to the output gap, not growth; and in a stronger way after receiving operational independence. Both findings are consistent with the Bank's mandate and New Keynesian monetary theory. Economic expansion and anchored inflation have thus complemented greater autonomy in influencing the Bank's policy feedbackasymmetry of monetary policy reaction function across the business cycle, response to output gap vs output growth, Taylor rules, operational independence, inflation targeting, United Kingdom
Alex Houston, Elmer, and Ligh
No full textThis undated photograph shows Alex Houston (1932-2017) of Hendersonville, North Carolina with puppets Elmer and Ligh. Founder and director of the Mountain Youth Jamboree, Hubert H. Hayes (1901-1964) auditioned and directed youth to perform in folk dance, music, and folk and ballad singing. The jamboree was held in the Asheville City Auditorium (now known as Thomas Wolfe Auditorium) from 1948 to 1973, and Hayes’ wife, Leona Trantham Hayes (1913-1989) continued to direct the program after his death in 1964. Hubert Hayes was an author, playwright, and alumni of Duke University
Alex Houston, Elmer, and Ligh
No full textThis undated photograph shows Alex Houston (1932-2017) of Hendersonville, North Carolina with puppets Elmer and Ligh. Founder and director of the Mountain Youth Jamboree, Hubert H. Hayes (1901-1964) auditioned and directed youth to perform in folk dance, music, and folk and ballad singing. The jamboree was held in the Asheville City Auditorium (now known as Thomas Wolfe Auditorium) from 1948 to 1973, and Hayes’ wife, Leona Trantham Hayes (1913-1989) continued to direct the program after his death in 1964. Hubert Hayes was an author, playwright, and alumni of Duke University
Structural changes of synthetic paulingite (Na,H-ECR-18) upon dehydration and CO2 adsorption
No full textFunding: EPSRCThe structure of dehydrated calcined ECR-18, synthetic paulingite, topology type PAU, unit cell composition Na132H28Si512Al160O1344, has been determined by Rietveld refinement against synchrotron X-ray powder diffraction data. Upon dehydration the symmetry of Na,H-ECR-18 changes from Im3m to I 43m, with a corresponding decrease of cubic unit cell a parameter from 34.89412(1) A to 33.3488(3) A. This occurs as the framework distorts to afford closer coordination of Na+ cations by framework O atoms in 8-ring window sites of the seven cage types present. Na+ cations in 8R sites block the access of N2 molecules to the internal pore space at 77 K but CO2 adsorption at 308 K is observed, and is postulated to occur via a 'trapdoor' mechanism. In situ PXRD during CO2 adsorption at pressures up to 10 bar show reversible broadening of diffraction peaks that is attributed to local crystallographic strain.Peer reviewe
MSJ770085_supplementary_appendix – Supplemental material for A 24-month advanced magnetic resonance imaging study of multiple sclerosis patients treated with alemtuzumab
No full textSupplemental material, MSJ770085_supplementary_appendix for A 24-month advanced magnetic resonance imaging study of multiple sclerosis patients treated with alemtuzumab by Irene M Vavasour, Roger Tam, David KB Li, Cornelia Laule, Carolyn Taylor,
Shannon H Kolind, Alex L MacKay, Adil Javed and Anthony Traboulsee in Multiple Sclerosis Journal</p
Markov Switching and the Taylor Principle
No full textEarly research on the Taylor rule typically divided the data exogenously into pre-Volcker and Volcker-Greenspan subsamples. We contribute to the recent trend of endogenizing changes in monetary policy by estimating a real-time forward-looking Taylor rule with endogenous Markov switching coefficients and variance. The response of the interest rate to inflation is regime dependent, with the pre and post-Volcker samples containing monetary regimes where the Fed did and did not follow the Taylor principle. While the Fed consistently adhered to the Taylor principle before 1973 and after 1984, it followed the Taylor principle from 1975-1979 and did not follow the Taylor principle from 1980-1984. We also find that the Fed only responded to real economic activity during the states in which the Taylor principle held. Our results are consistent with the idea that exogenously dividing postwar monetary policy into pre-Volcker and post-Volcker samples misleading. The greatest qualitative difference between our results and recent research employing time varying parameters is that we find that the Fed did not adhere to the Taylor Principle during most of Paul Volcker’s tenure, a finding which accords with the historical record of monetary policy
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