Monetary Policy Coordination: A New Empirical Approach

This paper examines the degree of monetary policy coordination between major industrialized countries from a completely new perspective. The analysis uses a new data set on central bank issued interest rate targets for 14 OECD countries. The methodology that we use decomposes the notion of coordination into two components: (1) Do countries coordinate the timing of their monetary policy actions? and (2) Is there coordination in the direction in which targets are changed? The answers to these two questions are based on a newly developed dynamic discrete duration model (the autoregressive conditional hazard model or ACH) and on an ordered response model in event time. The results indicate there is significant policy coordination among these 14 countries during the 1980-1998 sample period in contrast to recent theoretical work suggesting that gains to coordination are small. Moreover, this coordination appears to work through channels other than documented coordination agreements.monetary policy, international coordination, interest rate targets

Supervisory Control Systems: Theory and Industrial Applications

Hybrid control system is an exciting field of research where it contains two distinct types of systems: one with continuous dynamics continuous variable dynamic system and the other with discrete dynamics discrete event dynamic system, that interact with each other. The research in the area of hybrid control can be categorized into two areas: one deals with the conventional control systems, and the other deals with the decision making systems. The former addresses the control functions at the low level (field level). The latter addresses the modeling, analysis, and design at the higher level found in the supervision, coordination and management levels. The study of hybrid systems is central in designing intelligent hybrid control systems with high degree of autonomy and it is essential in designing discrete event supervisory controllers for continuous systems

Supporting Service Differentiation with Enhancements of the IEEE 802.11 MAC Protocol: Models and Analysis

As one of the fastest growing wireless access technologies, Wireless LANs must evolve to support adequate degrees of service differentiation. Unfortunately, current WLAN standards like IEEE 802.11 Distributed Coordination Function (DCF) lack this ability. Work is in progress to define an enhanced version capable of supporting QoS for multimedia traffic at the MAC layer. In this paper, we aim at gaining insight into three mechanisms to differentiate among traffic categories, i.e., differentiating the minimum contention window size, the Inter-Frame Spacing (IFS) and the length of the packet payload according to the priority of different traffic categories. We propose an analysis model to compute the throughput and packet transmission delays. In additions, we derive approximations to get simpler but more meaningful relationships among different parameters. Comparisons with discrete-event simulation results show that a very good accuracy of performance evaluation can be achieved by using the proposed analysis model

Supremica – An integrated environment for verification, synthesis and simulation of discrete event systems

An integrated environment, Supremica, for verification, synthesis and simulation of discrete event systems is presented. The basic model in Supremica is finite automata where the transitions have an associated event together with a guard condition and an action function that updates automata variables. Supremica uses two main approaches to handle large state-spaces. The first approach exploits modularity in order to divide the original problem into many smaller problems that together solve the original problem. The second approach uses an efficient data structure, a binary decision diagram, to symbolically represent the reachable states. Models in Supremica may be simulated in the environment. It is also possible to generate code that implements the behavior of the model using both the IEC 61131 and the IEC 61499 standard

Distributed convex optimization via continuous-time coordination algorithms with discrete-time communication

This paper proposes a novel class of distributed continuous-time coordination algorithms to solve network optimization problems whose cost function is a sum of local cost functions associated to the individual agents. We establish the exponential convergence of the proposed algorithm under (i) strongly connected and weight-balanced digraph topologies when the local costs are strongly convex with globally Lipschitz gradients, and (ii) connected graph topologies when the local costs are strongly convex with locally Lipschitz gradients. When the local cost functions are convex and the global cost function is strictly convex, we establish asymptotic convergence under connected graph topologies. We also characterize the algorithm's correctness under time-varying interaction topologies and study its privacy preservation properties. Motivated by practical considerations, we analyze the algorithm implementation with discrete-time communication. We provide an upper bound on the stepsize that guarantees exponential convergence over connected graphs for implementations with periodic communication. Building on this result, we design a provably-correct centralized event-triggered communication scheme that is free of Zeno behavior. Finally, we develop a distributed, asynchronous event-triggered communication scheme that is also free of Zeno with asymptotic convergence guarantees. Several simulations illustrate our results.Comment: 12 page