Sticky wages: evidence from quarterly microeconomic data

This paper documents nominal wage stickiness using an original quarterly firm-level dataset. We use the ACEMO survey, which reports the base wage for up to 12 employee categories in French firms over the period 1998 to 2005, and obtain the following main results. First, the quarterly frequency of wage change is around 35 percent. Second, there is some downward rigidity in the base wage. Third, wage changes are mainly synchronized within firms but to a large extent staggered across firms. Fourth, standard Calvo or Taylor schemes fail to match micro wage adjustment patterns, but fixed duration "Taylor-like" wage contracts are observed for a minority of firms. Based on a two-thresholds sample selection model, we perform an econometric analysis of wage changes. Our results suggest that the timing of wage adjustments is not state-dependent, and are consistent with existence of predetermined of wage changes. They also suggest that both backward- and forward-looking behavior is relevant in wage setting. JEL Classification: E24, J3wage predetermination, Wage stickiness

Reglas proporcionales en problemas de árboles de mínimo costo

En este trabajo se presenta una nueva familia de reglas de distribución para problemas de árboles  de mínimo costo. Se utilizan criterios de proporcionalidad para estas reglas y a través de un ejemplo clásico se observa un mejor comportamiento que las reglas de Bird, Kar y Dutta-Kar. Se prueban algunas propiedades que cumplen estas reglas proporcionales y se concluye que comparativamente, desde el punto de vista de las propiedades que cumplen, se encuentran bien posicionadas.Fil: Cesco, Juan Carlos. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - San Luis. Instituto de Matemática Aplicada de San Luis "Prof. Ezio Marchi". Universidad Nacional de San Luis. Facultad de Ciencias Físico, Matemáticas y Naturales. Instituto de Matemática Aplicada de San Luis "Prof. Ezio Marchi"; ArgentinaFil: Pepa Risma, Eliana Beatriz. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - San Luis. Instituto de Matemática Aplicada de San Luis "Prof. Ezio Marchi". Universidad Nacional de San Luis. Facultad de Ciencias Físico, Matemáticas y Naturales. Instituto de Matemática Aplicada de San Luis "Prof. Ezio Marchi"; ArgentinaFil: Quintas, Luis Guillermo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - San Luis. Instituto de Matemática Aplicada de San Luis "Prof. Ezio Marchi". Universidad Nacional de San Luis. Facultad de Ciencias Físico, Matemáticas y Naturales. Instituto de Matemática Aplicada de San Luis "Prof. Ezio Marchi"; Argentin

Development of the data buffer holding time-series data across multiple applications

大規模計算機システム利用者研究報

Docking and Molecular Dynamics Simulation of Carbonic Anhydrase II Inhibitors from Phenolic and Flavonoid Group

AbstractCarbonic Anhydrase II (CAII) has role in pH regulation, water transport and hydration of CO2. In addition, CAII is also related to many diseases, including glaucoma, tumours, epilepsy, diabetes and osteopetrosis. Various inhibitors for CAII have been developed and commercialized as a drug. Recent development of CAII inhibitors drive the invention of novel inhibitors based on natural product structures and their derivatives. This research aim to screen potential inhibitors from phenolic and flavonoid groups by in silico approach. The screening of natural products compounds was performed by a molecular docking method. The best ligand derived from the molecular docking selection was further refined with a molecular dynamics simulation and the resulted structure was used to evaluate the stability of CAII-ligand complex. By using the upper mentioned procedures, fisetin (Fic) and 6-(3,4-dihydroxyphenyl)-5,6,7,8-tetrahydronaphthalene-1,3,7-triol (Afr3) were strongly suggested to be a potent inhibitor for CAII

The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries.

The EMU accession countries are obliged to fulfill the Maastricht convergence criteria prior to entering the EMU. This paper uses a DSGE model of a two-sector small open economy, to address the following question: How do the Maastricht convergence criteria modify optimal monetary policy in an economy facing domestic and external shocks? First, we derive the micro founded loss function that represents the objective function of the optimal monetary policy not constrained to satisfy the criteria. We find that the optimal monetary policy should not only target inflation rates in the domestic sectors and aggregate output fluctuations but also domestic and international terms of trade. Second, we show how the loss function changes when the monetary policy is constrained to satisfy the Maastricht criteria. The loss function of such a constrained policy is characterized by additional elements penalizing fluctuations of the CPI inflation rate, the nominal interest rate and the nominal exchange rate around the new targets which are potentially different from the steady state of the unconstrained optimal monetary policy. Under the chosen parameterization, the unconstrained optimal monetary policy violates two criteria: concerning the CPI inflation rate and the nominal interest rate. The constrained optimal policy results in targeting the CPI inflation rate and the nominal interest rate that are 0.7% lower (in annual terms) than the CPI inflation rate and the nominal interest rate in the countries taken as a reference. The welfare costs associated with these constraints need to be offset against credibility gains and other benefits related to the compliance with the Maastricht criteria that are not modelled. JEL Classification: F41, E52, E58, E61EMU accession countries, Maastricht convergence criteria, optimal monetary policy

What do asset prices have to say about risk appetite and uncertainty?

Implied volatility indices should have information about risk parameters, once they are cleansed of the influence of normal volatility dynamics and macro-economic uncertainty. Building on intuition from the dynamic asset pricing literature, we uncover unobserved risk aversion and fundamental uncertainty from the observed time series of the VIX and the credit spreads while controlling for realized volatility, expectations about the macroeconomic outlook, and interest rates. We apply this methodology to monthly data from both Germany and the US. We find that implied volatilities contain a substantial amount of information regarding risk aversion whereas credit spreads have a lot to say about both risk aversion and uncertainty. Moreover, there is a significant comovement in the German and US risk aversion. JEL Classification:Credit Spread, Economic uncertainty, risk aversion, Time variation in risk and return, Volatility dynamics

Can Matching Frictions Explain the Increase in Mexican Unemployment After 2008?

We use a novel data set on firm vacancies and job seekers from a Mexican government job placement service to analyze whether changes in matching frictions can explain the large and persistent increase in Mexican unemployment after the 2008 global financial crisis. We find evidence of a statistically significant reduction in the efficiency of the matching function during the crisis. The estimated effect explains about 70 basis points of the 233 basis points observed increase in the unemployment rate. Hence, these results suggest that changes in matching frictions cannot explain most of the increase in unemployment

On the military utility of spectral design in signature management : a systems approach

There is an ongoing duel between military sensor development and developments in signature management. The last decade, with warfare characterized by joint expeditionary operations and asymmetry, has favored sensors. However, on account of the worsening security situation in Europe, there is now also an increasing interest in efforts to increase survivability of own military platforms. Spectral design is one of several promising technologies with extensive research potentially suitable for Low Observable platforms. It involves creating desired spectral optical responses from surfaces, in this case reducing contrast to background, by choosing suitable materials and structures. The challenge to a military decision-maker, faced with inherent uncertainties concerning the future and with limited resources, is how to choose among alternative capabilities, technologies or equipment. Correspondingly, on account of the system character of the signature attribute, researchers in technologies for signature management has difficulties communicating relevant basis for these decisions. The scope of this thesis is therefore to find and analyze patterns in decision situations involving technology or technical systems for military use, and the purpose is to propose conceptual and methodological contributions to support future decisionmaking. The technology focus is on spectral design and the application in focus is signature management of Low Observable military platforms. The research objective is addressed from a military system and capability centric perspective using methods from several disciplines in the military sciences domain. The result is synthesized from four separate studies: 1) on spectral design using systematic review of literature, 2) on military utility using a concept formation method, 3) on modeling for how to operationalize a link between spectral design and measures of military utility using methods of military operations research, and, 4) on cases of systems engineering of military Low Observable platform designs. In summary, the result of the work presented in this thesis is a compilation of related work in military sciences, systems engineering and material optics into a framework to support effective decision-making in relevant contexts. The major contribution to theory is a proposed concept called Military Utility, capturing how to communicate the utility of technical systems, or technology, in a military context. It is a compound measure of Military Effectiveness, Military Suitability and Affordability. Other contributions can be expected to support decision-making in practice; - the so-called Ladder-model is a template for how to quantitatively operationalize the military effectiveness dimension of Military Utility regarding the use of spectral design; - an applied Ladder-model is demonstrated, useful for analyzing the military utility of spectral designs in Low Observable attack aircraft; - a probabilistic framework for survivability assessments is adopted into a methodology for doing the analysis, and lastly; - a generic workflow is identified, from relevant development programs, including decision-situations that can benefit from the adopted methodology.Det finns en ständigt pågående kamp mellan militär sensorutveckling och signaturanpassning. Det senaste decenniet, som karaktäriserats av asymmetrisk krigföring och gemensamma expeditionära operationer, har gynnat sensorerna. Nu har emellertid intresset för effektivare skydd av egna militära plattformar ökat till följd av den försämrade säkerhetssituationen i Europa. Spektral design är då en av flera lovande teknologier med potential att användas vid signaturanpassning och det bedrivs en omfattande forskning. Teknologin kan sägas omfatta tekniker för att skapa en yta med de optiska egenskaper som önskas. I den tillämpning som studeras i den här avhandlingen är syftet att minska ett objekts kontrast till bakgrunden, d.v.s. dess signatur, och det sker genom lämpligt val av ytors material och struktur. Militära beslutsfattare står ofta inför en stor utmaning då de ska välja mellan framtida förmågor, teknologier eller utrustning. Sådana beslutssituationer präglas ofta av stor osäkerhet och en begränsad ekonomi. Sett från det andra hållet är det ofta svårt för forskare inom teknologier för signaturanpassning att kommunicera relevant beslutsunderlag, på grund av signaturers speciella systemkaraktär. Avhandlingen omfattar en undersökning med syftet att finna och analysera eventuella mönster i beslutssituationer rörande teknologier eller tekniska system för militär användning. Målet är att lämna konceptuella och metodmässiga bidrag till stöd för framtida beslutsfattning. Teknologin i fokus är spektral design och tillämpningen är signaturanpassning av militära plattformar. Forskningsfrågan adresseras från ett militärt förmågecentrerat systemperspektiv med metoder från flera discipliner inom militärvetenskapen. Resultatet har sammanställts från fyra separata studier: 1) av spektral design med hjälp av systematisk granskning av tidigare forskning, 2) av militär nytta med hjälp av en metod för konceptformering, 3) av modelleringen av en länk mellan spektral design och mått på militär nytta med hjälp av militär operationsanalys, och, 4) av design av smyganpassade plattformar med hjälp av fallstudier. Resultatet från studierna bildar sammantaget med relaterad tidigare forskning från militärvetenskap, systemteknik och materialoptik ett ramverk till stöd för effektivare beslutsfattning. Det främsta bidraget till teoribildningen utgörs av ett förslag till koncept kallat militär nytta. Konceptet fångar hur nyttan med tekniska system, eller teknologier, bör kommuniceras i militära sammanhang. Militär nytta är här ett sammanvägt mått bestående av militär effektivitet, av militär lämplighet och av överkomlighet. Andra bidrag förväntas stödja beslutsfattning direkt i praktiken; - den s.k. stegmodellen kan användas som mall vid kvantifiering av den militära effektivitetsdimensionen vid värdering av den militära nyttan med spektral design; - användningen av stegmodellen har demonstrerats i fallet med smyganpassade attackflygplan; - ett sannolikhetsbaserat ramverk för överlevnadsuppskattningar har anpassats att användas som analysmetod, och till sist; - ett generiskt arbetsflöde med relevanta beslutssituationer där analysmetoden kan komma till nytta har identifierats genom studier av tidigare utvecklingsprojekt