Toward a Modern Macroeconomic Model Usable for Policy Analysis

This paper presents a macroeconomic model that is both a completely specified dynamic general equilibrium model and a probabilistic model for time series data. We view the model as a potential competitor to existing ISLM-based models that continue to be used for actual policy analysis. Our approach is also an alternative to recent efforts to calibrate real business cycle models. In contrast to these existing models, the one we present embodies all the following important characteristics: i) It generates a complete multivariate stochastic process model for the data it aims to explain, and the full specification is used in the maximum likelihood estimation of the model; ii) It integrates modeling of nominal variables -- money stock, price level, wage level, and nominal interest rate -- with modeling real variables; iii) It contains a Keynesian investment function, breaking the tight relationship of the return on investment with the capital-output ratio; iv) It treats both monetary and fiscal policy explicitly; v) It is based on dynamic optimizing behavior of the private agents in the model. Flexible-price and sticky-price versions of the model are estimated and their fits are evaluated relative to a naive model of no-change in the variables and to an unrestricted VAR. The paper displays the model's implications for the dynamic responses to structural shocks, including policy shocks, and evaluates the relative importance of various shocks for determining economic fluctuations.

High efficiency multifrequency feed

Antenna systems and particularly compact and simple antenna feeds which can transmit and receive simultaneously in at least three frequency bands, each with high efficiency and polarization diversity are described. The feed system is applicable for frequency bands having nominal frequency bands with the ratio 1:4:6. By way of example, satellite communications telemetry bands operate in frequency bands 0.8 - 1.0 GHz, 3.7 - 4.2 GHz and 5.9 - 6.4 GHz. In addition, the antenna system of the invention has monopulse capability for reception with circular or diverse polarization at frequency band 1

What Does Monetary Policy Do?

macroeconomics, monetary policy

St. Louis in the Santa Fe Trade

Many works have been written concerning the Santa Fe trade and the various traders who had a part in carrying it on; but to the writer\u27s knowledge no one has written an account of the part which St. Louis had in this great commerce. Writers generally state the Santa Fe was the western end of the trail and Franklin of Independence was the eastern end. St. Louis was situated off the highway, as it were; and, although she might have participated in the trade, being off the highway, it is usually judged that her part in it was slight. The writer\u27s opinion is that St. Louis\u27 part in the Santa Fe trade was greater than has been generally believed

Dynamics of radiating braneworlds

If the observable universe is a braneworld of Randall-Sundrum type, then particle interactions at high energies will produce 5-dimensional gravitons that escape into the bulk. As a result, the Weyl energy density on the brane does not behave like radiation in the early universe, but does so only later, in the low energy regime. Recently a simple model was proposed to describe this modification of the Randall-Sundrum cosmology. We investigate the dynamics of this model, and find the exact solution of the field equations. We use a dynamical systems approach to analyze global features of the phase space of solutions.Comment: error in figures corrected, reference adde

The application of ecosystem thresholds in the management of tropical coral reefs: a review and synthesis

A review and synthesis was carried out on the extensive literature concerned with ecosystem thresholds on tropical coral reefs to collate research carried out globally, and highlight gaps in the existing knowledge. This study aims to inform the future management of ecosystem thresholds of tropical coral reefs. Information was gathered from existing literature concerning ecosystem thresholds at named tropical coral reef locations and the distribution of studies was mapped in order to draw conclusions about the state of threshold research on coral reefs, and to make recommendations for future research and management. The synthesis highlighted the negative influence of removing herbivorous grazers, and the need for quantitative measures for the resilience of reefs to anthropogenic stress. It was also found that previous research sites predominantly focused on two main areas; The Great Barrier Reefs, and Caribbean reefs