The transmission of monetary policy shocks from the US to the euro area

This paper studies the transmission of monetary policy shocks from the US to the euro-area using a two-country structural VAR with no exogeneity assumption. The analysis reveals the following results. First, in response to an unexpected increase in the Federal funds rate, the euro immediately depreciates with respect to the dollar and then appreciates in line with the prediction of the uncovered interest parity condition. Second, there is evidence of a temporary positive spillover to euro-area output in the short run, while a negative effect emerges in the medium run. Third, the contribution of the trade balance channel to the transmission of monetary shocks is negligible. Finally, the degree of pass-through of the exchange rate changes onto euro-area consumer prices is incomplete and small in the short run, while it is close to zero in the medium run.VAR, Monetary Policy, International transmission

Income reporting behaviour in sample surveys

This paper analyses respondents' behaviour when reporting their income sources in sample surveys and presents a method to deal with response error. Survey data relating to the number of earning recipients and to amounts received are validated using external information from administrative and statistical sources. Our findings suggest that the response bias on household income is about 12 per cent of reported figures. Misreporting is particularly severe for income from self-employment, financial assets and rents, as well as from secondary jobs. As to the distribution of response error, about 15 per cent of respondents show a high probability of misreporting. Misreporting is more diffuse among males, the older, the self-employed and respondents at the higher end of the earnings distribution.income distribution, response error, item response theory, SHIW, data accuracy.

Crosstalk-Preventing Scheduling in AWG-Based Cell Switches

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A Framework for Differential Frame-Based Matching Algorithms in Input-Queued Switches

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First CO(17-16) emission line detected in a z > 6 quasar

We report the serendipitous detection of the CO(17-16) emission line toward the quasar SDSSJ114816.64+525150.3 (J1148) at redshift z = 6.4 obtained with the Plateau de Bure Interferometer. The CO(17-16) line is possibly contaminated by OH+ emission, that may account for ~ 35 - 60% of the total flux observed. Photo-Dissociation and X-ray Dominated Regions (PDRs and XDRs) models show that PDRs alone cannot reproduce the high luminosity of the CO(17-16) line relative to low-J CO transitions and that XDRs are required. By adopting a composite PDR+XDR model we derive molecular cloud and radiation field properties in the nuclear region of J1148. Our results show that highly excited CO lines represent a sensitive and possibly unique tool to infer the presence of X-ray faint or obscured supermassive black hole progenitors in high-z galaxies.Comment: 6 pages, 4 figures, accepted for publication in MNRAS Lette