Errata and comments for "Numerical and analytical modeling of busbar systems"

This note covers two parts. The first one provides an errata to the paper "Numerical and analytical modeling of busbar systems". We mainly give the correction for three equations affected by a typographical mistake. Despite the corrections that we are providing with this note, we think that the implementation of these equations can be quite onerous. Hence, in the second part of this document we provide the download link to our implementation of the equations (developed in MATLAB environment). Moreover, to help in using these functions, we explain their behavior by means of some examples.Comment: 5 page

Back to square one: identification issues in DSGE models

We investigate identifiability issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures the distance between estimated and model impulse responses. We show that observational equivalence, partial and weak identification problems are widespread, that they lead to biased estimates, unreliable t-statistics and may induce investigators to select false models. We examine whether different objective functions affect identification and study how small samples interact with parameters and shock identification. We provide diagnostics and tests to detect identification failures and apply them to a state-of-the-art modelidentification, dsge models

Do expectations matter? The Great Moderation revisited

We examine the role of expectations in the Great Moderation episode. We derive theoretical restrictions in a New-Keynesian model and test them using measures of expectations obtained from survey data, the Greenbook and bond markets. Expectations explain the dynamics of inflation and of interest rates but their importance is roughly unchanged over time. Systems with and without expectations display similar reduced form characteristics. Including or excluding expectations hardly changes the economic explanation of the Great Moderation. Results are robust to changes in the structure of the empirical model.Indeterminacy, Expectations, Term structure, Structural VARs, Sunspot

Structural changes in the US economy: is there a role for monetary policy?

This paper investigates the contribution of monetary policy to the changes in output growth and inflation dynamics in the US. We identify a policy shock and a policy rule in a time-varying coefficients VAR using robust sign restrictions. The transmission of policy shocks has been relatively stable. The variance of the policy shock has decreased over time, but policy shocks account for a small fraction of the level and of the variations in inflation and output growth volatility and persistence. We find little evidence of a significant increase in the long run response of the interest rate to inflation. A more aggressive inflation policy in the 1970s would have produced large output growth costs.Monetary policy, Inflation persistence, Transmission of shocks, Time varying coefficients structural VARs

Back to square one: identification issues in DSGE models

We investigate identifiability issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures the distance between estimated and model impulse responses. We show that observational equivalence, partial and weak identification problems are widespread, that they lead to biased estimates, unreliable t-statistics and may induce investigators to select false models. We examine whether different objective functions affect identification and study how small samples interact with parameters and shock identification. We provide diagnostics and tests to detect identification failures and apply them to a state-of-the-art model. JEL Classification: C13, C51, C52, E32DSGE Models, Identification

The structural dynamics of US output and inflation: What explains the changes?

We examine the dynamics of US output and inflation using a structural time varying coefficient VAR. We show that there are changes in the volatility of both variables and in the persistence of inflation. Technology shocks explain changes in output volatility, while a combination of technology, demand and monetary shocks explain variations in the persistence and volatility of inflation. We detect changes over time in the transmission of technology shocks and in the variance of technology and of monetary policy shocks. Hours and labor productivity always increase in response to technology shocks.Variability, Persistence, Transmission, Structural time varying VARs

The structural dynamics of output growth and inflation: some international evidence

We examine the dynamics of output growth and inflation in the US, Euro area and UK using a structural time varying coefficient VAR. There are important similarities in structural inflation dynamics across countries; output growth dynamics differ. Swings in the magnitude of inflation and output growth volatilities and persistences are accounted for by a combination of three structural shocks. Changes over time in the structure of the economy are limited and permanent variations largely absent. Changes in the volatilities of structural shocks matter.Variability, Persistence, Transmission, Structural time varying VARs

The structural dynamics of US output and inflation : what explains the changes?.

We examine the dynamics of US output and inflation using a structural time varying coefficient VAR. We show that there are changes in the volatility of both variables and in the persistence of inflation. Technology shocks explain changes in output volatility, while a combination of technology, demand and monetary shocks explain variations in the persistence and volatility of inflation. We detect changes over time in the transmission of technology shocks and in the variance of technology and of monetary policy shocks. Hours and labor productivity always increase in response to technology shocks.

Electrical impact of photovoltaic plant in distributed network

This paper presents the problem of the power penetration of photovoltaic (PV) systems in urban networks. After a qualitative problem description, two different environments for the PV systems have been analyzed: rural and urban networks. Concerning the rural network a single line has been simulated in order to evaluate the relation between the number of PV system installed along the line and the maximum PV power installable. In the second part of the paper the possible problems due to the power penetration have been examined concerning a clustered PV system that will be installed in the city of Torino (Italy) in ambit of an EU project