3,341 research outputs found
Money in monetary policy design: monetary cross-checking in the New-Keynesian model
In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross-check in policy formulation (see Lucas (2007)). We show that the New-Keynesian model can explain such trends if one allows for the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In this paper, we show in detail how to derive the appropriate magnitude of the interest rate adjustment following a significant cross-check with monetary information, when the New-Keynesian model is the central bank’s preferred model. The cross-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. Keywords: Monetary Policy, New-Keynesian Model, Money, Quantity Theory, European Central Bank, Policy Under Uncertaint
Uncertainty About the Persistence of Inflation
This paper offers several contributions to actual research and discussion on monetary policy. It clarifies the relationship between uncertainty of inflation persistence and optimal monetary policy and discusses the consequences of the recent Blanchard proposal to implement a higher inflation target in the light of parameter uncertainty. Furthermore, it provides insights of general interest on the methodological level by analyzing the interrelations between normalization of variables and their independence properties and by extending standard solution methods of dynamic programming problems to non-orthogonal parameter uncertainty
Determination of the Bending Rigidity of Graphene via Electrostatic Actuation of Buckled Membranes
The small mass and atomic-scale thickness of graphene membranes make them
highly suitable for nanoelectromechanical devices such as e.g. mass sensors,
high frequency resonators or memory elements. Although only atomically thick,
many of the mechanical properties of graphene membranes can be described by
classical continuum mechanics. An important parameter for predicting the
performance and linearity of graphene nanoelectromechanical devices as well as
for describing ripple formation and other properties such as electron
scattering mechanisms, is the bending rigidity, {\kappa}. In spite of the
importance of this parameter it has so far only been estimated indirectly for
monolayer graphene from the phonon spectrum of graphite, estimated from AFM
measurements or predicted from ab initio calculations or bond-order potential
models. Here, we employ a new approach to the experimental determination of
{\kappa} by exploiting the snap-through instability in pre-buckled graphene
membranes. We demonstrate the reproducible fabrication of convex buckled
graphene membranes by controlling the thermal stress during the fabrication
procedure and show the abrupt switching from convex to concave geometry that
occurs when electrostatic pressure is applied via an underlying gate electrode.
The bending rigidity of bilayer graphene membranes under ambient conditions was
determined to be eV. Monolayers have significantly lower
{\kappa} than bilayers
Nominal GDP Targeting and the Zero Lower Bound: Should We Abandon Inflation Targeting?
I compare nominal GDP level targeting to flexible inflation targeting in a small New Keynesian model subject to the zero lower bound on nominal policy rates. First, I study the performance of optimal discretionary policies. I find that, for a standard calibration, inflation targeting under discretion leaves the economy open to a deflationary trap. Nominal GDP level targeting under discretion, by contrast, provides a firm nominal anchor to the economy. Second, I study simple policy rules and the role of smoothing in the rules. With smoothing, a Taylor-type rule performs as well as a nominal GDP level rule. These result suggest that inflation targeting should not be ditched. Still, it can be improved significantly, by using policy rate smoothing to anchor inflation firmly
Testing Comptonizing coronae on a long BeppoSAX observation of the Seyfert 1 galaxy NGC 5548
We test accurate models of Comptonization spectra over the high quality data
of the BeppoSAX long look at NGC 5548, allowing for different geometries of the
scattering region, different temperatures of the input soft photon field and
different viewing angles. We find that the BeppoSAX data are well represented
by a plane parallel or hemispherical corona viewed at an inclination angle of
30. For both geometries the best fit temperature of the soft photons
is close to 15 eV. The corresponding best fit values of the hot
plasma temperature and optical depth are 250--260 keV and
0.16--0.37 for the slab and hemisphere respectively. These values
are substantially different from those derived fitting the data with a
power-law + cut off approximation to the Comptonization component (kT_{\rm
e}\lta 60 keV, 2.4). This is due to the fact that accurate
Comptonization spectra in anisotropic geometries show "intrinsic" curvature
which reduces the necessity of a high energy cut-off. The Comptonization
parameter derived for the slab model {is} larger than predicted for a two phase
plane parallel corona in energy balance, suggesting that a more
``photon-starved'' geometry is necessary. The spectral softening detected
during a flare which occurred in the central part of the observation
corresponds to a decrease of the Comptonization parameter, probably associated
with an increase of the soft photon luminosity, the {hard} photon luminosity
remaining constant.Comment: 36 pages, 9 figures, accepted by Ap
Solubility limit and precipitate formation in Al-doped 4H-SiC epitaxial material
Heavily Al-doped 4H–SiC structures have been prepared by vapor phase epitaxy. Subsequent anneals have been carried out in an Ar atmosphere in a rf-heated furnace between 1500 °C and 2000 °C for 0.5 to 3 h. Secondary ion mass spectrometry has been utilized to obtain Al concentration versus depth as well as lateral distributions (ion images). Transmission electron microscopy(TEM) has been employed to study the crystallinity and determine phase composition after heat treatment. A solubility limit of ∼2×10²⁰ Al/cm³ (1900 °C) is extracted. Three-dimensional ion images show that the Al distribution does not remain homogeneous in layers heat treated at 1700 °C or above when the Al concentration exceeds 2×10²⁰ cm⁻³. Al-containing precipitates are identified by energy-filtered TEM.Financial support was partly received
from the Swedish Foundation for Strategic Research (SSF)
SiCEP program
Monte Carlo Analysis of a New Interatomic Potential for He
By means of a Quadratic Diffusion Monte Carlo method we have performed a
comparative analysis between the Aziz potential and a revised version of it.
The results demonstrate that the new potential produces a better description of
the equation of state for liquid He. In spite of the improvement in the
description of derivative magnitudes of the energy, as the pressure or the
compressibility, the energy per particle which comes from this new potential is
lower than the experimental one. The inclusion of three-body interactions,
which give a repulsive contribution to the potential energy, makes it feasible
that the calculated energy comes close to the experimental result.Comment: 36 pages, LaTex, 11 PostScript figures include
- …