The nominal facts and the October 1979 policy change

Business cycles ; Monetary policy ; Inflation (Finance)

Endogenous money supply and the business cycle

This paper documents changes in the cyclical behavior of nominal data series that appear after 1979:Q3 when the Federal Reserve implemented a policy to lower the inflation rate. Such changes were not apparent in real variables. A business cycle model with impulses to technology and a role for money is used to show how alternative money supply rules are expected to affect observed business cycle facts. In this model, changes in the money supply rules have almost no effect on the cyclical behavior of real variables, yet have a significant impact on the cyclical nature of nominal variables. Computational experiments with alternative policy rules suggest that the change in monetary policy in 1979 may account for the sort of instability observed in the U.S. data.Business cycles ; Money supply

The nominal facts and the October 1979 policy change

Gavin and Kydland (1999) calculated the cyclical properties of money and prices for the periods before and after the October 1979 policy change. In this article, we extend that work by adding four more years of data and including a study of nominal interest rates and inflation. The adoption of a disinflation policy in October 1979 does not appear to have had a measurable impact on the cyclical properties of real variables. However, it made a dramatic difference in the cyclical properties of nominal variables. We also examine the covariance structure of several nominal relationships: the autocovariance of inflation, the lag from money growth to inflation, and lag from money growth to nominal GDP growth. Generally, the monetary policy in the early period allowed the average inflation rate to ratchet upward with each business cycle. This policy was associated with high variances, high autocorrelations, and high cross-correlations among nominal variables. The moderate inflation policy followed in the second period was associated with lower mean growth rates, less volatility, and lower cross-correlations between money growth and inflation.Business cycles ; Monetary policy ; Inflation (Finance)

Alien Registration- Finn, William E. (Bangor, Penobscot County)

https://digitalmaine.com/alien_docs/15825/thumbnail.jp

Inflation persistence and flexible prices

If the central bank follows an interest rate rule, then inflation is likely to be persistence, even when prices are fully flexible. Any shock, whether persistent or not, may lead to inflation persistence. In equilibrium, the dynamics of inflation are determined by the evolution of the spread between the real interest rate and the central bank’s target. Inflation persistence in U.S. data can be characterized by a vector autocorrelation function relating inflation and deviations of output from trend. This paper shows that a flexible-price general equilibrium business cycle model with money and a central bank using an interest rate target can account for such inflation persistence.Inflation (Finance) ; Econometric models ; Taylor's rule

Monetary policy, taxes and the business cycle

This paper analyzes the interaction of inflation with the tax code and its contribution to aggregate fluctuations. We find significant effects operating through the tax on realized nominal capital gains. A tax on nominal bond income magnifies these effects. Our innovation is to combine monetary policy shocks with non-indexed taxes in a model where the central bank implements policy using an interest rate rule. Monetary policy had important effects on the behavior of the business cycle before 1980 because policymakers did not exert effective control over inflation. Monetary policy reform around 1980 led to better control, and with more stable inflation, the effect of the interaction between monetary policy and the nominal capital gains tax has become negligible.Inflation (Finance) ; Business cycles ; Taxation

Endogenous money supply and the business cycle

An empirical and theoretical analysis of how changes in the monetary policy function affect the covariance structure of macroeconomic data.Business cycles ; Money supply

The Evolution of the Hospice Movement in America

Hospicijski pokret u Americi oblikovalo je nekoliko ključnih činitelja koji su zajednički stvorili jedinstven i djelotvoran hospicijski model, ali također i model koji je ograničen u kreativnosti i opsegu glede zadovoljavanja budućih promjenjivih potreba vezanih za umiranje u Americi. Hospicijski model, temeljen na kućnoj njezi, omogućio je ubrzani rast hospicijskih usluga i troškova diljem Amerike. Želja za deinstitucionalizacijom skrbi umirućih osoba i pružanjem holističke skrbi i potpore oblikovala je kulturu hospicijske skrbi. Također, početni katalizator za razvoj programa činilo je uključivanje federalnog financiranja njege. Međutim, te iste odredbe osujetile su hospicijski razvoj stvaranjem programskih destimulacija, što također uključuje ograničavanje njege osoba za koje se prognozira da im je preostalo najviše šest mjeseci života. Kratki boravak u hospiciju donekle je rezultat našeg kulturološkog pristupa o potpunom iskorištavanju tehnologije bez obzira na popratne troškove. Američka dihotomija između njege i liječenja ističe takvu potrebu za njegom pri kraju života koja podržava prijelaz od primarne liječničke k primarnoj palijativnoj skrbi. Ono što moramo svakako prepoznati je da ovo dvoje mora egzistirati zajedno kako bi se djelotvorno skrbilo o smrtno bolesnim pacijentima, dok se približavaju kraju života.The hospice movement in America has been shaped by several key factors, which in unison have created a unique and effective hospice model, yet a model that is also limited in creativity and scope to meet the changing future needs of America\u27s dying. A home-care based hospice model has permitted rapid growth and disbursement of hospice services throughout America. The desire to de-institutionalize care of the dying and to provide holistic care and support shaped the culture of hospice care. Likewise, the incorporation of federal reimbursement for care created the initial catalyst for program development. These same regulations, however, have stunted hospice growth by creating programmatic disincentives, including a limitation of care for persons with prognosis of six months of life or less. The short length of stay in hospice has resulted in part from our culture\u27s emphasis on full use of technology regardless of associated cost. The American dichotomy between care and cure underscores the need for end-of-life care that supports the transition from primarily curative to primarily palliative care. What should be recognized is that the two must co-exist to effectively support a terminally ill patient as he or she progresses toward the end of life

NuSTAR discovery of a cyclotron line in the accreting X-ray pulsar IGR J16393-4643

The high-mass X-ray binary and accreting X-ray pulsar IGR J16393-4643 was observed by NuSTAR in the 3-79 keV energy band for a net exposure time of 50 ks. We present the results of this observation which enabled the discovery of a cyclotron resonant scattering feature with a centroid energy of 29.3(+1.1/-1.3) keV. This allowed us to measure the magnetic field strength of the neutron star for the first time: B = (2.5+/-0.1)e12 G. The known pulsation period is now observed at 904.0+/-0.1 s. Since 2006, the neutron star has undergone a long-term spin-up trend at a rate of P' = -2e-8 s/s (-0.6 s per year, or a frequency derivative of nu' = 3e-14 Hz/s ). In the power density spectrum, a break appears at the pulse frequency which separates the zero slope at low frequency from the steeper slope at high frequency. This addition of angular momentum to the neutron star could be due to the accretion of a quasi-spherical wind, or it could be caused by the transient appearance of a prograde accretion disk that is nearly in corotation with the neutron star whose magnetospheric radius is around 2e8 cm.Comment: Accepted for publication in the Astrophysical Journal, 7 pages, 8 figures, 2 table