Interest rate rules are infeasible and fail to complete macroeconomic models

A discussion of the circumstances under which interest rate rules are consistent with nominal determinacy in macroeconomic models.Money supply ; Interest rates ; Monetary policy

Employment distortions under sticky wages and monetary policies to minimize them

A discussion of sticky nominal wages, showing that nominal income or price-level targeting policies result in smaller distortions than do policies that target output or money.Wages ; Monetary policy ; Employment (Economic theory)

Procyclical real wages under nominal-wage contracts with productivity variations

A modification of existing sticky-wage models to account for the observed cyclical behavior of real wages by means of a model that introduces productivity factors into nominal-wage contracts.Wages ; Employment (Economic theory) ; Business cycles

Designing monetary policy under rational expectations: analysis and practical implications

An investigation of the ways in which rational expectations theory fundamentally changes monetary policy analysis and an attempt to generalize the implications of such analysis.Monetary policy ; Rational expectations (Economic theory)

A regional economic forecasting procedure applied to Texas

The presentation of a method for building a time series regional forecasting model for Texas that requires only ordinary least squares regressions to forecast the variables.Regional economics ; Forecasting ; Economic conditions - Texas

Framed vertex operator algebras, codes and the moonshine module

For a simple vertex operator algebra whose Virasoro element is a sum of commutative Virasoro elements of central charge 1/2, two codes are introduced and studied. It is proved that such vertex operator algebras are rational. For lattice vertex operator algebras and related ones, decompositions into direct sums of irreducible modules for the product of the Virasoro algebras of central charge 1/2 are explicitly described. As an application, the decomposition of the moonshine vertex operator algebra is obtained for a distinguished system of 48 Virasoro algebras.Comment: Latex, 54 page

Money Stock Control with Reserve and Interest Rate Instruments Under Rational Expectations

This paper conducts a theoretical comparison of the potential effectiveness, in terms of money stock controllability, of interest rate and reserve instruments. Whereas previous studies have been basically static, the present analysis is carried out in the context of a dynamic macroeconomic model with rational expectations. Particular attention is paid to the distinction between contemporaneous and lagged reserve accounting (CRA and LRA). The criterion employed is the expectation of squared deviations of the (log of the) money stock from target values that are reset each period. Analysis in the basic model suggests the following substantive conclusions. (1) With a reserve instrument, monetary control will be more effective under CRA than LRA. (2) With a reserve instrument and LRA, control will be poorer than with an interest rate instrument. (3) For a wide range of parameter values, control will be better with a reserve instrument and CRA than with an interest rate instrument.

The Ohio economy: using time series characteristics in forecasting

The premise of this study is that the regional economist can better understand the Ohio economy by studying the properties of important Ohio time series that can be identified and quantified through simple regression methods.Regional economics ; Forecasting ; Economic conditions - Ohio