The Cost Channel Reconsidered: A Comment Using an Identification-Robust Approach

We re-examine the empirical relevance of the cost channel of monetary policy (e.g. Ravenna and Walsh, 2006), employing recently developed moment-conditions inference methods, including identiÂ…cation-robust procedures. Using US data, our results suggest that the cost channel effect is poorly identiÂ…ed and we are thus unable to corroborate the previous results in the literatureCost channel, Phillips curve, GMM, Generalized Empirical Likelihood, Weak IdentiÂ…cation

Cointegration Tests under Multiple Regime Shifts: An Application to the Stock Price-Dividend Relationship

We examine the properties of several residual-based cointegration tests when long run parameters are subject to multiple shifts driven by an unobservable Markov process. Unlike earlier work, which considered one-off deterministic breaks, our approach has the advantage of allowing for an unspeci?ed number of stochastic breaks. We illustrate this issue by exploring the possibility of Markov switching cointegration in the stock-price dividend relationship and showing that this case is empirically relevant. Our subsequent Monte Carlo analysis reveals that standard cointegration tests are generally reliable, their performance often being robust for a number of plausible regime shift parameterizations.Present value model, Cointegration tests, Markov switching

A Centralized Mechanism to Make Predictions Based on Data From Multiple WSNs

In this work, we present a method that exploits a scenario with inter-Wireless Sensor Networks (WSNs) information exchange by making predictions and adapting the workload of a WSN according to their outcomes. We show the feasibility of an approach that intelligently utilizes information produced by other WSNs that may or not belong to the same administrative domain. To illustrate how the predictions using data from external WSNs can be utilized, a specific use-case is considered, where the operation of a WSN measuring relative humidity is optimized using the data obtained from a WSN measuring temperature. Based on a dedicated performance score, the simulation results show that this new approach can find the optimal operating point associated to the trade-off between energy consumption and quality of measurements. Moreover, we outline the additional challenges that need to be overcome, and draw conclusions to guide the future work in this field.Comment: 10 pages, simulation results and figures. Published i