Evidence from surveys of price-setting managers: Policy lessons and directions for ongoing research

Understanding the determinants of individual price setting behaviour is crucial for the formulation of monetary policy, especially in an economy experiencing ongoing structural change. These behavioural mechanisms play a fundamental role in influencing the characteristics of aggregate inflation and in determining how monetary policy affects inflation and real economic activity. Thus, this line of research can strengthen the conceptual foundations of general equilibrium models with sticky prices, enabling these models to provide monetary policymakers with an increasingly useful framework for interpreting and forecasting the evolution of the macroeconomy. In this paper, we introduce the Walrasian model as a benchmark for comparison, and we discuss the extent to which recent micro evidence on firms’ price setting behavior provides significant support for some basic elements of the New Keynesian perspective. We then proceed to analyze the implications of the micro evidence in distinguishing between competing theories of price stickiness. Finally, the paper concludes with some brief reflections about the lessons for monetary policy.

Radial velocities from the N2K Project: 6 new cold gas giant planets orbiting HD 55696, HD 98736, HD 148164, HD 203473, and HD 211810

The N2K planet search program was designed to exploit the planet-metallicity correlation by searching for gas giant planets orbiting metal-rich stars. Here, we present the radial velocity measurements for 378 N2K target stars that were observed with the HIRES spectrograph at Keck Observatory between 2004 and 2017. With this data set, we announce the discovery of six new gas giant exoplanets: a double-planet system orbiting HD 148164 ($M \sin i$ of 1.23 and 5.16 M$_{\rm JUP}$) and single planet detections around HD 55696 ($M \sin i$ = 3.87 M$_{\rm JUP}$), HD 98736 ($M \sin i$ = 2.33 M$_{\rm JUP}$), HD 203473 ($M \sin i$ = 7.8 M$_{\rm JUP}$), and HD 211810 ($M \sin i$ = 0.67 M$_{\rm JUP}$). These gas giant companions have orbital semi-major axes between 1.0 and 6.2 AU and eccentricities ranging from 0.13 to 0.71. We also report evidence for three gravitationally bound companions with $M \sin i$ between 20 to 30 M$_{\rm JUP}$, placing them in the mass range of brown dwarfs, around HD 148284, HD 214823, and HD 217850, and four low mass stellar companions orbiting HD 3404, HD 24505, HD 98630, and HD 103459. In addition, we present updated orbital parameters for 42 previously announced planets. We also report a nondetection of the putative companion HD 73256 b. Finally, we highlight the most promising candidates for direct imaging and astrometric detection, and find that many hot Jupiters from our sample could be detectable by state-of-the-art telescopes such as Gaia.Comment: Accepted by the Astronomical Journal. 75 pages, 49 figure

Ethical and scientific pitfalls concerning laboratory research with non-human primates, and possible solutions

Basic and applied laboratory research, whenever intrusive or invasive, presents substantial ethical challenges for ethical committees, be it with human beings or with non-human animals. In this paper we discuss the use of non-human primates (NHPs), mostly as animal models, in laboratory based research. We examine the two ethical frameworks that support current legislation and guidelines: deontology and utilitarianism. While human based research is regulated under deontological principles, guidelines for laboratory animal research rely on utilitarianism. We argue that the utilitarian framework is inadequate for this purpose: on the one hand, it is almost impossible to accurately predict the benefits of a study for all potential stakeholders; and on the other hand, harm inflicted on NHPs (and other animals) used in laboratory research is extensive despite the increasing efforts of ethics committees and the research community to address this. Although deontology and utilitarianism are both valid ethical frameworks, we advocate that a deontological approach is more suitable, since we arguably have moral duties to NHPs. We provide suggestions on how to ensure that research currently conducted in laboratory settings shifts towards approaches that abide by deontological principles. We assert that this would not impede reasonable scientific research.info:eu-repo/semantics/publishedVersio

The Factory and the Beehive III: PTFEB132.707+19.810, a Low-Mass Eclipsing Binary in Praesepe Observed by PTF and K2

Theoretical models of stars constitute a fundamental bedrock upon which much of astrophysics is built, but large swaths of model parameter space remain uncalibrated by observations. The best calibrators are eclipsing binaries in clusters, allowing measurement of masses, radii, luminosities, and temperatures, for stars of known metallicity and age. We present the discovery and detailed characterization of PTFEB132.707+19.810, a P=6.0 day eclipsing binary in the Praesepe cluster ($\tau$~600--800 Myr; [Fe/H]=0.14$\pm$0.04). The system contains two late-type stars (SpT$_P$=M3.5$\pm$0.2; SpT$_S$=M4.3$\pm$0.7) with precise masses ($M_p=0.3953\pm0.0020$~$M_{\odot}$; $M_s=0.2098\pm0.0014$~$M_{\odot}$) and radii ($R_p=0.363\pm0.008$~$R_{\odot}$; $R_s=0.272\pm0.012$~$R_{\odot}$). Neither star meets the predictions of stellar evolutionary models. The primary has the expected radius, but is cooler and less luminous, while the secondary has the expected luminosity, but is cooler and substantially larger (by 20%). The system is not tidally locked or circularized. Exploiting a fortuitous 4:5 commensurability between $P_{orb}$ and $P_{rot,prim}$, we demonstrate that fitting errors from the unknown spot configuration only change the inferred radii by <1--2%. We also analyze subsets of data to test the robustness of radius measurements; the radius sum is more robust to systematic errors and preferable for model comparisons. We also test plausible changes in limb darkening, and find corresponding uncertainties of ~1%. Finally, we validate our pipeline using extant data for GU Boo, finding that our independent results match previous radii to within the mutual uncertainties (2--3%). We therefore suggest that the substantial discrepancies are astrophysical; since they are larger than for old field stars, they may be tied to the intermediate age of PTFEB132.707+19.810.Comment: Accepted to ApJ; 36 pages, 19 figures, 8 tables in two-column AASTEX6 forma

Passage of Heme-Iron Across the Envelope of Staphylococcus aureus

The cell wall envelope of Gram-positive pathogens functions as a scaffold for the attachment of virulence factors and as a sieve that prevents diffusion of molecules. Here the isdgenes (iron-regulated surface determinant) of Staphylococcus aureus were found to encode factors responsible for hemoglobin binding and passage of heme-iron to the cytoplasm, where it acts as an essential nutrient. Heme-iron passage required two sortases that tether Isd proteins to unique locations within the cell wall. Thus, Isd appears to act as an import apparatus that uses cell wall–anchored proteins to relay heme-iron across the bacterial envelope

Passage of Heme-Iron Across the Envelope of Staphylococcus aureus

The cell wall envelope of Gram-positive pathogens functions as a scaffold for the attachment of virulence factors and as a sieve that prevents diffusion of molecules. Here the isdgenes (iron-regulated surface determinant) of Staphylococcus aureus were found to encode factors responsible for hemoglobin binding and passage of heme-iron to the cytoplasm, where it acts as an essential nutrient. Heme-iron passage required two sortases that tether Isd proteins to unique locations within the cell wall. Thus, Isd appears to act as an import apparatus that uses cell wall–anchored proteins to relay heme-iron across the bacterial envelope

Family status and mutual fund performance

Using a large and long sample of US and European mutual funds, we examine the impact that membership of a fund family has on performance. We test for strategic and competitive behaviours among family funds and whether this affects performance persistence and risk-taking. While we do not find evidence of stronger performance persistence among family funds versus non-family funds, we do find some significant differences in the future performance of portfolios of family and non-family funds formed on the basis of past performance. We find strong evidence that a fund's mid-year ranking within its family and within its sector affects its risk-taking over the remainder of the year. However, most interestingly, we find evidence to suggest differences in the ways in which the US and European fund management industries operate, although future microstructure research would be required to identify the industry practices and cultures that may be the source of these differences

Radial Velocities from the N2K Project: Six New Cold Gas Giant Planets Orbiting HD 55696, HD 98736, HD 148164, HD 203473, and HD 211810

The N2K planet search program was designed to exploit the planet-metallicity correlation by searching for gas giant planets orbiting metal-rich stars. Here, we present the radial velocity measurements for 378 N2K target stars that were observed with the HIRES spectrograph at Keck Observatory between 2004 and 2017. With this data set, we announce the discovery of six new gas giant exoplanets: a double-planet system orbiting HD 148164 (M sin i of 1.23 and 5.16 M_(JUP)) and single planet detections around HD 55696 (M sin i = 3.87 M_(JUP)), HD 98736 (M sin i = 2.33 M_(JUP)), HD 203473 ( M sin i = 7.8 M_(JUP)), and HD 211810 (M sin i = 0.67 M_(JUP)). These gas giant companions have orbital semimajor axes between 1.0 and 6.2 au and eccentricities ranging from 0.13 to 0.71. We also report evidence for three gravitationally bound companions with M sin i between 20 and 30 M_(JUP), placing them in the mass range of brown dwarfs, around HD 148284, HD 214823, and HD 217850, and four low-mass stellar companions orbiting HD 3404, HD 24505, HD 98630, and HD 103459. In addition, we present updated orbital parameters for 42 previously announced planets. We also report a nondetection of the putative companion HD 73256 b. Finally, we highlight the most promising candidates for direct imaging and astrometric detection, and we find that many hot Jupiters from our sample could be detectable by state-of-the-art telescopes such as Gaia