Do tax distortions lead to more indeterminacy? A New Keynesian perspective

Following the recent developments of the literature on stabilization policies, this paper investigates the effect of tax distortions on equilibrium determinacy in a New Keynesian economy with rule-of-thumb consumers and capital accumulation. In particular, we focus on the inter-action between monetary policy and tax distortions in supporting the saddle-path equilibrium under the assumptions of balanced budget and monetary policy satisfying a Taylor rule.rule-of-thumb consumers, equilibrium determinacy, fiscal and monetary policy inter-actions, and tax distortions

Fiscal Policy under Balanced Budget and Indeterminacy: A New Keynesian Perspective

We investigate the effect of fiscal policy on equilibrium determinacy in a New Keynesian economy with rule-of-thumb (liquidity constrained) consumers and capital accumulation by focusing on the inter-action between monetary policy and taxation under the assumption of balanced budget. Our main finding is that taxation of firms� monopoly rents reduces the parameter range within which the Taylor principle is insufficient to guarantee equilibrium determinacy; hence it supports the determinacy of the rational expectation equilibrium.Rule-of-thumb consumers, equilibrium determinacy, fiscal and monetary policy inter-actions, tax distortions, balanced government budget.

Average Rate of Downlink Heterogeneous Cellular Networks over Generalized Fading Channels - A Stochastic Geometry Approach

In this paper, we introduce an analytical framework to compute the average rate of downlink heterogeneous cellular networks. The framework leverages recent application of stochastic geometry to other-cell interference modeling and analysis. The heterogeneous cellular network is modeled as the superposition of many tiers of Base Stations (BSs) having different transmit power, density, path-loss exponent, fading parameters and distribution, and unequal biasing for flexible tier association. A long-term averaged maximum biased-received-power tier association is considered. The positions of the BSs in each tier are modeled as points of an independent Poisson Point Process (PPP). Under these assumptions, we introduce a new analytical methodology to evaluate the average rate, which avoids the computation of the Coverage Probability (Pcov) and needs only the Moment Generating Function (MGF) of the aggregate interference at the probe mobile terminal. The distinguishable characteristic of our analytical methodology consists in providing a tractable and numerically efficient framework that is applicable to general fading distributions, including composite fading channels with small- and mid-scale fluctuations. In addition, our method can efficiently handle correlated Log-Normal shadowing with little increase of the computational complexity. The proposed MGF-based approach needs the computation of either a single or a two-fold numerical integral, thus reducing the complexity of Pcov-based frameworks, which require, for general fading distributions, the computation of a four-fold integral.Comment: Accepted for publication in IEEE Transactions on Communications, to appea

Policy Uncertainty, Symbiosis, and the Optimal Fiscal and Monetary Conservativeness

This paper extends a well-known macroeconomic stabilization game between monetary and fiscal authorities introduced by Dixit and Lambertini (American Economic Review, 93: 1522-1542) to multiplicative (policy) uncertainty. We find that even if fiscal and monetary authorities share a common output and inflation target (i.e. the symbiosis assumption), the achievement of the common targets is no longer guaranteed; under multiplicative uncertainty, in fact, a time consistency problem arises unless policymakers� output target is equal to the natural level.Monetary-fiscal policy interactions, uncertainty, symbiosis.

Policy Uncertainty, Symbiosis, and the Optimal Fiscal and Monetary Conservativeness

This paper extends the stabilization game between monetary and fiscal authorities to the case of multiplicative (model) uncertainty. In this context, the “symbiosis assumption”, i.e. fiscal and monetary policy share the same ideal targets, no longer guarantees the achievement of ideal output and inflation, unless the ideal output is equal to its natural level. A time consistency problem arises.Monetary-fiscal policy interactions, uncertainty, symbiosis.

P-V-T Behavior of 2,3,3,3-Tetrafluoroprop-1-ene (HFO-1234yf) in the Vapor Phase from (243 to 373) K

The P-V-T properties of 2,3,3,3-tetrafluoroprop-1-ene (CF 3 CFdCH 2 , HFO-1234yf), an environmentally friendly refrigerant, were measured using a constant volume apparatus. Measurements were carried out at temperatures from (243 to 373) K and at pressures from (84 to 3716) kPa. A total of 136 experimental points, taken along 12 isochores, were obtained. Our experimental results were compared with a preliminary equation of state. The measurements were also regressed to the Martin-Hou equation of state. No other data on this fluid were found in the literature for the superheated region

DataScience-Polimi at SemEval-2022 Task 8: Stacking Language Models to Predict News Article Similarity

In this paper, we describe the approach we designed to solve SemEval-2022 Task 8: Multilingual News Article Similarity. We collect and use exclusively textual features (title, description and body) of articles. Our best model is a stacking of 14 Transformer-based Language models fine-tuned on single or multiple fields, using data in the original language or translated to English. It placed fourth on the original leaderboard, sixth on the complete official one and fourth on the English-subset official one. We observe the data collection as our principal source of error due to a relevant fraction of missing or wrong fields

Equivalence of gradient flows and entropy solutions for singular nonlocal interaction equations in 1D

We prove the equivalence between the notion of Wasserstein gradient flow for a one-dimensional nonlocal transport PDE with attractive/repulsive Newtonian potential on one side, and the notion of entropy solution of a Burgers-type scalar conservation law on the other. The solution of the former is obtained by spatially differentiating the solution of the latter. The proof uses an intermediate step, namely the $L^2$ gradient flow of the pseudo-inverse distribution function of the gradient flow solution. We use this equivalence to provide a rigorous particle-system approximation to the Wasserstein gradient flow, avoiding the regularization effect due to the singularity in the repulsive kernel. The abstract particle method relies on the so-called wave-front-tracking algorithm for scalar conservation laws. Finally, we provide a characterization of the sub-differential of the functional involved in the Wasserstein gradient flow

Robust Unconditionally Secure Quantum Key Distribution with Two Nonorthogonal and Uninformative States

We introduce a novel form of decoy-state technique to make the single-photon Bennett 1992 protocol robust against losses and noise of a communication channel. Two uninformative states are prepared by the transmitter in order to prevent the unambiguous state discrimination attack and improve the phase-error rate estimation. The presented method does not require strong reference pulses, additional electronics or extra detectors for its implementation.Comment: 7 pages, 2 figure

A stochastic estimated version of the Italian dynamic General Equilibrium Model (IGEM)

We estimate with Bayesian techniques the Italian dynamic General Equilibrium Model (IGEM), which has been developed at the Italian Treasury Department, Ministry of Economy and Finance, to assess the effects of alter-native policy interventions. We analyze and discuss the estimated effects of various shocks on the Italian economy. Compared to the calibrated version used for policy analysis, we find a lower wage rigidity and higher adjustment costs. The degree of prices and wages indexation to past inflation is much smaller than the indexation level assumed in the calibrated model. No substantial difference is found in the estimated monetary parameters. Estimated fiscal multipliers are slightly smaller than those obtained from the calibrated version of the model