THE FEDERAL RESERVE'S IMPLICIT INFLATION TARGET AND MACROECONOMIC DYNAMICS: AN SVAR ANALYSIS

This article identifies shocks to the Federal Reserve's inflation target as vector autoregression innovations that make the largest contribution to future movements in long-horizon inflation expectations. The effectiveness of this scheme is documented via Monte-Carlo experiments. The estimated impulse responses indicate that a positive shock to the target is associated with a large increase in inflation and long-term interest rates in the United States. Target shocks are estimated to be a vital factor behind the increase in inflation during the pre-1980 period and are an important driver of the decline in long-term interest rates over the last two decades

The Impact of Uncertainty Shocks under Measurement Error: A Proxy SVAR approach

A growing literature considers the impact of uncertainty using SVAR models that include proxies for uncertainty shocks as endogenous variables. In this paper we consider the impact of measurement error in these proxies on the estimated impulse responses. We show via a Monte-Carlo experiment that measurement error can result in attenuation bias in impulse responses. In contrast, the proxy SVAR that uses the uncertainty shock proxy as an instrument does not su¤er from this bias. Applying this latter method to the Bloom (2009) data-set results in impulse responses to uncertainty shocks that are larger in magnitude and more persistent than those obtained from a recursive SVAR

Bidding at Sequential First-Price Auctions with(out) Supply Uncertainty: A Laboratory Analysis

We report on a series of experiments that test the effects of an uncertain supply on the formation of bids and prices in sequential first-price auctions with private-independent values and unit-demands. Supply is assumed uncertain when buyers do not know the exact number of units to be sold (i.e., the length of the sequence). Although we observe a non-monotone behavior when supply is certain and an important overbidding, the data qualitatively support our price trend predictions and the risk neutral Nash equilibrium model of bidding for the last stage of a sequence, whether supply is certain or not. Our study shows that behavior in these markets changes significantly with the presence of an uncertain supply, and that it can be explained by assuming that bidders formulate pessimistic beliefs about the occurrence of another stage.Financial support from the University of Valencia (project GV98_08/2960) and from a EU-TMR ENDEAR Network Grant (FMRX-CT98-0238) is gratefully acknowledged

Bone Age Corresponds With Chronological Age at Type 1 Diabetes Onset in Youth

SCOPUS: ar.jinfo:eu-repo/semantics/publishe

Системный подход к управлению экономикой знаний

Описываются особенности и уровни управления экономикой знаний. Через системный подход в современном менеджменте рассматривается организационное и ресурсное управление экономикой знаний. Обосновывается взаимообусловленность развития современного менеджмента и экономики знаний. Менеджмент постмодерна является драйвером для совершенствования стратегической концепции экономики знаний, и последняя, в свою очередь, вносит коррективы в траекторию динамики методологии современного менеджмента

Geo-Climatic Changes and Apomixis as Major Drivers of Diversification in the Mediterranean Sea Lavenders (Limonium Mill.)

The Mediterranean realm, comprising the Mediterranean and Macaronesian regions, has long been recognized as one of the world’s biodiversity hotspots, owing to its remarkable species richness and endemism. Several hypotheses on biotic and abiotic drivers of species diversification in the region have been often proposed but rarely tested in an explicit phylogenetic framework. Here, we investigate the impact of both species-intrinsic and -extrinsic factors on diversification in the species-rich, cosmopolitan Limonium, an angiosperm genus with center of diversity in the Mediterranean. First, we infer and time-calibrate the largest Limonium phylogeny to date. We then estimate ancestral ranges and diversification dynamics at both global and regional scales. At the global scale, we test whether the identified shifts in diversification rates are linked to specific geological and/or climatic events in the Mediterranean area and/or asexual reproduction (apomixis). Our results support a late Paleogene origin in the proto-Mediterranean area for Limonium, followed by extensive in situ diversification in the Mediterranean region during the late Miocene, Pliocene, and Pleistocene. We found significant increases of diversification rates in the “Mediterranean lineage” associated with the Messinian Salinity Crisis, onset of Mediterranean climate, Plio-Pleistocene sea-level fluctuations, and apomixis. Additionally, the Euro-Mediterranean area acted as the major source of species dispersals to the surrounding areas. At the regional scale, we infer the biogeographic origins of insular endemics in the oceanic archipelagos of Macaronesia, and test whether woodiness in the Canarian Nobiles clade is a derived trait linked to insular life and a biotic driver of diversification. We find that Limonium species diversity on the Canary Islands and Cape Verde archipelagos is the product of multiple colonization events followed by in situ diversification, and that woodiness of the Canarian endemics is indeed a derived trait but is not associated with a significant shift to higher diversification rates. Our study expands knowledge on how the interaction between abiotic and biotic drivers shape the uneven distribution of species diversity across taxonomic and geographical scales.info:eu-repo/semantics/publishedVersio

Neurology

Contains reports on six research projects.U. S. Public Health Service (B-3055-4, B-3090-4, MH-06175-02)U. S. Air Force (AF49(638)-1313)U.S. Navy. Office of Naval Research (Nonr-1841(70)

On the Exploitation of a High-throughput SHA-256 FPGA Design for HMAC

High-throughput and area-efficient designs of hash functions and corresponding mechanisms for Message Authentication Codes (MACs) are in high demand due to new security protocols that have arisen and call for security services in every transmitted data packet. For instance, IPv6 incorporates the IPSec protocol for secure data transmission. However, the IPSec's performance bottleneck is the HMAC mechanism which is responsible for authenticating the transmitted data. HMAC's performance bottleneck in its turn is the underlying hash function. In this article a high-throughput and small-size SHA-256 hash function FPGA design and the corresponding HMAC FPGA design is presented. Advanced optimization techniques have been deployed leading to a SHA-256 hashing core which performs more than 30% better, compared to the next better design. This improvement is achieved both in terms of throughput as well as in terms of throughput/area cost factor. It is the first reported SHA-256 hashing core that exceeds 11Gbps (after place and route in Xilinx Virtex 6 board)

Unsupervised Feature Extraction – A CNN-Based Approach

Working with large quantities of digital images can often lead to prohibitive computational challenges due to their massive number of pixels and high dimensionality. The extraction of compressed vectorial representations from images is therefore a task of vital importance in the field of computer vision. In this paper, we propose a new architecture for extracting such features from images in an unsupervised manner, which is based on convolutional neural networks. The model is referred to as the Unsupervised Convolutional Siamese Network (UCSN), and is trained to embed a set of images in a vector space, such that local distance structure in the space of images is approximately preserved. We compare the UCSN to several classical methods by using the extracted features as input to a classification system. Our results indicate that the UCSN produces vectorial representations that are suitable for classification purposes