Specification of multiparty audio and video interaction based on the Reference Model of Open Distributed Processing

The Reference Model of Open Distributed Processing (RM-ODP) is an emerging ISO/ITU-T standard. It provides a framework of abstractions based on viewpoints, and it defines five viewpoint languages to model open distributed systems. This paper uses the viewpoint languages to specify multiparty audio/video exchange in distributed systems. To the designers of distributed systems, it shows how the concepts and rules of RM-ODP can be applied.\ud \ud The ODP ¿binding object¿ is an important concept to model continuous data flows in distributed systems. We take this concept as a basis for multiparty audio and video flow exchanges, and we provide five ODP viewpoint specifications, each emphasising a particular concern. To ensure overall correctness, special attention is paid to the mapping between the ODP viewpoint specifications

The potential impact of the fiscal transfers under the EU Cohesion Policy Programme

The European Union uses large-scale fiscal transfers to national and regional levels to foster economic and social cohesion. This paper gives an ex-ante model-based analysis of the potential macro-economic impact of these fiscal transfers between member states as planned under the Cohesion Policy programme 2007-2013. The simulations show the costs and benefits of Structural Funds spending on beneficiary and donor countries in the EU. The increase in public investment has positive externalities and yields significant output gains in the long run due to sizeable productivity improvements. In the short run it can lead to crowding out of private spending.Fiscal transfers, Structural Funds, Cohesion Policy, public investment, in 't Veld

A model-based assessment of the macroeconomic impact of EU structural funds on the new Member States

This paper gives a model-based analysis of the potential macro-economic impact of European Union Structural and Cohesion Funds payments on the economies of the new Member States. The model used is a four-region DSGE model with human capital accumulation and endogenous technological change. The framework that we adopt is the Jones (2005) extension of the endogenous growth model, which uses a variety approach for modelling knowledge investment. The EU funds average around 1.5 percent of GDP and are used for investment in infrastructure, human capital and R&D. The model simulations show this can lead to significant gains in output, both in the short as well as in the long run.Fiscal transfers, Structural Funds, public investment, DSGE modelling, Varga, in 't Veld

QUEST II. A Multi-Country Business Cycle and Growth Model

QUEST was designed to analyse the economies in the Member States of the European Union and their interaction with the rest of the world. The paper presents a new version of the QUEST model which is now considerably modified with respect to its theoretical structure. It first presents a model description for the following sectors: household behaviour, firm behaviour and government. Then, it proposes the markets and prices equations. The second section contains standard simulations. It first considers monetary policy and fiscal policy shocks, then an example of a productivity shock.II/511/97-ENQUEST was designed to analyse the economies in the member states of the European Union and their interactions with the rest of the world, especially with the United States and Japan. The focus of the model is on the transmission of the effects of economic policy both on the domestic and the international economy. The model was primarily constructed to serve as a tool for policy simulation; less emphasis was put on its ability to serve as a forecasting tool. Given the wide coverage of the model it must necessarily be highly aggregated. A high degree of aggregation and foundation of the specification in current macroeconomic theory also helps in interpreting and understanding the results of the simulations. Finally simplicity also facilitates the solution of the model and reduces the time and memory requirements of the computer-simulations. The new model contains structural models for the EU member states, the US and Japan and distinguishes 10 additional countries/regions in trade feedback models in order to model trade interactions with the rest of the world.Compared to the former version of the QUEST model, which was presented in European Economy No. 47 (1991), the new model is now considerably modified with respect to its theoretical structure. The previous version of QUEST was deeply rooted in the Keynesian tradition of econometric model building, strongly stressing the demand side of the economy and modelling consumer and investment behaviour in a backward looking fashion. In the new version an attempt was made to base the behavioural equations more strongly on principles of dynamic optimisation of private households and firms. That makes the model substantially more forward looking. Also the supply side is now more explicitly modelled. The present model is also closed with respect to stock-flow interactions. Those stock variables which can be identified on a macroeconomic level such as physical capital, net foreign assets, money and government debt are endogenously determined and wealth effects are allowed to influence savings, production and investment decisions of private households, firms and the government. Moreover, financial linkages between national economies are now more explicitly modelled. In the current version it is assumed that assets determined in different currencies are perfect substitutes - up to an exogenous risk premium. Consistent modelling of international trade and financial linkages also require that at each instant two adding-up constraints hold: trade balances and net foreign asset positions sum to zero. Also the long run properties of the model are now systematically explored.Apart from simulations related to the Commission's short and medium term projections, the model has been intensively used to analyse the impact of the Maastricht criteria on growth and employment and the long run effects of fiscal consolidation and structural reforms in Europe (e.g. Bayar et al., 1997a). Related to this, the model was used to study the impact of monetary policy on the success of government expenditure cuts (Roeger and in 't Veld, 1997a), and the macroeconomic effects of various tax reforms (Roeger and in 't Veld, 1997b) and VAT harmonisation (Bayar, Roeger and in 't Veld, 1997). The model has also been used to assess the employment and growth effects of the Trans European Transport Networks (European Commission, 1996), while the models for Greece, Ireland, Portugal and Spain have been used to look at the macroeconomic effects of the Structural Funds (Roeger, 1996b).quest, economic cycle, modelling

Fiscal policy with credit constrained households

This paper explores the effects of discretionary fiscal policy in a DSGE model that explicitly models housing investment and allows for credit constrained households along the lines of the financial accelerator literature.The presence of credit constrained households raises the marginal propensity to consume out of transitory tax reductions and increases in transfers, and makes fiscal policy a more powerful tool for short run stabilisation. Fiscal policy is more effective when credit constraints increase, when measures are temporary, and when monetary policy is accommodative.This is a timely issue in the current financial crisis which can be characterised by a substantial negative demand shock and tighter credit constraints.Fiscal Policy, Fiscal Multiplier, Government Deficits, Credit Constraint, DSGE modelling, Fiscal Policy with Credit Constrained Households, QUEST, Roeger, in 't Veld, DGSE

Some selected simulation experiments with the European Commission's QUEST model

This paper presents a set of simulation experiments using the European Commission's QUEST model to evaluate the effects of policy impulses and permanent supply side shocks in the four major EU economies. The simulation analysis illustrates the transmission mechanisms of specific monetary and fiscal policy shocks as well as two examples of permanent supply shocks.QUEST model, supply side shocks, monetary and fiscal policy, R�ger, in 't Veld,