Does trade integration alter monetary policy transmission?

This paper explores the role of trade integration—or openness—for monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts domestic inflation. Although the strength of this effect increases with economic openness, it also requires that import prices respond to exchange rate changes. In this case domestic producers find it optimal to adjust their prices to exchange rate changes which alter the domestic currency price of their foreign competitors. We pin down key parameters of the model by matching impulse responses obtained from a vector autoregression on U.S. time series relative to an aggregate of industrialized countries. While we find evidence for strong complementarities, exchange rate pass-through is limited. Openness has therefore little bearing on monetary transmission in the estimated model

A new comparative approach to macroeconomic modeling and policy analysis

In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped produce some very influential insights such as the Taylor rule. However, they have been infrequent and costly, because they require the input of many teams of researchers and multiple meetings to obtain a limited set of comparative findings. This paper provides a new approach that enables individual researchers to conduct model comparisons easily, frequently, at low cost and on a large scale. Using this approach a model archive is built that includes many well-known empirically estimated models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is created that allows straightforward comparisons of models’ implications. Its application is illustrated by comparing different monetary and fiscal policies across selected models. Researchers can easily include new models in the data base and compare the effects of novel extensions to established benchmarks thereby fostering a comparative instead of insular approach to model development

New Keynesian versus old Keynesian government spending multipliers

Renewed interest in fiscal policy has increased the use of quantitative models to evaluate policy. Because of modeling uncertainty, it is essential that policy evaluations be robust to alternative assumptions. We find that models currently being used in practice to evaluate fiscal policy stimulus proposals are not robust. Government spending multipliers in an alternative empirically-estimated and widely-cited new Keynesian model are much smaller than in these old Keynesian models; the estimated stimulus is extremely small with GDP and employment effects only one-sixth as large

Anisotropic Susceptibility of La_2-xSr_xCoO_4 related to the Spin States of Cobalt

We present a study of the magnetic susceptibility of La_2-xSr_xCoO_4 single crystals in a doping range 0.3<=x<=0.8. Our data shows a pronounced magnetic anisotropy for all compounds. This anisotropy is in agreement with a low-spin ground state (S=0) of Co^3+ for x>=0.4 and a high-spin ground state (S=3/2) of Co^2+. We compare our data with a crystal-field model calculation assuming local moments and find a good description of the magnetic behavior for x>=0.5. This includes the pronounced kinks observed in the inverse magnetic susceptibility, which result from the anisotropy and low-energy excited states of Co^2+ and are not related to magnetic ordering or temperature-dependent spin-state transitions

Evidence for a temperature-induced spin-state transition of Co3+ in La2-xSrxCoO4

We study the magnetic susceptibility of mixed-valent La2-xSrxCoO4 single crystals in the doping range of 0.5<= x <= 0.8 for temperatures up to 1000 K. The magnetism below room temperature is described by paramagnetic Co2+ in the high-spin state and by Co3+ in the non-magnetic low-spin state. Above room temperature, an increase in susceptibility compared to the behavior expected from Co2+ is seen, which we attribute to a spin-state transition of Co3+. The susceptibility is analyzed by comparison to full-multiplet calculations for the thermal population of the high- and intermediate-spin states of Co3+

Magnetoelastic coupling in RETiO3 (RE = La, Nd, Sm, Gd, Y)

A detailed analysis of the crystal structure in RETiO3 with RE = La, Nd, Sm, Gd, and Y reveals an intrinsic coupling between orbital degrees of freedom and the lattice which cannot be fully attributed to the structural deformation arising from bond-length mismatch. The TiO6 octahedra in this series are all irregular with the shape of the distortion depending on the RE ionic radius. These octahedron distortions vary more strongly with temperature than the tilt and rotation angles. Around the Ti magnetic ordering all compounds exhibit strong anomalies in the thermal-expansion coefficients, these anomalies exhibit opposite signs for the antiferromagnetic and ferromagnetic compounds. Furthermore the strongest effects are observed in the materials close to the magnetic cross-over from antiferromagnetic to ferromagnetic order

Beam-forming concentrating solar thermal array power systems

The present invention relates to concentrating solar-power systems and, more particularly, beam-forming concentrating solar thermal array power systems. A solar thermal array power system is provided, including a plurality of solar concentrators arranged in pods. Each solar concentrator includes a solar collector, one or more beam-forming elements, and one or more beam-steering elements. The solar collector is dimensioned to collect and divert incoming rays of sunlight. The beam-forming elements intercept the diverted rays of sunlight, and are shaped to concentrate the rays of sunlight into a beam. The steering elements are shaped, dimensioned, positioned, and/or oriented to deflect the beam toward a beam output path. The beams from the concentrators are converted to heat at a receiver, and the heat may be temporarily stored or directly used to generate electricity

Investigating the effect of proactive interference control training on intrusive memories = Investigando el efecto del entrenamiento de control de interferencias proactivas en las memorias intrusivas = 研究主动干扰控制训练对闯入性记忆的影响

Intrusive re-experiencing is a hallmark symptom of Posttraumatic Stress Disorder (PTSD). According to prominent models of intrusive phenomena, intrusive memories may result from impairments in the efficiency of working memory capacity (WMC), more specifically proactive interference control. Yet, experimental research is scarce. Therefore, the present study aimed to investigate experimentally the role of proactive interference control in intrusive memories. We randomly assigned 57 healthy participants to either receive a high interference control training or a low interference control training. Participants were then exposed to highly distressing film clips. WMC was assessed before and after the training. Intrusion symptoms were assessed directly post-training and after one week using an Intrusion Provocation Task (IPT), a one-week intrusions diary, and the retrospective intrusion subscale of the Impact of Event Sale – Revised (IES-R). Results indicated that both groups reported improvements in WMC and fewer intrusions on the second IPT post-training, with no differences between groups. Similarly, no group differences on intrusions were found at one-week follow-up (i.e., intrusion diary and IES-R). To conclude, these data are not consistent with the hypothesis that WMC plays a role in intrusive re-experiencing. Implications for future research are discussed. / La re-experiencia intrusiva es un síntoma distintivo del trastorno por estrés postraumático (TEPT). De acuerdo con los prominentes modelos de fenómenos intrusivos, las memorias intrusivas pueden resultar en deterioros en la eficiencia de la capacidad de memoria de trabajo (CMT), más específicamente del control proactivo de interferencias. Sin embargo, la investigación experimental a este respecto es escasa. Por lo tanto, el presente estudio tuvo como objetivo investigar experimentalmente el papel del control proactivo de interferencias en las memorias intrusivas. Asignamos aleatoriamente 57 participantes sanos a recibir, ya sea, un entrenamiento de control de alta interferencia o un entrenamiento de control de baja interferencia. Luego, los participantes fueron expuestos a videoclips de películas altamente angustiantes. La CMT fue evaluada antes y después del entrenamiento. Los síntomas de intrusión se evaluaron directamente después del entrenamiento y después de una semana utilizando una Tarea de Provocación de Intrusión (IPT), registro diario de intrusiones (por una semana), y la subescala de intrusión retrospectiva de la Escala del Impacto del Evento - Revisada (IES-R). Los resultados indicaron que ambos grupos experimentaron mejoras en la CMT y reducción de intrusiones en la segunda IPT posterior al entrenamiento, sin diferencias entre los grupos. De manera similar, no se encontraron diferencias de grupo en las intrusiones en el seguimiento de una semana (es decir, en el diario de intrusiones y la IES-R). Para concluir, estos datos no son consistentes con la hipótesis de que la CMT desempeña un papel en la re-experiencia intrusiva. Se discuten las implicaciones para futuras investigaciones. / 闯入性再体验是创伤后应激障碍（PTSD）的标志性症状。根据闯入现象的经典模型，闯入性记忆可能是由工作记忆容量（WMC）效率的损害引起的，更具体地说是主动干扰控制。然而，这方面实验研究很少。因此，本研究通过实验研究主动干扰控制在闯入性记忆中的作用。我们随机分配了57名健康被试，以接受高干扰控制训练或低干扰控制训练。然后被试接触到令人非常痛苦的电影片段。在训练前后对WMC进行了评估。在训练后和一周后随访使用闯入激发任务（IPT），一周闯入症状日记以及事件影响量表修订版（IES－R）的回顾性闯入子量表直接评估闯入症状。结果表明，两组均报告WMC改善，第二次IPT训练后闯入较少，两组间无差异。同样，在一周的随访中没有发现闯入的群体差异（即闯入日记和IES-R）。总之，这些数据与WMC在闯入性再体验中发挥作用的假设不一致。文中讨论了对未来研究的启示