Medium-run macrodynamics and the consensus view of stabilization policy

Policy implications of the present consensus view of stabilization policy depend on specific assumptions with regard to the equilibrium level of production. Thereby, the interpretation of equilibrium output rests on a separation of supply-side and demandside adjustment to macroeconomic shocks promoting a dichotomy of short-term and long-term macrodynamics. In contrast to this, there are several channels that promote procyclical stimulus of aggregate demand and a changing factor utilization to the accumulation and efficiency of an economy’s productive capacity. Medium-run macrodynamics call for a rather endogenous explanation of production capacity and challenge the uniqueness of long-term equilibria.Monetary policy, medium-run macrodynamics, long-term nonneutrality, capacity utilization.

Interest Rate Policy and Supply-side Adjustment Dynamics

In contrast to the present consensus view of stabilization policy, theoretical and empirical research strongly support the consideration of supply-side adjustment to pronounced variations of factor-utilization in order to trace a more realistic pattern of macroeconomic adjustment dynamics within simulation studies. Against this background, our paper seeks to illuminate the relevance of endogenous supply-side adjustment for monetary policy research. We modify a basic New Keynesian model by explicitly considering demand-side stimulus on the evolution of productive capacity and analyze stability, impulse response, and welfare issues if the central bank follows a simple monetary policy rule. Thereby, we control for the robustness of our policy implications by various states of output gap mismeasurement the central bank might be confronted with. We find that, in contrast to a basic New Keynesian Model, output gap stabilization plays a more prominent role when potential output is endogenous.monetary policy, factor-utilization, endogenous potential output, output gap mismeasurement

The Camp View of Inflation Forecasts

Analyzing sample moments of survey forecasts, we derive disagreement and un- certainty measures for the short- and medium term inflation outlook. The latter provide insights into the development of inflation forecast uncertainty in the context of a changing macroeconomic environment since the beginning of 2008. Motivated by the debate on the role of monetary aggregates and cyclical variables describing a Phillips-curve logic, we develop a macroeconomic indicator spread which is assumed to drive forecasters’ judgments. Empirical evidence suggests procyclical dynamics between disagreement among forecasters, individual forecast uncertainty and the macro-spread. We call this approach the camp view of inflation forecasts and show that camps form up whenever the spread widens.monetary policy, survey forecasts, inflation uncertainty, heterogenous beliefs and expectations, monetary aggregates

Medium-run macrodynamics and the consensus view of stabilization policy

Policy implications of the present consensus view of stabilization policy depend on specific assumptions with regard to the equilibrium level of production. Thereby, the interpretation of equilibrium output rests on a separation of supply-side and demandside adjustment to macroeconomic shocks promoting a dichotomy of short-term and long-term macrodynamics. In contrast to this, there are several channels that promote procyclical stimulus of aggregate demand and a changing factor utilization to the accumulation and efficiency of an economy?s productive capacity. Medium-run macrodynamics call for a rather endogenous explanation of production capacity and challenge the uniqueness of long-term equilibria

Receptor tyrosine phosphatases regulate axon guidance across the midline of the Drosophila embryo

Neural receptor-linked protein tyrosine phosphatases (RPTPs) are required for guidance of motoneuron and photoreceptor growth cones in Drosophila. These phosphatases have not been implicated in growth cone responses to specific guidance cues, however, so it is unknown which aspects of axonal pathfinding are controlled by their activities. Three RPTPs, known as DLAR, DPTP69D, and DPTP99A, have been genetically characterized thus far. Here we report the isolation of mutations in the fourth neural RPTP, DPTP10D. The analysis of double mutant phenotypes shows that DPTP10D and DPTP69D are necessary for repulsion of growth cones from the midline of the embryonic central nervous system. Repulsion is thought to be triggered by binding of the secreted protein Slit, which is expressed by midline glia, to Roundabout (Robo) receptors on growth cones. Robo repulsion is downregulated by the Commissureless (Comm) protein, allowing axons to cross the midline. Here we show that the Rptp mutations genetically interact with robo, slit and comm. The nature of these interactions suggests that DPTP10D and DPTP69D are positive regulators of Slit/Roundabout repulsive signaling. We also show that elimination of all four neural RPTPs converts most noncrossing longitudinal pathways into commissures that cross the midline, indicating that tyrosine phosphorylation controls the manner in which growth cones respond to midline signals

Interest rate policy and supply-side adjustment dynamics

In contrast to the present consensus view of stabilization policy, theoretical and empirical research strongly support the consideration of supply-side adjustment to pronounced variations of factor-utilization in order to trace a more realistic pattern of macroeconomic adjustment dynamics within simulation studies. Against this background, our paper seeks to illuminate the relevance of endogenous supply-side adjustment for monetary policy research. We modify a basic New Keynesian model by explicitly considering demand-side stimulus on the evolution of productive capacity and analyze stability, impulse response, and welfare issues if the central bank follows a simple monetary policy rule. Thereby, we control for the robustness of our policy implications by various states of output gap mismeasurement the central bank might be confronted with. We find that, in contrast to a basic New Keynesian Model, output gap stabilization plays a more prominent role when potential output is endogenous

Capital income shares and income inequality in the European Union

In this paper, we measure the effect of changing capital income shares upon inequality of gross household income. Using EU-SILC data covering 17 EU countries from 2005 to 2011 we find that capital income shares are positively associated with the concentration of gross household income. Moreover, we show that the transmission of a shift in capital income shares into the personal distribution of income depends on the concentration of capital income in an economy. Using fixed effect models we find that changing capital income shares play an important role in the development of household income inequality. Hence, in many industrialized countries income inequality has by no means evolved independently from the observed structural shift in factor income towards a higher capital income share over the last decades

Stabilization and current-induced motion of antiskyrmion in the presence of anisotropic Dzyaloshinskii-Moriya interaction

Topological defects in magnetism have attracted great attention due to fundamental research interests and potential novel spintronics applications. Rich examples of topological defects can be found in nanoscale non-uniform spin textures, such as monopoles, domain walls, vortices, and skyrmions. Recently, skyrmions stabilized by the Dzyaloshinskii-Moriya interaction have been studied extensively. However, the stabilization of antiskyrmions is less straightforward. Here, using numerical simulations we demonstrate that antiskyrmions can be a stable spin configuration in the presence of anisotropic Dzyaloshinskii-Moriya interaction. We find current-driven antiskyrmion motion that has a transverse component, namely antiskyrmion Hall effect. The antiskyrmion gyroconstant is opposite to that for skyrmion, which allows the current-driven propagation of coupled skyrmion-antiskyrmion pairs without apparent skyrmion Hall effect. The antiskyrmion Hall angle strongly depends on the current direction, and a zero antiskyrmion Hall angle can be achieved at a critic current direction. These results open up possibilities to tailor the spin topology in nanoscale magnetism, which may be useful in the emerging field of skyrmionics.Comment: 31 pages, 6 figures, to appear in Physical Review

The camp view of inflation forecasts

Analyzing sample moments of survey forecasts, we derive disagreement and un- certainty measures for the short- and medium term inflation outlook. The latter provide insights into the development of inflation forecast uncertainty in the context of a changing macroeconomic environment since the beginning of 2008. Motivated by the debate on the role of monetary aggregates and cyclical variables describing a Phillips-curve logic, we develop a macroeconomic indicator spread which is assumed to drive forecasters? judgments. Empirical evidence suggests procyclical dynamics between disagreement among forecasters, individual forecast uncertainty and the macro-spread. We call this approach the camp view of inflation forecasts and show that camps form up whenever the spread widens

SCNet: Learning Semantic Correspondence

This paper addresses the problem of establishing semantic correspondences between images depicting different instances of the same object or scene category. Previous approaches focus on either combining a spatial regularizer with hand-crafted features, or learning a correspondence model for appearance only. We propose instead a convolutional neural network architecture, called SCNet, for learning a geometrically plausible model for semantic correspondence. SCNet uses region proposals as matching primitives, and explicitly incorporates geometric consistency in its loss function. It is trained on image pairs obtained from the PASCAL VOC 2007 keypoint dataset, and a comparative evaluation on several standard benchmarks demonstrates that the proposed approach substantially outperforms both recent deep learning architectures and previous methods based on hand-crafted features.Comment: ICCV 201