A note on continuous time models with general cash-in-advance constraints

This note completely characterizes continuous time models with general cash-in-advance constraints in that money is demanded for purchasing not only consumption goods but also for making all or some investments. Examining the three-dimensional dynamics of an exogenous growth model with general cash-in-advance constraints is unique. Comparative static analysis shows that increased inflation or a strengthened cash-in-advance constraint lowers the level of the capital stock in the long run. We also show that the steady state is locally stable.endogenous time preference, superneutrality, transition path, cash-in-advance, complementarity

Backward Scheduling to Minimize the Actual Mean Flow Time with Dependent and Independent Setup Times

The present paper deals with a new perfomance measure, the actual mean flow time, defined as a mean of the elapsed time of each job counted from the start time on a schedule to the corresponding due date. For the one machine backward scheduling model with a common due date and independent setup times, LPT schedule is shown as the optimal solution for the proposed measure. An optimal algorithm is presented for the case with dependent setup times on the basis of the algorithm by Arcelus and Chandra for a n / 1 / F forward scheduling problem. The proposed algorithm is coded in C-language and a computational experience is reported through a 16-bit computer

A novel magnetic resonance imaging postprocessing technique for the assessment of intervertebral disc degeneration-Correlation with histological grading in a rabbit disc degeneration model.

Introduction:Estimation of intervertebral disc degeneration on magnetic resonance imaging (MRI) is challenging. Qualitative schemes used in clinical practice correlate poorly with pain and quantitative techniques have not entered widespread clinical use. Methods:As part of a prior study, 25 New Zealand white rabbits underwent annular puncture to induce disc degeneration in 50 noncontiguous lumbar discs. At 16 weeks, the animals underwent multi-echo T2 MRI scanning and were euthanized. The discs were stained and examined histologically. Quantitative T2 relaxation maps were prepared using the nonlinear least squares method. Decay Variance maps were created using a novel technique of aggregating the deviation in the intensity of each echo signal from the expected intensity based on the previous rate of decay. Results:Decay Variance maps showed a clear and well demarcated nucleus pulposus with a consistent rate of decay (low Decay Variance) in healthy discs that showed progressively more variable decay (higher Decay Variance) with increasing degeneration. Decay Variance maps required significantly less time to generate (1.0 ± 0.0 second) compared with traditional T2 relaxometry maps (5 (±0.9) to 1788.9 (±116) seconds). Histology scores correlated strongly with Decay Variance scores (r = 0.82, P < .01) and weakly with T2 signal intensity (r = 0.32, P < .01) and quantitative T2 relaxometry (r = 0.39, P < .01). Decay Variance had superior sensitivity and specificity for the detection of degenerate discs when compared to T2 signal intensity or Quantitative T2 mapping. Conclusion:Our results show that using a multi-echo T2 MRI sequence, Decay Variance can quantitatively assess disc degeneration more accurately and with less image-processing time than quantitative T2 relaxometry in a rabbit disc puncture model. The technique is a viable candidate for quantitative assessment of disc degeneration on MRI scans. Further validation on human subjects is needed

Inflation, Endogenous Growth, Transaction Costs, and Varying Discount Rates

This study explores the relation between inflation and economic growth using the transaction costs model with a socially determined discount rate and a linear production technology. Even when the labor decision is inelastic, this study demonstrates that inflation affects the endogenous growth with nonconstant time preferences. In particular, if the degree of impatience increases in the economy-wide average ratio of total assets (the sum of capital and money) to consumption, then zero rate of money supply could achieve maximized endogenous growth; the relationship between inflation and economic growth is hump-shaped. The numerical examples confirm such a hump-shaped relationship, but the impact of inflation on economic growth is quantitatively small

The Effect of the Temporal Resolution of Uncertainty on Asset Pricing : A Survey and an Empirical Study of Japan’s Corporate Bond Markets

Our paper gives an overview of studies on the effect of the temporal resolution of uncertainty (TRU) on asset pricing. It also conducts an empirical analysis using recent data on corporate bonds issued in Japan as well as from the International Brokers Estimate System (IBES) database for earnings forecasts from which we construct proxies for TRU. Our analysis does not support the hypothesis that firms with a more delayed resolution of uncertainty offer larger yields

lnflation, growth, and impatience in a cash-in-advance economy

This note considers a cash-in-advance(CIA)economy in which the CIA constraint is applied not only to consumption but also to all or a part of investment and the discounting rate is a function of consumption. It investigates the e ect of monetary growth on capital, money, consumption, and welfare. It demonstrates that as long as the condition assuring the uniqueness of steady state holds, the effect on the above variables is all-negative, although a positive slope of the discounting function mitigates the negative e ect. This result can establish a qualitative equivalence among the money-in-the-utility model, the transaction-costs model, and the CIA model

Recursive Utility and the Superneutrality of Money on the Transition Path

this paper investigates whether a change in the growth rate of the money supply enhances the rate of capital accumulation in a cash-in-advance monetary model with recursive utility. Although money is superneutral in the steady state, the effect of the growth rate of money on the speed of capital accumulation depends not only on the curvature of the felicity but also on the slope and curvature of the discount rate function. We find that when the discount rate decreases with consumption and the elasticity of marginal utility is greater than unity, inflation worsens capital accumulation on the transition path