The Output Cost of Disinflation in Traditional and Vector Autoregressive Models

macroeconomics, vector autoregressive model, disinflation

Hidden Stimuli to Capital Formation: Debt and the Incomplete Adjustment of Financial Returns

There is a common belief that the disappointing economic performance in the 1970s can be attributed in good part to the interaction of tax rules, inflation, and capital formation. In this paper, we reassess the relationships between inflation, the tax code, and investment incentives because previous results are based on a number of tenuous assumptions whose impact has not been fully appreciated. We also question the appropriateness of the conventional user cost formulation, and derive an alternative measure taking explicit account of the role of debt -- acquisition,retirement, and net-of-tax interest payments -- and the equity holders' ownership of the firm. Our numerical results show that previously reported disincentives for acquiring capital goods in generaland against longer-lived capital in particular are attenuated, and in a number of cases reversed, under various sets of assumptions. Differences in results stemming from the conventional and modified user costs are highlighted, and are illustrated by a comparison of the U.S. Treasury's tax reform proposals under the two formulations.

CENTRALIZATION VERSUS DECENTRALIZATION OF DECISION MAKING AUTHORITY: EFFECTS ON INFORMATION ACQUISITION AND ECONOMIC EFFICIENCY

Agribusiness,

Initial Findings on Visual Acuity Thresholds in an African Elephant (\u3cem\u3eLoxodonta africana\u3c/em\u3e)

There are only a few published examinations of elephant visual acuity. All involved Asian elephants (Elephas maximus) and found visual acuity to be between 8′ and 11′ of arc for a stimulus near the tip of the trunk, equivalent to a 0.50 cm gap, at a distance of about 2 m from the eyes. We predicted that African elephants (Loxodonta africana) would have similarly high visual acuity, necessary to facilitate eye-trunk coordination for feeding, drinking and social interactions. When tested on a discrimination task using Landolt-C stimuli, one African elephant cow demonstrated a visual acuity of 48′ of arc. This represents the ability to discriminate a gap as small as 2.75 cm in a stimulus 196 cm from the eye. This single-subject study provides a preliminary estimate of the visual acuity of African elephants

Two-dimensional block processors - structures and implementations

Includes bibliographical references.Two-dimensional (2-D) block processing technique for linear filtering of digital images is introduced. New 2-D block structures are derived for 2-D recursive digital filters realized by difference equations and state-space formulations. Several special cases have also been considered and the relevant 2-D block structures are given. The computational costs of different implementation techniques employing high-speed convolution algorithms such as fast Fourier transform, number theoretic transform and polynomial transform have been studied. A comparison among the relative efficiencies of these implementation schemes is made and a suitable method is then proposed using short convolution algorithm which results in a minimized computational time

Two-dimensional block transforms and their properties

Includes bibliographical references.For two-dimensional (2-D) digital filters implemented by a block recursive equation, explicit relations between their frequency characteristics and those of scalar filter are obtained. Specifically, these include the relation between the discrete-time Fourier transform (DTFT) of the block recursive equation and that of the scalar 2-D difference equation, and the relation between the block matrix transfer function of the block processor and the scalar transfer function. These relations that are independent of the type of realization of the block processor have been obtained using the eigenvalue properties of a special type of circulant matrix introduced in this correspondence

Epsilon Indi Ba, Bb: a spectroscopic study of the nearest known brown dwarfs

The discovery of Epsilon Indi Ba and Bb, a nearby binary brown dwarf system with a main-sequence companion, allows a concerted campaign to characterise the physical parameters of two T dwarfs providing benchmarks against which atmospheric and evolutionary models can be tested. Some recent observations suggest the models at low mass and intermediate age may not reflect reality with, however, few conclusive tests. We are carrying out a comprehensive characterisation of these, the nearest known brown dwarfs, to allow constraints to be placed upon models of cool field dwarfs. We present broadband photometry from the V- to M-band and the individual spectrum of both components from 0.6-5.1 microns at a resolution of up to R=5000. A custom analytic profile fitting routine was implemented to extract the blended spectra and photometry of both components separated by 0.7 arcsec. We confirm the spectral types to be T1 and T6, and notably, we do not detect lithium at 6708A in the more massive object which may be indicative both of the age of the system and the mass of the components.Comment: 4 pages, 2 figures, to appear in proceedings of Cool Stars 1