An optimal internet location strategy for markets with different tax rates

The traditional view that a high sales tax rate reduces trade by driving a wedge between the purchase and sale price may not apply to internet commerce for two reasons. The first reason is that the sales tax paid by buyers purchasing via the internet is determined by the tax rate in the region of the buyer. The second reason is that a high sales tax may lower the before-tax price if sellers absorb part of the tax. Taken together, this implies that internet distributors may profitably target customers in regions with low tax rates by locating their selling addresses in high tax regions. Consequently the optimal marketing strategy for a global internet distributor may include siting selling locations in regions with high tax rates in order to target customers in regions with low tax rates. An empirical analysis of the European car market suggests that this is more than a remote theoretical possibility by demonstrating that the before-tax prices recommended by manufacturers for new cars are lower in high tax countries

Higher-order perturbation solutions to dynamic, discrete-time rational expectations models

We present an algorithm and software routines for computing nth order Taylor series approximate solutions to dynamic, discrete-time rational expectations models around a nonstochastic steady state. The primary advantage of higher-order (as opposed to first- or second-order) approximations is that they are valid not just locally, but often globally (i.e., over nonlocal, possibly very large compact sets) in a rigorous sense that we specify. We apply our routines to compute first- through seventh-order approximate solutions to two standard macroeconomic models, a stochastic growth model and a life-cycle consumption model, and discuss the quality and global properties of these solutions.Macroeconomics - Econometric models ; Business cycles ; Monetary policy

Bulimia as a Masturbatory Equivalent

Introduction In the last few years much has been written about those who binge-eat and then purge. These people, most of whom are women, resort to extreme measures to avoid gaining weight while not foregoing the gratification of eating. Most recent papers on this disorder have focused upon description, classification, and the search for neurobiological causality . Little has been presented on the psychodynamics of bulimia that would help us understand the symbolic significance of this disorder. The following case presentation illustrates how bulimia may present as a neurotic symptom, and as such may be overdetermined, yet representative of a masturbatory equivalent

Suspending test masses in terrestrial millihertz gravitational-wave detectors: a case study with a magnetic assisted torsion pendulum

Current terrestrial gravitational-wave detectors operate at frequencies above 10 Hz. There is strong astrophysical motivation to construct low-frequency gravitational-wave detectors capable of observing 10 mHz - 10Hz signals. While space-based detectors provide one means of achieving this end, one may also consider terretrial detectors. However, there are numerous technological challenges. In particular, it is difficult to isolate test masses so that they are both seismically isolated and freely falling under the influence of gravity at millihertz frequencies. We investigate the challenges of low-frequency suspension in a hypothetical terrestrial detector. As a case study, we consider a Magnetically Assisted Gravitational-wave Pendulum Intorsion (MAGPI) suspension design. We construct a noise budget to estimate some of the required specifications. In doing so, we identify what are likely to be a number of generic limiting noise sources for terrestrial millihertz gravitational-wave suspension systems (as well as some peculiar to the MAGPI design). We highlight significant experimental challenges in order to argue that the development of millihertz suspensions will be a daunting task. Any system that relies on magnets faces even greater challenges. Entirely mechanical designs such as Zollner pendulums may provide the best path forward.Comment: 6 pages, 4 figure

Does inflation targeting anchor long-run inflation expectations? evidence from long-term bond yields in the U.S., U.K., and Sweden

We investigate the extent to which inflation targeting helps anchor long-run inflation expectations by comparing the behavior of daily bond yield data in the United Kingdom and Sweden--both inflation targeters--to that in the United States, a non-inflation-targeter. Using the difference between far-ahead forward rates on nominal and inflation-indexed bonds as a measure of compensation for expected inflation and inflation risk at long horizons, we examine how much, if at all, far-ahead forward inflation compensation moves in response to macroeconomic data releases and monetary policy announcements. In the U.S., we find that forward inflation compensation exhibits highly significant responses to economic news. In the U.K., we find a level of sensitivity similar to that in the U.S. prior to the Bank of England gaining independence in 1997, but a striking absence of such sensitivity since the central bank became independent. In Sweden, we find that forward inflation compensation has been insensitive to economic news over the whole period for which we have data. Our findings support the view that a well-known and credible inflation target helps to anchor the private sector's perceptions of the distribution of long-run inflation outcomes.Inflation (Finance) ; Prices ; Monetary policy

Evaluating the Neuropsychological Presentation of Traumatic Brain Injuries

This Neurobehavioral Capstone focused on traumatic brain injury (TBI), which is one of the leading causes of death and disability in the United States for children and young adults. TBI refers to a disruption of the brain’s normal functioning as a result of an acute external force. The most common causes for a TBI include falls, vehicular accidents, struck by or against an object, and assaults. The incidence for each cause of a TBI changes with respect to age. Severity of a TBI is determined using the Glasgow Coma Scale, which monitors the patient’s eye movements, verbal response and motor response. Neuropsychological testing assesses the patient’s physical, cognitive, and behavioral deficits. These deficits include, but are not limited to, memory, processing speed, speech, executive function, and decision making. Results of neuropsychological testing help set a course for treatment and monitors the patient’s recovery. This treatment course may include physical therapy, cognitive therapy, speech therapy, occupational therapy, and psychological counseling. Observations at Bancroft NeuroRehab included the observation of neuropsychological testing of patients with TBIs and how their deficits helped direct their individualized treatment. The neuropsychological testing results also helped localize the specific areas in the brain affect by the acute injury for each patient. These observations will be discussed in light of the Neurobehavioral research in the area of TBI

Inflation Targeting and the Anchoring of Inflation Expectations in The Western Hemisphere

We investigate the extent to which long-run inflation expectations are well anchored in three western hemisphere countries—Canada, Chile, and the United States—using a high-frequency event-study analysis. Specifically, we use daily data on far-ahead forward inflation compensation—the difference between forward rates on nominal and inflation-indexed bonds—as an indicator of financial market perceptions of inflation risk and the expected level of inflation at long horizons. For the United States, we find that far-ahead forward inflation compensation reacts significantly to macroeconomic data releases, suggesting that long-run inflation expectations are not completely anchored. In contrast, the Canadian inflation compensation data do not exhibit significant sensitivity to either Canadian or U.S. macroeconomic news, consistent with the view that inflation targeting in Canada has been successful in anchoring long-run inflation expectations. Finally, while the requisite data for Chile is only available for a limited sample period (2002-2005), our results are consistent with the hypothesis that inflation targeting in Chile has also succeeded in anchoring long-run inflation expectations.