Using a DSGE model to look at the recent boom-bust cycle in the US

This paper presents a DSGE model with residential investment and credit-constrained households estimated with US data over the period 1980Q1-2008Q4. In order to better understand speculative movements of house prices, we model land as an exhaustible resource, implying that house prices have asset market characteristics.We conduct an event study for the US over the period 1999Q1-2008Q4 which has been characterised by a housing boom and bust and examine which shocks have contributed to the evolution of GDP and its components over this period. We devote special attention to the contribution of non-fundamental shocks to asset prices over this episode.Using a DSGE model to look at the recent boom-bu,DSGE model,Housing,Credit constraint,collateral,Bubbles,Shocks,Ratto,Roeger,in 't Veld,European Economy. Economic Papers

QUEST III: an estimated DSGE model of the euro area with fiscal and monetary policy

This paper develops a DSGE model for an open economy and estimates it on euro area data using Bayesian estimation techniques. The model features nominal and real frictions, as well as financial frictions in the form of liquidity constrained households. The model incorporates active monetary and fiscal policy rules (for government consumption, investment, transfers and wage taxes) and can be used to analyse the effectiveness of stabilisation policies. To capture the unit root character of macroeconomic time-series we allow for stochastic trend in TFP, but instead of filtering data prior to estimation, we estimate the model in growth rates and stationary nominal ratios.QUEST, QUEST model, DGSE, DSGE modelling, fiscal policy, stabilisation policies, euro area, Ratto , Roeger , Jan in 't Veld

An Estimated Open-economy Model for the EURO Area

This paper presents an open economy DSGE model, which is estimated on a euro area data set using Bayesian techniques. An attempt is made to impose stochastic assumptions which are consistent with observed trends. In particular we allow for a unit root in technology which allows us to work with actual growth rates. In addition we respect the long run equilibrium constraints implied by the model. The model is compared to a VECM in order to detect weaknesses in the specification. A full Bayesian IRF analysis is performed with a detailed sensitivity analysis of the IRF shape versus model coefficients.JRC.G.9-Econometrics and statistical support to antifrau

Evaluation of Polymer-Filler Interaction Characteristics by Force Microscopy

Silicone polymers are frequently used as cushions and inserts between load bearing parts. In this capacity, they must act to position their associated parts and distribute mechanical force as appropriate. One type of failure is specific to silicones that are filled with high surface area particulates for purposes of tailoring the polymer compressive properties. Additives such as fumed silicon oxide are presumed to have a high degree of surface interaction with the polymer matrix, thus causing the polymer to stiffen and to display greater dimensional stability as a function of temperature. However, it has been observed that the compressive behavior of these materials is not always invariant over long times. There is evidence that suggests changes in humidity and temperature can irreversibly alter the silicone-filler interaction, thereby changing the overall characteristics of parts made from such materials. As before, changes in compressive or shear stability can have serious effects on the ability of these materials to effectively position precision parts or distribute high mechanical loads. We approach the analysis of the filled systems by creating controlled layers of silicone polymers attached to silicon oxide substrates. Straight chain vinyl-silicone polymers identical to those used in the formulation of pads for stockpile systems are chemically appended to a substrate surface, and cross-linked to form a three dimensional network. This type of structure serves as a model of silicone polymer coating a silicon oxide filler particle. We study these model systems first by using Atomic Force Microscopy (AFM) to image the samples with nanometer resolution, and then by measuring the forces of interactions between single model silica filler particles and polymer-coated surfaces. We use normal longitudinal force AFM to measure adhesion, and a relatively newly developed technique, lateral force AFM, to determine the frictional forces between the silica particles and the polymer films. Lateral force AFM is a sophisticated technique that involves observing the torsional deflections of a cantilever that is scanned across a surface perpendicular to the normal mode deflection. For a carefully calibrated system, this gives information on the dynamic frictional component of the particle/polymer interaction. Both force-measuring techniques utilize colloidal silicon oxide probes ranging from 0.6 {micro}m to 2.0 {micro}m in diameter. These probes replace the standard sharp AFM tip on the cantilever with a spherical bead (Figure 1) and are used to examine interactions between the bead material and the sample surface

Middle Holocene Landscape evolution and settlements in the north-western coast of Sardinia: preliminary study of the Sant’Imbenia site

-

Relationship between prehistoric settlements and landscape evolution in the central western coast of Sardinia (Gulf of Oristano)

-

River history and settlement pattern in eastern Sardinia: integrative geoarchaeology in the Rio Posada basin

-

A Compact, Low-Power Cantilever-Based Sensor Array for Chemical Detection

A compact and low-power cantilever-based sensor array has been developed and used to detect various vapor analytes. This device employs sorptive polymers that are deposited onto piezoresistive cantilevers. We have successfully detected several organic vapors, representing a breadth of chemical properties and over a range of concentrations. Comparisons of the polymer/vapor partition coefficient to the cantilever deflection responses show that a simple linear relationship does not exist, emphasizing the need to develop an appropriate functional model to describe the chemical-to-mechanical transduction that is unique to this sensing modality