Comment: On Random Scan Gibbs Samplers

Comment on ``On Random Scan Gibbs Samplers'' [arXiv:0808.3852]Comment: Published in at http://dx.doi.org/10.1214/08-STS252B the Statistical Science (http://www.imstat.org/sts/) by the Institute of Mathematical Statistics (http://www.imstat.org

Looks Can Be Deceiving—A Comparison of Initial Public Offering Procedures Under Japanese and U.S. Securities Laws

In order to examine the divergent administration of statutes that are by their terms similar, the initial public offering procedures that a non-sovereign domestic issuer follows in the US and Japan are described

Linear-Quadratic Approximation, Efficiency and Target-Implementability

We examine linear-quadratic (LQ) approximation of stochastic dynamic optimization problems in macroeconomics (and elsewhere), in particular in policy analysis using Dynamic Stochastic General Equilibrium (DSGE) models. We first define the problem that is solved by a social planner, given that the objective of the latter is to maximize average welfare; this yields the efficient solution. We then comment on the LQ approximation when a tax or subsidy can be imposed such that the zero-inflation competitive steady state output level is equal to the efficient level. We then examine the correct procedure for replacing a stochastic non-linear dynamic optimization problem with a linear-quadratic approximation. We show that a procedure proposed by Benigno and Woodford (2004) for large underlying distortions in the economy can be more easily implemented through a second-order approximation of the Hamiltonian used to compute the ex ante optimal policy with commitment (the Ramsey problem). We then define the notion of Target-Implementability, which is also a sufficient condition for a particular steady-state maximum of the Ramsey problem, and explain the usefulness of this in the context of stabilization policyLinear-quadratic approximation, dynamic stochastic general equilibrium models, utility-based loss function

Monetary Policy Coordination Revisited in a Two-Bloc DSGE Model

We reassess the gains from monetary policy coordination within the confines of the canonical NOEM in the light of three issues. First, the literature uses a number of cooperative and non-cooperative equilibrium concepts that do not always clearly distinguish commitment and discretionary outcomes, and in some cases adopts inappropriate concepts. Second, our analysis is welfare based. Moreover, as with much of this literature, we adopt a linear-quadratic approximation of the actual non-linear non-quadratic stochastic optimization problem facing the monetary policymakers. Our second objective then is to re-assess welfare gains using an accurate approximation for such a problem, a feature that for the most part is lacking in previous studies. Finally, we examine the issue where the monetary authority is restricted to rules that are operational in two senses: first, the zero lower bound constraint is imposed on the optimal rule and second, we study simple Taylor-type commitment rules that unlike fully optimal rules are easily monitored by the public.monetary rules, open economy, coordination games, commitment, discretion, zero bound constraint

An investigation on the resonance observed in a spirally shielded twinaxial differential pair

Spirally shielded twinaxial cable assemblies are extensively used in multi-gigabit-per-second digital telecommunications systems. Unlike ideally shielded Twinaxial cables, spirally shielded cables exhibit resonant behavior which limits system throughput. This body of work illustrates a predictive method for determining resonant behavior in twinaxial cables through physical measurement of commercially available cables and analogous transmission line fixtures, full-wave and quasi-static simulations, and equivalent circuit analysis. It will be shown that frequency dependent standing wave resonances in twinaxial cables are independent of cable length and dependent on cross-sectional feature sizes, dielectric properties, and spiral shield pitch