Real Business Cycles and the Lucas Paradigm

When the Lucas paradigm is generalized to include real effects, the effects of real factors and monetary factors on the business cycle are always interrelated. Furthermore, in such models monetary factors can affect the long-run behavior or real output, contrary to the commonly held view that they can't. Real business cycle models and Lucas-type models are different paradigms not in the sense of real versus monetary, but in the interrelation- ships between real and monetary factors intrinsic to the Lucas paradigm as contrasted to the dichotomy between real and monetary factors implied by the real business cycle literature.

Demand Variability, Supply Shocks and the Output-Inflation Tradeoff

This paper examines the shift in the relation between the inflation rate and the rate of growth of real output which has occurred in the United States over the past three decades, and attempts to assess the relative importance of three possible lines of explanation: a) the new classical view of the output-inflation tradeoff, initially specified by Lucas;b) the effect of supply-side shocks, such as energy prices; c) the effect of inflation variability on the natural rate of real output, as hypothesized by Milton Friedman. The paper concludes that b) and c) seem to have played a significant role in the observed shift from a positive to a negative correlation between the rate of inflation and the rate of real output growth,but that a) did not.

X-exome sequencing of 405 unresolved families identifies seven novel intellectual disability genes

X-linked intellectual disability (XLID) is a clinically and genetically heterogeneous disorder. During the past two decades in excess of 100 X-chromosome ID genes have been identified. Yet, a large number of families mapping to the X-chromosome remained unresolved suggesting that more XLID genes or loci are yet to be identified. Here, we have investigated 405 unresolved families with XLID. We employed massively parallel sequencing of all X-chromosome exons in the index males. The majority of these males were previously tested negative for copy number variations and for mutations in a subset of known XLID genes by Sanger sequencing. In total, 745 X-chromosomal genes were screened. After stringent filtering, a total of 1297 non-recurrent exonic variants remained for prioritization. Co-segregation analysis of potential clinically relevant changes revealed that 80 families (20%) carried pathogenic variants in established XLID genes. In 19 families, we detected likely causative protein truncating and missense variants in 7 novel and validated XLID genes (CLCN4, CNKSR2, FRMPD4, KLHL15, LAS1L, RLIM and USP27X) and potentially deleterious variants in 2 novel candidate XLID genes (CDK16 and TAF1). We show that the CLCN4 and CNKSR2 variants impair protein functions as indicated by electrophysiological studies and altered differentiation of cultured primary neurons from Clcn4−/− mice or after mRNA knock-down. The newly identified and candidate XLID proteins belong to pathways and networks with established roles in cognitive function and intellectual disability in particular. We suggest that systematic sequencing of all X-chromosomal genes in a cohort of patients with genetic evidence for X-chromosome locus involvement may resolve up to 58% of Fragile X-negative cases

Macroeconomics: theories and policies

xxiv+661hlm.;24c

Macroeconomics, theories & policies

Richard T. Froyen.xix, 570 p. : col. ill. ; 25 cm

Macroeconomics: Theories and policies/ Froyen

xxiii, 651 hal.; 24 cm

ALTERNATIVE MONETARY POLICY RULES FOR SMALL OPEN ECONOMIES

In this paper we examine the relative merits of simple monetary policy rules in the context of a small open economy. Rules considered are ones that target: the exchange rate, price level, nominal income or a monetary aggregate. The standard framework that has been employed for previous comparisons of these rules fails to take account of important features of small open economies. In particular, the standard framework fails to consider the effects on aggregate supply of exchange rate adjustments that result from adherence to policy rules. Incorporating such effects is shown to weaken the case for targeting nominal income and, more Recognition of possible time inconsistency problems when monetary policy is conducted in a discretionary setting has led to increased interest in simple policy rules. Suggested simple rules include ones to target: the exchange rate, the price level (or inflation rate), nominal income or a monetary aggregate. A rule to targe