Do Flexible Durable Goods Prices Undermine Sticky Price Models?

The “neoclassical synthesis” sticky price model exhibits strange behavior when augmented with markets for durable goods with flexible prices. While in the data the output of durable goods responds strongly and positively to a loosening of monetary policy, in dynamic general equilibrium models a monetary expansion causes the output of flexibly priced durables to contract. In an instructive special case in which the only sticky prices are those of nondurables, the negative co-movement of durable and nondurable output exactly offsets and the behavior of aggregate output in the model is very similar to that of a model with fully flexible prices. This neutrality result is special, but the perverse response of durables to monetary policy is highly robust. The reason for the co-movement problem is the combination of a naturally high intertemporal elasticity of substitution for the purchases of durables and temporarily high factor prices associated with an economic expansion.sticky-prices durables comovement neutrality

Sticky Price Models and Durable Goods

This paper shows that there are striking implications that stem from including durable goods in otherwise conventional sticky price models. The behavior of these models depends heavily on whether durable goods are present and whether these goods have sticky prices. If long-lived durables have sticky prices, then even small durables sectors can cause the model to behave as though most prices were sticky. Conversely, if durable goods prices are flexible then the model exhibits unwelcome behavior. Flexibly priced durables contract during periods of economic expansion. The tendency towards negative comovement is very robust and can be so strong as to dominate the aggregate behavior of the model. In an instructive limiting case, money has no effects on aggregate output even though most prices in the model are sticky.Sticky prices, Durables, Comovement, Neutrality

Bayesian nonparametric models for peak identification in MALDI-TOF mass spectroscopy

We present a novel nonparametric Bayesian approach based on L\'{e}vy Adaptive Regression Kernels (LARK) to model spectral data arising from MALDI-TOF (Matrix Assisted Laser Desorption Ionization Time-of-Flight) mass spectrometry. This model-based approach provides identification and quantification of proteins through model parameters that are directly interpretable as the number of proteins, mass and abundance of proteins and peak resolution, while having the ability to adapt to unknown smoothness as in wavelet based methods. Informative prior distributions on resolution are key to distinguishing true peaks from background noise and resolving broad peaks into individual peaks for multiple protein species. Posterior distributions are obtained using a reversible jump Markov chain Monte Carlo algorithm and provide inference about the number of peaks (proteins), their masses and abundance. We show through simulation studies that the procedure has desirable true-positive and false-discovery rates. Finally, we illustrate the method on five example spectra: a blank spectrum, a spectrum with only the matrix of a low-molecular-weight substance used to embed target proteins, a spectrum with known proteins, and a single spectrum and average of ten spectra from an individual lung cancer patient.Comment: Published in at http://dx.doi.org/10.1214/10-AOAS450 the Annals of Applied Statistics (http://www.imstat.org/aoas/) by the Institute of Mathematical Statistics (http://www.imstat.org

Do Flexible Durable Goods Prices Undermine Sticky Price Models?

Multi-sector sticky price models have surprising implications when durable goods have flexible prices. While in actual data the production of virtually all durables exhibits strong negative responses to monetary contractions, in dynamic general equilibrium models a monetary contraction causes the output of flexibly priced durables to expand. Indeed, in the polar case in which only nondurables have sticky prices, the negative comovement of durable and nondurable production exactly offsets and the behavior of aggregate output mimics that of a model with fully flexible prices. While this neutrality' result is special, the comovement problem' -- the perverse response of flexibly priced durables to monetary policy shocks -- is highly robust. When some durables prices are flexible and others sticky, the comovement problem still applies strongly to the subset of durables with flexible prices. We argue that new housing construction might be best characterized as a flexible price industry for which the comovement problem is relevant. The underlying reason for the comovement problem is the combination of a naturally high intertemporal elasticity of substitution for the purchases of durables and temporarily low marginal costs associated with economic contractions.

EVALUATING FACTORS INFLUENCING GROCERY STORE CHOICE

This paper analyzes consumer preferences toward grocery store choices given a set of attributes of stores. This information will then be used to make inferences on how the opening of a Wal-Mart supercenter would affect the other grocery stores in a small city.Consumer/Household Economics, Institutional and Behavioral Economics,

A Procedural Interface Wrapper for Houdini Engine in Autodesk Maya

Game development studios are facing an ever-growing pressure to deliver quality content in greater quantities, making the automation of as many tasks as possible an important aspect of modern video game development. This has led to the growing popularity of integrating procedural workflows such as those offered by SideFX Software’s Houdini FX into the already established de-velopment pipelines. However, the current limitations of the Houdini Engine plugin for Autodesk Maya often require developers to take extra steps when creating tools to speed up development using Houdini. This hinders the workflow for developers, who have to design their Houdini Digi-tal Asset (HDA) tools around the limitations of the Houdini Engine plugin. Furthermore, because of the implementation of the HDA’s parameter display in Maya’s Attribute Editor when using the Houdini Engine Plugin, artists can easily be overloaded with too much information which can in turn hinder the workflow of any artists who are using the HDA. The limitations of an HDA used in the Houdini Engine Plugin in Maya as a tool that is intended to improve workflow can actually frustrate and confuse the user, ultimately causing more harm than good. This led to the creation of a methodology for developers to create an automated interface wrapper for SideFX Software’s Houdini Engine plugin for Autodesk Maya that easily allows for the user interface designs that have been created natively in Houdini to be used in Maya. In this way, developers will be able to create interfaces with cognitive load and user experience in mind without having to adhere to the limitations of the Houdini Engine plugin or spend extra effort to create unique wrappers manually

Press Conference of Robert Hartmann, Counsellor to the President

Transcript of press conference with Robert Hartmann, Counselor to the President. Hartmann discussed President Gerald Ford\u27s appointment of Nelson Rockefeller as Vice President.https://ir.lawnet.fordham.edu/twentyfifth_amendment_watergate_era/1002/thumbnail.jp

Atomizing the Clean Water Act: Ignoring the Whole Statute and Asking the Wrong Questions

When attempting to resolve difficult issues of statutory construction involving complex statutes, courts sometimes focus on individual words and phrases without evaluating how they fit within the text and structure of the whole statute. We call this “atomization” of the statutory text. Judges have fallen into this trap in construing the Clean Water Act (CWA) and other lengthy, complex federal environmental statutes. That tendency contributes to ongoing confusion about the scope and coverage of the CWA. During the 2019-2020 Term, the U.S. Supreme Court will resolve a circuit split in the most recent line of cases exhibiting this tendency. Courts have struggled to ascertain the scope of CWA permitting jurisdiction when pollutants reach water bodies through an intermediary conduit such as groundwater. Some courts have “atomized” that analysis, leading to further analytical confusion. Evaluating this issue in light of the functions CWA permits serve in the whole statutory scheme leads to more logical results. The “conduit” cases thus serve as a good example of the perils of atomization, and how it can be avoided through a whole text analysis. That method, in turn, can allow courts to avoid altogether separate debates about the relevance of legislative history and other non-textual indicia of congressional purpose in statutory construction

Fish Farm Challenge Provides STEM Design Experiences for Youth

In 2014, Monsanto Corporation partnered with National 4-H Council to help inspire and develop professional skills among young agriculturalists. The Ohio State University created Fish Farm Challenge, which engaged more than 8,000 youth across eight states. Youth were taught about worldwide food insecurity and the importance of aquaculture. They were then asked to create a prototype of a fish food distribution system using standard materials within a small-group teamwork setting and guidance provided by trained teen leaders. Survey results indicate that one-third of the youth were more interested in science and agriculture after participating in the 90-minute activity