Price Setting in the Euro Area: Some Stylized Facts from Individual Consumer Price Data.

This paper documents patterns of price setting at the retail level in the euro area. A set of stylized facts on the frequency and size of price changes is presented along with an econometric investigation of their main determinants. Price adjustment in the euro area can be summarized in six stylized facts. First, prices of most products change rarely. The average monthly frequency of price adjustment is 15 p.c., compared to about 25 p.c. in the US. Second, the frequency of price changes is characterized by substantial cross-product heterogeneity and pronounced sectoral patterns: prices of (oil-related) energy and unprocessed food products change very often, while price adjustments are less frequent for processed food products, non-energy industrial goods and services. Third, cross-country heterogeneity exists but is less pronounced. Fourth, price decreases are not uncommon. Fifth, price increases and decreases are sizeable compared to aggregate and sectoral inflation rates. Sixth, price changes are not highly synchronized across price-setters. Moreover, the frequency of price changes in the euro area is related to a number of factors, in particular seasonality, outlet type, indirect taxation, use of attractive prices as well as aggregate or product-specific inflation.Price-setting ; consumer price ; frequency of price change.

New facts on consumer price rigidity in the euro area

Usando microdatos del IPC para 11 países del área del euro, que representan el 60 % de la cesta europea de consumo durante el período 2010-2019, documentamos nuevos resultados sobre rigidez de precios en el área del euro: i) cada mes, en promedio, el 12,3 % de los precios sufren cambios, en comparación con un 19,3 % en Estados Unidos; cuando excluimos cambios debidos a descuentos, sin embargo, la proporción de precios que se ajustan cada mes cae al 8,5 % en el área del euro, y es del 10 % en Estados Unidos; ii) existen pocas diferencias en rigideces de precios entre los distintos países, y estas son mayores entre sectores; iii) la mediana de la distribución de incrementos (descensos) de precio es del 9,6 % (13 %) incluyendo descuentos y del 6,7 % (8,7 %) excluyéndolos; la heterogeneidad entre países es más pronunciada en el tamaño del cambio de precios que en la frecuencia del cambio; iv) la distribución de cambios de precio tiene una alta dispersión: el 14 % de los cambios de precio en valor absoluto son menores del 2 % y el 10 % exceden el 20 %; v) la frecuencia de cambios de precio apenas cambia con la inflación y responde muy poco a perturbaciones agregadas, y vi) cambios en la inflación vienen mayormente determinados por movimientos en el tamaño del cambio de precios; si descomponemos este efecto, los cambios en la proporción de incrementos de precio tienen mayor peso que los cambios en el tamaño de estos y que en el tamaño de las disminuciones de precio. Estos resultados son coherentes con las predicciones de un modelo de costes de menú en un contexto de baja inflación en el que las perturbaciones idiosincrásicas son más relevantes que las perturbaciones agregadas para explicar los ajustes de precios.Using CPI micro data for 11 euro area countries, covering 60% of the European consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) on average 12.3% of prices change each month, compared with 19.3% in the United States; however, when price changes due to sales are excluded, the proportion of prices adjusted each month is 8.5% in the euro area versus 10% in the United States; (ii) the differences in price rigidity are rather limited across euro area countries and are larger across sectors; (iii) the median price increase (decrease) is 9.6% (13%) when including sales and 6.7% (8.7%) when excluding sales; cross-country heterogeneity is more pronounced for the size of the price change than for the frequency; (iv) the distribution of price changes is highly dispersed: 14% of price changes are below 2% in absolute values, whereas 10% are above 20%; (v) the frequency of price changes barely changes with inflation and it responds very little to aggregate shocks; (vi) changes in inflation are mostly driven by movements in the overall size of the price change; when this effect is broken down, variations in the share of price increases have a greater weight than changes in the size of the price increase or in the size of the price decrease. These findings are consistent with the predictions of a menu cost model in a low-inflation environment in which idiosyncratic shocks are a more relevant driver of price adjustments than aggregate shocks

New facts on consumer price rigidity in the euro area

Summary of Banco de España Working Paper no. 222

The Near-Infrared Spectrograph (NIRSpec) on the James Webb Space Telescope: I. Overview of the instrument and its capabilities

We provide an overview of the design and capabilities of the near-infrared spectrograph (NIRSpec) onboard the James Webb Space Telescope. NIRSpec is designed to be capable of carrying out low-resolution ($R\!=30\!-330$) prism spectroscopy over the wavelength range $0.6-5.3\!~\mu$m and higher resolution ($R\!=500\!-1340$ or $R\!=1320\!-3600$) grating spectroscopy over $0.7-5.2\!~\mu$m, both in single-object mode employing any one of five fixed slits, or a 3.1$\times$3.2 arcsec$^2$ integral field unit, or in multiobject mode employing a novel programmable micro-shutter device covering a 3.6$\times$3.4~arcmin$^2$ field of view. The all-reflective optical chain of NIRSpec and the performance of its different components are described, and some of the trade-offs made in designing the instrument are touched upon. The faint-end spectrophotometric sensitivity expected of NIRSpec, as well as its dependency on the energetic particle environment that its two detector arrays are likely to be subjected to in orbit are also discussed

The Near-Infrared Spectrograph (NIRSpec) on the James Webb Space Telescope: I. Overview of the instrument and its capabilities

We provide an overview of the design and capabilities of the near-infrared spectrograph (NIRSpec) onboard the James Webb Space Telescope. NIRSpec is designed to be capable of carrying out low-resolution ($R\!=30\!-330$) prism spectroscopy over the wavelength range $0.6-5.3\!~\mu$m and higher resolution ($R\!=500\!-1340$ or $R\!=1320\!-3600$) grating spectroscopy over $0.7-5.2\!~\mu$m, both in single-object mode employing any one of five fixed slits, or a 3.1$\times$3.2 arcsec$^2$ integral field unit, or in multiobject mode employing a novel programmable micro-shutter device covering a 3.6$\times$3.4~arcmin$^2$ field of view. The all-reflective optical chain of NIRSpec and the performance of its different components are described, and some of the trade-offs made in designing the instrument are touched upon. The faint-end spectrophotometric sensitivity expected of NIRSpec, as well as its dependency on the energetic particle environment that its two detector arrays are likely to be subjected to in orbit are also discussed

The Science Performance of JWST as Characterized in Commissioning

This paper characterizes the actual science performance of the James Webb Space Telescope (JWST), as determined from the six month commissioning period. We summarize the performance of the spacecraft, telescope, science instruments, and ground system, with an emphasis on differences from pre-launch expectations. Commissioning has made clear that JWST is fully capable of achieving the discoveries for which it was built. Moreover, almost across the board, the science performance of JWST is better than expected; in most cases, JWST will go deeper faster than expected. The telescope and instrument suite have demonstrated the sensitivity, stability, image quality, and spectral range that are necessary to transform our understanding of the cosmos through observations spanning from near-earth asteroids to the most distant galaxies

The James Webb Space Telescope Mission

Twenty-six years ago a small committee report, building on earlier studies, expounded a compelling and poetic vision for the future of astronomy, calling for an infrared-optimized space telescope with an aperture of at least $4m$. With the support of their governments in the US, Europe, and Canada, 20,000 people realized that vision as the $6.5m$ James Webb Space Telescope. A generation of astronomers will celebrate their accomplishments for the life of the mission, potentially as long as 20 years, and beyond. This report and the scientific discoveries that follow are extended thank-you notes to the 20,000 team members. The telescope is working perfectly, with much better image quality than expected. In this and accompanying papers, we give a brief history, describe the observatory, outline its objectives and current observing program, and discuss the inventions and people who made it possible. We cite detailed reports on the design and the measured performance on orbit.Comment: Accepted by PASP for the special issue on The James Webb Space Telescope Overview, 29 pages, 4 figure

Ultrasensitive Molecule Detection Based on Infrared Metamaterial Absorber with Vertical Nanogap

Surface-enhanced infrared absorption (SEIRA) spectroscopy is a powerful methodology for sensing and identifying small quantities of analyte molecules via coupling between molecular vibrations and an enhanced near-field induced in engineered structures. A metamaterial absorber (MA) is proposed as an efficient SEIRA platform; however, its efficiency is limited because it requires the appropriate insulator thickness and has a limited accessible area for sensing. SEIRA spectroscopy is proposed using an MA with a 10 nm thick vertical nanogap, and a record-high reflection difference SEIRA signal of 36% is experimentally achieved using a 1-octadecanethiol monolayer target molecule. Theoretical and experimental comparative studies are conducted using MAs with three different vertical nanogaps. The MAs with a vertical nanogap are processed using nanoimprint lithography and isotropic dry etching, which allow cost-effective large-area patterning and mass production. The proposed structure may provide promising routes for ultrasensitive sensing and detection applications

Large area manufacturing of plasmonic colour filters using substrate conformal imprint lithography

This work presents the large area fabrication of plasmonic colour filters consisting of subwavelength apertures in aluminium films of different thicknesses. Wafer-scale pattern transfer was realized by a soft lithography technique (substrate conformal imprint lithography). The fabricated colour filters have an active area of up to 145 cm2 which presents a considerable increase compared to previously published results. In addition to experimental investigations, simulations of the transmission behaviour were performed using a rigorous electromagnetic field solver based on an extendedRCWA approach. Furthermore, the use of a spin-coated cover layer consisting of the UV-curable hybrid polymer OrmoComp® instead of often applied PECVD-SiO2 was investigated

Scheduling of Behavioral VHDL by Retiming Techniques

Abstract In this paper we present a new approach to the scheduling of behavioral VHDL descriptions for control-ow dominated applications containing a large number of nested conditionals and data dependent loops. The proposed algorithm is able to schedule and re-schedule descriptions for optimization subject to various cost functions. The timing of the I/O signals can be c ompletely xed, partially xed o r left to the scheduler. In this case the algorithm produces a schedule such that the number of clock cycles required f o r a c omplete execution of the behavioral description is minimized. Scheduling is performed a s a b ehavioral VHDL code transformation and allows taking advantage of all the power of commercial RT synthesis systems. The corresponding problem is solved b ased on an analogy to the retiming problem on RT-level networks which can be solved i n p olynomial time. The eciency of our approach is demonstrated on various examples