Moment matching versus Bayesian estimation: Backward-looking behaviour in the new-Keynesian three-equations model

The paper considers an elementary New-Keynesian three-equations model and contrasts its Bayesian estimation with the results from the method of moments (MM), which seeks to match the model-generated second moments of inflation, output and the interest rate to their empirical counterparts. Special emphasis is placed on the degree of backward-looking behaviour in the Phillips curve. While, in line with much of the literature, it only plays a marginal role in the Bayesian estimations, MM yields values of the price indexation parameter close to or even at its maximal value of one. These results are worth noticing since the matching thus achieved is entirely satisfactory. The matching of some special (and even better) versions of the model is econometrically evaluated by a model comparison test. --inflation persistence,autocovariance profiles,goodness-of-fit,model comparison

Numerical Modeling of Flow in Curved Channels with Various Sinuousness

Experimental and Computational Hydraulic

Developing a novel microbial host and synthetic biology tools for valorizing waste polyethylene terephthalate and lignin-derived compounds

Please click Download on the upper right corner to see the full description

A study on regulation standard for SMRs

The current thinking in the nuclear energy industry is favoring by small-scale Small Modular Reactors (SMRs) with improved safety and multiple applications compared to conventional large-size nuclear power plants. The demand for SMR is increasing in places where existing large-scale nuclear power plants are not applicable, such as developing countries with distributed power generation areas, small power grid capacity, heating demand in remote areas, and seawater desalination. Currently, cooperative research between Generation IV Information Forum (GIF) member countries is actively underway. SMRs are being evaluated as a major development direction for the nuclear energy industry. However, SMRs reactor facilities have not yet been deployed in commercial operation, and research and development is ongoing. External leakage of radioactive material from accidents can pose a very serious risk to workers and the public. Therefore, nuclear facilities must meet the regulatory standards of the regulatory body, from construction to operation and accident management. However, it is inappropriate to consider the characteristics of SMRs and then apply the current regulatory standards to SMRs. In this report, a literature review method was used to characterize SMRs. The main technical standards were examined to determine which items were found to be inadequate for SMRs based on the characteristics of the SMRs. As a result, four characteristics were derived. Then, an alternative to the regulatory criteria for siting and operation was derived. Improvements in operations and siting related regulatory requirements are recommended