8,651 research outputs found
Endogenous Cycles in Optimal Monetary Policy with a Nonlinear Phillips Curve
There is by now a large consensus in modern monetary policy. This consensus has been built upon a dynamic general equilibrium model of optimal monetary policy with sticky prices a la Calvo and forward looking behavior. In this paper we extend this standard model by introducing nonlinearity into the Phillips curve. As the linear Phillips curve may be questioned on theoretical grounds and seems not to be favoured by empirical evidence, a similar procedure has already been undertaken in a series papers over the last few years, e.g., Schaling (1999), Semmler and Zhang (2004), Nobay and Peel (2000), Tambakis (1999), and Dolado et al. (2004). However, these papers were mainly concerned with the analysis of the problem of inflation bias, by deriving an interest rate rule which is nonlinear, leaving the issues of stability and the possible existence of endogenous cycles in such a framework mostly overlooked. Under the specific form of nonlinearity proposed in our paper (which allows for both convexity and concavity and secures closed form solutions), we show that the introduction of a nonlinear Phillips curve into a fully deterministic structure of the standard model produces significant changes to the major conclusions regarding stability and the efficiency of monetary policy in the standard model. We should emphasize the following main results: (i) instead of a unique fixed point we end up with multiple equilibria; (ii) instead of saddle--path stability, for different sets of parameter values we may have saddle stability, totally unstable and chaotic fixed points (endogenous cycles); (iii) for certain degrees of convexity and/or concavity of the Phillips curve, where endogenous fluctuations arise, one is able to encounter various results that seem interesting. Firstly, when the Central Bank pays attention essentially to inflation targeting, the inflation rate may have a lower mean and is certainly less volatile; secondly, for changes in the degree of price stickiness the results are not are clear cut as in the previous case, however, we can also observe that when such stickiness is high the inflation rate tends to display a somewhat larger mean and also higher volatility; and thirdly, it shows that the target values for inflation and the output gap (π^,x^), both crucially affect the dynamics of the economy in terms of average values and volatility of the endogenous variables --- e.g., the higher the target value of the output gap chosen by the Central Bank, the higher is the inflation rate and its volatility --- while in the linear case only the π^ does so (obviously, only affecting in this case the level of the endogenous variables). Moreover, the existence of endogenous cycles due to chaotic motion may raise serious questions about whether the old dictum of monetary policy (that the Central Bank should conduct policy with discretion instead of commitment) is not still very much in the business of monetary policy.Optimal monetary policy, Interest Rate Rules, Nonlinear Phillips Curve, Endogenous Fluctuations and Stabilization
Some properties of two Nambu--Jona-Lasinio -type models with inputs from lattice QCD
We investigate the phase diagram of the so-called
Polyakov--Nambu--Jona-Lasinio (PNJL) model at finite temperature and nonzero
chemical potential. The calculations are performed in the light and strange
quark sectors (, , ), which includes the 't Hooft instanton induced
interaction term that breaks the axial symmetry, and the quarks are coupled to
the (spatially constant) temporal background gauge field. On one hand, a
special attention is payed to the critical end point (CEP). The strength of the
flavor-mixing interaction alters the CEP location, since when it becomes weaker
the CEP moves to low temperatures and can even disappear. On the other hand, we
also explore the connection between QCD, a nonlocal Nambu--Jona-Lasinio type
model and the Landau gauge gluon propagator. Possible links between the
quenched gluon propagator and low energy hadronic phenomenology are
investigated.Comment: Contribution to the International Meeting "Excited QCD", Peniche,
Portugal, 06 - 12 May 201
CVD of CrO2 Thin Films: Influence of the Deposition Parameters on their Structural and Magnetic Properties
This work reports on the synthesis of CrO2 thin films by atmospheric pressure
CVD using chromium trioxide (CrO3) and oxygen. Highly oriented (100) CrO2 films
containing highly oriented (0001) Cr2O3 were grown onto Al2O3(0001) substrates.
Films display a sharp magnetic transition at 375 K and a saturation
magnetization of 1.92 Bohr magnetons per f.u., close to the bulk value of 2
Bohr magnetons per f.u. for the CrO2.
Keywords: Chromium dioxide (CrO2), Atmospheric pressure CVD, Spintronics.Comment: 5 pages, 6 figure
Chaos and Synchronized Chaos in an Earthquake Model
We show that chaos is present in the symmetric two-block Burridge-Knopoff
model for earthquakes. This is in contrast with previous numerical studies, but
in agreement with experimental results. In this system, we have found a rich
dynamical behavior with an unusual route to chaos. In the three-block system,
we see the appearance of synchronized chaos, showing that this concept can have
potential applications in the field of seismology.Comment: To appear in Physical Review Letters (13 pages, 6 figures
(Re)connect social and environmental responsibility to learners’ living environments: Curriculum challenges and possible solutions for teaching-learning in Life Orientation
An analysis of the National Curriculum Statement indicates a strong focus on the promotion of knowledge in local context, whilst being sensitive to global imperatives. This implies that learning experiences must reflect local realities first; a call which compels teachers to adapt their teaching with the purpose to make learning relevant and meaningful for the learner. It is therefore an appropriate time to ask the key question: Do Life Orientation teachers (re)connect their teaching-learning on social and environmental responsibility with learners’ living environments to adhere to curriculum requirements of relevance and meaningfulness? The qualitative data obtained from 13 structured classroom observations, with specific reference to the topic social and environmental responsibility, revealed that Life Orientation teachers experienced challenges. Based on these qualitative findings the researchers propose place-based education as an appropriate teaching-learning strategy to (re)connect social and environmental responsibility with the learner’s living environment
Love kills: Simulations in Penna Ageing Model
The standard Penna ageing model with sexual reproduction is enlarged by
adding additional bit-strings for love: Marriage happens only if the male love
strings are sufficiently different from the female ones. We simulate at what
level of required difference the population dies out.Comment: 14 pages, including numerous figure
Will the compass go the way of the dinosaur in Traverse lay out for regional exploration programmes?
CVD of CrO2: towards a lower temperature deposition process
We report on the synthesis of highly oriented a-axis CrO2 films onto (0001)
sapphire by atmospheric pressure CVD from CrO3 precursor, at growth
temperatures down to 330 degree Celsius, i.e. close to 70 degrees lower than in
published data for the same chemical system. The films keep the high quality
magnetic behaviour as those deposited at higher temperature, which can be
looked as a promising result in view of their use with thermally sensitive
materials, e.g. narrow band gap semiconductors.Comment: 13 pages, 4 figure
A importância de monitorar a qualidade da água na piscicultura.
Informacoes tecnicas sobre monitoracao da agua na piscicultura, em Manaus-AM (Brasil), envolvendo: temperatura, oxigenio dissolvido (O2D), Transparencia, pH, amonio, nebulosidade, nutrientes.bitstream/CPAA-2009-09/4510/1/IT_5_99.pd
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