28,269 research outputs found
Welfare-maximizing monetary policy under parameter uncertainty
This paper examines welfare-maximizing monetary policy in an estimated micro-founded general equilibrium model of the U.S. economy where the policymaker faces uncertainty about model parameters. Uncertainty about parameters describing preferences and technology implies not only uncertainty about the dynamics of the economy. It also implies uncertainty about the model's utility-based welfare criterion and about the economy's natural rate measures of interest and output. We analyze the characteristics and performance of alternative monetary policy rules given the estimated uncertainty regarding parameter estimates. We find that the natural rates of interest and output are imprecisely estimated. We then show that, relative to the case of known parameters, optimal policy under parameter uncertainty responds less to natural-rate terms and more to other variables, such as price and wage inflation and measures of tightness or slack that do not depend on natural rates.Monetary policy
A Simple Model of Optimal Hate Crime Legislation
We present a simple model of the effects of hate crime legislation. It shows that even if the direct harm to victims of hate crime is the same as for other crimes, because of other differences in the effects it may still be optimal to exert more law-enforcement effort to deter or prevent hate crime. These differences also have previously unrecognized effects on the optimal level of effort by potential hate crime victims to avoid being victimized, thus affecting the efficiency of government policies that encourage or discourage such effort. We discuss the implications of these results for optimal hate-crime policy, as well as for policy toward other similar crimes, such as terrorism.
The eigenpairs of a Sylvester-Kac type matrix associated with a simple model for one-dimensional deposition and evaporation
A straightforward model for deposition and evaporation on discrete cells of a
finite array of any dimension leads to a matrix equation involving a
Sylvester-Kac type matrix. The eigenvalues and eigenvectors of the general
matrix are determined for an arbitrary number of cells. A variety of models to
which this solution may be applied are discussed.Comment: 7 pages, no figure
Letter from Thomas C. Williams to General Featherston. 26 March 1870
Handwritten letter from Thomas C. Williams to General W.S. Featherston, regarding bill of sale for tobacco; sent from Holly Springs.https://egrove.olemiss.edu/ciwar_corresp/1266/thumbnail.jp
Family Responsibilities Discrimination: What Plaintiffs\u27 Attorneys, Management Attorneys and Employees Need to Know
High carbon wood ash biochar for mine tailings remediation: a field assessment of planted tree performance and metals uptake
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Numerical solution of flow fields surrounding Saturn type vehicles
Numerical solution of flow fields surrounding Saturn type vehicle
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