On the Fourier analysis of operators on the torus

Basic properties of Fourier integral operators on the torus are studied by using the global representations by Fourier series instead of local representations. The results can be applied to weakly hyperbolic partial differential equations

Quantization of pseudo-differential operators on the torus

Pseudo-differential and Fourier series operators on the n-torus are analyzed by using global representations by Fourier series instead of local representations in coordinate charts. Toroidal symbols are investigated and the correspondence between toroidal and Euclidean symbols of pseudo-differential operators is established. Periodization of operators and hyperbolic partial differential equations is discussed. Fourier series operators, which are analogues of Fourier integral operators on the torus, are introduced, and formulae for their compositions with pseudo-differential operators are derived. It is shown that pseudo-differential and Fourier series operators are bounded on $L^2$ under certain conditions on their phases and amplitudes.Comment: 36 page

Labor Quality Growth in Germany

Extending the common baseline model in various dimensions does not fundamentally change the low contribution of labor quality to productivity growth in Germany. Labor quality growth is low owing to a small increase in the share of workers with higher education, a negative contribution from a higher share of females and declines in relative returns. The contribution of actual labor market experience is lower than suggested by an age proxy.Human capital, labour quality, productivity growth

Growth in euro area labour quality

Composition of the euro area workforce evolves over time and in response to changing labour market conditions. We construct an estimate of growth in euro area labour quality over the period 1983-2004 and show that labour quality has grown on average by 0.6% year-on-year over this time period. Labour quality growth was significantly higher in the early 1990s than in the 1980s. This strong increase was driven by an increase in the share of those with tertiary education and workers in prime age. Growth in labour quality moderated again towards the end of the 1990’s, possibly reflecting the impact of robust employment growth resulting in the entry of workers with lower human capital. Labour quality growth has on average accounted for nearly one third of euro area labour productivity growth. The results point to a significant decline in the contribution of total factor productivity to euro area growth. JEL Classification: E24, J24, O47growth accounting, Human capital, labour quality, total factor productivity

The Redistribution of Efficiency Gains: Transfers or Tariffs?

This paper is concerned with some theoretical issues in cooperative multilateral trade policy reform. The focus of the paper is on the structure of the policy reform problem, particularly as it applies to piecemeal policy reform, and on the similarity in roles that can be played by income transfers on the one hand and tariffs reforms on the other as redistributive policy instruments. More specifically, the paper is concerned with the mechanism by which efficiency gains arising out of trade policy reforms can be distributed amongst countries to achieve a strict Pareto improvement in welfare. Traditionally, trade theorists have assumed the existence of lump sum income transfers to distribute efficiency gains. Turunen-Red and Woodland (2000) have shown that income transfers accompanying quota reforms can be replaced by suitable multilateral tariff reforms to achieve the same welfare outcome. In the current paper, we generalize this idea to deal with discrete policy reforms. And, we develop several applications to enhance understanding of the connection between tariffs and transfers. If lump sum transfers are not available policy instruments, the achievement of a strict Pareto improvement must depend on changes in distortionary taxes, such as domestic taxes or tariffs on trade. Our results show that, under a mild condition on the world trade matrix, it does not matter whether lump sum transfers are available. Transfers can be replaced by a carefully chosen set of tariffs to achieve the same welfare outcome. This ability to replace transfers by tariffs is a result of the structure of the model of international trade: the terms of trade effects for a country and a lump sum transfers are equivalent, and there are sufficient tariff instruments to enable countries to neutralize the domestic price effects of terms of trade movements.

The Impact of ECB Monetary Policy Decisions and Communication on the Yield Curve

We use intraday changes in money market rates to construct indicators of news about monetary policy stemming separately from policy decisions and from official communication of the ECB, and study their impact on the yield curve. We show that communication may lead to substantial revisions in expectations of monetary policy and, at the same time, exert a significant impact on interest rates at longer maturities. Thereby, the maturity response pattern to communication is hump-shaped, while that to policy decisions is downward sloping.money market rates; yield curve; ECB; central bank communication

Global quantization of pseudo-differential operators on compact Lie groups, SU(2) and 3-sphere

Global quantization of pseudo-differential operators on compact Lie groups is introduced relying on the representation theory of the group rather than on expressions in local coordinates. Operators on the 3-dimensional sphere and on group SU(2) are analysed in detail. A new class of globally defined symbols is introduced giving rise to the usual Hormander's classes of operators $\Psi^m(G)$, $\Psi^m(S^3)$ and $\Psi^m(SU(2))$. Properties of the new class and symbolic calculus are analysed. Properties of symbols as well as $L^2$-boundedness and Sobolev $L^2$--boundedness of operators in this global quantization are established on general compact Lie groups.Comment: 42 page

Real Wages over the Business Cycle: OECD Evidence from the Time and Frequency Domains

We study differences in the adjustment of aggregate real wages in the manufacturing sector over the business cycle across OECD countries, combining results from different data and dynamic methods. Summary measures of cyclicality show genuine cross-country heterogeneity even after controlling for the impact of data and methods. We find that more open economies and countries with stronger unions tend to have less pro-cyclical (or more counter-cyclical) wages. We also find a positive correlation between the cyclicality of real wages and employment, suggesting that policy complementarities may influence the adjustment of both quantities and prices in the labour market.dynamic correlation, business cycle, real wages, labour market institutions