Unemployment and endogenous reallocation over the business cycle

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Competing with asking prices

In many markets, sellers advertise their good with an asking price. This is a price at which the seller will take his good off the market and trade immediately, though it is understood that a buyer can submit an offer below the asking price and that this offer may be accepted if the seller receives no better offers. Despite their prevalence in a variety of real world markets, asking prices have received little attention in the academic literature. We construct an environment with a few simple, realistic ingredients and demonstrate that using an asking price is optimal: it is the pricing mechanism that maximizes sellers’ revenues and it implements the efficient outcome in equilibrium. We provide a complete characterization of this equilibrium and use it to explore the positive implications of this pricing mechanism for transaction prices and allocations.Ludo Visschers gratefully acknowledges financial support from the Juan de la Cierva Grant; project grant ECO2010- 20614 (Dirección general de investigación científica y técnica), and the Bank of Spain’s Programa de Investigación de Excelencia

Precautionary Demand for Money in a Monetary Business Cycle Model

We investigate quantitative implications of precautionary demand for money for business cycle dynamics of velocity and other nominal aggregates. Accounting for such dynamics is a standing challenge in monetary macroeconomics: standard business cycle models that have incorporated money have failed to generate realistic predictions in this regard. In those models, the only uncertainty affecting money demand is aggregate. We investigate a model with uninsurable idiosyncratic uncertainty about liquidity need and find that the resulting precautionary motive for holding money produces substantial qualitative and quantitative improvements in accounting for business cycle behavior of nominal variables, at no cost to real variables.Precautionary Demand for Money, Business Cycles

A soil sampling program for the Netherlands

Soil data users in The Netherlands were inventoried for current and future data needs. Prioritized data needs were used to design the Netherlands Soil Sampling Program (NSSP) as a framework containing 3 groups of related projects: map upgrading, map updating and upgrading of pedotransfer functions. In each one group, the sampling design, performance criteria and optimal sample size were defined. This paper focuses on the upgrading of the existing soil map of The Netherlands at scale 1:50,000, and extensively treats the user inventory and the sampling strategy. The sampling design, performance criteria of the sampling and associated optimal sample size were obtained by statistical analysis of soil data available before the sampling. The Phosphate Sorption Capacity (PSC) was chosen as target variable to optimize sampling, because it dominated total cost per sample. A prior analysis of a performance criterion related to the sampling error of PSC resulted in a cost saving of 13% relative to total cost determined earlier by expert judgment. A posterior analysis showed that the set quality criterion was reached or better in 6 out of 7 cases. The NSSP resulted in a data base with soil data from 2524 sample points selected by stratified random sampling, and a collection of 5764 aliquots taken at these points. The NSSP has been showing its usage potential for various kinds of environmental studies and could be a sound future basis for a national scale monitoring program

Towards a single-photon energy-sensitive pixel readout chip: pixel level ADCs and digital readout circuitry

Unlike conventional CMOS imaging, a single\ud photon imager detects each individual photon impinging on\ud a detector, accumulating the number of photons during a\ud certain time window and not the charge generated by the all\ud the photons hitting the detector during said time window.\ud The latest developments in the semiconductor industry\ud are allowing faster and more complex chips to be designed\ud and manufactured. With these developments in mind we are\ud working towards the next step in single photon X-ray imaging:\ud energy sensitive pixel readout chips. The goal is not only\ud to detect and count individual photons, but also to measure\ud the charge deposited in the detector by each photon, and\ud consequently determine its energy. Basically, we are aiming\ud at a spectrometer-in-a-pixel, or a “color X-ray camera”.\ud The approach we have followed towards this goal is the\ud design of small analog-to-digital-converters at the pixel level,\ud together with a very fast digital readout from the pixels to\ud the periphery of the chip, where the data will be transmitted\ud off-chip.\ud We will present here the design and measurement on prototype\ud chips of two different 4-bit pixel level ADCs. The\ud ADCs are optimized for very small area and low power, with\ud a resolution of 4-bits and a sample rate of 1 Msample/s. The\ud readout architecture is based around current-mode sense\ud amplifiers and asynchronous token-passing between the pixels.\ud This is done in order to achieve event-by-event readout\ud and, consequently, on-line imaging. We need to read eventby-\ud event (photon-by-photon), because we cannot have memory\ud on the pixels due to obvious size constraints. We use\ud current-mode sense amplifiers because they perform very\ud well in similar applications as very fast static-RAM readout

Design of pixel-level ADCs for energy-sensitive hybrid pixel detectors

Single-photon counting hybrid pixel detectors have shown\ud to be a valid alternative to other types of X-ray imaging\ud devices due to their high sensitivity, low noise, linear behavior\ud and wide dynamic range. One important advantage of these\ud devices is the fact that detector and readout electronics are\ud manufactured separately. This allows the use of industrial\ud state-of-the-art CMOS processes to make the readout\ud electronics, combined with a free choice of detector material\ud (high resistivity Silicon, GaAs or other). By measuring not\ud only the number of X-ray photons but also their energies (or\ud wavelengths), the information content of the image increases,\ud given the same X-ray dose. We have studied several\ud possibilities of adding energy sensitivity to the single photon\ud counting capability of hybrid pixel detectors, by means of\ud pixel-level analog-to-digital converters. We show the results of\ud simulating different kinds of analog-to-digital converters in\ud terms of power, area and speed

Jitter Limitations on Multi-Carrier Modulation

A feasibility study is made of an OFDM system based on analog multipliers and integrate-and-dump blocks, targeted at Gb/s copper interconnects. The effective amplitude variation of the integrator output caused by jitter is explained in an intuitive way by introducing correlation plots. For a given rms jitter and error rate, high frequency carriers allow for less modulation depth than low frequency carriers. A jitter limit on the total system bit rate is calculated, which is a function of rms jitter, bandwidth, and specified system symbol error rate. It is concluded that, because of the high sensitivity to timing errors inherent in OFDM, traditional PAM systems with equal bandwidth and error rate are more feasible

The extent and cyclicality of career changes:Evidence for the UK

Using quarterly data for the U.K. from 1993 through 2012, we document that the extent of worker reallocation across occupations or industries (a career change, in the parlance of this paper) is high and procyclical. This holds true after controlling for workers' previous labour market status and for changes in the composition of who gets hired over the business cycle. Our evidence suggests that a large part of this reallocation reflect excess churning in the labour market. We also find that the majority of career changes come with wage increases. During the economic expansion wage increases were typically larger for those who change careers than for those who do not. During the recession this is not true for career changers who were hired from unemployment. Our evidence suggests that understanding career changes over the business cycle is important for explaining labour market ows and the cyclicality of wage growth

CMOS Transmitter using Pulse-Width Modulation Pre-Emphasis achieving 33dB Loss Compensation at 5-Gb/s

A digital transmitter pre-emphasis technique is presented that is based on pulse-width modulation, instead of finite impulse response (FIR) filtering. The technique fits well to future high-speed low-voltage CMOS processes. A 0.13 /spl mu/m CMOS transmitter achieves more than 5 Gb/s (2-PAM) over 25 m of standard RG-58U low-end coaxial copper cable. The test chip compensates for up to 33 dB of channel loss at the fundamental signaling frequency (2.5 GHz), which is the highest figure compared to literature