2,654 research outputs found

    Empirical Investigations of Inflation Targeting

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    A growing number of countries have anchored their monetary policy to an explicit numerical rate or range of inflation since such an inflation targeting framework was first adopted by New Zealand in 1989. This paper empirically investigates issues associated with inflation targeting using a dataset of 66 countries for the 1980-2000 period. The paper focuses on two issues. First, which factors are systematically associated with a country's decision to adopt inflation targeting as its monetary framework? Second, does inflation targeting improve the performance of inflation and output? Does the trade-off between inflation and output variability change under such a framework? The empirical results are informative and encouraging. A number of economic conditions, structure, and institution variables are significantly associated with the choice of inflation targeting. Both descriptive statistics and regression results suggest that inflation targeting does play a beneficial role in improving the performance of inflation and output. This paper explores an evident and positive relationship between inflation and output variability, which is different from the view based on the Taylor Curve. But the author finds limited support for the proposition that the adoption of inflation targeting improves the trade-off between inflation and output variability.

    RAMSEY FISCAL AND MONETARY POLICY UNDER STICKY PRICES AND LIQUID BONDS

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    We construct a monetary model where government bonds also provide liquidity service. Liquid government bonds create an endogenous interest-rate spread; affect equilibrium allocations and inflation by altering the Ramsey planner’s sequence of implementability and sticky-price constraints. The trade-off confronting a planner in a sticky-price world, shown in recent literature, between using inflation surprise and labor-income tax is modified by the existence of the liquid bond. We find that the more sticky prices become, the more the planner stabilizes prices and also creates less distortionary and less volatile income taxes by taxing the liquidity service of bonds in order to replicate ex post real state-contingent debt.

    Sample Complexity of Sample Average Approximation for Conditional Stochastic Optimization

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    In this paper, we study a class of stochastic optimization problems, referred to as the \emph{Conditional Stochastic Optimization} (CSO), in the form of \min_{x \in \mathcal{X}} \EE_{\xi}f_\xi\Big({\EE_{\eta|\xi}[g_\eta(x,\xi)]}\Big), which finds a wide spectrum of applications including portfolio selection, reinforcement learning, robust learning, causal inference and so on. Assuming availability of samples from the distribution \PP(\xi) and samples from the conditional distribution \PP(\eta|\xi), we establish the sample complexity of the sample average approximation (SAA) for CSO, under a variety of structural assumptions, such as Lipschitz continuity, smoothness, and error bound conditions. We show that the total sample complexity improves from \cO(d/\eps^4) to \cO(d/\eps^3) when assuming smoothness of the outer function, and further to \cO(1/\eps^2) when the empirical function satisfies the quadratic growth condition. We also establish the sample complexity of a modified SAA, when ξ\xi and η\eta are independent. Several numerical experiments further support our theoretical findings. Keywords: stochastic optimization, sample average approximation, large deviations theoryComment: Typo corrected. Reference added. Revision comments handle

    A Signaling Model of Quality and Export: with application to dumping

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    Extending the literature on quality and trade and supported by the empirical evidence obtained from China, this paper demonstrates that in a developing country, a firm’s export to developed countries has a potential signaling effect on domestic consumers’ perception of its product quality. The model analyzes the signaling and imitating strategies of different types of firms in their decisions to export, and characterizes the conditions for the separating, pooling, and hybrid equilibria. Next, the analysis shows that the strategic exporting of low-quality producers under informational asymmetry can result in dumping. Moreover, the model shows that the implementation of antidumping measures of foreign countries can lead to a Pareto improvement for the firms and consumers of the home country under some circumstances.

    インフルエンザウイルスRNAポリメラーゼ及びNP-RNA複合体の機能構造の研究

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    この博士論文は内容の要約のみの公開(または一部非公開)になっています筑波大学 (University of Tsukuba)201

    “Modern Nomads”: Unfolding Domesticity

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    Abstract: A project that rethinks domesticity through the lens of mobility, focusing on curating and unfolding personal narratives within the confines of a suitcase. Domesticity, as I perceive it, transcends static locations and is a dynamic accumulation of individual and collective histories shaped by intimate connections between, but not limited to, human and non-humans. In this context, the suitcase symbolizes both confinement and autonomy, embodying the transient nature and fluidity of modern life. The project draws inspiration from the scrutiny of x-ray security checks, where individuals and their suitcases undergo examination. The suitcase becomes a focal point for exploring identity formation under transient environments and socially constructed confinements. By proposing a collection of mobile suitcases capable of transforming into a personalized domestic space, the suitcase is a potential yet unstable vessel that can invite contemplation on the smallest viable unit of personal autonomy within spatial constraints through the act of packing, unpacking, shaping, adorning, showcasing, etc. It prompts reflection on the smallest unit of spatial autonomy an individual can possess and the act of curating, decorating, and displaying within that confinement, the thesis aims to stimulate discussions around the notions of rootedness and permanence around domesticity, as well as the creation of spaces from a suitcase and the potential for expanding individual autonomy within such constraints
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