Persistence and the Role of Exchange Rate and Interest Rate Inertia in Monetary Policy

In a general equilibrium model, this paper investigates the importance of the exchange rate and the interpretation of the observed inertia in the policy interest rate. We derive an optimizing macroeconomic model that features habit formation in the consumer's utility function and uses a hybrid New Keynesian Phillips curve with inflation inertia. As a consequence, aggregate demand and supply shocks will have a persistent effect on output and inflation. In this framework, we assess the performance of simple, and perhaps non-optimal, interest rate rules under different degrees of habit formation and inflation persistence. We conclude that a policy rule that responds to expected inflation, as well as to output and the exchange rate, is able to reduce output and inflation volatility in the face of aggregate demand and foreign inflation shocks. This result must be interpreted with caution, because, as is found in other studies, i) the reduction in volatility is marginal and ii) the Taylor-type policy rule assessed here may be a restrictive one and, as mentioned before, non-optimal. On the other hand, the gains from adopting an inertial interest rate rule are directly related to the degree of inflation persistence in the model. In particular, when the degree of inflation persistence is high, an inertial policy rule attenuates the impacts that supply shocks have on inflation and the interest rate.

Additional Clerical Services

45-2FinanceAdditional Clerical Services. [1790] In the Pawnee land district of Kansas.1878-9

Orbital contribution to the magnetic properties of nanowires: Is the orbital polarization ansatz justified?

We show that considerable orbital magnetic moments and magneto-crystalline anisotropy energies are obtained for a Fe monatomic wire described in a tight-binding method with intra-atomic electronic interactions treated in a full Hartree Fock (HF) decoupling scheme. Even-though the use of the orbital polarization ansatz with simplified Hamiltonians leads to fairly good results when the spin magnetization is saturated this is not the case of unsaturated systems. We conclude that the full HF scheme is necessary to investigate low dimensional systems

Flippin\u27 Our Brains: Disability Benefits Everyone

Disability is often thought of as an object in need of change. Accordingly, products designed for disabled populations aim to improve function and help individuals adapt to their environments. Curiously and often unrecognized, products designed for the atypical and extreme human often find their way into mainstream use, improving the world for everyone. This presentation analyzes the process of disability product to commercial success. We illustrate the “disability” genesis of products such as Doc Marten footwear, speech-to-text and text-to-speech software and applications, automated doors, and closed captioning.https://digitalcommons.library.umaine.edu/ccids_posters/1003/thumbnail.jp

Precision Measurement of the Helium Flux in Primary Cosmic Rays of Rigidities 1.9 GV to 3 TV with the Alpha Magnetic Spectrometer on the International Space Station

Knowledge of the precise rigidity dependence of the helium flux is important in understanding the origin, acceleration, and propagation of cosmic rays. A precise measurement of the helium flux in primary cosmic rays with rigidity (momentum/charge) from 1.9 GV to 3 TV based on 50 million events is presented and compared to the proton flux. The detailed variation with rigidity of the helium flux spectral index is presented for the first time. The spectral index progressively hardens at rigidities larger than 100 GV. The rigidity dependence of the helium flux spectral index is similar to that of the proton spectral index though the magnitudes are different. Remarkably, the spectral index of the proton to helium flux ratio increases with rigidity up to 45 GV and then becomes constant; the flux ratio above 45 GV is well described by a single power law.Peer Reviewe