Shooting the Auctioneer

Unemployment Real Business Cycles

Aggregate Demand and Supply

This paper is part of a broader project that provides a microfoundation to the General Theory of J.M. Keynes. I call this project 'old Keynesian economics' to distinguish it from new-Keynesian economics, a theory that is based on the idea that to make sense of Keynes we must assume that prices are sticky. I describe a multi-good model in which I interpret the definitions of aggregate demand and supply found in the General Theory through the lens of a search theory of the labor market. I argue that Keynes' aggregate supply curve can be interpreted as the aggregate of a set of first order conditions for the optimal choice of labor and, using this interpretation, I reintroduce a diagram that was central to the textbook teaching of Keynesian economics in the immediate post-war period.

A sunspot-based theory of unconventional monetary policy

This paper is about the effectiveness of qualitative easing, a form of unconventional monetary policy that changes the risk composition of the central bank balance sheet. We construct a general equilibrium model where agents have rational expectations, and there is a complete set of financial securities, but where some agents are unable to participate in financial markets. We show that a change in the risk composition of the central bank’s balance sheet affects equilibrium asset prices and economic activity. We prove that, in our model, a policy in which the central bank stabilizes non-fundamental fluctuations in the stock market is self-financing and leads to a Pareto efficient outcome

Criminal law as a security project

This paper asks how criminal might be understood as a security project. Following Valverde’s lead, it does this not by trying to define the concept of security, but by looking at the operation of the temporal and spatial logics of the criminal law. It looks first at the basic logics of time and space in conceptions of criminal liability and jurisdiction, before reviewing some recent developments which challenge these practices and what these might mean for criminal law as a security project

On the indeterminacy of determinacy and indeterminacy

A number of authors have attempted to test whether the U.S. economy is in a determinate or an indeterminate equilibrium. We argue that to answer this question, one must impose a priori restrictions on lag length that cannot be tested. We provide examples of two economic models. Model 1 displays an indeterminate equilibrium, driven by sunspots. Model 2 displays a determinate equilibrium driven by fundamentals. Given assumptions about the shock distribution of model 2, it is possible to find a distribution of sunspot shocks that drive model 1 such that the two models are observationally equivalent. JEL Classification: C39, C62, D51Identification, indeterminacy

On the Indeterminacy of New-Keynesian Economics

We study identification in a class of three-equation monetary models. We argue that these models are typically not identified. For any given exactly identified model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to provide four examples of the consequences of lack of identification. In our first two examples we show that it is not possible to tell whether the policy rule or the Phillips curve is forward or backward looking. In example 3 we establish an equivalence between a class of models proposed by Benhabib and Farmer and the standard new-Keynesian model. This result is disturbing since equilibria in the Benhabib-Farmer model are typically indeterminate for a class of policy rules that generate determinate outcomes in the new-Keynesian model. In example 4, we show that there is an equivalence between determinate and indeterminate models even if one knows the structural equations of the modelIndeterminacy, identification

Radiation/convection coupling in rocket motor and plume analysis

A method for describing radiation/convection coupling to a flow field analysis was developed for rocket motors and plumes. The three commonly used propellant systems (H2/O2, RP-1/O2, and solid propellants) radiate primarily as: molecular emitters, non-scattering small particles (soot), and scattering larger particles (Al2O3), respectively. For the required solution, the divergence of the radiation heat flux was included in the energy equation, and the local, volume averaged intensity was determined by a solution to the radiative transfer equation. A rigorous solution to this problem is intractable, therefore, solution methods which use the ordinary and improved differential approximation were developed. This radiation model was being incorporated into the FDNS code, a Navier-Stokes flowfield solver for multiphase, turbulent combusting flows

On the indeterminacy of new-Keynesian economics

We study identiÞcation in a class of three-equation monetary models. We argue that these models are typically not identiÞed. For any given exactly identiÞed model, we provide an algorithm that generates a class of equivalent models that have the same reduced form. We use our algorithm to provide four examples of the consequences of lack of identiÞcation. In our Þrst two examples we show that it is not possible to tell whether the policy rule or the Phillips curve is forward or backward looking. In example 3 we establish an equivalence between a class of models proposed by Benhabib and Farmer [1] and the standard new-Keynesian model. This result is disturbing since equilibria in the Benhabib-Farmer model are typically indeterminate for a class of policy rules that generate determinate outcomes in the new-Keynesian model. In example 4, we show that there is an equivalence between determinate and indeterminate models even if one knows the structural equations of the model. JEL Classification: C39, C62, D51, E52, E58IdentiÞcation, indeterminacy, new-Keynesian model, transparency

Shooting the Auctioneer

Most dynamic stochastic general equilibrium models of the macroeconomy assume that labor is traded in a spot market. Two exceptions by David Andolfatto and Monika Merz combine a two-sided search model with a one-sector real business cycle model. These hybrid models are successful, in some dimensions, but they cannot account for observed volatility in unemployment and vacancies. Following suggestions by Robert Hall and Robert Shimer, this paper shows that a relatively standard DSGE model with sticky wages can account for these facts. Using a second-order approximation to the policy function we simulate moments of an artificial economy with and without sticky wages and we document the dependence of unemployment and vacancy volatility on two key parameters; the disutility of effort and the degree of wage stickiness. We compute the welfare costs of the sticky wage equilibrium and find them to be small.

Distributed storage manager system for synchronized and scalable AV services across networks

This article has been made available through the Brunel Open Access Publishing Fund - Copyright @ 2011 Hindawi Publishing CorporationThis paper provides an innovative solution, namely, the distributed storage manager that opens a new path for highly interactive and personalized services. The distributed storage manager provides an enhancement to the MHP storage management functionality acting as a value added middleware distributed across the network. The distributed storage manager system provides multiple protocol support for initializing and downloading both streamed and file-based content and provides optimum control mechanisms to organize the storing and retrieval of content that are remained accessible to other multiple heterogeneous devices