Domestic money and US output and inflation

Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992) information value approach, we reevaluate the vanishing relationship between US monetary aggregates and these macroeconomic fundamentals by taking into account the international currency feature of the US dollar. In practice, by using official US data for foreign flows constructed by Porter and Judson (1996) we find that domestic money (currency component of M1 corrected for the foreign holdings of dollars) contains valuable information about future movements of US real output and inflation. Statistical evidence here provided thus suggests that the Friedman and Schwartz's stylized facts can be reestablished once the focus of analysis is back on the domestic monetary aggregates. This Version: August, 2001. Klassifikation: E3, E4, E

Foreign Holdings of Dollars and Information Value of US Monetary Aggregates

Recent empirical research has found that the strong short-term relationship between US monetary aggregates and macroeconomic fundamentals, as outlined in the classical study of M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of B. Friedman and Kuttner (1992) information value approach we reevaluate the vanishing relationship between US monetary aggregates and macroeconomic fundamentals. By using the official US data constructed by Porter and Judson (1996) we find that the currency component of M1 corrected for the foreign holdings of dollars contains valuable information on US macroeconomic fundamentals, such as nominal and real income, as well as inflation. This correction for monetary aggregates is required because the rate of foreign holdings in total money creation is large and unstable. The statistical evidence provided in this paper suggests that the Friedman and Schwartz's stylized facts can be reestablished once the focus of analysis is back on the domestic monetary aggregates.foreign holdings, US monetary aggregates, information value, the Friedman-Schwartz's evidence.

U.S. Domestic Money, Inflation and Output

Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992) information value approach, we reevaluate the vanishing relationship between US monetary aggregates and these macroeconomic fundamentals by taking into account the international currency feature of the US dollar. In practice, by using official US data for foreign flows constructed by Porter and Judson (1996) we find that domestic money (currency component of M1 corrected for the foreign holdings of dollars) contains valuable information about future movements of US real output and inflation. Statistical evidence here provided thus suggests that the Friedman and Schwartz's stylized facts can be reestablished once the focus of analysis is back on the domestic monetary aggregates.Foreign holdings, US monetary aggregates, information value, Friedman-Schwartz's evidence

CORLEONE - Core Linguistic Entity Online Extraction

This report presents CORLEONE (Core Linguistic Entity Online Extraction) - a pool of loosely coupled general-purpose basic lightweight linguistic processing resources, which can be independently used to identify core linguistic entities and their features in free texts. Currently, CORLEONE consists of five processing resources: (a) a basic tokenizer, (b) a tokenizer which performs fine-grained token classification, (c) a component for performing morphological analysis, and (d) a memory-efficient database-like dictionary look-up component, and (e) sentence splitter. Linguistic resources for several languages are provided. Additionally, CORLEONE includes a comprehensive library of string distance metrics relevant for the task of name variant matching. CORLEONE has been developed in the Java programming language and heavily deploys state-of-the-art finite-state techniques. Noteworthy, CORLEONE components are used as basic linguistic processing resources in ExPRESS, a pattern matching engine based on regular expressions over feature structures and in the real-time news event extraction system, which were developed by the Web Mining and Intelligence Group of the Support to External Security Unit of IPSC. This report constitutes an end-user guide for COLREONE and provides scientifically interesting details of how it was implemented.JRC.G.2-Support to external securit

DFKI finite-state machine toolkit

Finite-state devices such as finite-state automata and finite-state transducers have been known since the emergence of computer science and are recently extensively used in many areas of language technology. The use of finite-state devices is mainly motivated by their time and space efficiency. In this paper we present the Finite-State Machine Toolkit for building, combining and optimizing the finite-state machines, developed at the Language Technology Lab of the German Research Center for Artificial Intelligence