Monetary Policy, Determinancy and Learnability in the Open Economy

We study how determinacy and learnability of global rational expectations equilibrium may be affected by monetary policy in a simple, two country, New Keynesian framework.The two blocks may be viewed as the U.S. and Europe, or as regions within the euro zone.We seek to understand how monetary policy choices may interact across borders to help or hinder the creation of a unique rational expectations equilibrium worldwide which can be learned by market participants. We study cases in which optimal policies are being pursued country by country as well as some forms of cooperation.We find that open economy considerations may alter conditions for determinacy and learnability relative to closed economy analyses, and that new concerns can arise in the analysis of classic topics such as the desirability of exchange rate targeting and monetary policy cooperation. Keywords: Indeterminacy, learning, monetary policy rules, new open economy macroeconomics, exchange rate regimes, second generation policy coordination.learning;monetairy policy;open economy;macroeconomics;exchange rate;indeterminacy;second generation policy coordination

New Economy - New Policy Rules?

The U.S. economy appears to have experienced a pronounced shift toward higher productivity over the last five years or so. We wish to understand the implications of such shifts for the structure of optimal monetary policy rules in simple dynamic economies. Accordingly, we begin with a standard economy in which a version of the Taylor rule constitutes the optimal monetary policy for a given inflation target and a given level of productivity. We augment this model with regime switching in productivity, and calculate the optimal monetary policy rule in the altered environment. We find that in the altered environment, a rule that incorporates leading indicators about regimes significantly outperforms the Taylor rule. We use this result to comment on the "new economy" events of the 1990s and the "stagflation" events of the 1970s from the perspective of our model.inflation targets;strutural change;monetary policy rules;new economy;regime switching

Nonequilibrium steady states of driven magnetic flux lines in disordered type-II superconductors

We investigate driven magnetic flux lines in layered type-II superconductors subject to various configurations of strong point or columnar pinning centers by means of a three-dimensional elastic line model and Metropolis Monte Carlo simulations. We characterize the resulting nonequilibrium steady states by means of the force-velocity / current-voltage curve, static structure factor, mean vortex radius of gyration, number of double-kink and half-loop excitations, and velocity / voltage noise spectrum. We compare the results for the above observables for randomly distributed point and columnar defects, and demonstrate that the three-dimensional flux line structures and their fluctuations lead to a remarkable variety of complex phenomena in the steady-state transport properties of bulk superconductors.Comment: 23 pages, IOP style, 18 figures include

Forestland controlled by schools of forestry: Characteristics and management

Most forestry schools control forestland. Traditionally, the school forest has served as a laboratory for field instruction and research. This article reports on a 1985-86 survey of the 1 candidate and 46 accredited forestry schools in the United States on the ownership, objectives, and management of school forests. The survey\u27s purpose was to determine the extent and distribution of forestland ownership by forestry schools. The survey addressed how the forestry schools gained control of the land; the objectives of forest management, and how important the school forest was to the teaching, research, and service functions of the university. The importance of revenue production and the allocation of school forest revenue was also established

Reforestation of harvested Timberlands in Mississippi: Behavior and Attitudes of Non-Industrial, Private Forest Landowners

Southern forests play an increasingly important role in the timber economy as per capita demand for wood continues to expand. Moreover, harvest restrictions in the Pacific Northwest in the early 1990s shifted a large portion of United States demand for softwoods to the South. In Mississippi, most of the forestland is owned by non-industrial private forest (NIPF) landowners. Approximately 314,000 NIPF landowners control 66 percent of the state’s forestland base (Hartsell and London 1995). The sizable acreage of timberland held by NIPF landowners nationally and in-state underscores the importance of their role in the timber economy and weighs heavily in the supply of raw material to the state’s $11.4 billion forest products industry (Munn 1998)

The Sun's Preferred Longitudes and the Coupling of Magnetic Dynamo Modes

Observations show that solar activity is distributed non-axisymmetrically, concentrating at "preferred longitudes". This indicates the important role of non-axisymmetric magnetic fields in the origin of solar activity. We investigate the generation of the non-axisymmetric fields and their coupling with axisymmetric solar magnetic field. Our kinematic generation (dynamo) model operating in a sphere includes solar differential rotation, which approximates the differential rotation obtained by inversion of helioseismic data, modelled distributions of the turbulent resistivity, non-axisymmetric mean helicity, and meridional circulation in the convection zone. We find that (1) the non-axisymmetric modes are localised near the base of the convection zone, where the formation of active regions starts, and at latitudes around $30^{\circ}$; (2) the coupling of non-axisymmetric and axisymmetric modes causes the non-axisymmetric mode to follow the solar cycle; the phase relations between the modes are found. (3) The rate of rotation of the first non-axisymmetric mode is close to that determined in the interplanetary space.Comment: 22 pages, 18 figures. Accepted for publication in the Astrophysical Journa

Experiences of Inpatient Bone Marrow Transplantation Nurses and Providers Using Electronic Symptom Reporting

Purpose To investigate the use of electronic patient-reported outcomes (PROs) to assess symptoms and how they can provide opportunities to clinicians to address symptoms in a timely manner to improve clinical care. As part of a larger study to evaluate whether providing standardized symptom reports to the medical team would decrease the time to treatment of reported symptoms in hematopoietic stem-cell transplant recipients, we assessed nurses’ and providers’ perceptions of electronic symptom reporting. Methods Semistructured interviews of RNs, MDs, NPs and PAs were conducted at an academic cancer center in the southeastern United States. Nurses’ and providers’ perceptions of electronic symptom reporting were explored. Interviews were audio-recorded, transcribed, and coded by two investigators to identify major themes. Results Fourteen RNs and seven providers (MDs, PAs, and NPs) participated in the interviews. Three main themes emerged from the interviews: electronic symptom reporting may improve assessment and care, integrating symptom reporting into nurse workflow presents difficulties, and there are barriers for completion of surveys. Conclusion The majority of nurses and providers believed that the inclusion of electronic symptom reporting in bone marrow transplantation inpatient units has the potential to improve care but that barriers to implementation remain