Assessing GMM Estimates of the Federal Reserve Reaction Function.

Estimating a forward-looking monetary policy rule by the Generalized Method of Moments (GMM) has become a popular approach since the influential paper by Clarida, Gali, and Gertler (1998). However, an abundant econometric literature underlines the unappealing small-samples properties of GMM estimators. Focusing on the Federal Reserve reaction function, we assess GMM estimates in the context of monetary policy rules. First, we show that three usual alternative GMM estimators yield substantially different results. Then, we compare the GMM estimates with two Maximum-Likelihood (ML) estimates, obtained using a small model of the economy. We use Monte-Carlo simulations to investigate the empirical results. We find that the GMM are biased in small sample, inducing an overestimate of the inflation parameter. The two-step GMM estimates are found to be rather close to the ML\ estimates. By contrast, iterative and continuous-updating GMM procedures produce more biased and more dispersed estimators.Forward-looking model ; monetary policy reaction function ; GMM estimator, FIML estimator ; small-sample properties of an estimator.

Genetic parameters of the twisted legs syndrome in broiler chickens

International audienc

Optimized diffusion gradient orientation schemes for corrupted clinical DTI data sets

Object:A method is proposed for generating schemes of diffusion gradient orientations which allow the diffusion tensor to be reconstructed from partial data sets in clinical DT-MRI, should the acquisition be corrupted or terminated before completion because of patient motion. Materials and methods: A general energy-minimization electrostatic model was developed in which the interactions between orientations are weighted according to their temporal order during acquisition. In this report, two corruption scenarios were specifically considered for generating relatively uniform schemes of 18 and 60 orientations, with useful subsets of 6 and 15 orientations. The sets and subsets were compared to conventional sets through their energy, condition number and rotational invariance. Schemes of 18 orientations were tested on a volunteer. Results: The optimized sets were similar to uniform sets in terms of energy, condition number and rotational invariance, whether the complete set or only a subset was considered. Diffusion maps obtained in vivo were close to those for uniform sets whatever the acquisition time was. This was not the case with conventional schemes, whose subset uniformity was insufficient. Conclusion: With the proposed approach, sets of orientations responding to several corruption scenarios can be generated, which is potentially useful for imaging uncooperative patients or infant

Developpement d'un système de dopage "PM" : premiers essais

National audienceThe participation to inter-laboratory exercises is a key step for any ambient air quality monitoring network. To guarantee the interest of such campaigns, participants need a large range of concentration, including regulatory limits. As far as PM10 is concerned, the 1996 European directive implement a 24h hours limit of 50 micro g/m3 with a maximum relative uncertainty of 25%. In the frame of the French National Air Quality Laboratory (LCSQA), INERIS -in relation with LNI Inc.- is developing a special PM generator. The objective is to distribute to all participants an ambient air enriched with PM10 or PM2,5 particles. Preliminary results show that our prototype is able to distribute to 4 TEOM and TEOM-FDMS microbalances air in a range from the background up to 100 micro g/m3 and more. The set-up and the results will be presented.La reconnaissance d'une compétence en matière de mesurage passe par la participation à des exercices d'intercomparaison, ou " exercices inter-laboratoires ". Ce type d'exercice est organisé dans le cadre de la surveillance réglementaire " air ambiant " française. Afin de garantir l'efficacité d'une telle session, il est essentiel de bénéficier d'un spectre large de concentration, et tout particulièrement d'inclure les valeurs limites pour lesquelles il existe des exigences en matière d'incertitude. C'est le cas de la surveillance des PM10, pour lesquels une incertitude maximale de 25% est exigée à 50 micro g/m3 (mesure journalière). Il est en pratique impossible de garantir a priori un tel niveau de concentration. C'est pourquoi dans le cadre du LCSQA, l'INERIS a entrepris de développer des systèmes d'enrichissement, appelés aussi " systèmes de dopage ". La présente communication est consacrée au développement d'un tel dispositif pour les particules de type PM10 et PM 2,5. Les objectifs, le montage expérimental, ainsi que les premiers résultats, seront rapportés dans le cas de microbalances TEOM et TEOM-FDMS, pour des concentrations allant du niveau de fond à plus de 100 micro g/m3. Une attention particulière sera portée sur les contraintes et les résultats obtenus en matière de représentativité de la matrice, ainsi qu'en matière d'équivalence des échantillons fournis à chaque analyseur participant

Sticky Prices in The Euro Area: a Summary of New Micro Evidence

This paper presents original evidence on price setting in the euro area at the individual level. We use micro data on consumer (CPI) and producer (PPI) prices, as well as survey information. Our main findings are: (i) prices in the euro area are sticky and more so than in the US; (ii) there is evidence of heterogeneity and of asymmetries in price setting behaviour; (iii) downward price rigidity is only slightly more marked than upward price rigidity and (iv) implicit or explicit contracts and coordination failure theories are important, whereas menu or information costs are judged much less relevant by firms.

PIB potentiel et écart de PIB : quelques évaluations pour la France.

This Study and Research Paper is devoted to different estimates of the French economy's potential output and output gap. Several methods, which are presented in detail, are put forward to measure these indicators. The first two sections of the paper profile statistical univariate approaches: smoothing using the Hodrick-Prescott filter; and estimation of a trend, potentially including breaks. The next two sections extend the discussion on statistical techniques to multivariate cases. To be precise, they involve the analysis of structural VAR models and unobserved component models. The final section proposes a structural method for estimating potential output, where business sector output is described by a Cobb-Douglas function, while that of the non-business sector is assumed to be exogenous. For this structural method, the NAIRU has to be calculated before estimating the short to medium-term level of potential output.

Preoperative left ventricular ejection fraction and left atrium reverse remodeling after mitral regurgitation surgery

Background: Left atrium enlargement has been associated with cardiac events in patients with mitral regurgitation (MR). Left atrium reverse remodeling (LARR) occur after surgical correction of MR, but the preoperative predictors of this phenomenon are not well known. It is therefore important to identify preoperative predictors for postoperative LARR.Methods: We enrolled 62 patients with chronic severe MR (prolapse or flail leaflet) who underwent successful mitral valve surgery (repair or replacement); all with pre-and postoperative echocardiography. LARR was defined as a reduction in left atrium volume index (LAVI) of >= 25%. Stepwise multiple regression analysis was used to identify independent predictors of LARR.Results: LARR occurred in 46 patients (74.2%), with the mean LAVI decreasing from 85.5 mL/m(2) to 49.7 mL/m(2) (p = 25% with a sensitivity of 71.7% and a specificity of 56.3%.Conclusions: LARR occurs frequently after mitral valve surgery and is associated with preoperative LVEF higher than 63.5%.Inst Dante Pazzanese Cardiol, São Paulo, BrazilUniversidade Federal de São Paulo, Escola Paulista Med, São Paulo, BrazilDisciplina Cardiol, BR-04024002 São Paulo, BrazilUniversidade Federal de São Paulo, Escola Paulista Med, São Paulo, BrazilWeb of Scienc

Analytic Metaphysics versus Naturalized Metaphysics: The Relevance of Applied Ontology

The relevance of analytic metaphysics has come under criticism: Ladyman & Ross, for instance, have suggested do discontinue the field. French & McKenzie have argued in defense of analytic metaphysics that it develops tools that could turn out to be useful for philosophy of physics. In this article, we show first that this heuristic defense of metaphysics can be extended to the scientific field of applied ontology, which uses constructs from analytic metaphysics. Second, we elaborate on a parallel by French & McKenzie between mathematics and metaphysics to show that the whole field of analytic metaphysics, being useful not only for philosophy but also for science, should continue to exist as a largely autonomous field