Search results for "Gap"
showing 10 items of 1144 documents
Does Inflation Targeting Affect the Trade-off Between Output Gap and Inflation Variability?
2002
We utilize a stochastic volatility model to analyse the possible effects of inflation targeting on the trade–off between output gap variability and inflation variability. We find that the adoption of inflation targets (in New Zealand, Australia, Canada, the UK, Sweden and Finland) might result in a more favourable monetary policy trade–off (except in Australia and Finland). This conclusion is reached by comparing, first, the economic performance of targeting countries in the 1980s and the 1990s; and second, the economic performance in the 1990s of targeting and non–targeting countries (the USA, Japan, Switzerland, Germany, France and the Netherlands). We focus on two possible explanations f…
Unconventional monetary policy reaction functions: evidence from the US
2020
Abstract We specify unconventional monetary policy reaction functions for the Fed using linear and nonlinear econometric frameworks. We find that nonstandard policy measures are largely driven by the dynamics of inflation and the output gap, with the effect being particularly strong during QE rounds. Moreover, we uncover the presence of asymmetry and regime dependence in central bank’s actions since the global financial crisis, especially concerning the response of the term spread and the shadow short rate to the growth rate of central bank reserves. From a policy perspective and given the lack of a systematic response of monetary policy to asset price growth in nonstandard times, our findi…
Market Polarization and the Phillips Curve
2021
The Phillips curve has flattened out over the last decades. We develop a model that rationalizes this phenomenon as a result of the observed increase in polarization in many industries, a process along which a few top firms gain an increasing share of their industry market. In the model, firms compete a la Bertrand and there is exit and endogenous market entry, as well as optimal up and downgrading of technology. Firms with larger market shares find optimal to dampen the response of their price changes, thus cushioning the shocks to their marginal costs through endogenous countercyclical markups. Thus, regardless of its causes (technology, competition, barriers to entry, etc.), the recent i…
A Small Forward-Looking Macroeconomic Model for EMU
2001
In this paper we estimate a small forward-looking macroeconomic model for EMU which allows us to analyze the transmission mechanism of the monetary policy implemented by the European Central Bank through an interest rate rule that stabilizes inflation and output. The estimation of this model, which comprises forward-looking versions of the IS and the Phillips curves as well as the interest rate rule, is conducted by GMM using quarterly data from 1986 to 2000. We find that this simple model matches the dynamic properties of the output gap, inflation and the interest rate in EMU quite accurately. We also perform several exercises that show the response of output, inflation and interest rates …
Export of Relational Databases to RDF Databases by Model Transformations
2011
The Semantic Web is a Web of Data. To fulfill this web with data we need methods how to transfer business data from existing relational databases. In most cases, textual mapping languages are used for the specification of correspondences between relational DB schema and OWL ontology. These languages generally are rather awkward and not well-suited for the specification of mappings in cases when there is a substantial semantic gap between the source ER schema and the target OWL ontology. At the same time specification of mappings is a classical use case for graphical model transformation languages. In our previous work [10] we have proposed a new, model transformation-based method for the sp…
Pressure-dependent modifications in the optical and electronic properties of Fe(IO3)3: the role of Fe 3d and I 5p lone–pair electrons
2021
We have determined by means of optical-absorption experiments that Fe(IO3)3 is an indirect band-gap material with a band-gap energy of 2.1 eV. This makes this compound the iodate with the smallest band gap. We also found that under compression the band-gap energy has an unusual non-linear pressure dependence, which is followed by an abrupt and discontinuous decrease of the band gap at 24 GPa. The observed behavior is explained by means of density-functional calculations, which show that the behavior of the band gap is governed by the combined influence of Fe 4d and I 5p lone pair electrons. In addition, the abrupt decrease of the band-gap energy at 24 GPa is a consequence of a first-order s…
Persistence of Occupational Segregation: The Role of the Intergenerational Transmission of Preferences
2007
This article provides an explanation of the evolution and persistence of the women's segregation in jobs with less on-the-job training opportunities within the framework of an overlapping generations model with intergenerational transmission of preferences. ‘Job-priority’ and ‘family-priority’ preferences are considered. Firms’ policy and the distribution of women's preferences are endogenously and simultaneously determined in the long run. The results show though the gender gap in training will diminish, it will also persist over time. This is because both types of women's preferences coexist at the steady state due to the socialisation effort of parents to preserve their own cultural valu…
Cyclic adenosine monophosphate is a key component of regulatory T cell–mediated suppression
2007
Naturally occurring regulatory T cells (T reg cells) are a thymus-derived subset of T cells, which are crucial for the maintenance of peripheral tolerance by controlling potentially autoreactive T cells. However, the underlying molecular mechanisms of this strictly cell contact–dependent process are still elusive. Here we show that naturally occurring T reg cells harbor high levels of cyclic adenosine monophosphate (cAMP). This second messenger is known to be a potent inhibitor of proliferation and interleukin 2 synthesis in T cells. Upon coactivation with naturally occurring T reg cells the cAMP content of responder T cells is also strongly increased. Furthermore, we demonstrate that natur…
Exploring the Gender Digital Divide in E-Government Use in a Developing Country
2020
This article explores the gender digital divide in e-government use in Turkey. Historical trends and differences in internet and e-government use by males and females are investigated. The findings of this study indicate that although internet use has increased over the years, there remains a steady and significant gap between males and females in terms of internet use and e-government services use. It appears that females in Turkey tend to be on the wrong side of the digital divide, and a significant number of females do not benefit from the potential advantages of the internet and e-government services. The gender digital gap in e-government use is higher than in internet use.
Digitalisation in Regions of Latvia – Problems and Challenges
2020
Digital skills are defined as a basic competence, the same level as reading or writing and it is important for country to provide successful digitalisation in regions as regional development is the basis for national development. Purpose of the study is to analyse digitalisation in the regions of Latvia. The tasks of the study: 1) to analyse theoretical background of digitalisation in context of regional development; 2) to analyse existing research of digitalisation in the regions in EU; 3) to analyse problems of digitalisation in the regions of Latvia. Research methods used in preparation of this article: scientific publication and previous conducted research results analysis, analysis of …