Search results for "Output"

CO2 output discharged from Stromboli Island (Italy)

2013

Abstract Total CO 2 output from soil gas and plume, discharged from the Stromboli Island, was estimated. The CO 2 emission of the plume emitted from the active crater was estimated on the basis of the SO 2 crater output and C/S ratio, while CO 2 discharged through diffuse soil emission was quantified on the basis of 419 measurements of CO 2 fluxes from the soil of the whole island, performed by using the accumulation chamber method. The results indicate an overall output of ≅ 416 t day − 1 of CO 2 from the island. The main contribution to the total CO 2 output comes from the summit area (396 t day − 1 ), with 370 t/day from the active crater and 26 t day − 1 from the Pizzo sopra La Fossa so…

On-body and off-body transmit power control in IEEE 802.15.6 scheduled access networks

2014

Wireless Body Area Networks (WBANs) have received much attention due to the possibility to be used in healthcare applications. For these applications, energy saving is a critical issue, as in many cases, batteries cannot be easily replaced. A transmit power control scheme, able to adapt to the variations of the wireless body channel, will allow consistent energy saving and longer battery life. In this paper we propose a transmit power control scheme suitable for IEEE 802.15.6 narrowband scheduled access networks, in which the transmission power is modulated frame by frame according to a run-time estimation of the channel propagation conditions. A simple and effective line search algorithm i…

Calculating the regional economic impact of the olympic games

2004

This study introduces a methodological concept to combine the cost‐benefit analysis and input‐output models to create a new method to regionalize Olympic costs and benefits in order to define the economic impact at the regional level. This new form of analysis is used to calculate the regional economic impact of the Frankfurt Rhein/Main region, which bid to stage the 2012 Olympics. A generalised view of the Frankfurt case study shows patterns that are valid for all impact studies of major sport events. Finally a sensitivity analysis is used to determine critical variables.

Towards efficient inductive synthesis from input/output examples

1994

Banking Competition, Collateral Constraints and Optimal Monetary Policy

2013

We analyze optimal monetary policy in a model with two distinct financial frictions. First, borrowing is subject to collateral constraints. Second, credit flows are intermediated by monopolistically competitive banks, thus giving rise to endogenous lending spreads. We show that, up to a second order approximation, welfare maximization is equivalent to stabilization of four goals: inflation, output gap, the consumption gap between constrained and unconstrained agents, and the distribution of the collateralizable asset between both groups. Following both financial and non-financial shocks, the optimal monetary policy commitment implies a short-run trade-off between stabilization goals. Such p…

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…

Macroeconomic Modelling in EMU: How Relevant is the Change in Regime?

2007

We analyse the likely effects of changes in the monetary and financial regimes of EMU countries on the dynamics of output and inflation. In particular, we evaluate the impact of the regime shift on the forecasting performance of reduced-form models. Data for both the pre-EMU and the EMU regimes are generated by a relatively standard open-economy-DSGE model with sticky prices and wages and restricted access to financial markets for some individuals. We find that the effects of the shift in the monetary regime on the processes followed by macroeconomic variables depend on the nature of the shocks hitting the economy. For plausible shocks distributions the reduction in the accuracy of VAR-base…

A Long Term View on the Short Term Co-movement of Output and Prices in a Small Open Economy

2012

- One assumption behind inflation targeting as objective for monetary policy is that inflation rates in the short run to some extent reflect output cycles. The present paper investigates the historical co-movements of output and prices for a small open raw material based economy, in this case Norway 1830 – 2006. Looking at contemporaneous movements we find more often negative correlations between the two variables than positive. The correlations do not give any evidence of causality. However, they may indicate that supply side shocks, often caused by the foreign sector, were more important for historical output cycles in Norway than assumed hitherto

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…