A General Schema for Optimal Monetary Policymaking: Objectives and Rules

This paper examines four equivalent methods of optimal monetary policymaking, committing to the social loss function, using discretion with the central bank long-run and short-run loss functions, and following monetary policy rules. All lead to optimal economic performance. The same performance emerges from these different policymaking methods because the central bank actually follows the same (similar) policy rules. These objectives (the social loss function, the central bank long-run and short-run loss functions) and monetary policy rules imply a complete regime for optimal policy making. The central bank long-run and short-run loss functions that produce the optimal policy with discretion differ from the social loss function. Moreover, the optimal policy rule emerges from the optimization of these different central bank loss functions.

Optimizing Performance of Conductive Nanoparticle-filled Membranes

Conductive membranes were prepared by magnetic alignment of graphite-coated iron nanoparticles (GCINs) in a polyisobutylene (PIB) matrix, which was cast onto an interdigitated surface electrode. Toluene and tetrahydrofuran (THF) were used as solvents for the casting solution. Different molecular weights of PIB and solutions with concentrations ranging from 0.05- to 50-wt% were explored to optimize the mechanical and physical properties of the membrane. The amount of GCINs used in the membranes ranged from 0.1- to 2.5-wt%, and a sonicator was used to disperse the particles in the membrane. Sedimentation and surfactant studies were conducted to investigate the dispersion of GCINs in solutions. Progresses were made to find an optimal combination of various parameters in order to attain thin homogenous membranes for fast response.