The European Central Bank’s quantitative easing programme: limits and risks. Bruegel Policy Contribution Issue 2016/04, February 2016

The European Central Bank (ECB) has made a number of significant changes to the original guidelines of its quantitative easing (QE) programme since the programme started in January 2015. These changes are welcome because the original guidelines would have rapidly constrained the programme’s implementation. The changes announced expand the universe of purchasable assets and give some flexibility to the ECB in the execution of its programme. However, this might not be enough to sustain QE throughout 2017, or if the ECB wishes to increase the monthly amount of purchases in order to provide the necessary monetary stimulus to the euro area to bring inflation back to 2 percent. To increase the programme’s flexibility, the ECB could further alter the composition of its purchases. The extension of the QE programme also raises some legitimate questions about its potential adverse consequences. However, the benefits of this policy still outweigh its possible negative implications for financial stability or for inequality. The fear that the ECB’s credibility will be undermined because of its QE programme also seems to be largely unfounded. On the contrary, the primary risk to the ECB’s credibility is the risk of not reaching its 2 percent inflation target, which could lead to expectations becoming disanchored.

A four moments theorem for Gamma limits on a Poisson chaos

This paper deals with sequences of random variables belonging to a fixed chaos of order q generated by a Poisson random measure on a Polish space. The problem is investigated whether convergence of the third and fourth moment of such a suitably normalized sequence to the third and fourth moment of a centred Gamma law implies convergence in distribution of the involved random variables. A positive answer is obtained for q = 2 and q = 4. The proof of this four moments theorem is based on a number of new estimates for contraction norms. Applications concern homogeneous sums and U-statistics on the Poisson space.

Decomposing hierarchical alignment: Co-arguments as conditions on alignment and the limits of referential hierarchies as explanations in verb agreement

Apart from common cases of differential argument marking, referential hierarchies affect argument marking in two ways: (a) through hierarchical marking, where markers compete for a slot and the competition is resolved by a hierarchy, and (b) through co-argument sensitivity, where the marking of one argument depends on the properties of its co-argument. Here we show that while co-argument sensitivity cannot be analyzed in terms of hierarchical marking, hierarchical marking can be analyzed in terms of co-argument sensitivity. Once hierarchical effects on marking are analyzed in terms of co-argument sensitivity, it becomes possible to examine alignment patterns relative to referential categories in exactly the same way as one can examine alignment patterns relative to referential categories in cases of differential argument marking and indeed any other condition on alignment (such as tense or clause type). As a result, instances of hierarchical marking of any kind turn out not to present a special case in the typology of alignment, and there is no need for positing an additional non-basic alignment type such as “hierarchical alignment”. While hierarchies are not needed for descriptive and comparative purposes, we also cast doubt on their relevance in diachrony: examining two families for which hierarchical agreement has been postulated, Algonquian and Kiranti, we find only weak and very limited statistical evidence for agreement paradigms to have been shaped by a principled ranking of person categories.

Development of a methodology for posting load limits on load-zoned pavements: interim report.

Texas Department of Transportation, Austin

An investigation of truck size and weight limits - technical supplement. Volume I: analysis of truck payloads under various limits of size, weight and configuration. Final report.

Transportation Department, Office of the Assistant Secretary for Policy and International Affairs, Washington, D.C.

An investigation of truck size and weight limits - technical supplement. Volume 2: truck and rail cost effects of truck size and weight limits. Final report.

Transportation Department, Office of the Assistant Secretary for Policy and International Affairs, Washington, D.C.

An investigation of truck size and weight limits - technical supplement. Volume 3: truck and rail fuel effects of truck size and weight limits.

Transportation Department, Office of the Assistant Secretary for Policy and International Affairs, Washington, D.C.

Summary of the open file on truck size and weight limits.

Transportation Department, Secretary of Transportation, Washington, D.C.

An investigation of truck size and weight limits - report of the Secretary of Transportation to the United States Congress pursuant to Section 161 of Public Law 95-599, the Surface Transportation Assistance Act of 1978. Final report.

Mode of access: Internet.

An investigation of truck size and weight limits - report of the Secretary of Transportation to the United States Congress pursuant to Section 161 of Public Law 95-599, the Surface Transportation Assistance Act of 1978. Appendices to the final report.

Mode of access: Internet.

Laocoon : an essay on the limits of painting and poetry /

Includes bibliographical references.