Endogenous time-dependent rules and inflation inertia: preliminary version

When policy rules are changed, the effect of nominal rigidities should be modelled through endogenous pricing rules. We endogenize Taylor (1979) type pricing rule to examine the output effects of monetary disinflations. We derive optimal fixed-price time-dependent rules in inflationary steady states and during disinflations. We also develop a methodology to aggregate individual pricing rules which vary through disinflation. This allows us to reevaluate the output costs of monetary disinflation, including aspects as the role of the initial leveI of inflation and the importance of the degree of credibility of the policy change.

Optimal rules for monetary policy in Brazil

This paper presents optimal rules for monetary policy in Brazil derived from a backward looking expectation model consisting of a Keynesian IS function and an Augmented Phillips Curve (ISAS). The IS function displays'a high sensitivity of aggregate demand to the real interest rate and the Phillips Curve is accelerationist. The optimal monetary rules show low interest rate volatility with reaction coefficients lower than the ones suggested by Taylor (1993a,b). Reaction functions estimated through ADL and SUR models suggest that monetary policy has not been optimal and has aimed to product rather than inflation stabilization.

Taylor rule with hidden states

This work evaluates empirically the Taylor rule for the US and Brazil using Kalman Filter and Markov-Switching Regimes. We show that the parameters of the rule change significantly with variations in both output and output gap proxies, considering hidden variables and states. Such conclusions call naturally for robust optimal monetary rules. We also show that Brazil and US have very contrasting parameters, first because Brazil presents time-varying intercept, second because of the rigidity in the parameters of the Brazilian Taylor rule, regardless the output gap proxy, data frequency or sample data. Finally, we show that the long-run inflation parameter of the US Taylor rule is less than one in many periods, contrasting strongly with Orphanides (forthcoming) and Clarida, Gal´i and Gertler (2000), and the same happens with Brazilian monthly data.

Robustness and stabilization properties of monetary policy rules in Brazil

Based on three versions of a small macroeconomic model for Brazil, this paper presents empirical evidence on the effects of parameter uncertainty on monetary policy rules and on the robustness of optimal and simple rules over different model specifications. By comparing the optimal policy rule under parameter uncertainty with the rule calculated under purely additive uncertainty, we find that parameter uncertainty should make policymakers react less aggressively to the economy's state variables, as suggested by Brainard's "conservatism principIe", although this effect seems to be relatively small. We then informally investigate each rule's robustness by analyzing the performance of policy rules derived from each model under each one of the alternative models. We find that optimal rules derived from each model perform very poorly under alternative models, whereas a simple Taylor rule is relatively robusto We also fmd that even within a specific model, the Taylor rule may perform better than the optimal rule under particularly unfavorable realizations from the policymaker' s loss distribution function.

Is there a need for additional monetary stimulus? Insights from the original Taylor Rule. CEPS Policy Brief No. 342, April 2016

Central banks in the developed world are being misled into fighting the perceived dangers of a ‘deflationary spiral’ because they are looking at only one indicator: consumer prices. This Policy Brief finds that while consumer prices are flat, broader price indices do not show any sign of impending deflation: the GDP deflator is increasing in the US, Japan and the euro area by about 1.2-1.5%. Nor is the real economy sending any deflationary signals either: unemployment is at record lows in the US and Japan, and is declining in the euro area while GDP growth is at, or above potential. Thus, the overall macroeconomic situation does not give any indication of an imminent deflationary spiral. In today’s high-debt environment, the authors argue that central banks should be looking at the GDP deflator and the growth of nominal GDP, instead of CPI inflation. Nominal GDP growth, as forecasted by the major official institutions, remains robust and is in excess of nominal interest rates. They conclude that if the ECB were to set the interest rate according to the standard rules of thumb for monetary policy, which take into account both the real economy and price developments of broader price indicators, it would start normalising its policy now, instead of pondering over additional measures to fight deflation, which does not exist. In short, economic conditions are slowly normalising; so should monetary policy.

The carpenter and joiner's assistant. Containing practical rules for making all kinds of joints, and various methods of hingeing them together ... to which are added, examples of various roofs executed ... also extracts from M. Belidor, M. du Hamel, M. de Buffon, etc., on the strength of timber with practical observations.

Mode of access: Internet.

Comments of Joint Committee on Educational Television : in the matter of amendment of part 3 of the Commission's Rules and regulations governing television broadcast stations, before the Federal Communications Commission, Washington 25, D.C., Docket No. 11532 /

Cover title.

By-laws, house rules and list of officers and members of the University Club of San Francisco.

1916 printed by Taylor & Taylor. See Barr p. 178.

The builder's pocket manual; containing the elements of building, surveying and architecture. With practical rules and instructions in carpentry, bricklaying, masonry, &c. Observations on the properties of materials and a variety of useful tables and receipts.

Mode of access: Internet.

Practical essay on the strength of cast iron, and other metals... containing practical rules, tables, and examples; founded on a series of new experiments, with an extensive table of the properties of materials.

"A list of authors": p. [299]-300.

Practical essay on the strength of cast iron, and other metals : intended for the assistance of engineers ... containing practical rules, tables, and examples; founded on a series of new experiments /

"A list of authors": p. [297]-298.

The whole works of the Right Rev. Jeremy Taylor /

v.1. The life of Taylor. Funeral sermon / by Bishop Rust. Correspondence with Mr. Henry Jeanes. Christian consolations. Indexes -- v.2. The history of the life and death of the Holy Jesus -- v.3. The history of the life and death of the Holy Jesus (cont.) Contemplations of the state of man -- v.4. The rule and exercises of holy living and dying -- v.5-6. Sermons -- v.7. Episcopacy asserted. An apology for authorized and set forms of liturgy. A discourse on the liberty of prophesying -- v.8. A discourse on the liberty of prophesying (cont.) The doctrine and practice of repentance -- v.9. The doctrine and practice of repentance (cont.) Deus justificatus. The real presence of Christ in the holy sacrament -- v.10. The real presence of Christ in the holy sacrament (cont.) A dissuassive from popery -- v.11. A dissuasive from popery (cont.) Letters. A discourse of confimation. A discourse of friendship. Ductor dubitantium; or, The rule of conscience -- v.12-13. The rule of conscience (cont.) -- v.14. The conclusion of the rule of conscience. The divine institution and necessity of the office ministerial. Rules and advices to the clergy -- v.15. The golden grove. The psalter. A collection of offices, or forms of prayer. Devotions for various occasions. The worthy communicant.

Rules of engagement: Cross-cultural glances in critical writing on recent French and Australian 'youth' films

This Article does not have an abstract.

Group membership, power and social rules: A study of doctor-nurse relationship

The purposes of this research are: (1) to compare the similarides and differences in intra-group and inter-group social rules of hospital doctors and nurses; (2) to compare rule following, rule breaking & tolerance of rule breaking of doctors and nurses with respect to different work reladonships. Professional discipline and idendficadon, ingroup-outgroup membership and reladve status were used as predictors. In-depth interview of 20 doctors and 20 nurses were conducted to elicit social rules and goals. In the second study, 30 rules and 10 goals with high consensus were selected from study one and developed into a quesdonnaire which measured their applicadon to four different work reladonships, namely, padents, peers, seniors and doctors/nurses. Forty-three doctors and one hundred and seven nurses completed this questionnaire. In the third study, the frequency and goals of violation and tolerance of violation of five different social rules were measured. One hundred and thirty-six doctors and one hundred and sixty-six nurses completed the questionnaire.

Generalized KPCA by adaptive rules in feature space

Principal component analysis (PCA) is well recognized in dimensionality reduction, and kernel PCA (KPCA) has also been proposed in statistical data analysis. However, KPCA fails to detect the nonlinear structure of data well when outliers exist. To reduce this problem, this paper presents a novel algorithm, named iterative robust KPCA (IRKPCA). IRKPCA works well in dealing with outliers, and can be carried out in an iterative manner, which makes it suitable to process incremental input data. As in the traditional robust PCA (RPCA), a binary field is employed for characterizing the outlier process, and the optimization problem is formulated as maximizing marginal distribution of a Gibbs distribution. In this paper, this optimization problem is solved by stochastic gradient descent techniques. In IRKPCA, the outlier process is in a high-dimensional feature space, and therefore kernel trick is used. IRKPCA can be regarded as a kernelized version of RPCA and a robust form of kernel Hebbian algorithm. Experimental results on synthetic data demonstrate the effectiveness of IRKPCA. © 2010 Taylor & Francis.