Optimal fiscal policy in a multisector model with minimum expenditure requirements

This paper investigates optimal fiscal policy in a static multisector model. A Ramsey type planner chooses tax rates on each good type as well as spending levels on each good type subject to an exogenous total expenditure constraint and requirements that some minimum amount of spending be undertaken in each sector. It is shown that optimal policy does not equally spend in each sector but instead results in one of the minimum expenditure constraints binding.

An Estimated New-Keynesian Model with Unemployment as Excess Supply of Labor

Wage stickiness is incorporated to a New-Keynesian model with variable capital to drive endogenous unemployment uctuations de ned as the log di¤erence between aggregate labor supply and aggregate labor demand. We estimated such model using Bayesian econometric techniques and quarterly U.S. data. The second-moment statistics of the unemployment rate in the model give a good t to those observed in U.S. data. Our results also show that wage-push shocks, demand shifts and monetary policy shocks are the three major determinants of unemployment fl uctuations. Compared to an estimated New-Keynesian model without unemployment (Smets and Wouters, 2007): wage stickiness is higher, labor supply elasticity is lower, the slope of the New-Keynesian Phillips curve is flatter, and the importance of technology innovations on output variability increases.

跨大气层飞行器姿态控制相关三维稀薄气体流动的Monte Carlo模拟

本文利用直接模拟Monte Carlo位置元(DSMC-PE)方案模拟了跨大气层飞行器姿态控制相关的两个典型的稀薄气体流动,真空轴对称射流冲击平板和楔形垂直相交平板稀薄气体绕流。真空轴对称射流在附近平板表面的压力、剪应力和热流分布的计算结果,与Legge(1991)和D(?)ring(1990)的测量数据一致;楔形垂直相交平板表面压力分布计算结果,与Allegre和Raffin(1992)实验数据的比较,也令人满意。上述计算表明,DSMC-PE是处理航天领域稀薄气流的有力工具。