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Output Stability (output + stability)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	75%

Selected Abstracts

Open-Economy Inflation-Forecast Targeting

GERMAN ECONOMIC REVIEW, Issue 1 2006
Kai Leitemo
Inflation targeting; forecast targeting; monetary policy; small open economy Abstract. We study simple inflation-forecast targeting in an open-economy setting. Simple inflation-forecast targeting implies setting an interest rate which, if kept unchanged throughout the forecast-targeting horizon, produces a conditional inflation forecast equal to the inflation target at the end of the horizon. We find that the optimal forecast-targeting horizon is relatively short (one year). A longer horizon does not consistently contribute to improved output stability, indeed it increases exchange rate variability and traded sector variability. The targeting procedure is substantially inferior to the optimal pre-commitment policy. Moreover, the targeting procedure does not necessarily determine the rational-expectations equilibrium and is subject to time inconsistency. [source]

Fabrication of a Multilayered Low-Temperature Cofired Ceramic Micro-Plasma-Generating Device

INTERNATIONAL JOURNAL OF APPLIED CERAMIC TECHNOLOGY, Issue 6 2006
Amanda Baker
Plasma technology is currently being used in innumerable industrial applications. Some of the common uses of this technology include surface cleaning and treatment, sputtering and etching of semiconductor devices, excitation source for chemical analyses, cutting, environmental cleanup, sterilization, and phototherapy. The harsh conditions that these devices must endure require robust refractory materials systems for their fabrication and reliability. Low-temperature cofired ceramic (LTCC) material systems provide a durable and cost-effective platform for the manufacture of such devices, and allow for possible integration into meso-scale microsystems. Our designs are based on RF microstriplines that capacitively couple and ionize small gas discharge sites over the top electrode. In this paper, we have built several iterations of this micro-plasma generating device using LTCC material systems. The impact of electrode ink selection and processing, lamination methods, dielectric layer thickness, and electrode design has been investigated. Several micro-plasma-generating devices were then evaluated for power requirements, output stability, and long-term reliability. [source]

The stabilization properties of fixed and floating exchange rate regimes

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2004
Keith Pilbeam
Abstract This paper investigates the price and output stabilization properties of fixed and floating exchange rates using a small open economy model. The performance of the two regimes is compared in the face of money demand, aggregate demand and aggregate supply shocks. It is shown that the ranking of the two regimes is extremely sensitive to the weighting of the objective function as between price and output stability, the type of shock impinging upon the economy, the values of structural parameters of the economy and institutional features such as the degree of wage indexation within the economy. The results obtained suggest that estimates of the income elasticity of money demand, the elasticity of aggregate demand to changes in both the real exchange rate and the real interest rate, and the degree of openness of the economy are likely to be important to policymakers when making the choice of exchange rate regime. Neither regime can be said to be dominant in all circumstances. Copyright © 2004 John Wiley & Sons, Ltd. [source]

The Effect of Discounting on Policy Choices in Inflation Targeting Regimes,

THE ECONOMIC JOURNAL, Issue 508 2006
SGB Henry
This article assesses the implications of discounting on a result derived by Bean (1998): that in a model of monetary policy where policy acts with a lag, the outcomes of monetary policy are very similar for a wide range of preferences of the monetary authority with respect to inflation and output stability. We show that when the authority discounts the future, outcomes become more sensitive to its preferences, and that it is important to take the discount rate into account when examining the question of how the authority's remit should be specified. [source]