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Rigidity
Kinds of Rigidity Selected AbstractsOptimal Monetary Policy with Price and Wage RigiditiesECONOMIC NOTES, Issue 1 2006Massimiliano Marzo In this paper, I search for an optimal configuration of parameters for variants of the Taylor rule by using an accurate second-order welfare-based method within a fully microfounded dynamic stochastic model, with price and wage rigidities, without capital accumulation. A version of the model with distortionary taxation is also explicitly tested. The model is solved up to second-order solution. Optimal rules are obtained by maximizing a conditional welfare measure, differently from what has been done in the current literature. Optimal monetary policy functions turn out to be characterized by inflation targeting parameter lower than in empirical studies. In general, the optimal values for monetary policy parameters depend on the degree of nominal rigidities and on the role of fiscal policy. When nominal rigidities are higher, optimal monetary policy becomes more aggressive to inflation. With a tighter fiscal policy, optimal monetary policy turns out to be less aggressive to inflation. Impulse-response functions based on second-order model solution show a non-affine pattern when the economy is hit by shocks of different magnitude. [source] The effects of pay and job satisfaction on the labour supply of hospital consultantsHEALTH ECONOMICS, Issue 12 2007Divine Ikenwilo Abstract There is little evidence about the responsiveness of doctors' labour supply to changes in pay. Given substantial increases in NHS expenditure, new national contracts for hospital doctors and general practitioners that involve increases in pay, and the gradual imposition of a ceiling on hours worked through the European Working Time Directive, knowledge of the size of labour supply elasticities is crucial in examining the effects of these major changes. This paper estimates a modified labour supply model for hospital consultants, using data from a survey of consultants in Scotland. Rigidities in wage setting within the NHS mean that the usual specification of the labour supply model is extended by the inclusion of job quality (job satisfaction) in the equation explaining the optimal number of hours worked. Generalised Method of Moments estimation is used to account for the endogeneity of both earnings and job quality. Our results confirm the importance of pay and non-pay factors on the supply of labour by consultants. The results are sensitive to the exclusion of job quality and show a slight underestimation of the uncompensated earnings elasticity (of 0.09) without controlling for the effect of job quality, and 0.12 when we controlled for job quality. Pay increases in the new contract for consultants will only result in small increases in hours worked. Small and non-significant elasticity estimates at higher quantiles in the distribution of hours suggest that any increases in hours worked are more likely for consultants who work part time. Those currently working above the median number of hours are much less responsive to changes in earnings. Copyright © 2007 John Wiley & Sons, Ltd. [source] Real Wage Rigidities and the New Keynesian ModelJOURNAL OF MONEY, CREDIT AND BANKING, Issue 2007OLIVIER BLANCHARD oil price shocks; inflation targeting; monetary policy; inflation inertia Most central banks perceive a trade-off between stabilizing inflation and stabilizing the gap between output and desired output. However, the standard new Keynesian framework implies no such trade-off. In that framework, stabilizing inflation is equivalent to stabilizing the welfare-relevant output gap. In this paper, we argue that this property of the new Keynesian framework, which we call the divine coincidence, is due to a special feature of the model: the absence of nontrivial real imperfections. We focus on one such real imperfection, namely, real wage rigidities. When the baseline new Keynesian model is extended to allow for real wage rigidities, the divine coincidence disappears, and central banks indeed face a trade-off between stabilizing inflation and stabilizing the welfare-relevant output gap. We show that not only does the extended model have more realistic normative implications, but it also has appealing positive properties. In particular, it provides a natural interpretation for the dynamic inflation,unemployment relation found in the data. [source] The Employment Effects of Severance Payments with Wage Rigidities,THE ECONOMIC JOURNAL, Issue 506 2005Pietro Garibaldi Firing costs have two separate dimensions: a transfer from the firm to the laid-off worker and a tax paid outside the firm-worker pair. To avoid the ,bonding critique' most of the existing literature implicitly assumes that, in the presence of wage rigidity, transfers have the same real effects as taxes. This paper shows that this presumption is in general misplaced, especially so when the degree of wage rigidity is endogenous. The predictions of our theory find empirical support in a panel data-set of OECD countries. [source] Price Rigidities, Inflationary Finance and Long-run Growth*BULLETIN OF ECONOMIC RESEARCH, Issue 1 2000Christopher Tsoukis The paper considers a monopolistically competitive intertemporally optimizing monetary economy featuring long-term growth. Inflation is generated through sluggish price-setting and contributes to budgetary finance through seignorage. This setup permits exploration of the interaction between inflation and growth in a tractable way. Superneutrality holds in the long but not the short run. The budget deficit fuels inflation with a hysteresis. Growth and inflation are negatively correlated in the long run, with causality running from the former to the latter, and positively correlated in the short run regardless of the origin of shocks. Price flexibility precipitates adjustment but appears also to destabilize output. [source] Rigidity Versus Adaptation: Contributions to the Debate on Agricultural Viability and Forest Sustainability in Southern CameroonCULTURE, AGRICULTURE, FOOD & ENVIRONMENT, Issue 2 2003Phil René Oyono First page of article [source] Rigidity of commonly used dental trauma splintsDENTAL TRAUMATOLOGY, Issue 3 2009Christine Berthold We evaluated the rigidity of various commonly used splints in vitro Material and Methods:, An acrylic resin model was used. The central incisors simulated injured teeth, with increased vertical and horizontal mobility. The lateral incisors and canines stimulated uninjured teeth. Tooth mobility was measured with the Periotest® device. Vertical and horizontal measurements were made before and after splinting, and the difference between values was defined as the splint effect. We evaluated 4 composite splints, 3 wire-composite splints, a titanium trauma splint, a titanium ring splint, a bracket splint, and 2 Schuchardt splints Results:, For all injured teeth and all splints, there was a significant splint effect for the vertical and horizontal dimensions (P < 0.05). For injured teeth, the composite splints produced the largest changes in vertical tooth mobility; wire-composite splints 1 and 2, using orthodontic wires, produced the smallest vertical splint effects. For uninjured teeth, the Schuchardt 1 splint and the bracket splint produced the largest splint effects; wire-composite splints 1 and 2 produced only a slight change in tooth mobility. Composite splints 2 and 3 produced the largest horizontal splint effects for injured teeth, and the 4 composite splints produced the largest horizontal splint effects for uninjured teeth. The most horizontally flexible splints were the titanium trauma splint and wire-composite splints 1 and 2. Conclusions:, According to the current guidelines and within the limits of an in vitro study, it can be stated that flexible or semirigid splints such as the titanium trauma splint and wire-composite splints 1 and 2 are appropriate for splinting teeth with dislocation injuries and root fractures, whereas rigid splints such as wire-composite splint 3 and the titanium ring splint can be used to treat alveolar process fractures. [source] Nominal Wage Rigidity in Contract Data: A Parametric ApproachECONOMICA, Issue 280 2003Louis N. Christofides Using wage agreements reached in the Canadian unionized sector during 1976,99, a period of high as well as exceptionally low inflation, we consider how histograms of wage adjustment changed as inflation reached the low levels of the 1990s. The histograms and parametric tests suggest that wage adjustment is characterized by downward nominal rigidity and significant spikes at zero. There is some evidence of modest menu-cost effects. We examine whether the rigidity features of wage adjustment are sensitive to indexation provisions, and investigate whether the distinction between short and long contracts is useful. [source] Downward Wage Rigidity in Europe: A New Flexible Parametric Approach and Empirical ResultsGERMAN ECONOMIC REVIEW, Issue 2 2010Andreas Behr Wage rigidity; ECHP; Sticky prices Abstract. We suggest a new parametric approach to estimate the extent of downward nominal wage rigidity in ten European countries between 1995 and 2001. The database used throughout is the User Data Base of the European Community Household Panel (ECHP). The proposed approach is based on the generalized hyperbolic distribution, which allows to model wage change distributions characterized by thick tales, skewness and leptokurtosis. Significant downward nominal wage rigidity is found in all countries under analysis, but the extent varies considerably across countries. Yearly estimates reveal increasing rigidity in Italy, Greece and Portugal, while rigidity is declining in Denmark and Belgium. The results imply that the costs of price stability differ substantially across Europe. [source] Rigidity and flexibility of gender stereotypes in childhood: developmental or differential?INFANT AND CHILD DEVELOPMENT, Issue 4 2005Hanns M. Trautner Abstract Previous research has shown that the early learning of male,female categories is characterized by rigid beliefs about stereotypic differences, but that once gender knowledge is well established, the beliefs become more flexible. Because most studies are cross-sectional, it is not known if the early rigidity represents a normative transitional developmental stage that passes, or if early individual differences in rigidity continue into later childhood. To answer that question, analyses were performed on longitudinal data of 64 children who had been questioned about their gender concepts yearly from ages 5 to 10 years. Supporting a cognitive-developmental approach, the findings showed that the period of rigidity was short-lived whether rigidity began early or late or whether the level of peak rigidity was high or low. Copyright © 2005 John Wiley & Sons, Ltd. [source] The Cost of Nominal Rigidity in NNS ModelsJOURNAL OF MONEY, CREDIT AND BANKING, Issue 7 2007MATTHEW B. CANZONERI cost of nominal rigidity We present a model with Calvo wage and price setting, capital formation, and estimated rules for government spending and monetary policy. Our model captures many aspects of U.S. data, including the volatility that has been observed in various efficiency gaps. We estimate the cost of nominal rigidity,welfare under flexible wages and prices minus welfare with nominal rigidities,to be as much as 3% of consumption each period. Since there are interest rate rules that virtually eliminate this cost, our model suggests that,contrary to Lucas's (2003) assertion,there is considerable room for improvement in demand management policy. [source] Age and ovariectomy impair both the normalization of mechanical properties and the accretion of mineral by the fracture callus in ratsJOURNAL OF ORTHOPAEDIC RESEARCH, Issue 3 2001Ralph A. Meyer Jr. The impact of age and ovariectomy on the healing of femoral fractures was studied in three groups of female rats at 8, 32 and 50 weeks of age at fracture. In the two older groups, the rats had been subjected to ovariectomy or sham surgery at random at 26 weeks of age. At fracture, all rats received unilateral intramedullary pinning of one femur and a middiaphyseal fracture. Rigidity and breaking load of the femora were evaluated at varying times up to 24 weeks after fracture induction by three-point bending to failure. Bone mineral density (BMD) was measured by dual-energy X-ray absorptiometry. In the youngest group, 8-week-old female rats regained normal femoral rigidity and breaking load by 4 weeks after fracture. They exceeded normal contralateral values by 8 weeks after fracture. In the middle group, at 32 weeks of age, fractures were induced, and the femora were harvested at 6 and 12 weeks after fracture. At 6 weeks after fracture there was partial restoration of rigidity and breaking load. At 12 weeks after fracture, only the sham-operated rats had regained normal biomechanical values in their fractured femora, while the fractured femora of the ovariectomized rats remained significantly lower in both rigidity and breaking load. In contrast, for the oldest group of rats, 50 weeks old at fracture, neither sham-operated nor ovariectomized rats regained normal rigidity or breaking load in their fractured femora within the 24 weeks in which they were studied. In all fractured bones, there was a significant increase in BMD over the contralateral intact femora due to the increased bone tissue and bone mineral in the fracture callus. Ovariectomy significantly reduced the BMD of the intact femora and also reduced the gain in BMD by the fractured femora. In conclusion, age and ovariectomy significantly impair the process of fracture healing in female rats as judged by measurements of rigidity and breaking load in three-point bending and by accretion of mineral into the fracture callus. © 2001 Orthopaedic Research Society. Published by Elsevier Science Ltd. All rights reserved. [source] Variations in the Understanding of Interpersonal Behavior: Adherence to the Interpersonal Circle as a Moderator of the Rigidity,Psychological Well-Being RelationJOURNAL OF PERSONALITY, Issue 2 2010Terence J. G. Tracey ABSTRACT The idiothetic structure of interpersonal trait perceptions was examined as it moderated the interpersonal rigidity,psychological well-being relation. The focus was on the extent to which individuals' perceptions of the similarity of interpersonal behavior fits (i.e., adhered to) the normative interpersonal circle. In two samples of college students, individual differences in adherence to the interpersonal circle moderated the relation of interpersonal rigidity with various indices of psychological well-being. We found that those individuals whose perceptions of interpersonal traits were better represented by the interpersonal circle had negative relations between interpersonal rigidity and satisfaction with life, self-confidence, self-liking, and complementarity and positive relations with interpersonal problems. The results suggest that adherence to the interpersonal circle may be a new means of viewing traitedness and that cognitive interpretation of traits may have an important moderating function. [source] Arterial Rigidity And Cardiovascular Sympathetic Tone In Hypertensive Obese And Type 2 Diabetic PatientsJOURNAL OF THE PERIPHERAL NERVOUS SYSTEM, Issue 3 2000P Valensi An increase of arterial rigidity and sympathetic activity has been suggested to contribute to essential hypertension. We have shown that vagal control of heart rate (HR) variations during standardized tests is similarly impaired in normotensive obese and type 2 diabetic patients. The aim was to compare cardiovascular vagosympathetic balance and the link between pulse pressure, an index of arterial rigidity, and sympathetic activity in normotensive and hypertensive obese and type 2 diabetic patients. Groups 1 and 2 consisted of 70 normotensive and 32 hypertensive obese patients, groups 3 and 4 of 18 normotensive and 14 hypertensive diabetic patients respectively. HR and blood pressure (BP) variations were studied with a plethysmographic system and spectral analysis (Finapres). During a 5 min-period at a controlled breathing rate, in the 4 groups, the high frequency peak of HR variations (vagal control) was significantly lower than in controls (19 healthy subjects), and the mid/high frequency peak ratio of HR variations was significantly increased. During a standing test, the mid-frequency peak of systolic BP variations (sympathetic activity) did not differ significantly in obese or diabetic patients, either normotensive or hypertensive, and in controls. This peak correlated significantly with pulse pressure in groups 2 and 4 and in the control group but not in groups 1 and 3. In conclusion, 1) spectral analysis confirms that in obese and diabetic patients vagal control of HR variations is similarly reduced and suggests that sympathetic activity is relatively increased ; 2) in hypertensive patients sympathetic tone is not higher than in normotensive ones, but may contribute to arterial rigidity. [source] Reasons for Wage Rigidity in GermanyLABOUR, Issue 2 2006Wolfgang Franz Based on a survey of 801 firms in Germany and an econometric analysis, we find strong support for explanations based on the effects of labour union contracts and efficiency wages that differ between skill groups. Survey respondents indicate that labour union contracts and implicit contracts are important reasons for wage rigidity for the (less) skilled. Specific human capital and negative signals for new hires are causes of the stickiness of wages for the highly skilled. Compared with US evidence, German firms seem to attach more importance to labour union contracts and specific human capital. [source] Contribution of Jules Froment to the study of Parkinsonian rigidityMOVEMENT DISORDERS, Issue 7 2007Emmanuel Broussolle MD Abstract Rigidity is commonly defined as a resistance to passive movement. In Parkinson's disease (PD), two types of rigidity are classically recognized which may coexist, "leadpipe " and "cogwheel". Charcot was the first to investigate parkinsonian rigidity during the second half of the nineteenth century, whereas Negro and Moyer described cogwheel rigidity at the beginning of the twentieth century. Jules Froment, a French neurologist from Lyon, contributed to the study of parkinsonian rigidity during the 1920s. He investigated rigidity of the wrist at rest in a sitting position as well as in stable and unstable standing postures, both clinically and with physiological recordings using a myograph. With Gardère, Froment described enhanced resistance to passive movements of a limb about a joint that can be detected specifically when there is a voluntary action of another contralateral body part. This has been designated in the literature as the "Froment's maneuver " and the activation or facilitation test. In addition, Froment showed that parkinsonian rigidity diminishes, vanishes, or enhances depending on the static posture of the body. He proposed that in PD "maintenance stabilization " of the body is impaired and that "reactive stabilization " becomes the operative mode of muscular tone control. He considered "rigidification " as compensatory against the forces of gravity. Froment also demonstrated that parkinsonian rigidity increases during the Romberg test, gaze deviation, and oriented attention. In their number, breadth, and originality, Froment's contributions to the study of parkinsonian rigidity remain currently relevant to clinical and neurophysiological issues of PD. © 2007 Movement Disorder Society [source] Clinical features of parkinsonian patients with the ,-synuclein (G209A) mutation,MOVEMENT DISORDERS, Issue 6 2001S. Bostantjopoulou Abstract The motor and neuropsychological abnormalities in eight Greek patients with Parkinson's disease (PD) carrying the ,-synuclein gene mutation (G209A) were studied. These patients (five men, three women) belonged to six different families. Their symptoms started between 32,50 years of age (mean ± SD, 39.7 ± 7.6 years) and they had a mean disease duration of 5.4 ± 2.1 years (range, 2,9 years) at the time of examination. Rigidity and bradykinesia predominated both at disease onset as well as in the later stages and rest tremor was relatively uncommon. Neuropsychological assessment showed that one patient was mildly demented while another had impairment in memory, visuoconstructive abilities, and executive function. Depression was present in only one patient. Our findings indicate that genetic forms of parkinsonism share common motor and cognitive characteristics with sporadic PD but raise the possibility that greater cognitive impairment and the relative rarity of tremor may be distinctive features worthy of further investigation. © 2001 Movement Disorder Society. [source] Apparent density of the primate calcaneo-cuboid joint and its association with locomotor mode, foot posture, and the "midtarsal break"AMERICAN JOURNAL OF PHYSICAL ANTHROPOLOGY, Issue 2 2010Matthew G. Nowak Abstract Primates use a range of locomotor modes during which they incorporate various foot postures. Humans are unique compared with other primates in that humans lack a mobile fore- and midfoot. Rigidity in the human foot is often attributed to increased propulsive and stability requirements during bipedalism. Conversely, fore- and midfoot mobility in nonhuman primates facilitates locomotion in arboreal settings. Here, we evaluated apparent density (AD) in the subchondral bone of human, ape, and monkey calcanei exhibiting different types of foot loading. We used computed tomography osteoabsorptiometry and maximum intensity projection (MIP) maps to visualize AD in subchondral bone at the cuboid articular surface of calcanei. MIPs represent 3D volumes (of subchondral bone) condensed into 2D images by extracting AD maxima from columns of voxels comprising the volumes. False-color maps are assigned to MIPs by binning pixels in the 2D images according to brightness values. We compared quantities and distributions of AD pixels in the highest bin to test predictions relating AD patterns to habitual locomotor modes and foot posture categories of humans and several nonhuman primates. Nonhuman primates exhibit dorsally positioned high AD concentrations, where maximum compressive loading between the calcaneus and cuboid likely occurs during "midtarsal break" of support. Humans exhibit less widespread areas of high AD, which could reflect reduced fore- and midfoot mobility. Analysis of the internal morphology of the tarsus, such as subchondral bone AD, potentially offers new insights for evaluating primate foot function during locomotion. Am J Phys Anthropol, 2010. © 2009 Wiley-Liss, Inc. [source] On Reputation: A Microfoundation of Contract Enforcement and Price Rigidity,THE ECONOMIC JOURNAL, Issue 536 2009Ernst Fehr We study the impact of reputational incentives in markets characterised by moral hazard problems. Social preferences have been shown to enhance contract enforcement in these markets, while at the same time generating considerable wage and price rigidity. Reputation powerfully amplifies the positive effects of social preferences on contract enforcement by increasing contract efficiency substantially. This effect is, however, associated with a considerable bilateralisation of market interactions, suggesting that it may aggravate price rigidities. Surprisingly, reputation in fact weakens the wage and price rigidities arising from social preferences. Thus, in markets characterised by moral hazard, reputational incentives unambiguously increase mutually beneficial exchanges, reduce rents, and render markets more responsive to supply and demand shocks. [source] Wage Rigidity: Measurement, Causes and Consequences,THE ECONOMIC JOURNAL, Issue 524 2007Lorenz Goette Wage rigidity , the observation that wages cannot be adjusted downwards , has important implications for labour markets and macroeconomic performance. Empirical evidence on the extent, causes and consequences of wage rigidity on the individual level is relatively scant, however. This Feature presents articles that apply a new methodology to estimate the incidence and extent of nominal and real wage rigidity among the employed in three major European countries (Germany, Italy and Great Britain). The results document the pervasiveness of nominal and, particularly, real wage rigidity in different institutional and economic environments, and a recent decline in real wage rigidity. [source] Foregoing Rigidity to Achieve Greater Intimacy,ANGEWANDTE CHEMIE, Issue 45 2009Alexander Enge Begegnung: Biegt man ein flaches Molekül, um einen besseren Kontakt mit der Oberfläche eines gekrümmten Partnermoleküls herzustellen, so entsteht sterische Spannung. Falls es gelingt, das gekrümmte Molekül etwas flacher zu machen (siehe Bild), so wird die Energie, die zur Maximierung des Oberflächenkontakts aufzubringen ist, unter beiden Partnern aufgeteilt. Röntgenkristallstrukturen illustrieren dieses geometrische Phänomen der wechselseitigen Adaption. [source] Rigidity and persistence for ensuring shape maintenance of multi-agent meta-formations,ASIAN JOURNAL OF CONTROL, Issue 2 2008Julien M. Hendrickx Abstract This paper treats the problem of merging formations, where the underlying model of a formation is graphical. We first analyze the rigidity and persistence of meta-formations, which are formations obtained by connecting several rigid or persistent formations. Persistence is a generalization to directed graphs of the undirected notion of rigidity. In the context of moving autonomous agent formations, persistence characterizes the efficacy of a directed structure of unilateral distance constraints seeking to preserve a formation shape. We derive then, for agents evolving in a two- or three-dimensional space, the conditions under which a set of persistent formations can be merged into a persistent meta-formation, and give the minimal number of interconnections needed for such a merging. We also give conditions for a meta-formation obtained by merging several persistent formations to be persistent. Copyright © 2008 John Wiley and Sons Asia Pte Ltd and Chinese Automatic Control Society [source] On the Rigidity of Polynorbornenes with Dipolar Pendant GroupsCHEMISTRY - A EUROPEAN JOURNAL, Issue 1 2006Wei-Yu Lin Abstract A range of polynorbornenes (PNBs) with fused dipolar pendant groups at C-5,6 positions was synthesized by ring-opening metathesis polymerization catalyzed by a ruthenium carbene complex (Grubbs I). Photophysical studies, EFISH measurements, and atomic force microscopy images have been used to investigate the structures and morphology of these polymers. These results suggest that the polymers may adopt rigid rod-like structures. The presence of the double bonds in PNBs appeared to be indispensable for the rigidity of the polymers. Interaction between unsaturated pendant groups may result in coherent alignment leading to a rod-like structure. [source] Rigidity and gamma convergence for solid-solid phase transitions with SO(2) invarianceCOMMUNICATIONS ON PURE & APPLIED MATHEMATICS, Issue 6 2006Sergio Conti The singularly perturbed two-well problem in the theory of solid-solid phase transitions takes the form where u : , , ,n , ,n is the deformation, and W vanishes for all matrices in K = SO(n)A , SO(n)B. We focus on the case n = 2 and derive, by means of Gamma convergence, a sharp-interface limit for I,. The proof is based on a rigidity estimate for low-energy functions. Our rigidity argument also gives an optimal two-well Liouville estimate: if ,u has a small BV norm (compared to the diameter of the domain), then, in the L1 sense, either the distance of ,u from SO(2)A or the one from SO(2)B is controlled by the distance of ,u from K. This implies that the oscillation of ,u in weak L1 is controlled by the L1 norm of the distance of ,u to K. © 2006 Wiley Periodicals, Inc. [source] Analysing Macro-Poverty Linkages of External Liberalisation: Gaps, Achievements and AlternativesDEVELOPMENT POLICY REVIEW, Issue 3 2005Bernhard G. Gunter CGE modelling has dominated analysis of the impact of external liberalisation on poverty. This article provides a structuralist critique of standard neo-classical CGE models. It highlights five sets of gaps and partial achievements in the modelling of issues affecting the poverty impact of macroeconomic policies: duality and structural rigidities; efficiency gains and quota rents; the investment and savings specification; the nature of public expenditures; and the modelling of financial fragility, risk premia and issues of credibility. It outlines a model that makes it possible to analyse more plausible stories about the impact of both current and capital account liberalisation and questions the realism of existing approaches to ex-ante poverty impact assessment. [source] Optimal Monetary Policy with Price and Wage RigiditiesECONOMIC NOTES, Issue 1 2006Massimiliano Marzo In this paper, I search for an optimal configuration of parameters for variants of the Taylor rule by using an accurate second-order welfare-based method within a fully microfounded dynamic stochastic model, with price and wage rigidities, without capital accumulation. A version of the model with distortionary taxation is also explicitly tested. The model is solved up to second-order solution. Optimal rules are obtained by maximizing a conditional welfare measure, differently from what has been done in the current literature. Optimal monetary policy functions turn out to be characterized by inflation targeting parameter lower than in empirical studies. In general, the optimal values for monetary policy parameters depend on the degree of nominal rigidities and on the role of fiscal policy. When nominal rigidities are higher, optimal monetary policy becomes more aggressive to inflation. With a tighter fiscal policy, optimal monetary policy turns out to be less aggressive to inflation. Impulse-response functions based on second-order model solution show a non-affine pattern when the economy is hit by shocks of different magnitude. [source] Trade liberalisation and CAP reform in the EUECONOMIC OUTLOOK, Issue 1 2006Article first published online: 26 JAN 200 Europe has underperformed relative to its peers and to its own previous performance over the last two decades. That underperformance reflects a range of factors, from structural rigidities in labour and capital markets, to inappropriate macroeconomic policy. But one set of policy measures that could contribute to improved economic performance in the future is trade liberalisation and reform of the Common Agricultural Policy (CAP). This article examines the benefits that could accrue to the UK, EU and global economies from the liberalisation of trade in goods and from the replacement of the current CAP with other, more productive forms of spending. It finds that the current barriers to trade in the EU, and the resources dedicated to the maintenance of the CAP, are set to cost the EU some 2% of GDP by 2015 if they remain in place. Moreover, this cost falls disproportionately on the poorer members of society. [source] Public Provision for Urban Water: Getting Prices and Governance RightGOVERNANCE, Issue 4 2008EDUARDO ARARAL Public sector monopolies are often associated with inefficiencies and inability to meet rising demand. Scholars attribute this to fundamental problems associated with public provision: (1) a tradition of below-cost pricing due to populist pressures, (2) owner,regulator conflicts of interest, and (3) perverse organizational incentives arising from non-credible threat of bankruptcy, weak competition, rigidities, and agency and performance measurement problems. Many governments worldwide have shifted to private provision, but recent experience in urban water utilities in developing countries has shown their limitations because of weak regulatory regimes compounded by inherent problems of information, incentives, and commitment. This article examines the paradoxical case of the Phnom Penh Water Supply in Cambodia to illustrate how public provision of urban water can be substantially improved by getting prices and governance right. Findings have implications for the search for solutions to provide one billion people worldwide with better access to potable water. [source] Monopoly Price Dispersion Under Demand UncertaintyINTERNATIONAL ECONOMIC REVIEW, Issue 3 2001James D. Jr. DanaArticle first published online: 23 DEC 200 When a monopolist sets its price before its demand is known, then it may set more than one price and limit the availability of its output at lower prices. This article adds demand uncertainty and price rigidities to the standard model of monopoly pricing. When there are two states of demand and the ex post monopoly price is greater when demand is high then the monopolist's optimal ex ante pricing strategy is to set two prices and limit purchases at the lower price. [source] Torsion of orthotropic bars with L -shaped or cruciform cross-sectionINTERNATIONAL JOURNAL FOR NUMERICAL METHODS IN BIOMEDICAL ENGINEERING, Issue 3 2001Y. Z. Chen Abstract For an orthotropic torsion bar with L -shaped or cruciform cross-section, the studied torsion problem can be reduced to a boundary value problem of elliptic partial differential equation. The studied region is separated into several rectangular sub-regions, and the series solution is suggested to solve the problem for the individual sub-region. By using the continuation condition for the functions on the neighbouring sub-regions, the investigated solution is obtainable. Finally, numerical results for the torsion rigidities of bars are given to demonstrate the influence of the degree of orthotropy. Copyright © 2001 John Wiley & Sons, Ltd. [source] | ||||||||||||||||||||||||||||||||||||||||