Nonsuperneutrality of Money in the Sidrauski Model with Heterogenous Agents

Superneutrality is demonstrated to no longer hold in the Sidrauski model as soon as agents are heterogenous with regard to their productivity. However, quantitative effects of inflation on the capital stock are found to be rather small.

Employment and Welfare Effects of a Two-Tier Unemployment Compensation System

In many OECD countries, e.g. in Germany, France, or the UK, unemploy-ment compensation consists of unemployment insurance and unemployment assistance. Unemployment assistance is provided subsequent to the expiration of entitlement to unemployment insurance and is lower. The effects of this two-tier unemployment compensation system are studied in a general equilibrium job search model with endogenous distributions of in-come, wealth, and employment which is calibrated with regard to the charac-teristics of the German economy. Our results are as follows: i) employment is a decreasing function of both unemployment insurance and unemployment assistance. ii) Savings are (not) a monotone increasing function of unemployment insurance (unemployment assistance payments). iii) Optimal unemployment compensation payments are found to be a decreasing function over time.Unemployment compensation, search unemployment, general equilibrium, overlapping generations

An Evaluation of the Optical Maser Photon Rate Gyroscope

Mathematical development of resonant frequencies of electromagnetic cavity - Evaluation of optical maser photon rate gyroscop

Optimization of structures on the basis of fracture mechanics and reliability criteria

Systematic summary of factors which are involved in optimization of given structural configuration is part of report resulting from study of analysis of objective function. Predicted reliability of performance of finished structure is sharply dependent upon results of coupon tests. Optimization analysis developed by study also involves expected cost of proof testing

Analysis of space vehicle structures using the transfer-function concept

Analysis of large complex systems is accomplished by dividing it into suitable subsystems and determining the individual dynamical and vibrational responses. Frequency transfer functions then determine the vibrational response of the whole system

Consumer behaviour in agricultural direct marketing

Scandals in the food production industry have caused an uncertainty about quality and innocuousness of food for many consumers. This resulted in a strong risk perception of consumers at the point of sale. The direct marketing of products by farmers can be an important way to strengthen consumer confidence. In this contribution, buying behaviour is examined by an observation and a following interview. We develop an econometric model about the number of bought products and the proposition of marketing strategies which can be recommended to farmers involved in direct marketing.Consumer behaviour, direct marketing, observation, econometric model,

Value Function Iteration as a Solution Method for the Ramsey Model

Value function iteration is one of the standard tools for the solution of the Ramsey model. We compare six different ways of value function iteration with regard to speed and precision. We find that value function iteration with cubic spline interpolation between grid points dominates the other methods in most cases. For the initialization of the value function over a fine grid, modified policy function iteration over a coarse grid and subsequent linear interpolation between the grid points provides a very efficient way to reduce computational time.value function iteration, policy function iteration, Howard’s algorithm, acceleration, cubic interpolation, stochastic Ramsey model

Population, Pensions, and Endogenous Economic Growth

We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor productivity are more profitable. We incorporate this channelin a new dynamic general equilibrium model with endogenous economic growth and heterogeneous overlapping generations. We calibrate the model for the US economy. First, we establish that the net effect of a decline in population growth on the growth rate of percapita magnitudes is positive and quantitatively significant. Second, we find that the pension system matters both for the growth performance and for individual welfare. Third, we showthat the assessment of pension reform proposals may be different in an endogenous growth framework as opposed to the standard framework with exogenous growth.growth, demographic transition, capital accumulation, pension reform

Indexation Of Unemployment Benefits To Previous Earnings, Employment And Wages

In most OECD countries, unemployment benefits are tied to individual previous labor earnings. We study the progressivity of this indexation with regard to its effects on employment, output and wages in four equilibrinin models of the labor market keeping the level of unemployment benefits fixed. In the two cases of competitive labor markets and decentralized wage bargaining, employment and output increase, while wages decrease with the degree of indexation. In the model with search unemployment and Nash wage bargaining, all wages, employment and output increase, while die indexation of employirient benefits to previous carnings has no effect in the case of efficiency wages. In addition, our results suggest that a more progressive mdexation of unemployment benefits to labor earnings is wellare enhancing.Unemployment Benefits ; Progressive Indexation ; Union Wage-Setting ; Search Unemployment ; Efficiency Wages