Imperfection Information, Optimal Monetary Policy and Informational Consistency

This paper examines the implications of imperfect information (II) for optimal monetary policy with a consistent set of informational assumptions for the modeller and the private sector an assumption we term the informational consistency. We use an estimated simple NK model from Levine et al. (2012), where the assumption of symmetric II significantly improves the fit of the model to US data to assess the welfare costs of II under commitment, discretion and simple Taylor-type rules. Our main results are: first, common to all information sets we find significant welfare gains from commitment only with a zero-lower bound constraint on the interest rate. Second, optimized rules take the form of a price level rule, or something very close across all information cases. Third, the combination of limited information and a lack of commitment can be particularly serious for welfare. At the same time we find that II with lags introduces a ‘tying ones hands’ effect on the policymaker that may improve welfare under discretion. Finally, the impulse response functions under our most extreme imperfect information assumption (output and inflation observed with a two-quarter delay) exhibit hump-shaped behaviour and the fiscal multiplier is significantly enhanced in this case

Nanodroplets on rough hydrophilic and hydrophobic surfaces

We present results of Molecular Dynamics (MD) calculations on the behavior of liquid nanodroplets on rough hydrophobic and hydrophilic solid surfaces. On hydrophobic surfaces, the contact angle for nanodroplets depends strongly on the root mean square roughness amplitude, but it is nearly independent of the fractal dimension of the surface. Since increasing the fractal dimension increases the short-wavelength roughness, while the long-wavelength roughness is almost unchanged, we conclude that for hydrophobic interactions the short-wavelength (atomistic) roughness is not very important. We show that the nanodroplet is in a Cassie-like state. For rough hydrophobic surfaces, there is no contact angle hysteresis due to strong thermal fluctuations, which occur at the liquid-solid interface on the nanoscale. On hydrophilic surfaces, however, there is strong contact angle hysteresis due to higher energy barrier. These findings may be very important for the development of artificially biomimetic superhydrophobic surfaces.Comment: 15 pages, 25 figures. Minimal changes with respect to the previous one. A few small improvements, references updated, added the reference to the published paper. Previous work on the same subject: arXiv:cond-mat/060405

ASAP : towards accurate, stable and accelerative penetrating-rank estimation on large graphs

Pervasive web applications increasingly require a measure of similarity among objects. Penetrating-Rank (P-Rank) has been one of the promising link-based similarity metrics as it provides a comprehensive way of jointly encoding both incoming and outgoing links into computation for emerging applications. In this paper, we investigate P-Rank efficiency problem that encompasses its accuracy, stability and computational time. (1) We provide an accuracy estimate for iteratively computing P-Rank. A symmetric problem is to find the iteration number K needed for achieving a given accuracy ε. (2) We also analyze the stability of P-Rank, by showing that small choices of the damping factors would make P-Rank more stable and well-conditioned. (3) For undirected graphs, we also explicitly characterize the P-Rank solution in terms of matrices. This results in a novel non-iterative algorithm, termed ASAP , for efficiently computing P-Rank, which improves the CPU time from O(n 4) to O( n 3 ). Using real and synthetic data, we empirically verify the effectiveness and efficiency of our approaches

Quantum steering of electron wave function in an InAs Y-branch switch

We report experiments on gated Y-branch switches made from InAs ballistic electron wave guides. We demonstrate that gating modifies the electron wave functions as well as their interference pattern, causing the anti-correlated, oscillatory transconductances. Such previously unexpected phenomenon provides evidence of steering the electron wave function in a multi-channel transistor structure.Comment: 15 pages, including 3 figure