Inflation Targeting versus Nominal Income Targeting

In this paper we analyze flexible inflation targeting and nominal income targeting as two different monetary strategies in a simple dynamic macromodel. Furthermore we analyze inflation targeting in a two-period time-lag version of the model. The key results of our paper are: First, for both targeting regimes optimal monetary policy response leads to a shock-dependent feedback rule. Second, a demand shock is completely offset by both monetary strategies. Third, in case of a supply shock there is a significant difference between the two different targeting regimes. Under inflation targeting the policy makers face a trade-off between inflation and output stabilization. This trade-off depends on the weight F the policy makers attached to output stabilization relative to inflation stabilization in the loss function. In contrast, under nominal income targeting policy makers face a constant trade-off between inflation and real output growth: An increase in inflation leads to a fall in real output growth by an equal amount. Finally we analyze inflation targeting in a two-period time-lag version of the model. The qualitative results about the trade-off between inflation and output growth remain the same as in the basic model without time lag.Inflation targeting, nominal income targeting, optimal monetary policy

Universitätsbibliothek der Universität für Musik und Darstellende Kunst Wien

Short presentation of the library of the University of Music and Performing Arts Vienn

La technique moderne et la guerre

Au début de l'année 1918, alors que les dernières découvertes de la science et de la technique avaient perfectionné à l'extrême les engins de guerre et étendu au delà de toute prévision les possibilités de destruction, le Comité International de la Croix-Rouge lançait aux belligérants un appel où se trouvait le passage suivant: << Bien loin d'atténuer les maux qu'entraîne la guerre, on peut dire que les progrès de la science dans l'aéronautique, la balistique ou la chimie, n'ont fait qu'en aggraver les souffrances et surtout les étendre à toute la population en sorte que la guerre ne sera bientôt plus qu'une œuvre de destruction générale et sans merc

Inflation Targeting versus Nominal Income Targeting

In this paper we analyze flexible inflation targeting and nominal income targeting as two different monetary strategies in a simple dynamic macromodel. Furthermore we analyze inflation targeting in a two-period time-lag version of the model. The key results of our paper are: First, for both targeting regimes optimal monetary policy response leads to a shock-dependent feedback rule. Second, a demand shock is completely offset by both monetary strategies. Third, in case of a supply shock there is a significant difference between the two different targeting regimes. Under inflation targeting the policy makers face a trade-off between inflation and output stabilization. This trade-off depends on the weight F the policy makers attached to output stabilization relative to inflation stabilization in the loss function. In contrast, under nominal income targeting policy makers face a constant trade-off between inflation and real output growth: An increase in inflation leads to a fall in real output growth by an equal amount. Finally we analyze inflation targeting in a two-period time-lag version of the model. The qualitative results about the trade-off between inflation and output growth remain the same as in the basic model without time lag

Rapport technique sur la guerre chimique Annexe au rapport de MM. Cramer et Micheli

Des poisons ayant joué pour la première fois au cours de la guerre mondiale un rôle dans la conduite des opérations militaires, cette question a été vivement discutée, et une série de publications, principalement aussi des articles de la presse quotidienne, ont fait beaucoup de bruit à propos des horreurs des gaz asphyxiants. La Société des Nations et la Croix-Rouge se sont occupées de cette question à plusieurs reprises, et lors de la conférence de Washington, le Ier janvier 1922, une série de grandes puissances tombèrent d'accord pour interdire l'emploi des poisons au cours d'opérations guerrière

Optimized Waveform for Energy Efficient Ranging

Mobile communication terminals exploit existing reference signal structures for propagation delay based positioning. However, the used waveforms are not optimized for energy efficiency and improved ranging performance for positioning. Recently, a parametric waveform with adaptable power spectral density has been proposed in the context of 5G, and has shown an improved ranging performance. In this paper, we investigate the energy reduction of a ranging signal for a targeted ranging performance by adjusting the parametric waveform. We focus on the newly opened 28 GHz frequency band offering 850 MHz of contiguous bandwidth in the United States. Based on derived Ziv-Zakai lower bounds and a mmWave path loss model with shadow fading we determine the optimal waveform parameter. Our results show a transmit power reduction of 4.77 dB compared to existing reference signal structures. Furthermore, we show a link budget example in the context of ITS positioning

Targeting leukemia stem cells in the bone marrow niche

The bone marrow (BM) niche encompasses multiple cells of mesenchymal and hematopoietic origin and represents a unique microenvironment that is poised to maintain hematopoietic stem cells. In addition to its role as a primary lymphoid organ through the support of lymphoid development, the BM hosts various mature lymphoid cell types, including naïve T cells, memory T cells and plasma cells, as well as mature myeloid elements such as monocyte/macrophages and neutrophils, all of which are crucially important to control leukemia initiation and progression. The BM niche provides an attractive milieu for tumor cell colonization given its ability to provide signals which accelerate tumor cell proliferation and facilitate tumor cell survival. Cancer stem cells (CSCs) share phenotypic and functional features with normal counterparts from the tissue of origin of the tumor and can self-renew, differentiate and initiate tumor formation. CSCs possess a distinct immunological profile compared with the bulk population of tumor cells and have evolved complex strategies to suppress immune responses through multiple mechanisms, including the release of soluble factors and the over-expression of molecules implicated in cancer immune evasion. This chapter discusses the latest advancements in understanding of the immunological BM niche and highlights current and future immunotherapeutic strategies to target leukemia CSCs and overcome therapeutic resistance in the clinic