there are dierent ways to code the geodesic flows on surfaces with negative curvature. such code spaces give a useful tool to verify the dynamical properties of geodesic flows. here we consider special subspaces of geodesic flows on hecke surface whose arithmetic codings varies on a set with in nite alphabet. then we will compare the topological complexity of them by computing their topologica...

The purpose of this paper is to discuss the choice between an exchange rate target and an inflation target for Norway. The paper also contains a brief discussion of the objectives of monetary policy and of an optimal delegation of monetary policy in a representative democracy, which serves to place this choice in a broader context. 1 Monetary policy goals Let me start from the presumption that ...

Abstract This study uses annual data over the period 2005-2014 and the Panel VECM approach to examine financial inclusion and monetary policy effectiveness in Africa. The study shows that financial inclusion and monetary policy effectiveness are linked by a set of long-run relationships. Policy reaction to the positive financial inclusion shock is not significant. Policy reaction to the posit...

-Monetary policy operates in a different environment than it did a decade ago. Financial market innovations have eroded the distinctions among monetary assets, making the definition of money increasingly arbitrary. Deregulation of interest rates and banking activity is changing the behavior of the monetary aggregates, as banks pay interest on monetary assets and nonbanks offer monetary-like ass...

The nonlinear solvers in numerical solution of water flow in variably saturated soils are prone to convergence difficulties. Many aspects can give rise to such difficulties, like very dry initial conditions, a steep pressure gradient and great variation of hydraulic conductivity occur across the wetting front during the infiltration of water.  So, the averaging method applied to compute hydraul...

Financial Globalization and Monetary Policy* The process of financial globalization has significantly altered the environment in which national monetary policy authorities operate. What implications does this have for the design of monetary policy? The question can be properly addressed only in the context of a model where monetary policy interacts with financial market efficiency. This paper i...