On October 6, 1979, the Federal Open Market Committee of the Federal Reserve System embarked on an aggressive policy to lower the inflation rate, which then stood near 12 percent. That effort succeeded: By the mid-1980s, the rate of change in the Consumer Price Index (CPI) was reduced to less than 4 percent on a three-year moving-average basis, as shown in figure 1. The commonly reported measur...

A hierarchical framework is proposed to address the issues of modeling different type of words in keyword spotting (KWS). Keyword models are built at various levels according to the availability of training set resources for each individual word. The proposed approach improves the performance of KWS even when no training speech is available for the keywords. It also suggests an easier way to co...

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In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained and the share of food expenditures in total consumption expenditures is high. We develop an open eco...

The Polish Government, in 1977, inaugurated a new pension program that made old-age and invalidity benefits available for the first time to most farmers in that country. The evolution and eventual failure of that program were closely intertwined with a growing national economic crisis, manifested in widespread popular unrest and culminating in emergence of the Solidarity movement. The farmers' ...

Following a suggestion by Gasperini and Veneziano, that String Cosmology can be reconciled with Inflation and, hence, with the Standard Big Bang, we display an analytical solution which possesses four interesting properties: (1) it is non-singular; (2) it distinguishes the dynamics of the external scale factor, a(t), from that of the internal one, b(t); (3) it exhibits a non-monotonic behavior ...

A number of authors have developed varied indices for measuring central bank independence with the aim of determining whether there is any association between central bank independence and inflation rates. Most analyses focused on industrialized countries, although more recently the interest has shifted to the emerging and less developed countries. The general trust of the results of these stud...

We demonstrate the existence of chaos in realistic models of two-field inflation. The chaotic motion takes place after the end of inflation, when the fields are free to oscillate and their motion is only lightly damped by the expansion of the universe. We then investigate whether the presence of chaos affects the predictions of two-field models, and show that chaos enhances the production of to...

The paper shows that Liquidity Deflation, a liquidity-drainage mechanism associated with Safe Asset Shortage, helps to rationalize supply-side liquidity trap and involuntary unemployment under wage/price flexibility, especially in economies that suffered massive liquidity destruction, like advanced economies in the wake of the Lehman crisis. Moreover, Liquidity Deflation is shown to imply defla...