When the nominal interest rate reaches its zero lower bound, credibility is crucial for conducting forward guidance. We determine optimal policy in a New Keynesian model when the central bank has imperfect credibility and cannot set the nominal interest rate below zero. In our model, an announcement of a low interest rate for an extended period does not necessarily reflect high credibility. Eve...

We evaluate the impact of an air gap and optimization of this air gap for the MP512 silicon detector array when operated in dosimetry mode for small photon field measurements in solid water. We present output factor measurements for 6MV and 10 MV photon beams with the square field sizes ranging from 0.5 to 10 cm2. The size of the air gap above the MP512 detector was changed from 0.5, 1.0, 1.2, ...

This paper deals with artificial neural network (ANN) architecture, the multilayer Feed-forward (MLFF) network with back propagation learning. The training of an artificial neural network involves two passes. In the forward pass, the input signals propagate from the network input to the output. In the reverse pass the calculated error signals propagate backwards through the network where they a...

the input - output framework is applied in this study to analyse the change, in the use of labor input. on the basis of input-output tables sectors of the economy are specified according to the degree of their interdependences. backward and forward employment linkages can he calculated. the sectors then are classified according to their total (direct and indirect) employment linkages. through a...

Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used to improve the reliability of early output gap estimates as proposed by several theoretical models. A real-time experiment shows that real M1 can improve output gap estimates for euro area data. For many periods the cyclical component of real M1 shows good result...

This paper studies the usefulness of the P-model in the analysis of the behaviour of prices in Iranian economy. The P-model is based on the Quantity of Theory of Money. This model believes that the price level tends to move towards the equilibrium price level. The model uses price gap to forecast inflation, if the equilibrium price is greater than the current price, there is a tendency for the ...

biomedical datasets usually include a large number of features relative to the number of samples. however, some data dimensions may be less relevant or even irrelevant to the output class. selection of an optimal subset of features is critical, not only to reduce the processing cost but also to improve the classification results. to this end, this paper presents a hybrid method of filter and wr...

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data spanning 1980–2000. The P model is shown to have considerable empirical support. Thus, the “price gap” or, equivalently, the “real money gap” (the gap between current real balances and long-run equilibrium real balances), has substantial predictive power for future inflation. The...

The relationship between in‡ation and the output gap can be modeled simply and e¤ectively by including an unobserved random walk component in the model. The dynamic properties match the stylized facts and the random walk component satis…es the properties normally required for core in‡ation. The model may be generalized to as to include a term for the expectation of next period’s output, but it ...