Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?* The effectiveness of alternative loss functions assigned to the common central bank of a monetary union is studied. The alternative policy objectives are a function of the degree of aggregation of decision variables. We consider, respectively, the policy based on the union-wide aggregates and...

Physical currency (bills and coins) is being phased out as an important means of exchange both in developed and developing countries. Transactions are increasingly done by debit card, computer, and mobile phone. This technologically driven process opens up some very useful possibilities, among these new and – for society – beneficial roles for the Central Bank. The paper assumes a scenario wher...

It is argued that univariate long memory estimates based on ex post data tend to underestimate the persistence of ex ante variables (and, hence, that of the ex post variables themselves) because of the presence of unanticipated shocks whose short run volatility masks the degree of long range dependence in the data. Empirical estimates of long range dependence in the Fisher equation are shown to...

We develop and calibrate a two-sector, search-matching model of the labor market augmented to incorporate a housing market and a frictional goods market. The labor market is divided into a construction sector and a non-housing sector, and there is perfect mobility of unemployed workers across sectors. In the frictional goods market households, who lack commitment, …nance random consumption oppo...

I propose a model where agents optimally choose to conduct their business using two payment instruments, money and bilateral credit. A friction in the timing of transactions rationalizes the use of both instruments and makes it optimal for agents to use money as a means of settlement for credit. Money and credit complement each other. With anticipated in‡ation, complementarity implies that the ...

Yersinia adhesin A (YadA) is an essential virulence factor for the food-borne pathogens Yersinia enterocolitica and Yersinia pseudotuberculosis. Surprisingly, it is a pseudogene in Yersinia pestis. Even more intriguing, the introduction of a functional yadA gene in Y. pestis EV76 was shown to correlate with a decrease in virulence in a mouse model. Here, we report that wild type (wt) Y. enteroc...

تتميز الكونغو بموقع جغرافي واستراتيجي مهم مما جعلها عرضة لأنظار الدول الاستعمارية ولا سيما البلجيكا التي بدورها حاولت بعدة طرق ببسط سيطرتها السياسية والاستحواذ على مقدراتها الاقتصادية ، والاستعمار البلجيكي حال اي مستعمر نظر الى الشعب بالطبقية باعتبارهم شعب ذات ثقافة محددة استغلت ذلك لغرض فرض سياستها واثارت النزعات القبلية بين افراد فئات بالمقابل نمت الحركة الوطنية كان لها دور في الحصول الاستقلا...