In recent years, there has been considerable interest in the use of CDMA in mobile communications. Bit error rate is one of the most important parameters in the evaluation of CDMA systems. In this paper, we develop a technique to find an accurate approximation to the probability of bit error for asynchronous direct–sequence code division multiple–access (DS/CDMA) systems by modeling the multipl...

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Wholesale natural gas prices vary tremendously as a result of supply-side shocks such as fracking and demand-side shocks such as unusual winter weather. In this paper, I examine how natural gas utilities respond to these cost shocks. Because distributors must cover both gas costs as well as large capital costs, the typical utility uses two-part tariffs. I show that marginal prices are updated n...

In this paper, I study the properties of the Ramsey equilibrium in a model with distortionary taxation, nominal non-state-contingent debt, and costs of surprise inßation. To do this, I modify the standard cash-credit good economy studied in the optimal policy literature to include sticky prices. With this modiÞcation, the Ramsey planner must balance the shock absorbing beneÞts of surprise inßat...

In this paper, I characterize equilibria for a sticky-price model in which Federal Reserve policy is an interest-rate rule similar to that described in Taylor (1993). For standard preferences and technologies used in the literature, the model predicts that the nominal interest rate is negatively serially correlated, and that shocks to interest rates imply a potentially large but short-lived res...

The authors thank the National Science Foundation for support. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. The views expressed herein are those of the authors and not necessarily those of the National Bureau of Economic Research. All rights reserved. Short sections of text, not to exceed ...

T he macroeconomics literature has recently witnessed a resurgence of interest in issues related to nominal price rigidities. In particular, advances in computational methods have allowed for the analysis of fully articulated quantitative general equilibrium models with inflexible prices.1 Because nominal price rigidities create predictable variations in sales, these models provide a natural se...

In this paper we reexamine the e¤ects of monetary policy shocks by exploiting the information contained in open market operations. A sticky price model is developed where money is the counterpart of securities deposited at the central bank. The model’s solution reveals that a rise in central bank holdings of open market securities can be interpreted as a monetary expansion. Estimates of vector ...