We prove that under rather general assumptions an exactly controllable problem is uniformly stabilizable with arbitrarily prescribed decay rates. Our approach is direct and constructive and avoids many of the technical difficulties associated with the usual methods based on Riccati equations. We give several applications for the wave equation and for Petrovsky systems.

We adopt a time-varying cointegration test to discriminate among different empirical studies claiming to find a stable Euro Area money demand equation. A time-invariant relation explaining real balances is rejected by data, even when accounting for housing, financial and labour markets. Conversely, an international portfolio allocation approach provides stabilization. In particular, internation...

Abstract We analyze the evolving price fluctuations by using ultrametric distance of minimally spanning financial tree of stocks traded in Jakarta Stock Exchange 2000-2004. Ultrametricity is derived from transformation of correlation coefficients into the distances among stocks. Our analysis evaluates the performance of ups and downs of stock prices and discovers the evolution towards the finan...

We deduce properties of optimal monetary policies based on modern theory and standard empirical fi ndings. In light of this analysis, we examine FOMC policy procedures and conclude that they put too much emphasis on short-term economic stabilization and too little emphasis on longer-term price stability. We propose a form of infl ation targeting to address this problem. The views expressed here...

We consider a discretization based approach to controller synthesis of hybrid systems that allows to handle non-linear dynamics. In such an approach, states are grouped together in a finite index partition at the price of a non-deterministic over approximation of the transition relation. The main contribution of this work is a technique to reduce the state explosion generated by the discretizat...

The EU is a major player in the global wheat market. This paper examines the pricing behavior of EU wheat exporters using a pricing-to-market (PTM) analysis. Wheat is an exemplary product for testing PTM theories as it is widely and frequently traded, and it is largely unbranded. We estimate the relationship between export unit values and exchange rates using quarterly panel data for 11 export ...

HE MOST comprehensive indicator of economic performance in the nation in a given year is gross national product (CNP). Changes in CNP reflect both changes in prices and changes in the physical volume of output. CNP adjusted for price level changes is generally accepted as a reliable indicator of growth in the nation’s total production and is used by economic analysts to indicate whether the eco...

This paper analyzes monetary stabilization in a structurally unstable economy. The economy has multiple stationary states, differing in credit market conditions and economic activity. Under certain conditions two monetary stationary states are stable and self—fulfilling deflationary crises can occur. The model implies that adjusting long— run monetary conditions is insufficient to coordinate th...

Using data from 15 EU countries for 1974-2004, with various specifications and estimation methods this paper gives strong support to the idea that the aggregate inflation-output gap or inflation-unemployment rate relationship is not linear because inflation is relatively more sensitive to markets and regions that are close to a capacity constraint. Accordingly, inflation is not only related to ...