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 contribution presents a mobile modular low-cost open source 3D printed eye tracking prototype, equipped with two off-the-shelf webcams. We compared the accuracy with two state-of-the-art commercial remote eye trackers. In order to verify the benefit of head stabilization, the devices have been tested with and without a chin rest. Experiments have been conducted to determine the feasibility...

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...

Presently, main applications can be found in the automotive market segment (e.g. front and side airbag sensors, ESP respectively chassis stabilization, active suspension, roll over detection). However, low-g sensors enter also new application areas like inclinometry and vibration sensing for instance for anti-theft devices or activity monitoring for pacemaker control. Like in the microelectroni...

We analyze optimal monetary policy in a sticky price model where the central bank supplies money outright via asset purchases and lends money temporarily against collateral. The terms of central bank lending a¤ect rationing of money and impact on macroeconomic aggregates. The central bank can set the policy rate and its in‡ation target in a way that implements the …rst best long-run allocation,...

The price dispersion means different prices for same goods. In the Internet economy, many economists reckon that the price dispersion in the e-commerce markets should descend along with the dropping of search cost. However, the correlative empirical studies reach a contrary opinion: there not only exist price dispersion in the e-commerce market, but also has larger dispersion degree than the tr...

Quality-Adjusted Life Years (QALYs) are the most widely-used measure of health in cost– effectiveness analysis and cost–benefit analysis. Within a welfarist framework QALYs are consistent with people’s preferences under stringent assumptions. Several authors have argued that QALYs are a valid measure of health within an extra-welfarist framework. This paper studies the applicability of QALYs wi...

Tradable permits are celebrated as a political instrument since they allow (i) firms to equalize marginal abatement costs through trade and (ii) the government to distribute the burden of the policy in a politically fair and feasible way. These two concerns, however, conflict in a dynamic setting. Anticipating that high-cost firms will receive more permits in the future, firms purchase excessiv...

This paper attempts to reconcile an apparent contradiction between short-run and long-run movements in the price of gold. A theoretical model is developed that suggests a set of the conditions that would have to be satisfied for the price of gold to rise over time at the general rate of inflation and hence be an effective long-run hedge against inflation. The model also demonstrates that short-...

This paper examines whether consumers necessarily benefit from tightening the price cap. We find that a tighter price cap always increases consumer welfare when demands are independent. Conversely, when demands are interdependent a tighter price cap may reduce consumer welfare.  2000 Elsevier Science S.A. All rights reserved.