The paper shows that Liquidity Deflation, a liquidity-drainage mechanism associated with Safe Asset Shortage, helps to rationalize supply-side liquidity trap and involuntary unemployment under wage/price flexibility, especially in economies that suffered massive liquidity destruction, like advanced economies in the wake of the Lehman crisis. Moreover, Liquidity Deflation is shown to imply defla...

We use the 3+1 formalism of numerical relativity to investigate robustness Starobinsky and Higgs inflation inhomogeneous initial conditions, in form either field gradient or kinetic energy density. Sub-Hubble Hubble-sized fluctuations generically lead after an oscillatory phase between energies. inhomogeneities also produce contracting regions that may end up forming primordial black holes, sub...

We use the inflation premium—the difference between nominal and real interest rates—as a proxy for expected inflation in the context of the New Keynesian Phillips Curve. Using data from inflation-indexed and nominal bonds we estimate a forward-looking Phillips curve for the United Kingdom over the period 1985-2004. The proposed model describes UK inflation dynamics considerably better than does...

The classical Box-Pierce and Ljung-Box tests for auto-correlation of residuals possess severe deviations from nominal type I error rates. Previous studies have attempted to address this issue by either revising existing or designing new techniques. Adjusted achieves the best results with respect attaining rates closer values. This research paper proposes a further correction adjusted test that ...

In this paper we investigate the optimal investment strategy for a defined contribution (DC) pension plan during the decumulation phrase which is risk-averse and pays close attention to inflation risk. The plan aims to maximize the expected constant relative risk aversion (CRRA) utility from the terminal wealth by investing the wealth in a financial market consisting of an inflation-indexed bon...

Thermal reverberation in accretion discs of active galactic nuclei is thought to be the reason continuum UV/optical time lags seen these sources. Recently, we studied thermal a standard Novikov-Thorne disc illuminated by an X-ray point-like source, and derived analytic prescription for as function wavelength. In this work, use fit time-lags spectra seven Seyferts, that have been intensively mon...

Some empirical evidence suggests that the expected real interest and expected inflation rates are negatively correlated. This hypothesis of negative correlation is sometimes known as the Mundell-Tobin hypothesis. In this article we reinvestigate this negative relation from a long-term point of view using cointegration analysis. The data on the historical interest rate on T-bills and the inflati...

OBJECTIVES To determine whether longer periods of stent balloon inflation result in greater minimal luminal diameter (MLD) as measured by quantitative coronary analysis (QCA), and to determine whether measured size correlated with that predicted by pressure-diameter nomograms. METHODS Seventy-four stents were implanted in 52 patients. Stent acquisitions at a steady inflation pressure were tak...

We extend the New Keynesian Monetary Policy literature relaxing the assumption that the decisions are taken by a single policymaker, considering instead that monetary policy decisions are taken collectively in a committee. We introduce a Monetary Policy Committee (MPC), whose members have different preferences between output and inflation variability and have to vote on the level of the interes...

Recent increases in pathology costs per scheme member are a concern to medical schemes and pathologists alike. To better understand the observed increasing costs, the National Pathology Group commissioned Prognosys to analyse the trends affecting these increases. We found that these increases are driven by inflation, increases in utilisation, and redistribution of the burden of cost. The identi...