We prove the generality of the methodology proposed in Benigno and Woodford (2006). We show that, even in the presence of a distorted steady state, it is always possible and relatively simple to obtain a purely quadratic approximation to the welfare measure. We also show that, in order to do so, the timeless perspective assumption is crucial. JEL classification: C61, C63

We address this question using an estimated New Keynesian DSGE model of the Euro Area with trend inflation, imperfect indexation, and a lower bound on nominal interest rate. In setup, decrease in steady-state real rate, r ★ , increases probability hitting constraint, which entails significant welfare costs warrants adjustment monetary policy strategy. Under unchanged rule, increase inflation ta...

The author estimates the effect of the Family Independence Program PIP) on the economic self-sufficiency of welfare recipients in Washington state. He finds that, as designed, enrollment in employment and training activities increased under FIP. FIP had no impact, however, on employment rates and earnings, and it actually led to increases in welfare participation and welfare benefits. According...

This paper presents a mathematical model for an inventory control system in which customers’ demands and suppliers’ service time are considered as stochastic parameters. The proposed problem is solved through queuing theory for a single item. In this case, transitional probabilities are calculated in steady state. Afterward, the model is extended to the case of multi-item inventory systems. The...

this paper studies the effects of the structural variables of the iranian industries sector on the welfare cost using to the structure-conduct-performance (scp) theory. in other words, we investigate the role of structural components and their effects on the size of the welfare cost in iran's industry sector. we have used the leibenstein's model to calculate the deadweight loss and then the pan...

Oil price shocks are the major source of economic instability in oil exporting developing countries, including Iran. In this paper a Multi Sector Dynamic Stochastic General Equilibrium model, with emphasis on optimization of oil sector as a producing sector is designed. Furthermore, an optimizing import sector is introduced into the model by considering the price rigidity in imported goods as a...

 An equation-oriented approach was developed for steady state flowsheeting of a commercial methanol plant. The loop consists of fixed bed reactor, flash separator, preheater, coolers, and compressor. For steady sate flowsheeting of the plant mathematical model of reactor and other units are needed. Reactor used in loop is a Lurgi type and its configuration is rather complex. Previously reactor ...

[1] Using a kinetic model, we estimate the time-needed (t0) to establish a pseudo-steady state nucleation when sulfuric acid concentration ([H2SO4]) suddenly increases to a certain fixed level. We find that t0 is roughly inversely proportional to [H2SO4]. The assumption of instantaneously achieved pseudo-steady state concentration of critical clusters, on which the classical nucleation theories...