Article history: Received 1 December 2011 Received in revised form 9 July 2013 Accepted 10 July 2013 Available online 20 July 2013 This paper provides empirical evidence on monetary policy making for the US, the UK and the EMU using the decomposition in persistent and transitory monetary shocks proposed in Andolfatto, Hendry, and Moran [Journal of Monetary Economics 55 (2008) 406–422]. We use t...

For many, Friedman and Schwartz’s Monetary History of the United States (1963) is synonymous with the notion that monetary contraction and errors by the Federal Reserve caused the Great Depression. Though that is one of the book’s conclusions, this quick summary both sells the book short in important ways and oversells its findings about the 1930s. The crucial way it sells the book short is tha...

We consider the likely economic impact and prospects for monetary integration among Belarus, Kazakhstan, the Russian Federation and Ukraine as part of the Single Economic Space they have agreed to set up. A monetary union among these countries poses three interesting issues for the structure and process of integration: they have already been members of a wider currency union that collapsed, so ...

this paper studies two ancient seasonal festivals which were celebrated on summer and winter solstices. because of misconceptions regarding sasanian calendar, these two festivals, known as ābrīzgān and āḍarjašn, have remained unnoticed in modern researches. a sound interpretation of the old iranian calendar as described by biruni would uncover the true character of these festivals. this paper d...

This paper investigates optimal monetary policy rules when two large countries simultaneously face non-negativity constraints on nominal interest rates. Under policy coordination, domestic optimal monetary policy rules depend on domestic endogenous variables, foreign inflation, and domestic and foreign policy rates when the zero lower bound is never binding. Such policy rules generally lose the...

Article history: Received 1 July 2010 Received in revised form 6 March 2013 Accepted 6 March 2013 Available online 16 March 2013 We investigate the transmission mechanism of monetary policy in China over the past decades with emphasis on the post-Asian crisis period. A factor-augmented VAR method is used to study the effectiveness of monetary policy instruments in stabilizing the Chinese econom...

How much should we expect monetary integration to reduce differences among participating economies? Using data for the 50 U.S. states over 1929–1999, the paper finds that large differences across states persist in both business-cycle variability and correlations of state income with the U.S. as a whole. It is also shown that about a third of a state’s business-cycle volatility is explained by i...

The design of time-domain equalizers or TEQs for discrete multitone modulation (DMT) systems has recently received much attention. In this paper, we present a generalization of one such design method which takes into account the noise observed in a DMT channel. Furthermore, we show how this generalization can be used for the design of fractionally spaced equalizers or FSEs. Experimental results...

Although there is a substantial body of literature on macroeconomic policies in Latin America, the role of fiscal and monetary policies as tools to stabilize the business cycle has not received much attention. This is understandable in light of the fact that during the last thirty years, both fiscal and monetary policies were responsible, to a large degree, for the region’s history of macroecon...

Tone reservation peak-to-average (PAR) ratio reduction is an established area when it comes to bringing down signal peaks in multicarrier (DMT or OFDM) systems. When designing such a system, some questions often arise about PAR reduction. Is it worth the effort? How much can it give? How much does it give depending on the parameter choices? With this paper, we attempt to answer these questions ...