Phillips curves are generally estimated under the assumption of linearity and parameter constancy. Linear models of inflation, however, have recently been criticized for their poor forecasting performance. The author investigates the linearity and constancy assumptions of a standard reduced-form Phillips curve for Canada using two different techniques: (i) the methodology proposed by Bai and Pe...

Sample size modifications in the interim analyses of an adaptive design can inflate the type 1 error rate, if test statistics and critical boundaries are used in the final analysis as if no modification had been made. While this is already true for designs with an overall change of the sample size in a balanced treatment-control comparison, the inflation can be much larger if in addition a modi...

We thank Mike Cox, Greg Huffman, Eric Leeper, John Welch, Mark Wynne, and, especially, Evan Koenig and Ellis Tallman for very helpful comments on earlier drafts of this article, as well as Steven Prue for excellent research assistance and Rhonda Harris and Monica Reeves for careful editorial review. Any remaining errors are our own responsibility. A four countries has been mixed, as Table 1 ind...

The paper examines optimal monetary policy delegation in an economy where wages are set strategically by a single economy-wide union whose objectives relate to employment and the real wage. Crucially, the central bank exerts imprecise control over inflation, giving rise to a positive relationship between the mean value of inflation and its variance. In this context, union concerns with regard t...

BACKGROUND Artificial airway cuff pressure should be maintained within a narrow range. Excessive cuff pressure presents a risk of tracheal damage and stenosis. Insufficient cuff pressure adds the risk of secretion leak past the cuff, tidal-volume leakage, and accidental extubation. The available cuff-inflation devices do not address these problems. OBJECTIVE In the laboratory I developed and...

iran’s economy has experienced an average inflation rate of 18.77 percent during the period of 1979-2010. many economists believe that the budget deficits are one of the main determinants of the chronic and relatively high inflation. this paper investigates the relationship between budget deficits and inflation. dynamics of iran’s monetary sector, based on the three cointegration relations i.e....

a r t i c l e i n f o This paper constructs a quarterly series of GDP deflator inflation for China from 1979 to 2009 and tests for a structural break with an unknown change point in the dynamic inflation process. Empirical results suggest a significant structural change in inflation persistence. Employing a counterfactual simulation method, we show that the structural change is primarily attrib...

one of the most important variables in each country which attracts the attention of policymakers is inflation. in the inflation targeted system, it is important to target the low and stable inflation clearly and directly as the main policy. on the other hand the stability of prices which is an important result of targeted inflation is a necessary condition to achieve sustainable levels of econo...

UNLABELLED The precise mechanism of tourniquet-induced arterial blood pressure increase is unknown. We determined the effect of preoperative oral dextromethorphan (DM) on arterial blood pressure and heart rate changes during tourniquet inflation in knee cruciate ligament reconstruction patients under general anesthesia. Patients in the DM group (n = 38) received oral DM 30 mg, and patients in t...

Consider the problem of a government that wants to control its debt-to-GDP (gross domestic product) ratio, while taking into consideration the evolution of the inflation rate of the country. The uncontrolled inflation rate follows an Ornstein-Uhlenbeck dynamics and affects the growth rate of the debt ratio. The level of the latter can be reduced by the government through fiscal interventions. T...