We re-examine optimal monetary policy when lump-sum taxes are unavailable. Under commitment, we show that, with alternative utility functions to that considered in Nicolini’s related analysis, the direction of the incentive to cheat may depend on the initial level of government debt, with low debt creating an incentive towards surprise deflation, but high debt the reverse. Under discretion, we ...

Lump-sum severance pay from which shirkers can be excluded raises employment in an efficiency wage economy. However, severance payments are usually related to wages. It is shown that earnings-related, mandated severance pay will have ambiguous employment effects if effort can be varied continuously. A substitution of the earnings-related for the lump-sum component reduces employment. Thus, the ...

Water quality models combine fluid-flow relations with biological regressions, all on a spatially complex domain. For many applications, a computationally simple lumped parameter model with regressed parameters suffices, while for others where a more fundamental approach may be worth the extra development and computational effort. A simple example modelling the transport of salt in interconnect...

The present paper is an extension of Ghiglino and Shell [7] to the case of imperfect consumer credit markets. We show that with constraints on individual credit and only anonymous (i.e., non-personalized) lump-sum taxes, strong (or “global”) irrelevance of government budget deficits is not possible, and weak (or “local”) irrelevance can hold only in very special situations. This is in sharp con...

For general metric theories of gravity, we compare the approach that describes/derives the field equations of gravity as a thermodynamic identity with the one which looks at them from entropy bounds. The comparison is made through the consideration of the matter entropy flux across (Rindler) horizons, studied by making use of the notion of a limiting thermodynamic scale l∗ of matter, previously...

in current work a comprehensive mechanism based on intermediate radical termination theory is assumed for raft polymerization of styrene over cumyl dithiobenzoate as raft agent. rate constants for addition (ka) and fragmentation reactions (kf) are set to 6×106 and 5×104 respectively, which lead to an equilibrium constant value of k = ka/kf = 1.2 x 102. moment equations method was used to model ...

This paper introduces a robust task-space control scheme for a robotic system with an adaptive observer. The proposed approach does not require the availability of the system states and an adaptive observer is developed to estimate the state variables. These estimated states are then used in the control scheme. First, the dynamic model of a robot is derived. Next, an observer-based robust contr...

This paper brings into focus a link between the investment and nancing decisions of a rm which has an access to costly debt nancing. Our analysis shows that lump-sum debt issuance costs play a prominent role in a determination of the optimal investment strategy. Faced with larger lump-sum debt issuance costs, a rm will optimally set up a higher-scale investment project in order to "compensate" ...