). 3. p(1) 6= p(2) ) f(p(2);v;t)¡f(p(1);v;t)p(2)¡p(1) • 1: (Call delta inequality) 4. v(1) 6= v(2) ) f(p;v(2);t)¡f(p;v(1);t …)v(2)¡v(1) ‚¡1: (Put delta inequality) Like ordinary calls, the option values are increasing in the underlying host bond … (1)¿ ;¿))+¡fl(2)t;¿ (P(2)¿ ¡•(V (2)¿ ;¿))+] > 0: To establish the last inequality, note that if ¿ = t, the expectation …

injections from the gov- ernment, this implies an inequality OWNt+1 M0t+1 • (1+it) 1+„t OWNt M0t + itM0t ¡’tNFXAt ¡OLt (1+„t)M0t … eval- uate inequality (3.25) for the given exogenous parameters and central bank policy goals. The policy goals naturally …, inequality (3.25) can be illustrated in a simple phase diagram, in which the ratio of central bank capital to currency at time t …

? How can public finances be put on a sustainable path? How can the rise in inequality and poverty be reversed? How can … ECONOMIC SURVEY OF JAPAN, 2006 Reducing income inequality and relative poverty. While population ageing is partly responsible … for the rise in measured inequality and relative poverty, increased dualism in the labour market is another important …