Macroeconomics research has changed profoundly since the Kydland-Prescott seminal paper. In order to address the Lucas Critique, modeling is now based on micro-foundations treating agents as rational utility optimizers. Bayesian estimation has produced models which are more data-consistent than...

This manuscript considers inference on a single parameter in a multivariate canonical exponential family, where the effect of nuisance parameters on the p-value is mitigated by conditioning on the event that the sufficient statistics associated with the nuisance parameters lie in a neighborhood...

A New-Keynesian model with deep habits and optimal monetary policy delivers a fiscal multiplier above one and the crowding-in effect on private consumption obtainable in a Real Business Cycle model à la Ravn et al. (2006). Optimized Taylor-type or price-level interest rate rules yield...

How does informality in emerging economies affect the conduct of monetary policy? To answer this question we construct a two-sector, formal-informal new Keynesian closed-economy. The informal sector is more labour intensive, is untaxed, has a classical labour market, faces high credit...

In this paper, we propose a multi-layer ant-based algorithm (MABA), which detects communities from networks by means of locally optimizing modularity using individual ants. The basic version of MABA, namely SABA, combines a self-avoiding label propagation technique with a simulated annealing...

This paper examines the implications of imperfect information (II) for optimal monetary policy with a consistent set of informational assumptions for the modeller and the private sector an assumption we term the informational consistency. We use an estimated simple NK model from Levine et al....

The gas production behavior from methane hydrate in the sediment by depressurization was investigated in a novel pilot-scale hydrate simulator (PHS), a three-dimensional pressure vessel of 117.8L. Experimental results are compared with those in a cubic hydrate simulator (CHS) with the effective...

Detecting communities from complex networks has recently triggered great interest. Aiming at this problem, a new ant colony optimization strategy building on the Markov random walks theory, which is named as MACO, is proposed in this paper. The framework of ant colony optimization is taken as...