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Why Does Countercyclical Monetary Policy Matter? BY SATYAJIT CHATTERJEE
"... odern capitalistic economies use stabilization policies to minimize fluctuations in the unemployment and inflation rates. In the United States, the Federal Open Market Committee (FOMC) lowers the target interest rate for interbank loans as economic activity slows or when a financial crisis looms (as ..."
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odern capitalistic economies use stabilization policies to minimize fluctuations in the unemployment and inflation rates. In the United States, the Federal Open Market Committee (FOMC) lowers the target interest rate for interbank loans as economic activity slows or when a financial crisis looms
1 Does Purchase Without Search Explain CounterCyclic Pricing?
, 2013
"... Basic economic theory tells us to expect that an increase in demand should lead to an increase in price. However, previous studies have found the opposite trend in the prices of seasonal goods, such as canned soup. I propose an explanation of this phenomenon: consumers are more likely to purchase wi ..."
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Cited by 2 (0 self)
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, and 82 % of the time in summer. This causes price elasticities that are twice as large in winter as they are in the summer. I find that the dominant cause of seasonal search is seasonal consumption preferences, rather than seasonal price variation. 2 Section 1 1
To Tax or Not to Tax: Alternative Approaches to Slowing Global Warming. Review of Environmental Economics and Policy
, 2007
"... How can countries best coordinate their policies to slow global warming? This study reviews different approaches to the political and economic control of global public goods such as global warming. It compares quantityoriented mechanisms like the Kyoto Protocol with pricetype control mechanisms su ..."
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Cited by 92 (1 self)
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How can countries best coordinate their policies to slow global warming? This study reviews different approaches to the political and economic control of global public goods such as global warming. It compares quantityoriented mechanisms like the Kyoto Protocol with pricetype control mechanisms
Regular variation of GARCH processes
 Stoch. Proc. Appl
, 2001
"... We show that the finitedimensional distributions of a GARCH process are regularly varying, i.e., the tails of these distributions are Paretolike and hence heavytailed. Regular variation of the joint distributions provides insight into the moment properties of the process as well as the dependence ..."
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Cited by 76 (14 self)
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We show that the finitedimensional distributions of a GARCH process are regularly varying, i.e., the tails of these distributions are Paretolike and hence heavytailed. Regular variation of the joint distributions provides insight into the moment properties of the process as well
Regenerative compositions in the case of slow variation
 Stoch. Process. Appl
, 2006
"... For S a subordinator and Πn an independent Poisson process of intensity ne −x,x> 0, we are interested in the number Kn of gaps in the range of S that are hit by at least one point of Πn. Extending previous studies in [7, 10, 11] we focus on the case when the tail of the Lévy measure of S is slowl ..."
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Cited by 10 (4 self)
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For S a subordinator and Πn an independent Poisson process of intensity ne −x,x> 0, we are interested in the number Kn of gaps in the range of S that are hit by at least one point of Πn. Extending previous studies in [7, 10, 11] we focus on the case when the tail of the Lévy measure of S is slowly varying. We view Kn as the terminal value of a random process Kn, and provide an asymptotic analysis of the fluctuations of Kn, as n → ∞, for a wide spectrum of situations. 1
The Term Structure of Real Rates and Expected Inflation
, 2004
"... Changes in nominal interest rates must be due to either movements in real interest rates, expected inflation, or the inflation risk premium. We develop a term structure model with regime switches, timevarying prices of risk, and inflation to identify these components of the nominal yield curve. We ..."
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Cited by 114 (17 self)
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find that the unconditional real rate curve is fairly flat at 1.44%, but slightly humped. In one regime, the real term structure is steeply downward sloping. Real rates (nominal rates) are procyclical (countercyclical) and inflation is negatively correlated with real rates. An inflation risk premium
Topological regular variation. I. Slow variation.
, 2008
"... Motivated by the Category Embedding Theorem, as applied to convergent automorphisms [BOst11], we unify and extend the multivariate regular variation literature by a reformulation in the language of topological dynamics. Here the natural setting are metric groups, seen as normed groups (mimicking nor ..."
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Cited by 8 (6 self)
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Motivated by the Category Embedding Theorem, as applied to convergent automorphisms [BOst11], we unify and extend the multivariate regular variation literature by a reformulation in the language of topological dynamics. Here the natural setting are metric groups, seen as normed groups (mimicking
Macroeconomic conditions and the puzzles of credit spreads and capital structure
, 2008
"... Investors demand high risk premia for defaultable claims, because (i) defaults tend to concentrate in bad times when marginal utility is high; (ii) default losses are high during such times. I build a structural model of financing and default decisions in an economy with businesscycle variations in ..."
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Cited by 106 (13 self)
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Investors demand high risk premia for defaultable claims, because (i) defaults tend to concentrate in bad times when marginal utility is high; (ii) default losses are high during such times. I build a structural model of financing and default decisions in an economy with businesscycle variations
Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts
 Economic Development Institute, World Bank, Washington, D.C. Processed. Online at http:// www.worldbank.org/html/edi/ediwp.htm
, 1998
"... This article documents the main stylized features of macroeconomic fluctuations for 12 developing countries. It presents crosscorrelations between domestic industrial output and a large group of macroeconomic variables, including fiscal variables, wages, inflation, money, credit, trade, and exchan ..."
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Cited by 105 (13 self)
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variation in government expenditures) and some important differences (countercyclical variation m the velocity of monetary aggregates). Their robustness is examined using different detrending procedures. Understanding and distinguishing among the factors that affect the short and longrun behavior
Variational methods for the Dirichlet process
 In Proceedings of the 21st International Conference on Machine Learning
, 2004
"... Variational inference methods, including mean field methods and loopy belief propagation, have been widely used for approximate probabilistic inference in graphical models. While often less accurate than MCMC, variational methods provide a fast deterministic approximation to marginal and conditional ..."
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Cited by 67 (5 self)
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Variational inference methods, including mean field methods and loopy belief propagation, have been widely used for approximate probabilistic inference in graphical models. While often less accurate than MCMC, variational methods provide a fast deterministic approximation to marginal
Results 11  20
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