Staggered wage-setting and price-setting have frequently been used to construct business cycle models that can replicate long-lasting real effects of monetary shocks. We examine how the two seemingly equivalent sources of nominal rigidities compare in generating persistence in real output...

This article examines the movements in the Irish price-to-rent ratio over the period 1976 to 2012. We use the Campbell-Shiller present value formula to decompose the price-rent ratio into the present discounted values of expected future housing market fundamentals, i.e., rent growth, real...

Some argue that central banks can improve monetary policy by including confidential supervisory assessments of banking organizations in their forecasts of inflation and unemployment. In this study we examine the extent to which forecasts of these variables would have been improved with the...

To understand how the macro economy evolves, the central bank has two options in choosing how to estimate the economic model against actual data: one is to estimate each sector of the model piece-by-piece, and the other is to estimate the whole model altogether. This paper demonstrates the...

This paper quantitatively evaluates the relative importance of the efficiency and stabilization effects of monetary policy. While maximum efficiency in the spirit of Friedman advocates long-run deflation so that the nominal interest rate is zero, business cycle consideration requires positive...

This paper is an empirical investigation on whether the Bank of Korea should respond to the housing price developments in conducting monetary policy. For that aim, we construct a small scale empirical model of the Korean economy, simulate the estimated model with a set of alternative monetary...

Purpose: The service recovery paradox (SRP) refers to a particular effect whereby an excellent recovery can turn angry and frustrated customers into loyal ones. Researchers who have studied the SRP have reported mixed findings, with some providing evidence in its support and others not finding...

MnO2+δ (Manganese oxide) nanoflakes were synthesized for use as electrode material in electrochemical supercapacitors. The nanoflakes were produced via RF-magnetron sputtering with various excess oxygen contents (δ), and the electrochemical supercapacitive properties of the MnO2+δ nanoflakes...

Failure of a pipe or valve in a water distribution system causes service disruption and other inconveniences to the customers at or downstream of the failure location. To minimize the impact of such a pipe or valve failure, it is crucial to identify those pipes or valves whose failure will have...