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JMP: A New Keynesian Model Useful for Policy
I add price-dispersion to a benchmark zero-inflation steady-state New Keynesian model. I do so by assuming the economy has experienced a history of shocks, which have caused the Central Bank to miss its target for inflation and output, as opposed to the conventional practice of linearizing around a non-stochastic steady state. I then allow the inflation targeting Central Bank to optimize policy. The results are truly starting.\par The model simultaneously embeds endogenous inflation and interest rate persistence in an institutionally-consistent optimizing framework. This creates a meaningful trade-off between inflation and output-gap stabilization following demand and technology shocks. This resolves the so-called 'Divine Coincidence', explains the preference for 'coarse-tuning' over 'fine-tuning' and the focus in policy circles on inflation forecast targeting. When estimated the model performs well against a battery of demanding econometric tests. \par Along the way, a novel econometric test of the 'Divine Coincidence' is developed- it is rejected in favor of a substantial trade-off. A welfare equivalence is derived between a class of New Keynesian models and their flexible price counterparts suggesting previous proposed resolutions may be inadequate. Finally, a novel paradox relating the 'Divine Coincidence' to 'fine-tuning' stabilization policy is derived.
Tools For Enjoy Election Data From Colombia Since 1958.
The knowing of politics is mostly an unknown problem on a large scale in Colombia. Here is proposed a web visualization project, in which the historical information of the votes and the elected representatives are presented in an entertaining and inclusive way, in order to generate a feeling of empathy or politician relevance in the spectator creating the assumption that there's a familiar relationship
Camilo Andrés Escobar Velasquez
LaTeX Template: Curriculum Vitae
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Date: July 2011
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Rakam: Distributed Analytics API
Today, most of the “big data” applications needs to compute data in real-time since the Internet develops quite fast and the users expect the get reactions from the applications simultaneously. This rule is valid for almost all types of applications. When a user interacts with a commercial website by looking a product, the website should be able to show her related products for increasing its conversion rates. For a CRM application, the users should be able to solve their problem using that application. And most the time, these actions need aggregation computations. The aim of our project is to provide a high-performance scalable computational engine that is flexible and can be adapted to any type of applications. The system collects the events with collection API and continuously processes them on the fly with using pre-aggregation rules submitted by Analysis API.
Burak Emre Kabakcı