Power surges, blackouts and brownouts caused many troubles to computer users. Let’s face it: not every computer in the world is equipped with a battery pack or a UPS. The consequences of a power surge or blackout can be severe for your information. Let’s see what can happen to your file if the power is suddenly lost.
The purpose of this project was to design a noninvasive pulse rate meter. The design team decided to create a four-stage system for identifying the pulse using optical sensors. The first stage is the input, where an infrared LED shines light at a patient's finger while a photodiode receives light on the other end. The change in blood volume in the patient's finger changes the light in the patient's finger, which creates a current across the photodiode. The second stage is the current-to-voltage converter, whereby the current created by the change in light levels effects a change in voltage. This voltage is passed to the third stage, which is filtering, which attenuates the low-frequency DC offset as well as the high-frequency noise. The final stage is amplification, whereby the filtered signal is amplified so that it may be read by other means, such as a microcontroller.
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.
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