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40,383
Unified analysis of discontinuous Galerkin methods for elliptic problems
 SIAM J. Numer. Anal
, 2001
"... Abstract. We provide a framework for the analysis of a large class of discontinuous methods for secondorder elliptic problems. It allows for the understanding and comparison of most of the discontinuous Galerkin methods that have been proposed over the past three decades for the numerical treatment ..."
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Cited by 519 (31 self)
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Abstract. We provide a framework for the analysis of a large class of discontinuous methods for secondorder elliptic problems. It allows for the understanding and comparison of most of the discontinuous Galerkin methods that have been proposed over the past three decades for the numerical treatment of elliptic problems.
Riskmanagement: coordinating corporate investment and financing policies
, 1993
"... This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it ..."
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Cited by 540 (15 self)
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This paper develops a general framework for analyzing corporate risk management policies. We begin by observing that if external sources of finance are more costly to corporations than internally generated funds, there will typically be a benefit to hedging: hedging adds value to the extent that it helps ensure that a corporation has sufficient internal funds available to take advantage of attractive investment opportunities. We then argue that this simple observation has wide ranging implications for the design of risk management strategies. We delineate how these strategies should depend on such factors as shocks to investment and financing opportunities. We also discuss exchange rate hedging strategies for multinationals, as well as strategies involving "nonlinear" instruments like options.
Empirical exchange rate models of the Seventies: do they fit out of sample?
 JOURNAL OF INTERNATIONAL ECONOMICS
, 1983
"... This study compares the outofsample forecasting accuracy of various structural and time series exchange rate models. We find that a random walk model performs as well as any estimated model at one to twelve month horizons for the dollar/pound, dollar/mark, dollar/yen and tradeweighted dollar exch ..."
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Cited by 831 (12 self)
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This study compares the outofsample forecasting accuracy of various structural and time series exchange rate models. We find that a random walk model performs as well as any estimated model at one to twelve month horizons for the dollar/pound, dollar/mark, dollar/yen and tradeweighted dollar exchange rates. The candidate structural models include the flexibleprice (FrenkelBilson) and stickyprice (DornbuschFrankel) monetary models, and a stickyprice model which incorporates the current account (HooperMorton). The structural models perform poorly despite the fact that we base their forecasts on actual realized values of future explanatory variables.
The Science of Monetary Policy: A New Keynesian Perspective
 Journal of Economic Literature
, 1999
"... “Having looked at monetary policy from both sides now, I can testify that central banking in practice is as much art as science. Nonetheless, while practicing this dark art, I have always found the science quEite useful.” 2 Alan S. Blinder ..."
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Cited by 1809 (45 self)
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“Having looked at monetary policy from both sides now, I can testify that central banking in practice is as much art as science. Nonetheless, while practicing this dark art, I have always found the science quEite useful.” 2 Alan S. Blinder
Why Do Some Countries Produce So Much More Output Per Worker Than Others?
, 1998
"... Output per worker varies enormously across countries. Why? On an accounting basis, our analysis shows that differences in physical capital and educational attainment can only partially explain the variation in output per worker — we find a large amount of variation in the level of the Solow residual ..."
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Cited by 2363 (22 self)
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Output per worker varies enormously across countries. Why? On an accounting basis, our analysis shows that differences in physical capital and educational attainment can only partially explain the variation in output per worker — we find a large amount of variation in the level of the Solow residual across countries. At a deeper level, we document that the differences in capital accumulation, productivity, and therefore output per worker are driven by differences in institutions and government policies, which we call social infrastructure. We treat social infrastructure as endogenous, determined historically by location and other factors captured in part by language.
Term Premia and Interest Rate Forecasts in Affine Models
, 2001
"... I find that the standard class of a#ne models produces poor forecasts of future changes in Treasury yields. Better forecasts are generated by assuming that yields follow random walks. The failure of these models is driven by one of their key features: The compensation that investors receive for faci ..."
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Cited by 445 (11 self)
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I find that the standard class of a#ne models produces poor forecasts of future changes in Treasury yields. Better forecasts are generated by assuming that yields follow random walks. The failure of these models is driven by one of their key features: The compensation that investors receive for facing risk is a multiple of the variance of the risk. This means that risk compensation cannot vary independently of interest rate volatility. I also describe and empirically estimate a class of models that is broader than the standard a#ne class. These "essentially a#ne" models retain the tractability of the usual models, but allow the compensation for interest rate risk to vary independently of interest rate volatility. This additional flexibility proves useful in forming accurate forecasts of future yields. Address correspondence to the University of California, Haas School of Business, 545 Student Services Building #1900, Berkeley, CA 94720. Phone: 5106421435. Email address: du#ee@haas.b...
StateDependent Pricing and the General Equilibrium Dynamics of Money and Output
 Quarterly Journal of Economic
, 1999
"... Economists have long suggested that nominal product prices are changed infrequently because of fixed costs. In such a setting, optimal price adjustment should depend on the state of the economy. Yet, while widely discussed, statedependent pricing has proved difficult to incorporate into macroeconom ..."
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Cited by 373 (18 self)
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Economists have long suggested that nominal product prices are changed infrequently because of fixed costs. In such a setting, optimal price adjustment should depend on the state of the economy. Yet, while widely discussed, statedependent pricing has proved difficult to incorporate into macroeconomic models. This paper develops a new, tractable theoretical statedependent pricing framework. We use it to study how optimal pricing depends on the persistence of monetary shocks, the elasticities of labor supply and goods demand, and the interest sensitivity of money demand. I.
The Hero with a Thousand Faces
, 1972
"... Botiingen Foundation, andpttt.!.,.: b % / ,.,;:,c,m B<,.ik.*, second ..."
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Cited by 353 (0 self)
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Botiingen Foundation, andpttt.!.,.: b % / ,.,;:,c,m B<,.ik.*, second
Prices and unit labor costs: A new test of price stickiness
, 1999
"... This paper investigates the predictions of a simple optimizing model of nominal price rigidity for the aggregate price level and the dynamics of inflation. I compare the model’s predictions with those of a perfectly competitive, flexible price ‘benchmark’ model (corresponding to the model of pricing ..."
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Cited by 349 (10 self)
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This paper investigates the predictions of a simple optimizing model of nominal price rigidity for the aggregate price level and the dynamics of inflation. I compare the model’s predictions with those of a perfectly competitive, flexible price ‘benchmark’ model (corresponding to the model of pricing assumed in standard real business cycle models), and evaluate how much the introduction of nominal rigidities improves the model’s fit with the data. The model’s predictions are derived using only the firms optimal pricing problem; taking as given the paths of nominal labor compensation, labor productivity, and output, I determine the implied path of prices predicted by the model. Because prices are not a stationary series, I present my results in terms of the predicted path of the price/unit labor cost ratio, where the parameters characterizing such paths are chosen to maximize the fit with the data. I find that, while the evolution of prices relative to unit labor costs is quite different from what would be predicted by the flexibleprice ‘benchmark ’ model, a simple model of nominal price rigidity delivers an extremely close approximation both of the price/unit labor cost ratio and of the inflation series, even under a very simple approach to the measurement of marginal costs. Moreover, the results are robust to modifications of this measure.
Results 1  10
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