Any discussion of rules versus discretion, CBI, or optimal institutional arrangements would be meaningless, the question would simply be finding the optimal monetary reaction function. The alternative interpretation is that central banks have found ways of committing. Even though ex post they may want...
Of these requirements, it is perhaps most important to find a quadrature rule which satisfies the first one, namely finding a quadrature rule which integrates a polynomial of the highest possible degree and minimizes the approximation error ϵ (Eq. (4)) for a given number of quadrature points...
Alongside the substantive debate about an appropriate fiscal policy, political economy considerations figure prominently among the explanations for why there is a deficit bias in fiscal policies and why governments rarely deliver on counter-cyclical fiscal policies, especially in good times (for an overv...
Examples of cases where the risk of damage is linked to specific (e.g. dangerous) activities include: the liability of the owners of animals for the damages caused by the animals under their custody; the strict liability of the person responsible for carrying out an unspecified or specified da...
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differentiate between states of severity if these are rather low and (thus) of similar size, whereas larger severity differences lead to some concern for severity. This finding will also be confirmed in our content analysis. With respect to changes of effectiveness factors, the results summarised ...
Drug discovery is a difficult challenge for computational and systems biology. Finding a "clever way to throw away the details may be the most important part of model building" [1]. Intelligent hybrid systems are an important method for modeling dynamic networks and complex biological processes wit...
18 ready to function even though it may not be called upon often enough to cover its costs purely through the spot price mechanism. 47. The capacity payment is calculated as the amount of money required to recover investment, installation and operational costs for the most efficient new thermal...
For membrane protein synthesis, assembly and function it is important to differentiate effects on the protein insertion and assembly machinery from direct effects on membrane proteins. 4. Lipids as topological determinants Since proteins and lipids have co-evolved to guarantee assembly of functional ...
The first demonstration of a direct role for rRNA in protein synthesis was the finding that the 3′ end of 16S rRNA in the small subunit of bacterial ribosomes base pairs with a sequence just 5′ to initiator codons in mRNAs, fixing the start site for translation (Steitz and Jakes, 1975...