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This paper proposes a conceptual framework to investigate the e!ects of central bank independence, of the degree of centralization of wage bargaining and of the interaction between those institutional variables, on real wages, unemployment and in#ation, in a framework in which unions are averse to in#ation. This aversion moderates unions' wage demands as(More)
We model the optimal price setting problem of a firm in the presence of both information and menu costs. In this problem the firm optimally decides when to collect costly information on the adequacy of its price, an activity which we refer to as a price " review ". Upon each review, the firm chooses whether to adjust its price, subject to a menu cost, and(More)
In 2004 all publications will carry a motif taken from the €100 banknote. 1 The views expressed in this paper do not necessarily reflect those of the European Central Bank or the Eurosystem.We are very grateful for advice and encouragement from David Altig, Klaus Masuch and Hans-Joachim Klöckers.The careful editorial assistance of Monica Crabtree is much(More)
We provide an analytical characterization of the optimal anticipated monetary policy in an economy where agents have a precautionary savings motive due to random production opportunities and the presence of borrowing constraints. Non storable production makes intrinsically useless outside money valuable to insure consumption. We show that the choice of the(More)
It is shown that accounting for technology variations, across households and periods, is important to obtain theoretically consistent estimates of the demand for currency. An inventory model is presented where the withdrawal technology is explicitly modeled. Both the level and the interest rate elasticity of cash holdings depend on the withdrawal technology(More)
BACKGROUND In the last decades, a marked increased prevalence of differentiated thyroid cancer (DTC) has been observed worldwide. The aim of this study was to evaluate the changing features of DTC referred to our institution between 1969 and 2004. METHODS Clinical and pathological features and prognostic factors were analyzed in 4187 DTC patients,(More)
Recombinant human TSH (rhTSH)-stimulated thyroglobulin (Tg) measurement and (131)I whole body scan (WBS) have been validated as informative tests in the postsurgical follow-up of differentiated thyroid carcinoma. We report the diagnostic accuracy of Tg measurement and diagnostic WBS, alone or in combination, after rhTSH stimulation in a retrospective,(More)