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This paper investigates the implications of noisy information regarding the measurement of economic activity for the evaluation of monetary policy. A common implicit assumption in such evaluations is that policymakers observe the current state of the economy promptly and accurately and can therefore adjust policy based on this information. However, in(More)
----------------------------------------------------------------------------------------------------------------------------------------------Abstract We offer a theory of economic fluctuations based on intertemporal increasing returns: agents who have been active in the past face lower costs of action today. This specification explains the observed(More)
Market power exercised by firms has become central to macroeconomics. Recent theoretical work highlights the importance of the relation between market power and inflation. We examine this relation for individual firms in eleven U.S. industries. Our econometric framework exploits restrictions from dynamic theory and information from financial markets to(More)
Process variability has become a major challenge in nanometer technologies. Understanding process variability is therefore a key to designing successful low-power multi-million gate SoCs. An all-digital on-chip process control-monitor (PCM) that measures process variability is described.
Process variability has become a fundamental challenge in nanometer technologies. This trend is driven by Moore's law, which governs the exponential growth of transistors in ICs, the low-power requirements of mobile devices (i.e., Vdd ≪ 1V), and the shrinking geometries of advanced technologies reaching the sub-nanometer dimensions. Understanding(More)
Groundwater in the Todos Santos watershed in southern Baja California, and throughout the peninsula south of latitude 28°N, has values of (δ18 O‰, δD‰) ranging between (-8.3, -57) and (-10.9, -78). Such negative values are uncharacteristic of the site latitude near the sea level. Altitude effects do not explain the isotope data. Tropical depressions(More)
The PA6T core is an out-of-order superscalar implementation of the power architecture. Power efficiency is achieved through micro-architecture, logic, and circuit optimizations. The processor is fabricated in a 65 nm, triple Vt, dual oxide 8 M CMOS process. Worst-case power dissipation at 2 GHz is 7 W.
We study the role of banking relationships in IPO underwriting. Among other issues, we consider whether banking relationships lead to increased access to public equity markets, especially for smaller, lesserknown firms. When a firm in Japan goes public, it can engage an investment bank that is related through a common main bank, or can select an alternative(More)
This paper documents some stylized facts on evolving UK Phillips curves, and shows how these differ from their US versions. We interpret UK Phillips curve dynamics in a positive theory of monetary policy—how policy-maker attitudes on the Phillips curve have evolved since the 1950s—rather than, more traditionally, as interaction between exogenous demand and(More)
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