J. G. Keller

Learn More
4 1 Non-technical summary 5 2 Introduction 7 3 Related literature 11 4 The monetary policy problem 12 4.1 Discussion 14 4.1.1 Relation to earlier work 14 4.1.2 Policy instruments 14 4.1.3 How much non-linearity? 15 5 Model calibration 17 7 Optimal policy with lower bound 20 7.1 Optimal policy functions 20 7.2 Dynamic response to real rate shocks 23 7.3(More)
This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data from 1980 to 2003. While earlier studies — mostly for the AngloSaxon economies — have generally documented that departures of these three variables from their common trend signal changes in asset prices, we find that for Germany they predict(More)
The automated recognition of targets in complex backgrounds is a difficult problem, yet humans perform such tasks with ease. We therefore propose a recognition model based on behavioural and physiological aspects of the human visual system. Emulating saccadic behaviour, an object is first memorised as a sequence of fixations. At each fixation an artificial(More)
Various Allium hybrids, obtained by the crossbreeding of Allium cepa (onion) as the mother plant and six taxonomically distant wild species obtained by embryo rescue, were investigated with special respect to their individual profiles of cysteine sulfoxides as well as enzymically and nonenzymically formed aroma substances. Alliinase (EC 4.4.1.4) catalyzes(More)
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not(More)
We estimate the process underlying the pricing of American options by using higher-order lattices combined with a multigrid method. This paper also tests whether the risk-neutral densities given from American options provide a good forecasting tool. We use a nonparametric test of the densities that is based on the inverse probability functions and is(More)
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not(More)
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not(More)
Compatibility Investments in Duopoly With Demand Side Spillovers Under Different Degrees of Cooperation by Christian Wey This paper examines the effects of different degrees of cooperation on firms’ incentives to undertake interbrand compatibility investments ex post, which benefit the competitor indirectly via an increase of its mass market demand. We find(More)