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This paper points out an empirical puzzle that arises when an RBC economy with a job matching function is used to model unemployment. The standard model can generate sufficiently large cyclical fluctuations in unemployment, or a sufficiently small response of unemployment to labor market policies, but it cannot do both. Variable search and separation,(More)
A fast AAM search algorithm based on canonical correlation analysis (CCA-AAM) is introduced. It efficiently models the dependency between texture residuals and model parameters during search. Experiments show that CCA-AAMs, while requiring similar implementation effort, consistently outperform standard search with regard to convergence speed by a factor of(More)
In this paper, we apply a multiple regression method based on Canonical Correlation Analysis (CCA) to face data modelling. CCA is a factor analysis method which exploits the correlation between two high dimensional signals. We first use CCA to perform 3D face reconstruction and in a separate application we predict near-infrared (NIR) face texture. In both(More)
We construct and calibrate a general equilibrium business cycle model with unemployment and precautionary saving. We compute the cost of business cycles and locate the optimum in a set of simple cyclical fiscal policies. Our economy exhibits productivity shocks, giving firms an incentive to hire more when productivity is high. However, business cycles make(More)
and Bank of Finland " Good policy " and " good luck " have been identified as two of the possible drivers of the " Great Moderation, " but their relative importance is still widely debated. This paper investigates the role played by equilibrium selection under indeterminacy in the assessment of their relative merits. We contrast the outcomes of(More)
The paper presents a method for the recursive computation of models with a continuum of heterogeneous agents. Following the literature, it is assumed that the cross-sectional distribution of wealth in the economy can be represented, to a sufficient degree of accuracy, by a finite number of summary statistics. The main innovation of the method is a very(More)
This paper describes a method to solve models with a continuum of agents, incomplete markets and aggregate uncertainty. I use backward induction on a finite grid of points in the aggregate state space. The aggregate state includes a small number of statistics (moments) of the cross-sectional distribution of capital. For any given set of moments, agents use(More)
Workflow technology is established in the business domain for several years. This fact suggests the need for detailed investigations in the qualification of conventional workflow technology for the evolving application domain of e-Science. This chapter discusses the requirements on scientific workflows, the state of the art of scientific workflow management(More)