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Understanding the molecular and cellular mechanisms that mediate magnetosensation in vertebrates is a formidable scientific problem. One hypothesis is that magnetic information is transduced into neuronal impulses by using a magnetite-based magnetoreceptor. Previous studies claim to have identified a magnetic sense system in the pigeon, common to avian(More)
We develop a monetary DSGE model with a maturity structure of government debt and analyze the impact of changes in the inflation target on real public debt. Simulating an increase in debt as experienced after the financial crisis and a four percent higher inflation target, we find that a government such as the U.S. can significantly reduce its real debt(More)
Streams of research are emerging that emphasize the advantages of using declarative process modeling languages over more traditional , imperative approaches. In particular, the declarative modeling approach is known for its ability to cope with the limited flexibility of the imperative approach. However, there is still not much empirical insight into the(More)
It is considered that whole-face processing of spatial structure may only be possible in upright faces, with only local feature processing in inverted faces. We asked whether this was due to impoverished representations of inverted faces. We performed two experiments. In the first, we divided faces into segments to create 'exploded' faces with disrupted(More)
We compare the performance of perturbation, projection, and stochastic simulation algorithms for solving the multi-country RBC model described in Den Haan et al. (this issue). The main challenge of solving this model comes from its large number of continuous-valued state variables, ranging between four and 20 in the specifications we consider. The(More)
Hair cells reside in specialized epithelia in the inner ear of vertebrates, mediating the detection of sound, motion, and gravity. The transduction of these stimuli into a neuronal impulse requires the deflection of stereocilia, which are stabilized by the actin-rich cuticular plate. Recent electrophysiological studies have implicated the vestibular system(More)
for valuable comments and suggestions. Financial support by the Austrian Science Fund (FWF) under project number P19686 is gratefully acknowledged. Abstract: This paper studies optimal fiscal and monetary policy in a stochastic economy with imperfectly competitive product markets and a discretionary government. We find that, in the flexible price economy,(More)
A large variety of markets, such as retail markets for gasoline or mortgage markets, are characterized by a small number of firms offering a fairly homogenous product at virtually the same cost, while consumers, being uninformed about this cost, sequentially search for low prices. The present paper provides a theoretical examination of this type of market ,(More)
Note : The Discussion Papers in this series are prepared by members of the Department of Economics, University of Essex, for private circulation to interested readers. They often represent preliminary reports on work in progress and should therefore be neither quoted nor referred to in published work without the written consent of the author. Abstract We(More)
We describe a simple mechanism that generates inflation persistence in a standard sticky-price model of optimal fiscal and monetary policy. Key to this mechanism is that policies are implemented under discretion. The government's discretionary incentive to erode the real value of nominal public debt by means of surprise inflation renders inflation(More)