• East Asian Economic Review
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• 제22권3호
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• pp.337-370
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• 2018

This paper discusses the design of monetary policy in a New Keynesian small open economy framework by introducing nominal wage rigidities and incomplete exchange rate pass-through on import prices. Three main findings are summarized. First, with the existence of an incomplete exchange rate pass-through and nominal wage rigidities, the optimal policy is to seek to minimize the output gap, the variance of domestic price and wage inflation, as well as deviations from the law of one price. Second, the CPI inflation targeting Taylor rule is welfare enhancing when there is a technological shock to the economy. The exception occurs when there is a foreign income shock, which minimizes welfare losses under the domestic inflation targeting Taylor rule. Last, two stylized Taylor rules turn out to be a bad approximation, but the modified Taylor rules that respond to the unemployment gap rather than the output gap are a closer approximation to the optimal policy.

• East Asian Economic Review
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• 제18권3호
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• pp.301-335
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• 2014

In this paper, we consider a small open economy under the New Keynesian model with unemployment of Gal$\acute{i}$ (2011a, b) to discuss the design of the monetary policy. Our findings can be summarized in three parts. First, even with the existence of unemployment, the optimal policy is to minimize variance of domestic price inflation, wage inflation, and the output gap when both domestic price and wage are sticky. Second, stabilizing unemployment rate is important in reducing the welfare loss incurred by both technology and labor supply shocks. Therefore, introducing the unemployment rate as an another argument into the Taylor-rule type interest rate rule will be welfare-enhancing. Lastly, controlling CPI inflation is the best option when the policy is not allowed to respond to unemployment rate. Once the unemployment rate is controlled, however, stabilizing power of CPI inflation-based Taylor rule is diminished.

• Journal of applied mathematics & informatics
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• 제24권1_2호
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• pp.31-48
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• 2007

The paper deals with the solution of some fractional partial differential equations obtained by substituting modified Riemann-Liouville derivatives for the customary derivatives. This derivative is introduced to avoid using the so-called Caputo fractional derivative which, at the extreme, says that, if you want to get the first derivative of a function you must before have at hand its second derivative. Firstly, one gives a brief background on the fractional Taylor series of nondifferentiable functions and its consequence on the derivative chain rule. Then one considers linear fractional partial differential equations with constant coefficients, and one shows how, in some instances, one can obtain their solutions on bypassing the use of Fourier transform and/or Laplace transform. Later one develops a Lagrange method via characteristics for some linear fractional differential equations with nonconstant coefficients, and involving fractional derivatives of only one order. The key is the fractional Taylor series of non differentiable function $f(x+h)=E_{\alpha}(h^{\alpha}{D_x^{\alpha})f(x)$.

• Kyungpook Mathematical Journal
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• 제56권4호
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• pp.1179-1189
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• 2016

We provide a combination of the forward Euler method and the trapezoidal quadrature rule leads to a two-step conservative numerical method which possesses TV-stable property together with consistency.

• Communications for Statistical Applications and Methods
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• 제2권2호
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• pp.146-154
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• 1995

By using simple Taylor expansion, we derive an easy bias-correction rule for the apparent prodiction error of the predictor defined by the general M-estimators with respect to an arbitrary measure of prediction error. Our method has a considerable computational advantage over the previous methods based on the resampling thchnique such as Cross-validaton and Boothtrap. Connections with AIC, Cross-Validation and Boothtrap are discussed too.

• KDI Journal of Economic Policy
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• 제36권2호
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• pp.1-64
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• 2014

본고는 소규모 개방경제를 상정한 동태확률모형을 통해 2000년 이후의 한국 거시경제의 변동요인들과 금융위기 기간의 통화정책과 재정정책의 변화요인을 추정하였다. 실증분석을 위해 동태확률모형은 경제성장률을 결정하는 두 가지 다른 추세요인과 다양한 구조충격요인 그리고 다양한 형태의 마찰을 포함시킴으로써, 거시변수들이 어떠한 요인에 의해 변화했는지를 정량적으로 분석하였다. 실증분석 결과, 금융위기 기간 동안 통화정책은 주로 테일러 준칙을 따른 것으로 나타난 반면, 재정정책의 반응은 재정준칙보다는 상대적으로 큰 폭의 재정충격요인에 의해서 설명된 것으로 추정되었다.

• Coupled systems mechanics
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• 제6권2호
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• pp.207-227
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• 2017

In this paper Timoshenko beam theory is employed to investigate the vibration characteristics of functionally graded carbon nanotube-reinforced composite (FG-CNTRC) Beams with a stiff core in thermal environment. The material characteristic of carbon nanotubes (CNT) are supposed to change in the thickness direction in a functionally graded form. They can also be calculated through a micromechanical model where the CNT efficiency parameter is determined by matching the elastic modulus of CNTRCs calculated from the rule of mixture with those gained from the molecular dynamics simulations. The differential transform method (DTM) which is established upon the Taylor series expansion is one of the effective mathematical techniques employed to the differential governing equations of sandwich beams. Effects of carbon nanotube volume fraction, slenderness ratio, core-to-face sheet thickness ratio, different thermal environment and various boundary conditions on the free vibration characteristics of FG-CNTRC sandwich beams are studied. It is observed that vibration response of FG-CNTRC sandwich beams is prominently influenced by these parameters.

• Clinics in Shoulder and Elbow
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• 제25권3호
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• pp.244-254
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• 2022

Radiographic osteolysis after total shoulder arthroplasty (TSA) remains a challenging clinical entity, as it may not initially manifest clinically apparent symptoms but can lead to clinically important complications, such as aseptic loosening. A thorough consideration of medical history and physical examination is essential to rule out other causes of symptomatic TSA-namely, periprosthetic joint infection-as symptoms often progress to vague pain or discomfort due to subtle component loosening. Once confirmed, nonoperative treatment of osteolysis should first be pursued given the potential to avoid surgery-associated risks. If needed, the current surgical options include glenoid polyethylene revision and conversion to reverse shoulder arthroplasty. The current article provides a comprehensive review of the evaluation and management of osteolysis after TSA through an evidence-based discussion of current concepts.

• KDI Journal of Economic Policy
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• 제29권2호
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• pp.135-157
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• 2007

본고에서는 소위 '테일러 룰'이라고 일컫는 통화정책론이 한국의 통화정책에도 적용될 수 있는지를 검증하고자 하였다. '테일러 룰'이 적용된다면 이자율, 물가상승률 및 잠재성장률 간에 공적분이 성립해야 하는데, 본고에서는 선형관계를 전제로 하는 공적분은 성립하지 않는다는 결과를 산출하였고, 더 나아가 새로운 분계점 공적분 검정법(IV ECM Threshold Cointegration Tests)을 개발하고 이를 적용하고자 하였다. 이 방법론은 기존의 공적분 검정법과 달리 성가신 파라미터(nuisance parameters)에 의존하지 않는다는 장점이 있다. 이 장점을 사용하여 적용한 결과, 본고에서는 한국에 있어서도 비선형 테일러 통화정책에 대한 분계점 공적분이 성립하고 '비선형 테일러 룰'이 검증되었음을 보여주었다.

• Structural Engineering and Mechanics
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• 제74권6호
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• pp.809-819
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• 2020

For the first time, the influence of in-plane magnetic field on wave propagation of Graphene Nano-Platelets (GNPs) polymer composite nanoplates is investigated here. The impact of three- parameter Kerr foundation is also considered. There are two different reinforcement distribution patterns (i.e. uniformly and non-uniformly) while the material properties of the nanoplate are estimated through the Halpin-Tsai model and a rule of mixture. To consider the size-dependent behavior of the structure, Eringen Nonlocal Differential Model (ENDM) is utilized. The equations of wave motion derived based on a higher-order shear deformation refined theory through Hamilton's principle and an analytical technique depending on Taylor series utilized to find the wave frequency as well as phase velocity of the GNPs reinforced nanoplates. A parametric investigation is performed to determine the influence of essential phenomena, such as the nonlocality, GNPs conditions, Kerr foundation parameters, and wave number on the both longitudinal and flexural wave characteristics of GNPs reinforced nanoplates.