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To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1475-4932.2008.00498.x Byline: TIMOTHY KAM (1), YI-CHIA WANG (2) Keywords: O41; C32 Abstract: We extend the deterministic growth model of Glomm and Ravikumar (1994) to a stochastic endogenous growth model which nests both exogenous and endogenous growth factors. By introducing simple shocks to production technology, private capital and public capital investment, we can derive testable time series properties of the analytical model. We find evidence of co-integration between per capita output, per capita private capital and public capital. A nested test of the strictly endogenous growth model is rejected statistically. We find that growth is exogenous even in the presence of significant and sizeable public capital spillover effects. Our long-run elasticity estimates help to inform the short-run dynamic transitions of the model. In particular, we are able to structurally rationalise other empirical findings of bi-directional short-run effects between public and private capital and also aggregate output. Author Affiliation: (1)School of Economics and CAMA, Australian National University, Australian Capital Territory, Australia (2)School of Economics, Australian National University, Australian Capital Territory, Australia Article note: Correspondence: Timothy Kam, Email: timothy.kam@anu.edu.au

To purchase or authenticate to the full-text of this article, please visit this link: http://dx.doi.org/10.1111/j.1475-4932.2008.00496.x Byline: MARK CROSBY (1), TIMOTHY KAM (2), KIRDAN LEES (3) Keywords: C51; E52; F41 Abstract: This paper quantifies the costs of mitigating exchange rate volatility within the context of a flexible inflation targeting central bank. Within a standard linear-quadratic formulation of inflation targeting, we append a term that penalises deviations in the exchange rate to the central bank's loss function. For a simple forward-looking new-Keynesian model, we show that the central bank can reduce volatility in the exchange rate relatively costlessly by aggressively responding to the real exchange rate. However, when we append correlated shocks to better match summary statistics of the Australian data, we find that the costs associated with reducing exchange rate volatility are larger: output volatility increases substantially. Finally, we apply our method to a variant of a small backward-looking new-Keynesian model of the Australian economy. Under this model, large increases in inflation and output volatility accrue if the central bank attempts to mitigate exchange rate volatility. Author Affiliation: (1)Melbourne Business School, University of Melbourne, Carlton, Victoria, Australia (2)School of Economics and CAMA, Faculty of Economics and Commerce, Australian National University, Canberra, Australian Capital Territory, Australia (3)Economics Department and CAMA, Australian National University, Canberra, Australian Capital Territory, Australia, and Reserve Bank of New Zealand, Wellington, New Zealand Article note: Correspondence: Kirdan Lees, Reserve Bank of New Zealand and CAMA, Po Box 2498, Wellington, New Zealand. Email: kirdan.lees@rbnz.govt.nz

We propose a simple incomplete-markets small-open-economy model that is amenable to analytical dissection of its policy-relevant mechanisms. In contrast to its complete-markets limit, the equilibrium real exchange rate is irreducible from the incomplete-markets equilibrium. Market incompleteness exacerbates the domestic-inflation and output-gap monetary-policy trade-off in two ways: its steepness and its resulting endogenous cost-push to the trade-off. The latter depends on an equilibrium combination of structural shocks and on agents' beliefs of future events. Thus, in comparison to its complete-markets and closed-economy limits, standard Taylor-type rules are less capable of inducing determinate rational expectations equilibrium in our environment. Despite the larger policy trade-off under incomplete markets, simple policies that also respond to exchange-rate growth are able to manage expectations that drive the endogenous cost-push term. However, policies that respond directly to expectations may turn out to exacerbate the cost-push trade-off further, and thus, to be more likely to fuel self-fulfilling multiple or unstable equilibria. [ABSTRACT FROM AUTHOR]

This paper presents a transactional specification framework (T-spec) for describing a datapath and the tool T-piper to synthesize automatically an in-order pipelined implementation with arbitrary user-specified pipeline-stage boundaries. T-spec abstractly views a datapath as executing one transaction at a time, computing the next system states based on the current ones. The synthesized pipeline maintains this semantics, yet allows concurrent execution of multiple overlapped transactions in different pipeline stages, where each stage performs a part of the next-state computation of each transaction. T-spec makes the state reading and writing events in a datapath explicit to enable T-piper to perform exact read-after-write (RAW) hazard analysis between the overlapped transactions. T-piper can automatically generate the pipeline control not only to ensure the correctness of the pipelined executions but also to minimize (using forwarding and speculation) the performance loss due to pipeline stalls in the presence of RAW dependencies. This paper reports design case studies applying T-spec and T-piper to reduced instruction set computing and complex instruction set computing processor pipeline development. In the latter, we report the results from a rapid design space exploration of 60 generated x86-subset pipelines, varying in pipeline depth, forwarding, and speculative execution, all starting from a single T-spec. [ABSTRACT FROM PUBLISHER]

We present a novel symbolic routability checking approach for three-dimensional interconnect layout. The model considered is a general architecture that can fit into different applications, such as ASIC, multi-chip modules, field-programmable gate arrays, and reconfigurable computing architectures. The method can incrementally incorporate additional constraints driven by timing, performance, and design. We used the latest satisfiability solver to validate the effectiveness of our approach. The experimental results demonstrate the encouraging performance on difficult routing benchmarks. [ABSTRACT FROM AUTHOR]

Describes the changes in the design environment that will be necessary to develop increasingly complex microprocessors. Design flow for a performance microprocessor; Front-end of a typical design flow for a lead microprocessor; Test issues that must be researched to reduce the cost of manufacturing tests.

Presents information on a study that addresses state minimization problems of different classes of nondeterministic finite-state machines (NDFSMs). Proposal of a taxonomy of different relevant classes of finite-state machines; Introduction of the finite-state machines minimization problem; Discussion on the state minimization of pseudo nondeterministic finite-state machines (PNDFSMs).

Presents a study that surveys the techniques for solving binate covering problems, an optimization step often occurring in logic synthesis applications. Branch-and-bound algorithm for minimum cost binate covering; Fundamental processes that constitute the essence of the reduction rule of solving binate covering problems; Semi-implicit and implicit solution of binate covering; Experimental results of implicit binate covering.

Presents an implicit computations to obtain sets of maximal compatibles, compatibles, prime compatibles, implied sets and class sets of incompletely specified finite-state machines (ISFSM). Background of ISFSM state minimization; Discussion of the implicit techniques used in the computations; Implicit generation of compatibles and binate covering table; Results of the state minimization of ISFSM.

The first case of polyglandular autoimmune syndrome (PAS) in a patient with anorexia nervosa is reported. The association of pernicious anemia with vitiligo and endocrine hypofunction (PAS) is reviewed. Eating disorder patients with B12 deficiency who have vitiligo or a history of endocrine hypofunction should have a Schilling test to exclude pernicious anemia. [ABSTRACT FROM AUTHOR]

Objective: A bespoke clinical pathway is increasingly often used to expedite patient's recovery after video-assisted thoracoscopic surgery (VATS). The importance and predictors of adherence to a clinical pathway have not been previously investigated., Methods: A defined clinical pathway was used for the perioperative management of 136 consecutive patients receiving major pulmonary resection surgery. The clinical pathway encompassed multiple aspects of clinical care, including chest drainage, analgesia, mobilization, physiotherapy, investigations, etc., Results: The cohort consisted of 76 males (56%), and had a median age of 61 years (range, 14-84). A single lobectomy was performed in 66 patients (49%), with sublobar or more complex resections performed in the remainder. Although all patients were intended for a VATS approach, VATS was ultimately used to complete the procedure in 113 patients (83%). It was impossible to adhere strictly to the clinical pathway throughout the hospital stay of most patients, with 83 patients (61%) found to have adhered to the clinical pathway for 50% or more or the duration of their in-hospital stay. The rate of adherence to the clinical pathway for 50% or more of the time was lower in patients who were male (31.6% vs 48.3%, P = 0.047); had a smoking history (25.9% vs 47.6%, P = 0.011); and did not have absence of pain immediately after surgery (33.9% vs 59.3%, P = 0.016). There were trends for poorer adherence among patients who had: age older than 65 years; previous tuberculosis; body mass index greater than 25 kg/m; and longer operation times-but these failed to reach statistical significance. The approach and extent of surgery did not influence clinical pathway adherence. Adherence for 50% or more of the hospital stay was associated with reduced mean chest drain duration (3.2 ± 1.7 vs 5.1 ± 5.0 days, P = 0.002) and mean length of stay (4.6 ± 1.9 vs 7.9 ± 6.6 days, P < 0.001). Among smokers, adherence for 75% or more of the hospital stay was particularly well predicted by better pain control on the day of surgery, and was in turn associated with a significant reduction in morbidity rate (7.7% vs 39.0%, P = 0.043)., Conclusions: Good adherence to a detailed clinical pathway may ensure faster recovery after VATS but is often difficult to maintain postoperatively. Predictors of poor adherence include male sex, smoking history, and immediate postoperative pain. Smokers are at particular risk for failure to adhere but paradoxically have the most to gain from adhering to the clinical pathway.