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Pekka Neittaanmäki, Sergey Repin and Tero Tuovinen (Eds.). Mathematical Modeling and Optimization of Complex Structures; Series: Computational Methods in Applied Sciences. Springer International Publishing AG, Switzerland; 2016. E-book, XXI, 328 pages, ISBN: 9783319235646, Hard-cover ISBN: 9783319235639, Library of Congress Control Number: 2015947948, DOI . [ABSTRACT FROM AUTHOR]

The article focuses on the book "Monetary Policy Rules," edited by John B. Taylor. It contains papers by seventeen authors from a conference about monetary policy. Most of the papers present models in which monetary policy can be evaluated, and they evaluate a common set of monetary policy rules. The editor's introduction provides a summary of the volume and of the implications of the cross-model comparisons of the effects of the various policy rules, and his own contribution studies the historical evolution of monetary policy rules and their effects. The book is about the Taylor rule. This is a policy rule that specifies changes in the central bank's interest rate according to what is happening to two variables, real output and inflation. The conclusions from the cross-model comparison of rules are as follow. A Taylor rule, like what is estimated by ordinary least squares from post-1982 U.S. data, performs well in most models. Performance can be improved, in terms of inflation and the variability of output by making the coefficients in the Taylor rule larger, so that interest rates are more responsive to inflation and the output gap.

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The options-based approach to studying irreversible investment under uncertainty emphasizes that the opportunity cost of investment includes the value of the option to wait that is extinguished when an investment is undertaken. Thus, the investment decision is affected by the determinants of the value of this option. We extend and generalize a standard model of irreversible investment by introducing a second fully reversible technology, and also incorporate partial reversibility by allowing capital to be abandoned at a cost. As in the existing literature, we find that the threshold value of the "underlying asset" (in our case, demand) at which investment takes place is increasing in the uncertainty of demand. We also find that the value of the option and thus the threshold value of the option value multiple at which investment takes place may be either increasing or decreasing in the uncertainty of demand. In addition, we find that for the case in which capital is used to replace the reversible technology, the threshold value of the option value multiple is insensitive to the degree of reversibility of capital. [ABSTRACT FROM AUTHOR]

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This piece briefly introduces my Painting By Numbers, which aims to take the core messages of the QL/QR community from academic and professional circles to the rest of the citizenry. I describe the book in the context of the critical need for the most basic numeracy tools to help consumers of news, information, and analysis--delivered through traditional and contemporary social media outlets--determine where a reported numerical result lies on the scale from utter nonsense to a widely established and accepted "fact." [ABSTRACT FROM AUTHOR]

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