Ratchet consumption over finite and infinite planning horizons

Ratchet consumers want their spending to always increase and never decrease. We find an optimal consumption rule for ratchet consumers by maximizing an expected utility that eschews spending declines, yet permits a range of choices for felicity and time preference functions. This solution can be tailored to fit both retirees with finite planning horizons and endowments with infinite planning horizons. We assume complete markets modeled by a pricing kernel generated by a Lévy process. When the kernel is log-normal, we obtain closed-form solutions for both finite and infinite horizons.     

An Empirical Investigation of the Ratchet Effect in the OECD, 1985–2009

This paper employs a reduced form structuralist model of inflation in the OECD over the period 1985–2009 to find out whether domestic prices respond symmetrically to rising and falling import prices. We find that the response is asymmetrical: domestic prices rise when import prices rise but they do not fall when import prices fall. Our finding thus confirms the presence of a ratchet effect in the sample countries during the sample period, and implies that factors – such as exchange rate fluctuations and movements in tariff rates – that influence import prices tend to be inflationary.     

透平压缩机SSS盘车器故障分析及处理措施

针对大型透平压缩机组盘车器在进行开车运行过程中发现盘车器出现的故障现象,通过认真分析找到了出现故障的原因,提出合理的解决方法加以实施,成功的排除了盘车器在运行过程中的故障,使装置正常开车,保证了压缩机组安、稳、长、满、优的运行。