Using a nonlinear Bayesian likelihood approach that fully accounts for the zero lower bound on nominal interest rates, we analyze US post-crisis business cycle dynamics and provide reference parameter estimates. Contradicting the gist of the literature, we find that neither the inclusion of financial frictions nor that of household heterogeneity improve the empirical fit of the standard model, or its ability to provide a joint explanation for the post-2007 dynamics. Associated financial shocks mis-predict an increase in consumption. The common practice of omitting the ZLB period in the estimation severely distorts the analysis of the more recent economic dynamics.

No abstract

No abstract

No abstract

<p>Characterizing earthquake induced building damage in an efficient, automated and non-<br>invasive way is a crucial support for the decision on further usability of critical infras-<br>tructure. In the GIOTTO project (Gebäudeschwingungen: kombinierte Zustandsanalyse<br>mit innovativem Sensorkonzept) we propose to use 6 degrees of freedom sensors (6DoF)<br>to monitor the complete movement of a building structure in three rotational and three<br>translational degrees of freedom. On one side, we develop 6DoF sensor networks for<br>strong motion building monitoring on the basis of 20 inertial measurement units (IMU50<br>by iXblue, France) originally designed as north-finding gyroscopes, on the other side we<br>incorporate the new observable of rotational ground motions into the concept of coda wave<br>interferometry for continuous real-time structural health monitoring. In this contribution<br>we show first results (1) from laboratory experiments for sensor performance characteriza-<br>tion as well as (2) from a 6DoF active source experiment at a horizontal 24 m long concrete<br>beam (the BLEIB test structure hosted by the Bundesanstalt für Materialforschung und<br>-prüfung, south of Berlin, Germany).</p>