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This paper reviews the second challenge on spectral reconstruction from RGB images, i.e., the recovery of wholescene hyperspectral (HS) information from a 3-channel RGB image. As in the previous challenge, two tracks were provided: (i) a "Clean" track where HS images are estimated from noise-free RGBs, the RGB images are themselves calculated numerically using the ground-truth HS images and supplied spectral sensitivity functions (ii) a "Real World" track, simulating capture by an uncalibrated and unknown camera, where the HS images are recovered from noisy JPEG-compressed RGB images. A new, larger-than-ever, natural hyperspectral image data set is presented, containing a total of 510 HS images. The Clean and Real World tracks had 103 and 78 registered participants respectively, with 14 teams competing in the final testing phase. A description of the proposed methods, alongside their challenge scores and an extensive evaluation of top performing methods is also provided. They gauge the state-of-the-art in spectral reconstruction from an RGB image.

Abstract.We document that monetary policy inertia can help alleviate problems of indeterminacy and non-existence of stationary equilibrium observed for some commonly-studied monetary policy rules. We also find that inertia promotes learnability of equilibrium. The context is a simple, forward-looking model of the macroeconomy widely used in the rapidly expanding literature in this area. We conclude that this might be an important reason why central banks in the industrialized economies display considerable inertia when adjusting monetary policy in response to changing economic conditions.

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