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Sample records for macroeconomic principles sb

  1. The Readability of Principles of Macroeconomics Textbooks

    Science.gov (United States)

    Tinkler, Sarah; Woods, James

    2013-01-01

    The authors evaluated principles of macroeconomics textbooks for readability using Coh-Metrix, a computational linguistics tool. Additionally, they conducted an experiment on Amazon's Mechanical Turk Web site in which participants ranked the readability of text samples. There was a wide range of scores on readability indexes both among…

  2. The Readability of Principles of Macroeconomics Textbooks

    Science.gov (United States)

    Tinkler, Sarah; Woods, James

    2013-01-01

    The authors evaluated principles of macroeconomics textbooks for readability using Coh-Metrix, a computational linguistics tool. Additionally, they conducted an experiment on Amazon's Mechanical Turk Web site in which participants ranked the readability of text samples. There was a wide range of scores on readability indexes both among…

  3. Extending the Principles of Intensive Writing to Large Macroeconomics Classes

    Science.gov (United States)

    Docherty, Peter; Tse, Harry; Forman, Ross; McKenzie, Jo

    2010-01-01

    The authors report on the design and implementation of a pilot program to extend the principles of intensive writing outlined by W. Lee Hansen (1998), Murray S. Simpson and Shireen E. Carroll (1999) and David Carless (2006) to large macroeconomics classes. The key aspect of this program was its collaborative nature, with staff from two specialist…

  4. The Use of Narrative Interview in Teaching Principles of Macroeconomics

    Science.gov (United States)

    Dalton, Peggy

    2010-01-01

    The author describes the design and implementation of one experiential learning assignment used in a principles of macroeconomics course. The learning exercise provides an active role for students and results in a relational experience that provides traditional undergraduate students with a frame of reference with which to interpret the impact of…

  5. Extending the Principles of Intensive Writing to Large Macroeconomics Classes

    Science.gov (United States)

    Docherty, Peter; Tse, Harry; Forman, Ross; McKenzie, Jo

    2010-01-01

    The authors report on the design and implementation of a pilot program to extend the principles of intensive writing outlined by W. Lee Hansen (1998), Murray S. Simpson and Shireen E. Carroll (1999) and David Carless (2006) to large macroeconomics classes. The key aspect of this program was its collaborative nature, with staff from two specialist…

  6. The Use of Narrative Interview in Teaching Principles of Macroeconomics

    Science.gov (United States)

    Dalton, Peggy

    2010-01-01

    The author describes the design and implementation of one experiential learning assignment used in a principles of macroeconomics course. The learning exercise provides an active role for students and results in a relational experience that provides traditional undergraduate students with a frame of reference with which to interpret the impact of…

  7. Teaching with Data in the Principles of Macroeconomics Course

    Science.gov (United States)

    Zhuang, Hong

    2012-01-01

    Economic data play an important role in the study of macroeconomics. Teaching with data through interactive classes can engage students more fully in the learning process. Although the pedagogy of teaching with data has been widely applied in the undergraduate science classroom, its extension to the economics classroom is rarely discussed. This…

  8. Studying Absenteeism in Principles of Macroeconomics: Do Attendance Policies Make a Difference?

    Science.gov (United States)

    Self, Sharmistha

    2012-01-01

    The primary objective of this article is to see if and how attendance policy influences class attendance in undergraduate-level principles of macroeconomics classes. The second objective, which is related to the first, is to examine whether the nature of the attendance policy matters in terms of its impact on class attendance behavior. The results…

  9. Studying Absenteeism in Principles of Macroeconomics: Do Attendance Policies Make a Difference?

    Science.gov (United States)

    Self, Sharmistha

    2012-01-01

    The primary objective of this article is to see if and how attendance policy influences class attendance in undergraduate-level principles of macroeconomics classes. The second objective, which is related to the first, is to examine whether the nature of the attendance policy matters in terms of its impact on class attendance behavior. The results…

  10. Optimal control and optimal trajectories of regional macroeconomic dynamics based on the Pontryagin maximum principle

    Science.gov (United States)

    Bulgakov, V. K.; Strigunov, V. V.

    2009-05-01

    The Pontryagin maximum principle is used to prove a theorem concerning optimal control in regional macroeconomics. A boundary value problem for optimal trajectories of the state and adjoint variables is formulated, and optimal curves are analyzed. An algorithm is proposed for solving the boundary value problem of optimal control. The performance of the algorithm is demonstrated by computing an optimal control and the corresponding optimal trajectories.

  11. Political macroeconomics

    Directory of Open Access Journals (Sweden)

    Marin Dinu

    2012-08-01

    Full Text Available „Macroeconomics contaminates its principles in subordination to the societal contingent, in a way, creating states of coerced generality by contextualising the truth and circumstantiating the solutions through the adjustment of hypotheses.”

  12. Political macroeconomics

    Directory of Open Access Journals (Sweden)

    Marin Dinu

    2012-08-01

    Full Text Available Macroeconomics contaminates its principles in subordination to the societal contingent, in a way, creating states of coerced generality by contextualising the truth and circumstantiating the solutions through the adjustment of hypotheses.

  13. First-principles study of amorphous Ga4Sb6Te3 phase-change alloys

    Science.gov (United States)

    Bouzid, Assil; Gabardi, Silvia; Massobrio, Carlo; Boero, Mauro; Bernasconi, Marco

    2015-05-01

    First-principles molecular dynamics simulations within the density functional theory framework were performed to generate amorphous models of the Ga4Sb6Te3 phase change alloy by quenching from the melt. We find that Ga-Sb and Ga-Te are the most abundant bonds with only a minor amount of Sb-Te bonds participating to the alloy network. Ga and four-coordinated Sb atoms present a tetrahedral-like geometry, whereas three-coordinated Sb atoms are in a pyramidal configuration. The tetrahedral-like geometries are similar to those of the crystalline phase of the two binary compounds GaTe and GaSb. A sizable fraction of Sb-Sb bonds is also present, indicating a partial nanoscale segregation of Sb. Despite the fact that the composition Ga4Sb6Te3 lies on the pseudobinary Ga Sb -Sb2Te3 tie line, the amorphous network can be seen as a mixture of the two binary compounds GaTe and GaSb with intertwined elemental Sb.

  14. First principles study of crystal Si-doped Ge2Sb2Te5

    Science.gov (United States)

    Yan, Beibei; Yang, Fei; Chen, Tian; Wang, Minglei; Chang, Hong; Ke, Daoming; Dai, Yuehua

    2017-02-01

    Ge2Sb2Te5 (GST) and Si-doped GST with hexagonal structure were investigated by means of First-principles calcucations. We performed many kinds of doping types and studied the electronic properties of Si-doped GST with various Si concentrations. The theoretical calculations show that the lowest formation energy appeared when Si atoms substitute the Sb atoms (SiSb). With the increasing of Si concentrations from 10% to 30%, the impurity states arise around the Fermi level and the band gap of the SiSb structure broadens. Meanwhile, the doping supercell has the most favorable structure when the doping concentration keeps in 20%. The Si-doped GST exhibits p-type metallic characteristics more distinctly owing to the Fermi level moves toward the valence band. The Te p, d-orbitals electrons have greater impact on electronic properties than that of Te s-orbitals.

  15. APPLICATION OF THE ANNEXATION PRINCIPLE TO THE STUDYOF THERMODYNAMIC PROPERTIES OF TERNARY METALLICMELTS Cd-Pb-Sb

    Institute of Scientific and Technical Information of China (English)

    J. Zhang

    2001-01-01

    Based on the phase diagrams, measured activities and the annexation principle, the calculating models of mass action concentrations for Cd-Pb, Pb-Sb and Cd-Sb binary as well as Cd-Pb-Sb ternary metallic melts have been formulated. The results of calculation both agree with practice and obey the mass action law. This in turn testifies that the models formulated can reflect the structural reality of corresponding melts and the annexation principle is applicable to these melts.``

  16. Stability of Sb-Te layered structures: First-principles study

    NARCIS (Netherlands)

    Govaerts, K.; Sluiter, M.H.F.; Partoens, B.; Lamoen, D.

    2012-01-01

    Using an effective one-dimensional cluster expansion in combination with first-principles electronic structure calculations we have studied the energetics and electronic properties of Sb-Te layered systems. For a Te concentration between 0 and 60 at. % an almost continuous series of metastable

  17. First-principles description of anomalously low lattice thermal conductivity in thermoelectric Cu-Sb-Se ternary semiconductors

    Science.gov (United States)

    Zhang, Yongsheng; Skoug, Eric; Cain, Jeffrey; Ozoliņš, Vidvuds; Morelli, Donald; Wolverton, C.

    2012-02-01

    Experimental measurements have recently shown that Cu3SbSe3 exhibits anomalously low and nearly temperature-independent lattice thermal conductivity, whereas Cu3SbSe4 does not exhibit this anomalous behavior. To understand this strong distinction between these two seemingly similar compounds, we perform density functional theory calculations of the vibrational properties of these two semiconductors within the quasiharmonic approximation. We observe strikingly different behavior in the two compounds: almost all the acoustic-mode Grüneisen parameters are negative in Cu3SbSe4, whereas almost all are positive in Cu3SbSe3 throughout their respective Brillouin zones. The average of the square of the Grüneisen parameter for the acoustic mode in Cu3SbSe3 is larger than that of Cu3SbSe4, which theoretically confirms that Cu3SbSe3 has a stronger lattice anharmonicity than Cu3SbSe4. The soft frequency and high Grüneisen parameters in Cu3SbSe3 arise from the electrostatic repulsion between the lone s2 pair at Sb sites and the bonding charge in Sb-Se bonds. Using our first-principles-determined longitudinal and transverse acoustic-mode Grüneisen parameters, zone-boundary frequencies, and phonon group velocities, we calculate the lattice thermal conductivity using the Debye-Callaway model. The theoretical thermal conductivity is in good agreement with the experimental measurements.

  18. Thermoelectric properties of AgSbTe₂ from first-principles calculations

    Energy Technology Data Exchange (ETDEWEB)

    Rezaei, Nafiseh; Akbarzadeh, Hadi [Department of Physics, Isfahan University of Technology, 84156-83111 Isfahan (Iran, Islamic Republic of); Hashemifar, S. Javad, E-mail: hashemifar@cc.iut.ac.ir [Department of Physics, Isfahan University of Technology, 84156-83111 Isfahan (Iran, Islamic Republic of); Nanotechnology and Advanced Materials Institute, Isfahan University of Technology, 84156-83111 Isfahan (Iran, Islamic Republic of)

    2014-09-14

    The structural, electronic, and transport properties of AgSbTe₂ are studied by using full-relativistic first-principles electronic structure calculation and semiclassical description of transport parameters. The results indicate that, within various exchange-correlation functionals, the cubic Fd3⁻m and trigonal R3⁻m structures of AgSbTe₂ are more stable than two other considered structures. The computed Seebeck coefficients at different values of the band gap and carrier concentration are accurately compared with the available experimental data to speculate a band gap of about 0.1–0.35 eV for AgSbTe₂ compound, in agreement with our calculated electronic structure within the hybrid HSE (Heyd-Scuseria-Ernzerhof) functional. By calculating the semiclassical Seebeck coefficient, electrical conductivity, and electronic part of thermal conductivity, we present the theoretical upper limit of the thermoelectric figure of merit of AgSbTe₂ as a function of temperature and carrier concentration.

  19. First-principles study of electronic structure of CuSbS{sub 2} and CuSbSe{sub 2} photovoltaic semiconductors

    Energy Technology Data Exchange (ETDEWEB)

    Maeda, T., E-mail: tmaeda@ad.ryukoku.ac.jp; Wada, T.

    2015-05-01

    We studied the features of CuSbS{sub 2} (CAS) and CuSbSe{sub 2} (CASe), two proposed photovoltaic compounds, and clarified their electronic structures by first-principles calculations and compared them to the chalcopyrite-type CuInSe{sub 2} results. For both CAS and CASe, the calculated enthalpies of formation of the chalcostibite phases were considerably lower than those of the chalcopyrite phases. Therefore, we considered that the chalcostibite phase is more stable for CAS and CASe. In their band structure calculated with the HSE06 hybrid functional, the valence band maxima of CAS and CASe were located at the Γ-point, and the conduction band minima were located at the R-point. Their second lowest conduction band was located at the Γ-point, whose energy level nearly equaled the R-point. For CAS (CASe), the partial density of the states shows the character of the Cu 3d and S 3p (Se 4p) orbitals at the top of the valence bands and the Sb 5p and S 3p (Se 4p) orbitals at the bottom of the conduction bands. The conduction bands of CAS and CASe have a p-orbital character (Sb 5p) that differs from the s-orbital character (In 5s) of CuInSe{sub 2}. It is for the reason that CAS and CASe do not have a chalcopyrite structure but a chalcostibite-type structure. The calculated absorption coefficient of CuSbS{sub 2} (10{sup 4}-10{sup 5} cm{sup −1}) is comparable to that of CuInSe{sub 2}. - Highlights: • We studied the features of CuSbS{sub 2} and CuSbSe{sub 2}, newly proposed photovoltaic compounds. • Chalcostibite phase is more stable in CuSbS{sub 2} and CuSbSe{sub 2}. • Band structures of CuSbS{sub 2} and CuSbS{sub 2} were calculated with HSE06 hybrid functional. • Absorption coefficient of chalcostibite-type CuSbS{sub 2} is comparable to that of CuInSe{sub 2}.

  20. First-principles investigation of the effects of Sb doping on the LiNiO2

    Science.gov (United States)

    Yang, Zhenhua; Zhang, Zhijuan; Pan, Yanjun; Zhao, Shu; Huang, Yunqing; Wang, Xianyou; Chen, Xiaoying; Wei, Shuangying

    2016-12-01

    First-principles calculations have been carried out to investigate the effects of Sb doping on the LiNiO2. It is found that crystal lattice parameters of the Sb-doped LiNiO2 increase with the increasing doping concentration of Sb. In order to properly assess the difficulty of Sb doping in the LiNiO2, the formation energies of SbxNi12-xO24(x=1,2,3) are firstly obtained according to the elemental chemical potentials determined by the phase stability conditions. Calculated formation energies indicate that the growth conditions of Sb2O5-rich, O-rich and Ni-rich contribute to the formation of SbxNi12-xO24(x=1,2,3). Furthermore, Sb1Ni11O24, Sb2Ni10O24 and Sb3Ni9O24 all have good thermodynamic stability if their growth conditions are reasonably adjusted. Besides, among Li12Ni12O24, Li12SbNi11O24, Li12Sb2Ni10O24 and Li12Sb3Ni9O24, Li12Sb2Ni10O24 has the smallest ratio of volume change and the highest theoretical average intercalation voltage during Li ion lithiation/delithiation process. Therefore, electronic structures of Li12Ni12O24 and Li12Sb2Ni10O24 are further analyzed. The calculated results demonstrate that Li12Sb2Ni10O24 has better stability and conductivity than Li12Ni12O24. Moreover, in the Li12Sb2Ni10O24, the electrostatic interaction between Li+ and Ni-O layers reduces compared with LiNiO2, which suggests that the diffusion ability of Li can be improved by Sb doping. Moreover, Li12Sb2Ni10O24 has better electrochemical properties than LiNiO2.

  1. First-principles study of the ternary semiconductor alloys (Ga,Al)(As,Sb)

    Energy Technology Data Exchange (ETDEWEB)

    El Haj Hassan, F., E-mail: hassan.f@ul.edu.l [Universite Libanaise, Faculte des sciences (I), Laboratoire de Physique de Materiaux, Elhadath, Beirut (Lebanon); Condensed Matter Section, The Abdus Salam International Centre for Theoretical Physics (ICTP), Strada Costiera 11, 34014 Trieste (Italy); Breidi, A. [Universite Libanaise, Faculte des sciences (I), Laboratoire de Physique de Materiaux, Elhadath, Beirut (Lebanon); Laboratoire de Physique des Milieux Denses, Universite Paul Verlaine-Metz, 1 Bd. Arago, 57078 Metz (France); Ghemid, S.; Amrani, B.; Meradji, H. [Laboratoire LPR, Departement de Physique, Faculte des Sciences, Universite de Annaba, Mascara 29000 (Algeria); Pages, O. [Laboratoire de Physique des Milieux Denses, Universite Paul Verlaine-Metz, 1 Bd. Arago, 57078 Metz (France)

    2010-06-04

    First-principles calculations are performed to study the structural, electronic, optical and thermodynamic properties of technologically important Al{sub x}Ga{sub 1-x}As, Al{sub x}Ga{sub 1-x}Sb, GaAs{sub x}Sb{sub 1-x} and AlAs{sub x}Sb{sub 1-x} ternary alloys using the full potential-linearized augmented plane wave plus local orbitals method within the density functional theory. We use both Wu-Cohen and Engel-Vosko generalized gradient approximations of the exchange-correlation energy that are based on the optimization of total energy and corresponding potential, respectively. Our investigation on the effect of composition on lattice constant, bulk modulus, ionicity, band gap, effective mass and refractive index for ternary alloys shows almost non-linear dependence on the composition. The bowing of the fundamental gap versus composition predicted by our calculations is in good agreement with available experiment data. The different roles of structural and chemical effects on the gap bowing and its variation with composition are identified and discussed. It is found that charge-exchange effect overwhelms the other contributions to the gap bowing. Besides, a regular-solution model is used to investigate the thermodynamic stability of the alloys which mainly indicates a phase miscibility gap. In addition, the quasi-harmonic Debye model is applied to determine the thermal properties at room temperature.

  2. Macroeconomic stability

    DEFF Research Database (Denmark)

    Jespersen, Jesper

    2004-01-01

    It is demonstrated that full employment and sustainable development not necessarily are conflicting goals. On the other hand macroeconomic stability cannot be obtained without a deliberate labour sharing policy and a shift in the composition of private consumption away from traditional material...

  3. Ecological macroeconomics

    DEFF Research Database (Denmark)

    Røpke, Inge

    2013-01-01

    on how to reconcile environmental and social concerns. Based on this broad variety of pieces in a jigsaw puzzle, a new ecological macroeconomics is emerging, but the contours are still vague. This chapter seeks to outline some of this topography and to add a few pieces of its own by highlighting the need......The economic decline that began in 2008 opened a window of opportunity for consideration about how to combine macroecononomic and environmental concerns. This discussion is far from new, as evidenced, for instance, by the European Commission’s White Paper from 1993, which explained how a greening...

  4. Macroeconomics and Public Policy.

    Science.gov (United States)

    1982-12-01

    I., National Income & Economic Accounting, Englewood Cliffs, N.J.: Prentice-Hall Inc., 1969. Dornbusch , R. & Fischer, S., Macroeconomics, New York...system. .0 207 0 References * Dornbusch , R. & Fischer, Macroeconomics, New York: McGraw-Hill Book Co., 1978. Edgmand, M. R., Macroeconomics: Theory and...Central Banking, New York: St. Martin’s Press, 1974, 4th ed. Dornbusch , R. & Fischer, S., Macroeconomics, New York: McGraw-Hill, 1978. Goldfeld, S. M

  5. First-principles comparison of the cubic and tetragonal phases of Mo 3Sb7

    KAUST Repository

    Nazir, Safdar

    2011-03-01

    Using ab initio density functional based methods, we study the normal metal state properties of the ∼3 K Mo3Sb7 superconductor, in its high temperature cubic and low temperature tetragonal structures. Although the density of states at the Fermi energy is reasonably high in both structures, our calculations unequivocally show that there exists no long range magnetic ordering in this system. We also address the optical properties of the compound. The magnetism in Mo3Sb7 is studied by fixed spin moment calculations, which yield a shallow non-magnetic minimum, thus inferring propensity to a magnetic instability. © 2011 Elsevier B.V. All rights reserved.

  6. Charge compensation in extremely large magnetoresistance materials LaSb and LaBi revealed by first-principles calculations

    Science.gov (United States)

    Guo, Peng-Jie; Yang, Huan-Cheng; Zhang, Bing-Jing; Liu, Kai; Lu, Zhong-Yi

    2016-06-01

    By the first-principles electronic structure calculations, we have systematically studied the electronic structures of recently discovered extremely large magnetoresistance (XMR) materials LaSb and LaBi. We find that both LaSb and LaBi are semimetals with the electron and hole carriers in balance. The calculated carrier densities on the order of 1020cm-3 are in good agreement with the experimental values, implying long mean-free time of carriers at low temperatures and thus high carrier mobilities. With a semiclassical two-band model, the charge compensation and high carrier mobilities naturally explain: (i) the XMR observed in LaSb and LaBi, (ii) the nonsaturating quadratic dependence of XMR on an external magnetic field, and (iii) the resistivity plateau in the turn-on temperature behavior at very low temperatures. The explanation of these features without resorting to the topological effect indicates that they should be the common characteristics of all electron-hole compensated semimetals.

  7. The electronic structures and ferromagnetism of Fe-doped GaSb: The first-principle calculation study

    Science.gov (United States)

    Lin, Xue-ling; Niu, Cao-ping; Pan, Feng-chun; Chen, Huan-ming; Wang, Xu-ming

    2017-09-01

    The electronic structures and the magnetic properties of Fe doped GaSb have been investigated by the first-principles calculation based on the framework of the generalized gradient approximation (GGA) and GGA+U schemes. The calculated results indicated that Fe atoms tend to form the anti-ferromagnetic (AFM) coupling with the nearest-neighbor positions preferentially. Compared with the anti-ferromagnetic coupling, the ferromagnetic interactions occurred at the second nearest-neighbor and third nearest-neighbor sites have a bigger superiority energetically. The effect of strong electron correlation at Fe-d orbit taking on the magnetic properties predicted by GGA+U approach demonstrated that the ferromagnetic (FM) coupling between the Fe ions is even stronger in consideration of the strong electron correlation effect. The ferromagnetism in Fe doped GaSb system predicted by our investigation implied that the doping of Fe into GaSb can be as a vital routine for manufacturing the FM semiconductors with higher Curie temperature.

  8. Macroeconomics in crisis and macroeconomics in recovery

    Directory of Open Access Journals (Sweden)

    Alessandro Roncaglia

    2011-01-01

    Full Text Available The financial and economic crisis brings to a reconsideration of macroeconomics: as it happened in the past, after the Great Crash of 1929 as well as after the Second World War and after the collapse of the Bretton Woods system in 1971 and the subsequent oil crisis. A brief critical survey of mainstream macroeconomics (the neoclassical synthesis and its variants, and its criticisms on the side of Keynesians and Sraffians is followed by a brief survey of the elements of alternative macroeconomic analysis developed by Keynes and Kalecki, Minsky and Sylos Labini, and others.

  9. Theoretical investigations of half-metallic ferromagnetism in new Half-Heusler YCrSb and YMnSb alloys using first-principle calculations

    Science.gov (United States)

    Atif Sattar, M.; Rashid, Muhammad; Hashmi, M. Raza; Ahmad, S. A.; Imran, Muhammad; Hussain, Fayyaz

    2016-10-01

    Structural, electronic, and magnetic properties of new predicted half-Heusler YCrSb and YMnSb compounds within the ordered MgAgAs C1b-type structure are investigated by employing first-principal calculations based on density functional theory. Through the calculated total energies of three possible atomic placements, we find the most stable structures regarding YCrSb and YMnSb materials, where Y, Cr(Mn), and Sb atoms occupy the (0.5, 0.5, 0.5), (0.25, 0.25, 0.25), and (0, 0, 0) positions, respectively. Furthermore, structural properties are explored for the non-magnetic and ferromagnetic and anti-ferromagnetic states and it is found that both materials prefer ferromagnetic states. The electronic band structure shows that YCrSb has a direct band gap of 0.78 eV while YMnSb has an indirect band gap of 0.40 eV in the majority spin channel. Our findings show that YCrSb and YMnSb materials exhibit half-metallic characteristics at their optimized lattice constants of 6.67 Å and 6.56 Å, respectively. The half-metallicities associated with YCrSb and YMnSb are found to be robust under large in-plane strains which make them potential contenders for spintronic applications.

  10. Improved thermoelectric performance of (Fe,Co)Sb{sub 3}-type skutterudites from first-principles

    Energy Technology Data Exchange (ETDEWEB)

    Williamson, Izaak [Department of Materials Science and Engineering, Boise State University, Idaho 83725 (United States); Her, Logan Ju-Yee [Department of Science, Math and Engineering, Cosumnes River College, Sacramento, California 95823 (United States); Su, Xianli; Yan, Yonggao [State Key Laboratory of Advanced Technology for Materials Synthesis and Processing, Wuhan University of Technology, Wuhan 430070 (China); Wong-Ng, Winnie [Materials Measurement Science Division, National Institute of Standards and Technology, Gaithersburg, Maryland 20899 (United States); Li, Lan [Department of Materials Science and Engineering, Boise State University, Idaho 83725 (United States); Center for Advanced Energy Studies, Idaho Falls, Idaho 83401 (United States)

    2016-02-07

    Skutterudite materials have been considered as promising thermoelectric candidates due to intrinsically good electrical conductivity and tailorable thermal conductivity. Options for improving thermal-to-electrical conversion efficiency include identifying novel materials, adding filler atoms, and substitutional dopants. Incorporating filler or substitutional dopant atoms in the skutterudite compounds can enhance phonon scattering, resulting in reduction of thermal conductivity, as well as improving electrical conductivity. The structures, electronic properties, and thermal properties of double-filled Ca{sub 0.5}Ce{sub 0.5}Fe{sub 4}Sb{sub 12} and Co{sub 4}Sb{sub 12−2x}Te{sub x}Ge{sub x} compounds (x = 0, 0.5, 1, 2, 3, and 6) have been studied using density functional theory-based calculations. Both Ca/Ce filler atoms in FeSb{sub 3} and Te/Ge substitution in CoSb{sub 3} cause a decrease in lattice constant for the compounds. As Te/Ge substitution concentration increases, lattice constant decreases and structural distortion of pnictogen rings in the compounds occurs. This indicates a break in cubic symmetry of the structure. The presence of fillers and substitutions cause an increase in electrical conductivity and a gradual decrease in electronic band gap. A transition from direct to indirect band-gap semiconducting behavior is found at x = 3. Phonon density of states for both compounds indicate phonon band broadening by the incorporation of fillers and substitutional atoms. Both systems are also assumed to have acoustic-mode-dominated lattice thermal conductivity. For the Co{sub 4}Sb{sub 12−2x}Te{sub x}Ge{sub x} compounds, x = 3 has the lowest phonon dispersion gradient and lattice thermal conductivity, agreeing well with experimental measurements. Our results exhibit the improvement of thermoelectric properties of skutterudite compounds through fillers and substitutional doping.

  11. Macroeconomic Policies Interaction

    Directory of Open Access Journals (Sweden)

    Nasir Muhammad Ali

    2016-01-01

    Full Text Available This concise study analyses the symmetry of financial markets’ responses to macroeconomic policy interaction in the United Kingdom. Employing the Vector Auto-regression (VAR model on monthly data of the British financial sector and macroeconomic policies from January 1985 to August 2008, this study found that the equity and sovereign debt markets showed identical symmetry in response to macroeconomic policy interaction.

  12. First principle study of structural, electronic and magnetic properties of half-Heusler IrCrZ (Z=Ge, As, sn and sb) compounds

    Science.gov (United States)

    Allaf Behbahani, Marzieh; Moradi, Mahmood; Rostami, Mohammad; Davatolhagh, Saeed

    2016-05-01

    First-principle calculations based on the density functional theory for new half-Heusler IrCrZ (Z=Ge, As, Sn and Sb) alloys are performed. It is found that the half-Heusler IrCrGe and IrCrSn compounds have an antiferromagnetic ground state while the ferromagnetic state is more stable than the antiferromagnetic and non-magnetic states for both IrCrAs and IrCrSb compounds. IrCrAs and IrCrSb exhibit half-metallic property with integer magnetic moments of 2.00 μB per formula unit and half-metallic gaps of 0.28 and 0.27 eV at their equilibrium volume, respectively. In addition, the density of states (DOSs) and band structures of IrCrAs and IrCrSb compounds are studied and the origin of their half-metallic gaps are discussed in detail. The estimation of Curie temperatures of IrCrAs and IrCrSb compounds is performed within the mean field approximation (MFA). The Curie temperatures of IrCrAs and IrCrSb are estimated to be 1083 and 1470 K, respectively. The stability of the half-metallicity in IrCrAs and IrCrSb compounds with the variation of lattice constant are also investigated.

  13. First principles calculation of point defects and mobility degradation in bulk AlSb for radiation detection application

    Energy Technology Data Exchange (ETDEWEB)

    Lordi, V; Aberg, D; Erhart, P; Wu, K J

    2007-07-30

    The development of high resolution, room temperature semiconductor radiation detectors requires the introduction of materials with increased carrier mobility-lifetime ({mu}{tau}) product, while having a band gap in the 1.4-2.2 eV range. AlSb is a promising material for this application. However, systematic improvements in the material quality are necessary to achieve an adequate {mu}{tau} product. We are using a combination of simulation and experiment to develop a fundamental understanding of the factors which affect detector material quality. First principles calculations are used to study the microscopic mechanisms of mobility degradation from point defects and to calculate the intrinsic limit of mobility from phonon scattering. We use density functional theory (DFT) to calculate the formation energies of native and impurity point defects, to determine their equilibrium concentrations as a function of temperature and charge state. Perturbation theory via the Born approximation is coupled with Boltzmann transport theory to calculate the contribution toward mobility degradation of each type of point defect, using DFT-computed carrier scattering rates. A comparison is made to measured carrier concentrations and mobilities from AlSb crystals grown in our lab. We find our predictions in good quantitative agreement with experiment, allowing optimized annealing conditions to be deduced. A major result is the determination of oxygen impurity as a severe mobility killer, despite the ability of oxygen to compensation dope AlSb and reduce the net carrier concentration. In this case, increased resistivity is not a good indicator of improved material performance, due to the concomitant sharp reduction in {mu}{tau}.

  14. First-Principles Calculations of Structural, Electronic and Optical Properties of Ternary Semiconductor Alloys ZAs x Sb1- x ( Z = B, Al, Ga, In)

    Science.gov (United States)

    Bounab, S.; Bentabet, A.; Bouhadda, Y.; Belgoumri, Gh.; Fenineche, N.

    2017-08-01

    We have investigated the structural and electronic properties of the BAs x Sb 1- x , AlAs x Sb 1- x , GaAs x Sb 1- x and InAs x Sb 1- x semiconductor alloys using first-principles calculations under the virtual crystal approximation within both the density functional perturbation theory and the pseudopotential approach. In addition the optical properties have been calculated by using empirical methods. The ground state properties such as lattice constants, both bulk modulus and derivative of bulk modulus, energy gap, refractive index and optical dielectric constant have been calculated and discussed. The obtained results are in reasonable agreement with numerous experimental and theoretical data. The compositional dependence of the lattice constant, bulk modulus, energy gap and effective mass of electrons for ternary alloys show deviations from Vegard's law where our results are in agreement with the available data in the literature.

  15. The Macroeconomics of Aid

    DEFF Research Database (Denmark)

    Addison, Tony; Morrissey, Oliver; Tarp, Finn

    2017-01-01

    This Special Issue explores macroeconomic effects of aid from various perspectives through a blend of studies, both conceptual and empirical in nature. The overall aim is to enhance the understanding of the macroeconomic dimensions of aid in the policy and research communities, and to inspire...

  16. Macroeconomics in develpoing countries

    Directory of Open Access Journals (Sweden)

    Deepak Nayyar

    2007-09-01

    Full Text Available This essay analyzes the differences between the economies of industrialized countriesand developing countries, which have important implications for macroeconomics interms of theory and policy. It considers the differences in macroeconomic objectives andexamines why the reach of macroeconomic policies is different in the two sets ofcountries. It argues that the distinction between short-run macroeconomic models andlong-term growth models is not quite appropriate for developing countries, wheremacroeconomic constraints on growth straddle time horizons and short-term policieshave long-term consequences. The essential hypothesis is that the nature of relationshipsand the direction of causation in macroeconomics, which shape analysis, diagnosis andprescription, depend on the institutional setting and not the analytical structure of models.And even if some laws of economics are universal, the functioning of economies can bemarkedly different. Therefore, economic theory and policy analysis should recognize,rather than ignore, such myriad differences.

  17. Application of the annexation principle to the study of thermodynamic properties of ternary metallic melts In-Pb-Ag and In-Bi-Sb

    Institute of Scientific and Technical Information of China (English)

    2002-01-01

    Based on the phase diagrams, measured activities and the annexation principle, the calculating models of mass action concentrations for In-Pb-Ag and In-Bi-Sb ternary metallic melts have been formulated. The results of calculation both agree with practice, and obey the law of mass action, showing that the models formulated can reflect the structural reality of the corresponding melts and the annexation principle is applicable to the them.

  18. Pair potential modeling of atomic rearrangement in GeTe-Sb2Te3 superlattice via first-principles calculations

    Science.gov (United States)

    Song, Young-Sun; Kim, Jeongwoo; Jhi, Seung-Hoon

    2017-03-01

    We study the nature of atomic rearrangement during the phase-change processes in the superlattice of GeTe and Sb2Te3 by developing a new approach combining the first-principles calculations and a pair-potential model. We investigate the phase-change process in terms of energy changes from individual pairs or atoms by applying the pair (atom)-projection analysis to the intermediate structures between the initial and final states obtained from the climbing-image nudged elastic band method. Among the prototypical steps that can lead to the atomic layer rearrangement, we find that the required energy for the phase change is dominated by specific atoms responsible for the intrinsic energy barrier and the response to external pressure. Our approach of combining the first-principles methods and pair potential model with the projecting analysis can be a very efficient method in revealing the detailed atomic motions and the mechanism of fast atomic transition of the phase-change materials.

  19. The lower-valence coexisting ferrimagnetic Cr{sub 2}VX (X = Ga, Si, Ge, Sb) Heusler compounds: A first-principles study

    Energy Technology Data Exchange (ETDEWEB)

    Li Jia [School of Materials Science and Engineering, Hebei University of Technology, Tianjin 300130 (China)], E-mail: jiali@mail.hebut.edu.cn; Chen Guifeng; Li Jianfeng [School of Materials Science and Engineering, Hebei University of Technology, Tianjin 300130 (China); Li Yangxian [School of Materials Science and Engineering, Hebei University of Technology, Tianjin 300130 (China)], E-mail: admat@jsmail.hebut.edu.cn; Sun, Chang Q. [School of Electrical and Electronic Engineering, Nanyang Technological University, Singapore 639798 (Singapore)

    2008-11-15

    First-principles investigation of the Heusler compounds Cr{sub 2}VX (X = Ga, Si, Ge, Sb) revealed that the Cr{sub 2}VSb exhibits a half-metallic nature yet Cr{sub 2}VSi and Cr{sub 2}VGe show nearly half-metallic ferromagnetism. Their band structures show a striking difference between the majority and minority spin directions. The Cr-V covalence bonding strength increases in the Ga {yields} Si {yields} Sb direction, with the d-d and p-d gaps developing gradually. The V atom shows a larger moment, of around 2.0 {mu}{sub B}, than previously reported values.

  20. First-principle study on the X (X=N, P, As, Sb) doped (9.0) single-walled SiC nanotubes

    Energy Technology Data Exchange (ETDEWEB)

    Dai, Jianfeng, E-mail: jfdai1963@sohu.com [State Key Laboratory of Gansu Advanced Non-ferrous Metal Materials, Lanzhou 730050 (China); School of Science, Lanzhou University of Technology, Lanzhou 730050 (China); Chen, Dacheng [School of Science, Lanzhou University of Technology, Lanzhou 730050 (China); Li, Qiang [Computational Physics Key Laboratory of Sichuan Province Yibin University, Yibin 644007 (China)

    2014-08-15

    The structural and electronic properties of N, P, As and Sb doped (9.0) single-walled SiC nanotubes (SWSiCNTs) are investigated by the first-principle theory. The calculated results indicated that one P, As or Sb atom substituted for one C atom, which could be considered as n-type semiconductors. When one N, P, As or Sb replace one Si atom, the model shows the character of semi-metallic, n-type semiconductor, p-type semiconductor respectively. These results indicated that with the addition of atomic radius and reduction of electronegativity, dopant of VA elements will bring bizarre change of electronic properties. These results are expected to give valuable information in building nanoscale electronic devices.

  1. First-principles study of the interaction of H2O with the GaSb (001) surface

    Science.gov (United States)

    Bermudez, V. M.

    2013-05-01

    The adsorption of H2O on the GaSb (001) surface, both clean and with pre-adsorbed H atoms, has been studied computationally using dispersion-corrected density functional theory. The model employed is the α-(4×3) reconstruction consisting of Ga-Sb dimers adsorbed on the Sb-terminated surface, a disordered version of which is believed to constitute the frequently observed Sb-rich (1×3) surface. On the clean surface, molecular adsorption of H2O at a coordinatively unsaturated Ga site is exothermic (ΔE = -0.57 eV), but dissociation of this adsorbed H2O is significantly endothermic (ΔE = +0.45 eV or more). Dissociation can form either a (HO)Ga-Sb(H) site involving a Ga-Sb dimer or a (H)Ga-O(H)-Sb bridge. Other reactions are also energetically feasible, depending on the bond strength of different inequivalent Ga-Sb dimers. The two structures have essentially the same energy, and both can undergo an exothermic reaction with a second H2O. For the (HO)Ga-Sb(H) site, this reaction leads to the breaking of the dimer bond and the adsorption of molecular water, while the (H)Ga-O(H)-Sb bridge transforms to (HO)Ga-O(H)-Sb with the release of H2. On the H-terminated surface, molecular adsorption of H2O can be suppressed and dissociative adsorption enhanced, which means that formation of an OH-terminated surface may be easier when starting with an H-terminated vs. a clean surface. The implications of these results for the growth of oxide/GaSb heterostructures via atomic layer deposition are discussed.

  2. Macroeconomic Issues in Foreign Aid

    DEFF Research Database (Denmark)

    Hjertholm, Peter; Laursen, Jytte; White, Howard

    foreign aid, macroeconomics of aid, gap models, aid fungibility, fiscal response models, foreign debt,......foreign aid, macroeconomics of aid, gap models, aid fungibility, fiscal response models, foreign debt,...

  3. Intermediate Macroeconomics Tutorials and Applets.

    Science.gov (United States)

    Gartner, Manfred

    2001-01-01

    Describes a Web site designed for undergraduate macroeconomics teaching. Includes examples of two teaching modules, an applet that features macro time series for 19 countries, dictionaries of macroeconomic terms in 12 languages, links to macroeconomic topics, and an intranet search option. (JEH)

  4. Intermediate Macroeconomics Tutorials and Applets.

    Science.gov (United States)

    Gartner, Manfred

    2001-01-01

    Describes a Web site designed for undergraduate macroeconomics teaching. Includes examples of two teaching modules, an applet that features macro time series for 19 countries, dictionaries of macroeconomic terms in 12 languages, links to macroeconomic topics, and an intranet search option. (JEH)

  5. Principle of Dynamic Construction of Documents in Information Systems, on an Example of the Integrated Distributed Information System (IDIS) SB RAS

    Science.gov (United States)

    Shokin, Yu. I.; Fedotov, A. M.; Leonova, J. V.

    The paper is devoted to discussion of conceptual principles of construction of the integrated distributed information system on an example of the integrated distributed information system (IDIS) SB RAS. The offered principles are grounded on correspondence of its components to open international standards and usage as protocols of interaction of information subsystems and access to information resources alongside with HTTP of the protocol Z39.50. The designed technology gives possibility to operate with changed in time or depending on access conditions with documents, and also to combine different information resources in the conceptually one information environment.

  6. Electronic structures and magnetism in the Li{sub 2}AgSb-type Heusler alloys, Zr{sub 2}CoZ (Z=Al, Ga, In, Si, Ge, Sn, Pb, Sb): A first-principles study

    Energy Technology Data Exchange (ETDEWEB)

    Wang, X.T.; Cui, Y.T. [School of Physics and Electronic Engineering, Chongqing Normal University, Chongqing 400044 (China); Liu, X.F. [Department of Materials Science and Engineering, The University of Tennessee, Knoxville, TN 37996 (United States); Liu, G.D., E-mail: gdliu1978@126.com [School of Physics and Electronic Engineering, Chongqing Normal University, Chongqing 400044 (China)

    2015-11-15

    The electronic and magnetic properties of Zr{sub 2}CoZ (Z=Al, Ga, In, Si, Ge, Sn, Pb, and Sb) alloys with a Li{sub 2}AgSb-type structure were investigated systematically using the first-principle calculations. Zr{sub 2}CoZ (Z=Al, Ga, In, Si, Ge, Sn, and Pb) alloys are predicted to be half-metallic ferromagnets at their equilibrium lattice constants. The Zr{sub 2}Co-based alloys have M{sub t} (the total magnetic moment per unit cell) and Z{sub t} (the valence concentration) values following Slater–Pauling rule of M{sub t}=Z{sub t}−18. The effects of lattice constants on the electronic and the magnetic properties are discussed in detail. Moreover, all the alloys investigated in this paper have a negative formation energy, which implies that they are thermodynamically stable. - Highlights: • We studied the electronic and magnetic properties of Zr{sub 2}CoZ alloys. • Zr{sub 2}CoZ alloys are HM ferromagnets in Li{sub 2}AgSb-type structure. • Zr{sub 2}CoZ alloys retain a high spin polarization in a wide range of lattice distortions. • Zr{sub 2}CoZ alloys follow the Slater–Pauling rule M{sub t}=Z{sub t}−18.

  7. The macroeconomics of banking

    NARCIS (Netherlands)

    van der Kwaak, C.G.F.

    2017-01-01

    This thesis studies the macroeconomic effectiveness of monetary and fiscal policy in an environment where commercial banks are undercapitalized after a financial crisis and have large holdings of (risky) government bonds on their balance sheets. An undercapitalized banking system cannot perfectly el

  8. Essays on Macroeconomics

    OpenAIRE

    Llosa, Luis Gonzalo

    2015-01-01

    In these essays, I examine (i) the role of terms of trade in emerging countries and (ii) economic efficiency under endogenous information. The first chapter documents a negative relationship between the terms of trade - defined as the ratio of imports to the price of exports - and various macroeconomic variables such as output, consumption, investment and total factor productivity (TFP) in emerging economies. The second part of this chapter presents a small open economy business cycles model ...

  9. Essays in development macroeconomics

    OpenAIRE

    João Moreira Salles

    2012-01-01

    Developing macroeconomics is less about looking for ways to say that economic rules stemming from research in developed countries don\\'t apply to emerging-markets, than it is about trying to understand the many stages these economies go through in the natural course of their development. There are, of course, exceptions, but economic phenomena tend to have common sources. These are, after all, generated by the incentives, designed or natural, that people face when dealing with their day to da...

  10. Electrochemical properties and lithium ion diffusion in Li4FeSbO6 studied by first principle

    Science.gov (United States)

    Jia, Mingzhen; Wang, Hongyan; Wang, Hui; Chen, Yuanzheng; Guo, Chunsheng; Gan, Liyong

    2017-10-01

    Due to the high capacity, Li-rich materials Li2MO3 (M = transition metal) have attracted considerable attention as the next generation of Li-ion batteries. Li4FeSbO6 is a new Li-rich layered oxide material with antiferromagnet honeycomb structure. In this work, the electrochemical behavior, charging process and oxygen stability of LixFeSbO6 (0 ≤ xoxygen atoms through analyzing the Bader charges of each element. In addition, oxygen evolution reactions will occur in LixFeSbO6 (x ≤ 1.5), which will decay the capacities during cycling process. Finally, we calculated that the lithium ion can diffuse in a three-dimensional pathway with the activation barriers from 0.36 eV to 0.67 eV.

  11. Nonlinearities in Behavioral Macroeconomics.

    Science.gov (United States)

    Gomes, Orlando

    2017-07-01

    This article undertakes a journey across the literature on behavioral macroeconomics, with attention concentrated on the nonlinearities that the behavioral approach typically suggests or implies. The emphasis is placed on thinking the macro economy as a living organism, composed of many interacting parts, each one having a will of its own, which is in sharp contrast with the mechanism of the orthodox view (well represented by the neoclassical or new Keynesian dynamic stochastic general equilibrium - DSGE - model). The paper advocates that a thorough understanding of individual behavior in collective contexts is the only possible avenue to further explore macroeconomic phenomena and the often observed 'anomalies' that the benchmark DSGE macro framework is unable to explain or justify. After a reflection on the role of behavioral traits as a fundamental component of a new way of thinking the economy, the article proceeds with a debate on some of the most relevant frameworks in the literature that somehow link macro behavior and nonlinearities; covered subjects include macro models with disequilibrium rules, agent-based models that highlight interaction and complexity, evolutionary switching frameworks, and inattention based decision problems. These subjects have, as a fundamental point in common, the use of behavioral elements to transform existing interpretations of the economic reality, making it more evident how irregular fluctuations emerge and unfold on the aggregate.

  12. First-principles study of XNMg{sub 3} (X = P, As, Sb and Bi) antiperovskite compounds

    Energy Technology Data Exchange (ETDEWEB)

    Amara, K., E-mail: kamaraphy@gmail.com [Laboratoire d’études Physiques et Chimiques, Université de Saida “Dr. Moulay Tahar”, Saida 20000 (Algeria); Zemouli, M.; Elkeurti, M. [Laboratoire d’études Physiques et Chimiques, Université de Saida “Dr. Moulay Tahar”, Saida 20000 (Algeria); Belfedal, A. [Laboratoire de Physique des Couches Minces et Matériaux pour l’Electronique, Université d’Oran Es-Sénia, Oran 31000 (Algeria); Saadaoui, F. [Laboratoire d’études Physiques et Chimiques, Université de Saida “Dr. Moulay Tahar”, Saida 20000 (Algeria)

    2013-11-05

    Highlights: •The investigated four nitrides XNMg{sub 3} (X = P, As, Sb and Bi) are mechanically stable. •AsNMg{sub 3} and PNMg{sub 3} have direct gaps, while SbNMg{sub 3} and BiNMg{sub 3} have indirect gaps. •The energy gaps using TB-mBJ are larger about 40–58% than that within GGA. •XNMg{sub 3} present mixed bonding: covalent-ionic. •Covalent nature of these materials increases when going from BiNMg{sub 3} to PNMg{sub 3}. -- Abstract: In this work, we present a study of the structural, elastic and electronic properties of the cubic antiperovskites XNMg{sub 3} (X = P, As, Sb and Bi) using the full-potential augmented plane wave plus local orbital (FP-LAPW + lo) within the generalized gradient approximation based on PBEsol, Perdew 2008 functional. We determined the lattice parameters, the bulk modulus B and their pressure derivative B′. In addition, the elastic properties such as elastic constants (C{sub 11}, C{sub 12} and C{sub 44}), the shear modulus G, the Young modulus E, the Poisson’s ratio ν and the B/G ratio are also given. For the band structure, density of states and charge density the exchange and correlation effects were treated by the Tran-Blaha modified Becke-Johnson potential to prevent the shortcoming of the underestimation of the energy gaps in both LDA and GGA approximations. The obtained results are compared to available experimental data and to other theoretical calculations.

  13. First Principles Study of structural characteristics and phase change mechanism of Ge-Sb-Te based materials

    Science.gov (United States)

    Park, Hanjin; Kim, Cheol-Woon; Lee, Hyung-June; Song, Hosin; Kwon, Young-Kyun

    Using ab initio density functional theory, we investigate the structural properties and their phase transition mechanism of the crystalline and amorphous phases of Ge-Sb-Te (GST) based phase change materials, which would be utilized for phase change random access memory. Among various stochiometries of GST, we focus on compositions along the (GeTe)n(Sb2Te3)m pseudo-binary line, denoted simply by (n , m) with integer n and m. We explore various GST materials corresponding (n , m) sets including (1,0), (0,1), (1,1), (2,1) and (1,2) by modeling their both phases. Especially, their amorphous phases can be constructed based on experimental data available or molecular dynamics (MD) simulations performing melt-quench processes. To understand the phase transition mechanism, we evaluate their coordination numbers, radial distribution functions, and angle distribution functions, which enables us to identify the characteristic local geometry representing each phase. We further investigate the thermal properties of various phases by evaluating their phonon densities of states obtained by Fourier-transforming the velocity autocorrelation functions calculated directly from our MD simulation.

  14. On the character of macroeconomics, macroeconomic policy and econometrics: the need for another macroeconomic policy conception

    Directory of Open Access Journals (Sweden)

    L.H. HOODGDUIN

    2013-12-01

    Full Text Available The work argues that the “traditional” macroeconomic policy conception that emerged in the fifties and sixties was rightly challenged in the seventies, although on the basis of an insufficiently grounded belief in the equilibrating tendencies in market economies. According to the author, the traditional policy conception should be rejected for its misconception of the character of macroeconomics which led to an overly pretentious claim for the possibilities of macroeconomics and macroeconometric model-building in the field of policy. Furthermore, it is argued that the possibility of important deficiencies in the functioning of market economies cannot be precluded on either theoretical or empirical grounds. 

  15. Rethinking macroeconomic policies for development

    Directory of Open Access Journals (Sweden)

    Deepak Nayyar

    2011-09-01

    Full Text Available The global economic crisis has created an opportunity to rethink macroeconomics for development. Such rethinking is both necessary and desirable. It is essential to redefine macroeconomic objectives so that the emphasis is on fostering employment creation and supporting economic growth instead of the focus on price stability alone. It is just as important to rethink macroeconomic policies which cannot simply be used for the management of inflation and the elimination of macroeconomic imbalances, since fiscal and monetary policies are powerful and versatile instruments in the pursuit of development objectives. In doing so, it is essential to the overcome the constraints embedded in orthodox economic thinking and recognize the constraints implicit in the politics of ideology and interests.

  16. Macroeconomic adjustment shows government resolve

    Institute of Scientific and Technical Information of China (English)

    GUANPENG

    2004-01-01

    In the last week of April, the Chinese government unexpectedly announced a set of administrative contracting polices to curb overheating investment. These policies seriously changed market expectation on central government's attitude towards the macroeconomic adiustment.

  17. Asymmetric information and macroeconomic dynamics

    Science.gov (United States)

    Hawkins, Raymond J.; Aoki, Masanao; Roy Frieden, B.

    2010-09-01

    We show how macroeconomic dynamics can be derived from asymmetric information. As an illustration of the utility of this approach we derive the equilibrium density, non-equilibrium densities and the equation of motion for the response to a demand shock for productivity in a simple economy. Novel consequences of this approach include a natural incorporation of time dependence into macroeconomics and a common information-theoretic basis for economics and other fields seeking to link micro-dynamics and macro-observables.

  18. Predictive regressions for macroeconomic data

    OpenAIRE

    Fukang Zhu; Zongwu Cai; Liang Peng

    2014-01-01

    Researchers have constantly asked whether stock returns can be predicted by some macroeconomic data. However, it is known that macroeconomic data may exhibit nonstationarity and/or heavy tails, which complicates existing testing procedures for predictability. In this paper we propose novel empirical likelihood methods based on some weighted score equations to test whether the monthly CRSP value-weighted index can be predicted by the log dividend-price ratio or the log earnings-price ratio. Th...

  19. Three Essays on Macroeconomics

    Science.gov (United States)

    Doda, Lider Baran

    This dissertation consists of three independent essays in macroeconomics. The first essay studies the transition to a low carbon economy using an extension of the neoclassical growth model featuring endogenous energy efficiency, exhaustible energy and explicit climate-economy interaction. I derive the properties of the laissez faire equilibrium and compare them to the optimal allocations of a social planner who internalizes the climate change externality. Three main results emerge. First, the exhaustibility of energy generates strong market based incentives to improve energy efficiency and reduce CO 2 emissions without any government intervention. Second, the market and optimal allocations are substantially different suggesting a role for the government. Third, high and persistent taxes are required to implement the optimal allocations as a competitive equilibrium with taxes. The second essay focuses on coal fired power plants (CFPP) - one of the largest sources of CO2 emissions globally - and their generation efficiency using a macroeconomic model with an embedded CFPP sector. A key feature of the model is the endogenous choice of production technologies which differ in their energy efficiency. After establishing four empirical facts about the CFPP sector, I analyze the long run quantitative effects of energy taxes. Using the calibrated model, I find that sector-specific coal taxes have large effects on generation efficiency by inducing the use of more efficient technologies. Moreover, such taxes achieve large CO2 emissions reductions with relatively small effects on consumption and output. The final essay studies the procyclicality of fiscal policy in developing countries, which is a well-documented empirical observation seemingly at odds with Neoclassical and Keynesian policy prescriptions. I examine this issue by solving the optimal fiscal policy problem of a small open economy government when the interest rates on external debt are endogenous. Given an

  20. [Biotechnology's macroeconomic impact].

    Science.gov (United States)

    Dones Tacero, Milagros; Pérez García, Julián; San Román, Antonio Pulido

    2008-12-01

    This paper tries to yield an economic valuation of biotechnological activities in terms of aggregated production and employment. This valuation goes beyond direct estimation and includes the indirect effects derived from sectorial linkages between biotechnological activities and the rest of economic system. To deal with the proposed target several sources of data have been used, including official data from National Statistical Office (INE) such us national accounts, input-output tables, and innovation surveys, as well as, firms' level balance sheets and income statements and also specific information about research projects compiled by Genoma Spain Foundation. Methodological approach is based on the estimation of a new input-output table which includes the biotechnological activities as a specific branch. This table offers both the direct impact of these activities and the main parameters to obtain the induced effects over the rest of the economic system. According to the most updated available figures, biotechnological activities would have directly generated almost 1,600 millions of euros in 2005, and they would be employed more than 9,000 workers. But if we take into account the full linkages with the rest of the system, the macroeconomic impact of Biotechnological activities would reach around 5,000 millions euros in production terms (0.6% of total GDP) and would be responsible, directly or indirectly, of more than 44,000 employments.

  1. Towards an Environmental Macroeconomics Towards an Environmental Macroeconomics

    Directory of Open Access Journals (Sweden)

    Herman E. Daly

    1990-03-01

    Full Text Available Towards an Environmental Macroeconomics Other than some incipient efforts at including environmental costs in national accounts there are no points of contact between tradifiod macroeconomics and the environment. This condition is explained in terms of Schumpeter's notion of pre-analytic visions: The economy as isolated flow of exchange value versus the economy as open subsystem of the finite ecosystem. From the second pre-analytic vision the first analytical questions that occur are: how big is the economic subsystem relative to the total ecosystem, and how big should it be? This is the macroeconomic question of optimal scale and needs to be clearly distinguished from the microeconomic question of optimal allocation.

  2. The thermodynamic, electronic and magnetic properties of Ni{sub 2}MnX (X=Ge, Sn, Sb) Heusler alloys: a quasi-hormonic Debye model and first principles study

    Energy Technology Data Exchange (ETDEWEB)

    Li Jia, E-mail: jiali@hebut.edu.cn [School of Science, Hebei University of Technology, Tianjin 300130 (China); Zhang Zhidong; Sun Yubao; Zhang Jian; Zhou Guoxiang [School of Science, Hebei University of Technology, Tianjin 300130 (China); Luo Hongzhi; Liu Guodong [School of Material Sciences and Engineering, Hebei University of Technology, Tianjin 300130 (China)

    2013-01-15

    The thermodynamic, electronic and magnetic properties of Ni{sub 2}MnX (X=Ge, Sn, Sb) Heusler alloys are investigated using the quasi-hormonic Debye model and the first principles calculation based on the density-functional-theory. The calculated results of the temperature dependent bulk modulus, coefficient of thermal expansion and the P-V relation for Ni{sub 2}MnX (X=Ge, Sn, Sb) indicate that the bonding strength becomes stronger along the sequence of Ni{sub 2}MnSb{yields}Ni{sub 2}MnSn{yields}Ni{sub 2}MnGe. The slower change trend of temperature dependent heat capacity of Ni{sub 2}MnGe than that of Ni{sub 2}MnSn and Ni{sub 2}MnSb stems from the larger contribution of electronic heat capacity and smaller contribution of lattice heat capacity compared to the other two alloys. The ferromagnetic coupling order between the Ni and Mn is confirmed by our first principles calculations. The total moments in one primitive cell for the three alloys are all about 4.0 {mu}{sub B} which are mainly carried by Mn atom with about 3.5 {mu}{sub B} as can be seen from the magnetization density distribution.

  3. Origin of high thermoelectric performance of FeNb1-xZr/HfxSb1-ySny alloys: A first-principles study

    Science.gov (United States)

    Zhang, Xiwen; Wang, Yuanxu; Yan, Yuli; Wang, Chao; Zhang, Guangbiao; Cheng, Zhenxiang; Ren, Fengzhu; Deng, Hao; Zhang, Jihua

    2016-09-01

    The previous experimental work showed that Hf- or Zr-doping has remarkably improved the thermoelectric performance of FeNbSb. Here, the first-principles method was used to explore the possible reason for such phenomenon. The substitution of X (Zr/Hf) atoms at Nb sites increases effective hole-pockets, total density of states near the Fermi level (EF), and hole mobility to largely enhance electrical conductivity. It is mainly due to the shifting the EF to lower energy and the nearest Fe atoms around X atoms supplying more d-states to hybrid with X d-states at the vicinity of the EF. Moreover, we find that the X atoms indirectly affect the charge distribution around Nb atoms via their nearest Fe atoms, resulting in the reduced energy difference in the valence band edge, contributing to enhanced Seebeck coefficients. In addition, the further Bader charge analysis shows that the reason of more holes by Hf-doping than Zr in the experiment is most likely derived from Hf atoms losing less electrons and the stronger hybridization between Hf atoms and their nearest Fe atoms. Furthermore, we predict that Hf/Sn co-doping may be an effective strategy to further optimize the thermoelectric performance of half-Heusler (HH) compounds.

  4. Origin of high thermoelectric performance of FeNb1−xZr/HfxSb1−ySny alloys: A first-principles study

    Science.gov (United States)

    Zhang, Xiwen; Wang, Yuanxu; Yan, Yuli; Wang, Chao; Zhang, Guangbiao; Cheng, Zhenxiang; Ren, Fengzhu; Deng, Hao; Zhang, Jihua

    2016-01-01

    The previous experimental work showed that Hf- or Zr-doping has remarkably improved the thermoelectric performance of FeNbSb. Here, the first-principles method was used to explore the possible reason for such phenomenon. The substitution of X (Zr/Hf) atoms at Nb sites increases effective hole-pockets, total density of states near the Fermi level (EF), and hole mobility to largely enhance electrical conductivity. It is mainly due to the shifting the EF to lower energy and the nearest Fe atoms around X atoms supplying more d-states to hybrid with X d-states at the vicinity of the EF. Moreover, we find that the X atoms indirectly affect the charge distribution around Nb atoms via their nearest Fe atoms, resulting in the reduced energy difference in the valence band edge, contributing to enhanced Seebeck coefficients. In addition, the further Bader charge analysis shows that the reason of more holes by Hf-doping than Zr in the experiment is most likely derived from Hf atoms losing less electrons and the stronger hybridization between Hf atoms and their nearest Fe atoms. Furthermore, we predict that Hf/Sn co-doping may be an effective strategy to further optimize the thermoelectric performance of half-Heusler (HH) compounds. PMID:27604826

  5. Essays in Education and Macroeconomics

    Science.gov (United States)

    Herrington, Christopher M.

    2013-01-01

    This dissertation consists of three essays on education and macroeconomics. The first chapter analyzes whether public education financing systems can account for large differences among developed countries in earnings inequality and intergenerational earnings persistence. I first document facts about public education in the U.S. and Norway, which…

  6. Essays in Education and Macroeconomics

    Science.gov (United States)

    Herrington, Christopher M.

    2013-01-01

    This dissertation consists of three essays on education and macroeconomics. The first chapter analyzes whether public education financing systems can account for large differences among developed countries in earnings inequality and intergenerational earnings persistence. I first document facts about public education in the U.S. and Norway, which…

  7. Macroeconomic announcements and financial markets

    NARCIS (Netherlands)

    Hu, J.

    2013-01-01

    The third and final study examines the causal relationship between uncertainty about macroeconomic fundamentals and return volatility. The underlying question is: does higher return volatility result in higher uncertainty in beliefs amongst analysts, or the other way around? Using daily data on anal

  8. Macroeconomic aspects of financial liberalization

    Directory of Open Access Journals (Sweden)

    Mirdala Rajmund

    2006-01-01

    Full Text Available The positive and the negative macroeconomic aspects of the financial liberalization for the developing and emerging economies are well described in the present literature. But it is not easy to clearly summarize the final effects of the financial integration on the certain country. For instance the argument about the growth benefits of the capital account liberalization is likely to be inadequate considering the financial crises in the emerging markets at the end of the last century. On the other hand, many authors (especially in the financial literature report that the equity market liberalizations help to significantly boost the economic growth. There are also some examples on the microeconomic level (firm level or industry level when the international financial integration brings certain benefits to the integrated enterprises and the capital flows restriction leads to the distortionary effects. In the paper we analyze the macroeconomic effects of the capital flows liberalization.

  9. First-Principles Study on the Half-Metallicity of Half-Heusler Alloys: XYZ (X=Mn, Ni; Y=Cr, Mn; Z=As, Sb)

    Institute of Scientific and Technical Information of China (English)

    LI Guan-Nan; JIN Ying-Jiu

    2009-01-01

    The electronic structures, magnetism, and half-metallicity of half-Heusler alloys XYZ (X=Mn, Ni; Y=Cr, Mn;Z=As, Sb) are investigated by means of the full-potential linearized augmented plane wave method within the generalized gradient approximation.We consider three types of atomic ordering (i.e.,α,β, and γ phases for all of the alloys) and find that the a phase is energetically the most stable.From the calculated density of states and the total magnetic moments, we find that NiMnZ (Z=As, Sb) and NiCrAs are half-metallic ferromagnets, MnCrAs is a half-metallic antiferromagnet, and NiCrSb (MnCrSb) is almost a half-metallic ferromagnet (antiferromagnet).

  10. The thermodynamic, electronic and magnetic properties of Ni2MnX (X=Ge, Sn, Sb) Heusler alloys: a quasi-hormonic Debye model and first principles study

    Science.gov (United States)

    Li, Jia; Zhang, Zhidong; Sun, Yubao; Zhang, Jian; Zhou, Guoxiang; Luo, Hongzhi; Liu, Guodong

    2013-01-01

    The thermodynamic, electronic and magnetic properties of Ni2MnX (X=Ge, Sn, Sb) Heusler alloys are investigated using the quasi-hormonic Debye model and the first principles calculation based on the density-functional-theory. The calculated results of the temperature dependent bulk modulus, coefficient of thermal expansion and the P-V relation for Ni2MnX (X=Ge, Sn, Sb) indicate that the bonding strength becomes stronger along the sequence of Ni2MnSb→Ni2MnSn→Ni2MnGe. The slower change trend of temperature dependent heat capacity of Ni2MnGe than that of Ni2MnSn and Ni2MnSb stems from the larger contribution of electronic heat capacity and smaller contribution of lattice heat capacity compared to the other two alloys. The ferromagnetic coupling order between the Ni and Mn is confirmed by our first principles calculations. The total moments in one primitive cell for the three alloys are all about 4.0 μB which are mainly carried by Mn atom with about 3.5 μB as can be seen from the magnetization density distribution.

  11. [Macroeconomic analysis: agro-nutritional dynamics].

    Science.gov (United States)

    Coussy, J

    1992-01-01

    This reflection on the renewed prominence of macroeconomic analysis in the area of food and agriculture, especially in Africa, assesses the history, limitations, and potential of the discipline as applied in formulation of agricultural policy. It begins by tracing the development and history of macroeconomic analysis from the emergence of liberal political economy in the late 18th century. The evolution of macroeconomic analysis applied to food and agriculture has not been linear; periods of eclipse have alternated with periods of influence. Most recently, in the 1960s, macroeconomic analysis was important in attempts to understand the place of agriculture in national economies, but the misuse of its vocabulary to justify a number of controversial policy actions created lasting distrust. The questions addressed by macroeconomic analysis and the potential contributions of its use in the 1960s are discussed, followed by an analysis of the reasons for renewed attention to the macroeconomic viewpoint beginning with the balance of payments crisis of the 1980s. The recent growth of institutional demand for macroeconomic analysis and policy has been accompanied by misunderstanding and inflated expectations as to its usefulness, while suspicions linger. The pressures encouraging broadened use of macroeconomic analysis are identified, including the growing influence of purely macroeconomic processes such as urbanization, the demographic transition, and the debt crisis; the intensifying of national and international market constraints affecting food and agriculture; and the legitimation of macroeconomic terminology by the large international organizations. Misapplications of macroeconomic analysis are identified, such as an erroneous equating of "macroeconomy" with "global economy". The lack of consensus among macroeconomic theorists about policies ostensibly based on macroeconomic analysis is discussed, as is the sometimes strained relationship between them and specialists

  12. Macroeconomics in an open economy.

    Science.gov (United States)

    Cooper, R N

    1986-09-12

    The customary treatment of national economies as closed and self-contained must be substantially modified to allow for those economies that typically trade goods, services, and securities with other countries in increasing volume. Open economy macroeconomics is essential to understanding the major events of the U.S. economy over the past half dozen years. Both the sharp rise in the dollar and the unprecedentedly large U.S. trade deficit are linked to the U.S. budget deficit, as is the drop in the rate of inflation.

  13. Macroeconomía aplicada

    OpenAIRE

    Tenorio Aguilar, Raymindo

    2012-01-01

    Macroeconomía aplicada es un eBook de texto para estudiantes de nivel profesional, particularmente del área de negocios, que facilita el aprendizaje  del funcionamiento de la economía y su influencia en la vida cotidiana de empresas, gobierno y sociedad. Sus contenidos teórico-prácticos son vigentes y actuales; altamente vinculados a la comprensión de la economía en su conjunto y en particular a la economía mexicana.

  14. The macroeconomics of demographic unemployment.

    Science.gov (United States)

    Carlberg, M

    1990-02-01

    "What are the macroeconomic consequences of an increase in labour supply? In the short run, unemployment occurs, due to both lack of aggregate demand and capital shortage. Demand-side policy and money wage restraint prove to be ineffective in this situation, owing to capital shortage. On the other hand, a reduction in working hours without wage compensation as well as a policy mix of both demand-side policy and investment policy turn out to be effective. The reduction in working hours lowers individual income and raises individual leisure, as compared to the policy mix." (SUMMARY IN GER)

  15. Identification of Macroeconomic Factors in Large Panels

    DEFF Research Database (Denmark)

    Bork, Lasse; Dewachter, Hans; Houssa, Romain

    standard practices in the SVAR literature. Estimators based on the EM algorithm are developped. We apply this framework to a large panel of US monthly macroeconomic series. In particular, we identify nine macroeconomic factors and discuss the economic impact of monetary policy stocks. The results...

  16. What Should be Taught in Intermediate Macroeconomics?

    Science.gov (United States)

    de Araujo, Pedro; O'Sullivan, Roisin; Simpson, Nicole B.

    2013-01-01

    A lack of consensus remains on what should form the theoretical core of the undergraduate intermediate macroeconomic course. In determining how to deal with the Keynesian/classical divide, instructors must decide whether to follow the modern approach of building macroeconomic relationships from micro foundations, or to use the traditional approach…

  17. China's Macroeconomic Development: Stages and Nonlinear Convergence

    Institute of Scientific and Technical Information of China (English)

    Pingyao Lai

    2006-01-01

    The central theme of this paper is that China's macroeconomic development can be divided into three distinct stages with significant trend changes. Market-oriented reform and opening to the outside world provide main driving forces for the convergence. However, the gradual reform and some inappropriate policies have caused serious ups and downs in China's macroeconomic performance.

  18. What Should be Taught in Intermediate Macroeconomics?

    Science.gov (United States)

    de Araujo, Pedro; O'Sullivan, Roisin; Simpson, Nicole B.

    2013-01-01

    A lack of consensus remains on what should form the theoretical core of the undergraduate intermediate macroeconomic course. In determining how to deal with the Keynesian/classical divide, instructors must decide whether to follow the modern approach of building macroeconomic relationships from micro foundations, or to use the traditional approach…

  19. Structural, electronic, optical and thermal properties of Al{sub x}Ga{sub 1-x}As{sub y}Sb{sub 1-y} quaternary alloys: First-principles study

    Energy Technology Data Exchange (ETDEWEB)

    Hassan, F. El Haj, E-mail: hassan.f@ul.edu.l [Universite Libanaise, Faculte des sciences (I), Laboratoire de Physique de Materiaux, Elhadath, Beirut (Lebanon); Condensed Matter Section, the Abdus Salam International Centre for Theoretical Physics (ICTP), Strada Costiera 11, 34014 Trieste (Italy); Postnikov, A.V.; Pages, O. [Laboratoire de Physique des Milieux Denses, Universite Paul Verlaine-Metz, 1 Bd. Arago, 57078 Metz (France)

    2010-08-20

    First-principles calculations are performed to study the structural, electronic, optical and thermodynamic properties of technologically important Al{sub x}Ga{sub 1-x}As{sub y}Sb{sub 1-y} quaternary alloys using the full potential-linearized augmented plane wave plus local orbitals method within the density functional theory. We use both Wu-Cohen and Engel-Vosko generalized gradient approximations of the exchange-correlation energy that are based on the optimization of total energy and corresponding potential, respectively. Our investigation on the effect of composition on lattice constant, bulk modulus and band gap for pseudobinary as well as for quaternary alloys shows nonlinear dependence on the composition. The bowing of the fundamental gap versus composition predicted by our calculations is in very good agreement with experiments available for pseudobinary alloys. The presented contour maps of energy band gap and lattice constants versus concentrations could be very useful for designing new structures with desired optical properties. In addition, the energy band gap and natural band offset of zinc-blende Al{sub x}Ga{sub 1-x}As{sub y}Sb{sub 1-y} quaternary alloys lattice matched to GaSb and InAs substrates is investigated. The obtained results show that the quaternary alloys of interest could be appropriate materials for designing heterostructures with desired optical and interfacial properties.

  20. First-principles study of new series of quaternary Heusler alloys CsSrCZ (Z=Si, Ge, Sn, P, As, and Sb)

    Energy Technology Data Exchange (ETDEWEB)

    Bouabça, A. [Condensed Matter and Sustainable Development Laboratory (LMCDD), University of Sidi Bel-Abbes, Sidi Bel-Abbes 22000 (Algeria); Rozale, H., E-mail: hrozale@yahoo.fr [Condensed Matter and Sustainable Development Laboratory (LMCDD), University of Sidi Bel-Abbes, Sidi Bel-Abbes 22000 (Algeria); Amar, A. [Condensed Matter and Sustainable Development Laboratory (LMCDD), University of Sidi Bel-Abbes, Sidi Bel-Abbes 22000 (Algeria); Wang, X.T. [School of Physics and Electronic Engineering, Chongqing Normal University, Chongqing 400044 (China); Sayade, A. [UCCS, CNRS-UMR 8181, Université d’Artois, Faculté des Sciences Jean Perrin, Rue Jean Souvraz, SP 18, 62307 Lens Cedex (France); Chahed, A. [Condensed Matter and Sustainable Development Laboratory (LMCDD), University of Sidi Bel-Abbes, Sidi Bel-Abbes 22000 (Algeria)

    2016-12-01

    The structural, electronic, magnetic, and thermal properties of new quaternary Heusler alloys CsSrCZ (Z=Si, Ge, Sn, P, As, and Sb) were investigated using the full-potential linearized augmented plane wave (FPLAPW) within the generalized gradient approximation (GGA) and GGA plus modified Becke and Johnson as the exchange correlation. The results showed that all Heusler compounds were stable in Type (I) structure. The CsSrCZ (Z=Si, Ge, Sn) compounds had a nearly HM characteristic, and CsSrCZ (Z=P, As, Sb) compounds were true half-metallic (HM) ferromagnets. The strong spin polarization of p orbital for C, Si, Ge, Sn, P, As, and Sb atoms is found to be the origin of ferromagnetic. The half-metallicity is preserved up to a lattice contraction of 3.45%, 1.69%, 1.69%, 7.16%, 7.16%, and 11.2% for all six quaternary Heusler compounds. We also investigated the thermal effects using the quasi-harmonic Debye model. - Highlights: • Electronic, magnetic, and thermodynamic properties of CsSrCZ (Z=Si, Ge, Sn, P, As, and Sb) are investigated. • Until now, there have been no reports theoretical and experimental studies on d{sup 0} half-metals with quaternary structures. • The strong spin polarization of p orbital for C, Si, Ge, Sn, P, As, and Sb atoms is found to be the origin of ferromagnetic. • The half-metallicity is preserved up to a lattice contraction.

  1. Thermodynamic assessment of the La-Sb and the Ho-Sb systems using the associate model

    Energy Technology Data Exchange (ETDEWEB)

    Wang, Jinsan [School of Materials Science and Engineering, University of Science and Technology Beijing, Beijing 100083 (China); Li, Changrong, E-mail: crli@mater.ustb.edu.cn [School of Materials Science and Engineering, University of Science and Technology Beijing, Beijing 100083 (China); Guo, Cuiping; Du, Zhenmin [School of Materials Science and Engineering, University of Science and Technology Beijing, Beijing 100083 (China); Zhao, Xushan; Shen, Jianyun [General Research Institute for Nonferrous Metals, Beijing 100088 (China)

    2013-01-10

    Highlights: Black-Right-Pointing-Pointer The liquid phase was described by the associate model. Black-Right-Pointing-Pointer The first-principles method was used to calculate formation enthalpies of compounds. Black-Right-Pointing-Pointer A self-consistent set of thermodynamic parameters was obtained. Black-Right-Pointing-Pointer The experimental and calculated data were well reproduced by the optimized results. - Abstract: The La-Sb and the Ho-Sb systems were thermodynamically assessed by CALPHAD (CALculation of PHAse Diagram) approach based on the available experimental data including thermodynamic properties and phase equilibria. The formation enthalpies (at 0 K) of the compounds of the La-Sb and the Ho-Sb systems were calculated by the first-principles method and used in the present thermodynamic optimization. The liquid phases of both systems were modeled as the associate model, with the constituent species La, Sb and La{sub 3}Sb{sub 2} for the La-Sb liquid and Ho, Sb and HoSb for the Ho-Sb liquid. The excess Gibbs energy was formulated with the Redlich-Kister polynomial. The intermetallics, La{sub 2}Sb, La{sub 3}Sb{sub 2}, LaSb, LaSb{sub 2}, Ho{sub 5}Sb{sub 3}, {alpha}-Ho{sub 4}Sb{sub 3}, {beta}-Ho{sub 4}Sb{sub 3}, {alpha}-HoSb, {beta}-HoSb and HoSb{sub 2}, were treated as stoichiometric compounds. The calculated results showed the good agreement with the experimental data. The inconsistency of the calculated formation enthalpy of the compound HoSb{sub 2} with the reported experimental value was analyzed.

  2. Problem-Based Learning and High School Macroeconomics: A Comparative Study of Instructional Methods

    Science.gov (United States)

    Maxwell, Nan L.; Mergendoller, John R.; Bellisimo, Yolanda

    2005-01-01

    The authors examined the potential differences between problem-based learning (PBL) and traditional instructional approaches in building knowledge of macroeconomic concepts and principles in high school students. Using data from 252 economics students at 11 high schools and controlling for individual characteristics, most notably verbal ability,…

  3. How Do Transfer Students Perform in Economics? Evidence from Intermediate Macroeconomics

    Science.gov (United States)

    Asarta, Carlos J.; Fuess, Scott M., Jr.; Perumal, Andrew

    2013-01-01

    For students taking intermediate-level economics, does it matter where they studied principles of economics? Does transferring college credit influence subsequent academic performance in economics? With a sample covering 1999-2008, the authors analyze in this article a group of nearly 1,000 students taking intermediate macroeconomics at a…

  4. How Do Transfer Students Perform in Economics? Evidence from Intermediate Macroeconomics

    Science.gov (United States)

    Asarta, Carlos J.; Fuess, Scott M., Jr.; Perumal, Andrew

    2013-01-01

    For students taking intermediate-level economics, does it matter where they studied principles of economics? Does transferring college credit influence subsequent academic performance in economics? With a sample covering 1999-2008, the authors analyze in this article a group of nearly 1,000 students taking intermediate macroeconomics at a…

  5. A SHORT REVIEW OF MACROECONOMICS DEVELOPMENT

    OpenAIRE

    Bernal, Humberrto

    2007-01-01

    Resumen El objetivo de este documento es entender, clasificar y proporcionar un importante resumen de los rasgos fundamentales de la macroeconomía con fundamentos microeconómicos y la macroeconomía como soporte de la microeconomía. Este documento puede ser interesante para aquellos que desean entender como estas dos escuelas macroeconómicas se han desarrollado. Macroeconomía con fundamento microeconómicos presenta cuatro ramas: la Síntesis Neoclásica, Monetaristas, Nuevos Clásicos y Re...

  6. The macroeconomics of vitreoretinal diseases.

    Science.gov (United States)

    Ko, George J; Brown, Melissa M; Brown, Gary C

    2005-06-01

    The purpose of this review is to examine the macroeconomics of vitreoretinal diseases. Approximately 6% of the Medicare Part B expenditure was spent on ocular diseases and 0.3% on vitreoretinal interventions. Among the 17,674 practicing ophthalmologists, 1849 (10.5%) designated themselves as specializing in the treatment of vitreoretinal diseases. Ophthalmologists receive 38% of their payments from Medicare; 13% of their total income were capitated. Age-related macular degeneration and diabetic retinopathy, two conditions commonly treated by vitreoretinal specialists, are projected to affect more than 10 million people in 2020. Vitreoretinal interventions account for only a small portion of the total health care expenditure. The rising demand from the aging population and health care costs will continue to put pressure on all physicians and society. The changes in the sources of payment and managed care will directly affect the economics of a physician's practice.

  7. First-principles study of new series of quaternary Heusler alloys CsSrCZ (Z=Si, Ge, Sn, P, As, and Sb)

    Science.gov (United States)

    Bouabça, A.; Rozale, H.; Amar, A.; Wang, X. T.; Sayade, A.; Chahed, A.

    2016-12-01

    The structural, electronic, magnetic, and thermal properties of new quaternary Heusler alloys CsSrCZ (Z=Si, Ge, Sn, P, As, and Sb) were investigated using the full-potential linearized augmented plane wave (FPLAPW) within the generalized gradient approximation (GGA) and GGA plus modified Becke and Johnson as the exchange correlation. The results showed that all Heusler compounds were stable in Type (I) structure. The CsSrCZ (Z=Si, Ge, Sn) compounds had a nearly HM characteristic, and CsSrCZ (Z=P, As, Sb) compounds were true half-metallic (HM) ferromagnets. The strong spin polarization of p orbital for C, Si, Ge, Sn, P, As, and Sb atoms is found to be the origin of ferromagnetic. The half-metallicity is preserved up to a lattice contraction of 3.45%, 1.69%, 1.69%, 7.16%, 7.16%, and 11.2% for all six quaternary Heusler compounds. We also investigated the thermal effects using the quasi-harmonic Debye model.

  8. First-principles study of the electronic structure, charge density, Fermi surface and optical properties of zintl phases compounds Sr{sub 2}ZnA{sub 2} (A=P, As and Sb)

    Energy Technology Data Exchange (ETDEWEB)

    Reshak, A.H. [Institute of complex systems, FFPW, CENAKVA, South .Bohemia University in CB, Nove Hrady 37333 (Czech Republic); Center of Excellence Geopolymer and Green Technology, School of Material Engineering, University Malaysia Perlis, 01007 Kangar, Perlis (Malaysia); Azam, Sikander, E-mail: sikander.physicst@gmail.com [Institute of complex systems, FFPW, CENAKVA, South .Bohemia University in CB, Nove Hrady 37333 (Czech Republic)

    2013-11-15

    We present first-principles calculations of the electronic structure, Fermi surface, electronic charge density and optical properties of Sr{sub 2}ZnA{sub 2} (A=P, As and Sb) based on density-functional theory using the local density approximation (LDA), generalized-gradient approximation (GGA) and the Engel–Vosko GGA formalism (EV-GGA). Additionally, modified Becke–Johnson (mBJ) is also used to improve the band splitting results. The calculated band structure and density of states show that Sr{sub 2}ZnA{sub 2} compounds are metallic. The total DOS at Fermi level N(E{sub F}) is 72.92, 73.06 and 33.47 states/eV and the bare electronic specific heat coefficient (γ) is 12.64, 5.805 and 12.67 mJ/mol-K{sup 2} for Sr{sub 2}ZnP{sub 2}, Sr{sub 2}ZnAs{sub 2} and Sr{sub 2}ZnSb{sub 2,} respectively. The Fermi surface of Sr{sub 2}ZnA{sub 2} compounds is composed of two bands crossing along the Γ−A direction of Brillouin zone. There exists a strong hybridization between Zn-p/s and Sb-d, Sb-p and Sr-d and also between Sr-s and Sr-p states. The bonding features are analyzed by using the electronic charge density contour in the (101) crystallographic plane. We found that Sr forms an ionic bond with Zn, whereas Zn forms a strong covalent interaction with P/As/Sb atoms. For further insight information about the electronic structure, the optical properties are derived and analyzed. - Highlights: • The compounds are metallic. • The density of states at the Fermi energy is calculated. • The bare linear low-temperature electronic specific heat coefficient is obtained. • Fermi surface is composed of two sheets. • The bonding features are analyzed using the electronic charge density.

  9. How Can Macroeconomic Control Be Improved?

    Institute of Scientific and Technical Information of China (English)

    陈佳贵

    2007-01-01

    Ⅰ.New macroeconomic controls not fully realised China introduced a new set of macroeconomic controls in 2004 in an attempt to control excessive growth.Due to the impact of the Asian Financial Crisis, China’s economy grew at a low growth rate between 1998 and 2001.However it accelerated from 2002 onwards,and saw a GDP increase of 11%in the fourth quarler of 2003,a historical high since 1997 Investment

  10. Essays in international macroeconomics and monetary policy

    OpenAIRE

    Chen, Qianying

    2011-01-01

    This thesis consists of four chapters. Each chapter covers a topic in international macroeconomics and monetary policy. The first chapter investigates the impact of unexpected monetary policy shocks on exchange rates in a multi-country econometric model. The second chapter examines the linkage between macroeconomic fundamentals and exchange rates through the monetary policy expectation channel. The third chapter focuses on the international transmission of bank and corporate distress. The las...

  11. A first-principles study of the electronic and structural properties of Sb and F doped SnO{sub 2} nanocrystals

    Energy Technology Data Exchange (ETDEWEB)

    Kim, Minjung; Scott Bobbitt, N. [Department of Chemical Engineering, The University of Texas at Austin, Austin, Texas 78712 (United States); Marom, Noa [Department of Physics and Engineering Physics, Tulane University, New Orleans, Louisiana 70118 (United States); Chelikowsky, James R. [Center for Computational Materials, Institute for Computational Engineering and Sciences, Departments of Physics and Chemical Engineering, The University of Texas at Austin, Austin, Texas 78712 (United States)

    2015-01-28

    We examine the electronic properties of Sb and F doped SnO{sub 2} nanocrystals up to 2.4 nm in diameter. A real-space pseudopotential implementation of density functional theory is employed within the local density approximation. We calculate electron binding energies and dopant formation energies as function of nanocrystal size, dopant concentration, and dopant species. Structural changes for different dopant species are also investigated. Our study should provide useful information for the design of transparent conducting oxides at the nanoscale.

  12. The Evolution of Macroeconomic Theory and Implications for Teaching Intermediate Macroeconomics.

    Science.gov (United States)

    Froyen, Richard T.

    1996-01-01

    Traces the development of macroeconomic theory from John Maynard Keynes to modern endogenous growth theory. Maintains that a combination of interest in growth theory and related policy questions will play a prominent role in macroeconomics in the future. Recommends narrowing the gap between graduate school and undergraduate economics instruction.…

  13. Macroeconomic policy, growth, and biodiversity conservation.

    Science.gov (United States)

    Lawn, Philip

    2008-12-01

    To successfully achieve biodiversity conservation, the amount of ecosystem structure available for economic production must be determined by, and subject to, conservation needs. As such, the scale of economic systems must remain within the limits imposed by the need to preserve critical ecosystems and the regenerative and waste assimilative capacities of the ecosphere. These limits are determined by biophysical criteria, yet macroeconomics involves the use of economic instruments designed to meet economic criteria that have no capacity to achieve biophysically based targets. Macroeconomic policy cannot, therefore, directly solve the biodiversity erosion crisis. Nevertheless, good macroeconomic policy is still important given that bad macroeconomy policy is likely to reduce human well-being and increase the likelihood of social upheaval that could undermine conservation efforts.

  14. PHENOMENA AND BASIC MACROECONOMIC INDICATORS FOR MEASUREMENTS

    Directory of Open Access Journals (Sweden)

    PAULINA CATANA

    2010-01-01

    Full Text Available Macroeconomics is a separate discipline of the Economy that studies and analyzes the behaviour of economic aggregates and significant average, such as price level, national income, national income potential, the gap GDP, employment and unemployment of labour, investment and export of the whole economy. We can accuse to Macroeconomics that it deals also with the average price of all goods and services, not the prices of certain products. These aggregates result from economic behaviour of certain groups (governments, companies, consumers in the course of their activities on different markets. But why does it need Macroeconomics? Experts say that we need this separate discipline because there are certain forces that affect the broader economy globally, which can not be understood only by analyzing individual economic phenomena, individual products or markets.

  15. Relationship between macroeconomic aggregates and bank performance

    Directory of Open Access Journals (Sweden)

    Mitrović Ranka

    2016-01-01

    Full Text Available The aim of the paper is relations between some macroeconomic aggregates and performance of banks. This paper show analysis of trends in gross domestic product, exchange rates, interest rates, inflation load, developments in the balance of payments. On the business side, performance is achieved insight into the liquidity, capital adequacy, and the amount of non-performable loans. The aim of the research is to refute or confirm the interconnectedness of movement values of macroeconomic aggregates and bank performance. The analysis confirmed the association of two set variables. The negative value movements of macroeconomic aggregates directly or indirectly have an impact on the quality of performance of the banking sector. Therefore, it is necessary to define an adequate strategy of the economy, would not it safer to carry out the process of adapting to new developments in the market, such as the global financial crisis, the rise in unproductive enterprises, distrust customers etc.

  16. Reconstructing Macroeconomics Based on Statistical Physics

    Science.gov (United States)

    Aoki, Masanao; Yoshikawa, Hiroshi

    We believe that time has come to integrate the new approach based on statistical physics or econophysics into macroeconomics. Toward this goal, there must be more dialogues between physicists and economists. In this paper, we argue that there is no reason why the methods of statistical physics so successful in many fields of natural sciences cannot be usefully applied to macroeconomics that is meant to analyze the macroeconomy comprising a large number of economic agents. It is, in fact, weird to regard the macroeconomy as a homothetic enlargement of the representative micro agent. We trust the bright future of the new approach to macroeconomies based on statistical physics.

  17. INTERACTION OF MACROECONOMIC VARIABLES WITH STOCK PRICES

    Directory of Open Access Journals (Sweden)

    ALİ ÖZER

    2013-06-01

    Full Text Available The aim of this study is to determine whether there is a relationship between ISE 100 Index and some macroeconomic variables by using monthly data of January 1996 – December 2009. ISE 100 Index was used as dependent variable and interest rates, money supply, foreign trade equilibrium, industrial production index, gold prices, exchange rates, consumer price index were used as independent variables. Least squares estimation method, Johansen-Jeselius cointegration test, Granger causality test and variance decomposition results produced by VEC model were used in the study. These analysis show that there is a long run relationship between some macroeconomic variables and stock prices.

  18. Bounded rationality and heterogeneous expectations in macroeconomics

    NARCIS (Netherlands)

    D. Massaro

    2012-01-01

    This thesis studies the effect of individual bounded rationality on aggregate macroeconomic dynamics. Boundedly rational agents are specified as using simple heuristics in their decision making. An important aspect of the type of bounded rationality described in this thesis is that the population of

  19. Macroeconomics and Human Development, by Deepak Nayyar

    Directory of Open Access Journals (Sweden)

    Cristiana Ioana ŞERBĂNEL

    2013-12-01

    Full Text Available Microeconomics and Human Development pursue to tackle both negative and positive effects of macroeconomics on human development and vice-versa through a series of external and internal factors. The book consists in a series of articles published in a prestigious publication: Journal of Human Development and Capabilities. The authors have a perennial echo in the economic field.

  20. Essays on Technology and Forecasting in Macroeconomics

    Science.gov (United States)

    Samuels, Jon Devin

    2012-01-01

    The three chapters in this dissertation use disaggregated models and data to provide new insights on well-established questions in macroeconomics. In the first chapter, to analyze how productivity impacts the business cycle, I model aggregate production with a production possibility frontier that accommodates sector-and factor-biased productivity.…

  1. Do Macroeconomic Announcements Cause Asymetric Volatility?

    NARCIS (Netherlands)

    P. de Goeij (Peter); W.A. Marquering (Wessel)

    2002-01-01

    textabstractIn this paper we study the impact of macroeconomic news announcements on the conditional volatility of stock and bond returns. Using daily returns on the S&P 500 index, the NASDAQ index, and the 1 and 10 year U.S. Treasury bonds, for January 1982 - August 2001, some interesting results e

  2. Essays on Technology and Forecasting in Macroeconomics

    Science.gov (United States)

    Samuels, Jon Devin

    2012-01-01

    The three chapters in this dissertation use disaggregated models and data to provide new insights on well-established questions in macroeconomics. In the first chapter, to analyze how productivity impacts the business cycle, I model aggregate production with a production possibility frontier that accommodates sector-and factor-biased productivity.…

  3. Influence of Macroeconomic Factors on Residential Property ...

    African Journals Online (AJOL)

    Sultan

    of macroeconomic on real estate pricing in. Greece between 1981-1999 and ... multi-equation regression analysis to model the bi-causal ... Abuja is the capital city of Nigeria. Abuja is selected for ..... Joshi, H. (2006). Identifying the asset price.

  4. Public Service Employment as Macroeconomic Policy.

    Science.gov (United States)

    Baily, Martin N.; Solow, Robert M.

    1979-01-01

    Authors assert that public service employment (PSE) is one form of macroeconomic policy and compare PSE to tax reduction, federal subsidies, and other forms. They propose a design for an ongoing federal employment program and conclude that a PSE program aimed at the structurally unemployed creates more jobs per GNP dollar than other policies. (SK)

  5. Macroeconomics after Two Decades of Rational Expectations.

    Science.gov (United States)

    McCallum, Bennett T.

    1994-01-01

    Discusses real business cycle analysis, growth theory, and other economic concepts in the context of the rational expectations revolution in macroeconomics. Focuses on post-1982 research. Concludes that the rejuvenation of growth analysis is an encouraging development because it could lead to changes in welfare policy. (CFR)

  6. Stock market volatility and macroeconomic uncertainty

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2006-01-01

    This paper provides empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from SPF survey participants over the period from 1969 to 1996. This link is much

  7. Periodic integration in quarterly UK macroeconomic variables

    NARCIS (Netherlands)

    Ph.H.B.F. Franses (Philip Hans); G. Romijn

    1993-01-01

    textabstractThis paper presents empirical evidence on the seasonal patterns in several UK macroeconomic variables, additional to related evidence reported in Osborn (International Journal of Forecasting (1990), 6, 327–336). The method used is a test procedure for seasonal unit roots that allows

  8. Macroeconomic Forecasting Using Penalized Regression Methods

    NARCIS (Netherlands)

    Smeekes, Stephan; Wijler, Etiënne

    2016-01-01

    We study the suitability of lasso-type penalized regression techniques when applied to macroeconomic forecasting with high-dimensional datasets. We consider performance of the lasso-type methods when the true DGP is a factor model, contradicting the sparsity assumption underlying penalized regressio

  9. New Classical and New Keynesian Macroeconomics.

    Science.gov (United States)

    Vane, Howard; Snowdon, Brian

    1992-01-01

    Summarizes underlying tenets and policy implications of new classical and new Keynesian macroeconomics. Compares new approaches with orthodox Keynesian and monetarist schools of thought. Identifies the fundamental difference between new classical and new Keynesian models as the assumption regarding the speed of wage and price adjustment following…

  10. Stock market volatility and macroeconomic uncertainty

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2006-01-01

    This paper provides empirical evidence on the link between stock market volatility and macroeconomic uncertainty. We show that US stock market volatility is significantly related to the dispersion in economic forecasts from SPF survey participants over the period from 1969 to 1996. This link is much

  11. Macroeconomic narratives in a world of crises

    DEFF Research Database (Denmark)

    Urhammer, Emil; Røpke, Inge

    2013-01-01

    Since the financial crisis in 2008, a series of publications on macroeconomic responses to the compound crises of the economy and the environment have emerged. Under labels such as green new deal, green growth and the great transition, attempts at offering coherent responses to the crises have been...

  12. Analysis Of Japans Economy Based On 2014 From Macroeconomics Prospects

    Directory of Open Access Journals (Sweden)

    Dr Mohammad Rafiqul Islam

    2015-02-01

    Full Text Available Abstract Japan is the worlds third largest economy. But currently economic situations of Japan are not stable. It is not increasing as expected. Since 2013 it was world second largest economy but Japan loosed its placed to China in 2014 due to slow growth of important economic indicators. By using the basic Keynesian model we will provide a detailed analysis of the short and long run impacts of the changes for Japans real GDP rate of unemployment and inflation rate. We demonstrated a detailed use of the 45-degree diagram or the AD-IA model and other economic analysis of the macroeconomic principles that underlie the model and concepts. Finally we will recommend the government with a change in fiscal policy what based on the analysis by considering what might be achieved with a fiscal policy response and the extent to which any impact on the stock of public debt might be a consideration

  13. Convergence, divergence and realignment in British macroeconomics

    Directory of Open Access Journals (Sweden)

    D. COBHAM

    2013-12-01

    Full Text Available In this paper the author argues that the still frequent and simplistic distinction between Keynesians and monetarists that makes up a large part of the British popular economic debate has become seriously misleading. Changes that have taken place in British macroeconomics since the early 1970s are thus indicated and some of the theoretical and empirical factors responsible for these changes are suggested. The author presents a brief characterisation of British Keynesianism and monetarism as of late 1960s/early 1970s, arguing that there have been important elements of convergence. He proceeds to discuss some of the theoretical developments and some of the experiences of UK macroeconomic policy which have contributed to this convergence. Finally, he considers whether the labels “Keynesian” and “monetarist” continue to be relevant.

  14. Macroeconomic Variables and Stock Market: US Review

    Directory of Open Access Journals (Sweden)

    Martin Sirucek

    2012-09-01

    Full Text Available This focus of this paper are the effect, implication, impact andrealtionship between selected macroeconomic variables andwider US indices S&P 500 and industrial Dow Jones IndustrialAverage (DJIA. I Consider inflation, interest rates, moneysupply, producer price index, industrial production index, oilprice and unemployment and their impact on selected stockindices in the USA between 1999 and 2012. The hypotesis of thispaper is, that between selected macroeconomic variables, namelyproducer price index, industrial production index, oil price andDow Jones index is strongly relationship than between thesefactors and S&P 500. The paper is organizing as follows. Firstsection reviews the related literature. In section two are materialsand methods which are use explained. Section 3 provides theempirical results and the last part presents the conclusions.

  15. The new-classical contribution to macroeconomics

    Directory of Open Access Journals (Sweden)

    D. LAIDLER

    2013-12-01

    Full Text Available This work is devoted to assessing New-Classical ideas, and to asking what of lasting importance this school of macroeconomics has contributed since the early 1970s. It deals in turn with the relationship between New-Classical Economics and Monetarism, the relative explanatory power of these two bodies of doctrine over empirical evidence, and the claims of New-Classical Economics to embody a superior analytic method. The author argues that, although the particular ways in which New-Classical Macroeconomics has applied its basic ideas are unnecessarily restrictive, its stress on equilibrium behaviour conditioned by the state of individual agents’ expectations as a basis for macro modelling is nevertheless valuable.  

  16. Macroeconomics correlations focused on foreign direct investments

    Directory of Open Access Journals (Sweden)

    Teodora ALECU

    2010-07-01

    Full Text Available This article is meant to reveal the way in which the theory of interconnections between systems and sub-systems partici-pating to the creation of economic value, which have been described by professor Paul Bran in his book Economics of Value is outlined in practice and how its analysis may help us to control the effects of the policies applied at the level of each macroeconomic sub-system.

  17. Macroeconomic model of national economy development (extended

    Directory of Open Access Journals (Sweden)

    M. Diaconova

    1997-08-01

    Full Text Available The macroeconomic model offered in this paper describes complex functioning of national economy and can be used for forecasting of possible directions of its development depending on various economic policies. It is the extension of [2] and adaptation of [3]. With the purpose of determination of state policies influence in the field of taxes and exchange rate national economy is considered within the framework of three sectors: government, private and external world.

  18. Labor search and matching in macroeconomics

    OpenAIRE

    2007-01-01

    The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical, selective survey of the literature. Four fundamental questions are explored: how are unemployment, job vacancies, and employment determined as equilibrium phenomena? What determines worker flows and transition rates from one labor market state to another? How are wages determined? What role do labor market dynamics play in explaining business cycles and growth? The survey descri...

  19. Expectations and macroeconomics: learning and loose commitment

    OpenAIRE

    Nunes, Ricardo

    2007-01-01

    The three chapters of this thesis analyze different issues regarding the role of expectations in macroeconomics. The first two chapters consider that private economic agents can either be rational and forward looking or may actually need to use past data to learn how to form expectations. The first two chapters try to describe and estimate the different dynamics that these two types of expectation mechanisms induce. The third chapter analyzes the interaction between policy makers and forward-...

  20. Macroeconomic Dynamics and Financial Crisis in Nigeria

    Directory of Open Access Journals (Sweden)

    Ph. D. Olusegun Olowe

    2012-05-01

    Full Text Available This work as an empirical economics assessment examined the role of domestic macroeconomic policies with emphasis on the management of the impact of macroeconomic variables on the global financial crisis in Nigeria.. It applies VAR framework on annual time series data from 1969 to 2009. The paper opines that the Nigerian economy is far from converging towards a sustainable equilibrium in the short run. The paper suggests that attitudinal change, monetary and fiscal policies could be used to address the Nigerian version of the global financial crisis. However, the right mix of these policies to avoid conflicts in the light of dampening effects of the global financial melt-down as well as the possible effects of the global financial crisis and macroeconomic fluctuations on economic development in Nigeria is of relevance..The direction and magnitude of relevant policy to stimulate increased government intervention, it was observed that there is the need for comparative dynamics of economies in order to return to the path of sustainable growth and development

  1. New macroeconomic model of national economy

    Directory of Open Access Journals (Sweden)

    Lyudmila Nikolaevna Kuklina

    2012-03-01

    Full Text Available This paper considers the relevance of the formation of new macroeconomic models of post-crisis development of the national economy and regional economy. It is noted that there is not just a set of models of national economies and a set of methodological approaches to its modeling. Formation of macroeconomic models takes into consideration the features of socio-economic development of individual regions. In this context, the major regions are highlighted, in particular, the Ural Federal District. It is noted that the structure of regional economic space of the Ural Federal District is different, and different is the level of involvement of the region in the global economy. The problem of correlation of the history of economic ideas and the world of real economic processes of recent decades is reviewed. Predictive capacity of the modern theory of the cycle and the possibility of using its analytical tools for the formation of a new macroeconomic model of post-crisis development of the national economy is analyzed.

  2. An empirical evaluation of macroeconomic surveillance in the European Union

    OpenAIRE

    2015-01-01

    The EU's macroeconomic surveillance mechanism, namely the Macroeconomic Imbalance Procedure (MIP), is based on the so-called Scoreboard, which comprises a set of indicators that serve as a signalling device for potentially harmful macroeconomic developments. We first evaluate the early warning properties of the Scoreboard indicators with regard to financial crises. We then analyze the role of emerging crisis signals from the Scoreboard for the subsequent steps of the MIP (In-Depth Reviews), i...

  3. Decisions and macroeconomics: development and implementation of a simulation game

    OpenAIRE

    Woltjer, G.B.

    2003-01-01

    “Steer the economy” is an interactive game that shows the relationship between company decisions and macroeconomic dynamics. In this real time computer network simulation game the interaction between the players determines the macroeconomic results and players see within a short period the long-term consequences of their strategic decisions.For a lot of students macroeconomics is very abstract. It is difficult for them to imagine that the theories are fundamentally about the coordination of h...

  4. Causality between Malaysian Islamic Stock Market and Macroeconomic Variables

    OpenAIRE

    Naseri, Marjan; Masih, Mansur

    2013-01-01

    This paper makes an attempt to analyse the causality between Islamic stock market and three macroeconomic variables in the case of Malaysia. Although there are numerous studies investigating relationship between conventional stock market and macroeconomic fundamentals, there is a certain gap in the literature pertaining to the relationship between Islamic indices and macroeconomic variables which are becoming an interesting area of research due to fast growing force of Islamic finance. Thus, ...

  5. Romania’s Macroeconomic Steering in 2015 - between Enthusiasm and Recession Risk

    Directory of Open Access Journals (Sweden)

    Cristian - Marian Barbu

    2015-12-01

    Full Text Available This article reveals that, despite having a solid macro-economic state and a significant economic growth as starting points, those who conceive the fiscal-budgetary macroeconomic policies in Romania apply more enthusiasm than principles of responsibility, prudence and sustainability. While economic growth in Romania is over 3% of the GDP, public debt of a little over 40% of the GDP, budget revenues with 7.8% bigger than during the first 9 months of the previous year, and budgetary surplus of almost 1% of the GDP after the first 8 months, the 2016 budget prospects look good. Well, they are actually not. If the Government implements the budgetary expenditure announced, the budget deficit may explode which may lead, in 2018, to exceeding the maximal critical threshold of public debt, and in this case, according to the Romanian National Bank, the recession risk will be over 50%.

  6. Macroeconomic effects of international regional economic integration: global practice and challenges for Ukraine

    Directory of Open Access Journals (Sweden)

    Nataliia Fedirko

    2015-06-01

    Full Text Available In the article the causes and macroeconomic peculiarities of the formation and operation of international regional economic associations of various forms have been studied. A hierarchical classification of modern international regional economic integration groups is presented. The contribution of the world’s largest integration groups to the global GDP has been analyzed. The main macroeconomic results of countries’ participation in integration associations of different forms on the pre-establishment and post-establishment stages have been described, the positive effects obtained by countries in the result of introduction of certain common economic activity conditions have been determined. Potential risks for Ukraine related to European Integration and prospective positive effects of integration into the world economy have been determined. Conceptual principles of state policy of blocking of the potential risks of international regional economic integration for Ukraine have been substantiated.

  7. Financial Development, Financial Structure, and Macroeconomic Volatility: Evidence from China

    Directory of Open Access Journals (Sweden)

    Feng Wei

    2016-11-01

    Full Text Available Using annual data from 1997–2014 of 30 provinces, municipalities, and autonomous regions, subdividing trended and cyclical volatility of macroeconomics and inflation, considering different indicators of financial development and financial structure, this paper investigated the impact of financial development and financial structure on macroeconomic volatility. The empirical results found that (1 the trended and cyclical volatility of the previous macroeconomic period had a significantly positive impact on that of the current period, and the impact of trended volatility was greater than that of cyclical volatility; (2 financial development had a significantly negative impact on macroeconomic cyclical volatility through inflation cyclical volatility, but inflation trended volatility would amplify macroeconomic volatility; financial markets have no significant effect on macroeconomic volatility; financial structure measured with the ratio of stock market turnover and the efficiency of the financial development had a significant positive impact on macroeconomic cyclical volatility; and (3 inflation trended volatility had a significantly negative impact on macroeconomic cyclical volatility and trended volatility, while inflation cyclical volatility had a significantly positive impact on macroeconomic cyclical volatility.

  8. Teaching the Principles of Economics

    OpenAIRE

    N. Gregory Mankiw

    1998-01-01

    In this brief essay, I describe my approach to the principles course. I emphasize three themes. First, in teaching microeconomics, the tools of welfare economics should play a larger role than they have in the past. Second, in teaching macroeconomics, classical ideas should play a larger role than they have in the past. Third, in teaching all parts of the course, we instructors should be sure to stress the important principles and be careful not to overwhelm students with an excess of details.

  9. Entropy, recycling and macroeconomics of water resources

    Science.gov (United States)

    Karakatsanis, Georgios; Mamassis, Nikos; Koutsoyiannis, Demetris

    2014-05-01

    We propose a macroeconomic model for water quantity and quality supply multipliers derived by water recycling (Karakatsanis et al. 2013). Macroeconomic models that incorporate natural resource conservation have become increasingly important (European Commission et al. 2012). In addition, as an estimated 80% of globally used freshwater is not reused (United Nations 2012), under increasing population trends, water recycling becomes a solution of high priority. Recycling of water resources creates two major conservation effects: (1) conservation of water in reservoirs and aquifers and (2) conservation of ecosystem carrying capacity due to wastewater flux reduction. Statistical distribution properties of the recycling efficiencies -on both water quantity and quality- for each sector are of vital economic importance. Uncertainty and complexity of water reuse in sectors are statistically quantified by entropy. High entropy of recycling efficiency values signifies greater efficiency dispersion; which -in turn- may indicate the need for additional infrastructure for the statistical distribution's both shifting and concentration towards higher efficiencies that lead to higher supply multipliers. Keywords: Entropy, water recycling, water supply multipliers, conservation, recycling efficiencies, macroeconomics References 1. European Commission (EC), Food and Agriculture Organization (FAO), International Monetary Fund (IMF), Organization of Economic Cooperation and Development (OECD), United Nations (UN) and World Bank (2012), System of Environmental and Economic Accounting (SEEA) Central Framework (White cover publication), United Nations Statistics Division 2. Karakatsanis, G., N. Mamassis, D. Koutsoyiannis and A. Efstratiades (2013), Entropy and reliability of water use via a statistical approach of scarcity, 5th EGU Leonardo Conference - Hydrofractals 2013 - STAHY '13, Kos Island, Greece, European Geosciences Union, International Association of Hydrological Sciences

  10. Three essays on the labour market macroeconomics

    OpenAIRE

    2016-01-01

    Esta tesis Doctoral contiene tres ensayos sobre la macroeconomía del mercado de trabajo cuyo objetivo es contribuir al debate científico, y arrojar luz sobre la configuración del mercado laboral. Aunque estos tres capítulos deben de ser considerados como piezas de investigación independientes, su conjunto trata de clarificar el rol de la globalización, el sector financiero, y el ciclo económico en diferentes aspectos del mercado de trabajo. El primer capítulo estudia el rol de la globalizació...

  11. Partial differential equation models in macroeconomics.

    Science.gov (United States)

    Achdou, Yves; Buera, Francisco J; Lasry, Jean-Michel; Lions, Pierre-Louis; Moll, Benjamin

    2014-11-13

    The purpose of this article is to get mathematicians interested in studying a number of partial differential equations (PDEs) that naturally arise in macroeconomics. These PDEs come from models designed to study some of the most important questions in economics. At the same time, they are highly interesting for mathematicians because their structure is often quite difficult. We present a number of examples of such PDEs, discuss what is known about their properties, and list some open questions for future research. © 2014 The Author(s) Published by the Royal Society. All rights reserved.

  12. Impact of Main Macroeconomic Indicators on Happiness

    Directory of Open Access Journals (Sweden)

    Yavuz Agan

    2016-01-01

    Full Text Available The relationship between economic welfare and happiness has been compounded by different conceptualizations and statistical approaches. Economic conditions influence the welfare and social well-being of the society. While the literature indicates a positive relationship between income levels and life satisfaction, it indicates negative relationships between inflation, unemployment and life satisfaction. In this paper we analyze the relationship between main macroeconomic variables of unemployment, inflation, per capita GDP and life satisfaction using data from 57 countries. We make use of the standard regression analysis and conclude that our method is sufficient to examine the relations and the stated macro variables are significantly affecting life satisfaction towards expected directions.

  13. Macroeconomic susceptibility, inflation, and aggregate supply

    Science.gov (United States)

    Hawkins, Raymond J.

    2017-03-01

    We unify aggregate-supply dynamics as a time-dependent susceptibility-mediated relationship between inflation and aggregate economic output. In addition to representing well various observations of inflation-output dynamics this parsimonious formalism provides a straightforward derivation of popular representations of aggregate-supply dynamics and a natural basis for economic-agent expectations as an element of inflation formation. Our formalism also illuminates questions of causality and time-correlation that challenge central banks for whom aggregate-supply dynamics is a key constraint in their goal of achieving macroeconomic stability.

  14. GREEK ECONOMIC CRISIS ON MACROECONOMIC INDICATORS

    Directory of Open Access Journals (Sweden)

    GĂBAN LUCIAN

    2016-04-01

    Full Text Available This paper aims to examine briefly some elements of macroeconomic aspects that could explain - at least partly - a number of causes of the current economic crisis in Greece. Using data provided by competent bodies, is intended as a more accurate outlining the differences between Greece and the other countries of the European Union member show widespread Greek State as an outlier among the countries that make up the current "U.E. 28 ". The analysis is based on three indicators relevant to the case – unemployment, government debt and nonperforming loans.

  15. Impact of Main Macroeconomic Indicators on Happiness

    Directory of Open Access Journals (Sweden)

    Yavuz Agan

    2009-10-01

    Full Text Available The relationship between economic welfare and happiness has been compounded by different conceptualizations and statistical approaches. Economic conditions influence the welfare and social well-being of the society. While the literature indicates a positive relationship between income levels and life satisfaction, it indicates negative relationships between inflation, unemployment and life satisfaction. In this paper we analyze the relationship between main macroeconomic variables of unemployment, inflation, per capita GDP and life satisfaction using data from 57 countries. We make use of the standard regression analysis and conclude that our method is sufficient to examine the relations and the stated macro variables are significantly affecting life satisfaction towards expected directions

  16. Macroeconomic Stabilization When the Natural Real Interest Rate Is Falling

    Science.gov (United States)

    Buttet, Sebastien; Roy, Udayan

    2015-01-01

    The authors modify the Dynamic Aggregate Demand-Dynamic Aggregate Supply model in Mankiw's widely used intermediate macroeconomics textbook to discuss monetary policy when the natural real interest rate is falling over time. Their results highlight a new role for the central bank's inflation target as a tool of macroeconomic stabilization. They…

  17. Private consumption-savings behavior and macroeconomic imbalances

    NARCIS (Netherlands)

    de Castro Campos, M.

    2016-01-01

    Between the signing of the Maastricht Treaty in 1991 and 2007 many of the existing macroeconomic theories were applied to support the claim that the euro area was an optimal currency union and to argue that increasing macroeconomic imbalances were a logical part of the financial integration process.

  18. Macroeconomics in the Classroom--No Longer Just Theory.

    Science.gov (United States)

    Fair, Ray C.

    1985-01-01

    Describes features of a macroeconomics model that runs on a microcomputer and its solution, sometimes called a simulation. Specific uses of the model in the teaching of introductory and intermediate/advanced levels of macroeconomics are discussed, as well as use by economic planners in running alternative forecasts. (MBR)

  19. Macroeconomic Stabilization When the Natural Real Interest Rate Is Falling

    Science.gov (United States)

    Buttet, Sebastien; Roy, Udayan

    2015-01-01

    The authors modify the Dynamic Aggregate Demand-Dynamic Aggregate Supply model in Mankiw's widely used intermediate macroeconomics textbook to discuss monetary policy when the natural real interest rate is falling over time. Their results highlight a new role for the central bank's inflation target as a tool of macroeconomic stabilization. They…

  20. Intermediate Macroeconomics without the IS-LM Model.

    Science.gov (United States)

    Weerapana, Akila

    2003-01-01

    States that the IS-LM model is the primary model of economic fluctuations taught in undergraduate macroeconomics. Argues that the aggregate demand-price adjustment (AD-PA) model is superior for teaching about economic fluctuations. Compares the IS-LS model with the AD-AP model using two current issues in macroeconomics. (JEH)

  1. Macroeconomic sources of foreign exchange risk in new EU members

    NARCIS (Netherlands)

    Kocenda, Evzen; Poghosyan, Tigran

    2009-01-01

    We address the issue of foreign exchange risk and its macroeconomic determinants in several new EU members. We derive the observable macroeconomic factors-consumption and inflation-using the Stochastic discount factor (SDF) approach. The joint distribution of excess returns in the foreign exchange m

  2. Macroeconomic pressures and their implications for business development in Africa

    DEFF Research Database (Denmark)

    Kuada, John

    2011-01-01

    The paper discusses the complex relationships between macroeconomic pressures, savings, investments and business development in Sub-Sahara African countries......The paper discusses the complex relationships between macroeconomic pressures, savings, investments and business development in Sub-Sahara African countries...

  3. THE MACROECONOMIC DRIVERS OF ECONOMIC GROWTH IN MALAWI

    Directory of Open Access Journals (Sweden)

    Themba G. Chirwa

    2015-06-01

    Full Text Available This paper examines the main macroeconomic drivers of economic growth in Malawi. The drivers are identified by examining the various development plans and reforms that Malawi implemented during the period 1970-2011. The examination concludes that the main macroeconomic drivers of economic growth in Malawi during this period were the accumulation of physical capital, human capital development, international trade, inflation and the real exchange rate. The examination also shows that country-specific development policies and institutions are important in identifying and influencing the macroeconomic factors of growth. Although Malawi has been able to identify the factors that would contribute to sustainable economic growth in its development policies, these factors were influenced by a number of structural challenges, such as low investment rates, inadequate investment in human capital, balance-of-payment problems, macroeconomic instability, and frequent policy reversals in the implementation of macroeconomic reforms.

  4. First Principles Investigation of the Elastic, Optoelectronic and Thermal Properties of XRuSb: (X = V, Nb, Ta) Semi-Heusler Compounds Using the mBJ Exchange Potential

    Science.gov (United States)

    Bencherif, K.; Yakoubi, A.; Della, N.; Miloud Abid, O.; Khachai, H.; Ahmed, R.; Khenata, R.; Bin Omran, S.; Gupta, S. K.; Murtaza, G.

    2016-07-01

    Semi-Heusler materials are intensively investigated due to their potential use in diverse applications, such as in spintronics and green energy applications. In this work, we employ the density functional theory to calculate the structural, electronic, elastic, thermal and optical properties of the VRuSb, NbRuSb and TaRuSb semi-Heusler compounds. The calculated results for the lattice constants, bulk moduli and their corresponding pressure derivative values are in fairly good agreement with previous works. In addition, besides the local density approximation, the modified Becke-Johnson exchange potential is also used to improve the value of the band gaps. The bonding nature reveals a mixture of covalent and ionic bonding character of the VRuSb, NbRuSb and TaRuSb compounds. Furthermore, the elastic constants ( C ij) and the related elastic moduli confirm their stability in the cubic phase and demonstrate their ductile nature. We also analyze the influence of the pressure and temperature on the primitive cell volume, heat capacity, volume expansion coefficient, and Debye temperature of the semi-Heusler compounds. Additionally, we investigate the optical properties, such as the complex dielectric function, refractive index, reflectivity, and the energy loss function.

  5. MACROECONOMIC FORECASTING USING BAYESIAN VECTOR AUTOREGRESSIVE APPROACH

    Directory of Open Access Journals (Sweden)

    D. Tutberidze

    2017-04-01

    Full Text Available There are many arguments that can be advanced to support the forecasting activities of business entities. The underlying argument in favor of forecasting is that managerial decisions are significantly dependent on proper evaluation of future trends as market conditions are constantly changing and require a detailed analysis of future dynamics. The article discusses the importance of using reasonable macro-econometric tool by suggesting the idea of conditional forecasting through a Vector Autoregressive (VAR modeling framework. Under this framework, a macroeconomic model for Georgian economy is constructed with the few variables believed to be shaping business environment. Based on the model, forecasts of macroeconomic variables are produced, and three types of scenarios are analyzed - a baseline and two alternative ones. The results of the study provide confirmatory evidence that suggested methodology is adequately addressing the research phenomenon and can be used widely by business entities in responding their strategic and operational planning challenges. Given this set-up, it is shown empirically that Bayesian Vector Autoregressive approach provides reasonable forecasts for the variables of interest.

  6. Optimal Investment Control of Macroeconomic Systems

    Institute of Scientific and Technical Information of China (English)

    ZHAO Ke-jie; LIU Chuan-zhe

    2006-01-01

    Economic growth is always accompanied by economic fluctuation. The target of macroeconomic control is to keep a basic balance of economic growth, accelerate the optimization of economic structures and to lead a rapid, sustainable and healthy development of national economies, in order to propel society forward. In order to realize the above goal, investment control must be regarded as the most important policy for economic stability. Readjustment and control of investment includes not only control of aggregate investment, but also structural control which depends on economic-technology relationships between various industries of a national economy. On the basis of the theory of a generalized system, an optimal investment control model for government has been developed. In order to provide a scientific basis for government to formulate a macroeconomic control policy, the model investigates the balance of total supply and aggregate demand through an adjustment in investment decisions realizes a sustainable and stable growth of the national economy. The optimal investment decision function proposed by this study has a unique and specific expression, high regulating precision and computable characteristics.

  7. Structural, mechanical, electronic and magnetic properties of a new series of quaternary Heusler alloys CoFeMnZ (Z=Si, As, Sb): A first-principle study

    Energy Technology Data Exchange (ETDEWEB)

    Elahmar, M.H.; Rached, H.; Rached, D. [Laboratoire des Matériaux Magnétiques, Faculté des Sciences, Université Djillali Liabès de SidiBel-Abbès, SidiBel-Abbès 22000 (Algeria); Khenata, R., E-mail: khenata_rabah@yahoo.fr [Laboratoire de Physique Quantique et de Modélisation Mathématique, Université de Mascara, 29000 (Algeria); Murtaza, G. [Materials Modeling Lab, Department of Physics, Islamia College Peshawar, KPK (Pakistan); Bin Omran, S. [Department of Physics and Astronomy, College of Science, King Saud University, P.O. Box 2455, Riyadh 11451 (Saudi Arabia); Ahmed, W.K. [ERU, College of Engineering, United Arab Emirates University, Al Ain, Abu Dhabi (United Arab Emirates)

    2015-11-01

    The structural, mechanical, electronic and magnetic properties of the series of Heusler alloys CoFeMnZ (Z=Si, As, and Sb) have been investigated theoretically. The objective is to seek for stable half-metallic ferromagnets materials with Curie temperatures higher than room temperature. The series of CoFeMnZ (Z=Si, As and Sb) is found to exhibit half-metallic ferromagnetism with high magnetic moment and the localized moment in these magnetic compounds resides at the Mn atom. It has been observed that all our compounds have high Curie temperatures with high spin polarizations. - Highlights: • Density functional calculations for CoFeMnZ (Z=Si, As, Sb) compounds are performed. • Half-metallic ferromagnetism in CoFeMnZ (Z=Si, As, Sb) compounds is established. • The magnetic and mechanical properties for CoFeMnZ (Z=As, Sb) are studied for the first time. • The studied compounds possess high Curie temperatures with high spin polarizations.

  8. The Macroeconomic Framework of Support Analysis for Sustainable Businesses Development

    Directory of Open Access Journals (Sweden)

    Constantin Mitrut

    2015-08-01

    Full Text Available The state of satisfaction of an economy results from the quality of the economic products it produces and consumes, in agreement with assuring environment protection, as a source of producing present and future economic goods, and with intensive utilising of human capital, as a source of innovation growth. Knowledge transfer happens in a sustainable economy, whose principles are rational use of resources, limiting of waste, protection, for enabling future generations to have also access to resources. The present research is based on a multifactorial liniar regression model which outlines the direct correlation between the dependent variable welfare and the independent variable of concentration measured by the Gini coefficient of wealth concentration, on the one hand, and by the GDP level, on the other hand, at the level of year 2012. The aim of this research is to identify the correlation between the indicator of quality of life satisfaction or of the welfare function at the level of EU 2012, and the assurance of a macroeconomic framework for sustainable business development.

  9. The Relationship between Macroeconomic Variables and ISE Industry Index

    Directory of Open Access Journals (Sweden)

    Ahmet Ozcan

    2012-01-01

    Full Text Available In this study, the relationship between macroeconomic variables and Istanbul Stock Exchange (ISE industry index is examined. Over the past years, numerous studies have analyzed these relationships and the different results obtained from these studies have motivated further research. The relationship between stock exchange index and macroeconomic variables has been well documented for the developed markets. However, there are few studies regarding the relationship between macroeconomic variables and stock exchange index for the developing markets. Thus, this paper seeks to address the question of whether macroeconomic variables have a significant relationship with ISE industry index using monthly data for the period from 2003 to 2010. The selected macroeconomic variables for the study include interest rates, consumer price index, money supply, exchange rate, gold prices, oil prices, current account deficit and export volume. The Johansen’s cointegration test is utilized to determine the impact of selected macroeconomic variables on ISE industry index. The result of the Johansen’s cointegration shows that macroeconomic variables exhibit a long run equilibrium relationship with the ISE industry index.

  10. Emergent Macroeconomics An Agent-Based Approach to Business Fluctuations

    CERN Document Server

    Delli Gatti, Domenico; Gallegati, Mauro; Giulioni, Gianfranco; Palestrini, Antonio

    2008-01-01

    This book contributes substantively to the current state-of-the-art of macroeconomics by providing a method for building models in which business cycles and economic growth emerge from the interactions of a large number of heterogeneous agents. Drawing from recent advances in agent-based computational modeling, the authors show how insights from dispersed fields like the microeconomics of capital market imperfections, industrial dynamics and the theory of stochastic processes can be fruitfully combined to improve our understanding of macroeconomic dynamics. This book should be a valuable resource for all researchers interested in analyzing macroeconomic issues without recurring to a fictitious representative agent.

  11. Realized Bond-Stock Correlation: Macroeconomic Announcement Effects

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Ranaldo, Angelo

    2005-01-01

    We investigate the effects of macroeconomic announcements on the realized correlation between bond and stock returns. Our results deliver insights into the dominating drivers of bond-stock comovements. We find that it is not so much the surprise component of the announcement, but the mere fact...... that an announcement occurs that influences the realized bond-stock correlation. The impact of macroeconomic announcements varies across the business cycle. Announcement effects are highly dependent on the sign of the realized bond-stock correlation which has recently gone from positive to negative. Macroeconomic...... announcement effects on realized bond and stock volatilities are also investigated....

  12. A Polynomial Term Structure Model with Macroeconomic Variables

    Directory of Open Access Journals (Sweden)

    José Valentim Vicente

    2007-06-01

    Full Text Available Recently, a myriad of factor models including macroeconomic variables have been proposed to analyze the yield curve. We present an alternative factor model where term structure movements are captured by Legendre polynomials mimicking the statistical factor movements identified by Litterman e Scheinkmam (1991. We estimate the model with Brazilian Foreign Exchange Coupon data, adopting a Kalman filter, under two versions: the first uses only latent factors and the second includes macroeconomic variables. We study its ability to predict out-of-sample term structure movements, when compared to a random walk. We also discuss results on the impulse response function of macroeconomic variables.

  13. INVESTIGATING MACROECONOMIC STABILITY USING THE OUTPUT GAP

    Directory of Open Access Journals (Sweden)

    Emilia TITAN

    2013-03-01

    Full Text Available The purpose of the article is to illustrate the importance of the output gap in analysing macroeconomic stability in general and business cycle dynamics in particular. Ten EU countries are considered, with five old members and five new members. For all ten countries the data for the period 1999-2014 is used, but for four countries, namely France, the United Kingdom, Italy and Spain additional data is available that goes back to 1965, such that the whole period 1965-2014 is covered, which allows for a particular analysis. An empirical analysis is performed with regard to the behaviour of the output gap for different countries over time. The results obtained allow for relevant comparisons and highlight the usefulness of this indicator as a tool in the study of business cycles.

  14. Macroeconomic control of interest rate in China

    Institute of Scientific and Technical Information of China (English)

    姜鸣; 叶元煦; 何绍元

    2002-01-01

    The macroeconomic control of interest rate is studied using the elastic theory and correlation analysisand the concrete influence of interest rate on the consumption, savings and investment in China are investiga-ted. It is pointed out that although the interest rate mechanisms in China has gone through several adjustmentsand reforms, the results are not yet fully up to expectations. The interest rate does not adjust the national eco-nomic structure, and direct the trend of funds, nor regulate the general social supply and demand and balancethe price and currency in circulation, to achieve a rational distribution of social resources. The interest rate pol-icy of Central Bank does not have much actual influence on the economic departments, and this influence wascontinuously weakened in recent years. Countermeasures are suggested for improving the macro control of inter-est rate.

  15. Teaching Macro Principles "after" the Financial Crisis

    Science.gov (United States)

    Blinder, Alan

    2010-01-01

    Recent events should force everyone who teaches macroeconomics (or finance, for that matter) to reconsider their curriculums. In this short article, the author shares his thoughts about what should and should not be changed in the way economists teach macro principles to beginning students. Two tradeoffs are paramount and must be faced by every…

  16. Fractional-order in a macroeconomic dynamic model

    Science.gov (United States)

    David, S. A.; Quintino, D. D.; Soliani, J.

    2013-10-01

    In this paper, we applied the Riemann-Liouville approach in order to realize the numerical simulations to a set of equations that represent a fractional-order macroeconomic dynamic model. It is a generalization of a dynamic model recently reported in the literature. The aforementioned equations have been simulated for several cases involving integer and non-integer order analysis, with some different values to fractional order. The time histories and the phase diagrams have been plotted to visualize the effect of fractional order approach. The new contribution of this work arises from the fact that the macroeconomic dynamic model proposed here involves the public sector deficit equation, which renders the model more realistic and complete when compared with the ones encountered in the literature. The results reveal that the fractional-order macroeconomic model can exhibit a real reasonable behavior to macroeconomics systems and might offer greater insights towards the understanding of these complex dynamic systems.

  17. Technological changes on the macroeconomic level—mathematical modeling

    Directory of Open Access Journals (Sweden)

    A. A. Shananin

    2001-01-01

    Full Text Available We consider two of the technological changes on the macroeconomic level. The first type is due to changes of addresses of mutual deliveries between producers and the second type is due to technological progress.

  18. Essays in political economy and resource economic : A macroeconomic approach

    NARCIS (Netherlands)

    Rodriguez Acosta, Mauricio

    2016-01-01

    This dissertation consists of four chapters in Political Economy and Resource Economics from a macroeconomic perspective. This collection of works emphasizes the endogenous nature of institutions and their importance for economic development. The four chapters revolve around two central questions:

  19. The relationship between exchange rate and macroeconomic variables in China

    Directory of Open Access Journals (Sweden)

    Chi Wei Su

    2012-06-01

    Full Text Available The objective of this study is to provide evidences on the relationship betweenRenminbi (RMB exchange rate and macroeconomic variables in China, as well asguidelines for reform of RMB exchange rate regime. The long-run equilibriumrelationship between RMB exchange rate and macroeconomic variables of Chinais examined by applying the non-parametric rank tests proposed by Breitung.Furthermore, this study uses the threshold error-correction model (TECM todetect the nonlinear casual relationship between RMB exchange rate andmacroeconomic variables that are nonlinear forms. The results show that RMBexchange rate and macroeconomic variables have nonlinear relationship witheach other. In the long run, these results demonstrate solid evidence that RMBexchange rate and macroeconomic variables support the hypothesis of anasymmetrical error-correction process in China. Our results have important policyimplications for Chinese government under study.

  20. Inflows and their Macroeconomic Impact in India a VAR Analysis

    Directory of Open Access Journals (Sweden)

    Narayan Sethi

    2012-12-01

    Full Text Available The present study attempts to examine the effects of private foreign capital inflows (FINV on macroeconomic variables in India. The study also examines the trends and composition of capital inflows into India. Using the Vector Autoregression (VAR method, this paper specifically examines effects of private foreign capital inflows (FINV on macroeconomic variables in India. This study is based on the monthly data from 1995:04 to 2011:07 and incorporating the macroeconomic variables such as exchange rate (EXR, inflation, money supply (M3, export (EXPO, import (IMP, foreign exchange reserve (FOREX and economic growth (IIP as proxy of GDP. The important observations emerge from the VAR analysis which shows there is dynamic short and long equilibrium relationship between few macroeconomic variables like exchange rate (EXR, foreign exchange reserve (FOREX, index of industrial production (IIP and money supply (M3 with private foreign capital inflows (FINV during the study period from 1995:04 to 2011:07

  1. The Birth of the Regulated Company in the Macroeconomic Environment

    National Research Council Canada - National Science Library

    Alexandru BODISLAV

    2011-01-01

    This research analyzes the mode of evolution of an economy at macroeconomic level, backward-pyramidal evolution from the capitalism structure, the appearance of the free enterprise and the corporate...

  2. a review of selected macroeconomic factors impacting building ...

    African Journals Online (AJOL)

    Osondu

    2011-09-27

    Sep 27, 2011 ... procurement in Nigeria. The influence of the macro-economic indicators on this problem cannot ..... Hillebrandt, P. M. (2000) Economic Theory and the Construction Industry. ... Udeh, C. (1991), Contract Administration in.

  3. Interactive macroeconomics stochastic aggregate dynamics with heterogeneous and interacting agents

    CERN Document Server

    Di Guilmi, Corrado

    2017-01-01

    One of the major problems of macroeconomic theory is the way in which the people exchange goods in decentralized market economies. There are major disagreements among macroeconomists regarding tools to influence required outcomes. Since the mainstream efficient market theory fails to provide an internal coherent framework, there is a need for an alternative theory. The book provides an innovative approach for the analysis of agent based models, populated by the heterogeneous and interacting agents in the field of financial fragility. The text is divided in two parts; the first presents analytical developments of stochastic aggregation and macro-dynamics inference methods. The second part introduces macroeconomic models of financial fragility for complex systems populated by heterogeneous and interacting agents. The concepts of financial fragility and macroeconomic dynamics are explained in detail in separate chapters. The statistical physics approach is applied to explain theories of macroeconomic modelling a...

  4. Cognitive modeling and multi criteria decision making in macroeconomic analysis

    Directory of Open Access Journals (Sweden)

    Leonova Nina

    2014-01-01

    Full Text Available Decision making in macroeconomics belongs to the class of ill-structured tasks with strong external factors interdependence, a limited number of management tools and experts groups' subjectivity. This paper suggests a technique of macroeconomic analysis which includes methods of cognitive modeling for formalizing a problem situation and scenario generation as a basis of the typical multicriteria decision making task. In turn, for solving this task is suggested a method based on measuring the distance to the 'ideal' solution with determining importance of criteria by finding objective, common component of all values measured by experts groups. For extracting this 'commonality' means of factor analysis are used. Such an approach allows separating of the objective part in experts' value from a subjective one, while the technique at whole provides formalization of macroeconomic problems and substantiation of decision-making in macroeconomics.

  5. MACROECONOMIC ENVIRONMENT AND GREENFIELD FOREIGN DIRECT INVESTMENT OF HOTEL BRANDS

    National Research Council Canada - National Science Library

    Joze Peric; Maja Niksic Radic

    2016-01-01

    .... The purpose of the study is to assess the macroeconomic environment, the effects of greenfield FDI in tourism and, consequently, the presence of global hotel brands using the comparative analysis...

  6. Macroeconomic Stability in Developing Countries: How Much Is Enough?

    National Research Council Canada - National Science Library

    Peter Montiel; Luis Servén

    2006-01-01

    Over the 1990s macroeconomic policies improved in most developing countries, but the growth dividend from this improvement fell short of expectations, and a policy agenda focused on stability turned...

  7. The macroeconomics of public sector deficits : a synthesis

    OpenAIRE

    1991-01-01

    Fiscal deficits have been at the forefront of macroeconomic adjustment in the 1980s, both in developing and developed countries. Fiscal deficits were blamed in good part for the assortment of ills that beset developing countries in the 1980s: over-indebtedness leading to the debt crisis beginning in 1982, high inflation, and poor investment and growth performance. This paper will examine the evidence for the macroeconomic effects of fiscal deficits, using the results of a set of ten case stud...

  8. Macroeconomics Variables and the Stock Market : The Case of Russia

    OpenAIRE

    Yelyubayev, Talgat

    2011-01-01

    This study investigates the relationship between macroeconomic variables and the Russian stock market. Following macroeconomic variables are used: industrial production, consumer price index, discount rate, exchange rate and oil prices. Index of the MICEX stock exchange is chosen to represent the Russian market. Monthly time series data of mentioned variables are used and time span covers September 1997 to April 2011 period. Empirical analysis consists of applying Augmented Dickey-Fuller (ADF...

  9. Experience of Macroeconomic Models Realization in Transition Economy

    Directory of Open Access Journals (Sweden)

    Elvira Naval

    2005-01-01

    Full Text Available This article represents an issue about macroeconomic model realization under transition economy of Moldova Republic. Different macroeconomic model beginning with simple monetary model and growth model, and more complicated model as financial programming models, general equilibrium model, describing complex functioning of national economy and forecasting effect of various economic policies on economy development were considered. Some comparative analysis and conclusions were presented.

  10. Trade Regimes, Liberalization and Macroeconomic Instability in Africa

    OpenAIRE

    Chantal Dupasquier; Patrick N. Osakwe

    2006-01-01

    Trade policy has been a very contentious issue in the discourse on African development. Using panel data for 33 African countries spanning the period 1986-2000, we examine the relationship between trade liberalization and macroeconomic instability in Africa. We focus on instabilities in output, consumption and investment, and use both single and system estimation techniques as well as different measures of trade regimes. After controlling for key potential sources of macroeconomic instability...

  11. Macroeconomic Factors and the Correlation of Stock and Bond Returns

    OpenAIRE

    Lingfeng Li

    2003-01-01

    This paper examines the correlation between stock and bond returns. It first documents that the major trends in stock-bond correlation for G7 countries follow a similar reverting pattern in the past forty years. Next, an asset pricing model is employed to show that the correlation of stock and bond returns can be explained by their common exposure to macroeconomic factors. The link between the stock-bond correlation and macroeconomic factors is examined using three successively more realistic...

  12. Realized Bond-Stock Correlation: Macroeconomic Announcement Effects

    OpenAIRE

    Christiansen, Charlotte; Ranaldo, Angelo

    2005-01-01

    We investigate the effects of macroeconomic announcements on the realized correlation between bond and stock returns. Our results deliver insights into the dominating drivers of bond-stock comovements. We find that it is not so much the surprise component of the announcement, but the mere fact that an announcement occurs that influences the realized bond-stock correlation. The impact of macroeconomic announcements varies across the business cycle. Announcement effects are highly dependent on ...

  13. The Czech Equity Market - Its Effectiveness and Macroeconomic Consequences

    OpenAIRE

    Helena Horská

    2005-01-01

    This paper examines features of the Czech stock market’s development from 1997 to 2003 and attempts to unveil the macroeconomic consequences of stock-price development. The analysis of the stock market’s behavior supports a cautionary stance on the hypothesis of the efficient-market theory, even in its weak form. Another finding, as regards the macroeconomic consequences of stock-price development, undermined the assumption of the positive wealth effect of rising stocks. In relation to GDP gr...

  14. ABOUT MACROECONOMIC PURPOSE OF THE STRATEGIC DEVELOPMENT OF EFFECTIVE BALANCED MACROECONOMIC SYSTEMS

    Directory of Open Access Journals (Sweden)

    Sergey A. Vladimirov

    2015-01-01

    Full Text Available The purpose of this article is a theoretical substantiation of the possibility of DOS reaches the maximum possible public efficiencies of government spending, investments and taxes in perfect condition coordination bath open economic system. The proposed model can always bring in the ideal case («zero-loss" public effectively scope of public expenditure and investment to the maximum possible rate of economic growth, that allows you to substantiate the main directions of the relevant macroeconomic (fiscal, tax and budget policy.

  15. CENTRAL BANK INDEPENDENCE AND MACROECONOMIC PERFORMANCES - AN EMPIRICAL APPROACH

    Directory of Open Access Journals (Sweden)

    Coroiu Sorina

    2011-07-01

    Full Text Available The empirical evidence upon the macroeconomic performances of the independent central banks do not always have been successfully. In some cases, the consistency of the indices based on the interpretation of central banks statues used for measuring the degree of central bank independence is controversial, particularly for some of the indices. Moreover, the correlations between central bank independence and macroeconomic performance variables are not always confirmed, the causal relationship between central bank independence and inflation is controversial, and the higher disinflation costs, as a result of a higher sacrifice ratio correlated with the degree of independence is controversial, too. The effects of central bank independence upon macroeconomic performances focalized upon the empirical evidence of inflation, output or economic grouth and the disinflation costs. This is due to the lack of studies vis - vis of relationship between central bank independence and macroeconomic performances regarding some variables like interest rates and budgetary deficits. Specialists consider inflation and output as the main determinats of the social welfare. The economic literature regarding this fact suggests that the central bank is seen as a free lunch institution. This hypothesis sustains that independent central banks will have social benefits in terms of lower inflation rates, but without any costs in terms of the real macroeconomic performances as a higher output volatility or a lower economic growth. In this article we provide a qualitative analyses regarding the relationship between central bank independence and macroeconomic performances. For this purpose the authors used the new index for measuring central bank independence and inflation targeting based on three pillars: political and legal central bank independence, central bank governance and conduct of monetary policy, central bank transparency and accountability. For estimating the

  16. IMPACT OF GLOBALIZATION ON MACROECONOMIC POLICY

    Directory of Open Access Journals (Sweden)

    Clementina IVAN-UNGUREANU

    2008-12-01

    Full Text Available Globalization – the growing integration of economies and societies around the world – has been one of the most hotly-debated topics in international economics over the past few years. Rapid growth and poverty reduction in some countries that were poor 20 years ago have been positive aspects of globalization. But globalization has also generated significant international opposition to concerns about increased inequality and environmental degradation. There are many definitions of globalization. One of them could be: globalization is an ecosystem in which economic potential is no longer defined or contained by political and geographic boundaries. Economic activity has no bounds in a globalized economy. A globalized world is one where goods, services, financial capital, machinery, money, workers and ideas migrate to wherever they are most valued and can work together most efficiently, flexibly and securely. Where does economic policy come into play in this world? This paper presents some aspects of globalization and the impact on the new strategy of macroeconomics policy.

  17. Macroeconomic fluctuations and bank behavior in Chile

    Directory of Open Access Journals (Sweden)

    Jorge E. Restrepo

    2008-03-01

    Full Text Available The purpose of this study is to analyze bank behavior in Chile over time, looking at how their balance sheets and performance move both in the short and long run, and how they react to macroeconomic shocks. The evolution of banking aggregates over an 18 year period (1989-2006, using quarterly data is examined. Techniques common in the real business cycle literature are applied to establish empirical patterns. Robustness tests using several filters are performed. The effects of macro shocks on banking variables are analyzed, both by means of an event study, and by estimating impulse responses with VARs. The results show that credit lags the cycle, demand deposits lead it, both being procyclical, while the capital adequacy ratio (CAR is countercyclical. In addition, a shock to interest rates reduces loans (total, commercial, consumption, and increases non performing loans (NPL and the capital adequacy ratio (CAR. A shock to GDP growth has a positive effect on loans, return over equity (ROE, and a negative impact on NPL and CAR.

  18. Macroeconomic trends and reforms in Germany

    Directory of Open Access Journals (Sweden)

    Roberto Sabbatini

    2010-01-01

    Full Text Available This paper traces the main macroeconomic developments in the German economy from national unification. Its performance is compared with that of the rest of the euro area and its largest economies. The study documents as GermanyÕs modest growth in the later 1990s was due to the restrictive impact on domestic demand coming from the deep restructuring and modernization of the production system, followed by sweeping reforms after the turn of the century. Rapid productivity increases and prolonged wage moderation, especially in industry, fuelled a large and mounting current account surplus in Germany, that compares with the deficits registered in most European countries. The study retraces the recent debate on how to correct those imbalances, recalling the arguments for and against the thesis that the countries with a current payments surplus, above all Germany, must also play an active role in fostering the adjustment of the deficit countries. A possible synthesis is proposed, based on an analysis of the formation of national income and the use of resources according to the national accounts system. The implication is that Germany may contribute to the correction of imbalances within the euro area not so much by altering the wage formation mechanism as by creating incentives for domestic investment, hence fostering employment creation, in the service sectors that are currently lagging behind the extraordinary perfomance of a number of core activities in the industry.

  19. GaSbBi/GaSb quantum well laser diodes

    Science.gov (United States)

    Delorme, O.; Cerutti, L.; Luna, E.; Narcy, G.; Trampert, A.; Tournié, E.; Rodriguez, J.-B.

    2017-05-01

    We report on the structural and optical properties of GaSbBi single layers and GaSbBi/GaSb quantum well heterostructures grown by molecular beam epitaxy on GaSb substrates. Excellent crystal quality and room-temperature photoluminescence are achieved in both cases. We demonstrate laser operation from laser diodes with an active zone composed of three GaSb0.885Bi0.115/GaSb quantum wells. These devices exhibit continuous-wave lasing at 2.5 μm at 80 K, and lasing under pulsed operation at room-temperature near 2.7 μm.

  20. High spin polarization and the origin of unique ferromagnetic ground state in CuFeSb

    Science.gov (United States)

    Sirohi, Anshu; Singh, Chandan K.; Thakur, Gohil S.; Saha, Preetha; Gayen, Sirshendu; Gaurav, Abhishek; Jyotsna, Shubhra; Haque, Zeba; Gupta, L. C.; Kabir, Mukul; Ganguli, Ashok K.; Sheet, Goutam

    2016-06-01

    CuFeSb is isostructural to the ferro-pnictide and chalcogenide superconductors and it is one of the few materials in the family that are known to stabilize in a ferromagnetic ground state. Majority of the members of this family are either superconductors or antiferromagnets. Therefore, CuFeSb may be used as an ideal source of spin polarized current in spin-transport devices involving pnictide and the chalcogenide superconductors. However, for that the Fermi surface of CuFeSb needs to be sufficiently spin polarized. In this paper we report direct measurement of transport spin polarization in CuFeSb by spin-resolved Andreev reflection spectroscopy. From a number of measurements using multiple superconducting tips we found that the intrinsic transport spin polarization in CuFeSb is high (˜47%). In order to understand the unique ground state of CuFeSb and the origin of large spin polarization at the Fermi level, we have evaluated the spin-polarized band structure of CuFeSb through first principles calculations. Apart from supporting the observed 47% transport spin polarization, such calculations also indicate that the Sb-Fe-Sb angles and the height of Sb from the Fe plane are strikingly different for CuFeSb than the equivalent parameters in other members of the same family thereby explaining the origin of the unique ground state of CuFeSb.

  1. Modern macroeconomics: a review of the post 2008/2009 crisis debate

    African Journals Online (AJOL)

    macroeconomics has gone wayward and thus become irrelevant for policy, others ... consequent spillover effects for the whole economy and on global a scale. ... macroeconomics yet, but monetary theory on one side and real business cycle.

  2. THE IMPACT OF THE GLOBAL ECONOMIC CRISIS ON MACROECONOMIC AGGREGATES IN BRICS COUNTRIES AND USA

    OpenAIRE

    2013-01-01

    The global economic crisis which has emerged 2007 year has led to major financial and corporate scandals, also hence to large fluctuations in macroeconomic developments and the implementation of national policies. Macroeconomic aggregates are important indicators that measure the results of activities of the economy of a country, and therefore are important for macroeconomic analysis. The aim of this paper is to show the impact of the global economic crisis on macroeconomic aggregates in the ...

  3. Families in the context of macroeconomic crises: A systematic review.

    Science.gov (United States)

    Fonseca, Gabriela; Cunha, Diana; Crespo, Carla; Relvas, Ana Paula

    2016-09-01

    The present study is a systematic review of empirical literature from the last 35 years on families' responses to economic distress in the context of macroeconomic crises. Thirty-nine studies published between 1983 and 2015 in 12 countries were identified, resulting in 3 main findings. First, economic distress was associated with negative changes in family dynamics, specifically couple relationships and parenting. Second, protective factors were found to buffer the adverse effects of economic distress on family and individual outcomes. Third, the results suggest that individual responses to macroeconomic crises may be moderated by sex. Implications for future research encompass using validated assessment instruments, including participants beyond 2-parent families with adolescent children and conducting both longitudinal and qualitative studies that focus on the processes and meanings of adaptation within this risk context. Conclusions highlighted the need to assist families dealing with macroeconomic crises' demands, encouraging the development and validation of macrosystemic intervention programs. (PsycINFO Database Record

  4. Macroeconomic Determinants of Economic Growth: A Review of International Literature

    Directory of Open Access Journals (Sweden)

    Chirwa Themba G.

    2016-12-01

    Full Text Available The paper conducts a qualitative narrative appraisal of the existing empirical literature on the key macroeconomic determinants of economic growth in developing and developed countries. Much as other empirical studies have investigated the determinants of economic growth using various econometric methods, the majority of these studies have not distinguished what drives or hinders economic growth in developing or developed countries. The study finds that the determinants of economic growth are different when this distinction is used. It reveals that in developing countries the key macroeconomic determinants of economic growth include foreign aid, foreign direct investment, fiscal policy, investment, trade, human capital development, demographics, monetary policy, natural resources, reforms and geographic, regional, political and financial factors. In developed countries, the study reveals that the key macroeconomic determinants that are associated with economic growth include physical capital, fiscal policy, human capital, trade, demographics, monetary policy and financial and technological factors.

  5. MACROECONOMIC UNCERTAINTY AND PRIVATE INVESTMENT IN GHANA: AN EMPIRICAL INVESTIGATION

    Directory of Open Access Journals (Sweden)

    William Bekoe

    2013-01-01

    Full Text Available In spite of the progress made in economic performance over the years, the Ghanaian economy continues to be bedevilled by a host of constraints. Among these constraints are low levels of savings and investments which have raised serious concerns among economists and policy makers with respect to the sustainability of the achievements attained so far. This study attempts to investigate empirically the link between investments and uncertainty using dataset from Ghana covering the period 1975 to 2008. In the empirical analysis, the paper aims at separating ordinary variability from uncertainty by the construction of measures of uncertainty for some key macroeconomic indicators and using them to assess their impact on investment behaviour within an econometric framework including other acceptable determinants of investment. The Phillip-Hansen cointegration test confirms the existence of long-run equilibrium relationship between private investment, standard determinants of investment, and macroeconomic uncertainty. Result from the study shows that on the whole the investment-uncertainty link reveals a significant negative effect of all macroeconomic uncertainty indicator variables on private investment with the exception of real exchange rate volatility. The values for price of capital uncertainty, real GDP growth uncertainty, and terms of trade uncertainty are large in absolute terms. The regression result further reveals that private investment displays important inertia and shows slow adjustment process towards long-run equilibrium. Lastly, the summary measure of macroeconomic uncertainty which encompasses the first principal components of the conditional variances of the five macroeconomic variables shows a consistent indirect effect on private investment. Generally we found macroeconomic uncertainties to be more detrimental to private investment growth in the long-run relative to the short-run.

  6. Aid Policy and the Macroeconomic Management of Aid

    DEFF Research Database (Denmark)

    Addison, Tony; Tarp, Finn

    2015-01-01

    This is an introduction to the UNU-WIDER special issue of World Development on aid policy and the macroeconomic management of aid. We provide an overview of the 10 studies, grouping them under three sub-themes: the aid–growth relationship; the supply-side of aid (including its level, volatility......, and coordination of donors); and the macroeconomic framework around aid. The studies in the special issue demonstrate the centrality of research methodology, the importance of disaggregation, and the need to account for country-specific situations and problems. This introduction concludes that the sometimes “over...

  7. Sustainability transitions in the perspective of ecological macroeconomics

    DEFF Research Database (Denmark)

    Røpke, Inge

    2013-01-01

    macroeconomics that addresses multiple crises by including insights from different, partly overlapping research communities. The main idea is to explore the usefulness of combining three different system perspectives in the study of sustainability transitions: socio-technical provision systems, distributional...... systems and macroeconomic systems. First, the theoretical concept of sustainability and the different system perspectives are outlined, and then the perspectives are brought together in the discussion of a specific topic that is key to sustainable transition: the need for considerable resources to invest...

  8. ANALYSIS OF MACROECONOMIC DETERMINANTS OF EXCHANGE RATE VOLATILITY IN INDIA

    Directory of Open Access Journals (Sweden)

    Anita Mirchandani

    2013-01-01

    Full Text Available The Foreign Exchange Market in India has undergone substantial changes over last decade. It is imperative by the excessive volatility of Indian Rupee causing its depreciation against major dominating currencies in international market. This research has been carried out in order to investigate various macroeconomic variables leading to acute variations in the exchange rate of a currency. An attempt has been made to review the probable reasons for the depreciation of the Rupee and analyse different macroeconomic determinants that have impact on the volatility of exchange rate and their extent of correlation with the same.

  9. Macroeconomic Dynamics of Assets, Leverage and Trust

    Science.gov (United States)

    Rozendaal, Jeroen C.; Malevergne, Yannick; Sornette, Didier

    A macroeconomic model based on the economic variables (i) assets, (ii) leverage (defined as debt over asset) and (iii) trust (defined as the maximum sustainable leverage) is proposed to investigate the role of credit in the dynamics of economic growth, and how credit may be associated with both economic performance and confidence. Our first notable finding is the mechanism of reward/penalty associated with patience, as quantified by the return on assets. In regular economies where the EBITA/Assets ratio is larger than the cost of debt, starting with a trust higher than leverage results in the highest long-term return on assets (which can be seen as a proxy for economic growth). Therefore, patient economies that first build trust and then increase leverage are positively rewarded. Our second main finding concerns a recommendation for the reaction of a central bank to an external shock that affects negatively the economic growth. We find that late policy intervention in the model economy results in the highest long-term return on assets. However, this comes at the cost of suffering longer from the crisis until the intervention occurs. The phenomenon that late intervention is most effective to attain a high long-term return on assets can be ascribed to the fact that postponing intervention allows trust to increase first, and it is most effective to intervene when trust is high. These results are derived from two fundamental assumptions underlying our model: (a) trust tends to increase when it is above leverage; (b) economic agents learn optimally to adjust debt for a given level of trust and amount of assets. Using a Markov Switching Model for the EBITA/Assets ratio, we have successfully calibrated our model to the empirical data of the return on equity of the EURO STOXX 50 for the time period 2000-2013. We find that dynamics of leverage and trust can be highly nonmonotonous with curved trajectories, as a result of the nonlinear coupling between the variables. This

  10. The role of Sb in solar cell material Cu 2 ZnSnS 4

    Energy Technology Data Exchange (ETDEWEB)

    Zhang, Xiaoli; Han, Miaomiao; Zeng, Zhi; Duan, Yuhua

    2017-01-01

    In this study, based on first-principles calculations we report a possible mechanism of the efficiency improvement of the Sb-doped Cu2ZnSnS4 (CZTS) solar cells from the Sb-related defect point of view. Different from Sb in CuInSe2 which substituted the Cu atomic site and acted as group-13 elements on the Cu-poor growth condition, we find out that Sb prefers to substitute Sn atomic site and acts as group-14 elements on the Cu-poor growth condition in CZTS. At low Sb concentration, SbSn produces a deep defect level which is detrimental for the solar cell application. At high Sb concentration, Sb 5s states form an isolated half-filled intermediate band at 0.5 eV above the valence band maximum which will increase the photocurrent as well as the solar cell efficiency.

  11. Elastic properties of antiperovskite-type Ni-rich nitrides MNNi 3 (M=Zn, Cd, Mg, Al, Ga, In, Sn, Sb, Pd, Cu, Ag and Pt) as predicted from first-principles calculations

    Science.gov (United States)

    Bannikov, V. V.; Shein, I. R.; Ivanovskii, A. L.

    2010-11-01

    We have performed accurate ab initio total energy calculations using the full-potential linearized augmented plane wave (FP-LAPW) method with the generalized gradient approximation (GGA) for the exchange-correlation potential to systematically investigate elastic properties of 12 synthesized and hypothetical cubic antiperovskite-type Ni-rich nitrides MNNi 3, where M are Zn, Cd, Mg, Al, Ga, In, Sn, Sb, Pd, Cu, Ag and Pt. As a result, the optimized lattice parameters, independent elastic constants ( Cij), bulk-, shear- and tetragonal shear moduli, Cauchy’s pressure and some indexes of elastic anisotropy, as well as the numerical estimations of Young’s modulus, Poisson’s ratio and Pugh's indicator of brittle/ductile behavior for the corresponding polycrystalline MNNi 3 (in the Voigt-Reuss-Hill approximation) were obtained and analyzed in comparison with the available theoretical and experimental data.

  12. Elastic properties of antiperovskite-type Ni-rich nitrides MNNi{sub 3} (M=Zn, Cd, Mg, Al, Ga, In, Sn, Sb, Pd, Cu, Ag and Pt) as predicted from first-principles calculations

    Energy Technology Data Exchange (ETDEWEB)

    Bannikov, V.V.; Shein, I.R. [Institute of Solid State Chemistry, Ural Branch of the Russian Academy of Sciences, 620990 Ekaterinburg (Russian Federation); Ivanovskii, A.L., E-mail: ivanovskii@ihim.uran.r [Institute of Solid State Chemistry, Ural Branch of the Russian Academy of Sciences, 620990 Ekaterinburg (Russian Federation)

    2010-11-15

    We have performed accurate ab initio total energy calculations using the full-potential linearized augmented plane wave (FP-LAPW) method with the generalized gradient approximation (GGA) for the exchange-correlation potential to systematically investigate elastic properties of 12 synthesized and hypothetical cubic antiperovskite-type Ni-rich nitrides MNNi{sub 3}, where M are Zn, Cd, Mg, Al, Ga, In, Sn, Sb, Pd, Cu, Ag and Pt. As a result, the optimized lattice parameters, independent elastic constants (C{sub ij}), bulk-, shear- and tetragonal shear moduli, Cauchy's pressure and some indexes of elastic anisotropy, as well as the numerical estimations of Young's modulus, Poisson's ratio and Pugh's indicator of brittle/ductile behavior for the corresponding polycrystalline MNNi{sub 3} (in the Voigt-Reuss-Hill approximation) were obtained and analyzed in comparison with the available theoretical and experimental data.

  13. Entropy, pricing and macroeconomics of pumped-storage systems

    Science.gov (United States)

    Karakatsanis, Georgios; Mamassis, Nikos; Koutsoyiannis, Demetris; Efstratiadis, Andreas

    2014-05-01

    We propose a pricing scheme for the enhancement of macroeconomic performance of pumped-storage systems, based on the statistical properties of both geophysical and economic variables. The main argument consists in the need of a context of economic values concerning the hub energy resource; defined as the resource that comprises the reference energy currency for all involved renewable energy sources (RES) and discounts all related uncertainty. In the case of pumped-storage systems the hub resource is the reservoir's water, as a benchmark for all connected intermittent RES. The uncertainty of all involved natural and economic processes is statistically quantifiable by entropy. It is the relation between the entropies of all involved RES that shapes the macroeconomic state of the integrated pumped-storage system. Consequently, there must be consideration on the entropy of wind, solar and precipitation patterns, as well as on the entropy of economic processes -such as demand preferences on either current energy use or storage for future availability. For pumped-storage macroeconomics, a price on the reservoir's capacity scarcity should also be imposed in order to shape a pricing field with upper and lower limits for the long-term stability of the pricing range and positive net energy benefits, which is the primary issue of the generalized deployment of pumped-storage technology. Keywords: Entropy, uncertainty, pricing, hub energy resource, RES, energy storage, capacity scarcity, macroeconomics

  14. Macroeconomic and social change and popular demand for redistribution

    DEFF Research Database (Denmark)

    Jæger, Mads Meier

    This paper tests the self-interest hypothesis arguing that changes in macroeconomic and social conditions affect popular demand for redistribution. I analyze data from four waves of the European Social Survey and use a synthetic cohort design to generate pseudo panel data for socio-demographic gr......This paper tests the self-interest hypothesis arguing that changes in macroeconomic and social conditions affect popular demand for redistribution. I analyze data from four waves of the European Social Survey and use a synthetic cohort design to generate pseudo panel data for socio......-demographic groups that are matched over time. I estimate fixed effect models and find that (1) changes in macroeconomic and social conditions affect the demand for redistribution; (2) results are mostly consistent with the self-interest hypothesis claiming that agents demand more redistribution in economically hard...... times (and vice versa in good times); and (3) the effect of macroeconomic and social conditions on the demand for redistribution are highly non-linear....

  15. Overall Effects of China's Recent Macroeconomic Regulatory Policies

    Institute of Scientific and Technical Information of China (English)

    LiJianwei,; ZhuShida; DavidKelly

    2004-01-01

    China's economic regulatory policies in the last few years have played an important role in curbing the slide of its consistent growth drive. In terms of overall effects, the macroeconomic regulatory policies of each fiscal year have attained their targets. In some years, however,

  16. In Search of the Motives behind US Fiscal Macroeconomic Policy

    NARCIS (Netherlands)

    O.H. Swank (Otto); J. Swank (Job)

    1993-01-01

    textabstractIn this paper optimal control techniques are applied to estimate the motives behind US fiscal macroeconomic policy. Starting from a range of possible objectives and given the perception of policy makers about the environment in which they operate, the priorities of policy makers are esti

  17. LIMITS OF ECB MONETARY POLICIES ON ADJUSTING MACROECONOMIC SHOCKS

    Directory of Open Access Journals (Sweden)

    Ihnatov Iulian Romeo

    2009-05-01

    Full Text Available : In this paper we intend to highlight the limits of ECB in managing the macroeconomic shocks in the Euro zone. We consider that in the last months the ECB monetary policy rate loses its effectiveness and, consequently, should be offset by other measures

  18. Macroeconomic stabilization and intervention policy under an exchange rate band

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; van der Ploeg, F.

    1998-01-01

    Macroeconomic stabilization and foreign exchange market interventions are investigated for a small open economy with a nominal exchange rate band. In a first-best situation, a band is not advisable from a stabilization perspective, even though with money demand shocks no welfare losses are incurred.

  19. Macro-economic Impact Study for Bio-based Malaysia

    NARCIS (Netherlands)

    Meijl, van H.; Smeets, E.M.W.; Dijk, van M.; Powell, J.P.; Tabeau, A.A.

    2012-01-01

    Deze macro-economische impactstudie (MES) biedt kwantitatieve inzichten in de macro-economische effecten van de invoering tussen nu en 2030 van groene, op palmolie gebaseerde alternatieven voor de productie van elektriciteit, brandstoffen, chemicaliën en materialen in Maleisië.This Macro-economic Im

  20. Exploring Fiscal Policy at Zero Interest Rates in Intermediate Macroeconomics

    Science.gov (United States)

    Ramamurthy, Srikanth; Sedgley, Norman

    2013-01-01

    Since the financial meltdown of 2007, advanced macroeconomic theory has delved more deeply into the question of the appropriate fiscal policy when the nominal interest rate is close to or at zero percent. Such analysis is typically conducted with the aid of New Keynesian Dynamic Stochastic General Equilibrium models. The policy implications are,…

  1. CREDIBILITY AND TRANSPARENCY - SOURCES FOR THE IMPROVEMENT OF MACROECONOMIC PERFORMANCES

    Directory of Open Access Journals (Sweden)

    Vorzsak Magdalena

    2009-05-01

    Full Text Available The purpose of this paper is to show that the monetary policy credibility and transparency represent two powerful sources for the improvement of macroeconomic performances. In order to achieve this goal, the authors adapted the methodology developed by Kr

  2. Speed, Algorithmic Trading, and Market Quality around Macroeconomic News Announcements

    NARCIS (Netherlands)

    M.L. Scholtus (Martin); D.J.C. van Dijk (Dick); B.P.M. Frijns (Bart)

    2012-01-01

    textabstractThis paper documents that speed is crucially important for high frequency trading strategies based on U.S. macroeconomic news releases. Using order level data of the highly liquid S&P500 ETF traded on NASDAQ from January 6, 2009, to December 12, 2011, we find that a delay of 300

  3. Exploring Fiscal Policy at Zero Interest Rates in Intermediate Macroeconomics

    Science.gov (United States)

    Ramamurthy, Srikanth; Sedgley, Norman

    2013-01-01

    Since the financial meltdown of 2007, advanced macroeconomic theory has delved more deeply into the question of the appropriate fiscal policy when the nominal interest rate is close to or at zero percent. Such analysis is typically conducted with the aid of New Keynesian Dynamic Stochastic General Equilibrium models. The policy implications are,…

  4. Realized Bond-Stock Correlation: Macroeconomic Announcement Effects

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Ranaldo, Angelo

    2005-01-01

    We investigate the effects of macroeconomic announcements on the realized correlation between bond and stock returns. Our results deliver insights into the dominating drivers of bond-stock comovements. We find that it is not so much the surprise component of the announcement, but the mere fact th...

  5. Macro-economic Impact Study for Bio-based Malaysia

    NARCIS (Netherlands)

    Meijl, van H.; Smeets, E.M.W.; Dijk, van M.; Powell, J.P.; Tabeau, A.A.

    2012-01-01

    Deze macro-economische impactstudie (MES) biedt kwantitatieve inzichten in de macro-economische effecten van de invoering tussen nu en 2030 van groene, op palmolie gebaseerde alternatieven voor de productie van elektriciteit, brandstoffen, chemicaliën en materialen in Maleisië.This Macro-economic

  6. Macroeconomic stabilization and intervention policy under an exchange rate band

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; van der Ploeg, F.

    1998-01-01

    Macroeconomic stabilization and foreign exchange market interventions are investigated for a small open economy with a nominal exchange rate band. In a first-best situation, a band is not advisable from a stabilization perspective, even though with money demand shocks no welfare losses are incurred.

  7. MACROECONOMIC ENVIRONMENT AND GREENFIELD FOREIGN DIRECT INVESTMENT OF HOTEL BRANDS

    Directory of Open Access Journals (Sweden)

    Jože Perić

    2016-12-01

    Full Text Available The powerful attraction of foreign direct investment (FDI is particularly important for further development of tourism. The strategically focused attraction of FDI in tourism has a much higher significance because of the multiple effects in relation to other segments of the economy. In this context, it is necessary to highlight the investment engagement and the presence of globally branded luxury hotels. The purpose of the study is to assess the macroeconomic environment, the effects of greenfield FDI in tourism and, consequently, the presence of global hotel brands using the comparative analysis of the selected countries as the methodological basis of this study. The research results indicate that a favorable macroeconomic environment plays an important role in attracting foreign capital. Countries that have a more favorable macroeconomic environment attract more greenfield FDI, and provide a greater presence of global hotel brands, and thus greater competitiveness. Also, the political stability, the encouraging macroeconomic business conditions, the elimination of administrative and legislative barriers, the elimination of the country's image as a corrupt destination and tourism staff education at all levels are particularly important for FDI in tourism.

  8. Does retirement flexibility provide a hedge against macroeconomics risks?

    NARCIS (Netherlands)

    Adema, Y.; Bonenkamp, J.; Meijdam, Lex

    2017-01-01

    Retirement flexibility is often seen as a hedge against macroeconomic risks such as capital market risks, which justifies more risky asset portfolios. This paper analyses the robustness of this claim in both a partial equilibrium and general equilibrium setting. We show that this positive

  9. Essays in political economy and resource economic : A macroeconomic approach

    NARCIS (Netherlands)

    Rodriguez Acosta, Mauricio

    2016-01-01

    This dissertation consists of four chapters in Political Economy and Resource Economics from a macroeconomic perspective. This collection of works emphasizes the endogenous nature of institutions and their importance for economic development. The four chapters revolve around two central questions: 1

  10. Differential model of macroeconomic growth with endogenic cyclicity

    Directory of Open Access Journals (Sweden)

    Mikhail I. Geraskin

    2017-09-01

    Full Text Available Objective to elaborate a mathematical model of economic growth taking into account the cyclical nature of macroeconomic dynamics with the model parameters based on the Russian economy statistics. Methods economic and mathematical modeling system analysis regression factor analysis econometric time series analysis. Results the article states that under unstable economic growth in Russia forecasting of strategic prospects of the Russian economy is one of the topical directions of scientific studies. Furthermore construction of predictive models should be based on multiple factors taking into account such basic concepts as the neoKeynesian HarrodDomar model Ramsey ndash Cass ndash Koopmans model S. V. Dubovskiyrsquos concept as well as the neoclassical growth model by R. Solow. They served as the basis for developing a multifactor differential economic growth model which is a modification of the neoclassical growth model by R. Solow taking into account the laborsaving and capitalsaving forms of scientifictechnical progress and the Keynesian concept of investment. The model parameters are determined based on the dynamics of actual GDP employment fixed assets and investments in fixed assets for 19652016 in Russia on the basis of official statistics. The generalized model showed the presence of longwave fluctuations that are not detected during the individual periods modeling. The cyclical nature of macroeconomic dynamics with a period of 54 years was found which corresponds to the parameters of long waves by N. D. Kondratiev. Basing on the model the macroeconomic growth forecast was generated which shows that after 2020 the increase of scientifictechnical progress will be negative. Scientific novelty a model is proposed of the scientifictechnical progress indicator showing the growth rate of the capital productivity ratio to the saving rate a differential model of macroeconomic growth is obtained which endogenously takes cyclicity into account

  11. Introducing Dynamic Analysis Using Malthus's Principle of Population.

    Science.gov (United States)

    Pingle, Mark

    2003-01-01

    Declares the use of dynamic models is increasing in macroeconomics. Explains how to introduce dynamic models to students whose technical skills are modest or varied. Chooses Malthus's Principle of Population as a natural context for introducing dynamic analysis because it provides a method for reviewing the mathematical tools and theoretical…

  12. Factors Affecting Students' Grades in Principles of Economics

    Science.gov (United States)

    Kara, Orhan; Bagheri, Fathollah; Tolin, Thomas

    2009-01-01

    Factors affecting students' grades in principles of microeconomics and macroeconomics students are analyzed from the data collected in two public universities. Results indicate that gender, number of hours worked, SAT scores, number of missed classes, recommending the course to a friend, instructors, being a junior, number of economics courses…

  13. The structuralist tradition in economics: methodological and macroeconomics aspects

    Directory of Open Access Journals (Sweden)

    FABRÍCIO MISSIO

    2015-06-01

    Full Text Available This paper examines the structuralist tradition in economics, emphasizing the role that structures play in the economic growth of developing countries. Since the subject at hand is evidently too large to cover in a single article, an emphasis has been brought to bear upon the macroeconomic elements of such a tradition, while also exploring its methodological aspects. It begins by analysing some general aspects of structuralism in economics (its evolution and origins associated with ECLAC thought, in this instance focusing on the dynamics of the center-periphery relationship. Thereafter, the macroeconomic structuralism derived from the works of Taylor (1983, 1991 is presented, followed by a presentation of neo-structuralism. Centred on the concept of systemic competitiveness, this approach defines a strategy to achieve the high road of globalization, understood here as an inevitable process in spite of its engagement being dependent on the policies adopted. The conclusions show the genuine contributions of this tradition to economic theory.

  14. The Swedish model: an alternative to macroeconomic policy

    Directory of Open Access Journals (Sweden)

    ALEXANDRE GUEDES VIANA

    2016-06-01

    Full Text Available ABSTRACT This paper describes the main details of the Swedish economic model, which began to be structured on the 1930s and achieved its consolidation on the 1950s. The Swedish model is characterized by a macroeconomic policy which provides price stability, fiscal results for selective industrial policies and social active policies, the latter being recognized as a wide universal welfare state. This combination, which contradicts the traditional economic prescriptions, has been successful given the country was agrarian and underdeveloped until the beginni.ng of 20th century and achieved a high social-economic development level on the 1970s. Afterwards, we present the Swedish experiment as an alternative to macroeconomic management, especially due to its uniqueness.

  15. The Manufacturing Sector of Ghana: Are There Any Macroeconomic Disturbances?

    Directory of Open Access Journals (Sweden)

    Patrick Enu

    2014-06-01

    Full Text Available The study examined the macroeconomic factors that influence performance of the manufacturing sector of Ghana using multivariate time series approach. It was found out that manufacturing production and real gross domestic product per capita were inversely related. In the long-run, macroeconomic variables such as private sector credit, labour and real exchange rate were unfavourable factors that weigh down the manufacturing sector while in the short-run, the past years consumer price index and real exchange rate were unfavourable to the manufacturing production. Finally, it is recommended that private sector credit to the manufacturing sector should be improved, training of labour force should be skilled and technical oriented and policies to stabilise the real exchange rate should be put in place to halt the down trending in manufacturing production.

  16. Projection of macroeconomic indicators in SME sector by 2025

    Directory of Open Access Journals (Sweden)

    Stevanović Mirjana

    2016-01-01

    Full Text Available The paper is based on an analysis of companies and entrepreneurs who have made business (performed their activity in the period of 2010-2014. We also analyzed the number of entrepreneurs, micro, small and medium enterprises, number of employees, gross social value, exports, imports, number of importers and exporters. The aim of the paper is the projection of macroeconomic indicators by 2025 in the Republic of Serbia, with emphasis put onto improvement of business conditions with the aim of Serbian economy growth. The result of the research should show that the macroeconomic projections in the SME sector are on the path of recovery and growth, but they are conditional on the quality of fiscal policy, reforms implementation pace, financial incentives, and creating an environment whose ultimate goal would be strengthening of the private sector and creating even favorable business conditions.

  17. Analysis of structural macroeconomic indicators based on harmony approach

    Directory of Open Access Journals (Sweden)

    Knyshenko, Tetyana

    2012-05-01

    Full Text Available In the article the application of fractal theory and proportions of «gold section» is considered to the analysis of macroeconomic indicators, the criteria of optimum and efficiency of structure of economy are selected. An economy is represented as treelike fractal, every level of which is characterized by potential of profits (by the issue and necessity in charges. The types of structural subsystems in an economy are selected: permanent and temporal, the last arise up at violation of systems optimum. An author drew conclusion that on the certain types of economic activity structural subsystems can be effective, but they can not be named optimum, as there are deviations from the «gold section» at the certain type of the technological mode, in the issue, intermediate consumption and GVP. A conclusion about the type of the technological mode based on analysis of investment of spheres and types of economic activity in forming of macroeconomic indexes.

  18. DUAL MONETARY SYSTEM AND MACROECONOMIC PERFORMANCE IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Sri Herianingrum

    2016-02-01

    Full Text Available This research aims to evaluate the impact of dual monetary policy shock on macroeconomic indicators of Indonesia: growth and inflation. In addition, this study will also examine whether conventional monetary policy has a particular impact upon Islamic banking sector. This research apply VAR (vector auto regressive method on monthly data from Bank Of Indonesia during the period of January 2010 to December 2013. The result of IRF explain that the interest rate channel find the hard way to accomplished the macroeconomic goals while the Islamic monetary instrument indicates the potential growth of output and hold the inflation low. The result of VDC describes that the Islamic instrument still affected by conventional monetary policy because of slow development in Islamic monetary systemDOI: 10.15408/aiq.v8i1.1990

  19. New consensus macroeconomics and inflation targeting: Keynesian critique

    Directory of Open Access Journals (Sweden)

    Philip Arestis

    2008-12-01

    Full Text Available A number of countries have adopted Inflation Targeting (IT since the early 1990s in an attempt to reduce inflation to low levels. Since then, IT has been praised by most literature as a superior framework of monetary policy. We suggest that IT is a major policy prescription closely associated with the New Consensus Macroeconomics (NCM. This paper concentrates mainly on the IT aspects of the NCM. We address the theoretical foundations of IT. This is followed by an assessment of its theoretical foundations, where a number of aspects are discussed. We then turn our attention to an assessment of the empirical work on IT, where we distinguish the work that has been done utilising structural macroeconomic models, and work based in single equation techniques. The IT theoretical framework and the available empirical evidence do not appear to support the views of the proponents.

  20. Enhanced Gravity Model of trade: reconciling macroeconomic and network models

    CERN Document Server

    Almog, Assaf; Garlaschelli, Diego

    2015-01-01

    The bilateral trade relations between world countries form a complex network, the International Trade Network (ITN), which is involved in an increasing number of worldwide economic processes, including globalization, integration, industrial production, and the propagation of shocks and instabilities. Characterizing the ITN via a simple yet accurate model is an open problem. The classical Gravity Model of trade successfully reproduces the volume of trade between two connected countries using known macroeconomic properties such as GDP and geographic distance. However, it generates a network with an unrealistically homogeneous topology, thus failing to reproduce the highly heterogeneous structure of the real ITN. On the other hand, network models successfully reproduce the complex topology of the ITN, but provide no information about trade volumes. Therefore macroeconomic and network models of trade suffer from complementary limitations but are still largely incompatible. Here, we make an important step forward ...

  1. Macroeconomic policies and economic democracy in neoliberal Brazil

    Directory of Open Access Journals (Sweden)

    Daniel Bin

    2015-12-01

    Full Text Available Abstract The objective of this paper is to investigate some of the forms of conduct of macroeconomic policies related to a substantive concept of democracy, characterized by popular participation - direct or through representatives - in decisions that unevenly affect the material well-being of the entire Brazilian population. Special attention is given to decisions about the country's public indebtedness in the years following the launching of the RealPlan. Empirical evidences show a limited democracy, revealed by the material inequality, which in turn reproduces political inequality and restricts real freedom. This is combined with the selective bureaucratic insulation of economic policy decisions, and the parliament's failure to deal with the macroeconomic agenda. The latter is thus left to the control of the executive branch's economic apparatus, which on one hand submits itself to substantial political influence from finance and, on the other hand, restricts popular participation in decisions on both fiscal and monetary policies.

  2. Macroeconomics, Economic Crisis and Electoral Outcomes: A National European Pool

    OpenAIRE

    Dassonneville, Ruth; Lewis-Beck, Michael

    2012-01-01

    An abundance of comparative survey research has established the presence of economic voting as a individual force in European elections. But the hypothesis of economic voting at the aggregate level, with macroeconomics influencing overall electoral outcomes, rests on shakier ground. Indeed, there might be a micrological fallacy at work, with the individual economic vote effect not adding up to a national electoral effect after all. We examine this possibility through rigorous analysis of a la...

  3. Macroeconomic Reasons of Debts in Polish Health Service

    Directory of Open Access Journals (Sweden)

    Kamila Szymańska

    2008-04-01

    Full Text Available The article deals with the problem of debts in polish health service. Author analyzes the macroeconomic reasons of this situation. As a main reasons are indicated: a specificity of the health service market, which leads to a inefficient allocation of health services, lack of reliable data on health care system, too low level of public expenditure on a health care, inappropriate allocation of public capital and a monopolistic position of the payer.

  4. Macroeconomic impact of the Solar Thermal Electricity Industry in Spain

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2011-10-15

    In the last three years, Solar Thermal Electricity (STE) in Spain has grown significantly. Its weight within the renewables mix is becoming relevant, and even more so, its impact on economics, society, the environment, and reducing energy dependence. This report was carried out by Deloitte for Protermosolar to quantitatively and qualitatively evaluate the main macroeconomic variables derived from the development of this technology in Spain from 2008 to 2010, and forecast its possible future impact.

  5. Essays on macroeconomic effects of credit market fluctuations

    OpenAIRE

    Tripathy, Jagdish

    2016-01-01

    This dissertation includes three chapters on the macroeconomic effects of the financial system, particularly the credit market. In the first chapter, I show a causal link between household credit supply and economic activity using an exogenous shock to household credit supply by Spanish banks in Mexico resulting from macroprudential regulations in Spain. I use the variation in exposure to this shock across Mexican municipalities as a natural experiment and measure the elasticit...

  6. Essays on the stock market's reaction to macroeconomic news

    OpenAIRE

    Cenesizoglu, Tolga

    2006-01-01

    There are probably only few other questions as central to economics as the question "How do market prices react to news?". The reaction of prices to new information has interested and puzzled economists since the early years of the field. This thesis addresses several dimensions of this basic question for the specific case of the stock market. This thesis develops new theoretical models about the reaction of stock prices to macroeconomic news using new mathematical tools and techniques and te...

  7. On the Macroeconomic and Welfare Effects of Illegal Immigration

    OpenAIRE

    Liu, Xiangbo

    2009-01-01

    This paper investigates the macroeconomic and welfare effects of illegal immigration on the native born within a dynamic general equilibrium framework with labor market frictions. A key feature of the model is that job competition is allowed for between domestic workers and illegal immigrants. We calibrate the model to match some key statistics of the postwar U.S. economy. The model predicts that in the long run illegal immigration is a boon, but the employment opportunities of domestic worke...

  8. SMEs growth in the Czech Republic: Some macroeconomic perspectives

    OpenAIRE

    Osakwe, Christian Nedu; Verter, Nahanga; Bečvářová, Věra; Chovancová, Miloslava

    2015-01-01

    Small and medium enterprises (SMEs) are seen as a vehicle for employment generation, wealth creation, economic growth and development in countries that have a sound investment climate. SMEs, account for approximately one-third of GDP, over 50% of the value added, 99% of the share of total registered enterprises, and represent 60% of total employment in the Czech Republic. In the light of this background, the paper explores the influence of some macroeconomic variables on SMEs growth in the Cz...

  9. The Relationship between Housing Finance and Macroeconomics Variables in Malaysia

    Directory of Open Access Journals (Sweden)

    Binti Mohd Shukor Nur Baizura

    2016-01-01

    Full Text Available Housing finance is one of the factors that contribute in the overall economy growth of the country. The purpose of this paper is to analyse the relationship of housing finance variable and the macroeconomic variables in Malaysia. By adopting time series technique of Vector Auto regression (VAR and Impulse Response to determine the dynamic relationship between the macroeconomic and housing finance variable. The cointegration result shows that there exists a long run relationship between the macroeconomic variable and housing finance variable. The finding from impulse response function indicates that Gross Domestic Product (GDP response positively to the Primary Mortgage Market (PMM, which shows that during the good economy there are more housing loan extends by the banking institution. Meanwhile, interest rate response negatively to Secondary Mortgage Market (SMM, which implies that during the financial crisis, more housing loan sold to the Secondary Mortgage Market as one of the measure by the government to increase liquidity in banking institutions. As a conclusion, there is presence of relationship between the variable which change in one variable will affect the other variable in the long run.

  10. [Macroeconomic recovery trends. Urban impact on the population].

    Science.gov (United States)

    Perez Mendoza, J S

    1991-12-01

    Some reflections are presented on the impact of Mexico's macroeconomic policy on population dynamics and urban development in the immediate future as the opening and liberalization of the economic increasingly influence market forces. Although the actions envisaged in the macroeconomic policy are not yet consolidated, it is possible to foresee some of their consequences for the city and for population movement. It can be predicted that the macroeconomic policy will lead to greater economic growth and consolidation of the urban population because of positive expectations for stability and growth, and the resultant environment of confidence in the immediate future. A resurgence of private investment in goods and services directed primarily to private consumption will inevitable create demand for public investment in infrastructure and improved services. Demand for consumer durables in likely to rise, as is demand for housing. New residential zones are likely to appear and grow, changing the territorial configuration of urban areas. The urban administration should make some effort to control the growth.

  11. Investment, Macroeconomic Stability and Growth: The Latin American Experience Investment, Macroeconomic Stability and Growth: The Latin American Experience

    Directory of Open Access Journals (Sweden)

    Patricio Rojas

    1993-03-01

    Full Text Available The purpose of this paper is to explore the role of factor accumulation, economic policies, and economic and political uncertainties on growth performance of Latin American countries in the last three decades. We extend the work of Corbo and Rojas (1992 in two directions suggested by recent work in this area. First, we extend the model by considering term of trade effects and an additional measure of distortion, the black marker premium. Second, we provide further evidence of the channels through which economic policies affect growth by endogenizing the investment rate. The main conclusions are that the terms of trade affect growth directly, and indirectly through its effect in the investment rate: the black market premium is more a measure of macroeconomic instability than of the degree of oppenness; and stability of economic policies can affect growth directly through the law of motion for growth and indirectly through investment rates. Investment, Macroeconomic Stability and Growth: The Latin American Experience

  12. Managing Success in Viet Nam: Macroeconomic Consequences of Large Capital Inflows with Limited Policy Tools

    OpenAIRE

    Menon, Jayant

    2009-01-01

    Viet Nam has experienced spectacular economic growth over the past decade, in part the result of massive foreign direct investment (FDI) inflows. Although much has been written on the impacts of FDI in developing countries, previous studies have generally ignored macroeconomic consequences in cost-benefit assessments. These macroeconomic aspects can be particularly important in transitional economies like Viet Nam, where some of the tools for macroeconomic stabilization may be blunt or unavai...

  13. The impact of Macroeconomic Fundamentals on Stock Prices revisited: An Evidence from Indian Data

    OpenAIRE

    Pramod Kumar, Naik; Puja, Padhi

    2012-01-01

    The study investigates the relationships between the Indian stock market index (BSE Sensex) and five macroeconomic variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and macroeconomic variables. The analysis reveals that macroeconomic v...

  14. New Keynesian macroeconomics: Entry for New Palgrave Dictionary of Economics, 2nd Edition

    OpenAIRE

    Dixon, Huw David

    2007-01-01

    This dictionary entry defines the development of new Keynesian macroeconomics (NKM) since the 1980s. I argue that the key defining feature NKM is the introduction of imperfect competition, making price and/or wage setting endogenous and hence allowing for a rigorous understanding of nominal rigidity. This has led to a shift away from perfect competition in macroeconomics. The combination of NKM with dynamic macroeconomic modelling has led to the current orthodoxy: the new-neoclassical synthes...

  15. Effects of FeSb6 octahedral deformations on the electronic structure of LaFe4Sb12

    KAUST Repository

    Pulikkotil, Jiji Thomas Joseph

    2011-09-01

    First-principles density functional based electronic structure calculations are performed in order to clarify the influence of FeSb6 octahedral deformations on the structural and electronic structure properties of LaFe 4Sb12. Our results show that octahedral tiltings correlate with the band dispersions and, consequently, the band masses. While total energy variation points at an enhanced role of lattice anharmonicity, flat bands emerge from a redistribution of the electronic states. © 2011 Elsevier B.V. All rights reserved.

  16. Assessing the Macroeconomic Importance of Gasoline and Vehicle Spending

    Energy Technology Data Exchange (ETDEWEB)

    Santini, Danilo J. [Argonne National Lab. (ANL), Argonne, IL (United States); Poyer, David A. [Morehouse College, Atlanta, GA (United States)

    2016-05-01

    Vector error correction (VEC) was used to test the importance of a theoretical causal chain from transportation fuel cost to vehicle sales to macroeconomic activity. Real transportation fuel cost was broken into two cost components: real gasoline price (rpgas) and real personal consumption of gasoline and other goods (gas). Real personal consumption expenditure on vehicles (RMVE) represented vehicle sales. Real gross domestic product (rGDP) was used as the measure of macroeconomic activity. The VEC estimates used quarterly data from the third quarter of 1952 to the first quarter of 2014. Controlling for the financial causes of the recent Great Recession, real homeowners’ equity (equity) and real credit market instruments liability (real consumer debt, rcmdebt) were included. Results supported the primary hypothesis of the research, but also introduced evidence that another financial path through equity is important, and that use of the existing fleet of vehicles (not just sales of vehicles) is an important transport-related contributor to macroeconomic activity. Consumer debt reduction is estimated to be a powerful short-run force reducing vehicle sales. Findings are interpreted in the context of the recent Greene, Lee, and Hopson (2012) (hereafter GLH) estimation of the magnitude of three distinct macroeconomic damage effects that result from dependence on imported oil, the price of which is manipulated by the Organization of Petroleum Exporting Countries (OPEC). The three negative macroeconomic impacts are due to (1) dislocation (positive oil price shock), (2) high oil price levels, and (3) a high value of the quantity of oil imports times an oil price delta (cartel price less competitive price). The third of these is the wealth effect. The VEC model addresses the first two, but the software output from the model (impulse response plots) does not isolate them. Nearly all prior statistical tests in the literature have used vector autoregression (VAR) and

  17. Importance of the macroeconomic variables for variance prediction: A GARCH-MIDAS approach

    DEFF Research Database (Denmark)

    Asgharian, Hossein; Hou, Ai Jun; Javed, Farrukh

    2013-01-01

    This paper aims to examine the role of macroeconomic variables in forecasting the return volatility of the US stock market. We apply the GARCH-MIDAS (Mixed Data Sampling) model to examine whether information contained in macroeconomic variables can help to predict short-term and long-term compone......This paper aims to examine the role of macroeconomic variables in forecasting the return volatility of the US stock market. We apply the GARCH-MIDAS (Mixed Data Sampling) model to examine whether information contained in macroeconomic variables can help to predict short-term and long...

  18. External Balance Payments – Macroeconomic Analysis Instrument

    Directory of Open Access Journals (Sweden)

    Madalina Dumbrava

    2006-04-01

    Full Text Available The foreign trade activity represents, on one side, the participation of one country to the international economic co-operation, on the basis of the labor international division as well as, on the other side, a factor of economic growth. The sold of the payments balance shows to what extent a country depends on external relationship. The foreign payments balance is conceived as an instrument of economic analysis, reflecting the actual financial flows, which are being established. In the paper we are dealing with the forms in which the payments balance is made, as well as the recording principles for its data. By its own structure, the foreign payment balance emphasizes the debts and the commitments undertaken by a country, within a given period of time. Aspects such as: the equilibrium of the payments balance; tehnicques meant to secure the equilibrium of the payments balance and policies meant to secure the equilibrium of the payments balance are also approached as an attempt to clarify the subject.

  19. External Balance Payments – Macroeconomic Analysis Instrument

    Directory of Open Access Journals (Sweden)

    Madalina Dumbrava

    2006-06-01

    Full Text Available The foreign trade activity represents, on one side, the participation of one country to the international economic co-operation, on the basis of the labor international division as well as, on the other side, a factor of economic growth. The sold of the payments balance shows to what extent a country depends on external relationship. The foreign payments balance is conceived as an instrument of economic analysis, reflecting the actual financial flows, which are being established. In the paper we are dealing with the forms in which the payments balance is made, as well as the recording principles for its data. By its own structure, the foreign payment balance emphasizes the debts and the commitments undertaken by a country, within a given period of time. Aspects such as: the equilibrium of the payments balance; tehnicques meant to secure the equilibrium of the payments balance and policies meant to secure the equilibrium of the payments balance are also approached as an attempt to clarify the subject.

  20. Anyon Superconductivity of Sb

    Science.gov (United States)

    Maksoed, Wh-; Parengkuan, August

    2016-10-01

    In any permutatives to Pedro P. Kuczhynski from Peru, for anyon superconductivity sought EZ Kuchinskii et al.: ``Anion height dependence of Tc & d.o.s of Fe-based Superconductors'', 2010 as well as ``on the basis of electron microscopy & AFM measurements, these phenomena are quantified with focus on fractal dimension, particle perimeter & size of the side branch(tip width) in bert Stegemann et al.:Crystallization of Sb nanoparticles-Pattern Formation & Fractal Growth'', J.PhysChem B., 2004. For dendritic & dendrimer fractal characters shown further: ``antimony denrites were found to be composed of well-crystallized nanoflakes with size 20-4 nm''- Bou Zhau, et al., MaterialLetters, 59 (2005). The alkyl triisopropyl attached in TIPSb those includes in DNA, haemoglobin membrane/fixed-bed reactor for instance quotes in Dragony Fu, Nature Review Cancer, 12 (Feb 2012). Heartfelt Gratitudes to HE. Mr. Prof. Ir. Handojo.

  1. Main: SB3NPABC1 [PLACE

    Lifescience Database Archive (English)

    Full Text Available SB3NPABC1 S000434 27-Jan-2004 (last modified) kehi Sclareol box3 (SB3) found at -21...6 of a plasma membrane ATP binding cassette (ABC) transporter gene (NpABC1) in N. plumbaginifolia; Mutation ...in SB3 completely abolished sclareolide-mediated expression; See S ; sclareol; ABC; transporter; SB3; Nicotiana plumbaginifolia (tobacco); TTATGAACAGTAATT ...

  2. Transmission electron microscopy analysis of phase separation in GaInAsSb films grown on GaSb substrate.

    Science.gov (United States)

    Szczeszek, P; Amariei, A; Schöne, J; Zoulis, G; Vouroutzis, N; Polychroniadis, E K; Stróz, D

    2006-10-01

    The GaSb-based quaternary alloys are a good choice for thermophotovoltaic applications. The thermophotovoltaic cell converts infrared radiation to electricity, using the same principles as photovoltaic devices. The aim of the present work was the microstructural study of such an alloy, namely Ga(0.84)In(0.16)As(0.12)Sb(0.88). A thin film of the material was grown by metal organic vapour phase epitaxy on a (100)alpha-->[111]B (alpha = 2 degrees, 4 degrees, 6 degrees) GaSb substrate. The GaInAsSb alloy has an appropriate band gap, but suffers from a phase separation consisting of GaAs-rich and InSb-rich regions that is disadvantageous for cell efficiency. In this work, we employed a morphological approach to phase separation, with the use of conventional transmission electron microscopy and atomic force microscopy. The phase separation occurs in two different orientations: parallel to the growth direction (vertical) and inclined (lateral). After application of fast Fourier transformation filtering, the vertical periodicity was found to be lambda = 5 nm for the pair (black and white) of layers independently of the cut-off angle, whereas the lateral periodicity was related to it.

  3. Cosmetic surgery in times of recession: macroeconomics for plastic surgeons.

    Science.gov (United States)

    Krieger, Lloyd M

    2002-10-01

    Periods of economic downturn place special demands on the plastic surgeon whose practice involves a large amount of cosmetic surgery. When determining strategy during difficult economic times, it is useful to understand the macroeconomic background of these downturns and to draw lessons from businesses in other service industries. Business cycles and monetary policy determine the overall environment in which plastic surgery is practiced. Plastic surgeons can take both defensive and proactive steps to maintain their profits during recessions and to prepare for the inevitable upturn. Care should also be taken when selecting pricing strategy during economic slowdowns.

  4. MACROECONOMIC DETERMINANTS OF BAD LOANS IN BALTIC COUNTRIES AND ROMANIA

    Directory of Open Access Journals (Sweden)

    Liliana DONATH

    2014-12-01

    Full Text Available The 2008–09 global crisis raised debates concerning the determinants of financial vulnerability. Among these, bad loans have been identified as significantly influencing financial imbalances. After a decade in which borrowing has constantly grown mainly because of the deregulation of financial markets, the crisis highlighted the importance of an effective credit risk management. The purpose of the paper is to study the evolution of bad loans ratio in relation with selected macroeconomic indicators in the Baltic countries (Estonia, Latvia and Lithuania and Romania.

  5. Introducción a la macroeconomía

    OpenAIRE

    Gómez-Puig, Marta

    2007-01-01

    [spa] El objetivo de este trabajo es la exposición esquematizada de los principales conceptos que debe adquirir un estudiante en la asignatura de Introducción a la Macroeconomía, con la finalidad de que pueda ser utilizado como material docente complementario en la explicación de la citada materia tanto en la Licenciatura en Economía como en la de Administración y Dirección de Empresas. De ese modo, los dos primeros temas tienen como objetivo definir las principales magnitudes macroeconómicas...

  6. Macroeconomic Variables and Unemployment: The Case of Turkey

    Directory of Open Access Journals (Sweden)

    Taylan Taner Doğan

    2012-01-01

    Full Text Available This study investigates the response of unemployment to selective macroeconomics shocks over period of 2000:Q1-2010:Q1. It is found that positive shocks to growth, growth in export and and inflation reduce unemployment. On the other hand, shocks to exchange rate, interbank interest rate and money supply increase unemployment. Our results are consistent with Phillips curve and Okun’s Law suggestion. Namely, negative relationship between output and unemployment and positive relationship between unemployment and inflation are found. Also, this study found consistent results with earlier literature.

  7. Macroeconomic Determinants of Skilled Labour Migration: The Case of Malaysia

    Science.gov (United States)

    Tan, Chuie Hong; Solucis Santhapparaj, A.

    In this study, macroeconomic determinants of immigration are analysed with pooled cross-country and time series data on skilled immigration into Malaysia from 39 countries during 1998-2004. Results demonstrate clearly that both high frequency (such as differences in cyclical economic conditions) and low frequency determinants (such as differences in levels of economic development) have been important for determinants of immigration into Malaysia. Immigration is determined by the income growth of Malaysia, change in Malaysian unemployment rate and population of the source countries. Year-to-year changes in skilled immigration flows are dominated by economic fluctuation.

  8. The Birth of the Regulated Company in the Macroeconomic Environment

    Directory of Open Access Journals (Sweden)

    Alexandru BODISLAV

    2011-06-01

    Full Text Available This research analyzes the mode of evolution of an economy at macroeconomic level, backward-pyramidal evolution from the capitalism structure, the appearance of the free enterprise and the corporate form of business organizations in our free market based system, at microeconomic level.The purpose of this paper is to enter the understanding of the specificities of the plurality of facets of the governance process. The target of this research paper are privately owned companies, but held publicly (by social parts owners or shareholders and expressed through the state – corporation relation with its geo-social-political-economic influences.

  9. Teaching Macroeconomics after the Crisis: A Survey among Undergraduate Instructors in Europe and the United States

    Science.gov (United States)

    Gärtner, Manfred; Griesbach, Björn; Jung, Florian

    2013-01-01

    The Great Recession raised questions of what and how macroeconomists teach at academic institutions around the globe, and what changes in the macroeconomics curriculum should be made. The authors conducted a survey of undergraduate macroeconomics instructors affiliated with colleges and universities in Europe and the United States at the end of…

  10. ANALYSIS MODEL ON THE RELATION BETWEEN MACROECONOMICAL VARIABLE TENDENCIES AND COMERCIAL BANK’S CREDIT RISK

    Directory of Open Access Journals (Sweden)

    Benyovszki Anamaria

    2009-05-01

    Full Text Available The main goal of this study is to apply a macroeconomic credit risk model which links a set of macroeconomic factors and industry-specific corporate sector default rates using Romanian data over the time period from 2002:2 to 2008:2. Using the modeled and

  11. Teaching Macroeconomics after the Crisis: A Survey among Undergraduate Instructors in Europe and the United States

    Science.gov (United States)

    Gärtner, Manfred; Griesbach, Björn; Jung, Florian

    2013-01-01

    The Great Recession raised questions of what and how macroeconomists teach at academic institutions around the globe, and what changes in the macroeconomics curriculum should be made. The authors conducted a survey of undergraduate macroeconomics instructors affiliated with colleges and universities in Europe and the United States at the end of…

  12. Economies: An Open Access Journal for the Field of Development Macroeconomics

    Directory of Open Access Journals (Sweden)

    Ralf Fendel

    2013-01-01

    Full Text Available Economies (ISSN 2227-7099 is a new international, peer-reviewed open access journal for the academic fields of development economics and macroeconomics. While the latter seems to be clearly defined, development economics is not, because it is related to nearly all traditional economic sub-disciplines such as macroeconomics, international trade and finance, as well as microeconomics and public finance. Typically, academic field journals of development economics cover all those economic sub-disciplines. Economies instead focuses mainly on the macroeconomic perspective of economic development and it intends to publish academic research that is of strong macroeconomic policy relevance. In general, contributions in Economies should foster understanding of the macroeconomic process of economic development, with the process of development not exclusively being reserved to what we typically call developing countries. Also, the group of developed economies is still developing in the sense of improving their living standards further.

  13. Testing the Goodwin growth-cycle macroeconomic dynamics in Brazil

    Science.gov (United States)

    Moura, N. J.; Ribeiro, Marcelo B.

    2013-05-01

    This paper discusses the empirical validity of Goodwin’s (1967) macroeconomic model of growth with cycles by assuming that the individual income distribution of the Brazilian society is described by the Gompertz-Pareto distribution (GPD). This is formed by the combination of the Gompertz curve, representing the overwhelming majority of the population (˜99%), with the Pareto power law, representing the tiny richest part (˜1%). In line with Goodwin’s original model, we identify the Gompertzian part with the workers and the Paretian component with the class of capitalists. Since the GPD parameters are obtained for each year and the Goodwin macroeconomics is a time evolving model, we use previously determined, and further extended here, Brazilian GPD parameters, as well as unemployment data, to study the time evolution of these quantities in Brazil from 1981 to 2009 by means of the Goodwin dynamics. This is done in the original Goodwin model and an extension advanced by Desai et al. (2006). As far as Brazilian data is concerned, our results show partial qualitative and quantitative agreement with both models in the studied time period, although the original one provides better data fit. Nevertheless, both models fall short of a good empirical agreement as they predict single center cycles which were not found in the data. We discuss the specific points where the Goodwin dynamics must be improved in order to provide a more realistic representation of the dynamics of economic systems.

  14. Macroeconomic and Institutional Determinants of Non-performing Loans

    Directory of Open Access Journals (Sweden)

    Tanasković Svetozar

    2015-01-01

    Full Text Available This paper aims to analyse macroeconomic and institutional empirical determinants of growth of NPL ratios. Research is focused on selected CEEC and SEE countries in the period 2006- 2013. For our analysis we use static panel model approach with the logarithm of share of NPLs to total loans as a dependent variable. As independent variables we used a combination of country-specific macroeconomic and financial indicators which are commonly used in reference literature, as well as relevant institutional variables. Our results show that there is a negative relationship between increases in GDP and rise of the NPL ratio. Along with GDP, foreign currency loans ratio and level of exchange rate are positively related with the increase of NPL ratio. This confirms the expectation that countries where domestic currency is not the main medium of credit placements will have larger problems with the level of NPLs, which is even more pronounced in periods of domestic currency depreciation. In the presented models, the inflation rate is reported as statistically insignificant for sample countries. In the group of institutional variables, only financial market level of development is reported as statistically significant in relation to the level of NPL - with a more developed financial market the level of NPLs should be lower.

  15. Causality and cointegration analysis between macroeconomic variables and the Bovespa.

    Directory of Open Access Journals (Sweden)

    Fabiano Mello da Silva

    Full Text Available The aim of this study is to analyze the causality relationship among a set of macroeconomic variables, represented by the exchange rate, interest rate, inflation (CPI, industrial production index as a proxy for gross domestic product in relation to the index of the São Paulo Stock Exchange (Bovespa. The period of analysis corresponded to the months from January 1995 to December 2010, making a total of 192 observations for each variable. Johansen tests, through the statistics of the trace and of the maximum eigenvalue, indicated the existence of at least one cointegration vector. In the analysis of Granger (1988 causality tests via error correction, it was found that a short-term causality existed between the CPI and the Bovespa. Regarding the Granger (1988 long-term causality, the results indicated a long-term behaviour among the macroeconomic variables with the BOVESPA. The results of the long-term normalized vector for the Bovespa variable showed that most signals of the cointegration equation parameters are in accordance with what is suggested by the economic theory. In other words, there was a positive behaviour of the GDP and a negative behaviour of the inflation and of the exchange rate (expected to be a positive relationship in relation to the Bovespa, with the exception of the Selic rate, which was not significant with that index. The variance of the Bovespa was explained by itself in over 90% at the twelfth month, followed by the country risk, with less than 5%.

  16. Macroeconomic Forecasts in Models with Bayesian Averaging of Classical Estimates

    Directory of Open Access Journals (Sweden)

    Piotr Białowolski

    2012-03-01

    Full Text Available The aim of this paper is to construct a forecasting model oriented on predicting basic macroeconomic variables, namely: the GDP growth rate, the unemployment rate, and the consumer price inflation. In order to select the set of the best regressors, Bayesian Averaging of Classical Estimators (BACE is employed. The models are atheoretical (i.e. they do not reflect causal relationships postulated by the macroeconomic theory and the role of regressors is played by business and consumer tendency survey-based indicators. Additionally, survey-based indicators are included with a lag that enables to forecast the variables of interest (GDP, unemployment, and inflation for the four forthcoming quarters without the need to make any additional assumptions concerning the values of predictor variables in the forecast period.  Bayesian Averaging of Classical Estimators is a method allowing for full and controlled overview of all econometric models which can be obtained out of a particular set of regressors. In this paper authors describe the method of generating a family of econometric models and the procedure for selection of a final forecasting model. Verification of the procedure is performed by means of out-of-sample forecasts of main economic variables for the quarters of 2011. The accuracy of the forecasts implies that there is still a need to search for new solutions in the atheoretical modelling.

  17. Causality and cointegration analysis between macroeconomic variables and the Bovespa.

    Science.gov (United States)

    da Silva, Fabiano Mello; Coronel, Daniel Arruda; Vieira, Kelmara Mendes

    2014-01-01

    The aim of this study is to analyze the causality relationship among a set of macroeconomic variables, represented by the exchange rate, interest rate, inflation (CPI), industrial production index as a proxy for gross domestic product in relation to the index of the São Paulo Stock Exchange (Bovespa). The period of analysis corresponded to the months from January 1995 to December 2010, making a total of 192 observations for each variable. Johansen tests, through the statistics of the trace and of the maximum eigenvalue, indicated the existence of at least one cointegration vector. In the analysis of Granger (1988) causality tests via error correction, it was found that a short-term causality existed between the CPI and the Bovespa. Regarding the Granger (1988) long-term causality, the results indicated a long-term behaviour among the macroeconomic variables with the BOVESPA. The results of the long-term normalized vector for the Bovespa variable showed that most signals of the cointegration equation parameters are in accordance with what is suggested by the economic theory. In other words, there was a positive behaviour of the GDP and a negative behaviour of the inflation and of the exchange rate (expected to be a positive relationship) in relation to the Bovespa, with the exception of the Selic rate, which was not significant with that index. The variance of the Bovespa was explained by itself in over 90% at the twelfth month, followed by the country risk, with less than 5%.

  18. Bank lending, macroeconomic conditions and financial uncertainty: Evidence from Malaysia

    Directory of Open Access Journals (Sweden)

    Mansor H. Ibrahim

    2012-07-01

    Full Text Available In this paper, we examine the interrelations between bank lending, macroeconomic conditions and financial uncertainty for an emerging economy, Malaysia. Adopting time series techniques of cointegration, causality and vector autoregressions (VARs, we arrive at the following main results. We note long run positive relations between real output and both real bank credits and real stock prices. However, with slow adjustment of real output in responses to credit expansion or stock price increase and weak exogeneity of the latter two variables, both credits and stock prices can be persistently higher than their fundamental values. The phenomenon can be detrimental since it heightens market uncertainty. Our results suggest that heightened market uncertainty is negatively related to output in the long run and, on the basis of dynamics analysis, it is likely to depress real output, real credit and real stock prices. At the same time, we note significant dynamic impacts of interest rate shocks on other variables. Taken together, these results have important implications for macroeconomic performance and stability for the case of Malaysia.

  19. Multilayer SnSb4-SbSe Thin Films for Phase Change Materials Possessing Ultrafast Phase Change Speed and Enhanced Stability.

    Science.gov (United States)

    Liu, Ruirui; Zhou, Xiao; Zhai, Jiwei; Song, Jun; Wu, Pengzhi; Lai, Tianshu; Song, Sannian; Song, Zhitang

    2017-08-16

    A multilayer thin film, comprising two different phase change material (PCM) components alternatively deposited, provides an effective means to tune and leverage good properties of its components, promising a new route toward high-performance PCMs. The present study systematically investigated the SnSb4-SbSe multilayer thin film as a potential PCM, combining experiments and first-principles calculations, and demonstrated that these multilayer thin films exhibit good electrical resistivity, robust thermal stability, and superior phase change speed. In particular, the potential operating temperature for 10 years is shown to be 122.0 °C and the phase change speed reaches 5 ns in the device test. The good thermal stability of the multilayer thin film is shown to come from the formation of the Sb2Se3 phase, whereas the fast phase change speed can be attributed to the formation of vacancies and a SbSe metastable phase. It is also demonstrated that the SbSe metastable phase contributes to further enhancing the electrical resistivity of the crystalline state and the thermal stability of the amorphous state, being vital to determining the properties of the multilayer SnSb4-SbSe thin film.

  20. A study on macroeconomic cost of CCS in Korea

    Science.gov (United States)

    Kim, Ji-Whan; Kim, Yoon Kyung

    2015-04-01

    CCS is an important measure for mitigating the problem of World Climate Change and already several projects are entered the step of commercialization. The benefits of CCS implementation ultimately depends on the alleviation level of CO2 on earth because it is caused by the mitigation of the World Climate Change problem. Thus it is possible not to coincide at same time between starting the CCS and getting the benefits. Considering the high costs of CCS, the time mismatch between imposing the costs and getting the benefits is apt to impose some heavy burden on the individual national economy. For this reason, at the political decision-making, the policy makers should consider the macroeconomic effects. Meanwhile, Korean electricity market's supply side is comprised of competitive production and a sole distributor(public enterprise) and then electricity is supplied by a single price structure(administered pricing). Under this condition, if CCS is introduced to power setor, electric charges must be increased and production costs will go high. High production costs will have unfavourable effects on disposable income, price level, purchasing power and so on. In order to minimize these effects, policy makers have to consider the economic effects of introducing CCS. This study estimates the microscopic cost of CCS using ICCSEM 2.0 methodology made by CO2CRC and after that, the macroeconomic effects of introducing CCS is estimated on the basis of microscopic cost estimating results. The macroeconomic effects of CCS applied to Power Generation sector are estimated using macroeconometrics model and Input-Output analysis. A macroeconometrics model is an analytical tool designed to describe the operation of the national economy. This model is usually applied to examine the dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, the level of prices and so forth. Introducing

  1. Chinese Macroeconomic Stabilisation and Reform: A Briefing Note

    Institute of Scientific and Technical Information of China (English)

    BryaneMichael

    2004-01-01

    While reform of the Chinese public and external sectors has promoted growth, it has also led to increasing macroeconomic volatility. Such volatility has largely been due to China's de facto administrative and fiscal decentralisation and its de jure attempts at reasserting central control through fiscal and commercial regulation. Section Ⅱ will discuss some reasons for China's rapid economic growth and discuss the macro-level influences which caused output and inflation instability in the period 1979-1996. Section Ⅲ will discuss the effects of public sector reform on output and prices. Section Ⅳ will explore trade reform's effects on output and prices. The conclusion will discuss implications for stabilisation -where “stabilisation” is taken to comprise economic policies aimed at reducing inflation while promoting long-term output growth.

  2. The macroeconomics of targeting: the case of an enduring epidemic.

    Science.gov (United States)

    Bell, Clive; Gersbach, Hans

    2009-01-01

    What is the right balance among policy interventions in order to ensure economic growth over the long run when an epidemic causes heavy mortality among young adults? We argue that, in general, policies to combat the disease and promote education must be concentrated, in certain ways, at first on some subgroups of society. This concentration involves what we term the macroeconomics of targeting. The central comparison is then between programs under which supported families enjoy the benefits of spending on health and education simultaneously (DT), and those under which the benefits in these two domains are sequenced (ST). When levels of human capital are uniformly low at the outbreak, DT is superior to ST if the mortality rate exceeds some threshold value. Outside aid makes DT more attractive; but DT restricts support to fewer families initially and so increases inequality. A summary account of the empirical evidence is followed by an application of the framework to South Africa.

  3. An account of new developmentalism and its structuralist macroeconomics

    Directory of Open Access Journals (Sweden)

    Luiz Carlos Bresser-Pereira

    2011-09-01

    Full Text Available This is a personal account of the definition of "new developmentalism" - a national development strategy alternative to the Washington consensus -, and of a "structuralist development macroeconomics": the sum of models that justifies theoretically that strategy. It is personal account of a collective work involving Keynesian, institutionalist and structuralist economists in Brazil that are forming a new school of thought in Brazil: a Keynesian-structuralist school. It is Keynesian because it emphasizes the demand side or the investment opportunities' side of economic growth. It is institutionalist because institutions obviously matter in achieving growth and stability. It is structuralist because it defines economic development as a structural change from low to high value added per capita industries and because it is based on two structural tendencies that limit investment opportunities: the tendency of wages to grow below productivity and the tendency to the cyclical overvaluation of the exchange rate.

  4. On the Selection of Common Factors for Macroeconomic Forecasting

    DEFF Research Database (Denmark)

    Giovannelli, Alessandro; Proietti, Tommaso

    We address the problem of selecting the common factors that are relevant for forecasting macroeconomic variables. In economic forecasting using diffusion indexes the factors are ordered, according to their importance, in terms of relative variability, and are the same for each variable to predict...... on the ordering of the components, based on weighting the p-values according to the eigenvalues associated to the components. We compare the empirical performance of these methods with the classical diffusion index (DI) approach proposed by Stock and Watson, conducting a pseudo-real time forecasting exercise...... factors. However, variable selection, leading to exclude some of the low order principal components, can lead to a sizable improvement in forecasting in specific cases. Only in one instance, real personal income, we were able to detect a significant contribution from high order components....

  5. THE IMPACT OF MACROECONOMIC INDICATORS ON THE MOVEMENT OF CROBEX

    Directory of Open Access Journals (Sweden)

    Bojan Tomic

    2014-12-01

    Full Text Available Many research showed a high degree of correlation between the US and European capital markets, partly due to industrial‒financial linkages of the United States and Europe, and partly due to the influence of psychological factors on the behavior of individuals, and the concept of behavioral finance. However, it can be assumed that the movement of the value of an observed index does not depend solely on the change of values of the S & P 500 index. Accordingly and in line with rational economic theory, this paper examines the link between changes in the value of selected macroeconomic indicators and the value of the main share Croatian capital market index CROBEX. The results indicate that of the nine initially observed variables, movement of CROBEX can be described and further explained by changes in the value of average wages, parity rate and dollar, the kuna and the euro and the kuna and the Swiss franc.

  6. The effects of discretionary fiscal policy on macroeconomic aggregates

    Directory of Open Access Journals (Sweden)

    Stevan Gaber

    2013-04-01

    Full Text Available We review the evidence on the practice and effects of discretionary fiscal policy, particularly in the context of recent efforts to stimulate the economy, reaching two main conclusions. First, policy interventions have increased in this decade, pre-dating the 2009 stimulus. Second, despite a large economic literature on the topic, the state of theory and evidence is not as "shovel ready" as one would like. Although consumption and investment clearly respond to tax incentives and structural vector autoregressions show that lower taxes and higher government purchases can boost output, it is difficult to apply the findings in the current context, in part because multipliers and policy lags are likely to vary with economic conditions. This paper surveys the theoretical predictions and recent empirical Vector Autoregression (VAR evidence on the short-run effects of discretionary fiscal policy on macroeconomic aggregates.

  7. ROMANIA MEASURES UNDERTAKEN TO OVERCOME THE CRISIS MACROECONOMIC POLICIES THROUGH

    Directory of Open Access Journals (Sweden)

    MUNGIU-PUPĂZAN MARIANA CLAUDIA

    2013-02-01

    Full Text Available This research paper is intended to be an analysis of the measures taken by the Romanian economic recoverythrough levers it has at hand, namely macroeconomic policies. Current financial and economic crisis appears to beunprecedented in the last half century. Whether it's a financial crisis or an economic one, we can talk about theeconomy installing a pronounced instability, uncertainty and insecurity about the future. There is a significantdecrease in the volume of transactions on the stock exchange, lack of trust in the financial system, a disturbance ofmarket mechanisms.The crisis has caused and continues to cause effects in various sectors of the economy, includingjob losses. Following the severe global economic problems, the crisis has spread rapidly in all areas.States have beenthe subject of theoretical dispute for decades, and these arguments have been rekindled with interventions bygovernments of countries affected by the recent crisis.

  8. MACROECONOMIC CONDITIONS OF BANKRUPTCY OF ENTERPRISES IN POLAND

    Directory of Open Access Journals (Sweden)

    Anna Bieniasz

    2014-12-01

    Full Text Available The main purpose of this work is to analyse the phenomenon of enterprises’ bankruptcy in Poland in 2004-2013 and attempt to build regression models defining the relationship between the number of bankrupted companies and selected macroeconomic parameters of the national economy. The analysis is based on Coface Poland reports presenting the phenomenon of bankruptcy in Poland of branches, provinces, legal forms of companies and types of bankruptcy proceedings. Studies have shown that the greatest risk of bankruptcy refers to metals production and fabricated metal products enterprises, manufacture of food products and beverages, wholesale trade, construction, micro and small enterprises, enterprises under the age of 10 years and companies from Mazovia region, Silesia and Lower Silesia. The estimated parameters of the regression models showed that the number of bankruptcies in Poland is strongly determined i.a. by the number of registered companies, GDP growth, dynamics of changes in fixed capital formation and changes in foreign exchange rates.

  9. Budget Deficit and Macroeconomics Fundamentals: The case of Azerbaijan

    Directory of Open Access Journals (Sweden)

    Kahnim Farajova

    2011-08-01

    Full Text Available In recent years, the emergence of rising budget deficit is the main reason forcing economists to investigate the reasons for changes in fiscal balances. The purpose of the paper is to investigate the relationship between budget deficit and macroeconomic fundamentals using data from Azerbaijan. The empirical analysis applies ARDL Cointegration methodology in conjunction with Granger causality tests to provide evidence for both the long and short run dynamics between the variables involved in the analysis. Using the Error Correction specification, there was found evidence of long-run causality running from current account, real interest rate, GDP, inflation and exchange rate to budget deficit. There was also found evidence of short-run Granger causal effects running from current account and real interest rate towards budget deficit and a rather weak causal effect from inflation to budget deficit. However, there is no short – run causality running from interest rate to budget deficit.

  10. Scaling of Growth Rate Volatility for Six Macroeconomic Variables

    Directory of Open Access Journals (Sweden)

    Boris Podobnik

    2012-06-01

    Full Text Available We study the annual growth rates of six macroeconomic variables: public debt, public health expenditures, exports of goods, government consumption expenditures, total exports of goods and services, and total imports of goods and services. For each variable, we find (i that the distribution of the growth rate residuals approximately follows a double exponential (Laplace distribution and (ii that the standard deviation of growth rate residuals scales according to the size of the variable as a power law, with a scaling exponent similar to the scaling exponent found for GDP [Economics Letters 60, 335 (1998]. We hypothesise that the volatility scaling we find for these GDP constituents causes the volatility scaling found in GDP data.

  11. Macroeconomic determinants of migration from Romania to Italy

    Directory of Open Access Journals (Sweden)

    Mihaela Simionescu

    2017-06-01

    Full Text Available Taken into account various economic theories trying to explain the reasons that stay behind the decision to migrate to another country, this study uses empirical data to identify some macroeconomic motives for migrating from Romania to Italy. According to the estimations based on fast ridge regression, the stock of Romanian immigrants from Italy in the period 2002-2016 was influenced by: the real GDP per capita in Romania, real GDP per capita in Italy and life expectancy at birth in Italy. The number of Romanian migrants attracted each year in Italy in a period marked also by the global financial crisis (2007-2016 was related to factors like: real GDP per capita in Italy life expectancy at birth in Italy, unemployment rate and taxes on income, profits and capital gains in Italy. The overall results indicated that the better standard of life in Italy was a good incentive for Romanian migrants

  12. Using Mimio Boardcast in an Online Principles of Macroeconomics Course to Improve Student Performance

    Directory of Open Access Journals (Sweden)

    Noorliza KARIA

    2004-10-01

    Full Text Available The study focused on the work satisfaction of working adult learners in relation to their spouse’s support. It can be concluded that spouse played an important factor in determining the work satisfaction of working adult learners. A group of adult learners was taken as a case study. Result indicated that male adult learners working in the public sector with a support from his fulltime housewife showed a high work satisfaction as compare to the other working groups.

  13. Influences of Teaching Methods and Personality on Junior College Students in Macroeconomic Principles.

    Science.gov (United States)

    Barr, Saul Z.; Carr, Glenna D.

    1979-01-01

    Results of a study indicate that beginning courses in college economics should be taught with fewer lectures and more student involvement. Current events and group activities should be an integral part of classes. (Author/KC)

  14. Transportation technology transitions and macroeconomic growth -- Contemporary evidence

    Energy Technology Data Exchange (ETDEWEB)

    Santini, D.J.

    1994-12-31

    This paper presents international and temporal extensions of evidence for a theory developed by the author concerning the interaction of transportation technology transitions and macroeconomic growth. The period 1970 to the present is examined for the nations of Japan, the US, and Europe (France, Germany, Italy and the United Kingdom collectively). An addition to the abstract logic supporting the general arguments of the theory is also presented. The theory has been developed concerning the role of significant transportation technology transitions as a cause of significant macroeconomic declines in nations for which the manufacture of transportation vehicles (ships, locomotives, and automobiles) is a dominant economic activity. The theory offers an explanation for periods of pronounced multiyear decline in economic growth rate--sometimes called depressions and sometimes called stagnations. One purpose of this paper is to explore whether or not Japan and Europe have each recently experienced a multiyear event of this type. In the theory and the evidence presented for it, environmental regulation of transportation vehicles has been shown to be an initiating cause of significant technical change, with sharp, sustained fuel price increases being a second frequent initiating cause. These causes of significant technical change, and their possible consequences, are potentially important considerations for those proposing policies to deal with global warming, since both fuel economy regulation and fuel price increases have been recommended by policy analysts as means to reduce transportation`s contribution to global warming. The theory has been offered and supported by publications developing mathematical models and examining US historical evidence consistent with the theory.

  15. Expecting the Unexpected Macroeconomic Volatility and Climate Policy

    Directory of Open Access Journals (Sweden)

    Gajendra S. Chauhan

    2009-01-01

    Full Text Available Problem statement: Analysts have been comparing a policy scenario with a baseline scenario of future economic conditions without the policy, to estimate the emissions reductions and costs of a climate policy. Both scenarios required assumptions about the future course of numerous factors such as population growth, technical change and non-climate policies like taxes. Approach: The purpose of this study was to examine the effects of unanticipated macroeconomic shocks to growth in developing countries or a global financial crisis on the performance of three climate policy regimes: A globally-harmonized carbon tax; a global cap and trade system and the McKibbin-Wilcoxen hybrid. The G-cubed dynamic general equilibrium model has been used to explore how the shocks would affect emissions, prices, incomes and wealth under each regime. Results: It has been found that a global cap and trade regime will significantly change the way growth shocks will otherwise be transmitted between regions while price-based systems such as a global carbon tax or a hybrid policy will not. Moreover, in case of a financial meltdown, a price based system will enable significant emissions reductions at low economic cost whereas a quantity target base system will lead to loss of the opportunity for low cost emission reduction because the target is fixed. Conclusion: The results of this study have explored these issues by examining the effects of shocks that have actually occurred in the past decade: A surprising surge of economic growth in developing countries and a global financial crisis. Quantity based approaches such as a global permit trading regime tend to buffer some kinds of macro-economic shocks: Carbon prices rise and fall with the business cycle. However, price-based approaches such as a global carbon tax or a McKibbin Wilcoxen Hybrid would provide stronger firewalls to prevent adverse events in one carbon market from causing a collapse of the global system.

  16. Teaching Keynes's Principle of Effective Demand Using the Aggregate Labor Market Diagram.

    Science.gov (United States)

    Dalziel, Paul; Lavoie, Marc

    2003-01-01

    Suggests a method to teach John Keynes's principle of effective demand using a standard aggregate labor market diagram familiar to students taking advanced undergraduate macroeconomics courses. States the analysis incorporates Michal Kalecki's version to show Keynesian unemployment as a point on the aggregate labor demand curve inside the…

  17. HOW TO DERIVE KEYNESIAN RESULTS FROM 1ST PRINCIPLES - A SURVEY OF NEW-KEYNESIAN ECONOMICS

    NARCIS (Netherlands)

    VANEES, H; GARRETSEN, H

    1993-01-01

    In the 1980s theoretical research in macroeconomics was dominated by what has become known as new-Keynesian economics. The principal aim of new-Keynesian economics is to explain how Keynesian results can be reconciled with the neo-classical principles of utility and profit maximization. This paper

  18. [Sb4Au4Sb4]2-: A designer all-metal aromatic sandwich

    Science.gov (United States)

    Tian, Wen-Juan; Guo, Jin-Chang; Li, Da-Zhi; You, Xue-Rui; Wang, Ying-Jin; Sun, Zhong-Ming; Zhai, Hua-Jin

    2016-07-01

    We report on the computational design of an all-metal aromatic sandwich, [Sb4Au4Sb4]2-. The triple-layered, square-prismatic sandwich complex is the global minimum of the system from Coalescence Kick and Minima Hopping structural searches. Following a standard, qualitative chemical bonding analysis via canonical molecular orbitals, the sandwich complex can be formally described as [Sb4]+[Au4]4-[Sb4]+, showing ionic bonding characters with electron transfers in between the Sb4/Au4/Sb4 layers. For an in-depth understanding of the system, one needs to go beyond the above picture. Significant Sb → Au donation and Sb ← Au back-donation occur, redistributing electrons from the Sb4/Au4/Sb4 layers to the interlayer Sb-Au-Sb edges, which effectively lead to four Sb-Au-Sb three-center two-electron bonds. The complex is a system with 30 valence electrons, excluding the Sb 5s and Au 5d lone-pairs. The two [Sb4]+ ligands constitute an unusual three-fold (π and σ) aromatic system with all 22 electrons being delocalized. An energy gap of ˜1.6 eV is predicted for this all-metal sandwich. The complex is a rare example for rational design of cluster compounds and invites forth-coming synthetic efforts.

  19. Synthesis, crystal structure, electronic structure, and photoelectric response properties of KCu2SbS3.

    Science.gov (United States)

    Wang, Ruiqi; Zhang, Xian; He, Jianqiao; Zheng, Chong; Lin, Jianhua; Huang, Fuqiang

    2016-02-28

    Copper thioantimonates have received enormous attention due to their potential for applications in photovoltaic devices. In this work, a new layered compound KCu2SbS3 was synthesized via a reactive flux method using thiourea as a reactive flux. The compound crystallizes in the triclinic space group P1[combining macron]. The structure features two-dimensional [Cu2SbS3](-) layers stacking along the c axis with K(+) ions intercalated between the layers. Each [Cu2SbS3](-) layer is composed of two single graphene-like layers connected via interlayer Cu-S bonds and CuSb contacts. The optical measurements indicate that the compound has a band gap of 1.7 eV. The Hall effect measurement shows that KCu2SbS3 is a p-type semiconductor with a carrier concentration of 7 × 10(16) cm(-3). First-principles calculations reveal that the direct transition occurs between Cu-3d-S-3p orbitals (VBM) to Sb-5p-S-3p orbitals (CBM). The photoelectric response properties of KCu2SbS3 under visible light irradiation were analyzed. The photocurrent is 3.7 μA cm(-2) at 10 V bias, demonstrating its potential for applications in photoelectric devices.

  20. On the Fundamental Principles of Economic Policy

    Directory of Open Access Journals (Sweden)

    Witold Jakóbik

    2007-04-01

    Full Text Available The article contributes to the debate focused on the institutional principles of policies conducted by the fiscal as well as the monetary authorities. The author offers a brief review of the main relations between the aims of macroeconomic policy and the instruments that enable to fulfill the former. At the same time specific determinants of the aim-oriented decisions by the central bank or the government are reviewed. Last but not least in the analysis is the dilemma of policy mix coordination and the formal/informal status of the government as well as of the central bank is extensively discussed.

  1. Main: SB1NPABC1 [PLACE

    Lifescience Database Archive (English)

    Full Text Available SB1NPABC1 S000435 27-Jan-2004 (last modified) kehi Sclareol box1 (SB1) found at -82...7 of a plasma membrane ATP binding cassette (ABC) transporter gene (NpABC1) in N. plumbaginifolia; Mutation ...in SB3 completely abolished sclareolide-mediated expression; See S ; scalareol; diterpene; ABC; transporter; Nicotiana plumbaginifolia (tobacco); CACTAACACAAAGTAA ...

  2. Effects of the Washington Consensus on the Macroeconomic Stability of Bosnia and Herzegovina

    Directory of Open Access Journals (Sweden)

    Kasumović Merim

    2016-12-01

    Full Text Available With regard to the specific situation and problems in Bosnia and Herzegovina this paper will analyse the effects caused by adhering to the rules of the Washington Consensus, and thus will determine to which extent they have influenced the stability of the macroeconomic indicators in Bosnia and Herzegovina and will explain how the rules affect the stability of macroeconomic indicators of Bosnia and Herzegovina. The main thesis of the Washington Consensus is that by following the measures of the same the macroeconomic situation in the country becomes more stabilised. However, stabilization often cannot sustain in the long term and this situation in the economy can be regarded as quasi-macroeconomic stability.

  3. Macroeconomic Effects of Federal Reserve Forward Guidance [with Comments and Discussion

    National Research Council Canada - National Science Library

    Jeffrey R. Campbell; Charles L. Evans; Jonas D. M. Fisher; Alejandro Justiniano

    2012-01-01

    .... We distinguish between Odyssean forward guidance, which publicly commits the FOMC to a future action, and Delphic forward guidance, which merely forecasts macroeconomic performance and likely monetary policy actions...

  4. Population aging, macroeconomic changes, and global diabetes prevalence, 1990-2008

    National Research Council Canada - National Science Library

    Sudharsanan, Nikkil; Ali, Mohammed K; Mehta, Neil K; Narayan, K M Venkat

    2015-01-01

    Diabetes is an important contributor to global morbidity and mortality. The contributions of population aging and macroeconomic changes to the growth in diabetes prevalence over the past 20 years are unclear...

  5. The Inefficient Use of Macroeconomic Information in Analysts' Earnings Forecasts in Emerging Markets

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben); D.J.C. van Dijk (Dick)

    2008-01-01

    textabstractThis paper presents empirical evidence that security analysts do not efficiently use publicly available macroeconomic information in their earnings forecasts for emerging market stocks. Analysts completely ignore forecasts on political stability, while these provide valuable information

  6. Exchange rate formation in Ukraine and its impact on macroeconomic indicators

    OpenAIRE

    2014-01-01

    The factors of exchange rate formation in Ukraine are analyzes in this paper, the influence of exchange rate on macroeconomic indicators of development and the main priorities of the exchange rate policy are determined exchange.

  7. Macroeconomic factors and foreign portfolio investment volatility: A case of South Asian countries

    Directory of Open Access Journals (Sweden)

    Yahya Waqas

    2015-12-01

    Full Text Available Macroeconomic factors play a pivotal role in attracting foreign investment in the country. This study investigates the relationship between macroeconomic factors and foreign portfolio investment volatility in South Asian countries. The monthly data is collected for the period ranging from 2000 to 2012 for four Asian countries i.e. China, India, Pakistan and Sri Lanka because monthly data is ideal for measuring portfolio investment volatility. For measuring volatility in foreign portfolio investment, GARCH (1,1 is used because shocks are responded quickly by this model. The results reveal that there exists significant relationship between macroeconomic factors and foreign portfolio investment volatility. Thus, less volatility in international portfolio flows is associated with high interest rate, currency depreciation, foreign direct investment, lower inflation, and higher GDP growth rate of the host country. Thus findings of this study suggest that foreign portfolio investors focus on stable macroeconomic environment of country.

  8. The Inefficient Use of Macroeconomic Information in Analysts' Earnings Forecasts in Emerging Markets

    NARCIS (Netherlands)

    G.J. de Zwart (Gerben); D.J.C. van Dijk (Dick)

    2008-01-01

    textabstractThis paper presents empirical evidence that security analysts do not efficiently use publicly available macroeconomic information in their earnings forecasts for emerging market stocks. Analysts completely ignore forecasts on political stability, while these provide valuable information

  9. RESEARCH ON A DYNAMICAL MACRO-ECONOMIC MODELBASED ON SIDRAUSKI MODEL

    Institute of Scientific and Technical Information of China (English)

    TangJianping; XuJiuping

    2001-01-01

    Abstract. This paper formulates a kind of dynamical macro-economic model based onSidrauski's work,then presents the sufficient and necessary conditions of the stability of modelat equilibrium states ,and shows some results for special production functions.

  10. Thermoelectric properties of quaternary (Bi,Sb){sub 2}(Te,Se){sub 3} compound

    Energy Technology Data Exchange (ETDEWEB)

    Lu, Pengfei, E-mail: photon.bupt@gmail.com [State Key Laboratory of Information Photonics and Optical Communications, Ministry of Education, Beijing University of Posts and Telecommunications, P.O. Box 72, Beijing 100876 (China); Li, Yiluan; Wu, Chengjie; Yu, Zhongyuan; Cao, Huawei; Zhang, Xianlong; Cai, Ningning; Zhong, Xuxia [State Key Laboratory of Information Photonics and Optical Communications, Ministry of Education, Beijing University of Posts and Telecommunications, P.O. Box 72, Beijing 100876 (China); Wang, Shumin [State Key Laboratory of Functional Materials for Informatics, Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, Shanghai 200050 (China); Photonics Laboratory, Department of Microtechnology and Nanoscience, Chalmers University of Technology, 41296 Gothenburg (Sweden)

    2014-01-25

    Highlights: • Sb and Se spin–orbit coupling play a key role in the band structure. • Substituted Bi/Sb and Te/Se have a limited impact on the transport coefficients. • n-Type doping will be preferred for quaternary (Bi,Sb){sub 2}(Te,Se){sub 3} compound. -- Abstract: The quaternary (Bi,Sb){sub 2}(Te,Se){sub 3} compounds are investigated using first-principles study and Boltzmann transport theory. The energy band structure and density of states are studied in detail. The electronic transport coefficients are then calculated as a function of chemical potential. The figure of merit ZT is obtained assuming a constant relaxation time and an averaged thermal conductivity. Our theoretical result agrees well with previous experimental data.

  11. USE OF THE SIMPLE LINEAR REGRESSION MODEL IN MACRO-ECONOMICAL ANALYSES

    Directory of Open Access Journals (Sweden)

    Constantin ANGHELACHE

    2011-10-01

    Full Text Available The article presents the fundamental aspects of the linear regression, as a toolbox which can be used in macroeconomic analyses. The article describes the estimation of the parameters, the statistical tests used, the homoscesasticity and heteroskedasticity. The use of econometrics instrument in macroeconomics is an important factor that guarantees the quality of the models, analyses, results and possible interpretation that can be drawn at this level.

  12. The impact of e-business technologies on supply chain operations: a macroeconomic perspective

    OpenAIRE

    Amit Basu; Thomas F. Siems

    2004-01-01

    New information technologies and e-business solutions have transformed supply chain operations from mass production to mass customization. This paper assesses the impact of these innovations on economic productivity, focusing on the macroeconomic benefits as supply chain operations have evolved from simple production and planning systems to today's real-time performance-management information systems using advanced e-business technologies. While many factors can influence macroeconomic variab...

  13. Animal spirits, liquidity-preference and Keynesian behavioural macroeconomics: An intertemporal framework

    OpenAIRE

    Koutsobinas, Theodore

    2011-01-01

    Abstract The utilization of a real-interest rate rule in Romer’s new-Keynesian IS-MP approach, which is consistent with new synthesis intertemporal baseline macroeconomic models, provides a contemporary alternative to the standard old-Keynesian IS-LM model and moves back the emphasis on general accounts of the macroeconomic process. Despite its merits, the IS-MP approach neglects completely the influence of the liquidity-preference typically associated in pure Keynes framework with the imp...

  14. Granger Causality between Stock Market and Macroeconomic Indicators: Evidence from Germany

    OpenAIRE

    Tomáš Plíhal

    2016-01-01

    The aim of this paper is to investigate informational efficiency of the stock market in Germany. Granger causality between the stock market and the selected macroeconomic variables is investigated by bivariate analysis using Toda-Yamamoto (1995) approach. This study focuses on monthly data from January 1999 to September 2015, and the stock market is represented by blue chip stock market index DAX. Investigated macroeconomic indicators include industrial production, inflation, money supply, in...

  15. Business failures, macroeconomic risk and the effect of recessions on long-run growth

    DEFF Research Database (Denmark)

    Santoro, Emiliano; Gaffeo, Edoardo

    2009-01-01

    relationship between transitory disturbances and productivity growth. Panel ECM estimates suggest that macroeconomic risk factors impinge on business failures on the same direction both in the short and in the long-run, and that the adjustment to the steady-state relationship is quite slow. Thus, our findings...... lend support to the risk-aversion theory of productivity growth and indicate that bankruptcy risks play a significant role in the propagation of macroeconomic shocks....

  16. Macroeconomic Forces and Stock Prices: Some Empirical Evidence from Saudi Arabia

    OpenAIRE

    Lakshmi Kalyanaraman; Basmah Al Tuwajri

    2014-01-01

    This paper examines if there exists a long run relationship among five macroeconomic variables, consumer price index, industrial output, money supply, exchange rate, oil prices along with the global stock prices proxy Standard and Poor 500 index and Saudi all share stock index. Time series analysis is applied using monthly data from January 1994 to June 2013. Application of Johansen cointegration test finds the existence of a long run relationship among the chosen variables. All macroeconomic...

  17. The Impact of Macroeconomic Fundamentals on Stock Prices Revisited: Evidence from Indian Data

    OpenAIRE

    Naik, Pramod Kumar; Puja PADHI

    2012-01-01

    The study investigates the relationships between the Indian stock market index (BSE Sensex) and five macroeconomic variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and macroeconomic variables. The analysis reveals that ...

  18. Macroeconomic factors and foreign portfolio investment volatility: A case of South Asian countries

    OpenAIRE

    Waqas, Yahya; Hashmi, Shujahat Haider; Nazir, Muhammad Imran

    2015-01-01

    Macroeconomic factors play a pivotal role in attracting foreign investment in the country. This study investigates the relationship between macroeconomic factors and foreign portfolio investment volatility in South Asian countries. The monthly data is collected for the period ranging from 2000 to 2012 for four Asian countries i.e. China, India, Pakistan and Sri Lanka because monthly data is ideal for measuring portfolio investment volatility. For measuring volatility in foreign portfolio inve...

  19. The Influence of Global Macroeconomic Factors on Stock Values: A Sector Level Analysis

    OpenAIRE

    Şerife Özlen

    2014-01-01

    Investors and policy makers should carefully analyze stock returns and their possible relationships with microeconomic and macroeconomic factors in both local and global arena. Since the markets are increasingly becoming global, the outcomes may be more important for international factors. Therefore, this study aims to identify the relationship between selected international macroeconomic variables (FTSE-100 England market index, GDAX Germany market index, NYSE Composite market index, Gold pr...

  20. The History of Macroeconomics from Keynes’s General Theory to the Present

    OpenAIRE

    De Vroey, Michel; Malgrange, Pierre

    2011-01-01

    This paper is a contribution to the forthcoming Edward Elgar Handbook of the History of Economic Analysis volume edited by Gilbert Faccarello and Heinz Kurz. Its aim is to introduce the reader to the main episodes that have marked the course of modern macroeconomics: its emergence after the publication of Keynes’s General Theory, the heydays of Keynesian macroeconomics based on the IS-LM model, disequilibrium and non-Walrasian equilibrium modelling, the invention of the natural rate of unempl...

  1. The History of Macroeconomics from Keynes’s General Theory to thePresent

    OpenAIRE

    De Vroey, Michel; Malgrange, Pierre

    2011-01-01

    This paper is a contribution to the forthcoming Edward Elgar Handbook of the History of Economic Analysis volume edited by Gilbert Faccarello and Heinz Kurz. Its aim is to introduce the reader to the main episodes that have marked the course of modern macroeconomics: its emergence after the publication of Keynes’s General Theory, the heydays of Keynesian macroeconomics based on the IS-LM model, disequilibrium and non-Walrasian equilibrium modelling, the invention of the natural rate of unempl...

  2. Bonding in ZnSb

    DEFF Research Database (Denmark)

    Bjerg, Lasse; Madsen, Georg K. H.; Iversen, Bo Brummerstedt

    Thermoelectric materials are capable of converting waste heat into usable electric energy. The conversion efficiency depends critically on the electronic band structure. Theoretical calculations predict the semiconducting ZnSb to have a promising efficiency if it is n-doped. The details...

  3. Sustainable energy prices and growth. Comparing macroeconomic and backcasting scenarios

    Energy Technology Data Exchange (ETDEWEB)

    Ahlroth, Sofia; Hoejer, Mattias [Division of Environmental Strategies Research, Royal Institute of Technology KTH, Stockholm (Sweden)

    2007-09-15

    How do results from the sustainability research world of backcasting relate to the macroeconomic scenarios used for policy evaluation and planning? The answer is that they do not, mostly - they come from different scientific traditions and are not used in the same contexts. Yet they often deal with the same issues. We believe that much can be gained by bringing the two systems of thinking together. This paper is a first attempt to do so, by making qualitative comparisons between different scenarios and highlighting benefits and limitations to each of them. Why are the pictures we get of the energy future so different if we use a macroeconomic model from when using a backcasting approach based on sustainable energy use? It is evident that the methods for producing those two kinds of scenarios differ a lot, but the main reason behind the different results are found in the starting points rather than in the methods. Baseline assumptions are quite different, as well as the interpretations and importance attached to signals about the future. In this paper, it is discussed how those two types of scenarios differ and how they approach issues such as energy prices and growth. The discussion is based on a comparison between Swedish economic and sustainability scenarios. The economic scenarios aim at being forecasts of the future and are used as decision support for long-term policies. But are the assumptions in the economic scenarios reasonable? The sustainability scenarios are explicitly normative backcasting scenarios. They do not take the issue of growth and consumption fully into account. Could they be developed in this respect? The comparison between the scenarios is also used to look closer at the issue of energy prices in a society with sustainable energy use. One of the questions raised is if a low energy society calls for high energy prices. Moreover, the effects of tradable permits versus energy taxes is analysed in the context of how energy use could be kept low

  4. Photovoltaic applications of Cu(Sb,Bi)SM (M = Ag, Pb, Pt)

    Science.gov (United States)

    Tablero, C.

    2017-04-01

    Ternary Cu-(Sb,Bi)-S compounds are great absorbents of the solar radiation with a variety of applications including optoelectronic and photovoltaic applications. The analyses of several quaternary semiconductors derived from Cu-(Sb,Bi)-S materials is carried out using first-principles density-functional theory with orbital-dependent one-electron potentials. These analyses focus on the optoelectronic properties and the potential for solar cells. The optical properties are obtained from first-principles calculations, and split into inter- and intra-shell-species contributions in order to quantify the optical transitions responsible for the absorption. The absorption coefficients are then used as criteria to evaluate the efficiencies of these materials under several sunlight concentrations. The results indicate high energy photovoltaic conversion efficiency because of the large intra shell s-p absorption of the S and Sb or Bi atomic species.

  5. Incorporation of Sb and As in MBE grown GaAsxSb1-x layers

    Science.gov (United States)

    Zederbauer, Tobias; Andrews, Aaron Maxwell; MacFarland, Don; Detz, Hermann; Schrenk, Werner; Strasser, Gottfried

    2017-03-01

    With the increasing interest in low effective mass materials for intersubband devices, mixed As-Sb compounds, like GaAsxSb1-x or AlxIn1-xAsySb1-y, gain more and more attention. The growth of these materials, however, still provides significant challenges due to the complex interaction between As and Sb. In this work, we provide an in-depth study on the incorporation of Sb into the GaAsxSb1-x layers and compare our findings to the present literature on this topic. It is found that both the composition and the crystal quality of GaAsxSb1-x layers are strongly influenced by the growth rate due to the As-for-Sb exchange reaction which takes place at the growing surface, and that high crystal quality can be achieved when the growth is performed under Sb limited conditions.

  6. Algunas Reflexiones Metodológicas en torno al Estado Actual de la Macroeconomía.

    Directory of Open Access Journals (Sweden)

    Felipe Morandé

    1986-03-01

    Full Text Available Algunas Reflexiones Metodológicas en torno al Estado Actual de la Macroeconomía Is Macroeconomics dying as an autonomous sub-discipline? This paper postulates that Macroeconomics understood as a different method (inhereted from Keynes to explain aggregate phenomena is really the subject under attack. The preocupation for aggregate problems like the business cycle, unemployment. and inflation is being translated nowadays in models that tend to be more in agreement with mainstream economic theory. This perspective allows a different look at what the relevant theoretical issues are in discussing macroeconomics in developing countries.

  7. On the Temporal Causal Relationship Between Macroeconomic Variables

    Directory of Open Access Journals (Sweden)

    Srinivasan Palamalai

    2014-02-01

    Full Text Available The present study examines the dynamic interactions among macroeconomic variables such as real output, prices, money supply, interest rate (IR, and exchange rate (EXR in India during the pre-economic crisis and economic crisis periods, using the autoregressive distributed lag (ARDL bounds test for cointegration, Johansen and Juselius multivariate cointegration test, Granger causality/Block exogeneity Wald test based on Vector Error Correction Model, variance decomposition analysis and impulse response functions. The empirical results reveal a stronger long-run bilateral relationship between real output, price level, IR, and EXR during the pre-crisis sample period. Moreover, the empirical results confirm a unidirectional short-run causality running from price level to EXR, IR to price level, and real output to money supply during the pre-crisis period. Also, it is evident from the test results that there exist short-run bidirectional relationships running between real output and EXR, price level and IR, and IR and EXR in the pre-crisis era, respectively. Most importantly, long-run bidirectional causality is found between real output, EXR, and IR during the economic crisis period. And the study results indicate short-run bidirectional causality between money supply and EXR, IR and price level, and IR and output in India during the crisis era. Also, a short-run unidirectional causality runs from prices to real output in the crisis period.

  8. Poverty and macroeconomic performance across space, race, and family structure.

    Science.gov (United States)

    Gundersen, Craig; Ziliak, James P

    2004-02-01

    We examined the effects of macroeconomic performance and social policy on the extent and depth of poverty in America using state-level panel data from the 1981-2000 waves of the Current Population Survey. We found that a strong macroeconomy at both the state and national levels reduced both the number of families who were living in poverty and the severity of poverty. The magnitude and source of these antipoverty effects, however, were not uniform across family structures and racial groups or necessarily over time. While gains in the eradication of poverty, in general, were tempered by rising wage inequality, simulations indicated that female-headed families and families that were headed by black persons experienced substantial reductions in poverty in the 1990s largely because of the growth in median wages. An auxiliary time-series analysis suggests that the expansions in the federal Earned Income Tax Credit of the 1990s accounted for upward of 50% of the reduction in after-tax income deprivation.

  9. Advanced vehicles: Costs, energy use, and macroeconomic impacts

    Science.gov (United States)

    Wang, Guihua

    Advanced vehicles and alternative fuels could play an important role in reducing oil use and changing the economy structure. We developed the Costs for Advanced Vehicles and Energy (CAVE) model to investigate a vehicle portfolio scenario in California during 2010-2030. Then we employed a computable general equilibrium model to estimate macroeconomic impacts of the advanced vehicle scenario on the economy of California. Results indicate that, due to slow fleet turnover, conventional vehicles are expected to continue to dominate the on-road fleet and gasoline is the major transportation fuel over the next two decades. However, alternative fuels could play an increasingly important role in gasoline displacement. Advanced vehicle costs are expected to decrease dramatically with production volume and technological progress; e.g., incremental costs for fuel cell vehicles and hydrogen could break even with gasoline savings in 2028. Overall, the vehicle portfolio scenario is estimated to have a slightly negative influence on California's economy, because advanced vehicles are very costly and, therefore, the resulting gasoline savings generally cannot offset the high incremental expenditure on vehicles and alternative fuels. Sensitivity analysis shows that an increase in gasoline price or a drop in alternative fuel prices could offset a portion of the negative impact.

  10. MACROECONOMIC STABILITY OF CENTRAL AND EASTERN EUROPEAN COUNTRIES

    Directory of Open Access Journals (Sweden)

    Arnold WEISZENBACHER

    2014-10-01

    Full Text Available In the context of the recent financial crisis, the macroeconomic stability of most countries has been cast to shadow. The damage to the economy caused by high inflation, volatile exchange rates, increasing amount of debts and the unstable financial markets has heavily left its toll on the global market and has led to massive unemployment and increasing poverty. This paper aims to follow the eight new Central and Eastern European countries that joined the European Union in 2004, as well as Romania and Bulgaria, who followed suit in 2007, in what concerns their economical performance, following adhesion to the EU while also comparing the periods before and after the economical crisis. They were chosen as a topic of research for the severity with which the crisis affected them and the high degree of reform implementation in the aftermath. It also plans to highlight the effect of the new reforms and the growth potential when compared to the rest of the European Union. The price inflation, real GDP growth, the levels of (unemployment, fiscal policy and stability of exchange rates will provide a clear image of how this cluster of developing countries fare nowadays against the rest of the EU countries.

  11. Open Economy, Institutional Quality, and Environmental Performance: A Macroeconomic Approach

    Directory of Open Access Journals (Sweden)

    Amaryllis Mavragani

    2016-06-01

    Full Text Available As the subject of how economic development affects the quality of the natural environment has gained great momentum, this paper focuses on examining the extent to which the openness of a market economy and the quality of the institution affect environmental performance. The majority of the current studies focus on the Environmental Kuznets Curve and the level of economic growth. This paper addresses this question by relating environmental (“Environmental Performance Index” to macroeconomic (Gross Domestic Product per capita, “Open Markets Index” and governance indicators (“Worldwide Governance Indicators”. The sample consists of 75 countries, including all G20 and EU members, comprising “more than 90% of global trade and investment”. Findings show that the Environmental Performance Index is positively correlated to each of the (institutional indicators, so as to confirm that the selected indices are consistent with previous studies, suggesting that environmental performance increases in line with economic development and that good governance increases a country’s levels of environmental protection. By applying factor analysis, an empirical model of the Environmental Performance Index is estimated, suggesting that there is a significant positive correlation between a country’s economic growth, the openness of an economy, high levels of effective governance, and its environmental performance.

  12. MACROECONOMIC DETERMINANTS OF SHADOW BANKING – EVIDENCE FROM EU COUNTRIES

    Directory of Open Access Journals (Sweden)

    TEODORA CRISTINA BARBU

    2016-12-01

    Full Text Available Shadow banking is a topical, debated issue on the agenda of national and European macro-prudential regulatory and supervisory authorities. It is generally accepted that shadow banks and the traditional banking system have some core functions in common, such as credit and maturity transformation, and the exposure to similar risks. However, the tight banking regulations and the decreasing trend recorded by interest rates in the post-crisis period create prospects for shadow banking sector growth. Against this background, the present paper aims at investigating the particular impact that shadow banking activity exerts on macroeconomic fundamentals. The analysis covers 15 European Union countries, including Romania, during the period 2008 – 2015, using quarterly data. Shadow banking system is used as a proxy by monetary funds, due to breaks in the series or unbalanced number of observations across selected countries. By employing panel regression, it was found that the shadow banking total assets’ variation is negatively influenced by the GDP growth, short term interest rates, M2/GDP ratio and the ratio of investment funds’ assets in GDP, and positively determined by stock index dynamics and long term interest rates. The findings sustain the literature’s point of view.

  13. The fire ant social chromosome supergene variant Sb shows low diversity but high divergence from SB.

    Science.gov (United States)

    Pracana, Rodrigo; Priyam, Anurag; Levantis, Ilya; Nichols, Richard A; Wurm, Yannick

    2017-02-21

    Variation in social behavior is common yet little is known about the genetic architectures underpinning its evolution. A rare exception is in the fire ant Solenopsis invicta: Alternative variants of a supergene region determine whether a colony will have exactly one or up to dozens of queens. The two variants of this region are carried by a pair of "social chromosomes", SB and Sb, which resemble a pair of sex chromosomes. Recombination is suppressed between the two chromosomes in the supergene region. While the X-like SB can recombine with itself in SB/SB queens, recombination is effectively absent in the Y-like Sb because Sb/Sb queens die before reproducing. Here, we analyze whole genome sequences of eight haploid SB males and eight haploid Sb males. We find extensive SB-Sb di↵erentiation throughout the >19Mb long supergene region. We find no evidence of "evolutionary strata" with different levels of divergence comparable to those reported in several sex chromosomes. A high proportion of substitutions between the SB and Sb haplotypes are nonsynonymous, suggesting inefficacy of purifying selection in Sb sequences, similar to that for Y-linked sequences in XY systems. Finally, we show that the Sb haplotype of the supergene region has 635-fold less nucleotide diversity than the rest of the genome. We discuss how this reduction could be due to a recent selective sweep affecting Sb specifically or associated with a population bottleneck during the invasion of North America by the sampled population. This article is protected by copyright. All rights reserved.

  14. Sequential and simultaneous adsorption of Sb(III) and Sb(V) on ferrihydrite: Implications for oxidation and competition.

    Science.gov (United States)

    Qi, Pengfei; Pichler, Thomas

    2016-02-01

    Antimony (Sb) is a naturally occurring element of growing environmental concern whose toxicity, adsorption behavior and other chemical properties are similar to that of arsenic (As). However, less is known about Sb compared to As. Individual and simultaneous adsorption experiments with Sb(III) and Sb(V) were conducted in batch mode with focus on the Sb speciation of the remaining liquid phase during individual Sb(III) adsorption experiments. The simultaneous adsorption and oxidation of Sb(III) was confirmed by the appearance of Sb(V) in the solution at varying Fe/Sb ratios (500, 100 and 8) and varying pH values (3.8, 7 and 9). This newly formed Sb(V) was subsequently removed from solution at a Fe/Sb ratio of 500 or at a pH of 3.8. However, more or less only Sb(V) was observed in the liquid phase at the end of the experiments at lower Fe/Sb ratios and higher pH, indicating that competition took place between the newly formed Sb(V) and Sb(III), and that Sb(III) outcompeted Sb(V). This was independently confirmed by simultaneous adsorption experiments of Sb(III) and Sb(V) in binary systems. Under such conditions, the presence of Sb(V) had no influence on the adsorption of Sb(III) while Sb(V) adsorption was significantly inhibited by Sb(III) over a wide pH range (4-10). Thus, in the presence of ferrihydrite and under redox conditions, which allow the presence of both Sb species, Sb(V) should be the dominant species in aquatic environments, since Sb(III) is adsorbed preferentially and at the same time oxidized to Sb(V).

  15. The Macroeconomic Impact of Ebola Virus Disease (Evd: A Contribution to the Empirics of Growth

    Directory of Open Access Journals (Sweden)

    Obukohwo Oba Efayena

    2016-04-01

    Full Text Available The paper addressed the formulation of a macro model to capture the macroeconomic impact of the Ebola Virus Disease (EVD. Previous studies has adopted various models such as the dynamic computable general equilibrium (CGE model, endogenous model and the LINKAGE model, but there is dire need to generate a step-by-step model which will comprehensively capture how the Ebola Virus Disease (EVD impacts on macroeconomic variables. Adopting the traditional neoclassical growth model, the model aggregated the various macroeconomic variables as well as captured the epidemic’s strain on each of these variables. The paper also empirically shows that the Ebola Virus Disease (EVD has direct, indirect and deferred indirect cost implications for the economy. Using case studies of countries in Africa, the study evaluated how the Ebola Virus Disease (EVD has affected the macroeconomic status of selected economies. The findings imply that there is dire need to control the spread of the deadly plague. The paper contribute immensely to empirical studies in the field of macroeconomics.

  16. Macroeconomic instability: its causes and consequences for the economy of Ukraine

    Directory of Open Access Journals (Sweden)

    Natalia SKOROBOGATOVA

    2016-06-01

    Full Text Available The article deals with the concepts of appearance and elimination of macroeconomic instability, and the Keynesian approach for overcoming issues in Ukraine’s macroeconomic instability. Based on the Ukraine Statistics Service and World Bank data, Ukraine's economy tendencies have been defined: the country has not reached the pre-crisis economic level. The article identifies the reasons of negative balance payments and budget deficit: a decrease in production value, negative trade balance, growth of foreign creditor’s debt, currency instability, an increase in budget spending. The dynamics of income and expenditure within Ukraine budget has been analyzed, and also the destructiveness of existing approaches for the main financial documents has been grounded. Considering Ukraine’s economic and political situation, the main causes of macroeconomic instability are systematized. Government-implemented approaches for overcoming the macroeconomic instability have been suggested. The article introduces an approach for minimizing the negative effects on businesses, based on the timely identification of macroeconomic risks in terms of internal and external management. The possible negative impacts in case the timely decisions are not implemented have been assessed.

  17. Causality Principle

    OpenAIRE

    Chi, Do Minh

    2001-01-01

    We advance a famous principle - causality principle - but under a new view. This principle is a principium automatically leading to most fundamental laws of the nature. It is the inner origin of variation, rules evolutionary processes of things, and the answer of the quest for ultimate theories of the Universe.

  18. Macroeconomic Dynamics in Russia During the First World War

    Directory of Open Access Journals (Sweden)

    Cheremisinov Georgiy

    2014-11-01

    Full Text Available Introduction. The trajectory and quality of economic development of a country depend on the scale of the public entrepreneurship. The key parameters of macroeconomic dynamics are represented by the ratio between consumption and accumulation (saving in the national income, the regulation of centralized withdrawal of economic resources and the nature of their investment or expenditure. Theoretical analysis. The First World War had been changing the course of economic processes in Russia since 1914 till 1918. The funds were raised for ensuring the defense industry and supplying the troops. The incomes of population and enterprises were decreasing. The capital goods and trade ties undergone destruction processes. The besieged state turned to reducing reproduction of the gross national product. The military situation and extraordinary redistribution of resources had strengthened the economic status of the country. The funds spent on the maintenance and equipment of the army depended on the methods of resource allocation. Along with the war losses, the methods of economic regulation also contributed to the degradation of Russian economy. The devastation was caused by the armed struggle of state power for their interests and purposeful economic policy of successive governments. Conclusion. During the First World War the Russian economy had become extreme. Public withdrawal of economic resources and the impact on the economy was growing up until its overall governmentalization and transformation of the market economy into the subsistence one. The reformation processes supported each other mutually, strengthened the effect of general trends and had irreversible cumulative character. The mobilization model of the Russian economy was formed.

  19. Macroeconomic Benefits of Low-Cost Reusable Launch Vehicles

    Science.gov (United States)

    Shaw, Eric J.; Greenberg, Joel

    1998-01-01

    The National Aeronautics and Space Administration (NASA) initiated its Reusable Launch Vehicle (RLV) Technology Program to provide information on the technical and commercial feasibility of single-stage to orbit (SSTO), fully-reusable launchers. Because RLVs would not depend on expendable hardware to achieve orbit, they could take better advantage of economies of scale than expendable launch vehicles (ELVs) that discard costly hardware on ascent. The X-33 experimental vehicle, a sub-orbital, 60%-scale prototype of Lockheed Martin's VentureStar SSTO RLV concept, is being built by Skunk Works for a 1999 first flight. If RLVs achieve prices to low-earth orbit of less than $1000 US per pound, they could hold promise for eliciting an elastic response from the launch services market. As opposed to the capture of existing market, this elastic market would represent new space-based industry businesses. These new opportunities would be created from the next tier of business concepts, such as space manufacturing and satellite servicing, that cannot earn a profit at today's launch prices but could when enabled by lower launch costs. New business creation contributes benefits to the US Government (USG) and the US economy through increases in tax revenues and employment. Assumptions about the costs and revenues of these new ventures, based on existing space-based and aeronautics sector businesses, can be used to estimate the macroeconomic benefits provided by new businesses. This paper examines these benefits and the flight prices and rates that may be required to enable these new space industries.

  20. ROMANIA'S MACROECONOMIC ACHIEVEMENTS FOR JOINING THE UNIQUE EUROPEAN CURENCY

    Directory of Open Access Journals (Sweden)

    SILVIA POPESCU

    2011-04-01

    Full Text Available The Romanian government has announced plans to join the eurozone by 2015. Currently, the leu is not yet part of ERM II but plans to join in 2010-2012. The economic advantages of the monetary union grow with expansion of the Euro zone. There is also a high level of skepticism; the main fear about the Euro is the inflation –that is considerable promoted by the Euro currency’s exchange rate in comparison with 2002; another restraint is due to member states inability to establish their own interest rates. The IMF arose the option of joining the Euro zone criteria relaxing. A one-sided Euro’s joining was suggested by International Monetary Fund on March-April 2009, in a confidential report mentioned by The Financial Times as the emergent states in Central and Eastern Europe to be able to pass to the unique currency, but not being represented in the Central European Bank Board. By its side, CEB considers that emergent states of the European Union must not pass to the unique currency unilaterally, because such a fact could under-mine the trust in Euro currency worldwide. This option would hardly deepen the macroeconomic controversies inside the Euro zone and would contradict the previous conditions already imposed. An acceptable solution could be the fastening of emergent countries joining the Exchange Rate Mechanism 2, after they are aware of risks arisen by such a step. The European Commission endorses in the Convergence Report on 2010 that Romania doesn’t meet any criteria needed by passing to the unique European currency, respectively: prices stability; budget position of the government; stability of exchange rate; interest convergence on long run and there are also law impediments. Our paper discusses arguments for a faster passing to the Euro currency versus arguments for a late joining the Euro currency in Romania.

  1. MACROECONOMIC FACTORS OF ENTREPRENEURSHIP IN THE EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Sipos-Gug Sebastian

    2015-07-01

    Full Text Available Entrepreneurship has been traditionally related to several economic factors, including economy growth, inflation, unemployment, interest rates. The causal relation between these variables however has been the topic of several hypothesises. Our goal is to assess these relations in the case of the European Union. While several similar studies have been pursued in the field, we aim to bring further evidence to the potential of impacting entrepreneurship through changes in economic factors at the country level Our analysis used panel regression to estimate the relation between macroeconomic factors and entrepreneurial density. Results indicate that Gross Domestic Product is positively related to entrepreneurial activity, and further more in the case of the European Union we bring evidence to the fact that the relation might be quadratic, as opposed to linear as it is generally suggested. In the case of the European Union this results in a reversed U shape of the distribution. More specifically, in the case of the investigated period only the upward half of the reversed U was observed, so on this specific interval the overall effect was positive. Regarding inflation we have observed a positive, but weak, relationship between it and entrepreneurial activity. The direction of the relation was not expected, however we provide a potential explanation in the specifics of inflation in the European Union (relative stability. Ease of starting a business, measured as the cost, time and procedures required is negatively related to entrepreneurial activity, as is the lending interest rate. Unemployment could not be significantly related to entrepreneurial density, however we believe that this is due to the fact that the lagged effect that we expected to find might either have a unit lower than 1 year, might have different values in different countries, or both. We conclude that these relations could provide a means to better understand the impact of economic

  2. Doppler-shift attenuation method lifetime measurements in {sup 115}Sb and {sup 117}Sb

    Energy Technology Data Exchange (ETDEWEB)

    Bucurescu, D.; Cata-Danil, I.; Ilas, G.; Ivascu, M.; Stroe, L.; Ur, C.A. [Institute of Atomic Physics, P.O. Box MG-6, Bucharest 76900 (Romania)

    1995-08-01

    The lifetimes of several low-lying excited levels in {sup 115}Sb and {sup 117}Sb have been measured by using the DSA method in the {sup 115,117}Sn({ital p},{ital n}{gamma}){sup 115,117}Sb reactions, respectively. The structure of these nuclei is discussed in the frame of the interacting boson-fermion model.

  3. First-principle studies of half-metallicities and magnetisms of the semi-Heusler alloys CoCrTe and CoCrSb%第一性原理研究semi-Heusler合金CoCrTe和CoCrSb的半金属性和磁性∗

    Institute of Scientific and Technical Information of China (English)

    姚仲瑜; 孙丽; 潘孟美; 孙书娟

    2016-01-01

    Half-metallic ferromagnet, in which the electrons with one spin band are metallic and the electrons with another spin band are semiconducting, is believed to be the most promising spin-injector material for spintronic devices, such as spin valves, spin filters, spin diodes, and magnetic tunnel junctions. The main advantages of half-metallic Heusler alloy over other half-metallic systems are their relatively high Curie temperatures and structural similarity to important binary semiconductors that are widely utilized in the industry. Thus far, half-metallicity has been predicted theoretically or confirmed experimentally in a limited number of Heusler alloys. Exploring new half-metallic Heusler alloys is necessary. In this study, the full-potential linearized augmented plane wave (FP_LAPW) method under density functional theory is utilized to investigate the electronic structures and magnetisms of semi-Heusler alloys CoCrTe and CoCrSb. In the calculations, the generalized gradient approximation (GGA) in the scheme of Perdew-Bueke-Ernzerhof is adopted to treat the exchange-correlation potential. The cutoff parameter is set to be Rmt × Kmax=9, where Rmt is the smallest atomic sphere radius and Kmax is the maximum value of the reciprocal lattice vector. Meshes (13 × 13 × 13 k-points) are used in the first Brillouin zone integration. Self-consistent calculations are considered to be convergent only when the integrated charge difference between the last two iterations is less than 1 × 10−4 e/cell. Spin-polarized calculations of the electronic structure for the semi-Heusler alloys CoCrTe and CoCrSb are performed. The calculations reveal that CoCrTe and CoCrSb at their equilibrium lattice constants are half-metallic ferromagnets with half-metallic gaps of 0.28 and 0.22 eV and total magnetic moments of 3.00 and 2.00 µB per formula unit, respectively. The calculated integer total magnetic moments (in µB) are consistent with the Slater-Pauling rule, Mt=Zt−18, where Zt

  4. Önde Gelen Iktisat Doktora Programlarında Temel Makro Iktisat Eğitimi - Graduate Macroeconomics Education in Leading PH.D Programs in Economics

    OpenAIRE

    Aysan, Ahmet Faruk; Hacihasanoglu, Yavuz Selim; Kara, Gazi Ishak; Suner, Amac

    2006-01-01

    This paper analyzes the current state of research in macroeconomics in the light of first year macroeconomics courses offered in the 16 leading Ph.D programs. Our investigation confirms that methodological and ideological differences of 1970’s and 80’s are about to disappear as methodological gap between macroeconomics and microeconomics is narrowing. Moreover, while use of mathematics in macroeconomics is increasing, applied mathematics gains more importance than theoretical mathematics. Thi...

  5. How the macroeconomic context impacts on attitudes to immigration: Evidence from within-country variation.

    Science.gov (United States)

    Ruist, Joakim

    2016-11-01

    This study investigates the effects of the macroeconomic context on attitudes to immigration. Earlier studies do in some cases not provide significant empirical support for the existence of important such effects. In this article it is argued that this lack of consistent evidence is mainly due to the cross-national setup of these studies being vulnerable to estimation bias caused by country-specific factors. The present study instead analyzes attitude variation within countries over time. The results provide firm empirical support in favor of macroeconomic variation importantly affecting attitudes to immigration. As an illustration, the estimates indicate that the number of individuals in the average European country in 2012 who were against all immigration from poorer countries outside Europe was 40% higher than it would have been if macroeconomic conditions in that year had been as good as they were in 2006. Copyright © 2016 Elsevier Inc. All rights reserved.

  6. Impact of Macro-economic Factors on Deposit Formation by Ukrainian Population

    Directory of Open Access Journals (Sweden)

    Shevaldina Valentyna H.

    2014-01-01

    Full Text Available The goal of the article is detection of interconnections between the common economic processes and formation of bank deposits by population. The article builds a correlation and regression model of complex assessment of interconnection between macro-economic factors, savings behaviour of population and level of deposits of population in banks for two hour horizons: short-term, which is characterised with deployment of crisis phenomena both in global economy and in Ukrainian economy and the medium-term one. The article characterises the most significant common macro-economic factors. In the result of the study the article establishes that Ukrainian population is oriented at short-term horizon when forming savings due to the uncertainty in future. In the medium-term prospective, savings of the population are formed basically under influence of macro-economic factors, while formation of deposits by Ukrainian population is mostly influenced by socio-psychological factors.

  7. Bank Specific and Macroeconomic Determinants of Commercial Bank Profitability: Empirical Evidence from Turkey

    Directory of Open Access Journals (Sweden)

    Deger Alper

    2011-04-01

    Full Text Available The aim of this study is to examine the bank-specific and macroeconomic determinants of the banks profitability in Turkey over the time period from 2002 to 2010. The bank profitability is measured by return on assets (ROA and return on equity (ROE as a function of bank-specific and macroeconomic determinants. Using a balanced panel data set, the results show that asset size and non-interest income have a positive and significant effect on bank profitability. However, size of credit portfolio and loans under follow-up have a negative and significant impact on bank profitability. With regard to macroeconomic variables, only the real interest rate affects the performance of banks positively. These results suggest that banks can improve their profitability through increasing bank size and non-interest income, decreasing credit/asset ratio. In addition, higher real interest rate can lead to higher bank profitability.

  8. Exit, voice, and loyalty in the Italian public health service: macroeconomic and corporate implications.

    Science.gov (United States)

    Ippolito, Adelaide; Impagliazzo, Cira; Zoccoli, Paola

    2013-01-01

    The paper analyses how customers of public health organizations can express their dissatisfaction for the services offered to them. The main aim is to evaluate the effects that possible dissatisfaction of Italian public health service customers can have on public health organizations. We adopted the methodological scheme developed by Hirschman with exit, voice, and loyalty, considering the macroeconomic and corporate implications that it causes for Italian public health organizations. The study investigated the effects developed by exit of the patients on the system of financing of local health authorities considering both the corporate level of analysis and the macroeconomic level. As a result, local health authority management is encouraged to pay greater attention to the exit phenomena through the adoption of tools that promote loyalty, such as the promotion of voice, even if exit is not promoting, at a macroeconomic level, considerable attention to this phenomenon.

  9. Volatility Nexus Between Stock Market and Macroeconomic Variables in Bangladesh: an Extended GARCH Approach

    Directory of Open Access Journals (Sweden)

    Hasan Md. Abu

    2017-06-01

    Full Text Available This paper examines the volatility of the Bangladesh stock market returns in response to the volatility of the macroeconomic variables employing monthly data of general index of Dhaka Stock Exchange (DSE and four macroeconomic variables (Call Money Rate, Crude Oil Price, Exchange Rate and SENSEX of Bombay Stock Exchange from January 2001 to December 2015. The results of GARCHS models reveal that the volatility of DSE return is significantly guided by the volatility of macroeconomic variables, such as, exchange rate and SENSEX. Specifically, volatility of the DSE is expected to 19% increase by 1% increase of exchange rate. Moreover, the volatility of the Bangladesh stock market returns is expected to dampen down by 2% with an increase in the volatility of Indian stock market of 1%. Thus, we can comment that adding exchange rate or stock returns of India in the GARCH model provides significant knowledge about the behaviour of the DSE volatility.

  10. Modeling of Macroeconomics by a Novel Discrete Nonlinear Fractional Dynamical System

    Directory of Open Access Journals (Sweden)

    Zhenhua Hu

    2013-01-01

    Full Text Available We propose a new nonlinear economic system with fractional derivative. According to the Jumarie’s definition of fractional derivative, we obtain a discrete fractional nonlinear economic system. Three variables, the gross domestic production, inflation, and unemployment rate, are considered by this nonlinear system. Based on the concrete macroeconomic data of USA, the coefficients of this nonlinear system are estimated by the method of least squares. The application of discrete fractional economic model with linear and nonlinear structure is shown to illustrate the efficiency of modeling the macroeconomic data with discrete fractional dynamical system. The empirical study suggests that the nonlinear discrete fractional dynamical system can describe the actual economic data accurately and predict the future behavior more reasonably than the linear dynamic system. The method proposed in this paper can be applied to investigate other macroeconomic variables of more states.

  11. Job satisfaction in the European union: the role of macroeconomic, personal, and job-related factors.

    Science.gov (United States)

    Augner, Christoph

    2015-03-01

    Job satisfaction is influenced by many factors. Most of them are attributed to personality or company features. Little research has been conducted identifying the relationship of job satisfaction with macroeconomic parameters. We used data collected by European Commission (Eurostat, Eurofound) and World Health Organization (WHO) for personal (eg, subjective health, physical activity), company (eg, career advancement perspectives, negative health effects of work), or macroeconomic parameters (eg, Gross Domestic Product, unemployment rate) on state level. Correlation analysis and a stepwise linear regression model were obtained. Gross domestic product (GDP) was the best predictor for job satisfaction across the European Union member states ahead of good career perspectives, and WHO-5 score (depressive symptoms). Beside personal, job-related, and organizational factors that influence job satisfaction, the macroeconomic perspective has to be considered, too.

  12. Exit, Voice, and Loyalty in the Italian Public Health Service: Macroeconomic and Corporate Implications

    Science.gov (United States)

    Impagliazzo, Cira; Zoccoli, Paola

    2013-01-01

    The paper analyses how customers of public health organizations can express their dissatisfaction for the services offered to them. The main aim is to evaluate the effects that possible dissatisfaction of Italian public health service customers can have on public health organizations. We adopted the methodological scheme developed by Hirschman with exit, voice, and loyalty, considering the macroeconomic and corporate implications that it causes for Italian public health organizations. The study investigated the effects developed by exit of the patients on the system of financing of local health authorities considering both the corporate level of analysis and the macroeconomic level. As a result, local health authority management is encouraged to pay greater attention to the exit phenomena through the adoption of tools that promote loyalty, such as the promotion of voice, even if exit is not promoting, at a macroeconomic level, considerable attention to this phenomenon. PMID:24348148

  13. Application of the IS-PC-MR model in the modern macroeconomics

    Directory of Open Access Journals (Sweden)

    Kalinić Ljubina

    2014-01-01

    Full Text Available In contemporary economic literature, very significant position takes 'new' neoclassical synthesis, which refers to the consensus about the role of monetary policy in the modern economy, the role of expectations, the importance of money and looking 'forward' by economic agents. For more than a half of century, IS-LM model was the main instrument of macroeconomic analysis. However, modern conditions have led to the situation where traditional IS-LM analysis is not applicable any more. Hence, a new, IS-PC-MR model is developed, and the research objective of the paper is to analyze the IS-PC-MR model as the basic tool of modern macroeconomics, which is able to explain the contemporary macroeconomic issues, with a focus primarily on the role of monetary policy during the shocks in the economy and inflation targeting.

  14. Long Run Relationship between Macroeconomic Indicators and Stock Price: The Case of South Africa

    Directory of Open Access Journals (Sweden)

    Shawtari FA

    2016-01-01

    Full Text Available This paper examines the long-term equilibrium between South Africa’s stock index and selected macroeconomic variables using vector error-correction models (VECM. Upon testing for co-integration, long run structural equation modelling (LRSM and VECM, the results indicate that industrial production is the most important determinant of stock market prices. This suggests that South Africa’s stock market is highly sensitive to the country’s industrial production. Money supply, inflation, and exchange rates are other determinants of South Africa’s stock index but to a lesser extent than industrial production. The study found that the macroeconomic variables comprising industrial production, inflation, money supply, and exchange rate are co-integrated on the long run with stock market prices. These findings have implications for policy makers in the sense that any changes in the macroeconomic policy should take into consideration the impact of such changes on the stock market.

  15. Introducing Valuation Effects-Based External Balance Analysis into the Undergraduate Macroeconomics Curricula: A Simple Framework with Applications

    Science.gov (United States)

    Brust, Peter; Jayakumar, Vivekanand

    2012-01-01

    Global imbalances and the sustainability of large U.S. current account deficits have dominated international macroeconomics of late. Pedagogically, a clear disconnect exists between graduate-level open-economy macroeconomics that emphasizes intertemporal current account models and net foreign asset adjustment featuring valuation effects, and,…

  16. Introducing Valuation Effects-Based External Balance Analysis into the Undergraduate Macroeconomics Curricula: A Simple Framework with Applications

    Science.gov (United States)

    Brust, Peter; Jayakumar, Vivekanand

    2012-01-01

    Global imbalances and the sustainability of large U.S. current account deficits have dominated international macroeconomics of late. Pedagogically, a clear disconnect exists between graduate-level open-economy macroeconomics that emphasizes intertemporal current account models and net foreign asset adjustment featuring valuation effects, and,…

  17. Strained monolayer germanene with 1 × 1 lattice on Sb(111)

    Science.gov (United States)

    Gou, Jian; Zhong, Qing; Sheng, Shaoxiang; Li, Wenbin; Cheng, Peng; Li, Hui; Chen, Lan; Wu, Kehui

    2016-12-01

    Monolayer germanene, the germanium analog of graphene, has been successfully synthesized on Sb(111) surface via molecular beam epitaxy. Scanning tunneling microscopy revealed a dendrite structure at low Ge coverage and mosaic patterns at high coverage, both with local 1 × 1 lattice. First-principle calculations confirmed the 1 × 1 low-buckled structure of germanene. The dendrite and mosaic patterns stem from strain modulation induced by large lattice mismatch between germanene and Sb substrate. This work provide a new system to explore the physical properties and applications of germanene.

  18. Ab initio Calculations of the Formation Energies of Lithium Intercalations in SnSb

    Institute of Scientific and Technical Information of China (English)

    Zhufeng HOU; Aiyu LI; Zizhong ZHU; Meichun HUANG; Yong YANG

    2004-01-01

    SnSb has attracted a great attention in recent investigations as an anode material for Li ion batteries. The formation energies and electronic properties of the Li intercalations in SnSb have been calculated within the framework of local density functional theory and the first-principles pseudopotential technique. The changes of volumes, band structures, charge density analysis and the electronic density of states for the Li intercalations are presented. The results show that the average Li intercalation formation energy per Li atom is around 2.7 eV.

  19. Pushing X-ray charge densities to the limit: Comparative study of CoSb3

    DEFF Research Database (Denmark)

    Schmøkel, Mette Stokkebro; Larsen, Finn Krebs; Overgaard, Jacob

    CoSb3 is a highly important host-guest material for the engineering of high-performance thermoelectric materials.[1] Its crystal structure has empty cavities and when guest atoms are added to CoSb3, its thermoelectric properties are greatly enhanced due to decreased thermal conductivity.[2......] In order to understand the origin of the thermoelectric properties of this family of materials, it is important to understand the crystal structure and chemical bonding of the un-doped host material.[3] This can be achieved through analysis of the charge density, which in principle can be obtained from...

  20. Syntheses, structures, optical properties, and electronic structures of KBaMSe{sub 3} (M = As, Sb)

    Energy Technology Data Exchange (ETDEWEB)

    Yin, Wenlong [Key Laboratory of Functional Crystals and Laser Technology, Technical Institute of Physics and Chemistry, Chinese Academy of Sciences, Beijing 100190 (China); Institute of Chemical Materials, China Academy of Engineering Physics, P.O. Box 919-306 Mianyang 621900 (China); Feng, Kai; Kang, Lei [Key Laboratory of Functional Crystals and Laser Technology, Technical Institute of Physics and Chemistry, Chinese Academy of Sciences, Beijing 100190 (China); University of the Chinese Academy of Sciences, Beijing 100049 (China); Kang, Bin; Deng, Jianguo [Institute of Chemical Materials, China Academy of Engineering Physics, P.O. Box 919-306 Mianyang 621900 (China); Lin, Zheshuai [Key Laboratory of Functional Crystals and Laser Technology, Technical Institute of Physics and Chemistry, Chinese Academy of Sciences, Beijing 100190 (China); Yao, Jiyong, E-mail: jyao@mail.ipc.ac.cn [Key Laboratory of Functional Crystals and Laser Technology, Technical Institute of Physics and Chemistry, Chinese Academy of Sciences, Beijing 100190 (China); Wu, Yicheng [Key Laboratory of Functional Crystals and Laser Technology, Technical Institute of Physics and Chemistry, Chinese Academy of Sciences, Beijing 100190 (China)

    2014-12-25

    Graphical abstract: KBaMSe{sub 3} (M = As, Sb) are isostructural and crystallize in the centrosymmetric monoclinic space group P2{sub 1}/c with zero-dimensional structures containing totally isolated MSe{sub 3} (M = As, Sb) pyramids with K{sup +} and Ba{sup 2+} cations lying between them. - Highlights: • Two new quaternary chalcogenides KBaMSe{sub 3} (M = As, Sb) were synthesized. • They are isostructural and crystallize in the centrosymmetric space group P2{sub 1}/c. • They adopt a zero-dimensional structure containing isolated MSe{sub 3} trigonal pyramids. • The optical band gaps are 2.26 (2) eV for KBaAsSe{sub 3} and 2.04 (2) eV for KBaSbSe{sub 3}. • KBaMSe{sub 3} (M = As, Sb) are indirect band gap semiconductors. - Abstract: The first two members in the quaternary A/A′/M/Q (A = alkali metal; A′ = alkaline-earth metal; M = As, Sb, Bi; Q = S, Se, Te) system, namely the KBaMSe{sub 3} (M = As, Sb) selenides, have been synthesized by solid state reactions. They are isostructural and crystallize in the centrosymmetric space group P2{sub 1}/c of the monoclinic system. In the structure, the trivalent M atom (M = As, Sb) is coordinated to three Se atoms forming a trigonal pyramid with the Se atoms serving as the triangle base, showing the stereochemical activity of the ns{sup 2} lone pair electron. The MSe{sub 3} (M = As, Sb) trigonal pyramids are totally isolated from each other with K{sup +} and Ba{sup 2+} cations located between them. The optical band gaps of 2.26 (2) eV for KBaAsSe{sub 3} and 2.04 (2) eV for KBaSbSe{sub 3}, were deduced from the diffuse reflectance spectra. The first principles calculations were performed to study the electronic structures of KBaMSe{sub 3} (M = As, Sb) compounds and the results indicated that these two compounds are indirect band gap semiconductors.

  1. Synthesis and characterization of Fe-Ti-Sb intermetallic compounds: Discovery of a new Slater-Pauling phase

    Science.gov (United States)

    Naghibolashrafi, N.; Keshavarz, S.; Hegde, Vinay I.; Gupta, A.; Butler, W. H.; Romero, J.; Munira, K.; LeClair, P.; Mazumdar, D.; Ma, J.; Ghosh, A. W.; Wolverton, C.

    2016-03-01

    Compounds of Fe, Ti, and Sb were prepared using arc melting and vacuum annealing. Fe2TiSb , expected to be a full Heusler compound crystallizing in the L 21 structure, was shown by XRD and SEM analyses to be composed of weakly magnetic grains of nominal composition Fe1.5TiSb with iron-rich precipitates in the grain boundaries. FeTiSb, a composition consistent with the formation of a half-Heusler compound, also decomposed into Fe1.5TiSb grains with Ti-Sb rich precipitates and was weakly magnetic. The dominant Fe1.5TiSb phase appears to crystallize in a defective L 21 -like structure with iron vacancies. Based on this finding, a first-principles DFT-based binary cluster expansion of Fe and vacancies on the Fe sublattice of the L 21 structure was performed. Using the cluster expansion, we computationally scanned >103 configurations and predict a novel, stable, nonmagnetic semiconductor phase to be the zero-temperature ground state. This new structure is an ordered arrangement of Fe and vacancies, belonging to the space group R 3 m , with composition Fe1.5TiSb , i.e., between the full- and half-Heusler compositions. This phase can be visualized as alternate layers of L 21 phase Fe2TiSb and C 1b phase FeTiSb, with layering along the [111] direction of the original cubic phases. Our experimental results on annealed samples support this predicted ground-state composition, but further work is required to confirm that the R 3 m structure is the ground state.

  2. Reflections on modern macroeconomics: Can we travel along a safer road?

    Science.gov (United States)

    Gaffeo, E.; Catalano, M.; Clementi, F.; Delli Gatti, D.; Gallegati, M.; Russo, A.

    2007-08-01

    In this paper we sketch some reflections on the pitfalls and inconsistencies of the research program-currently dominant among the profession-aimed at providing microfoundations to macroeconomics along a Walrasian perspective. We argue that such a methodological approach constitutes an unsatisfactory answer to a well-posed research question, and that alternative promising routes have been long mapped out but only recently explored. In particular, we discuss a recent agent-based, truly non-Walrasian macroeconomic model, and we use it to envisage new challenges for future research.

  3. Bank Specific and Macroeconomic Determinants of Commercial Bank Profitability: Empirical Evidence from Turkey

    OpenAIRE

    Deger Alper; Adem Anbar

    2011-01-01

    The aim of this study is to examine the bank-specific and macroeconomic determinants of the banks profitability in Turkey over the time period from 2002 to 2010. The bank profitability is measured by return on assets (ROA) and return on equity (ROE) as a function of bank-specific and macroeconomic determinants. Using a balanced panel data set, the results show that asset size and non-interest income have a positive and significant effect on bank profitability. However, size of credit portfoli...

  4. Macroeconomic Forces and Stock Prices:Evidence from the Bangladesh Stock Market

    OpenAIRE

    Khan, Mashrur Mustaque; Yousuf, Ahmed Sadek

    2013-01-01

    The study examines the influence of a selective set of macroeconomic forces on stock market prices in Bangladesh. The Dhaka Stock Exchange All-Share Price Index (DSI) is used to represent the prices in the stock market while deposit interest rates, exchange rates, consumer price index (CPI), crude oil prices and broad money supply (M2) are selected to represent the macroeconomic variables affecting the stock prices. Using monthly data from 1992m1-2011m6, several time-series techniques were us...

  5. Reflections on Modern Macroeconomics: Can We Travel Along a Safer Road?

    CERN Document Server

    Gaffeo, E; Clementi, F; Gatti, D D; Gallegati, M; Russo, A

    2006-01-01

    In this paper we sketch some reflections on the pitfalls and inconsistencies of the research program - currently dominant among the profession - aimed at providing microfoundations to macroeconomics along a Walrasian perspective. We argue that such a methodological approach constitutes an unsatisfactory answer to a well-posed research question, and that alternative promising routes have been long mapped out but only recently explored. In particular, we discuss a recent agent-based, truly non-Walrasian macroeconomic model, and we use it to envisage new challenges for future research.

  6. A Comparison of Different Short-Term Macroeconomic Forecasting Models: Evidence from Armenia

    Directory of Open Access Journals (Sweden)

    Poghosyan Karen

    2016-05-01

    Full Text Available We evaluate the forecasting performance of four competing models for short-term macroeconomic forecasting: the traditional VAR, small scale Bayesian VAR, Factor Augmented VAR and Bayesian Factor Augmented VAR models. Using Armenian quarterly actual macroeconomic time series from 1996Q1 – 2014Q4, we estimate parameters of four competing models. Based on the out-of-sample recursive forecast evaluations and using root mean squared error (RMSE criterion we conclude that small scale Bayesian VAR and Bayesian Factor Augmented VAR models are more suitable for short-term forecasting than traditional unrestricted VAR model.

  7. Taxing CO2 and subsidising biomass: Analysed in a macroeconomic and sectoral model

    DEFF Research Database (Denmark)

    Klinge Jacobsen, Henrik

    2000-01-01

    This paper analyses the combination of taxes and subsidies as an instrument to enable a reduction in CO2 emission. The objective of the study is to compare recycling of a CO2 tax revenue as a subsidy for biomass use as opposed to traditional recycling such as reduced income or corporate taxation....... A model of Denmark's energy supply sector is used to analyse the e€ect of a CO2 tax combined with using the tax revenue for biomass subsidies. The energy supply model is linked to a macroeconomic model such that the macroeconomic consequences of tax policies can be analysed along with the consequences...

  8. InAlAsSb/InGaSb Double Heterojunction Bipolar Transistor

    Science.gov (United States)

    2005-03-01

    Papanicolaou An npn double heterojunction bipolar transistor has been made using In0.27Ga0.73Sb for the base and two different InxAl1-xAsySb1-y alloys...zSb base constitute a new group of semiconductors for making an npn double heterojunction bipolar transistor (DHBT). The group of alloys reported here...MAR 2005 2. REPORT TYPE 3. DATES COVERED 00-00-2005 to 00-00-2005 4. TITLE AND SUBTITLE InAlAsSb/InGaSb double heterojunction bipolar transistor

  9. Dissimilatory Sb(V) reduction by microorganisms isolated from Sb-contaminated sediment

    Science.gov (United States)

    Dovick, M. A.; Kulp, T. R.

    2013-12-01

    Mining and smelting are major sources of trace metal contamination in freshwater systems. Arsenic (As) is a common contaminant derived from certain mining operations and is a known toxic metalloid and carcinogen. Antimony (Sb) is listed as a pollutant of priority interest by the EPA and is presumed to share similar geochemical and toxicological properties with arsenic. Both elements can occur in four different oxidation states (V, III, 0, and -III) under naturally occurring conditions. In aqueous solutions As(V) and Sb(V) predominate in oxygenated surface waters whereas As(III) and Sb(III) are stable in anoxic settings. Numerous studies have examined microbiological redox pathways that utilize As(V) as a terminal electron acceptor for anaerobic respiration, however there have been few studies on microbial mechanisms that may affect the biogeochemical cycling of Sb in the environment. Here we report bacterial reduction of Sb(V) to Sb(III) in anoxic enrichment cultures and bacterial isolates grown from sediment collected from an Sb contaminated pond at a mine tailings site in Idaho (total pond water Sb concentration = 235.2 +/- 136.3 ug/L). Anaerobic sediment microcosms (40 mL) were established in artificial freshwater mineral salt medium, amended with millimolar concentrations of Sb(V), acetate or lactate, and incubated at 27°C for several days. Antimony(V), lactate, and acetate concentrations were monitored during incubation by High Performance Liquid Chromatography (HPLC) and Ion Chromatography (IC). Live sediment microcosms reduced millimolar amendments of Sb(V) to Sb(III) coupled to the oxidation of acetate and lactate, while no activity occurred in killed controls. Enrichment cultures were established by serially diluting Sb(V)-reducing microcosms in mineral salt medium with Sb(V) and acetate, and a Sb(V)-reducing bacterial strain was isolated by plating on anaerobic agar plates amended with millimolar Sb(V) and acetate. Direct cell counting demonstrated that

  10. Spectral ellipsometry of GaSb and GaInAsSb: Experiment and modeling

    Energy Technology Data Exchange (ETDEWEB)

    Charache, G.W.; Mu{tilde n}oz, M.; Wei, K.; Pollak, F.H.; Freeouf, J.L.

    1999-06-30

    The optical constants {epsilon}(E)[={epsilon}{sub 1}(E)+i{epsilon}{sub 2}(E)] of single-crystal GaSb at 300K have been measured using spectral ellipsometry in the range of 0.3-5.3 eV. The {epsilon}(E) spectra displayed distinct structures associated with critical points (CPs) at E{sub 0} (direct gap), spin-orbit split E{sub 0}+{Delta}{sub 0} component, spin-orbit split (E{sub 1}, E{sub 1}+{Delta}{sub 1}) and (E{sub 0}{prime}, E{sub 0}{prime}+{Delta}{sub 0}{prime}) doublets, as well as E{sub 2}. The experimental data over the entire measured spectral range (after oxide removal) has been fit using the Holden model dielectric function based on the electronic energy-band structure near these CPs plus excitonic and band-to-band Coulomb enhancement effects at E{sub 0}, E{sub 0}+{Delta}{sub 0} and the E{sub 1}, E{sub 1}+{Delta}{sub 1} doublet. In addition to evaluating the energies of these various band-to-band CPs, information about the binding energy (R{sub 1}) of the two-dimensional exciton related to the E{sub 1}, E{sub 1}+{Delta}{sub 1} CPs was obtained. The value of R{sub 1} was in good agreement with effective mass/k{sup {rightharpoonup}}{center_dot}p{sup {rightharpoonup}} theory. The ability to evaluate R{sub 1} has important ramifications for recent first-principles band structure calculations which include exciton effects at E{sub 0}, E{sub 1}, and E{sub 2}. The experimental results were compared to other evaluations of the optical constants of GaSb.

  11. 121Sb and 125Te nuclear inelastic scattering in Sb2Te3 under high pressure

    Science.gov (United States)

    Simon, R. E.; Sergueev, I.; Kantor, I.; Kantor, A.; Perßon, J.; Hermann, R. P.

    2014-12-01

    We investigated the lattice dynamics of Sb2Te3 under high pressure using 121Sb and 125Te nuclear inelastic scattering of synchrotron radiation. We measured the room temperature 121Sb and 125Te inelastic spectra at 15(1) GPa and 77(3) GPa and extracted the Te and Sb element specific density of phonon states of δ-Sb2Te3 at 77(3) GPa. X-ray diffraction confirms the sample to be in the cubic δ-Sb2Te3 phase with space group Im\\bar{3}m and lattice constant a=3.268(4) \\overset{\\circ}{A} . The total density of phonon states of δ-Sb2Te3 strongly resembles the one of amorphous GeSb2Te4, suggesting the presence of covalent bonding in contrast to the resonance bonding in α-Sb2Te3. From the density of phonon states of δ-Sb2Te3 a mean speed of sound of 2.61(6) km {{s}-1} and Debye temperatures of 278(10) K for Te and 296(10) K for Sb were determined.

  12. Density functional simulations of Sb-rich GeSbTe phase change alloys.

    Science.gov (United States)

    Gabardi, S; Caravati, S; Bernasconi, M; Parrinello, M

    2012-09-26

    We generated models of the amorphous phase of Sb-rich GeSbTe phase change alloys by quenching from the melt within density functional molecular dynamics. We considered the two compositions Ge(1)Sb(1)Te(1) and Ge(2)Sb(4)Te(5). Comparison with previous results on the most studied Ge(2)Sb(2)Te(5) allowed us to draw some conclusions on the dependence of the structural properties of the amorphous phase on the alloy composition. Vibrational and electronic properties were also scrutinized. Phonons at high frequencies above 200 cm(-1) are localized in tetrahedra around Ge atoms in Sb-rich compounds as well as in Ge(2)Sb(2)Te(5). All compounds are semiconducting in the amorphous phase, with a band gap in the range 0.7-1.0 eV.

  13. Density functional simulations of Sb-rich GeSbTe phase change alloys

    Science.gov (United States)

    Gabardi, S.; Caravati, S.; Bernasconi, M.; Parrinello, M.

    2012-09-01

    We generated models of the amorphous phase of Sb-rich GeSbTe phase change alloys by quenching from the melt within density functional molecular dynamics. We considered the two compositions Ge1Sb1Te1 and Ge2Sb4Te5. Comparison with previous results on the most studied Ge2Sb2Te5 allowed us to draw some conclusions on the dependence of the structural properties of the amorphous phase on the alloy composition. Vibrational and electronic properties were also scrutinized. Phonons at high frequencies above 200 cm-1 are localized in tetrahedra around Ge atoms in Sb-rich compounds as well as in Ge2Sb2Te5. All compounds are semiconducting in the amorphous phase, with a band gap in the range 0.7-1.0 eV.

  14. Macroeconomía I. Guía de trabajos prácticos Nº1: introducción a la macroeconomía

    OpenAIRE

    Gentile, Natacha

    2011-01-01

    Esta guía forma parte de un conjunto de guías de trabajos prácticos, elaboradas para la cátedra de Macroeconomía I de la Facultad de Ciencias Económicas y Sociales de la Universidad Nacional de Mar del Plata, durante los años que me tocó desempeñarme como Jefe de Trabajos Prácticos (años 2007-2011).

  15. Research on anti-contact fatigue performance of grease containing nano SbSbS4 particles

    Institute of Scientific and Technical Information of China (English)

    ZHANG Feng; SONG Bao-yu; QU Jian-jun; LIU Wei-min

    2005-01-01

    Effects of nano SbSbS4particles on contact fatigue life of a steel ball were evaluated on a self-made ball-rod contact fatigue tester. The anti-fatigue mechanisms of SbSbS4 additive were analyzed by means of SEM and EDAX. It was shown that, when the grease contained SbSbS4, contact fatigue life was improved compared with that of base grease. Nanoparticle absorption action, nanoparticle infiltration action, and extreme pressure and anti-friction performance, explained why SbSbS4 increased the contact fatigue life of the steel ball tested.

  16. Surface states on a topologically nontrivial semimetal: The case of Sb(110)

    DEFF Research Database (Denmark)

    Bianchi, Marco; Guan, Dandan; Strózecka, Anna

    2012-01-01

    The electronic structure of Sb(110) is studied by angle-resolved photoemission spectroscopy and first-principles calculations, revealing several electronic surface states in the projected bulk band gaps around the Fermi energy. The dispersion of the states can be interpreted in terms of a strong...... spin-orbit splitting. The bulk band structure of Sb has the characteristics of a strong topological insulator with a Z2 invariant ν0 = 1. This puts constraints on the existence of metallic surface states and the expected topology of the surface Fermi contour. However, bulk Sb is a semimetal......, not an insulator, and these constraints are therefore partly relaxed. This relation of bulk topology and expected surface-state dispersion for semimetals is discussed....

  17. Electronic Properties, Screening, and Efficient Carrier Transport in NaSbS2

    Science.gov (United States)

    Sun, Jifeng; Singh, David J.

    2017-02-01

    NaSbS2 is a semiconductor that was recently shown to have remarkable efficacy as a solar absorber indicating efficient charge collection even in material containing defects. We report first-principles calculations of properties that show (1) an indirect gap only slightly smaller than the direct gap, which may impede the recombination of photoexcited carriers, (2) highly anisotropic electronic and optical properties reflecting a layered crystal structure, (3) a pushed-up valence-band maximum due to repulsion from the Sb 5 s states, and (4) cross-gap hybridization between the S p —derived valence bands and the Sb 5 p states. This latter feature leads to enhanced Born effective charges that can provide local screening and, therefore, defect tolerance. These features are discussed in relation to the performance of the compound as a semiconductor with efficient charge collection.

  18. Emergence of Dirac and quantum spin Hall states in fluorinated monolayer As and AsSb

    KAUST Repository

    Zhang, Qingyun

    2016-01-21

    Using first-principles calculations, we investigate the electronic and vibrational properties of monolayer As and AsSb. While the pristine monolayers are semiconductors (direct band gap at the Γ point), fluorination results in Dirac cones at the K points. Fluorinated monolayer As shows a band gap of 0.16 eV due to spin-orbit coupling, and fluorinated monolayer AsSb a larger band gap of 0.37 eV due to inversion symmetry breaking. Spin-orbit coupling induces spin splitting similar to monolayer MoS2. Phonon calculations confirm that both materials are dynamically stable. Calculations of the edge states of nanoribbons by the tight-binding method demonstrate that fluorinated monolayer As is topologically nontrivial in contrast to fluorinated monolayer AsSb.

  19. Macroeconomic impacts of Universal Health Coverage : Synthetic control evidence from Thailand

    NARCIS (Netherlands)

    M. Rieger (Matthias); N. Wagner (Natascha); A.S. Bedi (Arjun Singh)

    2015-01-01

    textabstractWe study the impact of Universal Health Coverage (UHC) on various macroeconomic outcomes in Thailand using synthetic control methods. Thailand is compared to a weighted average of control countries in terms of aggregate health and economic performance over the period 1995 to 2012. Our re

  20. A Simple Model to Teach Business Cycle Macroeconomics for Emerging Market and Developing Economies

    Science.gov (United States)

    Duncan, Roberto

    2015-01-01

    The canonical neoclassical model is insufficient to understand business cycle fluctuations in emerging market and developing economies. The author reformulates the model proposed by Aguiar and Gopinath (2007) in a simple setting that can be used to teach business cycle macroeconomics for emerging market and developing economies at the…

  1. The Response of US College Enrollment to Unexpected Changes in Macroeconomic Activity

    Science.gov (United States)

    Ewing, Kris M.; Beckert, Kim A.; Ewing, Bradley T.

    2010-01-01

    This paper estimates the extent and magnitude of US college and university enrollment responses to unanticipated changes in macroeconomic activity. In particular, we consider the relationship between enrollment, economic growth, and inflation. A time series analysis known as a vector autoregression is estimated and impulse response functions are…

  2. Is there a Core of Macroeconomics that Euro Area Forecasters Believe In?

    DEFF Research Database (Denmark)

    Stadtmann, Georg; Pierdzioch, Christian; Ruelke, Jan

    2012-01-01

    The quantity theory of money, Okun’s law, and the Phillips curve are cornerstones of macroeconomic theory. But are they also of practical relevance? Using survey data for the euro area, we found that professional economists’ forecasts are consistent with a version of the quantity theory in which...

  3. Enhancing Student Learning and Critical Thinking through Academic Controversy in Post Secondary Macroeconomics

    Science.gov (United States)

    Santicola, Craig F.

    2011-01-01

    There is a lack of student learning and critical thinking skills in post-secondary macroeconomics courses. The literature indicates that the lack of learning outcomes can be attributed to the reliance on traditional lecture and the failure to adopt innovative instructional techniques. The purpose of this study was to investigate the student…

  4. Including the monetary part in macro accounting: A ‘modern’ approach to the macroeconomic accounting

    Directory of Open Access Journals (Sweden)

    Onur TUTULMAZ

    2014-12-01

    Full Text Available Economic output is placed at the heart of the macroeconomics. To calculate the output one needs to achieve simplifying a high level complexity of economic relationships to form a system. On the flip side, the model should be enough elaborated to be able to reflect the important relationships. In this manner, the classical macroeconomic identity as Keynes suggested is simple enough to understand the main elements but it does not show the financial parts of transactions. Not having the monetary part of the economy it lacks the coherence. With the financial and economic crises getting more frequent, more endeavour to build a more inclusive and coherent macroeconomic system has been observed. However, there are large variety in different options of simplifying and simulating complex relationships among the real and monetary part of the modern economies.  Our paper tries to set an analysis comparing some of the recent prominent ideas in building balance sheet and transaction flow matrix in regard to macroeconomic accounting system. We can conclude the new achievement of including the monetary transactions in the frame causes a compromise from the simplicity for a coherent and more complete picture of macro economy.

  5. Enhancing Student Learning and Critical Thinking through Academic Controversy in Post Secondary Macroeconomics

    Science.gov (United States)

    Santicola, Craig F.

    2011-01-01

    There is a lack of student learning and critical thinking skills in post-secondary macroeconomics courses. The literature indicates that the lack of learning outcomes can be attributed to the reliance on traditional lecture and the failure to adopt innovative instructional techniques. The purpose of this study was to investigate the student…

  6. The methodology of modern macroeconomics and the descriptive approach to discounting: a thougt experiment

    NARCIS (Netherlands)

    K. Vermeylen

    2013-01-01

    Critics of modern macroeconomics often raise concerns about unwarranted welfare conclusions and data mining. This paper illustrates these concerns with a thought experiment, based on the debate in environmental economics about the appropriate discount rate in climate change analyses: I set up an eco

  7. Some Evidence on Policy Makers’ Motives, Macroeconomic preferences and Output-Inflation Trade-offs

    NARCIS (Netherlands)

    O.H. Swank (Otto)

    1997-01-01

    textabstractThis paper presents the results of an empirical study of the relationship between macroeconomic performance and policy makers' preferences for real output growth and inflation based on quarterly data from 16 countries. The empirical results indicate that a lower priority to inflation and

  8. Exchange-rate determination : is there a role for macroeconomic fundamentals?

    NARCIS (Netherlands)

    Jong, E. de

    1997-01-01

    This paper reviews recent trends in exchange rate modelling with a view toward assessing new claims that macroeconomic variables are useful for explaining exchange rates. The application to co-integration techniques and the use of larger datasets have led to more empirical evidence in favour of both

  9. Methodologies for environmental, micro- and macro-economic evaluation of bioenergy systems

    NARCIS (Netherlands)

    Broek, R. van den; Wijk, A. van

    2006-01-01

    An overview is given of methodologies used for evaluation of bioenergy systems on envoronmental, micro- and macro-economic spects. To evaluate micro-economic impacts net present value and annualised cost calculation are used. For environmental impacts, methods used are: qualitative studies, energy a

  10. Forecasting with real-time macroeconomic data : The ragged-edge problem and revisions

    NARCIS (Netherlands)

    Bouwman, 27695; Jacobs, J.P.A.M.

    2011-01-01

    Real-time macroeconomic data are typically incomplete for today and the immediate past ('ragged edge') and subject to revision. To enable more timely forecasts the recent missing data have to be imputed. The paper presents a state-space model that can deal with publication lags and data revisions.

  11. A Simple Treatment of the Liquidity Trap for Intermediate Macroeconomics Courses

    Science.gov (United States)

    Buttet, Sebastien; Roy, Udayan

    2014-01-01

    Several leading undergraduate intermediate macroeconomics textbooks now include a simple reduced-form New Keynesian model of short-run dynamics (alongside the IS-LM model). Unfortunately, there is no accompanying description of how the zero lower bound on nominal interest rates affects the model. In this article, the authors show how the…

  12. A Simple Treatment of the Liquidity Trap for Intermediate Macroeconomics Courses

    Science.gov (United States)

    Buttet, Sebastien; Roy, Udayan

    2014-01-01

    Several leading undergraduate intermediate macroeconomics textbooks now include a simple reduced-form New Keynesian model of short-run dynamics (alongside the IS-LM model). Unfortunately, there is no accompanying description of how the zero lower bound on nominal interest rates affects the model. In this article, the authors show how the…

  13. Short and long run macroeconomic effects of trade policy in the presence of debt servicing

    NARCIS (Netherlands)

    S.M. Murshed (Syed)

    2010-01-01

    textabstractThe purpose of this paper is to analyze the macroeconomic effects of trade policy, when the instrument is a voluntary export restraint (VER), on both the home (imposing) country and the foreign (targeted) country. The innovation in the paper is the analysis of trade policy when debt serv

  14. Short and long run macroeconomic effects of trade policy in the presence of debt servicing

    NARCIS (Netherlands)

    S.M. Murshed (Syed)

    2010-01-01

    textabstractABSTRACT: The purpose of this paper is to analyze the macroeconomic effects of trade policy, when the instrument is a voluntary export restraint (VER), on both the home (imposing) country and the foreign (targeted) country. The innovation in the paper is the analysis of trade policy when

  15. Government control of markets of financial services of Ukraine in conditions of macroeconomic instability

    Directory of Open Access Journals (Sweden)

    Ігор Юрійович Мельников

    2015-05-01

    Full Text Available An essence of financial services market of Ukraine is considered in the article. The mechanism and features of state regulation of financial services market in the context of macroeconomic instability are determined, the fundamentals of the theory of regulation of market economy and segments of the financial market of Ukraine are determined

  16. Macroeconomic Analysis and Graphical Interpretation of Azerbaijan Economy in 1991-2012

    Directory of Open Access Journals (Sweden)

    Khatai ALIYEV

    2015-04-01

    Full Text Available The aim of this research is to analyze macroeconomic performance and discuss transition indicators in Azerbaijan economy for 1991-2012. After regaining independence in 1991, Azerbaijan implemented economic transition process toward market economy. In the first years of independence, serious economic recession was observed. However, after 1995, the restructuring of the economy started. In this sense, signing the “Contract of the Century” was a turning point toward oil based high speed economic growth or oil boom period. Thus, by opening “Baku-Tbilisi-Ceyhan” pipeline in 2005, Azerbaijan’s macroeconomic indicators experienced considerable growth for the following years. On the other hand, Azerbaijan officially declared the end of economic transition process in its economy in 2009. In this paper, the authors discuss the political-economic and economic process in the whole period as well as analyze the macroeconomic performance with and without oil & gas contribution. In addition, the authors question what would happen if economic transition period ended in Azerbaijan’s economy. It is concluded that oil & gas production has a serious impact over macroeconomic indicators and transition indicators, and for Azerbaijan it implies only a partly end of economic transition, though not completely.

  17. Macroeconomic effects of CO2 emission limits : A computable general equilibrium analysis for China

    NARCIS (Netherlands)

    Zhang, ZX

    1998-01-01

    The study analyzes the macroeconomic effects of limiting China's CO2 emissions by using a time-recursive dynamic computable general equilibrium (CGE) model of the Chinese economy. The baseline scenario for the Chinese economy over the period to 2010 is first developed under a set of assumptions abou

  18. Short-term volatility versus long-term growth: evidence in US macroeconomic time series

    NARCIS (Netherlands)

    M. Sensier (Marianne); D.J.C. van Dijk (Dick)

    2001-01-01

    textabstractWe test for a change in the volatility of 215 US macroeconomic time series over the period 1960-1996. We find that about 90\\\\% of these series have experienced a break in volatility during this period. This result is robust to controlling for instability in the mean and business cycle

  19. Government control of markets of financial services of Ukraine in conditions of macroeconomic instability

    OpenAIRE

    Ігор Юрійович Мельников

    2015-01-01

    An essence of financial services market of Ukraine is considered in the article. The mechanism and features of state regulation of financial services market in the context of macroeconomic instability are determined, the fundamentals of the theory of regulation of market economy and segments of the financial market of Ukraine are determined

  20. The Impact of Macroeconomic Fundamentals on Stock Prices Revisited: Evidence from Indian Data

    Directory of Open Access Journals (Sweden)

    Pramod Kumar NAIK

    2012-11-01

    Full Text Available The study investigates the relationships between the Indian stock market index (BSE Sensex and five macroeconomic variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and macroeconomic variables. The analysis reveals that macroeconomic variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the money supply and industrial production but negatively relate to inflation. The exchange rate and the short-term interest rate are found to be insignificant in determining stock prices. In the Granger causality sense, macroeconomic variable causes the stock prices in the long-run but not in the short-run. There is bidirectional causality exists between industrial production and stock prices whereas, unidirectional causality from money supply to stock price, stock price to inflation and interest rates to stock prices are found.

  1. The Response of US College Enrollment to Unexpected Changes in Macroeconomic Activity

    Science.gov (United States)

    Ewing, Kris M.; Beckert, Kim A.; Ewing, Bradley T.

    2010-01-01

    This paper estimates the extent and magnitude of US college and university enrollment responses to unanticipated changes in macroeconomic activity. In particular, we consider the relationship between enrollment, economic growth, and inflation. A time series analysis known as a vector autoregression is estimated and impulse response functions are…

  2. Using the Student Research Project to Integrate Macroeconomics and Statistics in an Advanced Cost Accounting Course

    Science.gov (United States)

    Hassan, Mahamood M.; Schwartz, Bill N.

    2014-01-01

    This paper discusses a student research project that is part of an advanced cost accounting class. The project emphasizes active learning, integrates cost accounting with macroeconomics and statistics by "learning by doing" using real world data. Students analyze sales data for a publicly listed company by focusing on the company's…

  3. Natural disasters impact, factors of resilience and development: A meta-analysis of the macroeconomic literature

    NARCIS (Netherlands)

    S. Lazzaroni (Sara); P.A.G. van Bergeijk (Peter)

    2013-01-01

    textabstractWe systematize recent macroeconomic empirical literature on the direct and indirect impact of natural disasters providing a meta-analysis of 20 studies published during 2002-2013. We show that the disagreement between these studies is caused by the empirical design, the estimation techni

  4. Is there a Core of Macroeconomics that Euro Area Forecasters Believe In?

    DEFF Research Database (Denmark)

    Stadtmann, Georg; Pierdzioch, Christian; Ruelke, Jan

    2012-01-01

    The quantity theory of money, Okun’s law, and the Phillips curve are cornerstones of macroeconomic theory. But are they also of practical relevance? Using survey data for the euro area, we found that professional economists’ forecasts are consistent with a version of the quantity theory in which ...

  5. Embedding Care and Unpaid Work in Macroeconomic Modeling: A Structuralist Approach

    NARCIS (Netherlands)

    E. Braunstein (Elissa); I.P. van Staveren (Irene); D. Tavani (Daniele)

    2011-01-01

    textabstractThis study embeds paid and unpaid care work in a structuralist macroeconomic model. Care work is formally modeled as a gendered input into the market production process via its impact on the current and future labor force, with altruistic motivations determining both how much support peo

  6. Human capital formation and macroeconomic performance in an ageing small open economy

    NARCIS (Netherlands)

    Heijdra, Ben J.; Romp, Ward E.

    We study the effects of stylized demographic and fiscal shocks on the macroeconomic performance of an industrialized small open economy. We construct an overlapping-generations model which incorporates a realistic description of the mortality process. Agents engage in educational activities at the

  7. Short and long run macroeconomic effects of trade policy in the presence of debt servicing

    NARCIS (Netherlands)

    S.M. Murshed (Syed)

    2010-01-01

    textabstractThe purpose of this paper is to analyze the macroeconomic effects of trade policy, when the instrument is a voluntary export restraint (VER), on both the home (imposing) country and the foreign (targeted) country. The innovation in the paper is the analysis of trade policy when debt serv

  8. Short and long run macroeconomic effects of trade policy in the presence of debt servicing

    NARCIS (Netherlands)

    S.M. Murshed (Syed)

    2010-01-01

    textabstractABSTRACT: The purpose of this paper is to analyze the macroeconomic effects of trade policy, when the instrument is a voluntary export restraint (VER), on both the home (imposing) country and the foreign (targeted) country. The innovation in the paper is the analysis of trade policy when

  9. El mundo de la macroeconomía: perspectiva general y concepciones originarias

    OpenAIRE

    Febrero Devesa, Ramón

    1996-01-01

    Reflexión sobre el significado de la macroeconomía, sobre sus proposiciones básicas y sobre el origen de esta literatura, destacando los rasgos que han caracterizado la evolución del pensamiento económico a través del "modelo clásico" de Keynes-Hicks-Modigliani.

  10. Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables

    NARCIS (Netherlands)

    Hernandez Tinoco, Mario; Wilson, Nick

    2013-01-01

    Using a sample of 23,218 company-year observations of listed companies during the period 1980–2011, the paper investigates empirically the utility of combining accounting, market-based and macro-economic data to explain corporate credit risk. The paper develops risk models for listed companies that

  11. The Real Exchange Rate, Foreign Aid and Macroeconomic Transmission Mechanisms in Tanzania and Ghana

    DEFF Research Database (Denmark)

    Juselius, Katarina; Reshid, Abdulaziz Abrar; Tarp, Finn

    2017-01-01

    investigation. The focus is on the effect of aid when allowing external and nominal factors to play a role in the macroeconomic transmission mechanism. We conclude that when monetary and external factors are properly accounted for, then aid has been pivotal to growth in both real GDP and investment....

  12. Financial distress and bankruptcy prediction among listed companies using accounting, market and macroeconomic variables

    NARCIS (Netherlands)

    Hernandez Tinoco, Mario; Wilson, Nick

    2013-01-01

    Using a sample of 23,218 company-year observations of listed companies during the period 1980–2011, the paper investigates empirically the utility of combining accounting, market-based and macro-economic data to explain corporate credit risk. The paper develops risk models for listed companies that

  13. The individual life cycle and economic growth : An essay on demographic macroeconomics

    NARCIS (Netherlands)

    Heijdra, B.J.; Mierau, J.O.

    2011-01-01

    We develop a demographic macroeconomic model that captures the salient life-cycle features at the individual level and, at the same time, allows us to pinpoint the main mechanisms at play at the aggregate level. At the individual level the model features both age-dependent mortality and productivity

  14. A Simple Model to Teach Business Cycle Macroeconomics for Emerging Market and Developing Economies

    Science.gov (United States)

    Duncan, Roberto

    2015-01-01

    The canonical neoclassical model is insufficient to understand business cycle fluctuations in emerging market and developing economies. The author reformulates the model proposed by Aguiar and Gopinath (2007) in a simple setting that can be used to teach business cycle macroeconomics for emerging market and developing economies at the…

  15. Healthy public policy in poor countries: tackling macro-economic policies.

    Science.gov (United States)

    Mohindra, K S

    2007-06-01

    Large segments of the population in poor countries continue to suffer from a high level of unmet health needs, requiring macro-level, broad-based interventions. Healthy public policy, a key health promotion strategy, aims to put health on the agenda of policy makers across sectors and levels of government. Macro-economic policy in developing countries has thus far not adequately captured the attention of health promotion researchers. This paper argues that healthy public policy should not only be an objective in rich countries, but also in poor countries. This paper takes up this issue by reviewing the main macro-economic aid programs offered by international financial institutions as a response to economic crises and unmanageable debt burdens. Although health promotion researchers were largely absent during a key debate on structural adjustment programs and health during the 1980s and 1990s, the international macro-economic policy tool currently in play offers a new opportunity to participate in assessing these policies, ensuring new forms of macro-economic policy interventions do not simply reproduce patterns of (neoliberal) economics-dominated development policy.

  16. Electronic structure, phase stability, vibrational and thermodynamic properties of the ternary Nowotny-Juza materials LiMgSb and LiZnSb

    Science.gov (United States)

    Guendouz, Dj.; Charifi, Z.; Baaziz, H.; Soyalp, F.; Uğur, G.; Uğur, Ş.

    2017-08-01

    A comprehensive study of structure, phase stability, electronic, vibrational and thermodynamic properties of LiMgSb and LiZnSb compounds is performed by carrying out First-principles calculations within density-functional theory using the full potential linearized augmented plane wave (FP-LAPW) combined with the pseudo-potential method. The generalized-gradient approximation (GGA) and the local density approximation (LDA) are chosen for the exchange-correlation energy. The Engel-Vosko (EV-GGA) formalism and mBJ approach are applied for the electronic properties. By exchanging the position of the atoms in the cubic structure, three phases (α , β , γ) are composed. Under ambient conditions, LiMgSb is stable in the cubic α structure however LiZnSb in the wurtzite one. At high pressure, these compounds undergo a structural phase transition from the cubic α to cubic γ phase for LiMgSb and from the wurtzite to cubic γ phase for LiZnSb, and the transition pressures were calculated. The quasi-harmonic Debye model, in which the phononic effects are predicted, is applied to the investigate of the thermodynamic properties. The temperature effect on the volume V(T), bulk modulus, B(T), thermal expansion coefficient α (T) , specific heats (CV and Cp) and Debye temperatures ΘD, in different pressure and temperature range from 0 to 1000 K are investigated. Our results are in good agreement with previous theoretical calculations and the available experimental data. The band structure, density of states (DOS), and phonon dispersion curves have been obtained and analyzed.

  17. Optimization of the thermoelectric properties of FeNbSb-based half-Heusler materials

    Science.gov (United States)

    Li, Wenfeng; Yang, Gui; Zhang, Jianwei

    2016-05-01

    FeNbSb-based half-Heusler compounds have recently been reported as promising materials for good high-temperature thermoelectric materials with a ZT  >  1. Their electronic structure and thermoelectric properties are investigated based on a first-principles simulation and the semi-classical Boltzmann transport theory. The band structures show not only light and heavy bands but also high band degeneracy near the valence band maximum, which is beneficial for thermoelectric performance. The calculated Seebeck coefficients of p-type FeNbSb at high carrier concentrations exhibit the expected high values, which is consistent with experimental data. The evolution of the electrical conductivity and power factor with carrier concentration at different temperatures is investigated. Our results show that the thermoelectric performance of p-type FeNbSb can be improved by appropriate substitution; for example, by doping Hf on the Nb site, the maximum ZT of the p-type FeNb1-x Hf x Sb can reach ~1.5 at 1200 K. This study can provide some theoretical guidance for experimental research to improve the thermoelectric performance of FeNbSb-based half-Heusler compounds.

  18. Electronic structure modeling of InAs/GaSb superlattices with hybrid density functional theory

    Science.gov (United States)

    Garwood, T.; Modine, N. A.; Krishna, S.

    2017-03-01

    The application of first-principles calculations holds promise for greatly improving our understanding of semiconductor superlattices. Developing a procedure to accurately predict band gaps using hybrid density functional theory lays the groundwork for future studies investigating more nuanced properties of these structures. Our approach allows a priori prediction of the properties of SLS structures using only the band gaps of the constituent materials. Furthermore, it should enable direct investigation of the effects of interface structure, e.g., intermixing or ordering at the interface, on SLS properties. In this paper, we present band gap data for various InAs/GaSb type-II superlattice structures calculated using the generalized Kohn-Sham formulation of density functional theory. A PBE0-type hybrid functional was used, and the portion of the exact exchange was tuned to fit the band gaps of the binary compounds InAs and GaSb with the best agreement to bulk experimental values obtained with 18% of the exact exchange. The heterostructures considered in this study are 6 monolayer (ML) InAs/6 ML GaSb, 8 ML InAs/8 ML GaSb and 10 ML InAs/10 ML GaSb with deviations from the experimental band gaps ranging from 3% to 11%.

  19. The Relation between the Electronic Structure and Thermoelectric Properties for Zintl Compounds Mg3Sb2

    Science.gov (United States)

    Xu, Bin; Li, Rao; Yu, Gongqi; Ma, Shanshan; Wang, Yusheng; Wang, Yuanxu; Yi, Lin

    2017-02-01

    The electronic structure and the thermoelectric properties of Mg3Sb2 are studied by the first principles and the semi-classical BoltzTraP theory. Mg3Sb2 is semiconductor with an indirect band gap with the TB-mBJ, which is is closer to the experimental results. The higher absolute S values for n-type doping than that for p-type doping are mainly due to the larger band degeneracy at the bottom of the conduction band. The σ of n-type Mg3Sb2 are larger than that of the p-type ones, due to the large conduction band dispersion near the Fermi level. Obviously, the larger ZT of n-type Mg3Sb2 mainly comes from its larger Seebeck coefficient and its larger σ. For n-type Mg3Sb2, the ZT along the x-direction is larger than those along the z-direction. The anisotropy of ZT results show that it proved again the thermoelectric thin films with excellent performance can be obtained along the (100) and (010) surface.

  20. Optical Properties of GaSb Nanofibers

    Directory of Open Access Journals (Sweden)

    Perez-Bergquist Alejandro

    2011-01-01

    Full Text Available Abstract Amorphous GaSb nanofibers were obtained by ion beam irradiation of bulk GaSb single-crystal wafers, resulting in fibers with diameters of ~20 nm. The Raman spectra and photoluminescence (PL of the ion irradiation-induced nanofibers before and after annealing were studied. Results show that the Raman intensity of the GaSb LO phonon mode decreased after ion beam irradiation as a result of the formation of the amorphous nanofibers. A new mode is observed at ~155 cm-1 both from the unannealed and annealed GaSb nanofiber samples related to the A1g mode of Sb–Sb bond vibration. Room temperature PL measurements of the annealed nanofibers present a wide feature band at ~1.4–1.6 eV. The room temperature PL properties of the irradiated samples presents a large blue shift compared to bulk GaSb. Annealed nanofibers and annealed nanofibers with Au nanodots present two different PL peaks (400 and 540 nm, both of which may originate from Ga or O vacancies in GaO. The enhanced PL and new band characteristics in nanostructured GaSb suggest that the nanostructured fibers may have unique applications in optoelectronic devices.

  1. A tale of trade-offs: the impact of macroeconomic factors on environmental concern.

    Science.gov (United States)

    Conroy, Stephen J; Emerson, Tisha L N

    2014-12-01

    We test whether macroeconomic conditions affect individuals' willingness to pay for environmental quality improvements. Improvements in environmental quality, like everything, come at a cost. Individuals facing difficult economic times may be less willing to make trade-offs required for improvements in environmental quality. Using somewhat different methodologies and shorter time frames, prior investigations have generally found a direct relationship between willingness to pay for environmental improvements and macroeconomic conditions. We use a nearly 40-year span (27 periods) of the General Social Survey (1974-2012) to estimate attitudes toward environmental spending while controlling for U.S. macroeconomic conditions and respondent-specific factors such as age, gender, marital status, number of children, residential location, educational attainment, personal financial condition, political party affiliation and ideology. Macroeconomic conditions include one-year lagged controls for the unemployment rate, the rate of economic growth (percentage change in real GDP), and an indicator for whether the U.S. economy was experiencing a recession. We find that, in general, when economic conditions are unfavorable (i.e., during a recession, or with higher unemployment, or lower GDP growth), respondents are more likely to believe the U.S. is spending too much on "improving and protecting the environment". Interacting lagged macroeconomic controls with respondent's income, we find that these views are at least partially offset by the respondent's own economic condition (i.e., their own real income). Our findings are consistent with the notion that environmental quality is a normal, or procyclical good, i.e., that environmental spending should rise when the economy is expanding and fall during economic contractions. Copyright © 2014 Elsevier Ltd. All rights reserved.

  2. Establishing a Set of Macroeconomic Factors Explaining Variation Over Time of Performance in Business Sectors

    Directory of Open Access Journals (Sweden)

    Audrius Dzikevičius

    2016-06-01

    Full Text Available With increasing competitiveness of companies and business sectors in the domestic markets of Lithuania, economic units are frequently confronted with the lack of methods for more detailed analysis of external factors explaining the variation over time of corporate financial indicators. The analysis or forecasting of financial indicators is usually linked with the development of a stock market or undertaken to estimate the probability of bankruptcy. However, there is a lack of studies aimed at identifying links between macroeconomic factors and financial performance indicators and explaining their variation over time. To serve that purpose, the factors of the macroeconomic environment that are most significant for certain economic activities have been identified and analysed to enable explaining the variation over time patterns of corporate financial indicators. The analysis covers economic performance, i.e. financial performance indicators and their links with macroeconomic factors, in 89 business sectors of Lithuania at a three-digit level of NACE 2 ed. The findings of the research indicate that the unemployment level in the country, the volume of export and import and the GDP are the most important macroeconomic factors that can be used to forecast different profitability, financial leverage, liquidity and other financial performance indicators of individual business sectors or companies. The research has not unfolded any significant differences between business sectors therefore the above factors are considered generic macroeconomic factors enabling to explain financial performance indicators of the 89 business sectors. Hence, special attention has to be paid to identifying and analysing specific factors and assessing the causal link. When established, the set of such factors provides a framework for building of a model to forecast business sector financial indicators.

  3. The impact of science on economic growth and its cycles the mathematical dynamics determined by the basic macroeconomic facts

    CERN Document Server

    Aulin, Arvid

    1998-01-01

    The author shows that the enormous gap between theory and facts in modern macroeconomics can only be eliminated by nonlinear macroeconomic dynamics with the following special characteristics: First of all, only certain group-theoretical invariants generate the correct growth cycles with irregularly varying lengths, not any stochastic process as usually applied for this purpose. Furthermore, a special extended value function and generalized human capital are needed for a correct representation of scientific and technological innovation. Finally, the correct nonlinear macroeconomic dynamics are not reducible to microeconomics, for both of the above mentioned reasons.

  4. Compact analytical model for single gate AlInSb/InSb high electron mobility transistors

    Institute of Scientific and Technical Information of China (English)

    S.Theodore Chandra; N.B.Balamurugan; G.Subalakshmi; T.Shalini; G.Lakshmi Priya

    2014-01-01

    We have developed a 2D analytical model for the single gate AlInSb/InSb HEMT device by solving the Poisson equation using the parabolic approximation method.The developed model analyses the device performance by calculating the parameters such as surface potential,electric field distribution and drain current.The high mobility of the AlInSb/InSb quantum makes this HEMT ideal for high frequency,high power applications.The working of the single gate AlInSb/InSb HEMT device is studied by considering the variation of gate source voltage,drain source voltage,and channel length under the gate region and temperature.The carrier transport efficiency is improved by uniform electric field along the channel and the peak values near the source and drain regions.The results from the analytical model are compared with that of numerical simulations (TCAD) and a good agreement between them is achieved.

  5. Interaction of As and Sb in the hyperaccumulator Pteris vittata L.: changes in As and Sb speciation by XANES.

    Science.gov (United States)

    Wan, Xiaoming; Lei, Mei; Chen, Tongbin

    2016-10-01

    Arsenic (As) and antimony (Sb) are chemical analogs that display similar characteristics in the environment. The As hyperaccumulator Pteris vittata L. is a potential As-Sb co-accumulating species. However, when this plant is exposed to different As and Sb speciation, the associated accumulating mechanisms and subsequent assimilation processes of As and Sb remain unclear. A 2-week hydroponic experiment was conducted by exposing P. vittata to single AsIII, AsV, SbIII, and SbV or the co-existence of AsIII and SbIII and AsV and SbV. P. vittata could co-accumulate As and Sb in the pinna (>1000 mg kg(-1)) with high translocation (>1) of As and Sb from the root to the pinna. P. vittata displayed apparent preference to the trivalent speciation of As and Sb than to the pentavalent speciation. Under the single exposure of AsIII or SbIII, the pinna concentration of As and Sb was 84 and 765 % higher than that under the single exposure of AsV or SbV, respectively. Despite the provided As speciation, the main speciation of As in the root was AsV, whereas the main speciation of As in the pinna was AsIII. The Sb in the roots comprised SbV and SbIII when exposed to SbV but was exclusively SbIII when exposed to SbIII. The Sb in the pinna was a mixture of SbV and SbIII regardless of the provided Sb speciation. Compared with the single exposure of As, the co-existence of As and Sb increased the As concentration in the pinna of P. vittata by 50-66 %, accompanied by a significant increase in the AsIII percentage in the root. Compared with the single exposure of Sb, the co-existence of Sb and As also increased the Sb concentration in the pinna by 51-100 %, but no significant change in Sb speciation was found in P. vittata.

  6. Magnetic properties of CeSb and DySb from [mu][sup +]SR

    Energy Technology Data Exchange (ETDEWEB)

    Klauss, H.H. (Inst. fuer Metallphysik und Nukleare Festkoerperphysik, Technische Univ. Braunschweig (Germany)); Melo, M.A.C. de (Inst. fuer Metallphysik und Nukleare Festkoerperphysik, Technische Univ. Braunschweig (Germany)); Litterst, F.J. (Inst. fuer Metallphysik und Nukleare Festkoerperphysik, Technische Univ. Braunschweig (Germany)); Asch, L. (Physik Dept., Technische Univ. Muenchen, Garching (Germany)); Kratzer, A. (Physik Dept., Technische Univ. Muenchen, Garching (Germany)); Henneberger, S. (Physik Dept., Technische Univ. Muenchen, Garching (Germany)); Kalvius, G.M. (Physik Dept., Technische Univ. Muenchen, Garching (Germany)); Mattenberger, K. (Lab. fuer Festkoerperphysik, ETH Zuerich (Switzerland)); Hulliger, F. (Lab. fuer Festkoerperphysik, ETH Zuerich (Switzerland))

    1994-07-01

    ZF [mu]SR experiments on CeSb and DySb reveal fast spin dynamics even in their magnetically ordered states below 16.2 and 9.5 K, respectively. Above these first order transitions both pnictides exhibit strong frequency shifts in TF pointing to some magnetic precursors. The signals below T[sub N] show spontaneous rotating contributions. For CeSb several commensurately modulated antiferromagnetic phases containing paramagnetic sheets are confirmed. For DySb our data favor a CoO type structure in contrast to the MnO structure proposed from neutron diffraction. (orig.)

  7. Tetrahedral 1B4Sb nanoclusters in GaP:(B, Sb)

    Energy Technology Data Exchange (ETDEWEB)

    Elyukhin, V A, E-mail: elyukhin@cinvestav.m [Departamento de Ingenieria Electrica-SEES, CINVESTAV-IPN, Avenida IPN 2508, Col. San Pedro Zacatenco, C. P. 07360, Mexico, D. F. (Mexico)

    2009-05-01

    Self-assembling conditions of 1B4Sb tetrahedral nanoclusters in GaP doped with boron and Sb isoelectronic impurities are represented in the ultradilute and dilute limits of the boron and Sb contents, respectively. The fulfilled estimates demonstrated the preferential complete or almost complete allocation of boron atoms in 1B4Sb nanoclusters at temperatures of 500 {sup 0}C and 900 {sup 0}C, respectively. The significant decrease of the sum of the free energies of the constituent compounds is the main origin of self-assembling. The reduction of the strain energy is the additional cause of this phenomenon.

  8. Sb-induced phase control of InAsSb nanowires grown by molecular beam epitaxy.

    Science.gov (United States)

    Zhuang, Q D; Anyebe, Ezekiel A; Chen, R; Liu, H; Sanchez, Ana M; Rajpalke, Mohana K; Veal, Tim D; Wang, Z M; Huang, Y Z; Sun, H D

    2015-02-11

    For the first time, we report a complete control of crystal structure in InAs(1-x)Sb(x) NWs by tuning the antimony (Sb) composition. This claim is substantiated by high-resolution transmission electron microscopy combined with photoluminescence spectroscopy. The pure InAs nanowires generally show a mixture of wurtzite (WZ) and zinc-blende (ZB) phases, where addition of a small amount of Sb (∼2-4%) led to quasi-pure WZ InAsSb NWs, while further increase of Sb (∼10%) resulted in quasi-pure ZB InAsSb NWs. This phase transition is further evidenced by photoluminescence (PL) studies, where a dominant emission associated with the coexistence of WZ and ZB phases is present in the pure InAs NWs but absent in the PL spectrum of InAs0.96Sb0.04 NWs that instead shows a band-to-band emission. We also demonstrate that the Sb addition significantly reduces the stacking fault density in the NWs. This study provides new insights on the role of Sb addition for effective control of nanowire crystal structure.

  9. CONTACT MATERIALS FOR GaSb AND InSb: A PHASE DIAGRAM APPROACH

    Institute of Scientific and Technical Information of China (English)

    K.W. Richter; H. Ipser

    2002-01-01

    The development of well defined and thermally stable ohmic contacts for Ⅲ- Ⅴ semi-conductors like InSb and GaSb is still a challenging problem in semiconductor devicetechnology. As device processing usually includes the exposure to elevated tempera-tures, interface reactions often occur during metallization and further heat treatment.It is thus important to understand the respective phase equilibria of the involved el-ements. From the thermodynamic point of view, binary and ternary compounds inequilibrium with the respective compound semiconductor would be the best choice forcontact materials as these contacts will be stable even after long exposure to elevatedtemperatures. These possible candidates for contact materials may be directly obtainedfrom the phase diagrams.During the last years we investigated several phase diagrams of transition metals withGaSb and InSb. Experimental results in the systems Ga-Ni-Sb, Ga-Pd-Sb, Ga-Pt-Sb,In-Ni-Sb and In-Pd-Sb are summarized and are discussed in the context of contactchemistry.

  10. I8Sb10Ge36

    Directory of Open Access Journals (Sweden)

    Mohammed Kars

    2010-06-01

    Full Text Available Single crystals of the title compound, octaiodide decaantimonate hexatriacontagermanide, were grown by chemical transport reactions. The structure is isotypic with the analogous clathrates-I. In this structure, the (Ge,Sb46 framework consists of statistically occupied Ge and Sb sites that atoms form bonds in a distorted tetrahedral arrangement. They form polyhedra that are covalently bonded to each other by shared faces. There are two polyhedra of different sizes, viz. a (Ge,Sb20 dodecahedron and a (Ge,Sb24 tetracosahedron in a 1:3 ratio. The guest atom (iodine resides inside these polyhedra with symmetry m3 (Wyckoff position 2a and overline{4}2m (Wyckoff position 2d, respectively.

  11. Sb2Se3 under pressure

    Science.gov (United States)

    Efthimiopoulos, Ilias; Zhang, Jiaming; Kucway, Melvin; Park, Changyong; Ewing, Rodney C.; Wang, Yuejian

    2013-01-01

    Selected members of the A2B3 (A = Sb, Bi; B = Se, Te) family are topological insulators. The Sb2Se3 compound does not exhibit any topological properties at ambient conditions; a recent high-pressure study, however, indicated that pressure transforms Sb2Se3 from a band insulator into a topological insulator above ~2 GPa; in addition, three structural transitions were proposed to occur up to 25 GPa. Partly motivated by these results, we have performed x-ray diffraction and Raman spectroscopy investigations on Sb2Se3 under pressure up to 65 GPa. We have identified only one reversible structural transition: the initial Pnma structure transforms into a disordered cubic bcc alloy above 51 GPa. On the other hand, our high-pressure Raman study did not reproduce the previous results; we attribute the discrepancies to the effects of the different pressure transmitting media used in the high-pressure experiments. We discuss the structural behavior of Sb2Se3 within the A2B3 (A = Sb, Bi; B = Se, Te) series. PMID:24045363

  12. Complexity dynamics and Hopf bifurcation analysis based on the first Lyapunov coefficient about 3D IS-LM macroeconomics system

    Science.gov (United States)

    Ma, Junhai; Ren, Wenbo; Zhan, Xueli

    2017-04-01

    Based on the study of scholars at home and abroad, this paper improves the three-dimensional IS-LM model in macroeconomics, analyzes the equilibrium point of the system and stability conditions, focuses on the parameters and complex dynamic characteristics when Hopf bifurcation occurs in the three-dimensional IS-LM macroeconomics system. In order to analyze the stability of limit cycles when Hopf bifurcation occurs, this paper further introduces the first Lyapunov coefficient to judge the limit cycles, i.e. from a practical view of the business cycle. Numerical simulation results show that within the range of most of the parameters, the limit cycle of 3D IS-LM macroeconomics is stable, that is, the business cycle is stable; with the increase of the parameters, limit cycles becomes unstable, and the value range of the parameters in this situation is small. The research results of this paper have good guide significance for the analysis of macroeconomics system.

  13. 论宏观经济调控中的税收效应%Taxation effects of macroeconomic adjustment

    Institute of Scientific and Technical Information of China (English)

    张伦俊

    2003-01-01

    Based on equilibrium theory, this paper discussed relationships among taxation and other main macroeconomic indicators. The effects of taxation on economic growth, industrial adjustment and income distribution were analyzed.

  14. Effect Of Macroeconomic Variables On Stock Market Returns For Four Emerging Economies: Brazil, Russia, India, And China

    National Research Council Canada - National Science Library

    Robert D. Gay, Jr

    2011-01-01

    ...? The goal of this study is to investigate the time-series relationship between stock market index prices and the macroeconomic variables of exchange rate and oil price for Brazil, Russia, India, and China (BRIC...

  15. Effect Of Macroeconomic Variables On Stock Market Returns For Four Emerging Economies: Brazil, Russia, India, And China

    National Research Council Canada - National Science Library

    Robert D. Gay

    2016-01-01

    ...? The goal of this study is to investigate the time-series relationship between stock market index prices and the macroeconomic variables of exchange rate and oil price for Brazil, Russia, India, and China (BRIC...

  16. Oil-Price Volatility and Macroeconomic Spillovers in Central and Eastern Europe: Evidence from a Multivariate GARCH Model

    Directory of Open Access Journals (Sweden)

    Hegerty Scott W.

    2015-11-01

    Full Text Available Recent commodity price declines have added to worldwide macroeconomic risk, which has had serious effects on both commodity exporters and manufacturers that use oil and raw materials. These effects have been keenly felt in Central and Eastern Europe—particularly in Russia, but also in European Union member states. This study tests for spillovers among commodity-price and macroeconomic volatility by applying a VAR(1-MGARCH model to monthly time series for eight CEE countries. Overall, we find that oil prices do indeed have effects throughout the region, as do spillovers among exchange rates, inflation, interest rates, and output, but that they differ from country to country—particularly when different degrees of transition and integration are considered. While oil prices have a limited impact on the currencies of Russia and Ukraine, they do make a much larger contribution to the two countries’ macroeconomic volatility than do spillovers among the other macroeconomic variables.

  17. Foreign Shocks, Monetary Policy, and Macroeconomic Fluctuations in a Small Open Economy: A SVAR Study of Malaysia

    National Research Council Canada - National Science Library

    Zulkefly Abdul Karim; Bakri Abdul Karim

    2016-01-01

    This paper investigates the effect of foreign shocks upon domestic macroeconomic fluctuations and monetary policy, and examines the effectiveness of domestic monetary policy as a stabilization policy in Malaysia...

  18. MACROECONOMIC POLICIES AND TRENDS IN RESTRUCTURING OF THE ROMANIAN ECONOMY

    Directory of Open Access Journals (Sweden)

    MUNGIU-PUPĂZAN MARIANA CLAUDIA

    2011-03-01

    Full Text Available Challenges triggered by the current economic and financial crisis are multiple. In the short term the main challenge is finding solutions that will restore investor confidence and long-term consumatorilor.Pe, the main challenge is to adjust the principles that guide the international financial system reform, mainly relating to transparency, improvement of accounting rules on securities, insurance regulation firms and markets appropriate financial products and strengthen cooperation between the world's financial institutions including the IMF's governance structure modernization and World Bank

  19. On the optimal control problem for two regions’ macroeconomic model

    Directory of Open Access Journals (Sweden)

    Surkov Platon G.

    2015-12-01

    Full Text Available In this paper we consider a model of joint economic growth of two regions. This model bases on the classical Kobb-Douglas function and is described by a nonlinear system of differential equations. The interaction between regions is carried out by changing the balance of trade. The optimal control problem for this system is posed and the Pontryagin maximum principle is used for analysis the problem. The maximized functional represents the global welfare of regions. The numeric solution of the optimal control problem for particular regions is found. The used parameters was obtained from the basic scenario of the MERGE

  20. TERRITORIAL SUPPORT OF MACROECONOMIC PROCESSES AND NATIONAL PRIORITIES

    Directory of Open Access Journals (Sweden)

    ADRIANA MONICA ŢEGLEDI

    2012-05-01

    Full Text Available Regional issues, interregional and intraregional disparities and imbalances, respectively, in the economic development of the countries of the European community (and not only have appeared during historic evolution as a result of an uneven geographical development. Some parts of national territories have been neglected or blamed a certain delay in relation to overall development.The complexity of the regional development policy is highlighted by the need to integrate three priority objectives of the EU: economic and social cohesion, extending the principle of subsidiarity and sustainable development.

  1. Electron and hole magnetoresistances in LaSb.

    Energy Technology Data Exchange (ETDEWEB)

    Han, F.; Xu, J.; Botana, A. S.; Xiao, Z. L.; Wang, Y. L.; Yang, W. G.; Chung, D. Y.; Kanatzidis, M. G.; Norman, M. R.; Crabtree, G. W.; Kwok, W. K.

    2017-09-07

    We report investigations on the magnetotransport in LaSb, which exhibits extremely large magnetoresistance (XMR). Foremost, we demonstrate that the resistivity plateau can be explained without invoking topological protection. We then determine the Fermi surface from Shubnikov–de Haas (SdH) quantum oscillation measurements and find good agreement with the bulk Fermi pockets derived from first-principles calculations. Using a semiclassical theory and the experimentally determined Fermi pocket anisotropies, we quantitatively describe the orbital magnetoresistance, including its angle dependence.We show that the origin of XMR in LaSb lies in its high mobility with diminishing Hall effect, where the high mobility leads to a strong magnetic-field dependence of the longitudinal magnetoconductance. Unlike a one-band material, when a system has two or more bands (Fermi pockets) with electron and hole carriers, the added conductance arising from the Hall effect is reduced, hence revealing the latent XMR enabled by the longitudinal magnetoconductance. With diminishing Hall effect, the magnetoresistivity is simply the inverse of the longitudinal magnetoconductivity, enabling the differentiation of the electron and hole contributions to the XMR, which varies with the strength and orientation of the magnetic field. This work demonstrates a convenient way to separate the dynamics of the charge carriers and to uncover the origin of XMR in multiband materials with anisotropic Fermi surfaces. Our approach can be readily applied to other XMR materials.

  2. La absorción de la macroeconomía por la microeconomía

    Directory of Open Access Journals (Sweden)

    Ghislain Deleplace

    2008-12-01

    Full Text Available The aim of this article is to analyze the dominant tendency in the history of macroeconomics. It attempts to identify the two routes that research on the microeconomic foundations of macroeconomics has followed. On the one hand, the relation between employment, wages and inflation (the route indicated by Friedman; on the other hand, the existence of rigidities or a monetary restriction (the route indicated by Clower.

  3. Variational principles

    CERN Document Server

    Moiseiwitsch, B L

    2004-01-01

    This graduate-level text's primary objective is to demonstrate the expression of the equations of the various branches of mathematical physics in the succinct and elegant form of variational principles (and thereby illuminate their interrelationship). Its related intentions are to show how variational principles may be employed to determine the discrete eigenvalues for stationary state problems and to illustrate how to find the values of quantities (such as the phase shifts) that arise in the theory of scattering. Chapter-by-chapter treatment consists of analytical dynamics; optics, wave mecha

  4. InSb semiconductors and (In,Mn)Sb diluted magnetic semiconductors. Growth and properties

    Energy Technology Data Exchange (ETDEWEB)

    Tran, Lien

    2011-04-13

    This dissertation describes investigations of the growth by molecular beam epitaxy and the characterization of the semiconductor InSb as well as the diluted magnetic semiconductor (DMS) In{sub 1-x}Mn{sub x}Sb. The InSb films were grown on GaAs (001) substrate and Si (001) offcut by 4 toward (110) substrate up to a thickness of about 2 {mu}m, in spite of a large lattice mismatch between the epi-layer and substrate (14.6% between InSb and GaAs, and 19.3% between InSb and Si). After optimizing the growth conditions, the best InSb films grown directly on GaAs without any special technique results in a high crystal quality, low noise, and an electron mobility of 41100 cm{sup 2}/V s Vs with associated electron concentration of 2.9.10{sup 6} cm{sup -3} at 300 K. Such structures could be used, for example, for infrared detector structures. The growth of InSb on Si, however, is a challenge. In order to successfully grow InSb on Si, tilted substrates and the insertion of buffer layers were used, which helps to reduce the lattice mismatch as well as the formation of defects, and hence to improve the crystal quality. An electron mobility of 24000 cm{sup 2}/V s measured at 300 K, with an associated carrier concentration of 2.6.10{sup 1}6 cm{sup -3} is found for the best sample that was grown at 340 C with a 0.06 {mu}m-thick GaSb/AlSb superlattice buffer layer. The smaller value of electron mobility (compared to the best GaAsbased sample) is related to a higher density of microtwins and stacking faults as well as threading dislocations in the near-interface region as shown by transmission electron microscopy. Deep level noise spectra indicate the existence of deep levels in both GaAs and Si-based samples. The samples grown on Si exhibit the lowest Hooge factor at 300 K, lower than the samples grown on GaAs. Taking the optimized growth conditions of InSb/GaAs, the diluted magnetic semiconductor In{sub 1-x}Mn{sub x}Sb/GaAs (001) is prepared by adding a few percent of Mn into the

  5. Sb@Ni12@Sb20(-/+) and Sb@Pd12@Sb20(n) Cluster Anions, Where n = +1, -1, -3, -4: Multi-Oxidation-State Clusters of Interpenetrating Platonic Solids.

    Science.gov (United States)

    Wang, Yi; Moses-DeBusk, Melanie; Stevens, Lauren; Hu, Junkai; Zavalij, Peter; Bowen, Kit; Dunlap, Brett I; Glaser, Evan R; Eichhorn, Bryan

    2017-01-18

    K5Sb4 and K3Sb7 Zintl ion precursors react with Pd(PPh3)4 in ethylenediamine/toluene/PBu4(+) solutions to give crystals of Sb@Pd12@Sb20(n-)/PBu4(+) salts, where n = 3, 4. The clusters are structurally identical in the two charge states, with nearly perfect Ih point symmetry, and can be viewed as an Sb@Pd12 icosahedron centered inside of an Sb20 dodecahedron. The metric parameters suggest very weak Sb-Sb and Pd-Pd interactions with strong radial Sb-Pd bonds between the Sb20 and Pd12 shells. All-electron DFT analysis shows the 3- ion to be diamagnetic with Ih symmetry and a 1.33 eV HOMO-LUMO gap, whereas the 4- ion undergoes a Jahn-Teller distortion to an S = 1/2 D3d structure with a small 0.1 eV gap. The distortion is predicted to be small and is not discernible by crystallography. Laser desorption-ionization time-of-flight mass spectrometry (LDI-TOF MS) studies of the crystalline samples show intense parent Sb@Pd12@Sb20(-) ions (negative ion mode) and Sb@Pd12@Sb20(+) (positive ion mode) along with series of Sb@Pd12-y@Sb20-x(-/+) ions. Ni(cyclooctadiene)2 reacts with K3Sb7 in en/tol/Bu4PBr solvent mixtures to give black precipitates of Sb@Ni12@Sb20(n-) salts that give similar Sb@Ni12@Sb20(-/+) parent ions and Sb@Ni12-y@Sb20-x(-/+) degradation series in the respective LDI-TOF MS studies. The solid-state and gas-phase studies of the icosahedral Sb@M12@Sb20(n-/n+) ions show that the clusters can exist in the -4, -3, -1, +1 (M = Pd) and +1, -1 (M = Ni) oxidation states. These multiple-charge-state clusters are reminiscent of redox-active fullerenes (e.g., C60(n), where n = +1, 0, -1, -2, -3, -4, -5, -6).

  6. Sb complexes and Zn interstitials in Sb-implanted ZnO epitaxial films

    Institute of Scientific and Technical Information of China (English)

    Liu Yao-Ping; Ying Min-Ju; Mei Zeng-Xia; Li Jun-Qianng; Du Xiao-Long; A.Yu.Kuznetsovc

    2011-01-01

    In the present work, post-annealing is adopted to investigate the formation and the correlation of Sb complexes and Zn interstitials in Sb-ion implanted ZnO films, by using Raman scattering technique and electrical characterizations.The damage of Zn sublattice, produced by ion bombardment process is discerned from the unrecovered E2 (L) peak in annealed high Sb+ dose implanted samples. It is suggested that the Zn sublattice may be strongly affected by the introduction of Sb dopant because of the formation of SbZn-2VZn complex acceptor. The appearance of a new peak at 510 cm-1 in the annealed high dose Sb+ implanted samples is speculated to result from (Zn interstitials-O interstitials)Zni-Oi complex, which is in a good accordance with the electrical measurement. The p-type ZnO is difficult to obtain from the Sb+ implantation, however, which can be realized by in-situ Sb doping with proper growth conditions instead.

  7. Macroeconomic Variables and the Dynamic Effect of Public Expenditure: Long-term Trend Analysis in Nigeria

    Directory of Open Access Journals (Sweden)

    Ajibola Arewa

    2013-12-01

    Full Text Available The paper investigates the long-run relationship between government expenditures and a set of macroeconomic variables (GDP, consumer price index and unemployment using annual data collected from CBN statistical bulletin for a period of 19891 to 2011. It particularly adopts Johansen multivariate co integration for its estimation procedure and discovers that there is long-run relationship between government expenditure and the specified macroeconomic variables. It also discovers that an increase in capital expenditure improves economic bliss, while recurrent expenditure is detrimental to growth. Finally, our findings show that most of the variables do not Granger cause each other, but however, recurrent expenditure Granger causes prices, in the same veil capital expenditure does granger cause unemployment.

  8. An Analysis of Economic Growth, Competitiveness and Macroeconomic Imbalances in the European Union

    Directory of Open Access Journals (Sweden)

    Gheorghe Hurduzeu

    2015-09-01

    Full Text Available Taking into consideration the determinants of the economic crisis and of the sovereign debt crisis, we aim to analyze the dynamics of the European economies and discuss changes related to macroeconomic imbalances, as highlighted by the recent crises as an important factor of the unfavorable dynamics registered during the last years. In this respect we considered both internal and external imbalances, as specified in the macroeconomic imbalance procedure that was implemented for the European Union member states since 2012, as a response to the crises that affected all open economies of the world. The purpose of this article is to provide a comprehensive analysis of economic imbalances in the European Union and to determine their influence on economic growth.

  9. THE INFLUENCE OF MACROECONOMIC CONDITIONS ON CREDIT RISK: CASE OF ROMANIAN BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Iulia Andreea Bucur

    2014-07-01

    Full Text Available This paper aims to explore the interactions between macroeconomic conditions, such as: real GDP growth rate, inflation rate, market interest rate, broad money supply, foreign exchange rate fluctuation and unemployment rate, and credit risk in Romanian banking sector during 2008-2013. The interrelations of indicators’ complexity imply a multidimensional statistical analysis in order to find a relation between the macroeconomic conditions and the credit risk. Our regression analysis findings confirm the hypothesis according to which the money supply growth rate and the market foreign exchange rate are negatively related with credit risk and the unemployment rate is positively related with it. Furthermore, our findings revealed that the credit risk is significantly and negatively affected by the exchange rate fluctuation and significantly and positively affected by the unemployment rate. The results do not indicate a significant relationship between credit risk and real GDP growth rate.

  10. The impact of macroeconomic and conventional stock market variables on Islamic index returns under regime switching

    Directory of Open Access Journals (Sweden)

    Slah Bahloul

    2017-03-01

    Full Text Available The objective of this paper is to study the impact of conventional stock market return and volatility and various macroeconomic variables (including inflation rate, short-term interest rate, the slope of the yield curve and money supply on Islamic stock markets returns for twenty developed and emerging markets using Markov switching regression models. The empirical results for the period 2002–2014 show that both developed and emerging Islamic stock indices are influenced by conventional stock indices returns and money supply for both the low and high volatility regimes. However, the other macroeconomic variables fail to explain the dynamics of Islamic stock indices especially in the high volatility regime. Similar conclusions are obtained by using the MS-VAR model.

  11. Granger Causality between Stock Market and Macroeconomic Indicators: Evidence from Germany

    Directory of Open Access Journals (Sweden)

    Tomáš Plíhal

    2016-01-01

    Full Text Available The aim of this paper is to investigate informational efficiency of the stock market in Germany. Granger causality between the stock market and the selected macroeconomic variables is investigated by bivariate analysis using Toda-Yamamoto (1995 approach. This study focuses on monthly data from January 1999 to September 2015, and the stock market is represented by blue chip stock market index DAX. Investigated macroeconomic indicators include industrial production, inflation, money supply, interest rate, trade balance and exchange rate. Stock market Granger-causes industrial production and interest rate, and is therefore leading indicator of these variables. Between money supply and stock prices is Granger causality in both directions. Other variables seem to be independent on development of the stock market. We do not find any violation of Efficient market hypothesis which indicates that the stock market in Germany is informational efficient.

  12. Low-Frequency Volatility in China’s Gold Futures Market and Its Macroeconomic Determinants

    Directory of Open Access Journals (Sweden)

    Song Liu

    2015-01-01

    Full Text Available We extract low- and high-frequency volatility from China’s Shanghai gold futures market using an asymmetric Spline-GARCH (ASP-GARCH model. We then regress monthly low-frequency volatility on selected monthly macroeconomic indicators to study the impact of macroeconomy on gold futures market and to test for excess volatility. Our main result is volatility in China’s Shanghai gold futures market resulting from both macroeconomic fluctuations and investor behaviour. Chinese Consumer Price Index Volatility and US dollar volatility are the two main determinants of low-frequency gold volatility. We also find significant evidence of excess volatility, which can in part be explained in terms of loss-aversive investor behaviour.

  13. Analysis of China's Overheated Economy and Macroeconomic Policy Options

    Institute of Scientific and Technical Information of China (English)

    KeshaGuo

    2004-01-01

    Based on macroeconomic analysis since 2003, this article holds mat a trena towaras overheating has surfaced in China's economy. China's rapid economic expansion has affected the quality of its growth, with rising material and energy consumption and imbalanced economic structure as the main manifestations. Regarding macroeconomic policy options in 2004, decision-makers should shift the policy focus from control of deflation to prevention of inflation; the pace of economic growth should be properly set; a balance between consumption and investment should be strengthened by controlling excessive expansion of investment, and industrial restructuring should be conducted in a coordinated manner on the basis of properly controlling the overly rapid indastrial growth; policies should be continued to boost exports and sustainable growth of foreign investment; and more efforts should be made to accelerate the change in the mode of economic growth.

  14. Does U.S. macroeconomic news make emerging financial markets riskier?

    Directory of Open Access Journals (Sweden)

    Esin Cakan

    2015-03-01

    Full Text Available This study analyzes the impacts of US macroeconomic announcement surprises on the volatility of twelve emerging stock markets by employing asymmetric GJR-GARCH model. The model includes both positive and negative surprises about inflation and unemployment rate announcements in the U.S. We find that volatility shocks are persistent and asymmetric. Asymmetric volatility increases with bad news on US inflation in five out of the twelve countries studied and it increases with a bad news on U.S. unemployment in four out of twelve countries. Asymmetric volatility decreases with good news about US employment situation in eight countries out of twelve countries. Such markets become less risky with an unexpected decrease in unemployment rate in the US. Our findings are important for demonstrating that USA economic growth and employment situation has an impact on many emerging stock markets and that positive US macroeconomic news in fact make many emerging stock markets less volatile.

  15. Periodically Collapsing Bubbles in Stock Prices Cointegrated with Broad Dividends and Macroeconomic Factors

    Directory of Open Access Journals (Sweden)

    Man Fu

    2011-12-01

    Full Text Available We study fluctuations in stock prices using a framework derived from the present value model augmented with a macroeconomic factor. The fundamental value is derived as the expected present discounted value of broad dividends that include, in addition to traditional cash dividends, other payouts to shareholders. A stochastic discount factor motivated by the consumption-based asset pricing model is utilized. A single macroeconomic factor, namely the output gap determines the non-fundamental component of stock prices. A resulting trivariate Vector Autoregression (TVAR model of stock prices, broad dividends, and the output gap shows evidence of cointegration in the DJIA and S&P 500 index data. Nonetheless, a sup augmented Dickey-Fuller test reveals existence of periodically collapsing bubbles in S&P 500 data during the late 1990s.

  16. Socioeconomic position, macroeconomic environment and overweight among adolescents in 35 countries

    DEFF Research Database (Denmark)

    Due, Pernille; Damsgaard, M Rasmussen, MT; Holstein, Bjørn;

    2009-01-01

    Objective It is important to understand levels and social inequalities in childhood overweight within and between countries. This study examined prevalence and social inequality in adolescent overweight in 35 countries, and associations with macroeconomic factors. Design International cross...... associated with prevalence and socioeconomic inequality in overweight among the 23-high income and 10-middle income countries, with a positive relationship among the high income countries and a negative association among the middle income countries. Conclusion The direction and magnitude of social inequality...... in adolescent overweight shows large international variation, with negative social gradients in most countries, but positive social gradients, especially for boys, in some Central European countries. Macroeconomic factors are associated with the heterogeneity in prevalence and social inequality of adolescent...

  17. An Analysis of the Influence of Chinese Agriculture on National Economy and the Macroeconomic Effects

    Institute of Scientific and Technical Information of China (English)

    Ming GE; Suping ZHAO

    2015-01-01

    As a basic industry,agriculture has a far-reaching impact on national economy. Based on input-output tables of China in 2005 and2010,this paper gives a deep insight into the relationship between agriculture and national economy and its macroeconomic effects by the methods of input-output analysis,industrial correlation and macroeconomic effect analysis. The results show that the agricultural development is highly dependent on the national economy,but makes low contribution; agriculture contributes to promoting employment and improving the structure of national income distribution; despite the government’s tax incentive,the agricultural equipments are updated slowly,and the corporate profits are at low level; agricultural export effect is far below the average industry level,but the import effect increases over the years,and final products are often used for domestic consumption. Finally,we set forth recommendations for improving the development of agriculture and national economy.

  18. ROMANIAN MACROECONOMIC STABILITY BETWEEN THE BALANCE OF PAYMENT ASSISTANCE AND THE EUROPEAN SEMESTER

    Directory of Open Access Journals (Sweden)

    Gabriela Dragan

    2012-10-01

    Full Text Available The first EU Alert Mechanism Report demonstrates the vulnerable macroeconomic external position of Romania, the current Romanian’s balance of payments reflecting a severe need of financing and capitalization. On the other hand, the 2007-2013 programming period potentially provided a significant amount of EU money for investments (around 29 billion euro through Structural Funds. However, five years after the beginning of the current financial framework, the level of absorption remains extremely low. The paper focuses on the main Romanian macroeconomic imbalances (the current account balance,international investment position and on the most important sources for financing investments and development - the EU financial structural instruments: ERDF and Cohesion Fund.

  19. THE INTEGRATED APPROACH TO EVALUATING STRUCTURAL PERFORMANCE IN WELL- BALANCED MACRO-ECONOMIC FRAMEWORKS

    Directory of Open Access Journals (Sweden)

    Serguey Arseniyevich VLADIMIROV

    2015-01-01

    Full Text Available The paper aimed at an academic substantiation of possibility of reaching the community-measured and utmost available efficiency in public expenditure and investments and tax collection/ revenue in a perfectly arranged well-balanced open-ended macro-economic framework. The model suggested looks similar (by its interpretation to the «econophysical» trend in the contemporary economics concept (Cf.: the Carnot cycle in thermodynamics, that means a specific amount received from the public spending jointly with investments to the national economy (in the event of a successful outcome i.e. «zero-loss» may lead to the maximum expected rate of economic growth, that enables justifying general directions of an appropriate macroeconomic policy (concerning both finance and budget allocations]. 

  20. La macroeconomía ortodoxa a la luz de Popper

    OpenAIRE

    Iván H. AYALA; Alfonso Palacio Vera

    2014-01-01

    La macroeconomía ortodoxa ha estado dominada durante las últimas cuatro décadas por la llamada “hipótesis de expectativas racionales” (HER) que conlle-va el supuesto implícito de que las economías de mercado son inherentemente estables. A su vez, la HER constituye un elemento esencial de la llamada “Nueva Síntesis Neoclásica” en macroeconomía que también ha desempeñado un papel dominante tanto en la teoría macroeconómica como en la política económica durante las últimas dos décadas. En este t...

  1. Macroeconomic control,political costs and earnings management:Evidence from Chinese listed real estate companies

    Institute of Scientific and Technical Information of China (English)

    Donghua; Chen; Jieying; Li; Shangkun; Liang; Guojun; Wang

    2011-01-01

    Firms in China have faced high political costs during China’s economic transition,because they are affected by macroeconomic policies.However,research to date has offered no consistent conclusions on the relationship between political costs and earnings management in China.This study tests whether real estate firms attempt to decrease earnings during periods of macroeconomic control,using variables related to the national real estate market as proxies for political costs.We find that political costs are negatively related to earnings management in listed real estate firms.In addition,we find that non-state-owned enterprises utilized more income-decreasing accruals during this period.Our results are consistent with the political costs hypothesis.

  2. Liaison of Exchange Rate and Macroeconomic Variables: A Case Study of Pakistan

    Directory of Open Access Journals (Sweden)

    Aneel Salman

    2015-12-01

    Full Text Available Exchange rate plays a significant role in the economic growth of a country because it has also a close relationship to some major macroeconomic variables like Gross Domestic Product (GDP, interest rate, current account and inflation etc. All these variables are adversely affected by uncertainty or fluctuations in exchange rate. The objective of this paper was to find out the relationship between the exchange rate and other above mentioned macroeconomic variables. The paper not only described the relationship but also defined the nature of the relationship between the selected variables. The results showed that exchange rate has a long run relationship to GDP, inflation, interest rate and current account. Granger Causality test concluded that there was unidirectional causal relationship between exchange rate and GDP and the direction of causal relationship run from exchange rate to GDP. There were also some policy implications suggested for the stability in exchange rate and removing the adverse effects of uncertainty in Pakistan.

  3. Growth Dynamics in South Africa: Key Macroeconomic Drivers and Policy Challenges

    Directory of Open Access Journals (Sweden)

    Themba G. Chirwa

    2015-07-01

    Full Text Available In this paper we examine which key factors at the macroeconomic level are associated with the economic growth performance of the South African economy. These drivers have been identified by assessing the economic events that occurred during the period 1960-2013. During this period, the South African economy went through two economic and political systems: an apartheid system that covered the period 1948-1993; and a democratic system from 1994 to date. Regardless of the economic system implemented, we find the accumulation of physical capital, human capital development, international trade, real exchange rate growth, and inflation as the most significant macroeconomic drivers of economic growth in South Africa. We also find that the weak performance of the South African economy in recent years has been grossly affected by declining trends in the accumulation of capital stock, low quantities and quality of human capital, worsening balance of payments position, and real exchange rate instability.

  4. Genetic principles.

    Science.gov (United States)

    Abuelo, D

    1987-01-01

    The author discusses the basic principles of genetics, including the classification of genetic disorders and a consideration of the rules and mechanisms of inheritance. The most common pitfalls in clinical genetic diagnosis are described, with emphasis on the problem of the negative or misleading family history.

  5. Cosmological principle

    Energy Technology Data Exchange (ETDEWEB)

    Wesson, P.S.

    1979-10-01

    The Cosmological Principle states: the universe looks the same to all observers regardless of where they are located. To most astronomers today the Cosmological Principle means the universe looks the same to all observers because density of the galaxies is the same in all places. A new Cosmological Principle is proposed. It is called the Dimensional Cosmological Principle. It uses the properties of matter in the universe: density (rho), pressure (p), and mass (m) within some region of space of length (l). The laws of physics require incorporation of constants for gravity (G) and the speed of light (C). After combining the six parameters into dimensionless numbers, the best choices are: 8..pi..Gl/sup 2/ rho/c/sup 2/, 8..pi..Gl/sup 2/ rho/c/sup 4/, and 2 Gm/c/sup 2/l (the Schwarzchild factor). The Dimensional Cosmological Principal came about because old ideas conflicted with the rapidly-growing body of observational evidence indicating that galaxies in the universe have a clumpy rather than uniform distribution. (SC)

  6. THE ANALYSIS OF MACROECONOMIC CONTEXT FOR EUROPEAN UNION COUNTRIES IN 2009

    OpenAIRE

    2009-01-01

    The scope of our article is to analyze the characteristics of the actual economic and financial crisis in the EU-27, in the year 2009. We use macroeconomic variables that compose economic macro-stabilization pentagon – the real growth rate of gross domestic product, the rate of inflation, the rate of unemployment, the public conventional deficit over GDP, the public debt over GDP, the current account deficit over GDP.

  7. Portfolio Sensitivity Model for Analyzing Credit Risk Caused by Structural and Macroeconomic Changes

    Directory of Open Access Journals (Sweden)

    Goran Klepac

    2008-12-01

    Full Text Available This paper proposes a new model for portfolio sensitivity analysis. The model is suitable for decision support in financial institutions, specifically for portfolio planning and portfolio management. The basic advantage of the model is the ability to create simulations for credit risk predictions in cases when we virtually change portfolio structure and/or macroeconomic factors. The model takes a holistic approach to portfolio management consolidating all organizational segments in the process such as marketing, retail and risk.

  8. On “open-economy macroeconomics using models of closed systems”

    Directory of Open Access Journals (Sweden)

    Romar Correa

    2001-01-01

    Full Text Available International macroeconomic crises occur because of the enlargement of the dimension of the state space within which economies operate. Our focus is the recent financial turbulence worldwide in which (i banks had a role to play and (ii whole systems collapsed. We validate these propositions in the context of the qualitative theory of differential equations. The economic framework used is that of Wynne Godley.

  9. Using a DSGE Model to Assess the Macroeconomic Effects of Reserve Requirements in Brazil

    OpenAIRE

    Waldyr Dutra Areosa; Christiano Arrigoni Coelho

    2013-01-01

    The goal of this paper is to present how a Dynamic General Equilibrium Model (DSGE) can be used by policy makers in the qualitative and quantitative evaluation of the macroeconomics impacts of two monetary policy instruments: (i) short term interest rate and (ii) reserve requirements ratio. In our model, this last instrument affects the leverage of banks that have to deal with agency problems in order to raise funds from depositors. We estimated a modified version of Gertler and Karadi (2011)...

  10. Bank Specific and Macroeconomics Dynamic Determinants of Credit Risk in Islamic Banks and Conventional Banks

    OpenAIRE

    Waeibrorheem Waemustafa; Suriani Sukri

    2015-01-01

    The study analyzes macroeconomic and bank specific determinants of credit risk in Islamic and Conventional Banks. Multivariate Regression analysis is applied on the sample of 15 conventional banks and 13 Islamic Banks in Malaysia over the period between 2000 and 2010. The finding shows that the banks specific determinants of credit risk are uniquely influenced the credit risk formation of Islamic and Conventional banks. The study found that risky sector financing; regulatory capital (REGCAP) ...

  11. Macroeconomic factors and stock returns: Evidence from three Central and East European countries

    OpenAIRE

    Tung, Christopher

    2010-01-01

    This dissertation deals with the links between stock market returns and foreign exchange rates, industrial production and exports to Germany in three Central and East European countries (the Czech Republic, Hungary and Poland). The main questions addressed are: "Do macroeconomic factors related to foreign exchange rates and industrial production affect stock market returns in the Visegrad-3? And what is the impact of exports to Germany on those stock returns?" This analysis makes use of panel...

  12. On the Need for New Economic Foundations: A Critique on Mainstream Macroeconomics

    Directory of Open Access Journals (Sweden)

    Robert Hoffman

    2012-10-01

    Full Text Available The body of macroeconomic theory known as the neoclassical-Keynesian synthesis, hereafter mainstream macroeconomics, has dominated the practice of economics since the middle of the twentieth century and is largely unchallenged in institutions that teach economics. Not only does mainstream macroeconomics underlie monetary and fiscal policies intended to promote economic growth, full employment, and price stability, but it also provides the lens through which economic activity is measured and performance is evaluated. Most importantly, it has spawned a generally accepted ideology or conventional wisdom that frames economic issues and ‘acceptable’ policy responses to them. Woe to the economist or politician who strays beyond the constraints imposed by the beliefs emanating from this body of theory. Mainstream economic theory has always had its critics, but the failure of mainstream economists to predict the collapse of 2008 and the failure of the policy responses to the crisis have stimulated a new round of criticism. This paper surveys a range of criticisms made by economists and non-economists alike and finds that grounds exist for the rejection of mainstream macroeconomic theory. It is mathematically incoherent and irrelevant insofar as the assumptions upon which it is based are not supportable; its concepts are abstract and not measurable, and not capable of addressing the real questions of sustainability, economic stability, power, justice, and equity that affect the human condition. The conclusions reached are: 1 mainstream economic theory took a profoundly wrong path in the mid-twentieth century 2 foundations for a new synthesis of economic thinking are needed capable of addressing the issues that emerged in the late 20th century and integrating findings from other sub-disciplines of economics and other sciences.

  13. Using a DSGE Model to Assess the Macroeconomic Effects of Reserve Requirements in Brazil

    OpenAIRE

    Waldyr Dutra Areosa; Christiano Arrigoni Coelho

    2013-01-01

    The goal of this paper is to present how a Dynamic General Equilibrium Model (DSGE) can be used by policy makers in the qualitative and quantitative evaluation of the macroeconomics impacts of two monetary policy instruments: (i) short term interest rate and (ii) reserve requirements ratio. In our model, this last instrument affects the leverage of banks that have to deal with agency problems in order to raise funds from depositors. We estimated a modified version of Gertler and Karadi (2011)...

  14. Macroeconomic Factors and the German Real Estate Market: A Stock-Market-Based Forecasting Experiment

    OpenAIRE

    Christian Pierdzioch

    2012-01-01

    Based on a recursive forecasting approach, this research studies whether macro- economic factors help to forecast excess returns on a real-estate-based German stock market index. Key findings are that macroeconomic factors are often included in the optimal forecasting model, that their relative importance often differs from their importance for forecasting a broad stock-market index, and that their informational content for forecasting excess returns seems to undergo temporal shifts. This res...

  15. Evaluating Predictive Densities of US Output Growth and Inflation in a Large Macroeconomic Data Set

    OpenAIRE

    Rossi, Barbara; Sekhposyan, Tatevik

    2013-01-01

    We evaluate conditional predictive densities for U.S. output growth and inflation using a number of commonly used forecasting models that rely on a large number of macroeconomic predictors. More specifically, we evaluate how well conditional predictive densities based on the commonly used normality assumption fit actual realizations out-of-sample. Our focus on predictive densities acknowledges the possibility that, although some predictors can improve or deteriorate point forecasts, they migh...

  16. Climate Change and Macro-Economic Cycles in Pre-Industrial Europe

    Science.gov (United States)

    Pei, Qing; Zhang, David D.; Lee, Harry F.; Li, Guodong

    2014-01-01

    Climate change has been proven to be the ultimate cause of social crisis in pre-industrial Europe at a large scale. However, detailed analyses on climate change and macro-economic cycles in the pre-industrial era remain lacking, especially within different temporal scales. Therefore, fine-grained, paleo-climate, and economic data were employed with statistical methods to quantitatively assess the relations between climate change and agrarian economy in Europe during AD 1500 to 1800. In the study, the Butterworth filter was adopted to filter the data series into a long-term trend (low-frequency) and short-term fluctuations (high-frequency). Granger Causality Analysis was conducted to scrutinize the associations between climate change and macro-economic cycle at different frequency bands. Based on quantitative results, climate change can only show significant effects on the macro-economic cycle within the long-term. In terms of the short-term effects, society can relieve the influences from climate variations by social adaptation methods and self-adjustment mechanism. On a large spatial scale, temperature holds higher importance for the European agrarian economy than precipitation. By examining the supply-demand mechanism in the grain market, population during the study period acted as the producer in the long term, whereas as the consumer in the short term. These findings merely reflect the general interactions between climate change and macro-economic cycles at the large spatial region with a long-term study period. The findings neither illustrate individual incidents that can temporarily distort the agrarian economy nor explain some specific cases. In the study, the scale thinking in the analysis is raised as an essential methodological issue for the first time to interpret the associations between climatic impact and macro-economy in the past agrarian society within different temporal scales. PMID:24516601

  17. Tariffs, Employment and the Current Account: Real Wage Resistance and the Macroeconomics of Protectionism

    OpenAIRE

    Sweder van Wijnbergen

    1987-01-01

    Using a standard complete specialization model of a small open economy within a rigorous intertemporal optimization framework with contract- based wage rigidity, we show that permanent tariffs may lead to a current account deterioration and a fall in employment, contradicting most of the literature of macro-economic effects of import tariffs. I show that this will always be the case if the economy is small enough. The crucial factor in this complete reversal of standard results is the impact ...

  18. Climate change and macro-economic cycles in pre-industrial europe.

    Science.gov (United States)

    Pei, Qing; Zhang, David D; Lee, Harry F; Li, Guodong

    2014-01-01

    Climate change has been proven to be the ultimate cause of social crisis in pre-industrial Europe at a large scale. However, detailed analyses on climate change and macro-economic cycles in the pre-industrial era remain lacking, especially within different temporal scales. Therefore, fine-grained, paleo-climate, and economic data were employed with statistical methods to quantitatively assess the relations between climate change and agrarian economy in Europe during AD 1500 to 1800. In the study, the Butterworth filter was adopted to filter the data series into a long-term trend (low-frequency) and short-term fluctuations (high-frequency). Granger Causality Analysis was conducted to scrutinize the associations between climate change and macro-economic cycle at different frequency bands. Based on quantitative results, climate change can only show significant effects on the macro-economic cycle within the long-term. In terms of the short-term effects, society can relieve the influences from climate variations by social adaptation methods and self-adjustment mechanism. On a large spatial scale, temperature holds higher importance for the European agrarian economy than precipitation. By examining the supply-demand mechanism in the grain market, population during the study period acted as the producer in the long term, whereas as the consumer in the short term. These findings merely reflect the general interactions between climate change and macro-economic cycles at the large spatial region with a long-term study period. The findings neither illustrate individual incidents that can temporarily distort the agrarian economy nor explain some specific cases. In the study, the scale thinking in the analysis is raised as an essential methodological issue for the first time to interpret the associations between climatic impact and macro-economy in the past agrarian society within different temporal scales.

  19. Recent macroeconomic trends in emerging economies and implications for development - Country Study: Brazil

    OpenAIRE

    Eustáquio Reis

    2014-01-01

    The paper reviews the sluggish growth and inclusive developments of the Brazilian economy in the last decade. The first section analyzes the macroeconomic performance pointing export growth as the engine of growth. The second evaluates social policies and their relationship with the improvements in the labor market. The third examines Brazilian policy reactions to the global crisis that managed to recover consumption but failed to sustain investment and growth. The discussion of challenges fo...

  20. Empirical analysis on emerging issues of Malaysia outward FDI from macroeconomic perspective

    OpenAIRE

    Kueh, Jerome Swee-Hui; Puah, Chin-Hong; Abu Mansor, Shazali

    2009-01-01

    The evidence of Malaysia outward FDI has become obvious particularly in the 1990s. Despite remain as the preference of FDI destinations, Malaysia also emerged as the fifth largest investor among the developing economies in Asia region (UNCTAD, 2005). In view of that, this study intends to examine the macroeconomic determinants of outward FDI of Malaysia, namely real income, exchange rate, trade openness and interest rate. The Johansen and Juselius cointegration test and the vector error corre...

  1. Theoretical and experimental investigations of the properties of Ge2Sb2Te5 and indium-doped Ge2Sb2Te5 phase change material

    Science.gov (United States)

    Singh, Gurinder; Kaura, Aman; Mukul, Monika; Singh, Janpreet; Tripathi, S. K.

    2014-06-01

    We have carried out comprehensive computational and experimental study on the face-centered cubic Ge2Sb2Te5 (GST) and indium (In)-doped GST phase change materials. Structural calculations, total density of states and crystal orbital Hamilton population have been calculated using first-principle calculation. 5 at.% doping of In weakens the Ge-Te, Sb-Te and Te-Te bond lengths. In element substitutes Sb to form In-Te-like structure in the GST system. In-Te has a weaker bond strength compared with the Sb-Te bond. However, both GST and doped alloy remain in rock salt structure. It is more favorable to replace Sb with In than with any other atomic position. X-ray diffraction (XRD) analysis has been carried out on thin film of In-doped GST phase change materials. XRD graph reveals that In-doped phase change materials have rock salt structure with the formation of In2Te3 crystallites in the material. Temperature dependence of impedance spectra has been calculated for thin films of GST and doped material. Thickness of the as-deposited films is calculated from Swanepoel method. Absorption coefficient (α) has been calculated for amorphous and crystalline thin films of the alloys. The optical gap (indirect band gap) energy of the amorphous and crystalline thin films has also been calculated by the equation α hν = β (hν - E_{{g }} )2 . Optical contrast (C) of pure and doped phase change materials have also been calculated. Sufficient optical contrast has been found for pure and doped phase change materials.

  2. A kinetic approach to some quasi-linear laws of macroeconomics

    Science.gov (United States)

    Gligor, M.; Ignat, M.

    2002-11-01

    Some previous works have presented the data on wealth and income distributions in developed countries and have found that the great majority of population is described by an exponential distribution, which results in idea that the kinetic approach could be adequate to describe this empirical evidence. The aim of our paper is to extend this framework by developing a systematic kinetic approach of the socio-economic systems and to explain how linear laws, modelling correlations between macroeconomic variables, may arise in this context. Firstly we construct the Boltzmann kinetic equation for an idealised system composed by many individuals (workers, officers, business men, etc.), each of them getting a certain income and spending money for their needs. To each individual a certain time variable amount of money is associated this meaning him/her phase space coordinate. In this way the exponential distribution of money in a closed economy is explicitly found. The extension of this result, including states near the equilibrium, give us the possibility to take into account the regular increase of the total amount of money, according to the modern economic theories. The Kubo-Green-Onsager linear response theory leads us to a set of linear equations between some macroeconomic variables. Finally, the validity of such laws is discussed in relation with the time reversal symmetry and is tested empirically using some macroeconomic time series.

  3. Macroeconomic context of economic reforms in electricity sector of transition countries

    Directory of Open Access Journals (Sweden)

    Tomislav Galović

    2007-12-01

    Full Text Available The paper addresses the question of macroeconomic environment and its impact on economic reforms in electricity sector of CEE countries that have become new EU Member States and SEE countries. The research is based on the thesis that macroeconomic drivers and macroeconomic context of the economic reforms in electricity sector considerably differ between developed and transition countries. The analysis aimed to test the broadly accepted assumption that regulatory reforms and liberalized environment should generally result in cost reflective prices and better quality of services. Our analysis shows that the reform results in CEE and SEE transition countries have been significantly different. Most of new EU Member States have recorded high increase in electricity prices as the result of cost re-flective tariffs level and gradual phase-out of direct and indirect electricity price subsidies. Though these cost-based tariffs have had a positive impact on efficiency improvements, they have also harmed social welfare and competitiveness in CEECs. On the other hand, most of the SEECs (except Croatia are faced with low collection rates and still have low tariffs that do not reflect costs of supply. The other objective of the reform - quality of services has been perceived high in all CEECs, while in most SEE countries the quality of the electricity is still the obstacle to business environment

  4. Impact of the topology of global macroeconomic network on the spreading of economic crises.

    Science.gov (United States)

    Lee, Kyu-Min; Yang, Jae-Suk; Kim, Gunn; Lee, Jaesung; Goh, Kwang-Il; Kim, In-mook

    2011-03-31

    Throughout economic history, the global economy has experienced recurring crises. The persistent recurrence of such economic crises calls for an understanding of their generic features rather than treating them as singular events. The global economic system is a highly complex system and can best be viewed in terms of a network of interacting macroeconomic agents. In this regard, from the perspective of collective network dynamics, here we explore how the topology of the global macroeconomic network affects the patterns of spreading of economic crises. Using a simple toy model of crisis spreading, we demonstrate that an individual country's role in crisis spreading is not only dependent on its gross macroeconomic capacities, but also on its local and global connectivity profile in the context of the world economic network. We find that on one hand clustering of weak links at the regional scale can significantly aggravate the spread of crises, but on the other hand the current network structure at the global scale harbors higher tolerance of extreme crises compared to more "globalized" random networks. These results suggest that there can be a potential hidden cost in the ongoing globalization movement towards establishing less-constrained, trans-regional economic links between countries, by increasing vulnerability of the global economic system to extreme crises.

  5. Selected Macroeconomic Variables and Stock Market Movements: Empirical evidence from Thailand

    Directory of Open Access Journals (Sweden)

    Joseph Ato Forson

    2014-06-01

    Full Text Available This paper investigates and analyzes the long-run equilibrium relationship between the Thai stock Exchange Index (SETI and selected macroeconomic variables using monthly time series data that cover a 20-year period from January 1990 to December 2009. The following macroeconomic variables are included in our analysis: money supply (MS, the consumer price index (CPI, interest rate (IR and the industrial production index (IP (as a proxy for GDP. Our findings prove that the SET Index and the selected macroeconomic variables are cointegrated at I (1 and have a significant equilibrium relationship over the long run. Money supply demonstrates a strong positive relationship with the SET Index over the long run, whereas the industrial production index and consumer price index show negative long-run relationships with the SET Index. Furthermore, in non-equilibrium situations, the error correction mechanism suggests that the consumer price index, industrial production index and money supply each contribute in some way to restore equilibrium. In addition, using Toda and Yamamoto’s augmented Granger causality test, we identify a bi-causal relationship between industrial production and money supply and unilateral causal relationships between CPI and IR, IP and CPI, MS and CPI, and IP and SETI, indicating that all of these variables are sensitive to Thai stock market movements. The policy implications of these findings are also discussed.

  6. Associations Between the Macroeconomic Indicators and Suicide Rates in India: Two Ecological Studies.

    Science.gov (United States)

    Rajkumar, Anto P; Senthilkumar, P; Gayathri, K; Shyamsundar, G; Jacob, K S

    2015-01-01

    While western studies have focused on the importance of psychiatric illnesses in the complex pathways leading to suicides, several Indian studies have highlighted the important contributions by economic, social, and cultural factors. Hence, we tested the hypothesis that annual national suicide rates and suicide rates of the different states in India were associated with macroeconomic indices. Data from the National crime records bureau, Ministry of finance, labour bureau, Government of India, population commission, and planning commission official portals, World Bank and the United Nations were accessed. We assessed the correlations of annual national and state-wise suicide rates with macroeconomic, health, and other indices using ecological study design for India, and for its different states and union territories. We documented statistically significant associations between the suicide rates and per capita gross domestic product, consumer price index, foreign exchange, trade balance, total health expenditure as well as literacy rates. As recent economic growth in India is associated with increasing suicide rates, macroeconomic policies emphasizing equitable distribution of resources may help curtailing the population suicide rates in India.

  7. Assessment of the relationship of government spending on social assistance programs with Brazilian macroeconomic variables

    Science.gov (United States)

    de Senna, Viviane; Souza, Adriano Mendonça

    2016-11-01

    Since the 1988 Federal Constitution social assistance has become a duty of the State and a right to everyone, guaranteeing the population a dignified life. To ensure these rights federal government has created programs that can supply the main needs of people in extreme poverty. Among the programs that provide social assistance to the population, the best known are the "Bolsa Família" Program - PBF and the Continuous Cash Benefit - Continuous Cash Benefit - BPC. This research's main purpose is to analyze the relationship between the main macroeconomic variables and the Federal government spending on social welfare policy in the period from January 2004 to August 2014. The used methodologies are the Vector auto regression model - VAR and Error Correction Vector - VEC. The conclusion, was that there is a meaningful relationship between macroeconomic variables and social assistance programs. This indicates that if the government takes a more abrupt resolution in changing the existing programs it will result in fluctuations in the main macroeconomic variables interfering with the stability of Brazilian domestic economy up to twelve months.

  8. Macroeconomic policy interaction: State dependency and implications for financial stability in UK: A systemic review

    Directory of Open Access Journals (Sweden)

    Muhammad Ali Nasir

    2016-12-01

    Full Text Available The association between economic and financial stabilities and influence of macroeconomic policies on the financial sector creates scope of active policy role in financial stability. As a contribution to the existing body of knowledge, this study has analysed the implications of macroeconomic policy interaction/coordination for financial stability, proxied by financial assets, i.e. equity and bonds price oscillation. The critical review and analysis of the existing literature on the subject suggests that there is also ample evidence of interdependence between monetary and fiscal policies and this interrelation necessitates coordination between them for the sake of financial stability. There is also a case for analysing the symmetry of financial markets responses to macroeconomic policy interaction. On methodological and empirical grounds, it is vital to test the robustness of policy recommendations to overcome the limitation of a single empirical approach (Jeffrey–Lindley’s paradox. Hence, the Frequentist and Bayesian approaches should be used in commentary manner. The policy interaction and optimal policy combination should also be analysed in the context of institutional design and major financial events to gain insight into the implications of policy interaction in the periods of stable economic and financial environments as well as period of financial and economic distress.

  9. Economic fluctuations and possible non-linear relations between macroeconomic variables for Brazil

    Science.gov (United States)

    Kamimura, A.; Guerra, S. M. G.

    2001-03-01

    The correctness of the macroeconomic prospective evaluations for planning activities, mainly for capital intensive sectors, such as electricity supply, may represent the key between the success or failure of any kind of money-spending scheme. Macroeconomical results derived from government models exhibit, in general, excessive optimistic growth and do not take into account “natural” fluctuations and other “explicit time-dependent events” found in any economical system. Such “quasi-deterministic” phenomena are derived from non-linear systems properties, like biological and “highly viscous” systems. This paper shows how this kind of “natural” process can be represented by this approach, which embodies two distinct behaviours observed in Brazilian historical data: the systematic capital productivity decline and the oscillatory mechanism in the GDP production. This mathematical model represents one possible mechanism, which explain the macroeconomic variables behaviour. The oscillatory period obtained by this approach is close to that observed historically. For practical prospective purposes, an empirical model is also presented.

  10. Removal of antimony (Sb(V)) from Sb mine drainage: biological sulfate reduction and sulfide oxidation-precipitation.

    Science.gov (United States)

    Wang, Huawei; Chen, Fulong; Mu, Shuyong; Zhang, Daoyong; Pan, Xiangliang; Lee, Duu-Jong; Chang, Jo-Shu

    2013-10-01

    Antimony (Sb(V)) in Sb mine drainage has adverse effects on the receiving water environments. This study for the first time demonstrated the feasibility of using sulfate-reducing bacteria (SRB) to convert sulfate ions in SMD into sulfides that reduce Sb(V) to Sb(III) and to form complex with Sb(III) as precipitate. The principal compound in the precipitate was stibnite (Sb2S3) at pH 7 and pH 9. The Sb(V) removal mechanism is sulfate-reduction and sulfide oxidization-precipitation, different from the conventional SRB-precipitation processes for heavy metals. The Sb(V)/sulfate ratio is noted an essential parameter affecting the Sb removal efficiency from SMD.

  11. DWPF simulant CPC studies for SB8

    Energy Technology Data Exchange (ETDEWEB)

    Koopman, D. C.; Zamecnik, J. R.

    2013-06-25

    The Savannah River National Laboratory (SRNL) accepted a technical task request (TTR) from Waste Solidification Engineering to perform simulant tests to support the qualification of Sludge Batch 8 (SB8) and to develop the flowsheet for SB8 in the Defense Waste Processing Facility (DWPF). These efforts pertained to the DWPF Chemical Process Cell (CPC). Separate studies were conducted for frit development and glass properties (including REDOX). The SRNL CPC effort had two primary phases divided by the decision to drop Tank 12 from the SB8 constituents. This report focuses on the second phase with SB8 compositions that do not contain the Tank 12 piece. A separate report will document the initial phase of SB8 testing that included Tank 12. The second phase of SB8 studies consisted of two sets of CPC studies. The first study involved CPC testing of an SB8 simulant for Tank 51 to support the CPC demonstration of the washed Tank 51 qualification sample in the SRNL Shielded Cells facility. SB8-Tank 51 was a high iron-low aluminum waste with fairly high mercury and moderate noble metal concentrations. Tank 51 was ultimately washed to about 1.5 M sodium which is the highest wash endpoint since SB3-Tank 51. This study included three simulations of the DWPF Sludge Receipt and Adjustment Tank (SRAT) cycle and Slurry Mix Evaporator (SME) cycle with the sludge-only flowsheet at nominal DWPF processing conditions and three different acid stoichiometries. These runs produced a set of recommendations that were used to guide the successful SRNL qualification SRAT/SME demonstration with actual Tank 51 washed waste. The second study involved five SRAT/SME runs with SB8-Tank 40 simulant. Four of the runs were designed to define the acid requirements for sludge-only processing in DWPF with respect to nitrite destruction and hydrogen generation. The fifth run was an intermediate acid stoichiometry demonstration of the coupled flowsheet for SB8. These runs produced a set of processing

  12. Resource price turbulence and macroeconomic adjustment for a resource exporter. A conceptual framework for policy analysis

    Energy Technology Data Exchange (ETDEWEB)

    Cox, Grant M. [School of Mathematics and Applied Statistics, University of Wollongong, Wollongong, NSW, 522 (Australia); Harvie, Charles [School of Economics, University of Wollongong, Wollongong, NSW, 2522 (Australia)

    2010-03-15

    Increased global demand for energy and other resources, particularly from the rapidly developing economies of China and India and the opening up of global resource markets to global investors and speculative activity, has resulted in considerable recent turbulence in resource prices. The recent magnitude of change in resource prices, both positive and negative, and their macroeconomic implications is of considerable contemporary importance to both resource importing and exporting economies. For a resource exporting economy, such as that of Australia, the recent resource price boom has resulted in: increased government taxation revenue, increased employment and wages in the resource and resource related sectors, increased spending in the domestic economy that contributed to buoyant economic growth, increased resource exports to the booming economies of China and India and contributed to a stronger domestic currency with beneficial effects upon inflation. On the other hand these developments have had adverse effects on the non-resource sector by: subjecting it to more intense competition for limited resources, contributing to a loss of international competitiveness and reduced exports arising from a stronger exchange rate, reducing employment in the relatively more labour intensive non-resource sector, and contributing to an eventual slow down in the overall economy. These positive and negative effects, and the overall impact of a resource price boom, require a fundamentally closer analysis of the structure of the economy under scrutiny. In this context the policy response by government is likely to be pivotal in determining the overall macroeconomic outcomes from a resource price boom. The aim of this paper is to develop a generic analytical framework to appraise economic outcomes in the wake of a resource price boom for a resource producing and exporting economy. To this end a dynamic long run macroeconomic model is developed, emphasising the important role and

  13. Sb(V) reactivity with human blood components: redox effects.

    Science.gov (United States)

    López, Silvana; Aguilar, Luis; Mercado, Luis; Bravo, Manuel; Quiroz, Waldo

    2015-01-01

    We assessed the reactivity of Sb(V) in human blood. Sb(V) reactivity was determined using an HPLC-HG-AFS hyphenated system. Sb(V) was partially reduced to Sb(III) in blood incubation experiments; however, Sb(III) was a highly unstable species. The addition of 0.1 mol L(-1) EDTA prevented Sb(III) oxidation, thus enabling the detection of the reduction of Sb(V) to Sb(III). The transformation of Sb(V) to Sb(III) in human whole blood was assessed because the reduction of Sb(V) in human blood may likely generate redox side effects. Our results indicate that glutathione was the reducing agent in this reaction and that Sb(V) significantly decreased the GSH/GSSG ratio from 0.32 ± 0.09 to 0.07 ± 0.03. Moreover, the presence of 200 ng mL(-1) of Sb(V) increased the activity of superoxide dismutase from 4.4 ± 0.1 to 7.0 ± 0.4 U mL(-1) and decreased the activity of glutathione peroxidase from 62 ± 1 to 34 ± 2 nmol min(-1) mL(-1).

  14. Sb(V reactivity with human blood components: redox effects.

    Directory of Open Access Journals (Sweden)

    Silvana López

    Full Text Available We assessed the reactivity of Sb(V in human blood. Sb(V reactivity was determined using an HPLC-HG-AFS hyphenated system. Sb(V was partially reduced to Sb(III in blood incubation experiments; however, Sb(III was a highly unstable species. The addition of 0.1 mol L(-1 EDTA prevented Sb(III oxidation, thus enabling the detection of the reduction of Sb(V to Sb(III. The transformation of Sb(V to Sb(III in human whole blood was assessed because the reduction of Sb(V in human blood may likely generate redox side effects. Our results indicate that glutathione was the reducing agent in this reaction and that Sb(V significantly decreased the GSH/GSSG ratio from 0.32 ± 0.09 to 0.07 ± 0.03. Moreover, the presence of 200 ng mL(-1 of Sb(V increased the activity of superoxide dismutase from 4.4 ± 0.1 to 7.0 ± 0.4 U mL(-1 and decreased the activity of glutathione peroxidase from 62 ± 1 to 34 ± 2 nmol min(-1 mL(-1.

  15. Reduction in thermal conductivity of BiSbTe lump

    Science.gov (United States)

    Ahmad, Kaleem; Wan, C.; Al-Eshaikh, M. A.; Kadachi, A. N.

    2017-03-01

    In this work, systematic investigations on the thermal conductivities of BiSbTe lump, microstructured pristine BiSbTe bulk and single wall carbon nanotubes (SWCNTs)/BiSbTe bulk nanocomposites were performed. BiSbTe lumps were crushed to form a coarse powder (200 µm) and effect of particle size reduction on the effective thermal conductivity of BiSbTe (200 µm) bulk were analyzed. For further reduction in the conductivity, a two pronged strategy has been employed. First, additional refinement of BiSbTe (200 µm) were performed through ball milling in an inert environment. Second, SWCNTs in 0.75, and 1.0 vol% were distributed uniformly in the fine BiSbTe ball milled powder. The results showed that the effective thermal conductivities decrease with the reduction in the particle size from lump to BiSbTe (200 µm) bulk as well as with the addition of SWCNTs accompanied by further refinement of BiSbTe particles. The significant reduction in thermal conductivities of the lump was achieved for pure BiSbTe (200 µm) bulk and 0.75 vol% of SWCNTs/BiSbTe composite. This can be ascribed to the enhanced phonon scattering by the grain boundaries between the nanostructured BiSbTe particles as well as the interfaces between BiSbTe and the low dimensional carbon nanotubes.

  16. Reduction in thermal conductivity of BiSbTe lump

    Energy Technology Data Exchange (ETDEWEB)

    Ahmad, Kaleem [King Saud University, Sustainable Energy Technologies Center, College of Engineering, PO Box 800, Riyadh (Saudi Arabia); Wan, C. [Tsinghua University, State Key Laboratory of New Ceramics and Fine Processing, School of Materials Science and Engineering, Beijing (China); Al-Eshaikh, M.A.; Kadachi, A.N. [King Saud University, Research Center, College of Engineering, PO Box 800, Riyadh (Saudi Arabia)

    2017-03-15

    In this work, systematic investigations on the thermal conductivities of BiSbTe lump, microstructured pristine BiSbTe bulk and single wall carbon nanotubes (SWCNTs)/BiSbTe bulk nanocomposites were performed. BiSbTe lumps were crushed to form a coarse powder (200 μm) and effect of particle size reduction on the effective thermal conductivity of BiSbTe (200 μm) bulk were analyzed. For further reduction in the conductivity, a two pronged strategy has been employed. First, additional refinement of BiSbTe (200 μm) were performed through ball milling in an inert environment. Second, SWCNTs in 0.75, and 1.0 vol% were distributed uniformly in the fine BiSbTe ball milled powder. The results showed that the effective thermal conductivities decrease with the reduction in the particle size from lump to BiSbTe (200 μm) bulk as well as with the addition of SWCNTs accompanied by further refinement of BiSbTe particles. The significant reduction in thermal conductivities of the lump was achieved for pure BiSbTe (200 μm) bulk and 0.75 vol% of SWCNTs/BiSbTe composite. This can be ascribed to the enhanced phonon scattering by the grain boundaries between the nanostructured BiSbTe particles as well as the interfaces between BiSbTe and the low dimensional carbon nanotubes. (orig.)

  17. Peculiarities of thermoelectric half-Heusler phase formation in Gd-Ni-Sb and Lu-Ni-Sb ternary systems

    Energy Technology Data Exchange (ETDEWEB)

    Romaka, V.V., E-mail: romakav@lp.edu.ua [Department of Applied Material Science and Materials Engineering, Lviv Polytechnic National University, Ustyyanovycha Str. 5, 79013 Lviv (Ukraine); Romaka, L.; Horyn, A. [Inorganic Chemistry Department, Ivan Franko Lviv National University, Kyryla and Mefodiya str. 6, 79005 Lviv (Ukraine); Rogl, P. [Institute of Materials Chemistry and Research, University of Vienna, Währingerstrasse 42, A-1090 Wien (Austria); Stadnyk, Yu; Melnychenko, N. [Inorganic Chemistry Department, Ivan Franko Lviv National University, Kyryla and Mefodiya str. 6, 79005 Lviv (Ukraine); Orlovskyy, M.; Krayovskyy, V. [Department of Applied Material Science and Materials Engineering, Lviv Polytechnic National University, Ustyyanovycha Str. 5, 79013 Lviv (Ukraine)

    2016-07-15

    The phase equilibria in the Gd–Ni–Sb and Lu-Ni-Sb ternary systems were studied at 873 K by X-ray and metallographic analyses in the whole concentration range. The interaction of the elements in the Gd–Ni–Sb system results the formation of five ternary compounds at investigated temperature: Gd{sub 5}Ni{sub 2}Sb (Mo{sub 5}SiB{sub 2}-type), Gd{sub 5}NiSb{sub 2} (Yb{sub 5}Sb{sub 3}-type), GdNiSb (MgAgAs-type), Gd{sub 3}Ni{sub 6}Sb{sub 5} (Y{sub 3}Ni{sub 6}Sb{sub 5}-type), and GdNi{sub 0.72}Sb{sub 2} (HfCuSi{sub 2}-type). At investigated temperature the Lu-Ni-Sb system is characterized by formation of the LuNiSb (MgAgAs-type), Lu{sub 5}Ni{sub 2}Sb (Mo{sub 5}SiB{sub 2}-type), and Lu{sub 5}Ni{sub 0.56}Sb{sub 2.44} (Yb{sub 5}Sb{sub 3}-type) compounds. The disordering in the crystal structure of half-Heusler GdNiSb and LuNiSb was revealed by EPMA and studied by means of Rietveld refinement and DFT modeling. The performed electronic structure calculations are in good agreement with electrical transport property studies. - Graphical abstract: Crystal structure model and electron localization function of Lu{sub 5}Ni{sub 2}Sb. Display Omitted - Highlights: • Gd-Ni-Sb and Lu-Ni-Sb phase diagrams were constructed at 873 K. • GdNiSb and LuNiSb are characterized by disordered crystal structure. • Crystal structure optimization with DFT calculations confirmed crystal structure disorder in GdNiSb and LuNiSb.

  18. Adsorption of Sb(III) and Sb(V) on Freshly Prepared Ferric Hydroxide (FeOxHy).

    Science.gov (United States)

    He, Zan; Liu, Ruiping; Liu, Huijuan; Qu, Jiuhui

    2015-02-01

    This study prepared fresh ferric hydroxide (in-situ FeOxHy) by the enhanced hydrolysis of Fe(3+) ions, and investigates its adsorptive behaviors toward Sb(III) and Sb(V) through laboratory and pilot-scale studies. A contact time of 120-min was enough to achieve adsorption equilibrium for Sb(III) and Sb(V) on the in-situ FeOxHy, and the Elovich model was best to describe the adsorption kinetics of Sb(III) and Sb(V). The Freundlich model was better than Langmuir model to describe the adsorption of Sb(III) and Sb(V) on the in-situ FeOxHy, and the maximum adsorption capacity of Sb(III) and Sb(V) was determined to be 12.77 and 10.21 mmol/g the in-situ FeOxHy as Fe, respectively. Adsorption of Sb(V) decreased whereas that of Sb(III) increased with elevated pH over pH 3-10, owing to the different electrical properties of Sb(III) and Sb(V). Adsorption of Sb(III) and Sb(V) was slightly affected by ionic strength, and thus indicated the formation of inner sphere complexes between Sb and the adsorbent. Sulfate and carbonate showed little effect on the adsorption of Sb(III) and Sb(V). Phosphate significantly inhibited the adsorption of Sb(V), whereas slightly effected that of Sb(III) due to its similar chemical structure to Sb(V). Pilot-scale continuous experiment indicated the feasibility of using in-situ FeOxHy to remove Sb(V), and equilibrium adsorption capacity at the equilibrium Sb(V) concentration of 10 μg/L was determined to be 0.11, 0.07, 0.07, 0.11, and 0.12 mg/g the in-situ FeOxHy as Fe at equilibrium pH of 7.5-7.7, 6.9-7.0, 6.3-6.6, 5.9-6.4, and 5.2-5.9, respectively.

  19. XPS Studies of Yb14MnSb11 and Yb14ZnSb11

    Energy Technology Data Exchange (ETDEWEB)

    Holm, A P; Ozawa, T C; Kauzlarich, S M; Morton, S A; Waddill, G D; Pickett, W E; Tobin, J G

    2003-10-02

    Measurements of core and valence electronic states of single crystals of the rare earth transition metal Zintl phases Yb{sub 14}MnSb{sub 11} and Yb{sub 14}ZnSb{sub 11} were performed using the X-ray photoelectron spectroscopy station of Beamline 7 at the Advanced Light Source. Sample surfaces of Yb{sub 14}MnSb{sub 11} and Yb{sub 14}ZnSb{sub 11} were measured as received, after Ar{sup +} ion bombardment, and after cleaving in situ. Detailed analysis of the clean Mn and Zn analog sample surfaces reveal a significant contribution of both Yb{sup 3+} and Yb{sup 2+} 4f states in the valence band region for the Zn analog and no contribution of Yb{sup 3+} states to the valence band for the Mn analog. This result is predicted for the Zn analog by Zintl counting rules, and single crystal X-ray diffraction studies presented here also support the mixed valency of Yb for Yb{sub 14}ZnSb{sub 11}. Further detailed analysis of the core and valence band structure of both Yb{sub 14}MnSb{sub 11} and Yb{sub 14}ZnSb{sub 11} will be presented.

  20. A classroom game to teach the principles of money and banking

    Directory of Open Access Journals (Sweden)

    Adam Hoffer

    2015-12-01

    Full Text Available This paper describes how to implement and run a game for teaching the principles of money and banking to an undergraduate economics class. The game primarily deals with the market for loanable funds, but numerous extensions are provided to cover topics such as monetary policy, the tools of the Federal Reserve, shifts in the equilibrium of the market for loanable funds, and the quantity theory of money. The experiment can be used in principles, intermediate macroeconomics, or money and banking courses. The experiment takes approximately 45 minutes to run, depending on class size, and requires no computers.

  1. Determination of traces of Sb(III) using ASV in Sb-rich water samples affected by mining.

    Science.gov (United States)

    Cidu, Rosa; Biddau, Riccardo; Dore, Elisabetta

    2015-01-07

    Chemical speciation [Sb(V) and Sb(III)] affects the mobility, bioavailability and toxicity of antimony. In oxygenated environments Sb(V) dominates whereas thermodynamically unstable Sb(III) may occur. In this study, a simple method for the determination of Sb(III) in non acidic, oxygenated water contaminated with antimony is proposed. The determination of Sb(III) was performed by anodic stripping voltammetry (ASV, 1-20 μg L(-1) working range), the total antimony, Sb(tot), was determined either by inductively coupled plasma mass spectrometry (ICP-MS, 1-100μgL(-1) working range) or inductively coupled plasma optical emission spectrometry (ICP-OES, 100-10,000 μg L(-1) working range) depending on concentration. Water samples were filtered on site through 0.45 μm pore size filters. The aliquot for determination of Sb(tot) was acidified with 1% (v/v) HNO3. Different preservatives, namely HCl, L(+) ascorbic acid or L(+) tartaric acid plus HNO3, were used to assess the stability of Sb(III) in synthetic solutions. The method was tested on groundwater and surface water draining the abandoned mine of Su Suergiu (Sardinia, Italy), an area heavily contaminated with Sb. The waters interacting with Sb-rich mining residues were non acidic, oxygenated, and showed extreme concentrations of Sb(tot) (up to 13,000 μg L(-1)), with Sb(III) Sb(III) in oxygenated, Sb-rich waters. Due to the instability of Sb(III), analyses should be carried out within 7 days upon the water collection. The main advantage of the proposed method is that it does not require time-consuming preparation steps prior to analysis of Sb(III).

  2. Thermodynamic assessment of the Ni-Sb binary system

    Institute of Scientific and Technical Information of China (English)

    CAO Zhanmin; TAKADU Yoshikazu; OHNUMA Ikuo; KAINUMA Ryosuke; ZHU Hongmin; ISHIDA Kiyohito

    2008-01-01

    The Ni-Sb binary alloy system was thermodynamically assessed using CALPHAD approach in this article.Excess Gibbs energies of solution phases,liquid and fcc phases,were formulated using the Redlich-Kister expression.The intermediate phases were modeled by the sublattice model with (Ni,Va)0.5(Ni,Sb)0.25(Ni)0.25 for Ni3Sb_HT phase and (Ni,Va)0.3333(Sb)0.3333(Ni,Va)0.3333 for NiSb phase.The other phases including Ni3Sb,Ni7Sb3,and NiSb2 were treated as stoichiometric compound owing to their narrow composition ranges.Based on the reported thermodynamic properties and phase diagram data,the thermodynamic parameters of these phases were optimized,and the obtained values can reproduce the available experimental data well.

  3. Electrical performance of InAs/AlSb/GaSb superlattice photodetectors

    Science.gov (United States)

    Tansel, T.; Hostut, M.; Elagoz, S.; Kilic, A.; Ergun, Y.; Aydinli, A.

    2016-03-01

    Temperature dependence of dark current measurements is an efficient way to verify the quality of an infrared detector. Low dark current density values are needed for high performance detector applications. Identification of dominant current mechanisms in each operating temperature can be used to extract minority carrier lifetimes which are highly important for understanding carrier transport and improving the detector performance. InAs/AlSb/GaSb based T2SL N-structures with AlSb unipolar barriers are designed for low dark current with high resistance and detectivity. Here we present electrical and optical performance of such N-structure photodetectors.

  4. Role of Sb Compositions on the Properties of InAs/GaAsSb Quantum Dots (QDs)

    Energy Technology Data Exchange (ETDEWEB)

    Ban, K. Y.; Bremner, S. P.; Kuciauskas, D.; Dahal, S. N.; Honsberg, C. B.

    2012-01-01

    QD size, uniformity and density in InAs/GaAsSb material system for increasing Sb content are studied using Atomic Force Microscopy (AFM). AFM results show that QD density and uniformity improve with Sb content increase. The improvement of QD uniformity is ensured by the narrowing of the analysis of AFM scans. To obtain minimum VBO, InAs/GaAsSb with various Sb compositions is investigated by PL and TRPL measurements. PL data shows a blue-shift as excitation power increases as evidence of a type II band structure. Since the PL peak of 8 and 13 % Sb samples did not shift while that of 15 % Sb sample is blue-shifted with increasing the excitation power it is concluded that InAs QDs/GaAs0.86Sb0.14 would have minimum valence band offset. This tendency is supported by the change of a carrier lifetime estimated from TRPL data.

  5. From Complex Magnetism Ordering to Simple Ferromagnetism in Two-Dimensional LaCrSb{sub 3} by Hole Doping.

    Energy Technology Data Exchange (ETDEWEB)

    Chen, Haijie; Narayan, Awadhesh; Fang, Lei; Calta, Nicholas P.; Shi, Fengyuan; Chung, Duck Young; Wagner, Lucas; Kwok, Wai-Kwong; Kanatzidis, Mercouri G.

    2016-10-11

    Competing orders widely exist in many material systems, such as superconductivity, magnetism, and ferroelectricity; LaCrSb3 is a highly anisotropic magnetic material in which the spins are aligned ferromagnetically in one direction and canted antiferromagnetically in another in the Cr-Sb chains. Hole doping with Sr2+ and Ca2+ in the La site suppresses the antiferromagnetic correlations and transforms the anisotropic magnetic order into a ferromagnetic lattice in all directions. First-principles density functional theory calculations show that the canted magnetic order becomes energetically less favorable compared to the FM order upon hole doping. Doping in the La site is an effective approach to modulate the competing orders in LaCrSb3.

  6. Reference: SB3NPABC1 [PLACE

    Lifescience Database Archive (English)

    Full Text Available SB3NPABC1 Grec S, Vanham D, de Ribaucourt J, Purnelle B, Boutry P. Identification o...f regulatory sequence elements within the transcription promoter region of NpABC1, a gene encoding a plant ABC

  7. Reference: SB1NPABC1 [PLACE

    Lifescience Database Archive (English)

    Full Text Available SB1NPABC1 Grec S, Vanham D, de Ribaucourt J, Purnelle B, Boutry P. Identification o...f regulatory sequence elements within the transcription promoter region of NpABC1, a gene encoding a plant ABC

  8. Antimony (Sb) contaminated shooting range soil: Sb mobility and immobilization by soil amendments.

    Science.gov (United States)

    Okkenhaug, Gudny; Amstätter, Katja; Lassen Bue, Helga; Cornelissen, Gerard; Breedveld, Gijs D; Henriksen, Thomas; Mulder, Jan

    2013-06-18

    Antimony (Sb) in lead bullets poses a major environmental risk in shooting range soils. Here we studied the effect of iron (Fe)-based amendments on the mobility of Sb in contaminated soil from shooting ranges in Norway. Untreated soil showed high Sb concentrations in water extracts from batch tests (0.22-1.59 mg L(-1)) and soil leachate from column tests (0.3-0.7 mg L(-1)), occurring exclusively as Sb(V). Sorption of Sb to different iron-based sorbents was well described by the Freundlich equation (Fe2(SO4)3, log KF = 6.35, n = 1.51; CFH-12 (Fe oxyhydroxide), log KF = 4.16-4.32, n = 0.75-0.76); Fe(0) grit, log KF = 3.26, n = 0.47). These sorbents mixed with soil (0.5 and 2% w/w), showed significant sorption of Sb in batch tests (46-92%). However, for Fe2(SO4)3 and CFH-12 liming was also necessary to prevent mobilization of lead, copper, and zinc. Column tests showed significant retention of Sb (89-98%) in soil amended with CFH-12 (2%) mixed with limestone (1%) compared to unamended soil. The sorption capacity of soils amended with Fe(0) (2%) increased steadily up to 72% over the duration period of the column test (64 days), most likely due to the gradual oxidation of Fe(0) to Fe oxyhydroxides. Based on the experimental results, CFH-12 and oxidized Fe(0) are effective amendments for the stabilization of Sb in shooting range soils.

  9. Spectrophotometric determination of Sb(III) and Sb(V) in biological samples after micelle-mediated extraction.

    Science.gov (United States)

    Madrakian, Tayyebeh; Bozorgzadeh, Elaheh

    2009-10-30

    This work presents a micelle-mediated extraction method for simultaneous preconcentration and determination of Sb(III) and Sb(V) species in biological samples as a prior preconcentration step to their spectrophotometric determination. The analytical system is based on the selective reaction between Sb(III) and bromopyrogallol red (BPR) in the presence of cetyltrimethylammonium bromide (CTAB) and potassium iodide at pH 6.4. Total Sb concentration was determined after reduction of Sb(V) to Sb(III) in the presence of potassium iodide and ascorbic acid. The optimal extraction and reaction conditions were studied and the analytical characteristics of the method (e.g., limit of detection, linear range, preconcentration factor, and improvement factors) were obtained. Linearity for Sb(III) and Sb(V) were obeyed in the range of 0.2-20.0 ng mL(-1) and 0.4-25.0 ng mL(-1), respectively. The detection limit for the determination of Sb(III) and Sb(V) were 0.05 ng mL(-1) and 0.08 ng mL(-1), respectively. The interference effect of some anions and cations was also studied. The method was applied to the determination of Sb(III) in the presence of Sb(V) and total antimony in blood plasma and urine samples.

  10. Spintronic properties of Li1.5Mn0.5Z (Z=As, Sb) compounds in the Cu2Sb structure

    Science.gov (United States)

    Damewood, L.; Fong, C. Y.; Klein, B. M.; Yang, L. H.; Felser, C.

    2015-03-01

    We have investigated the spintronic properties of two formula units of Li1.5Mn0.5Z (Z=As, Sb), in the Cu2Sb tetragonal crystal structure based on first-principles density-functional theory calculations, at, and near, their equilibrium (minimum total energy) lattice constants. Two groups of configurations, A and B, are formed for each type of alloy by interchanging Mn with each Li located at four different positions with respect to Li4Z2. Mn has four nearest neighbors in group-A and has one nearest neighbor in group-B. The bonding features of the alloys are compared to the ionic bonding in Li4Z2, and the tetragonal structure of cubic LiMnZ. The magnetic moments of these compounds are reasonably large and range from 3.724 to 4.056 μB, where μB is the Bohr magneton. Both group-B Li3MnZ2, with Z=As, exhibit half-metallic properties at their equilibrium lattice constants while only group-A of the Z=Sb compounds are half-metals. Both the modified Slater-Pauling-Kübler rule and the ionic model can predict the magnetic moments of the alloys showing half-metallicity. The modified rule can be used for exploring other potential half-metals in this class of material.

  11. Effects of Sb Substitution by Sn on the Thermoelectric Properties of ZrCoSb

    Science.gov (United States)

    Yuan, Bo; Wang, Bo; Huang, Lihong; Lei, Xiaobo; Zhao, Lidong; Wang, Chao; Zhang, Qinyong

    2016-12-01

    ZrCoSb1-x Sn x (x = 0, 0.1, 0.2, 0.3, 0.35) half-Heusler (HH) samples were prepared by arc melting, ball milling and then hot-pressing. X-ray diffraction analysis results showed that all samples were crystallized in a HH phase. Thermoelectric (TE) properties of ZrCoSb1-x Sn x were measured from room temperature (RT) to 973 K. The Seebeck coefficient changed from negative to positive after substituting Sb with Sn, indicating the occurrence of conduction type transformation in ZrCoSb-based HH compounds. At the same time, the Seebeck coefficient decreased with increasing Sn substitution, and the electrical conductivity increased obviously with Sn addition when x ≤ 0.3. The lattice thermal conductivity of Sn-substituted samples was reduced dramatically because of the stronger phonon scattering by the strain field fluctuation induced by Sn replacement of Sb. Finally, as a result of the Sn substitution, a peak ZT of 0.52 was reached at 973 K in the ZrCoSb0.7Sn0.3 sample.

  12. Quantum dots formed in InSb/AlAs and AlSb/AlAs heterostructures

    Science.gov (United States)

    Abramkin, D. S.; Rumynin, K. M.; Bakarov, A. K.; Kolotovkina, D. A.; Gutakovskii, A. K.; Shamirzaev, T. S.

    2016-06-01

    The crystal structure of new self-assembled InSb/AlAs and AlSb/AlAs quantum dots grown by molecularbeam epitaxy has been investigated by transmission electron microscopy. The theoretical calculations of the energy spectrum of the quantum dots have been supplemented by the experimental data on the steady-state and time-resolved photoluminescence spectroscopy. Deposition of 1.5 ML of InSb or AlSb on the AlAs surface carried out in the regime of atomic-layer epitaxy leads to the formation of pseudomorphically strained quantum dots composed of InAlSbAs and AlSbAs alloys, respectively. The quantum dots can have the type-I and type-II energy spectra depending on the composition of the alloy. The ground hole state in the quantum dot belongs to the heavy-hole band and the localization energy of holes is much higher than that of electrons. The ground electron state in the type-I quantum dots belongs to the indirect X XY valley of the conduction band of the alloy. The ground electron state in the type-II quantum dots belongs to the indirect X valley of the conduction band of the AlAs matrix.

  13. Determination of traces of Sb(III) using ASV in Sb-rich water samples affected by mining

    Energy Technology Data Exchange (ETDEWEB)

    Cidu, Rosa, E-mail: cidur@unica.it; Biddau, Riccardo; Dore, Elisabetta

    2015-01-07

    Highlights: • Antimony speciation affects the toxicity of this element. • A simple method for Sb(III) analyses in Sb-rich waters was developed. • Sb(III) was determined by ASV in water stabilized with tartaric and nitric acids. • Pre-concentration and/or separation of Sb(III) prior to analysis are not required. - Abstract: Chemical speciation [Sb(V) and Sb(III)] affects the mobility, bioavailability and toxicity of antimony. In oxygenated environments Sb(V) dominates whereas thermodynamically unstable Sb(III) may occur. In this study, a simple method for the determination of Sb(III) in non acidic, oxygenated water contaminated with antimony is proposed. The determination of Sb(III) was performed by anodic stripping voltammetry (ASV, 1–20 μg L{sup −1} working range), the total antimony, Sb(tot), was determined either by inductively coupled plasma mass spectrometry (ICP-MS, 1–100 μg L{sup −1} working range) or inductively coupled plasma optical emission spectrometry (ICP-OES, 100–10,000 μg L{sup −1} working range) depending on concentration. Water samples were filtered on site through 0.45 μm pore size filters. The aliquot for determination of Sb(tot) was acidified with 1% (v/v) HNO{sub 3}. Different preservatives, namely HCl, L(+) ascorbic acid or L(+) tartaric acid plus HNO{sub 3}, were used to assess the stability of Sb(III) in synthetic solutions. The method was tested on groundwater and surface water draining the abandoned mine of Su Suergiu (Sardinia, Italy), an area heavily contaminated with Sb. The waters interacting with Sb-rich mining residues were non acidic, oxygenated, and showed extreme concentrations of Sb(tot) (up to 13,000 μg L{sup −1}), with Sb(III) <10% of total antimony. The stabilization with L(+) tartaric acid plus HNO{sub 3} appears useful for the determination of Sb(III) in oxygenated, Sb-rich waters. Due to the instability of Sb(III), analyses should be carried out within 7 days upon the water collection. The main

  14. THE IMPACT OF MACROECONOMIC FACTORS ON COMPETITION POLICY EFFECTIVENESS WITHIN EUROPEAN UNION

    Directory of Open Access Journals (Sweden)

    Dragoi Ionut

    2012-12-01

    Full Text Available In the last decades, more and more countries have enacted competition laws, understanding the importance of this process in providing a normal functioning of the economy. Analyzing competition policy effectiveness is important not only because of the recent extent of the phenomenon, but also because of the impact of competition policy effectiveness on economic development and, in the current economic climate, on the economic recovery process. For this reason, quantitative evaluation for competition policy effectiveness became very useful as data handling and understanding the whole phenomenon are easier this way and an international perspective is provided. This was made possible by various international institutions that have created a system of aggregated indicators for the evaluation of competition law enforcement and competition advocacy (perceived effectiveness. The purpose of our research is to identify the macroeconomic factors that influence the effectiveness of competition law implementation within the European Union Member States. We have tasted the influence of 13 macroeconomic, using panel data methodology and data from the last four years. We obtained ß coefficients statistically significant only for 11 of them. The results are consistent with prior analyzed studies and economic logic: positive influence from market division, intensity of local competition, ethical behavior of firms, strength of auditing and reporting standards, efficiency of legal framework in settling disputes, protection of minority shareholders’ interests, public trust of politicians, economic dimension and market size and negative influence from corruption level and diversion of public funds. Based on the achieved results we can perform an analysis of principal components leading to causal space reduction with minimal information loss and without informational redundancy, creating the premises for building a model that explains competition policy

  15. Development assistance for health: should policy-makers worry about its macroeconomic impact?

    Science.gov (United States)

    Cavagnero, Eleonora; Lane, Christopher; Evans, David B; Carrin, Guy

    2008-11-01

    Many low-income countries need to substantially increase expenditure to meet universal coverage goals for essential health services but, because they have very low-incomes, most will be unable to raise adequate funds exclusively from domestic sources in the short to medium term. Increased aid for health will be required. However, there has long been a concern that the rapid arrival of large amounts of foreign exchange in a country could lead to an increase in inflation and loss of international competitiveness, with an adverse impact on exports and economic growth, an economic phenomenon termed 'Dutch disease'. We review cross-country and country-level empirical studies and propose a simple framework to gauge the extent of macroeconomic risks. Of the 15 low-income countries that are increasing aid-financed health spending, 7 have high macroeconomic risks that may constrain the sustained expansion of spending. These conditions also apply in one-quarter of the 42 countries not presently increasing spending. Health authorities should be aware of the multiple risk factors at play, including factors that are health-sector specific and others that generally are not. They should also realize that there are effective means for mitigating the risk of Dutch disease associated with increasing development assistance for health. International partners also have an important role to play since more sustainable and predictable flows of donor funding will allow more productivity enhancing investment in physical and human capital, which will also contribute to ensuring there are few harmful macroeconomic effects of increases in aid.

  16. THE EVOLUTION OF THE MACROECONOMIC STABILISATION PENTAGON IN ROMANIA, CZECH REPUBLIC AND HUNGARY

    Directory of Open Access Journals (Sweden)

    Ionita Rodica Oana

    2015-07-01

    Full Text Available This paper aims to achieve the pentagon analysis of macroeconomic stabilization in Romania, Czech Republic and Hungary in the period 2000 to 2013. It is a comparative analysis of the countries above mentioned in terms of the five key targets of economic policy, aiming the increasing, dynamic balance of each economy: economic growth rate, unemployment rate, inflation rate, the budget deficit as a percentage of Gross Domestic Product, the current account deficit of the balance of payments as a percentage of Gross Domestic Product. The main objective of each economy which passes from planned to market economy should be to cease the economic decline, followed by the elimination of internal and external imbalances and only after that it should be followed by a continuous growth process. All the above mentioned indicators shall be represented on an ad hoc graduated scale. The period of research was chosen so as to obtain a view of the macroeconomic policies in transition from one period to another, in order to highlight the common as well as the main differences in the approach used for economy stabilization. Therefore I have computed the graphical analysis of macroeconomic stabilization pentagon for the three countries in the period 2000- 2013 to captures the dynamics of the economic policy mix. This benchmark tool shows the interdependence which exists between inflation and other important economic indicators. The events occurred in the period starting with 2007/2008 have raised the interest of economics researchers, highlighting the need for significant improvements in the surveillance of the economic and financial system. The global fragility generated concerns regarding the vulnerabilities and causes which led to the occurrence of such events, thus generating different measurement techniques. Despite all its advantages, this approach has a significant limitation consisting in the fact that it can only reveal a picture without surprising other

  17. The influence of macroeconomic factors to the dynamics of stock exchange in the republic of Kazakhstan

    Directory of Open Access Journals (Sweden)

    Shakizada Uteulievna Niyazbekova

    2016-12-01

    Full Text Available This article describes the influence of macroeconomic factors on Kazakhstan Stock Exchange Market by using data from 2005 to 2014. Engle-Granger cointegration test has shown that stock index is cointegrated with the exchange rate, interest rate, CPI and oil price. Vector error correction model has confirmed that macroeconomic variables and the stock index has a long-term equilibrium relationship. Moreover, empirical results have shown that stock index can be used as a leading indicator of the economic situation in Kazakhstan. Therefore, the authors decided to consider the impact of major macroeconomic indicators to the dynamics of the stock market of the Republic of Kazakhstan. The Engle-Granger cointegration test results show that the following variables such as exchange rate, 10-years long-term bond rate, the consumer price index and the Brent oil price are cointegrated with stock index, which means that there is a long-term relationship between this stock market index and these variables. With the help of econometric models, the authors have found the factors such as the exchange rate, the 10-year long-term bonds rate, the consumer price index and the Brent oil price (these factors have the long-term relationship with stock market index. Changes in the dynamics of the stock market index in Kazakhstan are caused by changes in the dynamics of Central bank's reserves and export. The analysis has shown that the economy of the Republic of Kazakhstan (the index reflects the situation in the real sector of the economy remains dependent on world oil prices, the volume of exports and the rate of the national currency

  18. Macroeconomic Determinants of IPO Activity in Poland between 1993 and 2013

    Directory of Open Access Journals (Sweden)

    Sylvia Kovandová

    2015-05-01

    Full Text Available Purpose of the article: This study deals with recent primary stock market developments in Poland and aims to indicate the influence of local macroeconomic indicators on IPO numbers over the period of 1993 to 2012. Methodology/methods: Descriptive statistics are used to analyse capital market and IPO developments and the Spearman correlation analysis identifies the relations between macroeconomic determinants and the IPO numbers. The data were evaluated at the significance level of α=5%. The entire statistical evaluation was performed by Statistica.CZ, Version 12. Scientific aim: The scientific aim of this article is to explore external factors that may influence the decision of enterprises to go public in the Polish capital market and thus to enlarge the current IPO literature with an analysis the following issue: What are the key local macroeconomic determinants of going public on the market in question? The number of variables used in this paper is greater than those considered in previous Polish IPO studies. Moreover, we focus on IPO activities between 1993 and 2012 and thus extend the existing time-series. Findings: The results of the correlation analysis can be summarized as follows. First of all, the hypothesis that the business cycle and stock index returns have explanatory power for the number of IPOs could not be supported by empirical evidence. On the other hand, we found empirical support that the reference interest rate affected the IPO numbers. Conclusions: The hypothesis that the reference interest rate has explanatory power for IPO numbers in the Polish capital market could be supported by empirical evidence. On the other hand we could not confirm any significant lagged effects concerning the relationship between other explanatory variables and the dependent variable. Therefore, our results suggest only a partial consistency with the theory and findings of previous IPO studies.

  19. Gamescape Principles

    DEFF Research Database (Denmark)

    Nobaew, Banphot; Ryberg, Thomas

    2011-01-01

    This paper proposes a new theoretical framework or visual grammar for analysing visual aspects of digital 3D games, and for understanding more deeply the notion of Visual Digital Game Literacy. The framework focuses on the development of a visual grammar by drawing on the digital literacy framewo...... as to understand how learners posses or can develop broader critical media literacies and visual digital literacies in education.......This paper proposes a new theoretical framework or visual grammar for analysing visual aspects of digital 3D games, and for understanding more deeply the notion of Visual Digital Game Literacy. The framework focuses on the development of a visual grammar by drawing on the digital literacy framework...... and interviews) collected during a game workshop where students, studying to become game designers, developed a number of games. The visual digital literacy framework we propose consists of five main major components: Gamescape Principles, Interpretation, Style, Experiences and Practices. For the purpose...

  20. Sb-Se系和Ge-Sb-Te系粉末材料热力学参数测试%Thermodynamic Parameters of Sb-Se-based and Ge-Sb-Te-based Phase Change Optical Disk Recording Media

    Institute of Scientific and Technical Information of China (English)

    陈志武; 张喜燕

    2001-01-01

    利用DSC对Sb-Se系和Ge-Sb-Te系粉末热力学参数进行了研究,对于Sb-Se系合金,仅在温度为220℃左右时出现一个放热峰,而对于GeSb2Te4与GeSb4Te4合金,分别在140℃及200℃左右各出现一个放热峰,加热速度不同放热峰出现温度略有差别.