WorldWideScience

Sample records for monetary system converging

  1. Did capital market convergence lower the effectiveness of monetary policy?

    NARCIS (Netherlands)

    Jansen, P.W.

    2009-01-01

    International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

  2. Monetary policy rules for convergence to the Euro

    OpenAIRE

    Orlowski, Lucjan T.

    2008-01-01

    This paper aims to devise a monetary policy instrument rule that is suitable for open economies undergoing monetary convergence to a common currency area. The open-economy convergence-consistent Taylor rule is forward-looking, consistent with monetary framework based on inflation targeting, containing input variables that are relative to the corresponding variables in the common currency area. The policy rule is tested empirically for three inflation targeting countries converging to the euro...

  3. Structural convergence under reversible and irreversible monetary unification

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Jensen, H.

    2003-01-01

    We explore endogenous monetary unification in the context of a model in which a country with serious structural distortions (and, hence, high inflation) is admitted into a monetary union once its economic structure has converged sufficiently towards that of the existing participants. If unification

  4. Structural convergence under reversible and irreversible monetary unification

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Jensen, H.

    1999-01-01

    We explore endogenous monetary unification in the context of a model in which a country with serious structural distortions (and, hence, high inflation) is admitted into a monetary union once its economic structure has converged sufficiently towards that of the existing participants. If unification

  5. Did capital market convergence lower the effectiveness of the interest rate as a monetary policy tool?

    NARCIS (Netherlands)

    Jansen, Pieter W.

    2006-01-01

    International capital market convergence reduces the ability for monetary authorities to set domestic monetary conditions. Traditionally, monetary policy transmission is channelled through the short-term interest rate. Savings and investment decisions are effected through the response of the bond

  6. The Higher Essence of Economic Convergence Regarding Monetary Impacts

    Directory of Open Access Journals (Sweden)

    Hudec Martin

    2017-06-01

    Full Text Available The increasing pace of achieving socio-economic growth and convergence into developed structures represents the main desire of most countries. Moreover, membership in monetary unions has quite a significant impact on the economies of participating countries, since integration processes have become undoubtedly the undisputed accelerator of convergence and integration catalyst, reflecting on the development of the world economy. The growing intensity of world trade, the ever-deepening division of labor and specialization, international movement of capital and labor mobility as wells as investments into education, research and development, innovations are among the factors that lead to the creation of increasingly closer ties between economies, deepening their mutual dependence, further reflected in knowledge-based societies. Thus, the close ties between national economies themselves represent a further incentive for more intensive cooperation through the different stages of economic integration. International economic integration is an objective to promote a gradual process of linking and connecting existing economic units, i.e. national economies to the greater interconnected units in the global economy. The aim of our research paper, by using the methods of analysis and comparison, is to closely present the issue of monetary integration, focusing on the impact of monetary integration on countries’ economy, resulting in the issue of benefits and costs of the countries’ entry into the monetary union, associated with initial economic shocks.

  7. Interest rate convergence in the EMS prior to European Monetary Union

    DEFF Research Database (Denmark)

    Frömmel, Michael; Kruse, Robinson

    In this paper we analyze the convergence of interest rates in the European Monetary System (EMS) in a framework of changing persistence. This allows us to estimate the exact date of full convergence from the data. A change in persistence means that a time series switches from stationarity to non......-stationarity, or vice versa. It is often argued that due to the specific historical situation in the EMS the interest rate differential was non-stationary before the full convergence of interest rates was achieved and stationary afterwards. Our empirical results suggest that the convergence date has been very different...

  8. TESTING NONLINEAR INFLATION CONVERGENCE FOR THE CENTRAL AFRICAN ECONOMIC AND MONETARY COMMUNITY

    Directory of Open Access Journals (Sweden)

    Emmanuel Anoruo

    2014-01-01

    Full Text Available This paper uses nonlinear unit root testing procedures to examine the issue of inflation convergence for the Central African Economic and Monetary Community (CEMAC member states including Cameron, Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of Congo. The results from nonlinear STAR unit root tests suggest that inflation differentials for the sample countries are nonlinear and mean reverting processes. These results provide evidence of inflation convergence among countries within CEMAC. The finding of inflation convergence indicates the feasibility of a common monetary policy and/or inflation targeting regime within CEMAC.

  9. Nominal and Real Convergence as a Determinant for Joining the European Monetary Union

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    Kasumović Merim

    2017-06-01

    Full Text Available The thematic framework of this work is the nominal and real convergence as a determinant for joining the European monetary union. The focus of the work is to prove that realising the criteria of the convergence affects the stability of the European monetary union, that is, that the cause of destabilisation is exactly the fact that certain member nations have not realised the assigned convergence criteria. The financial integration is an important question because it contributes to the economic growth affecting free exchange with the goal of a more efficient allocation of capital; it is the result of the economic theory and the empirical research. Introducing the Euro as a single payment method while losing the monetary sovereignty of the countries which have accepted it is the main reason for forming the European Central Bank. The mission of the European Central Bank is to define and conduct a single monetary policy within the Eurozone. Because of the already mentioned facts, the challenges of conducting the fiscal policy within the Eurozone as well as the key aspects of the monetary unification of Europe have been analysed. The results of this analysis should point out the stability of the EMU by the convergence degree of the member nations from a single monetary area.

  10. Disintegration of monetary system of medieval Serbia

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    Gnjatović Dragana

    2014-01-01

    Full Text Available The subject matter of this paper is the process of gradual disintegration of monetary system of medieval Serbia during the second half of the 14th and the first half of the 15th century. This period is characterized by an appearance of frequent usurpations of the ruling right to mint coinage by local landlords and the attempts of the rulers from Lazarević and Branković families to restore unified monetary system. Common debasements and restorations of silver coinage provoked economic instability and induced frequent turning backwards to the custom of using weighted silver instead of silver coins as commodity monetary standard. The aim of this paper is to explain the reasons for those phenomena. We apply qualitative, historical, empirical analysis where we consider money minting right holders and their decisions to debase and restore the value of silver dinars. We found that gradual disintegration of monetary system of medieval Serbian State continued until the fall of Serbian Despotate as a consequence of political instability following dissolution of medieval Serbian Empire and economic and financial exhaustion of Serbia by Ottoman suzerains.

  11. The Modern Monetary System and Gold

    Directory of Open Access Journals (Sweden)

    N N Rubtsov

    2013-12-01

    Full Text Available The article considers the nature of modern money, analyzes the mechanism of its creation, showing that it is basically generated by credit and the principle of partial bank reserve. The article draws comparative parallels between trade money based on gold and contemporary, credit money; the author quotes leading bankers and finance experts on the need for partial return to the principles of functioning of the gold standard as the most effective institute of regulating the monetary system in society.

  12. MONETARY CONFORMATION OF THE CORPORATE GOVERNMENTALITY III DESCRIPTION OF THE MONETARY SYSTEM

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    Eduardo Rivera Vicencio

    2016-04-01

    Full Text Available This paper describes the current monetary system, identifying different components and the relationship between them. It is part of the Foucaultian approach of power relations and forms part of a body of work on the monetary conformation of corporate governmentality. It also forms part of the theoretical framework: the general monetary theory and, in particular, the quantity theory of money and the theory of business cycles. It describes four major components such as international organizations with effects on the money supply, states from dominant or dominated economies, the economy of large financial and non-financial companies and the real economy, made up of families and small and medium size companies. Within these four main components, there are different levels of action and influence in the money supply. The relationships, that are addressed, are the relationships which occur within each one of the components and the relationships between the different components. In these relationships between components of the monetary system, the creation of excess money supply is explained which produced the economic crisis as a result of the structure of the monetary system and its historical conformation. This document also describes the conformation of rent appropriation and yields, together with the process of the concentration of wealth, where the monetary system acts as an essential tool for achieving these purposes by large companies.

  13. Convergent systems vs. incremental stability

    NARCIS (Netherlands)

    Rüffer, B.S.; Wouw, van de N.; Mueller, M.

    2013-01-01

    Two similar stability notions are considered; one is the long established notion of convergent systems, the other is the younger notion of incremental stability. Both notions require that any two solutions of a system converge to each other. Yet these stability concepts are different, in the sense

  14. DUAL MONETARY SYSTEM AND MACROECONOMIC PERFORMANCE IN INDONESIA

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    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

  15. 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 policyshock on macroeconomic indicators of Indonesia: growth and inflation. Inaddition, this study will also examine whether conventional monetary policy hasa particular impact upon Islamic banking sector. This research apply VAR (vectorauto regressive method on monthly data from Bank Of Indonesia during theperiod of January 2010 to December 2013. The result of IRF explain that theinterest rate channel find the hard way to accomplished the macroeconomic goalswhile the Islamic monetary instrument indicates the potential growth of outputand hold the inflation low. The result of VDC describes that the Islamic instrumentstill affected by conventional monetary policy because of slow development inIslamic monetary systemDOI: 10.15408/aiq.v8i1.2509

  16. Monetary targeting and financial system characteristics : An empirical analysis

    NARCIS (Netherlands)

    Samarina, A..

    2012-01-01

    This paper investigates how reforms and characteristics of the financial system affect the likelihood of countries to abandon their strategy of monetary targeting. Apart from financial system characteristics, we include macroeconomic, fiscal, and institutional factors potentially associated with

  17. Design of convergent switched systems

    NARCIS (Netherlands)

    Berg, van den R.A.; Pogromsky, A.Y.; Leonov, G.A.; Rooda, J.E.; Pettersen, K.Y.; Gravdahl, J.T.; Nijmeijer, H.

    2006-01-01

    In this paper we deal with the problem of rendering hybrid/nonlinear systems into convergent closed-loop systems by means of a feedback law or switching rules. We illustrate our approach to this problem by means of two examples: the anti-windup design for a marginally stable system with input

  18. Frequency response functions for nonlinear convergent systems

    NARCIS (Netherlands)

    Pavlov, A.V.; Wouw, van de N.; Nijmeijer, H.

    2007-01-01

    Convergent systems constitute a practically important class of nonlinear systems that extends the class of asymptotically stable linear time-invariant systems. In this note, we extend frequency response functions defined for linear systems to nonlinear convergent systems. Such nonlinear frequency

  19. A zero-sum monetary system, interest rates, and implications

    OpenAIRE

    Hanley, Brian P.

    2015-01-01

    To the knowledge of the author, this is the first time it has been shown that interest rates that are extremely high by modern standards (100% and higher) are necessary within a zero-sum monetary system, and not just driven by greed. Extreme interest rates that appeared in various places and times reinforce the idea that hard money may have contributed to high rates of interest. Here a model is presented that examines the interest rate required to succeed as an investor in a zero-sum fixed qu...

  20. Declining Japanese Yen in the Changing International Monetary System

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    Eiji Ogawa

    2017-12-01

    Full Text Available The US dollar has kept as a position of key currency in the global economy in the changing international monetary system where the euro was introduced to some states of the EU in 1999. It is an evidence of inertia of the US dollar as a key currency. Our previous study (Ogawa and Muto, 2017b conducted empirical analysis to investigate effects of several events on inertia of the US dollar. One of our findings was that the introduction of the euro increased utility of euro while utility of US dollar was kept unchanged. This paper examines the effects of the global financial crisis and the euro zone crisis as well as the introduction of the euro on the utility of the Japanese yen. The introduction of the euro significantly decreased the utility of the Japanese yen. It indicates that the introduction of the euro increased the utility of the euro while reducing the utility of the Japanese yen rather than the utility of the US dollar. The utility of the Japanese yen has significantly decreased while the global financial crisis and the euro zone crisis occurred. The Japanese yen has a declining trend in terms of its utility over time in the changing international monetary system.

  1. Converging Information and Communication Systems

    DEFF Research Database (Denmark)

    Øst, Alexander

    2003-01-01

    in the future to have - significant importance to the process and consequences of the convergence. The project focuses on the appliances, i.e. the TV sets, the computers and their peripheral equipment. It also takes into account the infrastructure and signals, which contain and deliver the information...

  2. Convergence

    DEFF Research Database (Denmark)

    Prasad, Ramjee

    2009-01-01

    This paper presents the main conclusions which can be drawn from the discussions on Future Communication Systems and lessons on Unpredictable Future of Wireless Communication Systems. Future systems beyond the third generation are already under discussions in international bodies, such as ITU, WW...... and R&D programmes worldwide. The incoming era is characterized by the convergence of networks and access technology and the divergence of applications. Future mobile communication systems should bring something more than only faster data or wireless internet access....

  3. The evolution of Alexandre Lamfalussy's thought on the international and European monetary system (1961-1993)

    OpenAIRE

    Ivo Maes

    2011-01-01

    The establishment of the European Monetary Institute (EMI), the predecessor of the European Central Bank, on 1 January 1994, was a milestone in the process of European monetary integration. In this paper, we look at the work on the international and European monetary system of Alexandre Lamfalussy, its first president. Lamfalussy pursued a threefold career: as a private banker, a central banker and an academic. Partly under the influence of Robert Triffin, Lamfalussy soon became interested in...

  4. The rising of the Phoenix : building the European Monetary System on a meeting of minds

    NARCIS (Netherlands)

    van Esch, F.A.W.J.|info:eu-repo/dai/nl/169008436

    2009-01-01

    Decades later, the sudden and swift establishment of the European Monetary System (EMS) within the context of the 1970s economic downturn and Euro-sclerosis remains a strikingly remarkable achievement. This article argues that this unexpected leap forward in the European economic and monetary

  5. System Convergence in Transport Modelling

    DEFF Research Database (Denmark)

    Rich, Jeppe; Nielsen, Otto Anker; Cantarella, Guilio E.

    2010-01-01

    A fundamental premise of most applied transport models is the existence and uniqueness of an equilibrium solution that balances demand x(t) and supply t(x). The demand consists of the people that travel in the transport system and on the defined network, whereas the supply consists of the resulting...... level-of-service attributes (e.g., travel time and cost) offered to travellers. An important source of complexity is the congestion, which causes increasing demand to affect travel time in a non-linear way. Transport models most often involve separate models for traffic assignment and demand modelling...... iterating between a route-choice (demand) model and a time-flow (supply) model. It is generally recognised that a simple iteration scheme where the level-of-service level is fed directly to the route-choice and vice versa may exhibit an unstable pattern and lead to cyclic unstable solutions. It can be shown...

  6. Monetary Policy of the Federal Reserve System from the Perspective of Exit Strategies

    Directory of Open Access Journals (Sweden)

    Aleksandra Nocoń

    2015-07-01

    Full Text Available Central banks, after the experience of the global financial crisis, are now starting the implementation of the exit strategies, which are the process of normalization of monetary policy. The pace of monetary policy normalization process depends on the market reaction to central bank's decisions and macroeconomic conditions, in which they will be implemented. The main aim of the study is to present the principles of the exit strategy of the Federal Reserve System (Fed, on the background of the changes that have occurred in the United States within the monetary policy during the global financial crisis.

  7. MODERN APPROACHES TO THE IMPLEMENTATION OF MONETARY POLICY AND THE REGULATION OF FINANCIAL SYSTEMS

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    Radu CUHAL

    2013-01-01

    Full Text Available This study determines the modern approaches to the implementation of monetary policy and regulation of financial systems. Set of measures to prevent and overcome the financial crisis is grounded taking into consideration different areas of research and the IMF. New tasks of monetary policy in central banks are specified and they are intended to ensure the financial stability of the state (within the common fiscal policy. The main directions of elaboration and implementation of new monetary policy mechanism, which is intended to ensure the effective solution of problems in macro prudential supervision and financial stability, are examined.

  8. Modern approaches to the implementation of monetary policy and the regulation of financial systems

    Directory of Open Access Journals (Sweden)

    Basistîi Nicolae

    2013-01-01

    Full Text Available This study determines the modern approaches to the implementation of monetary policy and regulation of financial systems. Set of measures to prevent and overcome the financial crisis is grounded taking into consideration different areas of research and the IMF.New tasks of monetary policy in central banks are specified and they are intended to ensure the financial stability of the state (within the common fiscal policy.The main directions of elaboration and implementation of new monetary policy mechanism, which is intended to ensure the effective solution of problems in macro prudential supervision and financial stability, are examined.

  9. The convergent LEP and SPS control systems

    International Nuclear Information System (INIS)

    Altaber, J.

    1987-01-01

    The major design contraint of the control system for LEP is the compatibility with the existing SPS control system. The first reason for this compatibility is to allow a long term convergence of the SPS control system towards the LEP one. The second reason is to operate both LEP and SPS machines from a unique main control room. The distributed architecture of LEP and the existing SPS control systems are described. The design of the equipment interface for both machines is explained. Finally, the infrastructure of the common main control room for LEP and SPS is described

  10. Fiscal aspects of the European monetary integration

    Directory of Open Access Journals (Sweden)

    Golubović Srđan

    2014-01-01

    Full Text Available Along with the introduction of the euro as a single currency, importance of respecting the fiscal aspects which determine longevity of the monetary arrangement is recognized. For this reason, although underdeveloped, the EU fiscal system provides mechanisms to ensure fiscal discipline among member states. In addition to the fulfillment of the convergence criteria which is a precondition for joining the monetary union, they include no bailout clause and monetary financing prohibition. Sovereign debt that escalated in 2010 showed all the imperfections of these arrangements and pointed to the need for introduction of new and more effective fiscal rules. With fiscal system of the European Union as a starting point, the paper analyzes instruments defined by the fiscal system of the Union, which purpose is to ensure fiscal discipline of the European Monetary Union member states. Last part of the paper analyze new fiscal rules introduced as a response to the debt crisis in the Eurozone.

  11. Brain reward system's alterations in response to food and monetary stimuli in overweight and obese individuals.

    Science.gov (United States)

    Verdejo-Román, Juan; Vilar-López, Raquel; Navas, Juan F; Soriano-Mas, Carles; Verdejo-García, Antonio

    2017-02-01

    The brain's reward system is crucial to understand obesity in modern society, as increased neural responsivity to reward can fuel the unhealthy food choices that are driving the growing obesity epidemic. Brain's reward system responsivity to food and monetary rewards in individuals with excessive weight (overweight and obese) versus normal weight controls, along with the relationship between this responsivity and body mass index (BMI) were tested. The sample comprised 21 adults with obesity (BMI > 30), 21 with overweight (BMI between 25 and 30), and 39 with normal weight (BMI food (Willing to Pay) and monetary rewards (Monetary Incentive Delay). Neural activations within the brain reward system were compared across the three groups. Curve fit analyses were conducted to establish the association between BMI and brain reward system's response. Individuals with obesity had greater food-evoked responsivity in the dorsal and ventral striatum compared with overweight and normal weight groups. There was an inverted U-shape association between BMI and monetary-evoked responsivity in the ventral striatum, medial frontal cortex, and amygdala; that is, individuals with BMIs between 27 and 32 had greater responsivity to monetary stimuli. Obesity is associated with greater food-evoked responsivity in the ventral and dorsal striatum, and overweight is associated with greater monetary-evoked responsivity in the ventral striatum, the amygdala, and the medial frontal cortex. Findings suggest differential reactivity of the brain's reward system to food versus monetary rewards in obesity and overweight. Hum Brain Mapp 38:666-677, 2017. © 2016 Wiley Periodicals, Inc. © 2016 Wiley Periodicals, Inc.

  12. How does money memorize social interactions? Understanding time-homogeneity in monetary systems

    Science.gov (United States)

    Braun, Dieter; Schmitt, Matthias; Schacker, Andreas

    2013-03-01

    Understanding how money shapes and memorizes our social interactions is central to modern life. There are many schools of thought on as to how monetary systems contribute to crises or boom/bust cycles and how monetary policy can try to avert them. We find that statistical physics gives a refreshing perspective. We analyze how credit mechanisms introduce non-locality and time-heterogeneity to the monetary memory. Motivated by an analogy to particle physics, locality and time-homogeneity can be imposed to monetary systems. As a result, a full reserve banking system is complemented with a bi-currency system of non-bank assets (``money'') and bank assets (``antimoney''). Payment can either be made by passing on money or by receiving antimoney. As a result, a free floating exchange rate between non-bank assets and bank assets is established. Interestingly, this monetary memory allows for credit creation by the simultaneous transfer of money and antimoney at a negotiated exchange rate. We analyze this novel mechanism of liquidity transfer in a model of random social interactions, yielding analytical results for all relevant distributions and the price of liquidity under the conditions of a fully transparent credit market.

  13. Convergence

    Science.gov (United States)

    Darcie, Thomas E.; Doverspike, Robert; Zirngibl, Martin; Korotky, Steven K.

    2005-09-01

    Call for Papers: Convergence The Journal of Optical Networking (JON) invites submissions to a special issue on Convergence. Convergence has become a popular theme in telecommunications, one that has broad implications across all segments of the industry. Continual evolution of technology and applications continues to erase lines between traditionally separate lines of business, with dramatic consequences for vendors, service providers, and consumers. Spectacular advances in all layers of optical networking-leading to abundant, dynamic, cost-effective, and reliable wide-area and local-area connections-have been essential drivers of this evolution. As services and networks continue to evolve towards some notion of convergence, the continued role of optical networks must be explored. One vision of convergence renders all information in a common packet (especially IP) format. This vision is driven by the proliferation of data services. For example, time-division multiplexed (TDM) voice becomes VoIP. Analog cable-television signals become MPEG bits streamed to digital set-top boxes. T1 or OC-N private lines migrate to Ethernet virtual private networks (VPNs). All these packets coexist peacefully within a single packet-routing methodology built on an optical transport layer that combines the flexibility and cost of data networks with telecom-grade reliability. While this vision is appealing in its simplicity and shared widely, specifics of implementation raise many challenges and differences of opinion. For example, many seek to expand the role of Ethernet in these transport networks, while massive efforts are underway to make traditional TDM networks more data friendly within an evolved but backward-compatible SDH/SONET (synchronous digital hierarchy and synchronous optical network) multiplexing hierarchy. From this common underlying theme follow many specific instantiations. Examples include the convergence at the physical, logical, and operational levels of voice and

  14. MONETARY POLICY SHOCKS AND ISLAMIC BANKS DEPOSITS IN INDONESIAN DUAL BANKING SYSTEM AFTER THE FINANCIAL CRISIS

    Directory of Open Access Journals (Sweden)

    Ahmad Affandi

    2017-03-01

    Full Text Available Use of riba (usury in the economic system remained a key factor that led to financial crisis since theinception of modern economy in the late of 17th century. Implementation of interest based monetary policystipulated rampant speculation as common practices in the global financial sector. Although Islamic bankingwas governed by syariah (Divine Law, which was assumed to be resilient from distress, the volatility ofinterest movement would generally affect Islamic banks operations in a dual banking system. This paperwould look at this issue and would empirically explore the dynamic inter-relationships between deposits ofIslamic banks with monetary policy variables in Indonesia. In terms of market share, as of 2009, Islamicbanking asset in Indonesia was a meager 2%. The industry had been affected by few monetary policy shockson its deposits and financing. The study would employ vector auto regression model (VAR to explore thedynamics between the variables. The study would focus on data from 2004 to 2008 or performance after theAsian financial crisis. The results from these tests determined that shariah based deposits played significantrole in transmitting monetary policy effects to the economy. This study found that Islamic banking depositsin Indonesia were not sensitive to monetary policy changes. This study also concluded that IndonesianIslamic banks were resilient to financial crisis.

  15. The Bank Lending Channel of Monetary Policy Transmission in A Dual Banking System

    Directory of Open Access Journals (Sweden)

    Mansor H. Ibrahim

    2017-02-01

    Full Text Available This paper examines the impact of monetary policy on bank lending in a dual banking system, i.e. Malaysia. Making use of an unbalanced panel data set of 38 Islamic and conventional banks covering mostly 2001-2014, we find evidence that variations in monetary policy affect lending growth of Islamic banks and, to some extent, conventional banks. The results further reveal that, in conformity with studies using aggregate Islamic financing data, the Islamic financing growth reacts more strongly to monetary policy changes. Moreover, we find no marked difference between full-fledged Islamic banks and Islamic bank subsidiaries in their responses to monetary policy. While we also document some evidence indicating the significant relations between bank-specific variables and lending growth, the bank-specific variables do not seem to have any role in impacting the potency of the bank lending channel. Finally, we find that lending growth is directly related to economic growth, suggesting procyclicality of bank lending/financing in Malaysia. These results have important implications for effective implementation of monetary policy and further development of Islamic banks in Malaysia.

  16. Convergence

    DEFF Research Database (Denmark)

    Madsen, Ole Brun; Nielsen, Jens Frederik Dalsgaard; Schiøler, Henrik

    2002-01-01

    Convergence trends between the WAN Internet area, characterized by best effort service provision, and the real time LAN domain, with requirements for guaranteed services, are identified and discussed. A bilateral evolution is identified, where typical bulk service applications from WAN, such as m......Convergence trends between the WAN Internet area, characterized by best effort service provision, and the real time LAN domain, with requirements for guaranteed services, are identified and discussed. A bilateral evolution is identified, where typical bulk service applications from WAN...... with the emergence of remote service provision, such as supervision and control of decentralized heating facilities and wind based electrical power production. The reliability issue is addressed from a structural viewpoint, where the concept of Structural QoS (SQoS) is defined to support reliability modelling...

  17. Convergence

    Science.gov (United States)

    Darcie, Thomas E.; Doverspike, Robert; Zirngibl, Martin; Korotky, Steven K.

    2005-01-01

    .p {padding-bottom:6px} Call for Papers: Convergence Guest Editors: Thomas E. Darcie, University of Victoria Robert Doverspike, AT&T Martin Zirngibl, Lucent Technologies Coordinating Associate Editor: Steven K. Korotky, Lucent Technologies The Journal of Optical Networking (JON) invites submissions to a special issue on Convergence. Convergence has become a popular theme in telecommunications, one that has broad implications across all segments of the industry. Continual evolution of technology and applications continues to erase lines between traditionally separate lines of business, with dramatic consequences for vendors, service providers, and consumers. Spectacular advances in all layers of optical networking-leading to abundant, dynamic, cost-effective, and reliable wide-area and local-area connections-have been essential drivers of this evolution. As services and networks continue to evolve towards some notion of convergence, the continued role of optical networks must be explored. One vision of convergence renders all information in a common packet (especially IP) format. This vision is driven by the proliferation of data services. For example, time-division multiplexed (TDM) voice becomes VoIP. Analog cable-television signals become MPEG bits streamed to digital set-top boxes. T1 or OC-N private lines migrate to Ethernet virtual private networks (VPNs). All these packets coexist peacefully within a single packet-routing methodology built on an optical transport layer that combines the flexibility and cost of data networks with telecom-grade reliability. While this vision is appealing in its simplicity and shared widely, specifics of implementation raise many challenges and differences of opinion. For example, many seek to expand the role of Ethernet in these transport networks, while massive efforts are underway to make traditional TDM networks more data friendly within an evolved but backward-compatible SDH/SONET (synchronous digital hierarchy and

  18. Money, the Banking System and Monetary Policy in Canada: A Teaching Unit.

    Science.gov (United States)

    Curtis, Douglas C. A.; Staunton, Ted, Ed.

    One of a series of teaching units designed to introduce secondary school students to the Canadian economy, this handbook contains instructional materials on Canada's monetary system and policy. Material is organized and presented in terms of specific topic readings and illustrative activities. The topics covered in six sections are money, the…

  19. Some considerations on the reform of the international monetary and financial system

    OpenAIRE

    E. GRILLI

    1999-01-01

    The paper discusses different views on the reform of the International Monetary System. It illustrates the most recent antecedents of the current debate, focusing on criteria, determinants and effects of the choice among different exchange regimes and discussing in particular the relationship between fixed exchange rates and financial crises, and the relationship between exchange rates and worldwide freedom of capital movements.

  20. Convergence criteria for systems of nonlinear elliptic partial differential equations

    International Nuclear Information System (INIS)

    Sharma, R.K.

    1986-01-01

    This thesis deals with convergence criteria for a special system of nonlinear elliptic partial differential equations. A fixed-point algorithm is used, which iteratively solves one linearized elliptic partial differential equation at a time. Conditions are established that help foresee the convergence of the algorithm. Under reasonable hypotheses it is proved that the algorithm converges for such nonlinear elliptic systems. Extensive experimental results are reported and they show the algorithm converges in a wide variety of cases and the convergence is well correlated with the theoretical conditions introduced in this thesis

  1. Characteristics and contemporary challenges of the international monetary and financial system

    Directory of Open Access Journals (Sweden)

    Kovačević Radovan

    2015-01-01

    Full Text Available A well-functioning international monetary system (IMS should provide a satisfactory international liquidity and facilitate money and capital flows in the world economy. In a crisis, the IMS is expected to facilitate capital flows in order to eliminate imbalances leading to the crisis. The main leverage of the IMS in the postwar period was the dollar convertibility into gold, which enabled the US currency to become a global reserve currency. US monetary policy in this monetary system has a basic mission to generate international liquidity. When President Nixon suspended convertibility of the dollar to gold in 1971, this situation led to the collapse of the Bretton Woods system, the dollar began to float freely, but remained the key global reserve currency until today. The 2008 global financial crisis reminded us about the weakness of the current IMS, because the unstable value of the dollar created the risk of US dollar-denominated reserve assets. The current crisis has renewed the objections by the countries with the largest foreign exchange reserves in the world about 'exorbitant privilege' of the U.S. dollar in the IMS, as Charles De Gaulle once called it. The monetary policy impulses in the countries whose currencies belong to the club of leading world currencies (primarily the US, Eurozone and Japan are transferred outside the borders of these countries and affect other countries in the globalized world economy. This paper deals with the consequences of the present IMS structure, which is characterized by the dominant role of the dollar and the euro in international trade and financial flows. The paper studies the channels of US and Eurozone monetary spillovers into the international environment, and their consequences for other countries.

  2. On the convergence of linear passive complementarity systems

    NARCIS (Netherlands)

    Camlibel, M. Kanat; Wouw, Nathan van de

    2007-01-01

    The notion of convergent systems is a powerful tool both in the analysis and synthesis of nonlinear systems. Sufficient conditions for convergence have been under investigation for smooth systems and for classes of non-smooth switching systems in the literature. In this paper, we look at a very

  3. Text experiments of disk chopper with supermirror converging system

    International Nuclear Information System (INIS)

    Aizawa, K.; Soyama, K.; Matsubayashi, M.; Suzuki, J.; Watanabe, N.

    2001-01-01

    We measured transportation property of neutron pulsed by disk chopper with three kinds of setting of supermirror guide at JRR-3M, JAERI. We confirmed a gain of supermirror converging system to narrow straight supermirror system. The gain is approximately same as the ratio of entrance width of converging guide to width of narrow straight guide. On the other hand, we did not get a gain of supermirror converging system to wide straight supermirror system which has a same width to entrance width of converging guide and we will plan more precisely experiment. (author)

  4. On the nexus of monetary policy and financial stability: Is the financial system more resilient?

    OpenAIRE

    Mora, Patricia Palhau; Januska, Michael

    2016-01-01

    Monetary policy and financial stability are closely intertwined, and the resilience of the financial system carries weight in this relationship. This paper explores whether the financial system is more resilient as a result of the G20's post-crisis agenda for financial regulatory reform. It summarizes the agenda's key measures and implementation schedules, both internationally and in Canada, reviews the effectiveness of the reform measures in preventing and addressing financial imbalances, an...

  5. Alternative Monetary Systems in the Context of Managing the National Economy

    Directory of Open Access Journals (Sweden)

    Vartsaba Vira I.

    2017-12-01

    Full Text Available The aim of the article is to investigate alternative monetary systems, each of which can be an algorithm for managing the national economy. By analyzing, systematizing and summarizing the scientific works of both foreign and domestic scientists, it is established that money is a phenomenon capable of managing the socio-economic relations in the time and space development coordinates following the institutionalized functioning algorithms. There justified the informational nature of money, i.e., that money is artificial information, a peculiar way of understanding social and economic relations, since the monetary subsystem is algorithmizing social and economic relations and is a derivative of the functioning and development of the national economy. The effectiveness of the national currency depends on the built-in algorithms of its functioning, which are realized in the model of the national economy. The study reflects the basic variations of potential alternative monetary systems. In particular, world money, the issuers of which are highly developed countries; S. Gesell’s “free money”; S. Sharapov’s “absolute money”; money secured by commodity values; private money; virtual money — electronic money and crypto currency, etc. Given that the socio-economic system of Ukraine as a synergetic system have been in a state of bifurcation for a long time, the article considers and proposes the most effective way of the development and functioning of the monetary system in the context of a harmonious interrelations with the national economy in time and space coordinates by direct emission of money for innovative projects of development of the national economy. Prospects for further research are the trans-scientific paradigm of managing the national economy.

  6. Principles of functioning of the transmission mechanism of the monetary system in international business

    Directory of Open Access Journals (Sweden)

    Poliakova Iana O.

    2014-01-01

    Full Text Available Modern international economic relations are characterised with reduction of rates of economic growth of the majority of developed economic systems, gradual oligopolisation of international markets, domination of private investors interests in political relations, growth of intensity and frequency of local, regional and international economic crises, which negatively influences the tendencies of formation of main directions of transmission and use of capital. Consideration of theoretical grounds of functioning of the monetary mechanism and content analysis of the international statistical information for a long period of time allow marking out certain principles of restoration of integrity of the transmission mechanism of the monetary system as basic ones. Introduction of the proposed principles into the mechanism of functioning of the international monetary system would allow increase of the rates of growth of production of the developed economic systems, strengthening of stability of functioning of the developing economies and decrease of interdependence of different participants of international economic relations, which would directly influence improvement of macro-economic indicators.

  7. To be or renminbi: Trend in the evolution of the international monetary system

    OpenAIRE

    Malović Marko G.

    2014-01-01

    By joining the recent research bandwagon in international finance, this paper reexamines the potential of Chinese yuan for becoming a leading world currency. After analysing historical perspective and the ongoing state of affairs in de facto tripolar global monetary system, both external and internal impediments to internationalisation of the 'redback' are given a due consideration. In light of portfolio rebalancing urges in developing countries' FX reserves structure, as well as China's own ...

  8. MONETARY CONTROL SYSTEM IN BULGARIA – A KEY TO ECONOMIC STABILITY

    Directory of Open Access Journals (Sweden)

    Evgeniy Stoyanov

    2015-03-01

    Full Text Available The paper makes a short retrospection and discuses analytically functional characteristics of a form of financial control, gaining more and more essential meaning, namely monetary control. In conditions of hardly working economy during a crisis, its formal expressions render a serious impact on the financial results for the concrete enterprises, and for the whole economic system. That is the reason as objects of attention to be examined the emergence of the idea, its evolution, the essence of the monetary control and its peculiar goals, tasks and specificity substantiated by the Bulgarian economic reality. The aim of the investigation is to prove that the objective analysis is an effective form of constructive criticism and in the concrete case a purposeful alternative in management of more and more needed economic stability.

  9. Lessons Learnt from the Monetary System of Guernsey

    Directory of Open Access Journals (Sweden)

    Gábor Sárdi

    2017-10-01

    Full Text Available Bailiwick of Guernsey, situated in the English Channel off the coast of Normandy, just like Jersey and the Isle of Man, is an UK Crown dependency and an autonomous jurisdiction. These Crown dependencies are not members of the Commonwealth of Nations nor of the European Union. Furthermore, Guernsey is not part of France nor of the United Kingdom. This atypical status of Guernsey runs back several hundred years: from 1204 the island takes advantage of its special legal status and in general, it has not been managed badly. Despite all this, it cannot be considered as a totally independent, sovereign state. In addition to its special legal status, Guernsey is considered to be special in regard to its money system. According to a very popular story spread across the economic literature, the issuance of Guernsey pound prospered the island as some kind of a magic cure. While it is a considerable part, the current paper emphasize that it was not the only factor. The issuance happened in an economically declining period of Guernsey: after the Napoleonic wars the previous successful economic situation became worse mainly because of the actions of the British authorities that suppressed smuggling, a formerly thriving economic sector of the island. People established their living on this activity were hit hard, but as before, looked for opportunities where their unique status could be used efficiently, and thus, could stabilize their conditions (shipbuilding, vegetable production, tourism, etc.. Guernsey’s money system, however, remains an important topic as its way of operation is indeed unusual in the global economy. Whereas money supply in most countries consists primarily of privately issued bank-debt money (about 95%, Guernsey (States of Guernsey finance its public spending via quasi state issued money since 1817. This type of money system is usually termed as ‘public money system’ and receives a growing attention nowadays.

  10. The Monetary Policy in the System of State Regulation of the Indian Economy

    Directory of Open Access Journals (Sweden)

    Natalia V. Galistcheva

    2015-01-01

    Full Text Available The main task of this research is the analysis of India's monetary policy and its place in the system of state regulation of the economy. The article highlights the main directions of the Indian monetary policy in 1990-2000s aiming to raise competitiveness of the Indian goods on the foreign markets as well as stimulating the inflow of foreign capital in necessary volumes into the national economy. The author focuses on the main instruments of the modern Indian monetary policy, pursued in line with providing the undervalued rupee, which include the manipulating of the bank rate and currency interventions, directed mainly at sterilization of excessive inflow of foreign currency to the country. The article also underlines all the advantages and costs of the monetary policy. One of its main advantages is stimulation of national production's exports and among costs there are difficulties of importing machines and equipment into the country, increase of inflation rate as a result of massive inflow of export revenue, difficulties at external debt's service. The author notes the gradual nature of introduction of current account rupee convertibility and reasons for delay in achieving its full convertibility. Among them there are rather high level of fiscal deficit of the consolidated budget, essential average annual level of inflation, problems of non-performed assets in the economy, high liquidity ratio for commercial banks. The article also presents statistical data on the present state of the Indian foreign exchange reserves as well as dynamics in nominal and real effective exchange rate of rupee in 2005/06 - 2013/14 fiscal year.

  11. Monitoring the International Monetary System: Its Development in the West, and Future in the East

    Directory of Open Access Journals (Sweden)

    Todd J. Barry

    2016-06-01

    Full Text Available The “gold standard” is frequently mentioned in text books, but few without an economics background can fully understand it. This paper thus begins in 1896, when U.S. Presidential candidate William Jennings Bryan declared, “You shall not crucify mankind on a cross of gold.” Since going back to the middle ages, the world has had numerous monetary systems, which are here explained in comprehensible terms. A modern reoccurring idea is to return to some form of the gold standard, while some argue for switching to the Chinese yuan or another international reserve currency, which the International Monetary Fund (IMF will adopt in their Special Drawing Rights starting in October, 2016. This paper is normative in that it comments on the current international structure, but uses economic principles to support its argument in favor of an internationally strong dollar. It thus traces the history of a topically contentious subject, with a basic regression indicating important predictive factors for the future. It offers that a new gold standard would not be in the world’s interest, interfering with monetary policy, while emerging market countries would be best to import more and financially deepen, which the regression shows was why the Chinese yuan was adopted by the IMF, then looking ahead to other parts of Asia and towards bitcoins.

  12. Transnational Corporations in a Global Monetary Theory of Production: A World-Systems Perspective

    Directory of Open Access Journals (Sweden)

    Marc Pilkington

    2015-08-01

    Full Text Available In this paper, I argue that it is possible to enrich world-systems analysis with a heterodox Keynesian monetary theory of production known as the Theory of Money Emissions, based on the views put forward by the French economist Bernard Schmitt. In the aftermath of the global financial crisis, I aim to rehabilitate and adapt the old Keynesian proposal of an international clearing union to the modern world-system by providing a rationale behind a common world currency and a renewed perspective on money and transnational production.

  13. The changing U.S. financial system : some implications for the monetary transmission mechanism

    OpenAIRE

    Gordon H. Sellon

    2002-01-01

    An important part of monetary policy is the monetary transmission mechanism, the process by which monetary policy actions influence the economy. While the transmission mechanism involves a number of channels, including exchange rates, bank credit, and asset prices, most economists consider interest rates to be the principal avenue by which monetary policy affects economic activity.> In recent decades, significant changes in the structure of financial markets and institutions in the United Sta...

  14. System convergence in transport models: algorithms efficiency and output uncertainty

    DEFF Research Database (Denmark)

    Rich, Jeppe; Nielsen, Otto Anker

    2015-01-01

    of this paper is to analyse convergence performance for the external loop and to illustrate how an improper linkage between the converging parts can lead to substantial uncertainty in the final output. Although this loop is crucial for the performance of large-scale transport models it has not been analysed...... much in the literature. The paper first investigates several variants of the Method of Successive Averages (MSA) by simulation experiments on a toy-network. It is found that the simulation experiments produce support for a weighted MSA approach. The weighted MSA approach is then analysed on large......-scale in the Danish National Transport Model (DNTM). It is revealed that system convergence requires that either demand or supply is without random noise but not both. In that case, if MSA is applied to the model output with random noise, it will converge effectively as the random effects are gradually dampened...

  15. Guardando al futuro del Sistema Monetario Internazionale (Looking to the Future International Monetary System

    Directory of Open Access Journals (Sweden)

    Carlo D'Adda

    2012-04-01

    Full Text Available Questo articolo passa brevemente in rassegna diversi argomenti che riguardano il funzionamento del Sistema Monetario Internazionale dopo il 1971, quali cambi flessibili e cambi fissi, aree monetarie ottime, crescenti movimenti di capitali, volatilità dei cambi, crisi valutarie, disavanzo esterno degli Stati Uniti. Pur in assenza di un disegno a priori, la successione di questi problemi ha preparato la strada alla recente proposta di Mundell e Cooper per una moneta mondiale.Questa proposta non costituisce una semplice via d’uscita dalle odierne preoccupazioni. Nondimeno essa lascia intravedere la possibilità di un futuro migliore.     This article briefly reviews various issues concerning the functioning of the International Monetary System after 1971, such as flexible exchange rates and fixed exchange rates, optimal currency areas, increasing capital movements, exchange rate volatility, currency crises, external deficit of the United States. Even in the absence of an a priori design, the sequence of these problems has paved the way to the recent proposal of Mundell and Cooper for a world currency. This proposal is not a simple way out of today's concerns. Nevertheless, it suggests the possibility of a better future.  JEL Codes: F30, F33Keywords: Sistema Monetario Internazionale, Mundell, Cooper, moneta mondiale.

  16. Energy Systems Integration: A Convergence of Ideas

    Energy Technology Data Exchange (ETDEWEB)

    Kroposki, B.; Garrett, B.; MacMillan, S.; Rice, B.; Komomua, C.; O' Malley, M.; Zimmerle, D.

    2012-07-01

    Energy systems integration (ESI) enables the effective analysis, design, and control of these interactions and interdependencies along technical, economic, regulatory, and social dimensions. By focusing on the optimization of energy from all systems, across all pathways, and at all scales, we can better understand and make use of the co-benefits that result to increase reliability and performance, reduce cost, and minimize environmental impacts. This white paper discusses systems integration and the research in new control architectures that are optimized at smaller scales but can be aggregated to optimize energy systems at any scale and would allow replicable energy solutions across boundaries of existing and new energy pathways.

  17. Convergence of Terahertz Sciences in Biomedical Systems

    CERN Document Server

    Kim, Yong; Han, Haewook; Han, Joon; Ahn, Jaewook; Son, Joo-Hiuk; Park, Woong-Yang; Jeong, Young

    2012-01-01

    Recent technological breakthrough in the field of Terahertz radiation has triggered new applications in biology and biomedicine. Particularly, biological applications are based on the specific spectroscopic fingerprints of biological matter in this spectral region. Historically with the discovery of new electromagnetic wave spectrum, we have always discovered new medical diagnostic imaging systems. The use of terahertz wave was not realized due to the absence of useful terahertz sources. Now after successful generation of THz waves, it is reported that a great potential for THz wave exists for its resonance with bio-molecules. There are many challenging issues such as development of THz passive and active instrumentations, understanding of THz-Bio interaction for THz spectroscopy, THz-Bio nonlinear phenomena and safety guideline, and THz imaging systems. Eventually the deeper understanding of THz-Bio interaction and novel THz systems enable us to develop powerful THz biomedical imaging systems which can contr...

  18. ACCOUNTING SYSTEMS AND THEIR CONVERGENCES NOWADAYS

    Directory of Open Access Journals (Sweden)

    DARABOS Eva

    2014-07-01

    Full Text Available The expansion of opportunities and the disappearance of country borders make the answering the question increasingly urgent that which country’s or region’s acts and customs as precedents the accounting created for measuring the economic performance should use in the future. The fact makes this question especially interesting that these acts and customs often differ from each other significantly even within a region. The objective of the study is to introduce the major accounting systems (US GAAP, EU directives, IFRS and their supporting institutional background in a conception way with a special regard on compiling financial statements on the basis of IFRS. The accounts should include not only validity but the preciseness expected by both the owners and the creditors focusing on consistency, the usefulness, transparency and unambiguousness of the contained pieces of information. All these are especially important when a given enterprise or an enterprise-group represents itself in several countries or continents. The actuality of the topic is strengthened by the fact that more and more entities being interested even in abroad require to use a system based on internationally accepted standards as a basis when compiling annual accounts and consolidation for the sake of comparability.

  19. To be or renminbi: Trend in the evolution of the international monetary system

    Directory of Open Access Journals (Sweden)

    Malović Marko G.

    2014-01-01

    Full Text Available By joining the recent research bandwagon in international finance, this paper reexamines the potential of Chinese yuan for becoming a leading world currency. After analysing historical perspective and the ongoing state of affairs in de facto tripolar global monetary system, both external and internal impediments to internationalisation of the 'redback' are given a due consideration. In light of portfolio rebalancing urges in developing countries' FX reserves structure, as well as China's own interest, a role for SDR, bitcoin, gold and alike substitutes comes under investigation too. Notwithstanding the fact that Triffin's dilemma makes a spectacular comeback as equally perplexing mirror-image in regard to options available for currencies aspiring to usurp the US dollar on the world's reserve denominator throne, if global recession and financial crisis remnants fail to recede any time soon, yuan can become one of the leading international currencies within only a decade or so.

  20. Sustainability and Convergence: The Future of Corporate Governance Systems?

    Directory of Open Access Journals (Sweden)

    Daniela M. Salvioni

    2016-11-01

    Full Text Available In today’s world, a sustainable approach to corporate governance can be a source of competitive advantage and a long-term success factor for any firm. Sustainable governance requires that the board of directors considers economic, social and environmental expectations in an integrated way, no matter what ownership structure and formal rules of corporate governance apply to the company: this mitigates the traditional differences between insider and outsider systems of corporate governance. Previous studies failed to consider the contribution of sustainability in the process of corporate governance convergence. Therefore, the aim of this article is to fill the gap in the existing literature by means of a qualitative analysis, supporting the international debate about convergence of corporate governance systems. The article describes the evolution of outsider and insider systems in the light of the increasing importance of sustainability in the board’s decision-making and firm’s operation to satisfy the needs of all the company’s stakeholders. According to this, a qualitative content analysis developed with a directed approach completes the theoretical discussion, demonstrating that sustainability can bring de facto convergence between outsider and insider corporate governance systems. The article aims to be a theoretical starting point for future research, the findings of which could also have practical implications: the study encourages the policy makers to translate the sustainable business best practices into laws and recommendations, strengthening the mutual influence between formal and substantial convergence.

  1. Representational System Predicate Use and Convergence in Counseling: Gloria Revisited.

    Science.gov (United States)

    Mercier, Mary Ann; Johnson, Marilyn

    1984-01-01

    Analayzed transcripts of Three Approaches to Psychotherapy (Shostrom, 1966) for counselor and client representational system predicate use. Although different patterns of predicate use emerged, only limited support for Neurolinguistic Programming theory was found. The findings of different patterns of predicate use were related to convergence and…

  2. IMBALANCES IN THE FINANCIAL SYSTEM OF UKRAINE AND THEIR TRANSMISSION TO THE SYSTEMATIC RISKS IN THE MONETARY STABILITY

    Directory of Open Access Journals (Sweden)

    O. Liubkina

    2013-10-01

    Full Text Available The article examines the current state and major imbalances in the financial market of Ukraine, which are the source of risk to the national economy and can significantly affect the monetary stability during the post-crisis period and the period of recession. Threats that are associated with peculiarities of the institutional structure of the financial market of Ukraine are analyzed, namely, on the one hand, the importance of banking institutions, and on the other – functional inadequacy of the banking systems in ensuring monetary and financial stability. The analysis shows that the weaknesses of the banking system have led to the accumulation of risks and structural misbalances in the Ukrainian economy which pose a danger to stability in the financial sector. Conclusions and measures are substantiated for the use of tools of monetary policy in order to strengthen monetary and financial stability. Among them are: the necessity of changes in the methodological tools of assessment of the financial stability and accumulation of systemic risk in the economy, measures to manage the inflation risk as the main internal risk for Ukraine, ways of enhancement of interaction between the banking system and the national economy through the interest rate benchmark.

  3. Monetary Romanticism

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    2013-01-01

    the interrelation between monetary organisation and nationalism. In the conflict between the Danish state and the Duchies of Schleswig-Holstein in the nineteenth century, banks and currencies were mobilised as political symbols to promote an agenda of regional nationalism. The local Schleswig-Holstein currency...

  4. Monetary Policy Analysis in Serbia

    Directory of Open Access Journals (Sweden)

    Martin Vesna

    2015-09-01

    Full Text Available The paper focuses on analysing monetary policy in Serbia. The National Bank of Serbia chose inflation targeting, which sets price stability as the main objective of monetary policy. To achieve this goal, the central bank uses different monetary policy instruments which analysis can provide us with the understanding of the main directions of their actions but also of the limitations of its application. Only through improvement of both instruments and monetary policy the central bank will create a better foundation for achieving monetary stability. In addition, the implementation of exchange rate policy is entrusted to the National Bank of Serbia, as the main regulator of the financial system. A mere use of managed floating exchange rate, as the chosen exchange rate regime, is an appropriate solution in the current economic circumstances and in accordance with the desired objective of monetary policy.

  5. MONETARY POLICY AND ECONOMIC DEVELOPMENT: LESSONS ...

    African Journals Online (AJOL)

    promote monetary stability and a sound financial system in Nigeria under the overall ... default in the money market and, (iv) Excessive borrowing for speculative ..... Crookett, A. (1979): Monetary Theory, Policy and Institutions, Thomas Nelson ...

  6. National monetary policy by regional design: the evolving role of the Federal Reserve banks in Federal Reserve System policy

    OpenAIRE

    David C. Wheelock

    1999-01-01

    This paper examines the history of Federal Reserve Bank input into Federal Reserve System monetary policymaking. From the Fed's founding in 1914 through the Great Depression, the Reserve Banks held the balance of power. Dissatisfaction with the Fed's performance, however, led to a wholesale reorganization in 1935 that greatly enhanced the authority of the Federal Reserve Board, but retained a role for the Federal Banks through the membership of their presidents on the FOMC, as well as in sett...

  7. A Pilot Study on Comparative Assessment of Electricity Generating Systems Using Monetary Value

    International Nuclear Information System (INIS)

    Kim, Kil Yoo; Kim, Seong Ho; Kim, Tae Woon

    2005-01-01

    Recently, many variables which affect the cost of electricity generating systems are drastically changing. For examples, the price of crude oil soared above 70 dollars a barrel and it will be continuously going up. Kyoto Protocol, an international agreement signed by 141 countries that promise to reduce greenhouse gases, finally entered into force on February 16, 2005. A total of 39 countries are required to reduce their emissions of greenhouse gases, including carbon dioxide, methane and nitrous oxide, to 5.2 percent below the 1990 levels during 2008-2012. Also, many researches and government support are concentrated on the renewable energy. In Korea, the portion of renewable energy in the electricity generation will be increased up to 7% in 2010. Therefore, a comparative assessment among electricity generating systems by considering the environmental impacts, risks, health effects, and social effects is required to establish the national energy and power systems planning systematically and scientifically. Up to now, several papers for data collection and analysis of the environmental impacts, risks, and health effects for various electricity generation systems in Korea were published. However, they were not the comparative assessment covering all impacts and effects but just a partial assessment (e.g., environmental impacts assessment only), or not covering all generating systems such as nuclear, coal, LNG, hydro, oil, wind, photo-voltaic (=solar) but covering partial ones (e.g., nuclear, coal, LNG, and wind only). Although Ref. deals all electricity generating systems, and all impacts such as economic, environmental, health, and social impacts, it used too much subjective opinion by using pairwise comparison questionnaire to know the relative importance among the economic, environmental, health, and social effects. However, if economic, environmental, health, and social effects of the various electricity generation systems could be calculated by monetary value

  8. Interest rate transmission mechanism of monetary policy in the selected EMU candidate countries

    Directory of Open Access Journals (Sweden)

    Mirdala Rajmund

    2009-01-01

    Full Text Available The stable macroeconomic environment, as one of the primary objectives of the Visegrad countries in the 1990s, was partially supported by the exchange rate policy. Fixed exchange rate systems within gradually widen bands (Czech Republic, Slovak Republic and crawling peg system (Hungary, Poland were replaced by the managed floating in the Czech Republic (May 1997, Poland (April 2000, Slovak Republic (October 1998 and fixed exchange rate to euro in Hungary (January 2000 with broad band (October 2001. Higher macroeconomic and banking sector stability allowed countries from the Visegrad group to implement the monetary policy strategy based on the interest rate transmission mechanism. Continuous harmonization of the monetary policy framework (with the monetary policy of the ECB and the increasing sensitivity of the economy agents to the interest rates changes allowed the central banks from the Visegrad countries to implement monetary policy strategy based on the key interest rates determination. In the paper we analyze the impact of the central banks' monetary policy in the Visegrad countries on the selected macroeconomic variables in the period 1999-2008 implementing SVAR (structural vector autoregression approach. We expect that higher sensitivity of domestic variables to interest rates shocks can be interpreted as a convergence of monetary policies in candidate countries towards the ECB's monetary policy.

  9. SME e rapporti esterni. (The European monetary system – managing the external relationships

    Directory of Open Access Journals (Sweden)

    P. LANGUETIN

    2013-12-01

    Full Text Available Questo documento è stato presentato in occasione del quarto Seminario Internazionale sui diritti economici e monetari dell'Unione  Europea, tenutosi a Copenaghen nel marzo del 1981. Il lavoro sottolinea segnali incoraggianti di una maggiore cooperazione tra gli Stati Uniti e le autorità europee sugli interventi coordinati che si è sviluppato nel 1980. Tuttavia, l'autore vede possibile un ulteriore margine di miglioramento nell' l'idea di Jacques van Ypersele di set-up di contratti di swap in dollari / ECU tra il Fondo europeo di cooperazione monetaria e la Federal Reserve.  This paper was presented at the Fourth International Seminar on European Economic and Monetary Union, held in Copenhagen in March of 1981. The work points out encouraging signs of improved cooperation between US and European authorities on coordinated interventions which developed in 1980. However, the author sees possible further scope for improvement in the idea of Jacques van Ypersele to set-up dollar/ECU swap arrangements between the European Monetary Cooperation Fund and the Federal Reserve. JEL: E42, F36

  10. Beyond assemblies: system convergence and multi-materiality.

    Science.gov (United States)

    Wiscombe, Tom

    2012-03-01

    The architectural construction industry has become increasingly more specialized over the past 50 years, creating a culture of layer thinking over part-to-whole thinking. Building systems and technologies are often cobbled together in conflicting and uncorrelated ways, even when referred to as 'integrated', such as by way of building information modeling. True integration of building systems requires rethinking how systems and architectural morphologies can push and pull on one another, creating not only innovation in technology but in aesthetics. The revolution in composite materials, with unprecedented plasticity and performance features, opens up a huge range of possibilities for achieving this kind of convergence. Composites by nature fuse envelope and structure, but through various types of inflections, they can also be made to conduct air and fluids through cavities and de-laminations, as well as integrate lighting and energy systems. Assembly as we know it moves away from mineral materials and hardware and toward polymers and 'healing'. Further, when projected into the near-future realm of multi-materiality and 3D manufacturing, possibilities for embedding systems and creating gradients of rigidity and opacity open up, pointing to an entirely new realm of architectural thinking.

  11. Beyond assemblies: system convergence and multi-materiality

    International Nuclear Information System (INIS)

    Wiscombe, Tom

    2012-01-01

    The architectural construction industry has become increasingly more specialized over the past 50 years, creating a culture of layer thinking over part-to-whole thinking. Building systems and technologies are often cobbled together in conflicting and uncorrelated ways, even when referred to as 'integrated', such as by way of building information modeling. True integration of building systems requires rethinking how systems and architectural morphologies can push and pull on one another, creating not only innovation in technology but in aesthetics. The revolution in composite materials, with unprecedented plasticity and performance features, opens up a huge range of possibilities for achieving this kind of convergence. Composites by nature fuse envelope and structure, but through various types of inflections, they can also be made to conduct air and fluids through cavities and de-laminations, as well as integrate lighting and energy systems. Assembly as we know it moves away from mineral materials and hardware and toward polymers and 'healing'. Further, when projected into the near-future realm of multi-materiality and 3D manufacturing, possibilities for embedding systems and creating gradients of rigidity and opacity open up, pointing to an entirely new realm of architectural thinking.

  12. Monetary management in a monetary union

    DEFF Research Database (Denmark)

    Thygesen, Niels

    1991-01-01

    The design and implementation of monetary policy in the EMU raises a number of difficult conceptual issues, though less complex than those of the transition. The Delors Report (1989) addressed three issues, in particular: (1) the appropriate mandate for the European system of Central Banks (ESCB)......, and on the desirable degree of decentralization within the ESCB of operational and supervisory authority. Some preliminary reflections on these issues are found in the final section......The design and implementation of monetary policy in the EMU raises a number of difficult conceptual issues, though less complex than those of the transition. The Delors Report (1989) addressed three issues, in particular: (1) the appropriate mandate for the European system of Central Banks (ESCB......): (2) the relationship of the ESCB to national and EEC political authorities, and (3) the accountability of the ESCB for its implementation of its mandate. The paper pays special attention to the interaction of these three issues. The Delors Report was less specific on the desing of instruments...

  13. Stochastic Reformulations of Linear Systems: Algorithms and Convergence Theory

    KAUST Repository

    Richtarik, Peter; Taká č, Martin

    2017-01-01

    We develop a family of reformulations of an arbitrary consistent linear system into a stochastic problem. The reformulations are governed by two user-defined parameters: a positive definite matrix defining a norm, and an arbitrary discrete or continuous distribution over random matrices. Our reformulation has several equivalent interpretations, allowing for researchers from various communities to leverage their domain specific insights. In particular, our reformulation can be equivalently seen as a stochastic optimization problem, stochastic linear system, stochastic fixed point problem and a probabilistic intersection problem. We prove sufficient, and necessary and sufficient conditions for the reformulation to be exact. Further, we propose and analyze three stochastic algorithms for solving the reformulated problem---basic, parallel and accelerated methods---with global linear convergence rates. The rates can be interpreted as condition numbers of a matrix which depends on the system matrix and on the reformulation parameters. This gives rise to a new phenomenon which we call stochastic preconditioning, and which refers to the problem of finding parameters (matrix and distribution) leading to a sufficiently small condition number. Our basic method can be equivalently interpreted as stochastic gradient descent, stochastic Newton method, stochastic proximal point method, stochastic fixed point method, and stochastic projection method, with fixed stepsize (relaxation parameter), applied to the reformulations.

  14. Stochastic Reformulations of Linear Systems: Algorithms and Convergence Theory

    KAUST Repository

    Richtarik, Peter

    2017-06-04

    We develop a family of reformulations of an arbitrary consistent linear system into a stochastic problem. The reformulations are governed by two user-defined parameters: a positive definite matrix defining a norm, and an arbitrary discrete or continuous distribution over random matrices. Our reformulation has several equivalent interpretations, allowing for researchers from various communities to leverage their domain specific insights. In particular, our reformulation can be equivalently seen as a stochastic optimization problem, stochastic linear system, stochastic fixed point problem and a probabilistic intersection problem. We prove sufficient, and necessary and sufficient conditions for the reformulation to be exact. Further, we propose and analyze three stochastic algorithms for solving the reformulated problem---basic, parallel and accelerated methods---with global linear convergence rates. The rates can be interpreted as condition numbers of a matrix which depends on the system matrix and on the reformulation parameters. This gives rise to a new phenomenon which we call stochastic preconditioning, and which refers to the problem of finding parameters (matrix and distribution) leading to a sufficiently small condition number. Our basic method can be equivalently interpreted as stochastic gradient descent, stochastic Newton method, stochastic proximal point method, stochastic fixed point method, and stochastic projection method, with fixed stepsize (relaxation parameter), applied to the reformulations.

  15. Convergence of hyperspherical adiabatic expansion for helium-like systems

    International Nuclear Information System (INIS)

    Abrashkevich, A.G.; Abrashkevich, D.G.; Pojda, V.Yu.; Vinitskij, S.I.; Kaschiev, M.S.; Puzynin, I.V.

    1988-01-01

    The convergence of hyperspherical adiabatic expansion has been studied numerically. The spectral problems arising after separation of variables are solved by the finite-difference and finite element methods. The energies of the ground and some doubly excited staes of a hydrogen ion are calculated in the six-channel approximation within the 10 -4 a.u. accuracy. Obtained results demonstrate a rapid convergence of the hyperspherical adiabatic expansion. 14 refs.; 5 tabs

  16. Convergent piecewise affine systems : analysis and design Part II: discontinuous case

    NARCIS (Netherlands)

    Pavlov, A.V.; Pogromski, A.Y.; Wouw, van de N.; Nijmeijer, H.; Rooda, J.E.

    2005-01-01

    In this paper convergence properties of piecewise affine (PWA) systems with discontinuous right-hand sides are studied. It is shown that for discontinuous PWA systems existence of a common quadratic Lyapunov function is not sufficient for convergence. For discontinuous bimodal PWA systems necessary

  17. Fiber-wireless convergence in next-generation communication networks systems, architectures, and management

    CERN Document Server

    Chang, Gee-Kung; Ellinas, Georgios

    2017-01-01

    This book investigates new enabling technologies for Fi-Wi convergence. The editors discuss Fi-Wi technologies at the three major network levels involved in the path towards convergence: system level, network architecture level, and network management level. The main topics will be: a. At system level: Radio over Fiber (digitalized vs. analogic, standardization, E-band and beyond) and 5G wireless technologies; b. Network architecture level: NGPON, WDM-PON, BBU Hotelling, Cloud Radio Access Networks (C-RANs), HetNets. c. Network management level: SDN for convergence, Next-generation Point-of-Presence, Wi-Fi LTE Handover, Cooperative MultiPoint. • Addresses the Fi-Wi convergence issues at three different levels, namely at the system level, network architecture level, and network management level • Provides approaches in communication systems, network architecture, and management that are expected to steer the evolution towards fiber-wireless convergence • Contributions from leading experts in the field of...

  18. monetary policy and macroeconomic management: a simulation ...

    African Journals Online (AJOL)

    Admin

    The results show that monetary variables and government finance is linked through the government's net indebtedness to the banking system. ... monetary squeeze would reduce inflation rate faster than if the reduction in ... This reduction in money supply also leads to a reduction in output, .... Methodological Framework.

  19. Monetary economics from econophysics perspective

    Science.gov (United States)

    Yakovenko, Victor M.

    2016-12-01

    This is an invited article for the Discussion and Debate special issue of The European Physical Journal Special Topics on the subject "Can Economics be a Physical Science?" The first part of the paper traces the personal path of the author from theoretical physics to economics. It briefly summarizes applications of statistical physics to monetary transactions in an ensemble of economic agents. It shows how a highly unequal probability distribution of money emerges due to irreversible increase of entropy in the system. The second part examines deep conceptual and controversial issues and fallacies in monetary economics from econophysics perspective. These issues include the nature of money, conservation (or not) of money, distinctions between money vs. wealth and money vs. debt, creation of money by the state and debt by the banks, the origins of monetary crises and capitalist profit. Presentation uses plain language understandable to laypeople and may be of interest to both specialists and general public.

  20. RISKS AND CONSTRAINTS FOR THE MONETARY STABILITY

    Directory of Open Access Journals (Sweden)

    Camelia MILEA

    2013-09-01

    Full Text Available Starting from the definition according to which monetary stability requires an appropriate level of liquidity in an economy with dynamic objectives, of growth and job creation, non-inflationary in terms of price stability, based on the analysis of the effects of some relevant economic phenomena and on the economic literature, in this article, the author has highlighted some of the risks to monetary stability. One of the major risks is represented by the loss of its instruments, i.e. the instruments for liquidity management, through monetary and exchange rate policies. Another important risk is represented by the capital fluctuation due to various shocks: exchange rate, political, financial and capital account liberalization. Also, as a result of the analysis of relevant studies and of the effects of the European integration in terms of monetary stability, the author has shown the elements on which depends monetary stability. Among these, there are: the existence of an institutional framework with a clear goal and a proper degree of responsibility, strong operational independence of monetary policy, monetary policy implementation with a view to ensuring an appropriate balance between discipline and discretion, the level of the interest rate of monetary policy, the efficiency of the transmission mechanism of monetary policy, the existence of a viable and stable financial system, the existence of enough instruments at hand for the central bank, the structure and soundness of the financial and banking system. The paper is a capitalization of the research project “Global Risks for the Financial and Monetary Stability. Implications for Romania and European Union” elaborated in 2013, at “Victor Slăvescu” Centre for Financial and Monetary Research.

  1. Is the Current Monetary System Viable? What Are the Alternatives? Can Complementary Currencies Bring More Stability and Sustainability?

    OpenAIRE

    Legrand, Nicolas; De Vliegher, Hubert

    2017-01-01

    According to the International Monetary Fund, 145 banking crises, 208 monetary crashes and 72 sovereign-debt crises have occurred between 1970 and 2010 (Lietaer, Arnsperger, Goerner, & Brunnhuber, 2012). Crises have a negative impact on employment, human and social costs and production, and ultimately taxpayers are left to pay the bill. The most recent example is the 2007-2008 sub-prime banking crisis that affected countries such as Great Britain, Germany, the Unites States and Belgium. Anoth...

  2. The Assessment of Accommodation and Convergence System in the Bank Employees

    Directory of Open Access Journals (Sweden)

    Monireh Mahjoob

    2013-02-01

    Full Text Available Background: Regarding the high outbreak rate of the eye disorders and problems particularly accommodation disorders and convergence insufficiency in computer users, the study tries to determine the convergence, accommodation system, condition, fusion reserves and vision dimension in bank employees (who work with computers and the control group (who are not computer users and then to compare the mentioned parameters in the two groups. Materials and Methods: In this cross-sectional and observational study a total of 44 bank employees and 44 people as the control group members were selected randomly. Initially, refractive problems were reformed, and then accommodation, convergence and vision dimension evaluative tests were conducted. The test included measuring the near point of convergence, jump convergence, phoria, accommodation range (one eye, both eyes, ease of accommodation (one eye, both eyes, positive and negative related accommodation, near fusion versions and TNO.Results: Our results showed that there was a not significant difference among the near point of convergence, jump convergence, near phoria, accommodation range (one eye and both eyes, ease of accommodation (one eye, both eyes, positive and negative related accommodation in bank employees and control group.Conclusion: Regarding the studies, the outbreak rate of accommodation and convergence disorders is higher in bank employees than the control group which would be due to over working with computer within a fixed interval.

  3. Monetary accounting of ecosystem services

    NARCIS (Netherlands)

    Remme, R.P.; Edens, Bram; Schröter, Matthias; Hein, Lars

    2015-01-01

    Ecosystem accounting aims to provide a better understanding of ecosystem contributions to the economy in a spatially explicit way. Ecosystem accounting monitors ecosystem services and measures their monetary value using exchange values consistent with the System of National Accounts (SNA). We

  4. Optimization of convergent collimators for pixelated SPECT systems

    International Nuclear Information System (INIS)

    Capote, Ricardo M.; Matela, Nuno; Conceição, Raquel C.; Almeida, Pedro

    2013-01-01

    Purpose: The optimization of the collimator design is essential to obtain the best possible sensitivity in single photon emission computed tomography imaging. The aim of this work is to present a methodology for maximizing the sensitivity of convergent collimators, specifically designed to match the pitch of pixelated detectors, for a fixed spatial resolution value and to present some initial results using this approach. Methods: Given the matched constraint, the optimal collimator design cannot be simply found by allowing the highest level of septal penetration and spatial resolution consistent with the imposed restrictions, as it is done for the optimization of conventional collimators. Therefore, an algorithm that interactively calculates the collimator dimensions, with the maximum sensitivity, which respect the imposed restrictions was developed and used to optimize cone and fan beam collimators with tapered square-shaped holes for low (60–300 keV) and high energy radiation (300–511 keV). The optimal collimator dimensions were locally calculated based on the premise that each hole and septa of the convergent collimator should locally resemble an appropriate optimal matched parallel collimator. Results: The optimal collimator dimensions, calculated for subcentimeter resolutions (3 and 7.5 mm), common pixel sizes (1.6, 2.1, and 2.5 mm), and acceptable septal penetration at 140 keV, were approximately constant throughout the collimator, despite their different hole incidence angles. By using these input parameters and a less strict septal penetration value of 5%, the optimal collimator dimensions and the corresponding mass per detector area were calculated for 511 keV. It is shown that a low value of focal distance leads to improvements in the average sensitivity at a fixed source-collimator distance and resolution. The optimal cone beam performance outperformed that of other optimal collimation geometries (fan and parallel beam) in imaging objects close to

  5. Convergent bacterial microbiotas in the fungal agricultural systems of insects.

    Science.gov (United States)

    Aylward, Frank O; Suen, Garret; Biedermann, Peter H W; Adams, Aaron S; Scott, Jarrod J; Malfatti, Stephanie A; Glavina del Rio, Tijana; Tringe, Susannah G; Poulsen, Michael; Raffa, Kenneth F; Klepzig, Kier D; Currie, Cameron R

    2014-11-18

    The ability to cultivate food is an innovation that has produced some of the most successful ecological strategies on the planet. Although most well recognized in humans, where agriculture represents a defining feature of civilization, species of ants, beetles, and termites have also independently evolved symbioses with fungi that they cultivate for food. Despite occurring across divergent insect and fungal lineages, the fungivorous niches of these insects are remarkably similar, indicating convergent evolution toward this successful ecological strategy. Here, we characterize the microbiota of ants, beetles, and termites engaged in nutritional symbioses with fungi to define the bacterial groups associated with these prominent herbivores and forest pests. Using culture-independent techniques and the in silico reconstruction of 37 composite genomes of dominant community members, we demonstrate that different insect-fungal symbioses that collectively shape ecosystems worldwide have highly similar bacterial microbiotas comprised primarily of the genera Enterobacter, Rahnella, and Pseudomonas. Although these symbioses span three orders of insects and two phyla of fungi, we show that they are associated with bacteria sharing high whole-genome nucleotide identity. Due to the fine-scale correspondence of the bacterial microbiotas of insects engaged in fungal symbioses, our findings indicate that this represents an example of convergence of entire host-microbe complexes. The cultivation of fungi for food is a behavior that has evolved independently in ants, beetles, and termites and has enabled many species of these insects to become ecologically important and widely distributed herbivores and forest pests. Although the primary fungal cultivars of these insects have been studied for decades, comparatively little is known of their bacterial microbiota. In this study, we show that diverse fungus-growing insects are associated with a common bacterial community composed of the

  6. The Assessment of Accommodation and Convergence System in the Bank Employees

    OpenAIRE

    Monireh Mahjoob; Abbas Azimi-Khorasani; Hamed Momeni-Moghadam; Masoud Raeisi; Jalil Nejati

    2013-01-01

    Background: Regarding the high outbreak rate of the eye disorders and problems particularly accommodation disorders and convergence insufficiency in computer users, the study tries to determine the convergence, accommodation system, condition, fusion reserves and vision dimension in bank employees (who work with computers) and the control group (who are not computer users) and then to compare the mentioned parameters in the two groups. Materials and Methods: In this cross-sectional and observ...

  7. THEORIES OF MONETARY POLICY – FROM THE MERCANTILIST PRAGMATISM TO THE MODERN MONETARY THEORIES

    Directory of Open Access Journals (Sweden)

    Zina CIORAN

    2014-06-01

    Full Text Available The purpose of this article is to perform an incursion into the monetary theories, from the mercantilists to the modern theories. The monetary area is an important component of the economic system which has always been and still is tormented by anxiety and uncertainty. The currency can be considered a barometer that promptly and precisely registers a country’s economic oscillations and the fundamental problems that torment the human society nowadays is mainly expressed in monetary terms. Being one of the major tools the state uses to balance the economy, the monetary politics has permanently generated fervent controversies and discussions. Scientific research of the monetary phenomenon, facing the complexity of the currency problems with a diversity of currency types and with the complex currency role within the company, as well as the explosive evolution of the financial institutions, structures and monetary and financial products has always kept the monetary theory in the beginning of a new research program. The monetary theory center, around which the economists‘ thinking is founded, is formed of: emphasizing the money role in the economy, the money measurement, the money offer and request with their influence factors, the monetary balance theory, the monetary impulse transition modality as well as the monetary behavior on the part of the economic agents. It was established that each economical thinking movement marked the social, economical and political life for a certain amount of time, each school has criticized or supported their predecessors’ ideas contributing to the enrichment of the monetary theory and the economic development, implicitly.

  8. Acceleration of criticality analysis solution convergence by matrix eigenvector for a system with weak neutron interaction

    Energy Technology Data Exchange (ETDEWEB)

    Nomura, Yasushi; Takada, Tomoyuki; Kuroishi, Takeshi [Japan Atomic Energy Research Inst., Tokai, Ibaraki (Japan). Tokai Research Establishment; Kadotani, Hiroyuki [Shizuoka Sangyo Univ., Iwata, Shizuoka (Japan)

    2003-03-01

    In the case of Monte Carlo calculation to obtain a neutron multiplication factor for a system of weak neutron interaction, there might be some problems concerning convergence of the solution. Concerning this difficulty in the computer code calculations, theoretical derivation was made from the general neutron transport equation and consideration was given for acceleration of solution convergence by using the matrix eigenvector in this report. Accordingly, matrix eigenvector calculation scheme was incorporated together with procedure to make acceleration of convergence into the continuous energy Monte Carlo code MCNP. Furthermore, effectiveness of acceleration of solution convergence by matrix eigenvector was ascertained with the results obtained by applying to the two OECD/NEA criticality analysis benchmark problems. (author)

  9. Agriculture, health, and wealth convergence: bridging traditional food systems and modern agribusiness solutions.

    Science.gov (United States)

    Dubé, Laurette; Webb, Patrick; Arora, Narendra K; Pingali, Prabhu

    2014-12-01

    The causes of many vexing challenges facing 21st-century society are at the nexus of systems involved in agriculture, health and wealth production, consumption, and distribution. Using food as a test bed, and on the basis of emerging roadmaps that set achievable objectives over a 1- to 3-year horizon, we introduce this special feature with convergence thinking and practice at its core. Specifically, we discuss academic papers structured around four themes: (1) evidence for a need for convergence and underlying mechanisms at the individual and societal levels; (2) strategy for mainstreaming convergence as a driver of business engagement and innovation; (3) convergence in policy and governance; (4) convergence in metrics and methods. Academic papers under each theme are accompanied by a roadmap paper reporting on the current status of concrete transformative convergence-building projects associated with that theme. We believe that the insights provided by these papers have the potential to enable all actors throughout society to singly and collectively work to build supply and demand for nutritious food, in both traditional and modern food systems, while placing the burdens of malnutrition and ill health on their core strategic agendas. © 2014 New York Academy of Sciences.

  10. International Reserves Crises, Monetary Integration and the Payments System during the International Gold Standard

    OpenAIRE

    Paula Hernandez-Verme

    2009-01-01

    I model an international payments system with a financial center and periphery to reproduce various aspects of the International Gold Standard. This period was characterized by frequent crises associated with scarce stocks of reserves, high short-term interest rates with subsequent gold inflows and transmission of output contractions across countries. I find that a common international currency and no legal restrictions on exchange help the periphery share reserves with the financial center, ...

  11. Long term fault system reorganization of convergent and strike-slip systems

    Science.gov (United States)

    Cooke, M. L.; McBeck, J.; Hatem, A. E.; Toeneboehn, K.; Beyer, J. L.

    2017-12-01

    Laboratory and numerical experiments representing deformation over many earthquake cycles demonstrate that fault evolution includes episodes of fault reorganization that optimize work on the fault system. Consequently, the mechanical and kinematic efficiencies of fault systems do not increase monotonically through their evolution. New fault configurations can optimize the external work required to accommodate deformation, suggesting that changes in system efficiency can drive fault reorganization. Laboratory evidence and numerical results show that fault reorganization within accretion, strike-slip and oblique convergent systems is associated with increasing efficiency due to increased fault slip (frictional work and seismic energy) and commensurate decreased off-fault deformation (internal work and work against gravity). Between episodes of fault reorganization, fault systems may become less efficient as they produce increasing off fault deformation. For example, laboratory and numerical experiments show that the interference and interaction between different fault segments may increase local internal work or that increasing convergence can increase work against gravity produced by a fault system. This accumulation of work triggers fault reorganization as stored work provides the energy required to grow new faults that reorganize the system to a more efficient configuration. The results of laboratory and numerical experiments reveal that we should expect crustal fault systems to reorganize following periods of increasing inefficiency, even in the absence of changes to the tectonic regime. In other words, fault reorganization doesn't require a change in tectonic loading. The time frame of fault reorganization depends on fault system configuration, strain rate and processes that relax stresses within the crust. For example, stress relaxation may keep pace with stress accumulation, which would limit the increase in the internal work and gravitational work so that

  12. Korea's Post-Crisis Monetary Policy Reforms

    OpenAIRE

    Donghyun Park; Junggun Oh

    2005-01-01

    Korea's financial crisis of 1997–1998 was brought about by the unsustainable combination of large capital inflows and an inefficient financial system. The Bank of Korea contributed to the crisis primarily through its failures as the regulator of the financial system rather than as the conductor of monetary policy. Our paper explores the role of the two major monetary policy reforms Korea has implemented in response to the crisis — the establishment of a new financial regulator and the adoptio...

  13. Distributed control design for nonlinear output agreement in convergent systems

    NARCIS (Netherlands)

    Weitenberg, Erik; De Persis, Claudio

    2015-01-01

    This work studies the problem of output agreement in homogeneous networks of nonlinear dynamical systems under time-varying disturbances using controllers placed at the nodes of the networks. For the class of contractive systems, necessary and sufficient conditions for output agreement are derived,

  14. Confluence and convergence: team effectiveness in complex systems.

    Science.gov (United States)

    Porter-OʼGrady, Tim

    2015-01-01

    Complex adaptive systems require nursing leadership to rethink organizational work and the viability and effectiveness of teams. Much of emergent thinking about complexity and systems and organizations alter the understanding of the nature and function of teamwork and the configuration and leadership of team effort. Reflecting on basic concepts of complexity and their application to team formation, dynamics, and outcomes lays an important foundation for effectively guiding the strategic activity of systems through the focused tactical action of teams. Basic principles of complexity, their impact on teams, and the fundamental elements of team effectiveness are explored.

  15. The impact of the financial crisis on the currency and the monetary system

    Directory of Open Access Journals (Sweden)

    Petre DEACONU

    2010-09-01

    Full Text Available The present-day economic and financial crisis (depression appears unprecedented in the last half century. The international financial crisis has been extended to the Romanian economy. However, in terms of direct impact, the Romanian banking system was less affected by not being exposed to toxic assets, and because of prudential and administrative measures taken by the NBR. Indirectly, however, the international financial crisis and especially its obvious consequence – the recession in developed countries - has expanded to the Romanian economy, on several channels. The shopping channel slowed export growth and even reduced them. The financial channel has limited the access to external financing, and thus restricted the lending volume, generating private external debt service difficulties. On the exchange rate channel, the reduction in external financing reflected in national currency depreciation. On the confidence channel, there was a withdrawal of investors from Eastern Europe countries. Among the measures adopted by the central bank, the most notable were targeting inflation and currency interventions. By adopting inflation targeting, the central bank opted to make more room in establishing foreign exchange market, and after the onset of the current international financial crisis, including the 2009-2010, adopted a controlled floating exchange rate. This does not mean intervention in the forex market on a discretionary basis. NBR policy on foreign exchange intervention has been guided by the philosophy that high exchange rate volatility is harmful for both the inflation target and the financial health of the real and financial sector.

  16. Convergence to equilibrium of renormalised solutions to nonlinear chemical reaction–diffusion systems

    Science.gov (United States)

    Fellner, Klemens; Tang, Bao Quoc

    2018-06-01

    The convergence to equilibrium for renormalised solutions to nonlinear reaction-diffusion systems is studied. The considered reaction-diffusion systems arise from chemical reaction networks with mass action kinetics and satisfy the complex balanced condition. By applying the so-called entropy method, we show that if the system does not have boundary equilibria, i.e. equilibrium states lying on the boundary of R_+^N, then any renormalised solution converges exponentially to the complex balanced equilibrium with a rate, which can be computed explicitly up to a finite-dimensional inequality. This inequality is proven via a contradiction argument and thus not explicitly. An explicit method of proof, however, is provided for a specific application modelling a reversible enzyme reaction by exploiting the specific structure of the conservation laws. Our approach is also useful to study the trend to equilibrium for systems possessing boundary equilibria. More precisely, to show the convergence to equilibrium for systems with boundary equilibria, we establish a sufficient condition in terms of a modified finite-dimensional inequality along trajectories of the system. By assuming this condition, which roughly means that the system produces too much entropy to stay close to a boundary equilibrium for infinite time, the entropy method shows exponential convergence to equilibrium for renormalised solutions to complex balanced systems with boundary equilibria.

  17. Development and Application of Econometric Models for Forecasting and Analysis of Monetary Policy Scenarios

    OpenAIRE

    Malugin, Vladimir; Demidenko , Mikhail; Kalechits, Dmitry; Miksjuk , Alexei; Tsukarev , Taras

    2009-01-01

    A system of econometric models designed for forecasting target monetary indicators as well as conducting monetary policy scenarios analysis is presented. The econometric models integrated in the system are represented in the error correction form and are interlinked by means of monetary policy instruments variables, common exogenous variables characterizing external shocks, and monetary policy target endogenous variables. Forecast accuracy estimates and monetary policy analysis results are pr...

  18. Convergence in gradient systems with branching of equilibria

    International Nuclear Information System (INIS)

    Galaktionov, V A; Pohozaev, Stanislav I; Shishkov, A E

    2007-01-01

    The basic model is a semilinear elliptic equation with coercive C 1 non-linearity: Δψ+f(ψ)=0 in Ω, ψ=0 on ∂Ω, where Ω subset of R N is a bounded smooth domain. The main hypothesis (H R ) about resonance branching is as follows: if a branching of equilibria occurs at a point ψ with k-dimensional kernel of the linearized operator Δ+f'(ψ)I, then the branching subset S k at ψ is a locally smooth k-dimensional manifold. For N=1 the first result on the stabilization to a single equilibrium is due to Zelenyak (1968). It is shown that Zelenyak's approach, which is based on the analysis of Lyapunov functions, can be extended to general gradient systems in Hilbert spaces with smooth resonance branching. The case of asymptotically small non-autonomous perturbations of such systems is also considered. The approach developed here represents an alternative to Hale's stabilization method (1992) and other similar techniques in the theory of gradient systems. Bibliography: 32 titles.

  19. A convergence analysis for a sweeping preconditioner for block tridiagonal systems of linear equations

    KAUST Repository

    Bagci, Hakan

    2014-11-11

    We study sweeping preconditioners for symmetric and positive definite block tridiagonal systems of linear equations. The algorithm provides an approximate inverse that can be used directly or in a preconditioned iterative scheme. These algorithms are based on replacing the Schur complements appearing in a block Gaussian elimination direct solve by hierarchical matrix approximations with reduced off-diagonal ranks. This involves developing low rank hierarchical approximations to inverses. We first provide a convergence analysis for the algorithm for reduced rank hierarchical inverse approximation. These results are then used to prove convergence and preconditioning estimates for the resulting sweeping preconditioner.

  20. A convergence analysis for a sweeping preconditioner for block tridiagonal systems of linear equations

    KAUST Repository

    Bagci, Hakan; Pasciak, Joseph E.; Sirenko, Kostyantyn

    2014-01-01

    We study sweeping preconditioners for symmetric and positive definite block tridiagonal systems of linear equations. The algorithm provides an approximate inverse that can be used directly or in a preconditioned iterative scheme. These algorithms are based on replacing the Schur complements appearing in a block Gaussian elimination direct solve by hierarchical matrix approximations with reduced off-diagonal ranks. This involves developing low rank hierarchical approximations to inverses. We first provide a convergence analysis for the algorithm for reduced rank hierarchical inverse approximation. These results are then used to prove convergence and preconditioning estimates for the resulting sweeping preconditioner.

  1. On the Convergence of Affective and Persuasive Technologies in Computer- Mediated Health-Care Systems

    Directory of Open Access Journals (Sweden)

    Rebeca I. García-Betances

    2015-01-01

    Full Text Available This paper offers a portrayal of how affective computing and persuasive technologies can converge into an effective tool for interfacing biomedical engineering with behavioral sciences and medicine. We describe the characteristics, features, applications, present state of the art, perspectives, and trends of both streams of research. In particular, these streams are analyzed in light of the potential contribution of their convergence for improving computer-mediated health-care systems, by facilitating the modification of patients’ attitudes and behaviors, such as engagement and compliance. We propose a framework for future research in this emerging area, highlighting how key constructs and intervening variables should be considered. Some specific implications and challenges posed by the convergence of these two technologies in health care, such as paradigm change, multimodality, patients’ attitude improvement, and cost reduction, are also briefly addressed and discussed.

  2. Convergence to equilibrium in competitive Lotka–Volterra and chemostat systems

    KAUST Repository

    Champagnat, Nicolas

    2010-12-01

    We study a generalized system of ODE\\'s modeling a finite number of biological populations in a competitive interaction. We adapt the techniques in Jabin and Raoul [8] and Champagnat and Jabin (2010) [2] to prove the convergence to a unique stable equilibrium. © 2010 Académie des sciences.

  3. Convergence to equilibrium in competitive Lotka–Volterra and chemostat systems

    KAUST Repository

    Champagnat, Nicolas; Jabin, Pierre-Emmanuel; Raoul, Gaë l

    2010-01-01

    We study a generalized system of ODE's modeling a finite number of biological populations in a competitive interaction. We adapt the techniques in Jabin and Raoul [8] and Champagnat and Jabin (2010) [2] to prove the convergence to a unique stable equilibrium. © 2010 Académie des sciences.

  4. Converging Higher Education Systems in a Global Setting: The Example of France and India

    Science.gov (United States)

    Pilkington, Marc

    2014-01-01

    We present a comparative survey between the French and Indian higher education systems. In spite of their respective idiosyncratic features, we show that the two countries have both evolved comprehensively toward a knowledge-based society, in order to ensure the prosperity of their citizens. Secondly, we single out a threefold convergence between…

  5. Convergent synthesis of the HIJKLM ring system of ciguatoxin CTX3C.

    Science.gov (United States)

    Takamura, Hiroyoshi; Nishiuma, Naoki; Abe, Takashi; Kadota, Isao

    2011-09-02

    The HIJKLM ring system of ciguatoxin CTX3C was synthesized in a convergent manner. The key steps were a conjugate addition/alkylation sequence, spiroacetalization, intramolecular allylation, ring-closing metathesis, and hydrogenation to form the 36-α-methyl substituent.

  6. Functional Convergence in the Tense, Evidentiality and Aspectual Systems of Quechua Spanish Bilinguals

    Science.gov (United States)

    Sanchez, Liliana

    2004-01-01

    In this paper, I present an exploratory study on cross-linguistic interference among Quechua-Spanish bilingual children living in a language contact situation. The study focuses on convergence in the tense, aspectual and evidentiality systems of the two languages. While in Quechua past tense features are strongly linked to evidentiality in the…

  7. Computational Experience with Globally Convergent Descent Methods for Large Sparse Systems of Nonlinear Equations

    Czech Academy of Sciences Publication Activity Database

    Lukšan, Ladislav; Vlček, Jan

    1998-01-01

    Roč. 8, č. 3-4 (1998), s. 201-223 ISSN 1055-6788 R&D Projects: GA ČR GA201/96/0918 Keywords : nonlinear equations * Armijo-type descent methods * Newton-like methods * truncated methods * global convergence * nonsymmetric linear systems * conjugate gradient -type methods * residual smoothing * computational experiments Subject RIV: BB - Applied Statistics, Operational Research

  8. Distributed weighted least-squares estimation with fast convergence for large-scale systems.

    Science.gov (United States)

    Marelli, Damián Edgardo; Fu, Minyue

    2015-01-01

    In this paper we study a distributed weighted least-squares estimation problem for a large-scale system consisting of a network of interconnected sub-systems. Each sub-system is concerned with a subset of the unknown parameters and has a measurement linear in the unknown parameters with additive noise. The distributed estimation task is for each sub-system to compute the globally optimal estimate of its own parameters using its own measurement and information shared with the network through neighborhood communication. We first provide a fully distributed iterative algorithm to asymptotically compute the global optimal estimate. The convergence rate of the algorithm will be maximized using a scaling parameter and a preconditioning method. This algorithm works for a general network. For a network without loops, we also provide a different iterative algorithm to compute the global optimal estimate which converges in a finite number of steps. We include numerical experiments to illustrate the performances of the proposed methods.

  9. Study of the Convergence in State Estimators for LTI Systems with Event Detection

    Directory of Open Access Journals (Sweden)

    Juan C. Posada

    2016-01-01

    Full Text Available The methods frequently used to estimate the state of an LTI system require that the precise value of the output variable is known at all times, or at equidistant sampling times. In LTI systems, in which the output signal is measured through binary sensors (detectors, the traditional way of state observers design is not applicable even though the system has a complete observability matrix. This type of state observers design is known as passive. It is necessary, then, to introduce a new state estimation technique, which allows reckoning the state from the information of the variable’s crossing through a detector’s action threshold (switch. This paper seeks, therefore, to study the convergence in this type of estimators in finite time, allowing establishing, theoretically, whether some family of the proposed models can be estimated in a convergent way through the use of the estimation technique based on events.

  10. International Monetary Power and China’s Response

    Directory of Open Access Journals (Sweden)

    Hongyu Lin

    2013-12-01

    Full Text Available International monetary power has become a new area of interest since the outbreak of the global financial crisis in 2008. The USA, the EU and China will pursue global monetary power in the future, and the USD, the EURO and the RMB will become the most important world reserve currencies. The pattern of international monetary power will shift from a unilateral-hegemony structure to a triangle-balance structure. This shift has a very strong influence on changes in the current international political system. As the largest emerging economy, China will speed up the globalization of the RMB to meet the challenges of the international monetary system.

  11. Monetary Union is the future of EAEU

    Directory of Open Access Journals (Sweden)

    Vyacheslav S. Kuznetsov

    2015-01-01

    Full Text Available The president of Russian Federation V. Putin's Order from the 10th of March 2015 to the Government and Central Bank of Russia to work on the plan of creating Monetary Union of EAEU by the 1st of September cannot be ignored by scientific community's attention of Russia and other Eurasian countries. Strategic goal of this document is pretty clear - to create an island of currency stability in the surrounding of Jamaica's Monetary nonsystem and existing monopolar and assimetric world's dollar order, to minimize the dependency of Eurasian countries on US dollar, to hold its world expansion, to freeze the process of financing of USA imbalances by all countries, to turn back the process of dollarization of Eurasian countries and world's dollarization and relieve the world's community from future financial crises. The world's financial and economic crisis of 2008-2010 has clearly shown that US monetary, credit and banking system has become a permanent source of future turmoil of world's scale. It creates a necessity to activate the process of monetary integration of countries on the regional level and transformation of the modern Jamaica's world's dollar standard into the world's multipolar monetary standard. In this article the author analyses he stages of setting up the Eurasian regional monetary order from the creation of multilateral settlement system using common regional currency unit to the introduction of Eurasian currency system with Eurasian currency unit, which can be transformed in the future into the Eurasian Economic and monetary union with common regional currency (euras, which can restrict the world's monopoly position of the dollar.

  12. Uganda; Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, and Payment Systems

    OpenAIRE

    International Monetary Fund

    2003-01-01

    This paper presents findings of Uganda’s Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on Monetary and Financial Policy Transparency, Banking Supervision, Securities Regulation, Insurance Regulation, Corporate Governance, and Payment Systems. The banking system in Uganda, which dominates the financial system, is fundamentally sound, more resilient than in the past, and currently poses no threat to macroeconomic stability. A major disruption ...

  13. Fast convergent frequency-domain MIMO equalizer for few-mode fiber communication systems

    Science.gov (United States)

    He, Xuan; Weng, Yi; Wang, Junyi; Pan, Z.

    2018-02-01

    Space division multiplexing using few-mode fibers has been extensively explored to sustain the continuous traffic growth. In few-mode fiber optical systems, both spatial and polarization modes are exploited to transmit parallel channels, thus increasing the overall capacity. However, signals on spatial channels inevitably suffer from the intrinsic inter-modal coupling and large accumulated differential mode group delay (DMGD), which causes spatial modes de-multiplex even harder. Many research articles have demonstrated that frequency domain adaptive multi-input multi-output (MIMO) equalizer can effectively compensate the DMGD and demultiplex the spatial channels with digital signal processing (DSP). However, the large accumulated DMGD usually requires a large number of training blocks for the initial convergence of adaptive MIMO equalizers, which will decrease the overall system efficiency and even degrade the equalizer performance in fast-changing optical channels. Least mean square (LMS) algorithm is always used in MIMO equalization to dynamically demultiplex the spatial signals. We have proposed to use signal power spectral density (PSD) dependent method and noise PSD directed method to improve the convergence speed of adaptive frequency domain LMS algorithm. We also proposed frequency domain recursive least square (RLS) algorithm to further increase the convergence speed of MIMO equalizer at cost of greater hardware complexity. In this paper, we will compare the hardware complexity and convergence speed of signal PSD dependent and noise power directed algorithms against the conventional frequency domain LMS algorithm. In our numerical study of a three-mode 112 Gbit/s PDM-QPSK optical system with 3000 km transmission, the noise PSD directed and signal PSD dependent methods could improve the convergence speed by 48.3% and 36.1% respectively, at cost of 17.2% and 10.7% higher hardware complexity. We will also compare the frequency domain RLS algorithm against

  14. The convergence problem for dissipative autonomous systems classical methods and recent advances

    CERN Document Server

    Haraux, Alain

    2015-01-01

    The book investigates classical and more recent methods of study for the asymptotic behavior of dissipative continuous dynamical systems with applications to ordinary and partial differential equations, the main question being convergence (or not) of the solutions to an equilibrium. After reviewing the basic concepts of topological dynamics and the definition of gradient-like systems on a metric space, the authors present a comprehensive exposition of stability theory relying on the so-called linearization method. For the convergence problem itself, when the set of equilibria is infinite, the only general results that do not require very special features of the non-linearities are presently consequences of a gradient inequality discovered by S. Lojasiewicz. The application of this inequality jointly with the so-called Liapunov-Schmidt reduction requires a rigorous exposition of Semi-Fredholm operator theory and the theory of real analytic maps on infinite dimensional Banach spaces, which cannot be found anywh...

  15. Robust Monotonically Convergent Iterative Learning Control for Discrete-Time Systems via Generalized KYP Lemma

    Directory of Open Access Journals (Sweden)

    Jian Ding

    2014-01-01

    Full Text Available This paper addresses the problem of P-type iterative learning control for a class of multiple-input multiple-output linear discrete-time systems, whose aim is to develop robust monotonically convergent control law design over a finite frequency range. It is shown that the 2 D iterative learning control processes can be taken as 1 D state space model regardless of relative degree. With the generalized Kalman-Yakubovich-Popov lemma applied, it is feasible to describe the monotonically convergent conditions with the help of linear matrix inequality technique and to develop formulas for the control gain matrices design. An extension to robust control law design against systems with structured and polytopic-type uncertainties is also considered. Two numerical examples are provided to validate the feasibility and effectiveness of the proposed method.

  16. Using impulses to control the convergence toward invariant surfaces of continuous dynamical systems

    International Nuclear Information System (INIS)

    Marão, José; Liu Xinzhi; Figueiredo, Annibal

    2012-01-01

    Let us consider a smooth invariant surface S of a given ordinary differential equations system. In this work we develop an impulsive control method in order to assure that the trajectories of the controlled system converge toward the surface S. The method approach is based on a property of a certain class of invariant surfaces whose the dynamics associated to their transverse directions can be described by a non-autonomous linear system. This fact allows to define an impulsive system which drives the trajectories toward the surface S. Also, we set up a definition of local stability exponents which can be associated to such kind of invariant surface.

  17. Convergence of solutions of a non-local phase-field system

    Czech Academy of Sciences Publication Activity Database

    Londen, S.-O.; Petzeltová, Hana

    2011-01-01

    Roč. 4, č. 3 (2011), s. 653-670 ISSN 1937-1632 R&D Projects: GA AV ČR(CZ) IAA100190606 Institutional research plan: CEZ:AV0Z10190503 Keywords : non-local phase-field systems * separation property * convergence to equilibria Subject RIV: BA - General Mathematics http://www.aimsciences.org/journals/displayArticles.jsp?paperID=5698

  18. Unconditional convergence and error estimates for bounded numerical solutions of the barotropic Navier-Stokes system

    Czech Academy of Sciences Publication Activity Database

    Feireisl, Eduard; Hošek, Radim; Maltese, D.; Novotný, A.

    2017-01-01

    Roč. 33, č. 4 (2017), s. 1208-1223 ISSN 0749-159X EU Projects: European Commission(XE) 320078 - MATH EF Institutional support: RVO:67985840 Keywords : convergence * error estimates * mixed numerical method * Navier–Stokes system Subject RIV: BA - General Math ematics OBOR OECD: Pure math ematics Impact factor: 1.079, year: 2016 http://onlinelibrary.wiley.com/doi/10.1002/num.22140/abstract

  19. Multimode seeded Richtmyer-Meshkov mixing in a convergent, compressible, miscible plasma system

    International Nuclear Information System (INIS)

    Lanier, N.E.; Barnes, Cris W.; Batha, S.H.; Day, R.D.; Magelssen, G.R.; Scott, J.M.; Dunne, A.M.; Parker, K.W.; Rothman, S.D.

    2003-01-01

    Richtmyer-Meshkov (RM) mixing seeded by multimode initial surface perturbations in a convergent, compressible, miscible plasma system is measured on the OMEGA [T. R. Boehly et al., Opt. Commun. 133, 495 (1997)] laser system. A strong shock (Mach 12-20), created by 50 laser beams, is used to accelerate impulsively a thin aluminum shell into a lower density foam. As the system converges, both interfaces of the aluminum are RM unstable and undergo mixing. Standard x-ray radiographic techniques are employed to survey accurately the zero-order hydrodynamics, the average radius and overall width, of the marker. LASNEX [G. B. Zimmerman et al., Comments on Plasma Physics 2, 51 (1975)] simulations are consistent with the zero-order behavior of initially smooth markers. In experiments with smooth aluminum markers, the measured marker width shortly after shock passage behaves incompressibly and thickens due to Bell-Plesset effects. At high convergence (>4), the marker begins to compress as the rebounding shock passes back through the marker. When an initial multimode perturbation is introduced to the outer surface of the marker, the measured marker width is observed to increase by 10-15 μm, and is substantially smaller than as-shot simulations using RAGE [R. M. Baltrusaitis et al., Phys. Fluids 8, 2471 (1996)] would predict

  20. [Effects of visual optical stimuli for accommodation-convergence system on asthenopia].

    Science.gov (United States)

    Iwasaki, Tsuneto; Tawara, Akihiko; Miyake, Nobuyuki

    2006-01-01

    We investigated the effect on eyestrain of optical stimuli that we designed for accommodation and convergence systems. Eight female students were given optical stimuli for accommodation and convergence systems for 1.5 min immediately after 20 min of a sustained task on a 3-D display. Before and after the trial, their ocular functions were measured and their symptoms were assessed. The optical stimuli were applied by moving targets of scenery images far and near around the far point position of both eyes on a horizonal place, which induced divergence in the direction of the eye position of rest. In a control group, subjects rested with closed eyes for 1.5 min instead of applying the optical stimuli. There were significant changes in the accommodative contraction time (from far to near) and the accommodative relaxation time (from near to far) and the lag of accommodation at near target, from 1.26 s to 1.62 s and from 1.49 s to 1.63 s and from 0.5 D to 0.65 D, respectively, and in the symptoms in the control group after the duration of closed-eye rest. In the stimulus group, however, the changes of those functions were smaller than in the control group. From these results, we suggest that our designed optical stimuli for accommodation and convergence systems are effective on asthenopia following accommodative dysfunction.

  1. International Monetary Fund sacrifices higher growth, employment, spending, and public investment in health systems in order to keep inflation unnecessarily low.

    Science.gov (United States)

    Rowden, Rick

    2010-01-01

    The International Monetary Fund's response to evidence on the impact of its programs on public health fails to address the fundamental criticisms about its policies. The IMF's demand for borrowers to achieve extremely low inflation targets is founded on very little empirical evidence in the peer-reviewed literature. The low-inflation policies privilege international creditors over domestic debtors and short-term priorities over long-term development goals, and contain high social costs, referred to by economists as a "sacrifice ratio." For example, governments' raising of interest rates to bring down inflation undermines the ability of domestic firms to expand production and employment and thus "sacrifices" higher economic growth and higher tax revenues and unnecessarily constrains domestic health spending. During financial crisis, most countries seek to lower interest rates to stimulate the economy, the opposite of the IMF's general advice. Perversely, compliance with IMF policies has become a prerequisite for receiving donor aid. Critiques of the IMF express significant concerns that IMF fiscal and monetary policies are unduly restrictive. Health advocates must weigh in on such matters and pressure their finance ministries, particularly in the G7, to take steps at the level of the IMF Executive Board to revisit and modify its policy framework on deficits and inflation. Such reforms are crucial to enable countries to generate more domestic resources while the global health community searches for ways to support strengthening health system capacity.

  2. Multi-views storage model and access methods of conversation history in converged IP messaging system

    Science.gov (United States)

    Lu, Meilian; Yang, Dong; Zhou, Xing

    2013-03-01

    Based on the analysis of the requirements of conversation history storage in CPM (Converged IP Messaging) system, a Multi-views storage model and access methods of conversation history are proposed. The storage model separates logical views from physical storage and divides the storage into system managed region and user managed region. It simultaneously supports conversation view, system pre-defined view and user-defined view of storage. The rationality and feasibility of multi-view presentation, the physical storage model and access methods are validated through the implemented prototype. It proves that, this proposal has good scalability, which will help to optimize the physical data storage structure and improve storage performance.

  3. Robust consensus algorithm for multi-agent systems with exogenous disturbances under convergence conditions

    Science.gov (United States)

    Jiang, Yulian; Liu, Jianchang; Tan, Shubin; Ming, Pingsong

    2014-09-01

    In this paper, a robust consensus algorithm is developed and sufficient conditions for convergence to consensus are proposed for a multi-agent system (MAS) with exogenous disturbances subject to partial information. By utilizing H∞ robust control, differential game theory and a design-based approach, the consensus problem of the MAS with exogenous bounded interference is resolved and the disturbances are restrained, simultaneously. Attention is focused on designing an H∞ robust controller (the robust consensus algorithm) based on minimisation of our proposed rational and individual cost functions according to goals of the MAS. Furthermore, sufficient conditions for convergence of the robust consensus algorithm are given. An example is employed to demonstrate that our results are effective and more capable to restrain exogenous disturbances than the existing literature.

  4. Strong and Weak Convergence Criteria of Composite Iterative Algorithms for Systems of Generalized Equilibria

    Directory of Open Access Journals (Sweden)

    Lu-Chuan Ceng

    2014-01-01

    Full Text Available We first introduce and analyze one iterative algorithm by using the composite shrinking projection method for finding a solution of the system of generalized equilibria with constraints of several problems: a generalized mixed equilibrium problem, finitely many variational inequalities, and the common fixed point problem of an asymptotically strict pseudocontractive mapping in the intermediate sense and infinitely many nonexpansive mappings in a real Hilbert space. We prove a strong convergence theorem for the iterative algorithm under suitable conditions. On the other hand, we also propose another iterative algorithm involving no shrinking projection method and derive its weak convergence under mild assumptions. Our results improve and extend the corresponding results in the earlier and recent literature.

  5. Rigorous approximation of stationary measures and convergence to equilibrium for iterated function systems

    International Nuclear Information System (INIS)

    Galatolo, Stefano; Monge, Maurizio; Nisoli, Isaia

    2016-01-01

    We study the problem of the rigorous computation of the stationary measure and of the rate of convergence to equilibrium of an iterated function system described by a stochastic mixture of two or more dynamical systems that are either all uniformly expanding on the interval, either all contracting. In the expanding case, the associated transfer operators satisfy a Lasota–Yorke inequality, we show how to compute a rigorous approximations of the stationary measure in the L "1 norm and an estimate for the rate of convergence. The rigorous computation requires a computer-aided proof of the contraction of the transfer operators for the maps, and we show that this property propagates to the transfer operators of the IFS. In the contracting case we perform a rigorous approximation of the stationary measure in the Wasserstein–Kantorovich distance and rate of convergence, using the same functional analytic approach. We show that a finite computation can produce a realistic computation of all contraction rates for the whole parameter space. We conclude with a description of the implementation and numerical experiments. (paper)

  6. Defining a convergence network platform framework for smart grid and intelligent transport systems

    International Nuclear Information System (INIS)

    Coronado Mondragon, Adrian E.; Coronado, Etienne S.; Coronado Mondragon, Christian E.

    2015-01-01

    The challenges faced by electricity grids suggest smart grids will have to coordinate its operation with other important initiatives in areas such as transportation. The smart grid relies on the use of network platforms where meter readings and data can be transmitted. On the other hand, concerning transportation systems the need to achieve a reduction of road congestion and traffic accidents among the increasing use of electric vehicles has consolidated the importance of ITS (intelligent transport systems). Given the magnitude of the challenges faced by both the smart grid and ITS, the aim of this work is to identify the elements comprising a convergence platform capable of supporting future services for data traffic associated to smart grid operations as well as ITS-related commercial service applications and road traffic safety messaging. A seaport terminal scenario is used to present a convergence network platform incorporating WSN (wireless sensor network) theory. The results of the simulation of the proposed network confirms the suitability of WSN to be used in the transmission of data traffic associated to meter readings which is required for effective energy consumption and management policies in industrial environments comprising equipment with high energy demands. - Highlights: • Common needs/challenges of smart grid/ITS can be addressed by a convergence network platform. • VANETs are identified as key components of the smart grid/ITS convergence network platform. • WSN (Wireless Sensor Network) theory is suitable for the transmission of data traffic associated to meter readings. • The amount of energy supplied to the network is low but enough to support data traffic required in industrial environments. • WSN supports the steady exchange of packets as characterized in industrial environments like seaports

  7. Improvement on image quality of single photon ECT with converging collimator system

    International Nuclear Information System (INIS)

    Murayama, Hideo; Nohara, Norimasa; Tanaka, Eiichi

    1986-01-01

    Single photon emission computed tomography (SPECT) with converging collimator system was proposed to improve quality of reconstructed images. The collimator system was designed to enhance sensitivity at the center region of field-of-view, where the probability photons escape the attenuating medium is smaller than at the off-center region. In order to evaluate efficiency of the improvement on image quality, the weighting function of projection, which is defined as relative sensitivity to the average on the lateral sampling of projection, was adopted to the image reconstruction algorithm of Radial Post Correction method. Statistical mean square noise in a reconstructed image was formulated in this method. Simulation studies using typical weighting function showed that center-enhanced weighting function brings effective improvement on image quality, especially, at the center region of cold area surrounded by annularly distributed activity. A new SPECT system was proposed as one example of the converging collimator systems. The system is composed of four gamma cameras with four fan-beam collimators, which have different focal distances one another. Simple simulation studies showed that the proposed system has reasonable center-enhanced weighting function, and the image quality based on the proposed system was fairly improved as compared with one based on uniform weighting function at the center region of the field-of-view. (author)

  8. Monetary Policy and Financial (InStability

    Directory of Open Access Journals (Sweden)

    Adam Koronowski

    2010-06-01

    Full Text Available This paper presents how monetary policy, restricted only by price stability, may easily become propitious to asset inflation and – eventually – to a financial crisis. This risk is particularly high when the financial system lacks proper regulation and effective supervision. Hasty liberalization, negligence of official oversight and „Greenspan doctrine” which refuted any activist policy promoting financial stability characterized Fed’s monetary policy under the former Fed’s governor. The paper also analyses another aspect of the linkages between monetary policy and financial crises – monetary policy reaction to financial crises. It is not surprising that it consists of cutting interest rates and bail-out of insolvent, systemically important financial institutions. Such policy, especially when run too long and changed too abruptly, not only creates moral hazards but it also sets the stage for another „search for yield” and build-up of another speculative bubble. As a result, monetary policy becomes asymmetric and pro-cyclical. Fed’s reaction to the recent crisis seems to be very much in line with this pattern typical of Fed’s policy in the past. However, this time the scale of flooding the economy with liquidity and – as a consequence – the risks of future major imbalances in the financial system are unprecedented. A general conclusion of the paper says that there can’t be a sound financial and economic system unless money itself is a scarce resource. However trivial this statement is, monetary policy of some central banks seems to miss the point.

  9. A theoretical framework for convergence and continuous dependence of estimates in inverse problems for distributed parameter systems

    Science.gov (United States)

    Banks, H. T.; Ito, K.

    1988-01-01

    Numerical techniques for parameter identification in distributed-parameter systems are developed analytically. A general convergence and stability framework (for continuous dependence on observations) is derived for first-order systems on the basis of (1) a weak formulation in terms of sesquilinear forms and (2) the resolvent convergence form of the Trotter-Kato approximation. The extension of this framework to second-order systems is considered.

  10. The trade-off between monetary policy and bank stability

    NARCIS (Netherlands)

    Lamers, Martien; Mergaerts, Frederik; Meuleman, Elien; Vennet, Rudi Vander

    2016-01-01

    This paper investigates how monetary policy interventions by the European Central Bank and the Federal Reserve affect the stock market perception of bank systemic risk. In a first step, we identify monetary policy shocks using a structural VAR approach by exploiting the changes of the volatility of

  11. Towards Regional Monetary Unions through Blockchain Networks

    OpenAIRE

    Hegadekatti, Kartik

    2017-01-01

    The concept of political and economic integration has not progressed beyond the concept of a Nation-state. The primary reason is the trust deficit among citizens in a supra-national entity. We can use Blockchain systems-which are trustless networks-to resolve this issue. We can float a Regional Cryptocurrency (RCC) which can bring about a successful Regional Monetary Unions (RMU) amongst a group of nations in a transparent manner. This paper deals with the idea of realizing a monetary uni...

  12. Amplification Effects and Unconventional Monetary Policies

    Directory of Open Access Journals (Sweden)

    Cécile BASTIDON GILLES

    2012-02-01

    Full Text Available Global financial crises trigger off amplification effects, which allow relatively small shocks to propagate through the whole financial system. For this reason, the range of Central banks policies is now widening beyond conventional monetary policies and lending of last resort. The aim of this paper is to establish a rule for this practice. The model is based on the formalization of funding conditions in various types of markets. We conduct a comprehensive analysis of the “unconventional monetary policies”, and especially quantify government bonds purchases by the Central bank.

  13. Monetary Cooperation in East Asia: Major Issues and Future Prospects

    Directory of Open Access Journals (Sweden)

    Jai-Won Ryou

    2004-06-01

    Full Text Available The Asian currency crisis in 1997 and the launch of the euro in 1999 made the possibility and desirability of introducing a regional currency union in East Asia a point of debate. At present, the empirical findings and policy implications of previous studies are mixed. We are still in need of theoretical and empirical studies that capture the salient features of East Asia, and give us reliable recommendations for incentive structures, configurations and policy instruments in monetary cooperation in its various stages. This paper aims to review major conceptual and empirical issues relevant to monetary cooperation in East Asia, including proposals for a regional cooperative framework for exchange rate stability or forming a currency union in the region. East Asian countries have no experience with any type of monetary cooperation and all we have are hypothetical predictions. Nevertheless, East Asian countries may be on the brink of an historical evolution to economic and monetary integration, as Europe was half a century ago. The progressive integration of markets in East Asia has conferred a commonality of economic interest upon the countries in the region. As the economic structures of East Asian countries converge with one another through closer ties of trade, investment and finance, the necessity for monetary cooperation will be more likely to emerge in the future. Monetary cooperation in East Asia will be a long process. East Asian countries should make efforts to build collective institutions in the beginning.

  14. Patient Safety Communication Among Differently Educated Nurses: Converging and Diverging Meaning Systems.

    Science.gov (United States)

    Anbari, Allison Brandt; Vogelsmeier, Amy; Dougherty, Debbie S

    2017-12-01

    Studies that suggest an increased number of bachelor's prepared nurses (BSNs) at the bedside improves patient safety do not stratify their samples into traditional bachelor's and associates (ADN) to BSN graduates. This qualitative study investigated potential differences in patient safety meaning among BSNs and ADN to BSN graduates. Guided by the theory of Language Convergence/Meaning Divergence, interview data from eight BSN and eight ADN to BSN graduates were analyzed. Findings indicate there are two meaning levels or systems, the local level and the systemic level. At the local level, the meaning of patient safety is focused at the patient's bedside and regulated by the nurse. The systemic level included the notion that health system factors such as policies and staffing are paramount to keeping patients safe. More frequently, ADN to BSN graduates' meaning of patient safety was at the local level, while BSNs' meaning centered at the systemic level.

  15. A Low Delay and Fast Converging Improved Proportionate Algorithm for Sparse System Identification

    Directory of Open Access Journals (Sweden)

    Benesty Jacob

    2007-01-01

    Full Text Available A sparse system identification algorithm for network echo cancellation is presented. This new approach exploits both the fast convergence of the improved proportionate normalized least mean square (IPNLMS algorithm and the efficient implementation of the multidelay adaptive filtering (MDF algorithm inheriting the beneficial properties of both. The proposed IPMDF algorithm is evaluated using impulse responses with various degrees of sparseness. Simulation results are also presented for both speech and white Gaussian noise input sequences. It has been shown that the IPMDF algorithm outperforms the MDF and IPNLMS algorithms for both sparse and dispersive echo path impulse responses. Computational complexity of the proposed algorithm is also discussed.

  16. Converging flow joint insert system at an intersection between adjacent transitions extending between a combustor and a turbine assembly in a gas turbine engine

    Science.gov (United States)

    Wiebe, David J.; Carlson, Andrew; Stoker, Kyle C.

    2017-10-31

    A transition duct system for routing a gas flow in a combustion turbine engine is provided. The transition duct system includes one or more converging flow joint inserts forming a trailing edge at an intersection between adjacent transition ducts. The converging flow joint insert may be contained within a converging flow joint insert receiver and may be disconnected from the transition duct bodies by which the converging flow joint insert is positioned. Being disconnected eliminates stress formation within the converging flow joint insert, thereby enhancing the life of the insert. The converging flow joint insert may be removable such that the insert can be replaced once worn beyond design limits.

  17. The EU's Convergence Dilemma

    Directory of Open Access Journals (Sweden)

    Notermans Ton

    2015-02-01

    Full Text Available As economic stagnation continues to mark the EU in the fifth year of the euro zone crisis, political support for integration is waning. The European Parliament elections of 2014 returned a hitherto unparalleled number of Eurosceptic MEPs, with EU-critical parties becoming the largest ones in several Member States. Much of this Euroscepticism is driven by economic polarisation between core and peripheral countries. While an increasing number of voters in the northwestern creditor countries resent having to foot the bill for what they consider economic mismanagement in the periphery, voters in peripheral countries increasingly rebel against what they deem to be an economically catastrophic Diktat from Germany and its allies. Continued political support for European integration will hinge on successful income convergence in the EU but the current dilemma is that such policies might not be politically feasible. Periods of rapid convergence would seem to suggest that success depends on two main policy strategies. First, a monetary policy that promotes credit for productive purposes, leaves inflation control to other instruments, and employs selective credit rationing to prevent asset booms. Second, a vertical industrial policy prioritising selected industrial sectors. The first policy conflicts with the present framework of euro zone monetary policy, but that framework was only installed in the first place because many peripheral countries were desperately in search of an external constraint on domestic distributional conflict. Industrial policies, in turn, require a sufficient degree of state autonomy from business elites in order to be effective, but it is highly questionable whether most states in the EU possess such autonomy. Though there are, as yet hesitant, signs of a reorientation of both monetary and cohesion policy in the EU, the question of the institutional and political preconditions for their successful implementation has been largely

  18. INTERACTING MANY-PARTICLE SYSTEMS OF DIFFERENT PARTICLE TYPES CONVERGE TO A SORTED STATE

    DEFF Research Database (Denmark)

    Kokkendorff, Simon Lyngby; Starke, Jens; Hummel, N.

    2010-01-01

    We consider a model class of interacting many-particle systems consisting of different types of particles defined by a gradient flow. The corresponding potential expresses attractive and repulsive interactions between particles of the same type and different types, respectively. The introduced...... system converges by self-organized pattern formation to a sorted state where particles of the same type share a common position and those of different types are separated from each other. This is proved in the sense that we show that the property of being sorted is asymptotically stable and all other...... states are unstable. The models are motivated from physics, chemistry, and biology, and the principal investigations can be useful for many systems with interacting particles or agents. The models match particularly well a system in neuroscience, namely the axonal pathfinding and sorting in the olfactory...

  19. Some considerations on using monetary policy to promote financial stability

    Directory of Open Access Journals (Sweden)

    Petria, N.

    2010-12-01

    Full Text Available The current period of crisis on credit markets has highlighted the crucial role of the behaviour of banks in the transmission mechanism of monetary policy. This paper summarises our considerations on how monetary policy, as the main instrument, acts in order to promote financial stability and to stabilize the banking system. Central banks have a variety of tools for implementing monetary policy, but the tool that has received the most attention in literature is the interest rate. We observe that the financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy, notably the transmission of policy through the supply of credit and overall conditions in the capital markets. Monetary policy has important macroeconomic effects only to the extent that it moves financial market prices that really matter—like long-term interest rates, stock market values, and exchange rates.

  20. Network Convergence

    Indian Academy of Sciences (India)

    First page Back Continue Last page Overview Graphics. Network Convergence. User is interested in application and content - not technical means of distribution. Boundaries between distribution channels fade out. Network convergence leads to seamless application and content solutions.

  1. A Systems Biology Approach Reveals Converging Molecular Mechanisms that Link Different POPs to Common Metabolic Diseases.

    Science.gov (United States)

    Ruiz, Patricia; Perlina, Ally; Mumtaz, Moiz; Fowler, Bruce A

    2016-07-01

    A number of epidemiological studies have identified statistical associations between persistent organic pollutants (POPs) and metabolic diseases, but testable hypotheses regarding underlying molecular mechanisms to explain these linkages have not been published. We assessed the underlying mechanisms of POPs that have been associated with metabolic diseases; three well-known POPs [2,3,7,8-tetrachlorodibenzodioxin (TCDD), 2,2´,4,4´,5,5´-hexachlorobiphenyl (PCB 153), and 4,4´-dichlorodiphenyldichloroethylene (p,p´-DDE)] were studied. We used advanced database search tools to delineate testable hypotheses and to guide laboratory-based research studies into underlying mechanisms by which this POP mixture could produce or exacerbate metabolic diseases. For our searches, we used proprietary systems biology software (MetaCore™/MetaDrug™) to conduct advanced search queries for the underlying interactions database, followed by directional network construction to identify common mechanisms for these POPs within two or fewer interaction steps downstream of their primary targets. These common downstream pathways belong to various cytokine and chemokine families with experimentally well-documented causal associations with type 2 diabetes. Our systems biology approach allowed identification of converging pathways leading to activation of common downstream targets. To our knowledge, this is the first study to propose an integrated global set of step-by-step molecular mechanisms for a combination of three common POPs using a systems biology approach, which may link POP exposure to diseases. Experimental evaluation of the proposed pathways may lead to development of predictive biomarkers of the effects of POPs, which could translate into disease prevention and effective clinical treatment strategies. Ruiz P, Perlina A, Mumtaz M, Fowler BA. 2016. A systems biology approach reveals converging molecular mechanisms that link different POPs to common metabolic diseases. Environ

  2. 31 CFR 596.307 - Monetary instruments.

    Science.gov (United States)

    2010-07-01

    ... FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY TERRORISM LIST GOVERNMENTS SANCTIONS REGULATIONS General Definitions § 596.307 Monetary instruments. The term monetary instruments shall have the meaning...

  3. Load Segmentation for Convergence of Distribution Automation and Advanced Metering Infrastructure Systems

    Science.gov (United States)

    Pamulaparthy, Balakrishna; KS, Swarup; Kommu, Rajagopal

    2014-12-01

    Distribution automation (DA) applications are limited to feeder level today and have zero visibility outside of the substation feeder and reaching down to the low-voltage distribution network level. This has become a major obstacle in realizing many automated functions and enhancing existing DA capabilities. Advanced metering infrastructure (AMI) systems are being widely deployed by utilities across the world creating system-wide communications access to every monitoring and service point, which collects data from smart meters and sensors in short time intervals, in response to utility needs. DA and AMI systems convergence provides unique opportunities and capabilities for distribution grid modernization with the DA system acting as a controller and AMI system acting as feedback to DA system, for which DA applications have to understand and use the AMI data selectively and effectively. In this paper, we propose a load segmentation method that helps the DA system to accurately understand and use the AMI data for various automation applications with a suitable case study on power restoration.

  4. Three propositions on why characteristics of performance management systems converge across policy areas with different levels of task complexity

    DEFF Research Database (Denmark)

    Bjørnholt, Bente; Lindholst, Andrej Christian; Agger Nielsen, Jeppe

    2014-01-01

    of task complexity amidst a lack of formal and overarching, government-wide policies. We advance our propositions from a case study comparing the characteristics of performance management systems across social services (eldercare) and technical services (park services) in Denmark. Contrary to expectations......This article investigates the differences and similarities between performance management systems across public services. We offer three propositions as to why the characteristics of performance management systems may still converge across policy areas in the public sector with different levels...... for divergence due to differences in task complexity, the characteristics of performance management systems in the two policy areas are observed to converge. On the basis of a case study, we propose that convergence has occurred due to 1) similarities in policy-specific reforms, 2) institutional pressures, and 3...

  5. Convergences and Divergences between Financial Reporting Systems of Romania and Spain

    Directory of Open Access Journals (Sweden)

    Laptes R.

    2014-12-01

    Full Text Available The main objective of this paper is to perform a comparative study regarding the theory and practice of financial statements in Romania and Spain. To achieve this goal, we performed a documentary research of the main papers of this area and of the applicable accounting regulations from Romania and Spain, research that allowed us to identify convergences and divergences about financial statements in both countries. The main conclusion of this study is that, while Romania experiences improving its financial reporting system by conformism, respectively by assigning through legislation forms adapted to European accounting regulations, Spain chooses a flexible development, trying to realize a complete presentation of the accounting information published in the annual financial statements.

  6. Testing Convergence of Different Free-Energy Methods in a Simple Analytical System with Hidden Barriers

    Directory of Open Access Journals (Sweden)

    S. Alexis Paz

    2018-03-01

    Full Text Available In this work, we study the influence of hidden barriers on the convergence behavior of three free-energy calculation methods: well-tempered metadynamics (WTMD, adaptive-biasing forces (ABF, and on-the-fly parameterization (OTFP. We construct a simple two-dimensional potential-energy surfaces (PES that allows for an exact analytical result for the free-energy in any one-dimensional order parameter. Then we chose different CV definitions and PES parameters to create three different systems with increasing sampling challenges. We find that all three methods are not greatly affected by the hidden-barriers in the simplest case considered. The adaptive sampling methods show faster sampling while the auxiliary high-friction requirement of OTFP makes it slower for this case. However, a slight change in the CV definition has a strong impact in the ABF and WTMD performance, illustrating the importance of choosing suitable collective variables.

  7. Convergence Of Cloud Computing Internet Of Things And Machine Learning The Future Of Decision Support Systems

    Directory of Open Access Journals (Sweden)

    Gilberto Crespo-Perez

    2017-07-01

    Full Text Available The objective of this research was to develop a framework for understanding the Convergence of Cloud Computing Machine Learning and Internet of Things as the future of Decision Support Systems. To develop this framework the researchers analyzed and synthesized 35 research articles from 2006 to 2017. The results indicated that when the data is massive it is necessary to use computational algorithms and complex analytical techniques. The Internet of Things in combination with the large accumulation of data and data mining improves the learning of automatic intelligence for business. This is due to the fact that the technology has the intelligence to infer and provide solutions based on past experiences and past events.

  8. Canadian and the United States' health care systems performance and governance: elements of convergence.

    Science.gov (United States)

    Globerman, Steven; Hodges, Hart; Vining, Aidan

    2002-01-01

    International comparisons of the organisation and performance of health care sectors are increasingly informing policy makers about potential policies relating to health care. Politicians, academics and critics in both the United States and Canada have compared and contrasted the health care systems in the two countries. Public debate tends to emphasise the differences between the US and Canadian health care systems. But, dramatic differences between the organisation and performances of health care systems of the two countries would be surprising given that most elements of divergence have only emerged in the last fifty years, and that health systems tend to be driven by the same basic economic problems. This paper provides an overview of the main economic efficiency issues that must be addressed by health care delivery systems, as well as statistical and related evidence on both input usage and output performance of the two health care systems. While Canada clearly spends less on health care, it is difficult to conclude that Canada has a more efficient health care system than the United States. In particular, the US population puts greater demands on its national health care system owing to a combination of behavioural patterns and socio-economic disparities that contribute to much higher rates of violent accidents, as well as specific diseases and other health problems. Also, the stylized representation of the US system as being 'market-driven' and the Canadian system as being 'centrally controlled' is, increasingly, inept. Both systems are evolving toward bureaucratic models that rely more on internal competition than market competition for governance. In this respect, economic forces are nudging both systems towards a convergence of structure and performance.

  9. INTEGRATION LEVEL OF FINANCIAL AND MANAGEMENT ACCOUNTING SYSTEMS WITH THE ACCOUNTING CONVERGENCE PROCESS AND THE EFFECTIVENESS OF CONTROLLERSHIP

    Directory of Open Access Journals (Sweden)

    Andréia Carpes Dani

    2014-09-01

    Full Text Available This study aims to verify the integration level between the financial and management accounting systems as a result of the convergence process with the international accounting standards and of the effectiveness of controllership in Brazilian companies. A descriptive research was undertaken, based on the application of the questionnaire by Angelkort and Weißenberger (2011 to the 500 Best and Biggest of Revista Exame, issue 2011, using a sample of 32 companies that answered the research. The correlations between the integration level of the financial and management accounting systems and the variables “consistency of financial language”, “quality of services provided” and “degree of influence in decision making”, during the convergence period with the international accounting standards, were positive and moderate. It was also observed that the period before the accounting convergence (2004 till 2007 showed a better integration level of the financial and management accounting systems than the accounting convergence period (2008 till 2011. In conclusion, the accounting convergence process increased the integration level of the financial and management accounting systems in the investigated companies, as well as the effectiveness of controllership, particularly in the consistency of the financial language, in the quality of the services provided and in the influence of the controllers’ services on these companies’ decisions.

  10. On Monetary and Non-Monetary Interventions to Combat Corruption

    OpenAIRE

    Banerjee, Ritwik; Mitra, Arnab

    2017-01-01

    The paper studies the relative effectiveness of extrinsic monetary disincentives and intrinsic non-monetary disincentives to corruption. In doing so, we also test the Beckarian prediction that at the same level of expected payoff, a low probability of detection with high penalty is a stronger deterrent to corruption than a high probability of detection with low penalty. In Experiment 1, two treatments are designed to study the effect of a low probability of detection with high penalty, and a ...

  11. Il sistema monetario internazionale negli anni settanta: regime dei tassi di cambio e creazione di liquidità. (Liquidity creation and risk in the international monetary system

    Directory of Open Access Journals (Sweden)

    L. DINI

    2013-12-01

    Full Text Available L' articolo esamina il funzionamento del sistema finanziario attuale, segnalando la sua funzione più importante , vale a dire l'offerta di liquidità e il suo impatto sulla vasta gamma di variabili finanziarie internazionali. Liquidità e rischio sono concetti strettamente correlati. Come Keynes e Hicks hanno insegnato , una definizione significativa di liquidità non può essere data senza fare riferimento al rischio. L'autore fornisce alcune considerazioni per aiutare a far luce sulle azioni politiche che potrebbero essere necessarie per mitigare i problemi e le difficoltà connesse con l'attuale impostazione monetaria internazionale .The article looks at how the present financial system works, signalling out its most crucial function, namely the provision of liquidity and its impact on the broad spectrum of international financial variables. Liquidity and risk are closely interrelated concepts. As Keynes and Hicks taught, a meaningful definition of liquidity cannot be given without reference to risk itself. The author provides some considerations to help shed light on the policy actions that may be required to mitigate the problems and difficulties associated with the current international monetary setting. JEL: G15, F30, E42

  12. Convergence in Multispecies Interactions.

    Science.gov (United States)

    Bittleston, Leonora S; Pierce, Naomi E; Ellison, Aaron M; Pringle, Anne

    2016-04-01

    The concepts of convergent evolution and community convergence highlight how selective pressures can shape unrelated organisms or communities in similar ways. We propose a related concept, convergent interactions, to describe the independent evolution of multispecies interactions with similar physiological or ecological functions. A focus on convergent interactions clarifies how natural selection repeatedly favors particular kinds of associations among species. Characterizing convergent interactions in a comparative context is likely to facilitate prediction of the ecological roles of organisms (including microbes) in multispecies interactions and selective pressures acting in poorly understood or newly discovered multispecies systems. We illustrate the concept of convergent interactions with examples: vertebrates and their gut bacteria; ectomycorrhizae; insect-fungal-bacterial interactions; pitcher-plant food webs; and ants and ant-plants. Copyright © 2016 Elsevier Ltd. All rights reserved.

  13. Monetary and Fiscal Policy Coordination

    OpenAIRE

    Hanif, Muhammad N.; Arby, Muhammad Farooq

    2003-01-01

    Macroeconomic policies are meant to achieve non-inflationary, stable growth. There are two major groups of policy instruments to achieve the purpose; one is related to monetary conditions and the other to fiscal conditions. Monetary instruments are employed by the central bank and fiscal instruments are employed by ministry of finance. The objectives and implications of policy measures taken by the two institutions often conflict with each other and thus call for policy coordination for effec...

  14. Regional and Global Monetary Cooperation

    OpenAIRE

    Mario Lamberte; Peter J. Morgan

    2012-01-01

    The increasing occurrence of national, regional, and global financial crises, together with their rising costs and complexity, have increased calls for greater regional and global monetary cooperation. This is particularly necessary in light of volatile capital flow movements that can quickly transmit crisis developments in individual countries to other countries around the world. Global financial safety nets (GFSNs) are one important area for monetary cooperation. This paper reviews the c...

  15. Japan's approach to monetary policy

    OpenAIRE

    Giovanni P. Olivei

    2002-01-01

    The goal of monetary policy as conducted by the Bank of Japan is to contribute to the sound development of the national economy through the pursuit of price stability. The objective of price stability, however, is not precisely defined as it has been for other central banks. Following the implementation of the new Bank of Japan Law in 1998, the monetary policy framework is characterized by central bank independence, the primacy of the price stability objective, instrument independence, and po...

  16. Monetary Policy Implications of Electronic Money

    OpenAIRE

    Berentsen, Aleksander

    1997-01-01

    The term digital money refers to various proposed electronic payment mechanisms designed for use by consumers to make retail payments. Digital money products have the potential to replace central bank currency, thereby affecting the money supply. This paper studies the effect of replacing central bank currency on the narrowly defined stock of money under various assumptions regarding regulatory policies and monetary operations of central banks and the reaction of the banking system.

  17. Systems genetics identifies a convergent gene network for cognition and neurodevelopmental disease.

    Science.gov (United States)

    Johnson, Michael R; Shkura, Kirill; Langley, Sarah R; Delahaye-Duriez, Andree; Srivastava, Prashant; Hill, W David; Rackham, Owen J L; Davies, Gail; Harris, Sarah E; Moreno-Moral, Aida; Rotival, Maxime; Speed, Doug; Petrovski, Slavé; Katz, Anaïs; Hayward, Caroline; Porteous, David J; Smith, Blair H; Padmanabhan, Sandosh; Hocking, Lynne J; Starr, John M; Liewald, David C; Visconti, Alessia; Falchi, Mario; Bottolo, Leonardo; Rossetti, Tiziana; Danis, Bénédicte; Mazzuferi, Manuela; Foerch, Patrik; Grote, Alexander; Helmstaedter, Christoph; Becker, Albert J; Kaminski, Rafal M; Deary, Ian J; Petretto, Enrico

    2016-02-01

    Genetic determinants of cognition are poorly characterized, and their relationship to genes that confer risk for neurodevelopmental disease is unclear. Here we performed a systems-level analysis of genome-wide gene expression data to infer gene-regulatory networks conserved across species and brain regions. Two of these networks, M1 and M3, showed replicable enrichment for common genetic variants underlying healthy human cognitive abilities, including memory. Using exome sequence data from 6,871 trios, we found that M3 genes were also enriched for mutations ascertained from patients with neurodevelopmental disease generally, and intellectual disability and epileptic encephalopathy in particular. M3 consists of 150 genes whose expression is tightly developmentally regulated, but which are collectively poorly annotated for known functional pathways. These results illustrate how systems-level analyses can reveal previously unappreciated relationships between neurodevelopmental disease-associated genes in the developed human brain, and provide empirical support for a convergent gene-regulatory network influencing cognition and neurodevelopmental disease.

  18. IPv6 Convergence for IoT Cyber–Physical Systems

    Directory of Open Access Journals (Sweden)

    Keith Nolan

    2018-03-01

    Full Text Available We describe the evolution of the IoT towards a heterogeneous multitopology network subject to dynamic change and volatility yet still capable of secure and dependable operation. As part of this evolution, we outline the key changes in wireless communications technologies and heterogeneous networking that have arisen during the development of the IoT. We briefly outline the emerging area of cyber–physical systems, and associated technical challenges. We then describe how IP convergence can be viewed as the narrow waist connecting endpoint devices and fieldbus devices with applications and services in new Industry 4.0, and cyber–physical system use cases. We outline how a protocol-packing approach can be used for encapsulating LoRaWAN frames with IEEE 802.15.4 and IEEE 802.11 frames. Extending this, we propose a method for ultracompressed IPv6 signaling, and detail how this can be achieved in an example low-power wide-area technology, namely LoRaWAN. To support our proposed approach, we provide real-world analyses where IPv6 commands undergo a process of ultracompression and are then conveyed to a LoRaWAN endpoint. We find that IPv6 command ultracompression can potentially support command packet sizes that are over 20x smaller than the reported worst-case maximum protocol data unit size of 81 bytes.

  19. Housing and the Monetary Transmission Mechanism

    OpenAIRE

    Frederic S. Mishkin

    2007-01-01

    The housing market is of central concern to monetary policy makers. To achieve the dual goals of price stability and maximum sustainable employment, monetary policy makers must understand the role that housing plays in the monetary transmission mechanism if they are to set policy instruments appropriately. In this paper, I examine what we know about the role of housing in the monetary transmission mechanism and then explore the implications of this knowledge for the conduct of monetary policy...

  20. The Realization Mechanism of China's Monetary Policy Objectives: 2001-2010

    Institute of Scientific and Technical Information of China (English)

    Wang Guogang

    2013-01-01

    This article explores the realization mechanism for the final and interim targets of China's monetary policy from 2001 to 2010.It finds that the three significant price surges in the ten years were not the results of loose monetary policy While maintaining rapid economic growth,China avoided the inflation linked with excess monetary supply.The introduction of total new lending in the interim targets also showed the maturing of China's monetary policy target system.To improve China's monetary operation,three measures need to te taken:firstly,basing stabilizing monetary policy on the trend of the non-food price index within the CPI;secondly,readjusting the definition of money according the different characteristics of transaction money and reserve money;and thirdly,including yuan exchange rates into the intermediate objectives of monetary policy.

  1. Comparison of the Hungarian and Scottish communicable disease control systems: lessons for a convergent European Community.

    Science.gov (United States)

    Stefler, D; Bhopal, R

    2010-03-01

    European public health systems are converging, particularly in relation to communicable disease control. This process requires mutual learning through comparison; this was undertaken for Scotland (population 5.1 million) and Hungary (population 10.5 million). Using the official web- and paper-based publications, the practice of communicable disease control was compared between the two countries in three specific fields: seasonal influenza surveillance; human immunodeficiency virus (HIV) surveillance; and the childhood vaccination system. The organization structure for communicable disease control was very similar, comprising of government, national, regional and sub-regional tiers in Hungary, and government, national and local (sub-regional) tiers in Scotland. The influenza surveillance system in both countries was mainly based on the 'fluspotter system'. In the 2005/6, 2006/7 and 2007/8 seasons, there was no exceptional influenza activity in either country. Although the data collection and surveillance system of HIV is similar, there was a massive difference in the number of reported cases. In 2007, the cumulative incidence of reported HIV cases was 14.74/100,000 in Hungary and 105.21/100,000 in Scotland. The routine childhood vaccination schedule is similar in the two countries. However, while the vaccine uptake rates were nearly 100% in Hungary, these rates were lower in Scotland. The numbers of reported pertussis (98 vs 48), mumps (2741 vs 16), rubella (146 vs 0) and measles (168 vs zero) cases were significantly higher in Scotland than in Hungary. There were no differences for polio and chickenpox. The economic difference between the two countries not reflected in the efficiency of communicable disease control and in communicable disease patterns. The historical, political and cultural differences seem more determinative in this comparison. Copyright (c) 2010 The Royal Society for Public Health. Published by Elsevier Ltd. All rights reserved.

  2. Why monetary board: Monetary board and endogenic price flexibility

    Directory of Open Access Journals (Sweden)

    Bašić Tamara

    2004-01-01

    Full Text Available The paper presents a model which proves that a unilateral exchange rate fixing, i.e. monetary board, as opposed to certain opinions, is an optimal policy since it increases flexibility of nominal prices, which is the ultimate goal of a flexible exchange rate policy. A suitable calibration of the model shows that the higher the initial price flexibility, the lower the difference needed for "utility increase" in getting the producers to switch from fixed to flexible prices. The results obtained in all cases indicate that exchange rate fixing increases price flexibility, which proves that a unilateral exchange rate fixing, i.e. monetary board, could be an optimal monetary policy.

  3. Exchange rate regimes and monetary arrangements

    Directory of Open Access Journals (Sweden)

    Ivan Ribnikar

    2005-06-01

    Full Text Available There is a close relationship between a country’s exchange rate regime and monetary arrangement and if we are to examine monetary arrangements then exchange rate regimes must first be analysed. Within the conventional and most widely used classification of exchange rate regimes into rigid and flexible or into polar regimes (hard peg and float on one side, and intermediate regimes on the other there, is a much greater variety among intermediate regimes. A more precise and, as will be seen, more useful classification of exchange rate regimes is the first topic of the paper. The second topic is how exchange rate regimes influence or determine monetary arrangements and monetary policy or monetary policy regimes: monetary autonomy versus monetary nonautonomy and discretion in monetary policy versus commitment in monetary policy. Both topics are important for countries on their path to the EU and the euro area

  4. Monetary Organization and National Identity

    DEFF Research Database (Denmark)

    Ravn Sørensen, Anders

    2016-01-01

    This article develops a detailed overview of literature on the relationship between monetary organization, understood as currencies and central banks, and issues of national identity and nationalism. It demonstrates how the literature on this subject for the past 20 years has developed into a dis......This article develops a detailed overview of literature on the relationship between monetary organization, understood as currencies and central banks, and issues of national identity and nationalism. It demonstrates how the literature on this subject for the past 20 years has developed...... into a distinct research field and the article sketches a set of different methodological approaches as well as geographical and thematical variations within the field. In particular, the overview points to a recent shift in focus from a preoccupation with the identity-cultivating qualities of monetary...... organization to an emphasis on how collective identities legitimize monetary organization. Based on the literature review, the article points to two underdeveloped themes for future research to investigate: (1) further studies on the interrelation between the legitimacy of monetary organization and national...

  5. Novel, spherically-convergent ion systems for neutron source and fusion energy production

    International Nuclear Information System (INIS)

    Barnes, D.C.; Nebel, R.A.; Ribe, F.L.; Schauer, M.M.; Schranck, L.S.; Umstadter, K.R.

    1999-01-01

    Combining spherical convergence with electrostatic or electro-magnetostatic confinement of a nonneutral plasma offers the possibility of high fusion gain in a centimeter-sized system. The physics principles, scaling laws, and experimental embodiments of this approach are presented. Steps to development of this approach from its present proof-of-principle experiments to a useful fusion power reactor are outlined. This development path is much less expensive and simpler, compared to that for conventional magnetic confinement and leads to different and useful products at each stage. Reactor projections show both high mass power density and low to moderate wall loading. This approach is being tested experimentally in PFX-I (Penning Fusion eXperiment-Ions), which is based on the following recent advances: 1) Demonstration, in PFX (our former experiment), that it is possible to combine nonneutral electron plasma confinement with nonthermal, spherical focussing; 2) Theoretical development of the POPS (Periodically Oscillating Plasma Sphere) concept, which allows spherical compression of thermal-equilibrium ions; 3) The concept of a massively-modular approach to fusion power, and associated elimination of the critical problem of extremely high first wall loading. PFX-I is described. PFX-I is being designed as a small (<1.5 cm) spherical system into which moderate-energy electrons (up to 100 kV) are injected. These electrons are magnetically insulated from passing to the sphere and their space charge field is then used to spherically focus ions. Results of initial operation with electrons only are presented. Deuterium operation can produce significant neutron output with unprecedented efficiency (fusion gain Q). copyright 1999 American Institute of Physics

  6. Semi-discrete approximations to nonlinear systems of conservation laws; consistency and L(infinity)-stability imply convergence. Final report

    International Nuclear Information System (INIS)

    Tadmor, E.

    1988-07-01

    A convergence theory for semi-discrete approximations to nonlinear systems of conservation laws is developed. It is shown, by a series of scalar counter-examples, that consistency with the conservation law alone does not guarantee convergence. Instead, a notion of consistency which takes into account both the conservation law and its augmenting entropy condition is introduced. In this context it is concluded that consistency and L(infinity)-stability guarantee for a relevant class of admissible entropy functions, that their entropy production rate belongs to a compact subset of H(loc)sup -1 (x,t). One can now use compensated compactness arguments in order to turn this conclusion into a convergence proof. The current state of the art for these arguments includes the scalar and a wide class of 2 x 2 systems of conservation laws. The general framework of the vanishing viscosity method is studied as an effective way to meet the consistency and L(infinity)-stability requirements. How this method is utilized to enforce consistency and stability for scalar conservation laws is shown. In this context we prove, under the appropriate assumptions, the convergence of finite difference approximations (e.g., the high resolution TVD and UNO methods), finite element approximations (e.g., the Streamline-Diffusion methods) and spectral and pseudospectral approximations (e.g., the Spectral Viscosity methods)

  7. A Monetary Union in Asia? Some European Lessons

    Directory of Open Access Journals (Sweden)

    Wyplosz Charles

    2001-12-01

    Full Text Available Monetary Union in Europe has been the natural response to the combined desire of stabilizing intra-European exchange rates and of lifting permanently all capital controls. The commitment to stable exchange rate has long been rooted in policymakers’ conviction that trade integration requires precise rules which eliminate the risk of misalignments, whether imposed by the markets or arranged by the authorities. The success in maintaining fixed-but-adjustable exchange rates within the EMS and next in adopting a single currency is largely due to the patient and progressive building institutions that became the uneasy repository of those parts of national sovereignty that have been abandoned. This experience suggests three lessons for current discussions about a monetary union in Asia. First, multilateral regional exchange rate arrangements are more conducive to an effective defense than indirect approaches like basket pegs. They probably require some limits to capital mobility. Second, adopting a single currency necessitates elaborate preparations that can only be underpinned by the gradual build up of collective institutions. Third, a monetary union requires some reasonable degree of real convergence. This implies starting with a core of sufficiently homogeneous countries. At this stage, starting with a monetary union in Asia would imply reversing the European sequencing, which started with a common market, moved on to the EMS, and liberalization of capital movements.

  8. Monte Carlo criticality source convergence in a loosely coupled fuel storage system

    International Nuclear Information System (INIS)

    Blomquist, Roger N.; Gelbard, Ely M.

    2003-01-01

    The fission source convergence of a very loosely coupled array of 36 fuel subassemblies with slightly non-symmetric reflection is studied. The fission source converges very slowly from a uniform guess to the fundamental mode in which about 40% of the fissions occur in one corner subassembly. Eigenvalue and fission source estimates are analyzed using a set of statistical tests similar to those used in MCNP, including the 'drift-in-mean' test and a new drift-in-mean test using a linear fit to the cumulative estimate drift, the Shapiro-Wilk test for normality, the relative error test, and the '1/N' test. The normality test does not detect a drifting eigenvalue or fission source. Applied to eigenvalue estimates, the other tests generally fail to detect an unconverged solution, but they are sometimes effective when evaluating fission source distributions. None of the tests provides completely reliable indication of convergence, although they can detect nonconvergence. (author)

  9. Management Control in Major Brazilian Multiple Banks: the Impact of Internationalization and Convergence of Accounting Standards on the Control Systems

    Directory of Open Access Journals (Sweden)

    João Carlos Damasceno Reis

    2014-08-01

    Full Text Available This study verifies the impact caused by the processes of globalization and convergence to international accounting standards on the managerial control systems of the largest multiple banks that operate in Brazil. The study was exploratory in nature, with the use of the case study method and the application of questionnaires containing mostly open questions to upper tier executives of four major Brazilian banks. The analysis showed that globalization has resulted in improved control systems and widespread use of information technology. It was also found that the convergence to international accounting standards occurred properly, thanks to the steps taken by the Central Bank that aimed at an agile updating of the Brazilian accounting standards laid down for banks operating in Brazil, in line with international standards. In general, the researched banks did not report a significant impact of convergence to the IFRS on their management control systems; adherence to the international accounting standards has had more significant impacts on information systems, especially regarding the new reporting and transparency standards, rather than on management controls. This result signals that the management control systems of the four banks in the sample are in line with Anthony (1965’s vision, that is, that flexibility to adapt to every change in the external environment might actually increase risks of failure.

  10. Convergence to stationary solutions for a parabolic-hyperbolic phase-field system

    Czech Academy of Sciences Publication Activity Database

    Grasselli, M.; Petzeltová, Hana; Schimperna, G.

    2006-01-01

    Roč. 5, č. 4 (2006), s. 827-838 ISSN 1534-0392 R&D Projects: GA AV ČR(CZ) IAA1019302 Institutional research plan: CEZ:AV0Z10190503 Keywords : phase-field models * convergence to stationary solutions * Łojasiewicz-Simon inequality Subject RIV: BA - General Mathematics Impact factor: 0.857, year: 2006

  11. Global Positioning System Technology (GPS for Psychological Research: A Test of Convergent and Nomological Validity

    Directory of Open Access Journals (Sweden)

    Pedro eWolf

    2013-06-01

    Full Text Available The purpose of this paper is to examine the convergent and nomological validity of a GPS-based measure of daily activity, operationalized as Number of Places Visited (NPV. Relations among the GPS-based measure and two self-report measures of NPV, as well as relations among NPV and two factors made up of self-reported individual differences were examined. The first factor was composed of variables related to an Active Lifestyle (AL (e.g. positive affect, extraversion… and the second factor was composed of variables related to a Sedentary Lifestyle (SL (e.g. depression, neuroticism…. NPV was measured over a four-day period. This timeframe was made up of two week and two weekend days. A bi-variate analysis established one level of convergent validity and a Split-Plot GLM examined convergent validity, nomological validity, and alternative hypotheses related to constraints on activity throughout the week simultaneously. The first analysis revealed significant correlations among NPV measures- weekday, weekend, and the entire four day blocks, supporting the convergent validity of the Diary-, Google Maps-, and GPS-NPV measures. Results from the second analysis, indicating non-significant mean differences in NPV regardless of method, also support this conclusion. We also found that AL is a statistically significant predictor of NPV no matter how NPV was measured. We did not find a statically significant relation among NPV and SL. These results permit us to infer that the GPS-based NPV measure has convergent and nomological validity.

  12. Nanotechnology convergence and modeling paradigm of sustainable energy system using polymer electrolyte membrane fuel cell as a benchmark example

    International Nuclear Information System (INIS)

    Chung, Pil Seung; So, Dae Sup; Biegler, Lorenz T.; Jhon, Myung S.

    2012-01-01

    Developments in nanotechnology have led to innovative progress and converging technologies in engineering and science. These demand novel methodologies that enable efficient communications from the nanoscale all the way to decision-making criteria for actual production systems. In this paper, we discuss the convergence of nanotechnology and novel multi-scale modeling paradigms by using the fuel cell system as a benchmark example. This approach includes complex multi-phenomena at different time and length scales along with the introduction of an optimization framework for application-driven nanotechnology research trends. The modeling paradigm introduced here covers the novel holistic integration from atomistic/molecular phenomena to meso/continuum scales. System optimization is also discussed with respect to the reduced order parameters for a coarse-graining procedure in multi-scale model integration as well as system design. The development of a hierarchical multi-scale paradigm consolidates the theoretical analysis and enables large-scale decision-making of process level design, based on first-principles, and therefore promotes the convergence of nanotechnology to sustainable energy technologies.

  13. Nanotechnology convergence and modeling paradigm of sustainable energy system using polymer electrolyte membrane fuel cell as a benchmark example

    Energy Technology Data Exchange (ETDEWEB)

    Chung, Pil Seung; So, Dae Sup; Biegler, Lorenz T.; Jhon, Myung S., E-mail: mj3a@andrew.cmu.edu [Carnegie Mellon University, Department of Chemical Engineering (United States)

    2012-08-15

    Developments in nanotechnology have led to innovative progress and converging technologies in engineering and science. These demand novel methodologies that enable efficient communications from the nanoscale all the way to decision-making criteria for actual production systems. In this paper, we discuss the convergence of nanotechnology and novel multi-scale modeling paradigms by using the fuel cell system as a benchmark example. This approach includes complex multi-phenomena at different time and length scales along with the introduction of an optimization framework for application-driven nanotechnology research trends. The modeling paradigm introduced here covers the novel holistic integration from atomistic/molecular phenomena to meso/continuum scales. System optimization is also discussed with respect to the reduced order parameters for a coarse-graining procedure in multi-scale model integration as well as system design. The development of a hierarchical multi-scale paradigm consolidates the theoretical analysis and enables large-scale decision-making of process level design, based on first-principles, and therefore promotes the convergence of nanotechnology to sustainable energy technologies.

  14. Monetary policy during speculative attacks

    DEFF Research Database (Denmark)

    Bergman, Ulf Michael; Jellingsø, Mads

    2010-01-01

    This paper extends the currency crises model of Aghion, Bacchetta and Banerjee (2000, 2001, 2004) in different directions. Our main result is that a tight monetary policy can have adverse effects beyond the short term and can potentially cause a currency crisis in the medium term, even in cases w...

  15. Monetary Policy after August 2007

    Science.gov (United States)

    Gertler, Mark

    2013-01-01

    In this article, the author describes conceptually how to think about the dramatic changes in monetary policy since the sub-prime crisis of August 2007. He also discusses how to incorporate these changes and related economic concepts in the teaching of an undergraduate class in macroeconomics. A distinction is made between conventional and…

  16. A Monetary Policy Simulation Game

    Science.gov (United States)

    Lengwiler, Yvan

    2004-01-01

    The author presents a computer game that puts the player in the role of a central bank governor. The game is a stochastic simulation of a standard reduced form macro model, and the user interacts with this simulation by manipulating the interest rate. The problem the player faces is in many ways quite realistic--just as a real monetary authority,…

  17. Financial crises and monetary policy

    NARCIS (Netherlands)

    Goderis, B.V.G.

    2005-01-01

    In the last three decades, many countries and regions around the world have suffered from currency crises. This thesis investigates the causes of such crises and assesses the role of monetary policy as a tool to avoid them or limit the damage they impose. In addition, it studies the impact of the

  18. Riserve monetarie e inflazione mondiale.

    Directory of Open Access Journals (Sweden)

    D.I. FAND

    2014-09-01

    Full Text Available World reserves have almost tripled since 1968, with world monetary growth accelerating since 1971 and world inflation jumping to double digits in 1974. In light of these developments, the article looks at whether the stock of world reserves has grown so rapidly that it may generate further world inflation, or whether it is deficient and potentially deflationary. The author first reviews the expansion of global reserves in the 1968-73 period of fixed exchange rates and the recent acceleration of inflation. A comparison of the transitional and permanent effects of floating rates on the demand for international reserves, excess reserves, monetary growth and world inflation is then presented and the impact of gold prices on the monetary bases, growth and inflation is taken up. Finally, OPEC’s accumulation of foreign assets and its impact on the monetary bases of individual countries is considered, as well as other influences on world liquidity.JEL: E31, E42, F31

  19. "Financial Bubbles" and Monetary Policy

    Science.gov (United States)

    Tikhonov, Yuriy A.; Pudovkina, Olga E.; Permjakova, Juliana V.

    2016-01-01

    The relevance of this research is caused by the need of strengthening a role of monetary regulators to prevent financial bubbles in the financial markets. The aim of the article is the analysis of a problem of crisis phenomena in the markets of financial assets owing to an inadequate growth of their cost, owing to subjective reasons. The leading…

  20. Monetary regimes in open economies

    NARCIS (Netherlands)

    Korpos, A.

    2006-01-01

    This thesis presents a two-country open economy framework for the analysis of strategic interactions among monetary authorities and wage bargaining institutions. From this perspective, the thesis investigates the economic consequences of replacing flexible and fixed exchange rate regimes with a

  1. Information frictions and monetary policy

    Czech Academy of Sciences Publication Activity Database

    Matějka, Filip

    2012-01-01

    Roč. 6, č. 1 (2012), s. 7-24 ISSN 1802-792X Institutional support: RVO:67985998 Keywords : nominal rigidity * information frictions * monetary economics Subject RIV: AH - Economics http://www.vsfs.cz/periodika/acta-2012-01.pdf

  2. Is Monetary Policy Effective During Financial Crises?

    OpenAIRE

    Frederic S. Mishkin

    2009-01-01

    This short paper argues that the view that monetary policy is ineffective during financial crises is not only wrong, but may promote policy inaction in the face of a severe contractionary shock. To the contrary, monetary policy is more potent during financial crises because aggressive monetary policy easing can make adverse feedback loops less likely. The fact that monetary policy is more potent than during normal times provides a rationale for a risk-management approach to counter the contra...

  3. Leverage, monetary policy, and firm investment

    OpenAIRE

    Charles X. Hu

    1999-01-01

    In this paper, I investigate whether the effects of monetary policy on firm investment can be transmitted through leverage. I find that monetary contractions reduce the growth of investment more for highly leveraged firms than for less leveraged firms. The results suggest that the board credit channel for monetary policy exists, and that it can operate through leverage, as adverse monetary shocks aggravate real debt burdens and raise the effective costs of investment.

  4. Education, Endogenous Human Capital, and Monetary Economic Growth with MIU Approach

    OpenAIRE

    Zhang, Wei-Bin

    2013-01-01

    This study builds a monetary growth model with inflation policy and education. The model is a synthesis of the Uzawa-Lucas two-sector growth model and traditional monetary model with the money-in-utility (MIU) approach. We show how money, physical capital and human capital interact over time under exogenous inflation policy in a free market economy. The dynamics of the economy is described by three differential equations. We show that the monetary economic system has a saddle equilibrium poin...

  5. The interaction of fiscal and monetary policy in a monetary union : Balancing credibility and flexibility

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    1995-01-01

    This paper explores how decentralized, national fiscal policies interact with a common monetary policy in a monetary union. We show that fiscal policy plays a more important ro le in stabilizing country-specific shocks than with national monetary policies. Whereas monetary u nification with an

  6. 78 FR 672 - Civil Monetary Penalties

    Science.gov (United States)

    2013-01-04

    ... Part 3560 RIN 0575AC93 Civil Monetary Penalties AGENCY: Rural Housing Service, USDA. ACTION: Proposed rule. SUMMARY: The Rural Housing Service (RHS or Agency) proposes to implement two civil monetary... civil monetary penalties under the authority of 42 U.S.C. 1490s (section 543 of the Housing Act of 1949...

  7. Collateral fluctuations in a monetary economy

    NARCIS (Netherlands)

    Ferraris, L.; Watanabe, M.

    2011-01-01

    This paper studies economy-wide fluctuations that occur endogenously in the presence of monetary and real assets. Using a standard monetary search model, we consider an economy in which agents can increase consumption, over and above what their liquid monetary asset holdings would allow, pledging

  8. Convergence Analysis of Semi-Implicit Euler Methods for Solving Stochastic Age-Dependent Capital System with Variable Delays and Random Jump Magnitudes

    Directory of Open Access Journals (Sweden)

    Qinghui Du

    2014-01-01

    Full Text Available We consider semi-implicit Euler methods for stochastic age-dependent capital system with variable delays and random jump magnitudes, and investigate the convergence of the numerical approximation. It is proved that the numerical approximate solutions converge to the analytical solutions in the mean-square sense under given conditions.

  9. Convergence Insufficiency

    Science.gov (United States)

    ... is also found to be weak. If both accommodation and convergence are weak, reading glasses, sometimes with prism added, may be a great option for these patients. It is very difficult to improve accommodation with exercises. Updated 7/2017 Eye Terms & Conditions ...

  10. THE INFLUENCES OF INFLATION ON THE MONETARY POLICY INTEREST

    Directory of Open Access Journals (Sweden)

    Popa Coralia Emilia

    2012-12-01

    mainly due to the decrease of inflation phenomenon, although at the end of 2011 important quantities of liquidities were introduced in the financial system. It remains to be analysed to what extent the inflation phenomenon will be possible to manage under the conditions of the renewal of economic instability in the euro area and to which direction this aspect will influence the monetary policy of the National Bank of Romania.

  11. Convergencia de sistemas de comunicación ópticos e inalámbricos (Converged wireless and optical communication systems)

    DEFF Research Database (Denmark)

    Tafur Monroy, Idelfonso; Guerrero Gonzalez, Neil; Caballero Jambrina, Antonio

    2009-01-01

    Users of tele-information services are demanding instant access, everywhere and anytime. Wireless communication systems offers mobility and flexibility while optical fiber based systems offer large bandwidth, secure and lower power consumption for transport of tele-communication signals. None...... of the two technologies separately can satisfy the demands of user for ubiquitous and affordable access to information services. Converged optical and wireless systems offer a solution that combines the best of both technologies. This article review the trends in converged optical-wireless communication...... systems and outline the role that photonic technologies is playing in making the vision of a converged network a reality....

  12. Money in monetary policy Information variable? Channel of monetary transmission? What is its role in Poland?

    OpenAIRE

    Tomasz Łyziak; Jan Przystupa; Anna Sznajderska; Ewa Wróbel

    2012-01-01

    The paper provides an overview of the literature on the role of monetary aggregates for conducting monetary policy and attempts to assess the role of these aggregates in the Polish monetary policy. We compare theoretical and empirical arguments which justify or undermine the need for usage of monetary aggregates by central banks, as well as arguments indicating related problems. We describe the most important areas of the discussion on the role of money in monetary policy. We present studies ...

  13. Modelling of volatility in monetary transmission mechanism

    Energy Technology Data Exchange (ETDEWEB)

    Dobešová, Anna; Klepáč, Václav; Kolman, Pavel [Department of Statistics and Operation Analysis, Faculty of Business and Economics, Mendel University in Brno, Zemědělská 1, 61300, Brno (Czech Republic); Bednářová, Petra [Institute of Technology and Business, Okružní 517/10, 370 01, České Budějovice (Czech Republic)

    2015-03-10

    The aim of this paper is to compare different approaches to modeling of volatility in monetary transmission mechanism. For this purpose we built time-varying parameter VAR (TVP-VAR) model with stochastic volatility and VAR-DCC-GARCH model with conditional variance. The data from three European countries are included in the analysis: the Czech Republic, Germany and Slovakia. Results show that VAR-DCC-GARCH system captures higher volatility of observed variables but main trends and detected breaks are generally identical in both approaches.

  14. Rules Versus Discretion in Monetary Policy

    OpenAIRE

    Stanley Fischer

    1988-01-01

    This paper examines the case for rules rather than discretion in the conduct of monetary policy, from both historical and analytic perspectives. The paper starts with the rules of the game under the gold standard. These rules were ill-defined and not adhered to; active discretionary policy was pursued to defend the gold standard -- but the gold standard came closer to a regime of rules than the current system. The arguments for rules in general developed by Milton Friedman are described mo ap...

  15. Modelling of volatility in monetary transmission mechanism

    International Nuclear Information System (INIS)

    Dobešová, Anna; Klepáč, Václav; Kolman, Pavel; Bednářová, Petra

    2015-01-01

    The aim of this paper is to compare different approaches to modeling of volatility in monetary transmission mechanism. For this purpose we built time-varying parameter VAR (TVP-VAR) model with stochastic volatility and VAR-DCC-GARCH model with conditional variance. The data from three European countries are included in the analysis: the Czech Republic, Germany and Slovakia. Results show that VAR-DCC-GARCH system captures higher volatility of observed variables but main trends and detected breaks are generally identical in both approaches

  16. Economic policy of the monetary authorities as factor of achievement of abstract financial stability

    Directory of Open Access Journals (Sweden)

    Tashtamirov M.R.

    2016-11-01

    Full Text Available this article is devoted to the questions of the crisis phenomena in Russian economy in sector of a monetary and credit system and a role of economic policy of the monetary authorities (Bank of Russia in ensuring financial stability. Short assessment of the main macroeconomic indicators of the country economy is given. The author is describing the actions of economic management regarding monetary control. It is inexpedient that the Central Bank for carrying out the tough restriction policy directed to oppression of economic development and further primitivizing of national economy. It is offered to transform monetary policy for ensuring anti-recessionary actions exiting the stagnating condition.

  17. Monetary Policy Strategy: Lessons from the Crisis

    OpenAIRE

    Frederic S. Mishkin

    2011-01-01

    This paper examines what we have learned and how we should change our thinking about monetary policy strategy in the aftermath of the 2007-2009 financial crisis. It starts with a discussion of where the science of monetary policy was before the crisis and how central banks viewed monetary policy strategy. It will then examine how the crisis has changed the thinking of both macro/monetary economists and central bankers. Finally, it looks how much of the science of monetary policy needs to be a...

  18. Game of Thrones: Accommodating Monetary Policies in a Monetary Union

    Directory of Open Access Journals (Sweden)

    Dmitri Blueschke

    2018-02-01

    Full Text Available In this paper, we present an application of the dynamic tracking games framework to a monetary union. We use a small stylized nonlinear three-country macroeconomic model of a monetary union to analyze the interactions between fiscal (governments and monetary (common central bank policy makers, assuming different objective functions of these decision makers. Using the OPTGAME algorithm, we calculate solutions for several games: a noncooperative solution where each government and the central bank play against each other (a feedback Nash equilibrium solution, a fully-cooperative solution with all players following a joint course of action (a Pareto optimal solution and three solutions where various coalitions (subsets of the players play against coalitions of the other players in a noncooperative way. It turns out that the fully-cooperative solution yields the best results, the noncooperative solution fares worst and the coalition games lie in between, with a broad coalition of the fiscally more responsible countries and the central bank against the less thrifty countries coming closest to the Pareto optimum.

  19. A convergent 2D finite-difference scheme for the Dirac–Poisson system and the simulation of graphene

    International Nuclear Information System (INIS)

    Brinkman, D.; Heitzinger, C.; Markowich, P.A.

    2014-01-01

    We present a convergent finite-difference scheme of second order in both space and time for the 2D electromagnetic Dirac equation. We apply this method in the self-consistent Dirac–Poisson system to the simulation of graphene. The model is justified for low energies, where the particles have wave vectors sufficiently close to the Dirac points. In particular, we demonstrate that our method can be used to calculate solutions of the Dirac–Poisson system where potentials act as beam splitters or Veselago lenses

  20. A convergent 2D finite-difference scheme for the Dirac-Poisson system and the simulation of graphene

    KAUST Repository

    Brinkman, Daniel; Heitzinger, Clemens Heitzinger; Markowich, Peter A.

    2014-01-01

    We present a convergent finite-difference scheme of second order in both space and time for the 2D electromagnetic Dirac equation. We apply this method in the self-consistent Dirac-Poisson system to the simulation of graphene. The model is justified for low energies, where the particles have wave vectors sufficiently close to the Dirac points. In particular, we demonstrate that our method can be used to calculate solutions of the Dirac-Poisson system where potentials act as beam splitters or Veselago lenses. © 2013 Elsevier Inc.

  1. National innovation system capabilities among leader and follower countries: Widening gaps or global convergence?

    DEFF Research Database (Denmark)

    Makkonen, Teemu

    2015-01-01

    The concept of technological catch-up, as it refers to a situation where some less developed countries have been able to catch up to the world leaders in terms of innovation, has inspired an abundant amount of scholarly attention. However, studies comprehensively focusing on factors considered...... are widening. Still, whereas on a global scale convergence is far from being the reality, the analysis was able to indicate a group of countries that have been able to catch-up to the “best in class” countries. Accordingly, there seems to be a clear association between NIS capabilities and the levels...

  2. Financial Plumbing and Monetary Policy

    OpenAIRE

    Manmohan Singh

    2014-01-01

    This paper focuses on how changes in financial plumbing of the markets may impact the monetary policy options as central banks contemplate lift off from zero lower bound (ZLB). Under the proposed regulations, banks will face leverage ratio constraints. As a result of quantitative easing (QE), banks want balance sheet “space” for financial intermediation/ non-depository activities. At the same time, regulatory changes are boosting demand for high quality liquid assets. The paper also discusses...

  3. The E-Monetary Theory

    OpenAIRE

    Ngotran, Duong

    2016-01-01

    We develop a dynamic model with two types of electronic money: reserves for transactions between bankers and zero-maturity deposits for transactions in the non-bank private sector. Using this model, we assess the efficacy of unconventional monetary policy since the Great Recession. After quantitative easing, keeping the interest on reserves at zero too long will create deflation. The central bank can safely get out of the ``low rate-cum-deflation'' trap by ``raising rate and raising money sup...

  4. Asset Pricing and Monetary Policy

    OpenAIRE

    Bingbing Dong

    2014-01-01

    This paper examines the role of money in understanding the behavior of asset prices and whether and how monetary policy should react to asset prices such as stock prices and equity premiums. To do so, I introduce money via the form of transaction cost into a production economy with limited stock market participation where agents with lower inter-temporal elasticity of substitution (IES), called non-stockholders, have no access to stock market. In addition to facilitating transactions of consu...

  5. Endogenous Monetary Policy Regime Change

    OpenAIRE

    Troy Davig; Eric M. Leeper

    2006-01-01

    This paper makes changes in monetary policy rules (or regimes) endogenous. Changes are triggered when certain endogenous variables cross specified thresholds. Rational expectations equilibria are examined in three models of threshold switching to illustrate that (i) expectations formation effects generated by the possibility of regime change can be quantitatively important; (ii) symmetric shocks can have asymmetric effects; (iii) endogenous switching is a natural way to formally model preempt...

  6. MONETARY POLICY ADJUSTMENT AT THE GLOBAL FINANCIAL CRISIS CONSTRAINTS

    Directory of Open Access Journals (Sweden)

    Adina Criste

    2014-12-01

    Full Text Available The global financial crisis marked a border for central banks, as it raised challenges which constrained them both to extend the range of monetary policy instruments and to redefine their role in the financial system. The present paper aims to identify features of conducting the monetary policy of some central banks, during and after the global financial crisis outbreak. For that purpose, we apply to a comparative analysis between some central banks of European Union (EU, namely Czech National Bank (CNB, National Bank of Hungary (NBH, National Bank of Poland (NBP and National Bank of Romania (NBR. We also assume that the monetary policy could be characterised through both the challenges faced by the central banks and the type of measures adopted, as a reaction to these challenges. Analysis shows that central banks have different levels of burden, according to domestic condition, and also different ”pattern” of monetary policy adjustments, using more or less unconventional or macro-prudential measures. An important conclusion raised from this article refers to the increasing role of these special measures for central banks, which requires defining a new monetary policy framework in the near future.

  7. MONETARY TRANSMISSION CHANNELS IN ROMANIA – THE CREDIT CHANNEL

    Directory of Open Access Journals (Sweden)

    Magdalena RĂDULESCU

    2009-12-01

    Full Text Available The theoretical – intuitive analysis applied to the segment of monetary transmission evidences the fact that forming the traditional monetary impulses transmission channels are in a starting phase due to the long financial non – intermediary process which Romanian economy had known. In these conditions, the exchange rate channel, and also NBR currency purchases was, for a long time, an important way through which monetary authorities actions influenced macro economical behaviors. But starting with 2000, it is observed a credit channel reactivation and, especially, interest rate channel. Anyhow, the credit channel continues to be undermined by the existence of liquidity surplus within the system, by the phenomena of substitution of national currency credit with currency credits, and also moral hazardous displays. Albeit some of these phenomena also affect the interest rate channel, its role in sending monetary policy impulses is in a continuous progress. Apparently, it acts by way of nominal interest rates, their real level seeming less relevant. Once with remaking the two traditional channels, the companies and households balance is configured and consolidated, which shall potentate in the future the efficiency of the monetary policy. This paper analyses the credit channel in Romania, through an unrestricted VAR analysis.. It shows the responses of exchange rate, inflation rate, GDP, interest rate, imports and exports to a shock on non-governmental credit

  8. Computational and empirical simulations of selective memory impairments: Converging evidence for a single-system account of memory dissociations.

    Science.gov (United States)

    Curtis, Evan T; Jamieson, Randall K

    2018-04-01

    Current theory has divided memory into multiple systems, resulting in a fractionated account of human behaviour. By an alternative perspective, memory is a single system. However, debate over the details of different single-system theories has overshadowed the converging agreement among them, slowing the reunification of memory. Evidence in favour of dividing memory often takes the form of dissociations observed in amnesia, where amnesic patients are impaired on some memory tasks but not others. The dissociations are taken as evidence for separate explicit and implicit memory systems. We argue against this perspective. We simulate two key dissociations between classification and recognition in a computational model of memory, A Theory of Nonanalytic Association. We assume that amnesia reflects a quantitative difference in the quality of encoding. We also present empirical evidence that replicates the dissociations in healthy participants, simulating amnesic behaviour by reducing study time. In both analyses, we successfully reproduce the dissociations. We integrate our computational and empirical successes with the success of alternative models and manipulations and argue that our demonstrations, taken in concert with similar demonstrations with similar models, provide converging evidence for a more general set of single-system analyses that support the conclusion that a wide variety of memory phenomena can be explained by a unified and coherent set of principles.

  9. Incentives in Agency Relationships: To Be Monetary or Non-Monetary?

    OpenAIRE

    Patricia Crifo; Marc-Arthur Diaye

    2004-01-01

    In this paper, we develop a Principal-Agent model with both monetary and non-monetary incentives. We show that the latter are always more efficient, that is Pareto-dominate, monetary incentives. Indeed, we not only show that all what monetary incentives can do, non-monetary incentives can do it as well, we go further and show the possibility for non-monetary incentives to increase intrinsic motivation, thereby compensating the fact that higher rewards, rather than being encouraging can reduce...

  10. Impact of DC link control strategies on the power-flow convergence of integrated AC–DC systems

    Directory of Open Access Journals (Sweden)

    Shagufta Khan

    2016-03-01

    Full Text Available For the power-flow solution of integrated AC–DC systems, five quantities are required to be solved per converter, against three independent equations available. These three equations consist of two basic converter equations and one DC network equation, corresponding to each converter. Thus, for solution, two additional equations are required. These two equations are derived from the control specifications adopted for the DC link. Depending on the application, several combinations of valid control specifications are possible. A set of valid control specifications constitutes a control strategy. It is observed that the control strategy adopted for the DC link strongly affects the power-flow convergence of integrated AC–DC systems. This paper investigates how different control strategies affect the power flow convergence of integrated AC–DC systems. Sequential method is used to solve the DC variables in the Newton Raphson (NR power flow model. Seven typical control strategies have been taken into consideration. This is validated by numerous case studies carried out with multiple DC links incorporated in the IEEE 118-bus and 300-bus test systems.

  11. Virtual Currencies – monetary policy dilemmas and regulatory challenges

    Directory of Open Access Journals (Sweden)

    Daj Alexis

    2018-01-01

    Full Text Available Although the topic of virtual currencies is not completely new, the current technological developments and the extent of the globalisation process appear to have changed the scope of the research efforts needed to cover not only the advantages and opportunities, but also the disadvantages and threats that the expansion of virtual currencies can pose for monetary policy and the safety of the financial system. This paper comprises a brief presentation of the different types of virtual currencies and identifies some of the most significant implications of large-scale virtual currency adoption for monetary authorities and regulators, while providing an overview of the main trends in the evolution of virtual currencies. In the end, one conclusion is evident: whatever monetary policy or regulatory issues arise from the use of virtual currencies, their consequences are far from virtual.

  12. Euroization, monetary union and the credibility of monetary policy

    Directory of Open Access Journals (Sweden)

    Luka Brkić

    2008-01-01

    Full Text Available Assessment of exchange-rate arrangements has become an integral feature of recent discussions on reform of the international financial architecture. The upshot of this recent interest in exchange-rate regimes is that a large part of the profession appears to have become converted to ‘the hypothesis of the vanishing middle regime’, for countries well-integrated into world capital markets, there is little, if any, middle ground between floating exchange rates and monetary unification. The literature on optimal currency areas emphasizes that policy independence is crucial if countries face recurrent idiosyncratic disturbances. If member-countries of the EMU show sizeable asymmetry in the timing of business cycle phases and their exposure to exogenous shocks, these countries may be better off retaining their ability to conduct monetary and exchange-rate policies. Consequently,the important empirical issue is whether Europe is a region in which country-specific shocks prevail or whether shocks affect most of these countries in a similar way. Euroization is a relatively rare phenomenon. Yet in recent years it has attracted a lot of attention,which can be proved by an increasing number of studies dealing with this problem, as well as an increasing number of countries taking this course of action. This paper deals with the advantages and disadvantages of euroization (dollarization, not only from the theoretical aspect but also on the basis of experience of other dollarized countries. The unequivocal conclusion is that euroization (dollarization is not a monetary policy instrument that can be recommended to Croatia.

  13. Quality assurance policies and practices in Scandinavian higher education systems: convergence or different paths?

    DEFF Research Database (Denmark)

    Kalpazidou Schmidt, Evanthia

    2017-01-01

    Because there is close cooperation on quality assurance in the Scandinavian countries, one would expect there to be convergence of quality assurance policies and practices in Scandinavian higher education. Few studies have analysed these quality assurance policies and practices from a comparative...... quality assurance. The debate is compelling with regard to the Swedish case in particular, with its ‘one size fits all’ approach and exclusive focus on outcomes which has been heavily criticised by the higher education institutions and has turned out to be controversial from the European viewpoint....... viewpoint. Based on empirical evidence produced in connection with studies of recent quality reforms in Scandinavia and an approach based on linking diffusion and translation theories with institutionalist perspectives focusing on path dependency, the paper contributes to the current debate on Scandinavian...

  14. Monetary Policy Rules in Some Transition Economies

    Directory of Open Access Journals (Sweden)

    Mohamed El-Hodiri

    2014-12-01

    Full Text Available In this paper we examine the question of whither monetary rules or ad hoc monetary policies were followed during the early stages of transition and in response to the global financial crisis. We study Eastern European countries and thee CIS countries. We find that during the early of transition, both developed economies and economies in transition used the monetary base, as well as the interest rate, as the main tools for monetary policy. However, in response to the global crises, priority was given to the main objective such as containing inflation and supporting economic growth. Monetary authorities had the additional possible choice of alternative objectives, such as stabilization of nominal exchange rate and real effective exchange rate, or increase in reserves. It was found that countries mostly retained priorities of monetary policy and some of them gave a greater importance to the alternative objectives.

  15. The monetary mechanics of the crisis

    OpenAIRE

    von Hagen, Jürgen

    2009-01-01

    In response to the financial and economic crisis, central banks, unlike in the 1930s, have created enormous amounts of money. There are fears that this will lead to inflation, but it is base money (the central bank's liabilities) that has expanded; total monetary aggregates have not. By contrast, in the 1930s, base money remained stable and monetary aggregates dropped. The reason for this is that in a crisis the relationship between the base money and monetary aggregates is altered. The money...

  16. Endogenous price flexibility and optimal monetary policy

    OpenAIRE

    Ozge Senay; Alan Sutherland

    2014-01-01

    Much of the literature on optimal monetary policy uses models in which the degree of nominal price flexibility is exogenous. There are, however, good reasons to suppose that the degree of price flexibility adjusts endogenously to changes in monetary conditions. This article extends the standard new Keynesian model to incorporate an endogenous degree of price flexibility. The model shows that endogenizing the degree of price flexibility tends to shift optimal monetary policy towards complete i...

  17. Monetary transmission and bank lending in Germany

    OpenAIRE

    Kakes, Jan; Sturm, Jan-Egbert; Philipp Maier

    1999-01-01

    This paper analyses the role of bank lending in the monetary transmission process in Germany. We follow a sectoral approach by distinguishing corporate lending and household lending. We find that banks respond to a monetary contraction by adjusting their securities holdings, rather than reducing their loans portfolio. Most lending categories even show an increase following a monetary tightening. The main implication of our results is that a bank lending channel is not an important transmissio...

  18. Fiber-FSO/wireless convergent systems based on dual-polarization and one optical sideband transmission schemes

    Science.gov (United States)

    Huang, Xu-Hong; Lu, Hai-Han; Li, Chung-Yi; Wang, Yun-Chieh; Chang, Jen-Chieh; Jheng, Yu-Bo; Tsai, Wen-Shing

    2018-06-01

    A bidirectional fiber-free-space optical (FSO)/wireless convergent system that uses dual-polarization and one optical sideband transmission schemes for hybrid vestigial sideband (VSB)–four-level pulse amplitude modulation (PAM4)/millimeter-wave signal transmission is proposed and demonstrated. Using a dual-polarization scheme, one optical sideband that is modulated by a 56 Gb s‑1 VSB–PAM4 signal (x-polarization) and another optical sideband that is modulated by a 10 Gbps data stream (y-polarization) are separated and polarized orthogonally. One optical sideband modulated by a 10 Gbps data stream (y-polarization) is delivered to efficaciously suppress the dispersion-induced limitation due to a span of 40 km single-mode fiber (SMF) and the distortion due to the beating among multiple sidebands. The proposed bidirectional fiber-FSO/wireless convergent system is a prominent one for providing broadband integrated services, such as the Internet, telecommunication, and 5G mobile networks.

  19. Bank loan portfolios and the Canadian monetary transmission mechanism

    NARCIS (Netherlands)

    den Haan, W.J.; Sumner, S.W.; Yamashiro, G.M.

    2009-01-01

    Following a monetary tightening, bank loans to consumers decrease. This is true for both mortgage and non-mortgage loans, and it is true for a tightening by the Bank of Canada that is, and is not, a response to a tightening by the Federal Reserve System. In contrast, business loans increase

  20. Convergence of Networks

    DEFF Research Database (Denmark)

    Prasad, Ramjee; Ruggieri, Marina

    2008-01-01

    The paper focuses on the revolutionary changes that could characterise the future of networks. Those changes involve many aspects in the conceivement and exploitation of networks: architecture, services, technologies and modeling. The convergence of wired and wireless technologies along...... with the integration of system componennts and the convergence of services (e.g. communications and navigation) are only some of the elements that shape the perpsected mosaic. Authors delineate this vision, highlighting the presence of the space and stratospheric components and the related services as building block...

  1. Do convergent developmental mechanisms underlie convergent phenotypes?

    Science.gov (United States)

    Wray, Gregory A.

    2002-01-01

    Convergence is a pervasive evolutionary process, affecting many aspects of phenotype and even genotype. Relatively little is known about convergence in developmental processes, however, nor about the degree to which convergence in development underlies convergence in anatomy. A switch in the ecology of sea urchins from feeding to nonfeeding larvae illustrates how convergence in development can be associated with convergence in anatomy. Comparisons to more distantly related taxa, however, suggest that this association may be limited to relatively close phylogenetic comparisons. Similarities in gene expression during development provide another window into the association between convergence in developmental processes and convergence in anatomy. Several well-studied transcription factors exhibit likely cases of convergent gene expression in distantly related animal phyla. Convergence in regulatory gene expression domains is probably more common than generally acknowledged, and can arise for several different reasons. Copyright 2002 S. Karger AG, Basel.

  2. The Formation of New Monetary Policies: Decisions of Central Banks on the Great Recession

    Directory of Open Access Journals (Sweden)

    Ana Esther Castro

    2014-05-01

    Full Text Available The effect that the Great Recession had on monetary policies has led to the profound reorientation of central banks’ actions from 2007 to 2013. The purpose of this work is to analyze the monetary policies applied by the main central banks, mainly the European Central Bank, the Federal Reserve System of USA and the Bank of Japan, in order to raise thoughts on the guidelines that central banks should follow in the future. In the first section the bases of monetary policy before the crisis are described; in the second we explain the change in the orientation of the role of central banks during the crisis; and finally, we synthesize the bases on which the economic debate is taking place on the orientation of future monetary policies. We conclude that, in so far as the inoperativeness of transmission mechanisms still persists, monetary policies will remain in a process of change.

  3. Contrasting sedimentary processes along a convergent margin: the Lesser Antilles arc system

    Science.gov (United States)

    Picard, Michel; Schneider, Jean-Luc; Boudon, Georges

    2006-12-01

    Sedimentation processes occurring in an active convergent setting are well illustrated in the Lesser Antilles island arc. The margin is related to westward subduction of the North and/or the South America plates beneath the Caribbean plate. From east to west, the arc can be subdivided into several tectono-sedimentary depositional domains: the accretionary prism, the fore-arc basin, the arc platform and inter-arc basin, and the Grenada back-arc basin. The Grenada back-arc basin, the fore-arc basin (Tobago Trough) and the accretionary prism on the east side of the volcanic arc constitute traps for particles derived from the arc platform and the South American continent. The arc is volcanically active, and provides large volumes of volcaniclastic sediments which accumulate mainly in the Grenada basin by volcaniclastic gravity flows (volcanic debris avalanches, debris flows, turbiditic flows) and minor amounts by fallout. By contrast, the eastern side of the margin is fed by ash fallout and minor volcaniclastic turbidites. In this area, the dominant component of the sediments is pelagic in origin, or derived from South America (siliciclastic turbidites). Insular shelves are the locations of carbonate sedimentation, such as large platforms which develop in the Limestone Caribbees in the northern part of the margin. Reworking of carbonate material by turbidity currents also delivers lesser amounts to eastern basins of the margin. This contrasting sedimentation on both sides of the arc platform along the margin is controlled by several interacting factors including basin morphology, volcanic productivity, wind and deep-sea current patterns, and sea-level changes. Basin morphology appears to be the most dominant factor. The western slopes of the arc platform are steeper than the eastern ones, thus favouring gravity flow processes.

  4. Monetary and Non-Monetary Remittances within Marginalized Migrating Families

    Directory of Open Access Journals (Sweden)

    Katerina JANKU

    2007-04-01

    Full Text Available In this paper, I am using the research experience among Czech Roma families with the migration experience and taking a look on what is being exchanged between „those who went abroad“, and „those who stayed home“ and what can be the function and consequences of it.Sending money, things, ideas etc. back and forth is the mean of closing the range between people within family and thus it facilitates the formation of transnational social ties. As individual examples of those remittances are lying open in front of us, we can see how they are part of the strategic reproduction of the “trans-nationalized” family.Thus, I understand remittances in a broader sense than the economics does. I am proposing to aim not only on salary to be sent abroad to relatively poorer environments. There are not only monetary remittances, but also material, symbolic, social and emotional ones.

  5. Economic and utilitarian benefits of monetary versus non-monetary in-store sales promotions

    DEFF Research Database (Denmark)

    Reid, Mike; Thompson, Peter; Mavondo, Felix

    2014-01-01

    While prior research has examined the issue of sales promotion proneness, very little has examined proneness to non-monetary promotions, such as contests and premiums discovered in store. This study draws on a promotions benefits framework to examine the influence of shoppers’ desired benefits...... are that many monetary sales promotion-prone shoppers may be attracted by the benefits provided by non-monetary promotions. The increased use by managers of non-monetary promotions instead of monetary promotions may result in improved category value and brand equity benefits....

  6. Monetary transmission and business cycle asymmetry

    NARCIS (Netherlands)

    Kakes, Jan

    1998-01-01

    This paper investigates asymmetric effects of monetary policy over the business cycle. A two-state Markov Switching Model is employed to model both recessions and expansions. For the United States and Germany, strong evidence is found that monetary policy is more effective in a recession than during

  7. Essays in empirical finance and monetary policy

    NARCIS (Netherlands)

    van Holle, Frederiek

    2017-01-01

    This dissertation consists of three essays. In the first paper, “Stock-Bond Correlations, Macroeconomic Regimes and Monetary Policy”, we link the evolution of stock-bond correlations for an international sample to both local and global regimes in inflation, the output gap and monetary policy. We

  8. Monetary transmission and bank lending in Germany

    NARCIS (Netherlands)

    Kakes, Jan; Sturm, Jan-Egbert; Philipp Maier, [No Value

    1999-01-01

    This paper analyses the role of bank lending in the monetary transmission process in Germany. We follow a sectoral approach by distinguishing corporate lending and household lending. We find that banks respond to a monetary contraction by adjusting their securities holdings, rather than reducing

  9. Resolving the International Monetary Fund's Legitimacy Crisis

    DEFF Research Database (Denmark)

    Seabrooke, Leonard

    2006-01-01

    Since the Asian financial crisis of 1997-1998 the International Monetary Fund (the Fund) has been embroiled in an international crisis of legitimacy. Assertions of a crisis are premised on the notions that the Fund's voting system is unfair, and that the Fund enforces homogenous policies onto...... borrowing member states and that loan programs tend to fail. Seen this way, poor institutional and policy design has led to a loss of legitimacy. But institutionalised inequalities or policy failure is not in itself sufficient to constitute an international crisis of legitimacy. This article provides...... a conceptually-driven discussion of the sources of the Fund's international crisis of legitimacy by investigating how its formal "foreground" institutional relations with its member states have become strained, and how informal "background" political and economic relationships are expanding in a way...

  10. Convergent evolution of Amadori opine catabolic systems in plasmids of Agrobacterium tumefaciens.

    Science.gov (United States)

    Baek, Chang-Ho; Farrand, Stephen K; Lee, Ko-Eun; Park, Dae-Kyun; Lee, Jeong Kug; Kim, Kun-Soo

    2003-01-01

    catabolic pathways have evolved convergently from independent origins.

  11. Understanding the Need for Business Intelligence Systems: Technological Acceptance, Use, and Convergence

    Science.gov (United States)

    Pierre, Ashley R.

    2012-01-01

    DeLone and McLean first introduced a review of information systems success (ISS) literature and proposed the information success model in 1992. The contribution of technology use and acceptance and its influence toward ISS is an area of information systems research that has received significant attention from both researchers and practitioners.…

  12. Nuon integrates fragmented IT environment with Converge 'meter-to-bill' enterprise system

    Energy Technology Data Exchange (ETDEWEB)

    Johnston, J.; Richmond, P. [Siemens Metering, Inc (Netherlands)

    2002-10-01

    Integration of the IT services of three large utility companies that merged into one is described. Prior to the merger each company owned its own data acquisition and billing applications and followed its own information processing and business rules. The newly formed company had the unenviable task of integrating these disparate applications into one streamlined and efficient company-wide system. A complicating factor was the earlier deregulation of the Dutch energy market which already forced vertically structured utilities to split into separate functional companies, with the result that meter and other system and logistic information was widely dispersed across multiple systems and locations. To bring order out of this chaos and to create a single company-wide integrated system Nuon partnered with Siemens to evaluate the existing system and to design a new one that would improve the situation. The new system that emerged is a cohesive, robust IT environment with many benefits. Some of these are: consolidated metering data in one open architecture environment; a fully automated interface to the SAP billing system; fully flexible and automated data reporting and validation functionality; data distribution capability throughout the organization and to energy consumers via the Internet; and fully automated data exchange capability with other market players and the System Operator.

  13. Convergence in Multispecies Interactions

    OpenAIRE

    Bittleston, Leonora Sophia; Pierce, Naomi E.; Ellison, Aaron M.; Pringle, Anne

    2016-01-01

    The concepts of convergent evolution and community convergence highlight how selective pressures can shape unrelated organisms or communities in similar ways. We propose a related concept, convergent interactions, to describe the independent evolution of multispecies interactions with similar physiological or ecological functions. A focus on convergent interactions clarifies how natural selection repeatedly favors particular kinds of associations among species. Characterizing convergent inter...

  14. Monetary policy and regional output in Brazil

    Directory of Open Access Journals (Sweden)

    Rafael Rockenbach da Silva Guimarães

    2014-03-01

    Full Text Available This work presents an analysis of whether the effects of the Brazilian monetary policy on regional outputs are symmetric. The strategy developed combines the techniques of principal component analysis (PCA to decompose the variables that measure regional economic activity into common and region-specific components and vector autoregressions (VAR to observe the behavior of these variables in response to monetary policy shocks. The common component responds to monetary policy as expected. Additionally, the idiosyncratic components of the regions showed no impact of monetary policy. The main finding of this paper is that the monetary policy responses on regional output are symmetrical when the regional output decomposition is performed, and the responses are asymmetrical when this decomposition is not performed. Therefore, performing the regional output decomposition corroborates the economic intuition that monetary policy has no impact on region-specific issues. Once monetary policy affects the common component of the regional economic activity and does not impact its idiosyncratic components, it can be considered symmetrical.

  15. OPEN MARKETING - A SPECIFIC FORM OF MONETARY POLICY IN ORDER TO MONETARY VOLUME ADJUSTMENT

    Directory of Open Access Journals (Sweden)

    CHIRTOC IRINA- ELENA

    2013-02-01

    Full Text Available : Applying a uniform monetary policy by all European Union member states also require harmonization of monetary policy instruments and national interbank market integration also. Monetary policy instruments used by NBR (National Bank of Romania have evolved over time as a result of alignment with the instruments used by the European Central Bank. Money market operations in Romania have appeared for the first time in 1997. Starting from the wishing of Central Bank to reduce excess liquidity in 2001 they became the most important monetary policy tool used by the National Bank of Rumania. Open market operations are the instrument of monetary policy, central banking in Eastern Europe to work towards monetary contraction or expansion. Open-market operations in recent years have become the most important monetary policy instrument they play an essential role in promoting monetary policy by the central bank. Through open marketing operations the monetary authorities aim to alter bank reserves and thereby influence the amount of currency in circulation. In Romania, the open marketing operations are initiated by the National Bank of Romania, which determines what type of tools will be used while setting terms and conditions of the implementation. Through the use and control of monetary policy instruments, the central bank as the state bank seeks managing liquidity in the economy.

  16. An Historical Analysis of Monetary Policy Rules

    OpenAIRE

    John B. Taylor

    1998-01-01

    This paper examines several episodes in U.S. monetary history using the framework of an interest rate rule for monetary policy. The main finding is that a monetary policy rule in which the interest rate responds to inflation and real output more aggressively than it did in the 1960s and 1970s, or than during the time of the international gold standard, and more like the late 1980s and 1990s, is a good policy rule. Moreover, if one defines rule, then such mistakes have been associated with eit...

  17. The Monetary Policy – Restrictive or Expansive?

    Directory of Open Access Journals (Sweden)

    Adam Szafarczyk

    2007-10-01

    Full Text Available The monetary policy plays an important role in macroeconomic policy of government. There is a question concerning type of this policy expansive or restrictive (easy or tidy monetary policy. Unfortunately, we have a lot of criteria. Each of them gives us other answer. So due to equitation of Irving Fisher we have dominantly expansive monetary policy. This same situation exists when we use nominal value of rediscount interest rate of central bank. Opposite result appears when we use real value of this interest rate or level of obligatory reserve. Taking under consideration liquidity on money market we know, that level of interest rate is too high.

  18. Monetary Policy Shocks and Portfolio Choice

    OpenAIRE

    Fratzscher, Marcel; Saborowski, Christian; Straub, Roland

    2010-01-01

    The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of their time variation. Monetary policy easing causes positive returns to both equities and bonds. Yet such a monetary policy easing shock also induces a shift in portfolio composition out of equities and...

  19. Monetary valuation in Life Cycle Assessment

    DEFF Research Database (Denmark)

    Pizzol, Massimo; Weidema, Bo Pedersen; Brandão, Miguel

    2015-01-01

    different impacts and/or with other economic costs and benefits. For this reason, monetary valuation has a great potential to be applied also in Life Cycle Assessment (LCA), especially in the weighting phase. However, several challenges limit its diffusion in the field, which resulted in only a few......Monetary valuation is the practice of converting measures of social and biophysical impacts into monetary units and is used to determine the economic value of non-market goods, i.e. goods for which no market exists. It is applied in cost benefit analysis to enable the cross-comparison between...

  20. Convergence of a Queueing System in Heavy Traffic with General Abandonment Distributions

    Science.gov (United States)

    2010-10-08

    331–391, 2005. [4] R. Atar . Scheduling control for queueing systems with many servers: asymptotic optimality in heavy traffic. Ann. Appl. Probab., 15...4):2606–2650, 2005. 37 [5] R. Atar , A. Mandelbaum, and M. I. Reiman. Scheduling a multi class queue with many exponential servers: asymptotic

  1. A convergent numerical method for the full Navier-Stokes-Fourier system in smooth physical domains

    Czech Academy of Sciences Publication Activity Database

    Feireisl, Eduard; Hošek, Radim; Michálek, Martin

    2016-01-01

    Roč. 54, č. 5 (2016), s. 3062-3082 ISSN 0036-1429 EU Projects: European Commission(XE) 320078 - MATHEF Institutional support: RVO:67985840 Keywords : Navier-Stokes- Fourier system * finite element method * finite volume method Subject RIV: BA - General Mathematics Impact factor: 1.978, year: 2016 http://epubs.siam.org/doi/abs/10.1137/15M1011809

  2. Property - preserving convergent sequences of invariant sets for linear discrete - time systems

    NARCIS (Netherlands)

    Athanasopoulos, N.; Lazar, M.; Bitsoris, G.

    2014-01-01

    Abstract: New sequences of monotonically increasing sets are introduced, for linear discrete-time systems subject to input and state constraints. The elements of the set sequences are controlled invariant and admissible regions of stabilizability. They are generated from the iterative application of

  3. A convergent numerical method for the full Navier-Stokes-Fourier system in smooth physical domains

    Czech Academy of Sciences Publication Activity Database

    Feireisl, Eduard; Hošek, Radim; Michálek, Martin

    2016-01-01

    Roč. 54, č. 5 (2016), s. 3062-3082 ISSN 0036-1429 EU Projects: European Commission(XE) 320078 - MATHEF Institutional support: RVO:67985840 Keywords : Navier-Stokes-Fourier system * finite element method * finite volume method Subject RIV: BA - General Mathematics Impact factor: 1.978, year: 2016 http://epubs.siam.org/doi/abs/10.1137/15M1011809

  4. A convergent numerical method for the Navier-Stokes-Fourier system

    Czech Academy of Sciences Publication Activity Database

    Feireisl, Eduard; Karper, T.; Novotný, A.

    2016-01-01

    Roč. 36, č. 4 (2016), s. 1477-1535 ISSN 0272-4979 EU Projects: European Commission(XE) 320078 - MATHEF Institutional support: RVO:67985840 Keywords : Navier-Stokes-Fourier system * Crouzeix-Raviart finite element method * finite volume method Subject RIV: BA - General Mathematics Impact factor: 1.703, year: 2016 http://imajna.oxfordjournals.org/content/36/4/1477

  5. Il sistema dei controlli monetari e creditizi in Francia.

    Directory of Open Access Journals (Sweden)

    G.R. HODGMAN

    2014-08-01

    Full Text Available The article presents French monetary and credit controls as a coherent system, displays the inner logic of this system and evaluates its implications for policy objectives related to growth, the price level and balance-of-payments. The French system is sufficiently different from other countries in the degree of “socialisation” of credit and direct administrative intervention by the authorities into credit affairs. The effects of traditional operations such as open market purchases cannot be understood in the French environment without a grasp of certain features of French financial institutions. Moreover, the French authorities assign priority to selective credit policy as distinct from general monetary policy and are permitted to intervene in the free play of financial market forces through administrative measures.JEL: E52, E31, F32

  6. Convergence of a numerical method for the compressible Navier-Stokes system on general domains

    Czech Academy of Sciences Publication Activity Database

    Feireisl, Eduard; Karper, T.; Michálek, Martin

    2016-01-01

    Roč. 134, č. 4 (2016), s. 667-704 ISSN 0029-599X R&D Projects: GA ČR GA13-00522S Institutional support: RVO:67985840 Keywords : numerical methods * Navier - Stokes system Subject RIV: BA - General Mathematics Impact factor: 2.152, year: 2016 http://link.springer.com/article/10.1007%2Fs00211-015-0786-6

  7. Convergence of a numerical method for the compressible Navier-Stokes system on general domains

    Czech Academy of Sciences Publication Activity Database

    Feireisl, Eduard; Karper, T.; Michálek, Martin

    2016-01-01

    Roč. 134, č. 4 (2016), s. 667-704 ISSN 0029-599X R&D Projects: GA ČR GA13-00522S Institutional support: RVO:67985840 Keywords : numerical methods * Navier-Stokes system Subject RIV: BA - General Mathematics Impact factor: 2.152, year: 2016 http://link.springer.com/article/10.1007%2Fs00211-015-0786-6

  8. Convergence of the Neumann series in BEM for the Neumann problem of the stokes system

    Czech Academy of Sciences Publication Activity Database

    Medková, Dagmar

    2011-01-01

    Roč. 116, č. 3 (2011), s. 281-304 ISSN 0167-8019 R&D Projects: GA AV ČR IAA100190804 Institutional research plan: CEZ:AV0Z10190503 Keywords : stokes system * Neumann problem * integral equation method Subject RIV: BA - General Mathematics Impact factor: 0.899, year: 2011 http://www.springerlink.com/content/d73174l507577464/

  9. The nervous system and metabolic dysregulation: emerging evidence converges on ketogenic diet therapy

    Directory of Open Access Journals (Sweden)

    David N. Ruskin

    2012-03-01

    Full Text Available A link between metabolism and brain function is clear. Since ancient times, epileptic seizures were noted as treatable with fasting, and historical observations of the therapeutic benefits of fasting on epilepsy were confirmed nearly 100 years ago. Shortly thereafter a high-fat, low-carbohydrate ketogenic diet debuted as a therapy to reduce seizures. This strict regimen could mimic the metabolic effects of fasting while allowing adequate caloric intake for ongoing energy demands. Today, ketogenic diet therapy, which forces predominantly ketone-based rather than glucose-based metabolism, is now well-established as highly successful in reducing seizures. More recently, cellular metabolic dysfunction in the nervous system has been recognized as existing side-by-side with nervous system disorders - although often with much less obvious cause-and-effect as the relationship between fasting and seizures. Rekindled interest in metabolic and dietary therapies for brain disorders complements new insight into their mechanisms and broader implications. Here we describe the emerging relationship between a ketogenic diet and adenosine as a way to reset brain metabolism and neuronal activity and disrupt a cycle of dysfunction. We also provide an overview of the effects of a ketogenic diet on cognition and recent data on the effects of a ketogenic diet on pain, and explore the relative time course quantified among hallmark metabolic changes, altered neuron function and altered animal behavior assessed after diet administration. We predict continued applications of metabolic therapies in treating dysfunction including and beyond the nervous system.

  10. The Nervous System and Metabolic Dysregulation: Emerging Evidence Converges on Ketogenic Diet Therapy

    Science.gov (United States)

    Ruskin, David N.; Masino, Susan A.

    2012-01-01

    A link between metabolism and brain function is clear. Since ancient times, epileptic seizures were noted as treatable with fasting, and historical observations of the therapeutic benefits of fasting on epilepsy were confirmed nearly 100 years ago. Shortly thereafter a high fat, low-carbohydrate ketogenic diet (KD) debuted as a therapy to reduce seizures. This strict regimen could mimic the metabolic effects of fasting while allowing adequate caloric intake for ongoing energy demands. Today, KD therapy, which forces predominantly ketone-based rather than glucose-based metabolism, is now well-established as highly successful in reducing seizures. Cellular metabolic dysfunction in the nervous system has been recognized as existing side-by-side with nervous system disorders – although often with much less obvious cause-and-effect as the relationship between fasting and seizures. Rekindled interest in metabolic and dietary therapies for brain disorders complements new insight into their mechanisms and broader implications. Here we describe the emerging relationship between a KD and adenosine as a way to reset brain metabolism and neuronal activity and disrupt a cycle of dysfunction. We also provide an overview of the effects of a KD on cognition and recent data on the effects of a KD on pain, and explore the relative time course quantified among hallmark metabolic changes, altered neuron function and altered animal behavior assessed after diet administration. We predict continued applications of metabolic therapies in treating dysfunction including and beyond the nervous system. PMID:22470316

  11. Mutations at the Level of the Measures Adopted by Monetary Authorities

    Directory of Open Access Journals (Sweden)

    Marius Constantin APOSTOAIE

    2011-11-01

    Full Text Available Following the intensification of the international financial crisis in autumn 2008 the functioning of the financial system was seriously hindered. Central banks around the world responded firmly by lowering their key interest rates to historically low levels. As financial conditions didn’t improve as hoped and the real economy was still unstable, revealing therefore the limits of mainstream monetary policy, many monetary authorities employed several unconventional measures. This study documents two important approaches of classifying “unorthodox” monetary policies and reviews several measures undertook by central banks highlighting the impact and some of the possible risks to the contemporary economy.

  12. Mutations at the Level of the Measures Adopted by Monetary Authorities

    Directory of Open Access Journals (Sweden)

    Stefan MATEI

    2012-08-01

    Full Text Available Following the intensification of the international financial crisis in autumn 2008, the functioning of the financial system was seriously hindered. Central banks around the world responded firmly by lowering their key interest rates to historically low levels. As financial conditions did not improve as hoped and the real economy was still unstable, revealing therefore the limits of mainstream monetary policy, many monetary authorities employed several unconventional measures. The scope of this paper is to investigate two important approaches of classifying “unorthodox” monetary policies and review several measures undertook by central banks, highlighting the impact and some of the possible risks to the contemporary economy.

  13. How do monetary policy tools work? An investigation on monetary transmission mechanism in Iran

    Directory of Open Access Journals (Sweden)

    Naser Ali Yadollahzadeh Tabari

    2013-04-01

    Full Text Available Monetary transmission mechanism includes some channels in which monetary policy influences on macroeconomic variables such as the output and inflation. In this study, the effect of monetary policy tools including interest rate, exchange rate and money supply on the variables of monetary policy targets including inflation and output is examined through VECM methodology over the period 1989:2-2007:2. Our findings show that in long-term, monetary supply is the most important variable influencing the price followed by the variables of output and exchange rate, respectively. Exogenous-being of interest rate indicates that this channel is underdeveloped and there is no monetary policy rule like Taylor rule in Iran's economy.

  14. Convergence to Equilibrium in Energy-Reaction-Diffusion Systems Using Vector-Valued Functional Inequalities

    Science.gov (United States)

    Mielke, Alexander; Mittnenzweig, Markus

    2018-04-01

    We discuss how the recently developed energy dissipation methods for reaction diffusion systems can be generalized to the non-isothermal case. For this, we use concave entropies in terms of the densities of the species and the internal energy, where the importance is that the equilibrium densities may depend on the internal energy. Using the log-Sobolev estimate and variants for lower-order entropies as well as estimates for the entropy production of the nonlinear reactions, we give two methods to estimate the relative entropy by the total entropy production, namely a somewhat restrictive convexity method, which provides explicit decay rates, and a very general, but weaker compactness method.

  15. The effect of monetary policy of Central Bank on activities of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hossein Vazifehdust

    2013-08-01

    Full Text Available This paper examines the relationship between monetary policy and activity of the Tehran Stock Exchange. The statistical population of the research consists of all companies listed in Tehran Stock Exchange and central bank monetary policy variables including time series generated by the central bank seasonally. For the purpose of data analysis, econometric autoregressive system models, and two-stage ADF regression with unit roots test, co-integration and reliability were used to determine level of effect and type of effect of the four components of monetary policy on exchange activity. The results of this study show that there is a strong relation between share price index and monetary policy variables and between monetary policy variables and trading volume. However, the relation between monetary policy variables and cash yield index was not so strong, but monetary policy variables’ effect on stock exchange activity was acceptable considering strong relation between the two first variables. It is suggested that if this work is done using non-linear models, it will yield better results.

  16. Convergent dysregulation of frontal cortical cognitive and reward systems in eating disorders.

    Science.gov (United States)

    Stefano, George B; Ptáček, Radek; Kuželová, Hana; Mantione, Kirk J; Raboch, Jiří; Papezova, Hana; Kream, Richard M

    2013-05-10

    A substantive literature has drawn a compelling case for the functional involvement of mesolimbic/prefrontal cortical neural reward systems in normative control of eating and in the etiology and persistence of severe eating disorders that affect diverse human populations. Presently, we provide a short review that develops an equally compelling case for the importance of dysregulated frontal cortical cognitive neural networks acting in concert with regional reward systems in the regulation of complex eating behaviors and in the presentation of complex pathophysiological symptoms associated with major eating disorders. Our goal is to highlight working models of major eating disorders that incorporate complementary approaches to elucidate functionally interactive neural circuits defined by their regulatory neurochemical phenotypes. Importantly, we also review evidence-based linkages between widely studied psychiatric and neurodegenerative syndromes (e.g., autism spectrum disorders and Parkinson's disease) and co-morbid eating disorders to elucidate basic mechanisms involving dopaminergic transmission and its regulation by endogenously expressed morphine in these same cortical regions.

  17. Monetary and fiscal policy aspects of indirect tax changes in a monetary union

    OpenAIRE

    von Thadden, Leopold; Lipińska, Anna

    2009-01-01

    In recent years a number of European countries have shifted their tax structure more strongly towards indirect taxes, motivated, inter alia, by the intention to foster competitiveness. Against this background, this paper develops a tractable two-country model of a monetary union, characterised by national fiscal and supranational monetary policy, with price-setting firms and endogenously determined terms of trade. The paper discusses a number of monetary and fiscal policy questions which emer...

  18. Direct-drive high-convergence-ratio implosion studies on the OMEGA laser system

    International Nuclear Information System (INIS)

    Marshall, F. J.; Delettrez, J. A.; Epstein, R.; Glebov, V. Yu.; Harding, D. R.; McKenty, P. W.; Meyerhofer, D. D.; Radha, P. B.; Seka, W.; Skupsky, S.

    2000-01-01

    A series of direct-drive implosion experiments, using room-temperature, gas-filled CH targets, are performed on the University of Rochester's OMEGA laser system [T. R. Boehly et al., Opt. Commun. 133, 495 (1997)]. The target performance at stagnation and its dependence on beam smoothing and pulse shaping is investigated. Compressed core conditions are diagnosed using x-ray and neutron spectroscopy, and x-ray imaging. The individual beams of OMEGA are smoothed by spectral dispersion in two dimensions (2D SSD) with laser bandwidths up to ∼0.3 THz, with 1 ns square to 2.5 ns shaped pulses. A clear dependence of target performance on pulse shape and beam smoothing is seen, with the target performance (yield, areal density, and shell integrity) improving as SSD bandwidth is applied. (c)

  19. Modern Paradigm in Macroeconomic Monetary Theories

    Directory of Open Access Journals (Sweden)

    Daniel Lipară

    2016-01-01

    We appreciated that in order to achieve macroeconomic stability a mix between monetary andfiscal policies is needed, fixed rules should be applied in interdependence with discretionarygovernment measures and acting upon incomes is the best way to fight against inflation.

  20. Convergence to a pulsating travelling wave for an epidemic reaction-diffusion system with non-diffusive susceptible population.

    Science.gov (United States)

    Ducrot, Arnaud; Giletti, Thomas

    2014-09-01

    In this work we study the asymptotic behaviour of the Kermack-McKendrick reaction-diffusion system in a periodic environment with non-diffusive susceptible population. This problem was proposed by Kallen et al. as a model for the spatial spread for epidemics, where it can be reasonable to assume that the susceptible population is motionless. For arbitrary dimensional space we prove that large classes of solutions of such a system have an asymptotic spreading speed in large time, and that the infected population has some pulse-like asymptotic shape. The analysis of the one-dimensional problem is more developed, as we are able to uncover a much more accurate description of the profile of solutions. Indeed, we will see that, for some initially compactly supported infected population, the profile of the solution converges to some pulsating travelling wave with minimal speed, that is to some entire solution moving at a constant positive speed and whose profile's shape is periodic in time.

  1. Impact of monetary policy changes on the Chinese monetary and stock markets

    Science.gov (United States)

    Tang, Yong; Luo, Yong; Xiong, Jie; Zhao, Fei; Zhang, Yi-Cheng

    2013-10-01

    The impact of monetary policy changes on the monetary market and stock market in China is investigated in this study. The changes of two major monetary policies, the interest rate and required reserve ratio, are analyzed in a study period covering seven years on the interbank monetary market and Shanghai stock market. We find that the monetary market is related to the macro economy trend and we also find that the monetary change surprises both of lowering and raising bring significant impacts to the two markets and the two markets respond to the changes differently. The results suggest that the impact of fluctuations is much larger for raising policy changes than lowering changes in the monetary market on policy announcing and effective dates. This is consistent with the “sign effect”, i.e. bad news brings a greater impact than good news. By studying the event window of each policy change, we also find that the “sign effect” still exists before and after each change in the monetary market. A relatively larger fluctuation is observed before the event date, which indicates that the monetary market might have a certain ability to predict a potential monetary change, while it is kept secret by the central bank before official announcement. In the stock market, we investigate how the returns and spreads of the Shanghai stock market index respond to the monetary changes. Evidences suggest the stock market is influenced but in a different way than the monetary market. The climbing of returns after the event dates for the lowering policy agrees with the theory that lowering changes can provide a monetary supply to boost the market and drive the stock returns higher but with a delay of 2 to 3 trading days on average. While in the bear market, the lowering policy brings larger volatility to the market on average than the raising ones. These empirical findings are useful for policymakers to understand how monetary policy changes impact the monetary and stock markets

  2. Endogeneity and Specialization in the European Monetary Union

    Directory of Open Access Journals (Sweden)

    Bąk Henryk

    2015-06-01

    Full Text Available There has been a broad discussion about the viability of the European Monetary Union (EMU in its present and prospective confines. Generally, the EMU, consisting of 19 countries, is not considered an optimal currency area due to low labor market flexibility, autonomous fiscal policies, and structural differences among its members. Considerations about the endogeneity effect of currency unions lead to the question whether the EMU will become more viable over time. According to the endogenity hypothesis formulated by Frankel and Rose [1996, 2000], a common currency area may gradually become an optimal currency area at some future point (ex post unification, despite not having been an optimal currency area (OCA prior to (ex ante currency unification. Currency unification should bring about increased intra-industry trade and greater business cycle synchronization among member states. The most recent literature and analyses presented in this paper suggest that the endogenity effect in the EMU has been frail since its onset. While real convergence between EMU member states has not advanced, divergence in i.a. economic structures, national income and productivity levels is observed. The most important economic mechanisms reinforcing convergence and divergence among monetary union members are presented in this paper. Using recent data and related research results, we show a significant divergence in economic structures, business cycle synchronization and productivity levels among Eurozone members in the last decade. The Krugman sectorial dissimilarity index is applied to measure changes in industrial similarity among member countries and the Hodrick-Prescott filter to estimate business cycle synchronization in the EMU. These divergence tendencies have been strengthened by the global financial crisis of 2008 and persist, calling for reforms and new policies within the EMU.

  3. CONSIDERATIONS REGARDING MONETARY POLICY IN ROMANIA

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    Pitorac Ruxandra

    2015-07-01

    Full Text Available The main objective of this paper is to study the Romania’s monetary policy, in the period 1996-2013. The research starts with a theoretical review of the monetary policy, whose main purpose is influencing the broad money supply and the lending requirements and the institution in charge of achieving this objective is the Central Bank, highlighting its impact upon the economic activity, through the Keynesian analysis model IS-LM and a correlation between the monetary policy measures and the phases of the economic cycle whose results indicate that during the recession periods it is recommended to reduce interest rates in order to stimulate investments, by raising the money supply, and during the expansion period it is recommended to increase the interest rate in order to cut back the money supply. Starting from this premises, the research takes into account the study of the monetary policy measures adopted by the governmental authority of Romania, making a quantitative analysis of the main macroeconomic indicators: the real interest rate, the lending interest rate, the deposit interest rate and the broad money supply and through a multifactorial regression, highlighting the impact of the interest rates upon the monetary aggregate M2. Moreover, a comparison between the monetary policy measures adopted in Romania and the monetary policies recommended by specialized literature has been done, and the results have indicated that during recession periods the attention of the governmental authorities is focused upon adopting the right measures, but during the expansion periods this doesn’t happen. The results of this research highlight the economic situation in Romania and the way in which the governmental authority intervened, through the monetary policy measures, in order to mitigate the negative effects of the cyclical fluctuations.

  4. Expectations, Bond Yields and Monetary Policy

    DEFF Research Database (Denmark)

    Chun, Albert Lee

    2011-01-01

    expectations about inflation, output growth, and the anticipated path of monetary policy actions contain important information for explaining movements in bond yields. Estimates from a forward-looking monetary policy rule suggest that the central bank exhibits a preemptive response to inflationary expectations...... of this type may provide traders and policymakers with a new set of tools for formally assessing the reaction of bond yields to shifts in market expectations...

  5. The role of forecasts in monetary policy

    OpenAIRE

    Jeffery D. Amato; Thomas Laubach

    2000-01-01

    Forecasts of future economic developments play an important role for the monetary policy decisions of central banks. For example, forecasts of goal variables can help central banks achieve their goals and make them more accountable to the public. There are two primary explanations for the benefits of forecasts. The first is that monetary policy affects goal variables such as inflation and output only with substantial lags. Policy actions should, therefore, be based on forecasts of goal variab...

  6. EURO ZONE AND ITS MONETARY POLICY

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    Dorel Dumitru CHIRIŢESCU

    2010-03-01

    Full Text Available In this article I have tried to make a short presentation of the Euro Zone and it’s monetary policy. At the present moment the Euro Zone has 16 countries that have adopted the Euro as a national currency and also 4 small countries that have monetary agreements with their neighbours. The monetary policy represents all the regulations of the money supply and interest rates adopted by the European Central Bank in order to control the inflation rate and to stabilize a specific currency, in this case, the Euro. Stabilizing the inflation rate to certain levels is the main goal of the monetary policy. The monetary policy is the second policy, next to the fiscal one which in which a government, in this case the European Union’s official bodies, can impact the economic situation of the Eurozone. The fiscal policy represents the way a government spends, borrows or applies different types of taxes. The Monetary policy can be either expansionary, when unemployement and recessions needs to be combated, or contractionary, when inflation is conbated byt raising the interest rates.

  7. Monetary policy and insolvency of economic sector

    Directory of Open Access Journals (Sweden)

    Tepavac Rajko

    2012-03-01

    Full Text Available The main task of monetary policy of our central bank is to achieve and preserve stability of prices and currency. Targeted inflation rate has been chosen as operating instrument for gradual realization of low and stable inflation, along with elimination of inflation expectations. Also, a specific inflation corridor is chosen to ensure operations, transparency and ex ante effects of monetary policy. The paper presents analysis on whether there really is a restrictive monetary policy, deflections of real inflation from the programmed one, level of 'restrictiveness' of monetary policy and behavior of bank loans, money supply, nominal and real economic growth. Analysis is carried out and criticism of concepts of monetary regulation of mandatory bank reserves, blocking of financial bank potential through monetary regulation instruments, but also relations between central and business banks through open market policy. Criticism of repo operations and complete disappearance of selective credit policy is provided as well. The problem of almost embedded insolvency of economic sector is highlighted.

  8. MONETARY POLICY AND PARALLEL FINANCIAL MARKETS

    Directory of Open Access Journals (Sweden)

    Adela IONESCU

    2015-07-01

    Full Text Available Monetary policy is one of the economic policy "tools" through which it acts on the currency demand and supply in the economy. The importance of monetary policy results from its primary objective - price stability, plus limiting inflation and maintaining internal and external value of the currency. Responsibility for achieving these objectives rests with the Central Bank, which has a monopoly in the formulation and the implementation of monetary policy targets. Price stability is the primary objective of monetary policy and also the central objective of economic policy, alongside with: sustainable economic growth, full employment of labor force, balance of external payments equilibrium. To achieve these overall objectives of economic policy, monetary policy acts through currency as an instrument of action and it represents the overall action exercised by the monetary authority to influence economic development and to ensure price stability. In economic processes numerous factors emerge to the sale or purchase of capital available for a shorter or longer period and to achieving their aspirations of maximize capital gains, they are negotiating, they are confronting and agreeing within specific market relationships. The entirety of relations between various economic issues, enterprises and individuals, between them and the banking intermediaries, as well as the relationship between banks and other credit institutions on the transfer of cash money as specific form of debt and fructification of capital, form capital markets or credit markets. These markets are carved up according to the nature and purposes of the participants.

  9. Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?

    OpenAIRE

    Benjamin M. Friedman; Kenneth N. Kuttner

    2010-01-01

    Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating the supply of banking system reserves, as in conventional economics textbooks; today this process involves little or no variation in the supply of central bank liabilities. In effect, the announcement effect has displaced the liquidity effect as the fulcrum of monetary policy implementation. The chapter begins with an exposition of the traditional view of the implementation of ...

  10. Convergent Adaptations: Bitter Manioc Cultivation Systems in Fertile Anthropogenic Dark Earths and Floodplain Soils in Central Amazonia

    Science.gov (United States)

    Fraser, James Angus; Alves-Pereira, Alessandro; Junqueira, André Braga; Peroni, Nivaldo; Clement, Charles Roland

    2012-01-01

    Shifting cultivation in the humid tropics is incredibly diverse, yet research tends to focus on one type: long-fallow shifting cultivation. While it is a typical adaptation to the highly-weathered nutrient-poor soils of the Amazonian terra firme, fertile environments in the region offer opportunities for agricultural intensification. We hypothesized that Amazonian people have developed divergent bitter manioc cultivation systems as adaptations to the properties of different soils. We compared bitter manioc cultivation in two nutrient-rich and two nutrient-poor soils, along the middle Madeira River in Central Amazonia. We interviewed 249 farmers in 6 localities, sampled their manioc fields, and carried out genetic analysis of bitter manioc landraces. While cultivation in the two richer soils at different localities was characterized by fast-maturing, low-starch manioc landraces, with shorter cropping periods and shorter fallows, the predominant manioc landraces in these soils were generally not genetically similar. Rather, predominant landraces in each of these two fertile soils have emerged from separate selective trajectories which produced landraces that converged for fast-maturing low-starch traits adapted to intensified swidden systems in fertile soils. This contrasts with the more extensive cultivation systems found in the two poorer soils at different localities, characterized by the prevalence of slow-maturing high-starch landraces, longer cropping periods and longer fallows, typical of previous studies. Farmers plant different assemblages of bitter manioc landraces in different soils and the most popular landraces were shown to exhibit significantly different yields when planted in different soils. Farmers have selected different sets of landraces with different perceived agronomic characteristics, along with different fallow lengths, as adaptations to the specific properties of each agroecological micro-environment. These findings open up new avenues for

  11. Convergent adaptations: bitter manioc cultivation systems in fertile anthropogenic dark earths and floodplain soils in Central Amazonia.

    Directory of Open Access Journals (Sweden)

    James Angus Fraser

    Full Text Available Shifting cultivation in the humid tropics is incredibly diverse, yet research tends to focus on one type: long-fallow shifting cultivation. While it is a typical adaptation to the highly-weathered nutrient-poor soils of the Amazonian terra firme, fertile environments in the region offer opportunities for agricultural intensification. We hypothesized that Amazonian people have developed divergent bitter manioc cultivation systems as adaptations to the properties of different soils. We compared bitter manioc cultivation in two nutrient-rich and two nutrient-poor soils, along the middle Madeira River in Central Amazonia. We interviewed 249 farmers in 6 localities, sampled their manioc fields, and carried out genetic analysis of bitter manioc landraces. While cultivation in the two richer soils at different localities was characterized by fast-maturing, low-starch manioc landraces, with shorter cropping periods and shorter fallows, the predominant manioc landraces in these soils were generally not genetically similar. Rather, predominant landraces in each of these two fertile soils have emerged from separate selective trajectories which produced landraces that converged for fast-maturing low-starch traits adapted to intensified swidden systems in fertile soils. This contrasts with the more extensive cultivation systems found in the two poorer soils at different localities, characterized by the prevalence of slow-maturing high-starch landraces, longer cropping periods and longer fallows, typical of previous studies. Farmers plant different assemblages of bitter manioc landraces in different soils and the most popular landraces were shown to exhibit significantly different yields when planted in different soils. Farmers have selected different sets of landraces with different perceived agronomic characteristics, along with different fallow lengths, as adaptations to the specific properties of each agroecological micro-environment. These findings open

  12. Estimation of transmission mechanism of monetary policy in Serbia

    Directory of Open Access Journals (Sweden)

    Bungin Sanja

    2015-01-01

    Full Text Available Transmission mechanism of monetary policy recently has been subject to several studies in Serbia. The so called 'black box' of monetary policy is investigated with aim to identify the effects of transmission channel in environment where exchange rate has a dominant role in central bank operations. Therefore, it is a challenge to approach this problem in inflation targeting regime where key interest rate is expected to prevail as a main policy instrument. The study employs unrestricted Vector Autoregression model for estimating significance of exchange rate and interest rate channel. As expected, exchange rate has far more stronger influence on inflation, even though there are some signs of interest rate channel existence. Introducing Euribor as endogenous variables in VAR system displayed important impact on real variables.

  13. The importance and role of the Central Bank in the creation of a healthy monetary and investment policy

    Directory of Open Access Journals (Sweden)

    Šmigić-Miladinović Jasmina

    2016-01-01

    Full Text Available The paper's starting point is finding an answer to the question: What kind of monetary policy should be followed by the Central bank in new market circumstances? As a major monetary institution, the Central bank should provide credibility for its monetary policy, which is particularly important during a macroeconomic stabilisation. In order to choose the most appropriate monetary policy, its creators should be familiar with the monetary policy's effects on economic activities, first of all on investment activities and the period in which they may occur. The Central bank uses its special status and authorisations to control monetary trends, to keep and handle foreign exchange reserves, to keep banks' required reserves, to manage the country's debt, to be the final creditor of the banking system, to take care of the banking system's liquidity. That is why the Central bank has become important for the functioning of the whole financial market, and especially the monetary market. The Central bank has both direct and indirect influence on the most important events on financial markets, financial system, as well as a wider influence - on a country's whole economy. In order to envisage the financial market's impact on monetary and investment policies, one should begin with the Central bank's role on the financial market, and at the same time analyse the financial market's instruments and institutions.

  14. PROBLEM AND PERSPECTIVE OF ISLAMIC MONETARY POLICY IN INDONESIA

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    Marsuki Marsuki

    2017-03-01

    Full Text Available This article would try to explicate several theoretical and practical concepts on the problems and prospectsof Islamic monetary policy in Indonesia using a critical analysis approach, in accordance with standardscientific references, and would be complemented with descriptions and examples of practice. From theseillustrations and analyses, it appeared that on one hand, Islamic monetary policy would find many difficultiesif implemented fully, considering that there were several fundamental obstacles that would have to besurmounted by such an implementation, primarily the fact that Indonesian Constitution (UUD 1945 was notbased on Islamic law or syariah. On the other hand, despite problems and challenges, the existing conditionwas still open for the possibility for partial implementation of Islamic monetary policy. It was because therewere several conditions which were amenable for an implementation, for instance the facts that majority ofIndonesian population was Muslim, the increasing acceptance of the public for the advantages of Islamicmonetary and financial system, and increasing support by stakeholders of the banking system, especiallythe Indonesian central bank (BI. Moreover, there were facts about financial institutions and existingsyariah banking institutions.

  15. MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

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    Kosta JOSIFIDIS

    2010-01-01

    Full Text Available The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, and implicit/explicit inflation targeting monetary regime and floating (managed/free exchange rate regime. The monetary transmission is tracked during different phases in a transition process towards the EU and compared between different nominal anchors and exchange rate regimes. In order to track the influence of a monetary policy instruments (impulses to different goals of a monetary policy (responses during the period from 6-24 months, we use VAR and VEC models. Monthly frequency of following time series are used in the models: nominal exchange rates, consumer price indexes, foreign exchange reserves, and reference interest rates. The aim of the paper is to point to the distinction between de jure and de facto exchange rate regimes, and to the adequacy of used combination of monetary and exchange rate regimes having in mind revealed features of investigated monetary transmission channels.

  16. Measuring exchange market pressure in South Africa: an application of the Girton-Roper monetary model

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    Emmanuel Ziramba

    2013-02-01

    Full Text Available The monetary approach to the balance of payments is based on the assumption of a fixed exchange rate, while its approach to exchange rate determination is based on perfectly flexible exchange rate. Another monetary model called the Exchange Market Pressure model (EMP was designed to capture the properties of the managed float. This paper applies the monetary model of the EMP to the South African experience with floating exchange rate and managed float systems over the period 1970-1993. We show that the EMP model is superior to the traditional monetary approach. We do not find evidence of the impact of domestic real income on EMP. Diagnostic tests suggest that the model is well specified and the residuals pass the typical checking.

  17. MONETARY POLICY AND THE INFLATION TARGETING STRATEGY

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    Zina V. MARCU căs. CIORAN

    2013-10-01

    Full Text Available The monetary policy is a basic component of the economic policy. It has an important role in fulfilling the main objectives of the economic politics, which is: price stability, insurance of a balanced economic raise, full occupancy of human resources and the external payment balance stability insurance. Inflation is a negative thing affecting the economy both on short and long term. On short term, it erodes the purchasing power of currency and thus, it mostly affects the retirees and those with fixed incomes. On long term, inflation discourages the investments and the economic growth. The purpose of this paper consists in the revision and presentation of the specialized literature concerning the impact the monetary policy has on the main macro-economical variables, especially on inflation, in terms of influence of the monetary authority decision on economic and financial conjunction. It was found that the monetary authorities of any country can evaluate exactly the rhythm and the effects of their actions on the economy by understanding the mechanisms which the monetary policy uses to influence the economy.

  18. Monetary Policy and Price Stability in Nigeria

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    Idoko Ahmed Itodo

    2017-06-01

    Full Text Available Irregular price changes, with its economic consequences of market risks and uncertainties, have been one of the most challenging problems facing the Nigerian economy. Successive financial sector reforms, which seek to enhance the role of monetary policy instruments in macroeconomic management, in view of the theoretical and empirical link between monetary policy and general price level, have been implemented with less than satisfactory results. This paper examines the monetary policy in stabilizing price level in Nigeria. We employ the Vector Autoregressive (VAR model, with in-built differencing to take care of unit root in these time series data, to capture this relationship. From our findings, we discover that, money supply has no significant relationship with price level in Nigeria. This, we believe, may be due to the influence of the large informal financial sector which controls a very significant fraction of money in circulation. Thus, policy reforms that would curb the influence of the informal financial sector should be implemented in order to allow the central monetary authority to work better, and enhance the role of monetary management in Nigeria.

  19. New jurisdiction of the European Court of Justice in resolving monetary and fiscal disputes

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    Dimitrijević Marko

    2016-01-01

    Full Text Available The global financial crisis has caused the need for a stronger positioning of the European Court of Justice in the new model of economic governance in the European Union. The Jurisdiction of the European Court of Justice contributes in creating the optimal legal control mechanism of budget spending in the European monetary law and ensure maintenance of euro-zone fiscal framework. The role of the European Court of Justice in the EMU in earlier periods was secondary, but in times of crisis, it points to the growing need of Jurisdiction's extending in the field of monetary relations between member states and respect of convergence rules. Court's Jurisdiction in resolving of monetary and fiscal disputes is increasingly implemented in determining the legal nature of international agreements, whose ratio is economic stability, where the Judgments regarding complementarities of these legal documents with primary law provisions have the crucial impact on the future direction of national fiscal policies coordination. Although, the Court's Jurisdiction in this area is still underdeveloped and Judgments are often conditioned by pragmatism reasons, by development of credible macroeconomic dialogue between Court of Justice, European Central Bank and European Court of Auditors may establish conditions for fullfiling legal gaps in the performance of monetary and fiscal Jurisdiction of the Court.

  20. Taylor rule and EMU Monetary Policy Determination and ECB's Preferences

    Directory of Open Access Journals (Sweden)

    Svatopluk Kapounek

    2006-01-01

    between the inflation target, potential output, current macroeconomic situation on the one side and current monetary policy strategy, represented by interest rates, on the other side. A range of empirical studies refers to differences between the desired interest rates of member and future member countries of EMU. The level of desired interest rates changes continuously according to the current economic situation of individual national economies. The differences are given by dissimilarities in financial systems, transmission mechanisms, and historical context of monetary arrangements. The authors suppose that the national authorities' and central banks' preferences are constant in the short time or identical before and after enlargement. The main idea of the article is that the traditional approach, which compares desired interest rates by national central banks, is irrelevant before full membership in EMU. The center of the problem is the mutual agreement on preferences of common monetary policy. The answer to the question: how to evaluate real impact of common monetary policy on real economy of EMU candidate countries after their entrance to Eurozone, is expected result of the article.

  1. The advantage of international fiscal cooperation under alternative monetary regimes

    DEFF Research Database (Denmark)

    Jensen, Henrik

    1996-01-01

    We consider the strategic interplay between international monetary and fiscal cooperation in a world of interdependent economies. Motivated by the ongoing discussion of monetary unification of Europe, focus is on monetary cooperation, and in particular how its performance is altered by the introd......We consider the strategic interplay between international monetary and fiscal cooperation in a world of interdependent economies. Motivated by the ongoing discussion of monetary unification of Europe, focus is on monetary cooperation, and in particular how its performance is altered...

  2. The Monetary Policy in a Changing World

    Directory of Open Access Journals (Sweden)

    Mariana Trandafir

    2015-05-01

    Full Text Available In a context where “the economies’ evolution is driven by the crisis”, the monetary policies are facing, in the post-crisis period, challenges that bring to the forefront of debates the rethinking of objectives, strategies and even implementation tools. This paper presents in a comparative analysis, the relevance of price stability in terms of theoretical fundaments and effectiveness of the concept for the pre and post – crisis periods, in the Eurozone, the US and Japan in an attempt to identify the explicative resorts of the central bank’s monetary behavior. At this time when the central banks are obliged to unconventional measures to save the global economy from the danger of deflation, the topic is important and timely addressed. The paper uses statistical data of official documents taken from the International Monetary Fund, European Union and central bank websites.

  3. MONETARY POLICY TRANSMISSION MECHANISM IN EMERGING COUNTRIES

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    Andreea ROŞOIU

    2013-06-01

    Full Text Available The transmission channels of monetary policy are used by central banks to accomplish the main objective of price stability in the context of sustainable economic growth. The importance of interest rate and exchange rate channels for the emerging countries Romania, Poland, Czech Republic and Hungary is analyzed by using Bayesian VAR approach with Diffuse priors over 1998Q1-2012Q3. Main result of the empirical study is that both channels are effective for the monetary policy transmission mechanism in Hungary and Czech Republic. In Romania and Poland they do not exhibit puzzles, but the impact of the macroeconomic variables is not very significant and shows very high volatility. In the context of monetary integration, exchange rate channel will become irrelevant when these countries adopt Euro currency. This change will lead instead to a powerful interest rate channel.

  4. Monetary Shocks in Models with Inattentive Producers.

    Science.gov (United States)

    Alvarez, Fernando E; Lippi, Francesco; Paciello, Luigi

    2016-04-01

    We study models where prices respond slowly to shocks because firms are rationally inattentive. Producers must pay a cost to observe the determinants of the current profit maximizing price, and hence observe them infrequently. To generate large real effects of monetary shocks in such a model the time between observations must be long and/or highly volatile. Previous work on rational inattentiveness has allowed for observation intervals that are either constant-but-long ( e.g . Caballero, 1989 or Reis, 2006) or volatile-but-short ( e.g . Reis's, 2006 example where observation costs are negligible), but not both. In these models, the real effects of monetary policy are small for realistic values of the duration between observations. We show that non-negligible observation costs produce both of these effects: intervals between observations are infrequent and volatile. This generates large real effects of monetary policy for realistic values of the average time between observations.

  5. Analysis of Fiscal Rules in the European Monetary Union

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    Šehović Damir

    2015-01-01

    Full Text Available : The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common centralized monetary policy under the ECB jurisdiction and decentralized fiscal policies under the jurisdiction of the member states. The member states` sovereignty in governing their fiscal policies is one of the key causes of the EU fiscal system underdevelopment, i.e. its indigent structure in relation to “standard fiscal systems”.

  6. On the Convergence of Q-OR and Q-MR Krylov Methods for Solving Nonsymmetric Linear Systems

    Czech Academy of Sciences Publication Activity Database

    Duintjer Tebbens, Jurjen; Meurant, G.

    2016-01-01

    Roč. 56, č. 1 (2016), s. 77-97 ISSN 0006-3835 R&D Projects: GA ČR GA13-06684S Institutional support: RVO:67985807 Keywords : Krylov method * Q-OR method * Q-MR method * BiCG * QMR * CMRH * eigenvalue influence * prescribed convergence Subject RIV: BA - General Mathematics Impact factor: 1.670, year: 2016

  7. Albania and the EU: A path to convergence?

    Directory of Open Access Journals (Sweden)

    Javier Lopez-Prol

    2014-11-01

    Full Text Available The aim of this paper is to assess the degree of relative convergence achieved by Albania in relation to the EU during the last decade through a descriptive empirical analysis. The paper is divided into three sections related to real and nominal convergence in the fields of economic performance; trade openness and balance; and monetary convergence, according to the Euro criteria established in the art. 140 (1 of the TFEU and the protocol Nº 13 (price stability, public finances, exchange rate, and long-term interest rates. In order to have a wide perspective about convergence-divergence trends inside and outside the EU, the tendencies followed by Germany and Greece are also mentioned, as paradigmatic cases of divergence within the EU. Finally, a summary table is presented reviewing each of the analysed variables regarding the last decade evolution and the current situation.

  8. UNCONVENTIONAL MONETARY POLICY: CHANGING EUROPEAN CENTRAL BANK’S PERSPECTIVE ON FINANCIAL GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Bogdan Munteanu

    2017-06-01

    Full Text Available The paper aims to look at the European Central Bank governance in terms of decisions taken to deploy a new kit of unconventional monetary policy measures, in order to respond to a new economic paradigm characterized by dynamic change in evolution, high volatility and enhanced financial risks. As an institution, the European Central Bank is led by the Governing Council and the decisions taken on how to use monetary policy impact an entire financial system. European Central Banking governance is about safeguarding the common currency and ensuring a future for the economic and monetary area to emerge stronger. For this purpose, when conventional monetary policies reach limits in their effects, it is time for the European Central Bank governance to analyse and assume the decision to deploy the arsenal of unconventional monetary policies. The experience of recent years showed a positive effect of the European Central Bank’s unconventional monetary measures, but costs could rise in case of extensive use of such measures. When these measures are used in combination, the effect is amplified and the European Central Bank needs to assess when it is time to withdraw the support, how to communicate and what exit strategy should use, what the costs are and impact can expect.

  9. Monetary Policy in Chile: a black box?

    OpenAIRE

    Angel Cabrera; Luis Felipe Lagos

    2000-01-01

    This paper studies monetary policy in Chile during the 1986-1997 period. We concentrate in understanding the monetary transmission mechanism by which the Central Bank instrument—the real interest rate—affects total expenditure, output and the inflation rate. The methodology used is structural VARS. We find a weak effect of the interest rate on all the variables. The interest rate has a significant effect on the expenditure-output gap. Both the interest rate and the expenditure-output gap have...

  10. Envisioning engineering education and practice in the coming intelligence convergence era — a complex adaptive systems approach

    Science.gov (United States)

    Noor, Ahmed K.

    2013-12-01

    Some of the recent attempts for improving and transforming engineering education are reviewed. The attempts aim at providing the entry level engineers with the skills needed to address the challenges of future large-scale complex systems and projects. Some of the frontier sectors and future challenges for engineers are outlined. The major characteristics of the coming intelligence convergence era (the post-information age) are identified. These include the prevalence of smart devices and environments, the widespread applications of anticipatory computing and predictive / prescriptive analytics, as well as a symbiotic relationship between humans and machines. Devices and machines will be able to learn from, and with, humans in a natural collaborative way. The recent game changers in learnscapes (learning paradigms, technologies, platforms, spaces, and environments) that can significantly impact engineering education in the coming era are identified. Among these are open educational resources, knowledge-rich classrooms, immersive interactive 3D learning, augmented reality, reverse instruction / flipped classroom, gamification, robots in the classroom, and adaptive personalized learning. Significant transformative changes in, and mass customization of, learning are envisioned to emerge from the synergistic combination of the game changers and other technologies. The realization of the aforementioned vision requires the development of a new multidisciplinary framework of emergent engineering for relating innovation, complexity and cybernetics, within the future learning environments. The framework can be used to treat engineering education as a complex adaptive system, with dynamically interacting and communicating components (instructors, individual, small, and large groups of learners). The emergent behavior resulting from the interactions can produce progressively better, and continuously improving, learning environment. As a first step towards the realization of

  11. Specialisation and Convergence in European Regions

    Directory of Open Access Journals (Sweden)

    Enrico Marelli

    2007-09-01

    Full Text Available The purpose of this paper was to analyze specialization and convergence of European countries and regions, within the framework of integration in the EU. This is important not only for long-term real convergence processes, but also for a proper functioning of the monetary union (in the line of research on the OCA's criteria, asymmetry of shocks and synchronization of business cycles. The position of new member states is particularly delicate, also considering the forthcoming adoption of the euro by some of them. As indicated by the EU Treaty, economic growth should be balanced with economic and social cohesion that includes a careful consideration of regional disparities. Our empirical investigation focuses on the regions of EU25, further broken up into other relevant groupings (EU15, EMU, and the new members' EU10 group, over the period from 1980 (or 1990 for EU10 to 2005. This paper considers a rather fine regional disaggregation (NUTS-2 level, counting 250 regions. The analysis of different indices of specialisation point to a prevalent increase of homogeneity of sector structures across European regions, although in some cases (especially in the industrial sector and in some services specialisation has increased. For convergence, a sigma convergence's analysis confirms a reduction of disparities, both at a country and regional level. However, a trade-off between fast national growth and internal distribution has emerged in the early stages of development, as in the case of new members. Moreover, beta convergence has also been established - regarding per capita income, employment and productivity - for almost all territorial aggregates (excluding the new members since 1999. The addition of structural variables, following a beta-conditional approach, indicates a positive role for services and a negative impact of agriculture. Finally, some preliminary results have been obtained by the innovative inclusion of specialisation indices within

  12. Development of the common standard for revenue recording as a part of the US GAAP and IAS/IFRS systems convergence

    OpenAIRE

    Hana Bohušová

    2009-01-01

    The most significant difference between US GAAP and IFRSs is in the area of general approach. IFRSs are based on basic accounting principles1 with limited application guidance, US GAAPs are based especially on rules with specific application guidance. FASB and IASB initiated their joint project on revenue recording to converge IFRS and US GAAP in this area. The main objective of this paper is comparative analysis of revenue recognition under both systems, evaluation of the most significant di...

  13. Forming of the dynamics of the changes in convergent production system depending on size of production party

    Directory of Open Access Journals (Sweden)

    Bożena Zwolińska

    2017-09-01

    Full Text Available Background: In terms of Lean Six Sigma, the whole process focuses on clients and their needs. Existence of a client generates the supply of companies. Extended customization has a negative impact for a structure of the production system. Dynamics of changes and no predictability of system’s state in time t+1 lead to increase of the operational costs. It particularly affects those companies which are producing goods using MTO (make – to – order method in short series. The goal of this article is to establish a mathematical model defining how the structure of a production system is subject to change depending on the volume of the production batch for a production system in accordance with MTO. Furthermore pilot calculations have been presented which determine the probability value, how subsequent random variables are contained within three standard deviations (±3δ from the determined expected value (ET for the entire production structure. Months of analysis and research on introducing selected lean toolbox components to a polish company from the small and medium enterprises sector resulted in the models presented in the article. The production structure of the discussed actual facility is complex and is of converged nature in accordance with MTO, while the final products are manufactured in short production series with a relatively wide customization options. Materials and results: Wrought models consider theories of  Klir and Maserovicz [Mesarovic 1964] and also theory of mass operation (one of the probability areas.  In the article there are results from two models which are fundamental in defining problems in logistics engineering and production in scientific research. Important attribute of presented models is a fact that they consider relations between variables in a structure of consecutive processes and also consider relations between a size of production party and a real object. Presented models are not only theoretical coverage

  14. The Latin Monetary Union: Some evidence on Europe's failed common currency

    Directory of Open Access Journals (Sweden)

    Kee-Hong Bae

    2011-04-01

    Full Text Available The Latin Monetary Union was initiated in 1865 by France, Belgium, Italy, and Switzerland. We find that LMU membership or adoption of a gold standard is frequently associated with lower volatility of private bill yields, bond yields, inflation, and deviations from Purchasing Power Parity. However, neither standard induces convergence with LMU leader France or gold standard leader Great Britain. Bond yield spreads indicate that adoption of the gold standard is more credible than membership of the LMU. Italy is an outlier, perhaps due to errant fiscal and monetary policies. A comparison to data from the modern EMS/EMU confirms that the LMU was a weaker and less credible currency arrangement.

  15. Analysis of integrated animal-fish production system under subtropical hill agro ecosystem in India: growth performance of animals, total biomass production and monetary benefit.

    Science.gov (United States)

    Kumaresan, A; Pathak, K A; Bujarbaruah, K M; Vinod, K

    2009-03-01

    The present study assessed the benefits of integration of animals with fish production in optimizing the bio mass production from unit land in subtropical hill agro ecosystem. Hampshire pigs and Khaki Campbell ducks were integrated with composite fish culture. The pig and duck excreta were directly allowed into the pond and no supplementary feed was given to fish during the period of study. The average levels of N, P and K in dried pig and duck manure were 0.9, 0.7 and 0.6 per cent and 1.3, 0.6 and 0.5 per cent, respectively. The average body weight of pig and duck at 11 months age was 90 and 1.74 kg with an average daily weight gain of 333.33 and 6.44 g, respectively. The fish production in pig-fish and duck-fish systems were 2209 and 2964 kg/ha, respectively while the fish productivity in control pond was only 820 kg/ha. The total biomass (animal and fish) production was higher (pfeeding system compared to the traditional system, however the input/output ratio was 1:1.2 and 1:1.55 for commercial and traditional systems, respectively. It was inferred that the total biomass production per unit land was high (pfish were integrated together.

  16. On the effects of monetary policy shocks in developing countries

    Directory of Open Access Journals (Sweden)

    Magda Kandil

    2014-06-01

    Full Text Available Using annual data for a sample of developing countries, the time-series evidence indicates the allocation of monetary policy shocks, both expansionary and contractionary, between price inflation and output growth. Subsequently, cross-country regressions evaluate factors that underlie the difference in these allocations and their implications. The real effects of monetary shocks increase as the elasticity of aggregate demand increases with respect to monetary shocks. Nonetheless, capacity constraints hamper the output adjustment to monetary shocks and increase price inflation. Across countries, trend output growth increases with the output response to monetary shocks. Consistent with the stabilizing function of monetary policy, the variability of output growth decreases in the face of monetary fluctuations across countries. In contrast, monetary fluctuations increase the trend and variability of price inflation across countries.

  17. Fiscal Deficits, Monetary Reform and Inflation Stabilization in Romania.

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.; Budina, N.

    2001-01-01

    Investigates the consistency between inflation, monetary reform and fiscal policy in Romania. Offers a framework for the assessment of the fiscal and monetary interactions of Romanian economy; Shows impact of inflation on fiscal inconsistency measure; Considers importance of consolidating public

  18. Monetary Policy Shocks and Stock Returns Reactions: Evidence ...

    African Journals Online (AJOL)

    SIPHAMBE, H.K. (PROF.)

    context is useful to both monetary authorities and investors. ... they should target stock prices or use stock price information as indicators of the monetary ... current account transactions, with remaining controls on the capital account eliminated ...

  19. Comparative analysis of the tardigrade feeding apparatus: adaptive convergence and evolutionary pattern of the piercing stylet system

    Directory of Open Access Journals (Sweden)

    Roberto Guidetti

    2013-03-01

    Full Text Available A thorough analysis of the cuticular parts of tardigrade feeding apparatuses was performed in order to provide a more complete understanding of their evolution and their potential homologies with other animal phyla (e.g. Cycloneuralia and Arthropoda. The buccal- pharyngeal apparatuses of eight species belonging to both Eutardigrada and Heterotardigrada were studied using light and scanning electron microscopy. This study supports and completes a previous study on the relationships between form and function in the buccalpharyngeal apparatus of eutardigrades. The common sclerified structures of the tardigrade buccal-pharyngeal apparatus are: a buccal ring connected to a straight buccal tube, a buccal crown, longitudinal thickenings within the pharynx, and a stylet system composed of piercing stylets within stylet coats, and stylet supports. Specifically, heterotardigrades (Echiniscoidea have a narrow buccal tube; long piercing stylets, each with a longitudinal groove, that cross one another before exiting the mouth; pharyngeal bars and secondary longitudinal thickenings within the pharynx. In contrast, eutardigrades have stylets which are shorter than the buccal tube; Parachela have pharyngeal apophyses and placoids within the pharynx, while Apochela lack a buccal crown and cuticular thickenings within the pharynx, the buccal tube is very wide, and the short stylets are associated with triangular-shaped stylet supports. In both classes, when the piercing stylet tips emerge from the mouth to pierce food, the buccal tube opening is almost completely obstructed, which may hinder food uptake. In heterotardigrades, the crossing of the piercing stylets may further decrease food uptake, however this disadvantage may have been reduced in echiniscids by the evolution of a long buccal tube and long stylets able to run more parallel to the buccal tube. In contrast, eutardigrades evolved different strategies. In the order Apochela and in several

  20. Monetary Policy in a Low Inflation Environment

    NARCIS (Netherlands)

    C.A. Ullersma (Cornelis Alexander)

    2007-01-01

    textabstractThis thesis shows that since the mid 1980s a sharp fall in equity and house prices tends to go hand in hand with a reduction of the monetary policy interest rate, which is the central bank’s main instrument to safeguard price stability. In exceptional circumstances, the policy rate can

  1. Monetary Policy and Nigeria's Economic Development | Akujuobi ...

    African Journals Online (AJOL)

    This study investigated the impact of monetary policy instruments on theeconomic development of Nigeria, using multiple regression technique. Itwas found that cash reserve ratio was significant in impacting on theeconomic development of Nigeria at both 1% and 5% levels of significance,treasury bill at 5.6%, minimum ...

  2. Monetary Policy and Excessive Bank Risk Taking

    NARCIS (Netherlands)

    Agur, I.; Demertzis, M.

    2010-01-01

    If monetary policy is to aim at financial stability, how would it change? To analyze this question, this paper develops a general-form model with endogenous bank risk profiles. Policy rates affect both bank incentives to search for yield and the cost of wholesale funding. Financial stability

  3. MONEY AND MONETARY POLICY OF THE GOVERNMENT

    Directory of Open Access Journals (Sweden)

    Tsvetan Iliev

    2017-12-01

    Full Text Available In this paper we will clarify the issues related to: the emergence of money - their functions and varieties, the specificity of their demand and supply and the main aspects of the monetary policy of the state with its effects on the economic development.

  4. Monetary policy, banking and heterogeneous agents

    NARCIS (Netherlands)

    Wolski, M.

    2012-01-01

    The influence of heterogeneous expectations on monetary policy performance has gained a lot of attention in the recent years. It proved to be an important factor that, under some circumstances, may even destabilize the economy (Massaro, 2012). This paper investigates the phenomenon of heterogeneous

  5. Borrowing constraints, multiple equilibria and monetary policy

    NARCIS (Netherlands)

    Assenza, T.

    2007-01-01

    The appealing feature of Kiyotaki and Moore's Financial Accelerator model (Kiyotaki and Moore, 1997, 2002) is the linkage of asset price changes and borrowing constraints. This framework therefore is the natural vehicle to explore the net worth channel of the monetary transmission mechanism. In the

  6. Monetary policy cooperation may not be counterproductive

    DEFF Research Database (Denmark)

    Jensen, Henrik

    1997-01-01

    This paper qualifies Rogoff's famous (1985) result that international monetary policy cooperation is counterproductive. In a model similar to his, it is shown that if wage-setters are non-atomistic and inflation averse - as policymakers are - cooperation leads to higher employment and possibly...

  7. Signalling, wage controls and monetary disinflation policy

    NARCIS (Netherlands)

    van Wijnbergen, S.J.G.; Persson, T.

    1993-01-01

    Focuses on wage control and monetary disinflation policy. How the crucial variable to control is the money supply and wage and price controls should be avoided because of their macroeconomic costs; The two types of government as being low-inflation governments and high-inflation governments; How

  8. Monetary incentives: usually neither necessary nor sufficient?

    Czech Academy of Sciences Publication Activity Database

    Ortmann, Andreas; Hertwig, R.

    -, č. 307 (2006), s. 1-17 ISSN 1211-3298 Institutional research plan: CEZ:AV0Z70850503 Keywords : experimental practices * monetary incentives * rhetorical tactics Subject RIV: AH - Economics http://www.cerge-ei.cz/pdf/wp/Wp307.pdf

  9. Reserve Requirements and Monetary Management; An Introduction

    OpenAIRE

    International Monetary Fund

    1993-01-01

    Reserve requirements are widely used by central banks as a means to improve monetary control, an instrument for policy implementation, a source of revenue, and a safeguard of bank liquidity. The effectiveness of reserve requirements in fulfilling these functions is reviewed, and the detailed modalities of their use are examined. Reserve requirements in a sample of developing countries are described.

  10. Analysis of monetary and fiscal policy mix

    Directory of Open Access Journals (Sweden)

    2010-12-01

    Full Text Available Economies are constantly hit by various shocks-that effect aggregate demand and aggregate supply and have the potential to generate recession or expansion, respective a high level of unemployment and high inflation rate. Governments use fiscal and monetary policies to try to stabilioze the economy.

  11. Integrated Monetary and Exchange Rate Frameworks

    NARCIS (Netherlands)

    L. Vinhas de Souza

    2002-01-01

    textabstractHere the author empirically estimates if the different monetary and exchange rate frameworks observed in the Accession Countries of Central and Eastern Europe and the Baltics do yield different outcomes in terms of level and variance of a set of nominal and real variables. The author

  12. MONETARY EXPECTATIONS OF THE ROMANIAN EXECUTIVES REGARDING THE ADHERATION

    Directory of Open Access Journals (Sweden)

    Ramona DUMITRIU

    2006-01-01

    Full Text Available This paper explores the monetary expectations induced to the managers of Romanian firms by adheration. It is based on an investigation among twenty Romanian executives regarding the impact on adheration over monetary aspects: inflation, exchange rates and adoption of euro. We conclude that the results of the monetary policy in the last years made the executives confident that the Romanian authorities could maintain the monetary stability after theadheration.

  13. A Study of Philippine Monetary and Banking Policies

    OpenAIRE

    Bautista, Ernesto D.

    1992-01-01

    This study assesses the Philippine monetary and banking policies with the view of identifying preferred policy options and features of a monetary and banking policy program supportive of overall economic growth and agro-industrial development. It describes the following: the impact of existing monetary and banking policy on short- and long-term economic development and the legislative and administrative measures required to adopt and implement such a monetary and banking policy. It also ident...

  14. Monetary transmission and bank lending in the Netherlands

    OpenAIRE

    Kakes, Jan

    1998-01-01

    This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they use to offset monetary shocks. The main implication of our study is that a bank lending channel is not likely to be an important transmission mechanism of monetary policy.

  15. Monetary shocks and stock returns: identification through the impossible trinity

    OpenAIRE

    Ali K. Ozdagli; Yifan Yu

    2012-01-01

    This paper attempts to identify how monetary policy shocks affect stock prices by using Mundell and Fleming's theory of the "Impossible Trinity." According to this theory, it is impossible to simultaneously have a fixed exchange rate, free capital movement (an absence of capital controls), and an independent monetary policy. The authors present evidence that Hong Kong's monetary policy is heavily dependent on the monetary policy of the United States, a stance which is consistent with this the...

  16. Integrating Monetary and Non-monetary Reenlistment Incentives Utilizing the Combinatorial Retention Auction Mechanism (CRAM)

    Science.gov (United States)

    2008-12-01

    107 A. MOTIVATION ... Telecommuting ............57 Figure 13. Reasons for Accepting the SRB...................60 Figure 14. Reasons for Declining the SRB... telecommuting , and additional money for dependents (education and daycare). This current thesis conducted a similar non-monetary incentive

  17. Enhancing the Internet with the CONVERGENCE system an information-centric network coupled with a standard middleware

    CERN Document Server

    Andrade, Maria; Melazzi, Nicola; Walker, Richard; Hussmann, Heinrich; Venieris, Iakovos

    2014-01-01

    Convergence proposes the enhancement of the Internet with a novel, content-centric, publish–subscribe service model based on the versatile digital item (VDI): a common container for all kinds of digital content, including digital representations of real-world resources. VDIs will serve the needs of the future Internet, providing a homogeneous method for handling structured information, incorporating security and privacy mechanisms. CONVERGENCE subsumes the following areas of research: ·         definition of the VDI as a new fundamental unit of distribution and transaction; ·         content-centric networking functionality to complement or replace IP-address-based routing; ·         security and privacy protection mechanisms; ·         open-source middleware, including a community dictionary service to enable rich semantic searches; ·         applications, tested under real-life conditions. This book shows how CONVERGENCE allows publishing, searching and subscri...

  18. Monetary Policy Committee and Monetary Policy Conduct in Nigeria: A Preliminary Investigation

    OpenAIRE

    Ekor, Maxwell; Saka, Jimoh; Adeniyi, Oluwatosin

    2014-01-01

    The study provides an incisive but preliminary investigation into the activities of the monetary policy committee of the central bank of Nigeria and the implications for monetary policy, using the standard deviation measure of volatility and the ordinary least square method. The findings show that the ‘internal’ members and majority of the ‘external’ members have different preferences as shown in the voting patterns. Also, there has been reduction in inflation, money and stock markets vola...

  19. MONETARY TRANSMISSION CHANNELS IN FLEXIBLE MONETARY AND EXCHANGE RATE REGIMES: THE CASE OF SELECTED TRANSITION ECONOMIES

    OpenAIRE

    JOSIFIDIS, Kosta; PUCAR, Emilija Beker; SUPIĆ, Novica

    2010-01-01

    The paper explores selected monetary transmission channels in the case of transition economies. Namely, an exchange rate channel, an interest rate channel, direct and indirect influence to an exchange rate, are focused. Specific (former) transition economies are differentiated according the combination of implemented monetary and exchange rate regimes: exchange rate as a nominal anchor and rigid exchange rate regimes, exchange rate as a nominal anchor and intermediate exchange rate regimes, a...

  20. Chaotic dynamics in optimal monetary policy

    Science.gov (United States)

    Gomes, O.; Mendes, V. M.; Mendes, D. A.; Sousa Ramos, J.

    2007-05-01

    There is by now a large consensus in modern monetary policy. This consensus has been built upon a dynamic general equilibrium model of optimal monetary policy as developed by, e.g., Goodfriend and King [ NBER Macroeconomics Annual 1997 edited by B. Bernanke and J. Rotemberg (Cambridge, Mass.: MIT Press, 1997), pp. 231 282], Clarida et al. [J. Econ. Lit. 37, 1661 (1999)], Svensson [J. Mon. Econ. 43, 607 (1999)] and Woodford [ Interest and Prices: Foundations of a Theory of Monetary Policy (Princeton, New Jersey, Princeton University Press, 2003)]. In this paper we extend the standard optimal monetary policy model by introducing nonlinearity into the Phillips curve. Under the specific form of nonlinearity proposed in our paper (which allows for convexity and concavity and secures closed form solutions), we show that the introduction of a nonlinear Phillips curve into the structure of the standard model in a discrete time and deterministic framework produces radical changes to the major conclusions regarding stability and the efficiency of monetary policy. We emphasize the following main results: (i) instead of a unique fixed point we end up with multiple equilibria; (ii) instead of saddle-path stability, for different sets of parameter values we may have saddle stability, totally unstable equilibria and chaotic attractors; (iii) for certain degrees of convexity and/or concavity of the Phillips curve, where endogenous fluctuations arise, one is able to encounter various results that seem intuitively correct. Firstly, when the Central Bank pays attention essentially to inflation targeting, the inflation rate has a lower mean and is less volatile; secondly, when the degree of price stickiness is high, the inflation rate displays a larger mean and higher volatility (but this is sensitive to the values given to the parameters of the model); and thirdly, the higher the target value of the output gap chosen by the Central Bank, the higher is the inflation rate and its

  1. 46 CFR 506.3 - Civil monetary penalty inflation adjustment.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 9 2010-10-01 2010-10-01 false Civil monetary penalty inflation adjustment. 506.3... PENALTY INFLATION ADJUSTMENT § 506.3 Civil monetary penalty inflation adjustment. The Commission shall... each civil monetary penalty provided by law within the jurisdiction of the Commission by the inflation...

  2. 32 CFR 269.3 - Civil monetary penalty inflation adjustment.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 2 2010-07-01 2010-07-01 false Civil monetary penalty inflation adjustment. 269... DEFENSE (CONTINUED) MISCELLANEOUS CIVIL MONETARY PENALTY INFLATION ADJUSTMENT § 269.3 Civil monetary penalty inflation adjustment. The Department shall, not later than 180 days after the enactment of the...

  3. Monetary and Fiscal Policy Interactions and Limitations: The Need ...

    African Journals Online (AJOL)

    Lwati: A Journal of Contemporary Research ... This 'divorce' of monetary and debt management functions calls for the need for effective coordination of monetary and fiscal policy if overall economic ... Therefore an appropriate combination of monetary and fiscal policy mix is crucial for macroeconomic management.

  4. Will business cycles in the euro area converge? A critical survey of empirical research

    NARCIS (Netherlands)

    de Haan, J.; Inklaar, R.; Jong-A-Pin, R.

    This survey of business cycle synchronization in the European monetary union focuses on two issues: have business cycles become more similar, and which factors drive business cycle synchronization. We conclude that business cycles in the euro area have gone through periods of both convergence and

  5. Regulatory change and monetary policy

    OpenAIRE

    Bank for International Settlements

    2015-01-01

    Report submitted by a Working Group established by the Committee on the Global Financial System and the Markets Committee. The Group was chaired by Ulrich Bindseil (European Central Bank) and William R Nelson (Federal Reserve Board). Financial regulation is evolving, as policymakers seek to strengthen the financial system in order to make it more robust and resilient. Changes in the regulatory environment are likely to have an impact on financial system structure and on the behaviour of finan...

  6. Monetary and Fiscal Policy Interactions in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Pavel Rezabek

    2018-06-01

    Full Text Available The paper provides empirical analysis of interactions between monetary and fiscal policy in the Czech Republic and document changes in policy conduct across the time. To this end, we build and estimate a six-variable Bayesian VAR and propose some refinements to the modelling framework. These improvements make it possible to better capture the main features of the economic system populated by both macroeconomic policy authorities. The results point to the lack of complementarity between policy actions adopted by the authorities and suggest that there is still enough room for enhancing the effectiveness of economic policies.

  7. Floating against the tide : Spanish monetary policy, 1870-1931

    OpenAIRE

    Martín-Aceña, Pablo; Martínez Ruiz, Elena; Nogues-Marco, Pilar

    2011-01-01

    The gold standard began to emerge as a universal monetary system in the late 1870s, and it had spread throughout the world economy by 1900. It was unusual for nations to be off the gold standard, and it meant that they were detached from the international financial community. Spain never joined the gold standard club in any of its varieties, either before or after 1914. Unlike the vast majority of the European currencies, the peseta’s exchange rate fluctuated, sometimes widely, against gold a...

  8. The Convergence of the telematic, computing and information services as a basis for using artificial intelligence to manage complex techno-organizational systems

    Directory of Open Access Journals (Sweden)

    Raikov Alexander

    2018-01-01

    Full Text Available The authors analyses the problems of using artificial intelligence to manage complex techno-organizational systems on the basis of the convergence of the telematic, computing and information services in order to manage complex techno-organizational systems in the aerospace industry. This means getting the space objects a higher level of management based on the self-organizing integration principle. Using the artificial intelligence elements allows us to get more optimal and limit values parameters of the ordinal and critical situations in real time. Thus, it helps us to come closer to the limit values parameters of the managed objects due to rising managing and observant possibilities.

  9. Commutative convergence of a knowledge structures system: L.R.C. software applied to a project of computer assisted control of a nuclear power plant

    International Nuclear Information System (INIS)

    Hery, J.F.

    1985-06-01

    For operating continuous process, the conceptors of control room are confronted with two major problems: what is the optimal distribution of works between operators and machinery and what interface between them. The development of expert systems can made easier the solutions of these problems. In this work, we proposed to present the walk to make a model of expert system based on control of nuclear reactor. The major problems described here, are those of convergence and commutativity of knowledge's bases. We have formulated some necessary conditions to assure these two major properties for the bases [fr

  10. Beurteilung der Wirksamkeit und mögliche Risiken der aktuellen Geldpolitik des Eurosystems. Assessment of effectiveness and potential risks of the Eurosystems recent monetary policy

    Directory of Open Access Journals (Sweden)

    Armin Rohde

    2015-12-01

    Full Text Available In the present article effectiveness and potential risks of recently implemented non-conventional monetary policy measures by the Eurosystem are discussed. The goal of research is to show that an additional use of non-conventional monetary policy measures is meaningless to stimulate lending behaviour of the banking system in the Euro-area. At the background of the state of conventional monetary policy today, which in short is characterized by unlimited and free of charge allotment possibilities of central bank money to monetary financial institutions, there exist no monetary policy restrictions which prevent lending behaviour of the banking system. So alternative intentions of the European Central Bank are discussed in this article, why non-conventional monetary policy measures had been implemented. In this context it is shown, that the use of single non-conventional monetary policy measures as well as the whole arrangements of the recently very expansive monetary policy involve considerable potential risks, which can inflict severe problems to monetary policy in the future.

  11. Converged Registries Solution (CRS)

    Data.gov (United States)

    Department of Veterans Affairs — The Converged Registries platform is a hardware and software architecture designed to host individual patient registries and eliminate duplicative development effort...

  12. Digital Convergence and Content Regulation

    Directory of Open Access Journals (Sweden)

    Michael John Starks

    2014-12-01

    Full Text Available Broadcasting, Press and Internet journalism systems of distribution are converging: the same infrastructure can deliver all three historically separate services. Reception devices mirror this: the Connected TV, the tablet and the smart phone overlap in their functionality. Service overlaps are evident too, with broadcasters providing online and on-demand services and newspapers developing electronic versions. Does this mean that media regulation policies must converge too?My argument is that they should, though only where historically different communications are now fulfilling a similar function, e.g. broadcaster online services and electronic versions of newspapers. Convergence requires a degree of harmonisation and, to this end, I advocate a review of UK broadcasting's 'due impartiality' requirement and of the UK's application of the public service concept. I also argue for independent self-regulation (rather than state-based regulation of non-public-service broadcasting journalism.

  13. Digital Convergence and Content Regulation

    NARCIS (Netherlands)

    Starks, Michael John

    2014-01-01

    abstractBroadcasting, Press and Internet journalism systems of distribution are converging: the same infrastructure can deliver all three historically separate services. Reception devices mirror this: the Connected TV, the tablet and the smart phone overlap in their functionality. Service overlaps

  14. Neural markers of social and monetary rewards in children with Attention-Deficit/Hyperactivity Disorder and Autism Spectrum Disorder.

    Science.gov (United States)

    Gonzalez-Gadea, Maria Luz; Sigman, Mariano; Rattazzi, Alexia; Lavin, Claudio; Rivera-Rei, Alvaro; Marino, Julian; Manes, Facundo; Ibanez, Agustin

    2016-07-28

    Recent theories of decision making propose a shared value-related brain mechanism for encoding monetary and social rewards. We tested this model in children with Attention-Deficit/Hyperactivity Disorder (ADHD), children with Autism Spectrum Disorder (ASD) and control children. We monitored participants' brain dynamics using high density-electroencephalography while they played a monetary and social reward tasks. Control children exhibited a feedback Error-Related Negativity (fERN) modulation and Anterior Cingulate Cortex (ACC) source activation during both tasks. Remarkably, although cooperation resulted in greater losses for the participants, the betrayal options generated greater fERN responses. ADHD subjects exhibited an absence of fERN modulation and reduced ACC activation during both tasks. ASD subjects exhibited normal fERN modulation during monetary choices and inverted fERN/ACC responses in social options than did controls. These results suggest that in neurotypicals, monetary losses and observed disloyal social decisions induced similar activity in the brain value system. In ADHD children, difficulties in reward processing affected early brain signatures of monetary and social decisions. Conversely, ASD children showed intact neural markers of value-related monetary mechanisms, but no brain modulation by prosociality in the social task. These results offer insight into the typical and atypical developments of neural correlates of monetary and social reward processing.

  15. Labour market asymmetries in a monetary union

    DEFF Research Database (Denmark)

    Seneca, Martin; Andersen, Torben M.

    This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both countryspecific and aggregate shocks. The implications of asymmetries...... is not strictly increasing in nominal rigidities but hump-shaped. Moreover, a disproportionate share of the consequences of wage inflexibility may fall on small countries. In the case of country-specific shocks, a country unambiguously benefits in terms of macroeconomic stability by becoming more flexible, while...... this is not necessarily the case for aggregate shocks. There may thus be a tension between the degree of flexibility considered optimal at the country level and at the aggregate level within the monetary union....

  16. Monetary Expansion and the Banking Lending Channel.

    Science.gov (United States)

    Tabak, Benjamin Miranda; Moreira, Tito Belchior Silva; Fazio, Dimas Mateus; Cavalcanti, André Luiz Cordeiro; Cunha, George Henrrique de Moura

    2016-01-01

    This paper examines the bank lending channel, which considers how monetary authority actions affect the variation of loans. We focus on the BRICS (Brazil, Russia, India, China and South Africa) totalizing 1254 banks from five countries in the period 2000-2012 (totalizing 13 years). The empirical results show that the effect of money supply growth on the growth of loans is non-linear and inverted U-shaped. In this context, our results show empirical evidence expansionary monetary policies do not increase the propensity of economic agents to systematically take greater risks on the market. After a certain level of money stock, increases in the money supply do not lead to increased negotiated credit.

  17. Vadose zone flow convergence test suite

    Energy Technology Data Exchange (ETDEWEB)

    Butcher, B. T. [Savannah River Site (SRS), Aiken, SC (United States). Savannah River National Lab. (SRNL)

    2017-06-05

    Performance Assessment (PA) simulations for engineered disposal systems at the Savannah River Site involve highly contrasting materials and moisture conditions at and near saturation. These conditions cause severe convergence difficulties that typically result in unacceptable convergence or long simulation times or excessive analyst effort. Adequate convergence is usually achieved in a trial-anderror manner by applying under-relaxation to the Saturation or Pressure variable, in a series of everdecreasing RELAxation values. SRNL would like a more efficient scheme implemented inside PORFLOW to achieve flow convergence in a more reliable and efficient manner. To this end, a suite of test problems that illustrate these convergence problems is provided to facilitate diagnosis and development of an improved convergence strategy. The attached files are being transmitted to you describing the test problem and proposed resolution.

  18. The Monetary Policy of the NBU and its Impact on the Placement of Households’ Savings

    Directory of Open Access Journals (Sweden)

    Perepolkina Olena О.

    2018-03-01

    Full Text Available The article researches the efficiency of implementation of monetary policy in Ukraine in the context of determining the optimal ways to place households’ savings. The prospects of making deposits in both national and foreign currency as the most common directions of savings placement are considered. The research has identified that the main risks in the placement of savings by households as deposits in the national currency are the likelihood of bankruptcy of financial institutions, imperfection of the functioning of deposit guarantee system, inflationary fluctuations, and devaluation processes of the national monetary unit. Significant deterrents to the placement of foreign currency deposits are low interest rates, a large number of restrictions in the currency regulation, and a general low level of trust in the banking system. The directions of increasing the efficiency of monetary policy are proposed, that not only will increase the attractiveness of deposits for households, but also will create the basis for macroeconomic stabilization in Ukraine.

  19. Essays in Open Economy Monetary Policy

    OpenAIRE

    Castro, Pedro

    2012-01-01

    International economic integration has risen during the last decades and the interdependence between each economy and the rest of the world has become central for policy decisions. My dissertation contributes to the debate about the conduct of monetary policy in a financially integrated world. In the first chapter of the dissertation I discuss the relationship between domestic policies and the currency denomination of foreign debt. Foreign debt is a double-edged sword. It allows countries to ...

  20. Monetary policy and credit conditions: new evidence.

    OpenAIRE

    Steven Ongena

    1995-01-01

    A number of recent papers seek to distinguish between "money" and "credit" theories of the transmission of monetary disturbances using asymmetric information arguments. In credit models money causes output not only through the real interest rate but also through the availability of bank credit. The research described in this paper extends the work of Kashyap, Stein and Wilcox (1993) who construct a model that incorporates a relationship benefit to bank borrowing and then test the implications...

  1. Monetary Policy Frameworks and Real Equilibrium Determinacy

    DEFF Research Database (Denmark)

    Jensen, Henrik

    2002-01-01

    In a simple "prototype" model of monetary policymaking, I examine the issue of real equilibrium determinacy under targeting and instrument rules. The former framework involves minimization of a loss function (under discretion or commitment), whereas the latter involves commitment to an interest...... rate rule. While instrument rules only lead to determinacy under certain conditions, the targeting rules under consideration always secure determinacy. Within an extended model, I argue that econometric estimations of nominal interest rate response functions may tell little about the economy...

  2. Endogenous Growth, Monetary Shocks and Nominal Rigidities

    OpenAIRE

    Annicchiarico, Barbara; Pelloni, Alessandra; Lorenza, Rossi

    2010-01-01

    We introduce endogenous growth in an otherwise standard NK model with staggered prices and wages. Some results follow: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth depends on the persistence of the nominal shocks and on the Taylor rule considered; (iii) a Taylor rule with smoothing increases the negative effect of nominal volatility on mean growth.

  3. Housing Bubbles and Monetary Policy: A Reassessment

    OpenAIRE

    O'Meara, Graeme

    2015-01-01

    This study contributes to the ongoing debate over the causes of housing bubbles. The argument that excessively low interest rates were responsible for the run up in house prices over the last decade has received considerable attention in the literature. However, few papers have attempted to quantify the extent of house price overvaluation in countries that have seen housing booms and busts, in addition to quantifying the looseness of monetary policy. For a sample of 10 OECD countries, we es...

  4. Monetary policy strategy in a global environment

    OpenAIRE

    Moutot, Philippe; Vitale, Giovanni

    2009-01-01

    This paper discusses the structural implications of real and financial globalisation, with the aim of drawing lessons for the conduct of monetary policy and, in particular, for the assessment of risks to price stability. The first conclusion of the paper is that globalisation may have played only a limited role in reducing inflation and output volatility in developed economies. Central banks should remain focused on their mandate to preserve price stability. However, the globalisation of fina...

  5. Money and the Transmission of Monetary Policy

    OpenAIRE

    Seth Carpenter; Selva Demiralp

    2009-01-01

    The transmission mechanism of monetary policy has received extensive treatment in the macroeconomic literature. Most models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous. Nevertheless, academic research and many textbooks continue to use the money multiplier concept in discussions of money. We explore the institutional structure of the transmission mechanism beginning with open market operations through to money and loans to document...

  6. Funny money: the attentional role of monetary feedback detached from expected value.

    Science.gov (United States)

    Roper, Zachary J J; Vecera, Shaun P

    2016-10-01

    Stimuli associated with monetary reward can become powerful cues that effectively capture visual attention. We examined whether such value-driven attentional capture can be induced with monetary feedback in the absence of an expected cash payout. To this end, we implemented images of U.S. dollar bills as reward feedback. Participants knew in advance that they would not receive any money based on their performance. Our reward stimuli-$5 and $20 bill images-were thus dissociated from any practical utility. Strikingly, we observed a reliable attentional capture effect for the mere images of bills. Moreover, this finding generalized to Monopoly money. In two control experiments, we found no evidence in favor of nominal or symbolic monetary value. Hence, we claim that bill images are special monetary representations, such that there are strong associations between the defining visual features of bills and reward, probably due to a lifelong learning history. Together, we show that the motivation to earn cash plays a minor role when it comes to monetary rewards, while bill-defining visual features seem to be sufficient. These findings have the potential to influence human factor applications, such as gamification, and can be extended to novel value systems, such as the electronic cash Bitcoin being developed for use in mobile banking. Finally, our procedure represents a proof of concept on how images of money can be used to conserve expenditures in the experimental context.

  7. The Impact of the Required Reserve on the Monetary Multiplication in the Republic of Macedonias

    Directory of Open Access Journals (Sweden)

    Aleksandar Dejanovski

    2014-11-01

    Full Text Available One of the primary and most important tasks of any central bank is conducting monetary policy in the state. In Macedonia the only central and issuing bank is the National Bank of Macedonia, which is responsible for the monetary and financial stability in the country, while performing important functions, without which the overall economic and financial system could not exist. In exercising its functions, the National Bank of Macedonia uses a set of economic instruments and policies, from which in RM the most efective is the required resserve. This monetary tool is showing the best results in developing countries where the financial markets are not developed and where there is a high concentration of the banking sector (in RM banks occupy a good 98% of total financial institutions. The role of the reserve will be analyzed through the prism of its effects on the process of multiplication the money supply in the country and its contribution to generating or withdrawal of money by the central bank. The main goal of the paper is to research the required reserve, as a monetary instrument, and to qualify its impact on the monetary creation in the Republic of Macedonia. The basic methods, used in this paper are the positive analysis, comparative analysis and deductive approach.

  8. Fiscal Federalism in Monetary Unions

    DEFF Research Database (Denmark)

    Dreyer, Johannes Kabderian; A. Schmid, Peter

    2015-01-01

    Net fiscal transfers are commonly seen as a possible means to ensure the wellfunctioning of a currency area. We show that U.S. net fiscal transfers, measured as the difference between gross federal revenues and federal expenditures per state, are enormous. Moreover, we run panel regressions...... a system of fiscal federalism which raises the question whether it should be established in the medium- and long-run. If so, which should be the magnitude of net fiscal transfers? We calculate these transfers hypothetically for 1999-2010, using a relative volume comparable to the one in the USA....

  9. Convergence of mayer expansions

    International Nuclear Information System (INIS)

    Brydges, D.C.

    1986-01-01

    The tree graph bound of Battle and Federbush is extended and used to provide a simple criterion for the convergence of (iterated) Mayer expansions. As an application estimates on the radius of convergence of the Mayer expansion for the two-dimensional Yukawa gas (nonstable interaction) are obtained

  10. Non-Standard Monetary Policies Implemented By The European Central Bank After The Financial Crisis

    Directory of Open Access Journals (Sweden)

    Meryem Filiz Baştürk

    2017-07-01

    Full Text Available The financial crisis which began in the U.S. in 2007 influenced all economies on a global scale followingthe collapse of Lehman Brothers in September 2008. As a response to the crisis, central banksstarted to implement non-standard monetary policy tools as well as short-term interest rates alsoknown as standard policy tools in order to help monetary policy transmission channels work effectively.The European Central Bank (ECB implemented non-standard monetary policies as in additionto the standard policy tools during this period. The non-standard monetary policies introducedby the ECB were different from those implemented by other central banks (Fed, Bank of England interms of implementation and results. Firstly, the policies of the ECB were not specific to one singlecountry. Secondly, the banking system was the major source of finance in Europe, which had an impacton the policies. In this regard, the ECB introduced a policy of enhanced credit support consistingof five main elements in order to maintain price stability over the medium term following the crisis.By 2010, public debt in some member countries of the European Union reached high levels, requiringthem to take additional measures. The Securities Markets Programme was introduced to that end.Initially focusing on the debt securities of Greece, Ireland, and Portugal, the Securities Markets Programmewas expanded in August 2011 to cover the debt securities of Italy and Spain. In addition, twoLong-term Refinancing Operations (LTROs were introduced. This article presents a descriptive analysisof the non-standard monetary policy tools introduced by the ECB following the financial crisis.However, the monetary policy implemented in the Euro zone is not specific to one single country, andevery country has a different financial structure, both of which limit the effectiveness of the policiesimplemented. The changing structure of the monetary policy implemented in the aftermath of the crisisaims to

  11. Integration of Government Bond Market in the Euro Area and Monetary Policy

    Directory of Open Access Journals (Sweden)

    Lukić Velimir

    2016-01-01

    Full Text Available This paper combines analysis of evolution in euro area government bond market integration and interference of European Central Bank with functioning of respective market recently. Since the introduction of euro, government bond yields converged in the euro area, bonds of different countries have become close substitutes in the perception of investors, and overall integration of the market was rather high. At the end of 2008, dramatic shift occurred and ever since disintegrative forces were set in motion. The paper presents the following measures of integration of the government bond markets: yield spreads, dispersion in yield spreads and beta coefficient. All three measures suggest unprecedented market disintegration as of 2010. The paper highlighted relevance of sovereign bond market for the smooth functioning of the monetary policy transmission mechanism in a monetary union context. Three ECB’s programmes aimed at sovereign debt crisis resolution were analysed in details. They proved successful in lowering peripheral countries’ yields and spreads, and calming the markets. If one takes central bank function of the lender of last resort for banks, then these programmes may be viewed as the “buyer of last resort” device for government bonds. Although warranted by exceptional circumstances and need for swift response, a due caution should be paid to these programmes since they pose certain challenges for conduct of monetary policy and might even have unintended consequences.

  12. MONETARY AGGREGATES - INSTRUMENT OF THE POLICY PROMOTED BY THE NATIONAL BANK OF ROMANIA

    Directory of Open Access Journals (Sweden)

    CORALIA EMILIA POPA

    2012-12-01

    Full Text Available A summary analysis of the economic theory and practice indicates the fact that the attempts to establish and delimit the importance of the economic-financial last resorts to the effects produced in macro and micro-economy have not lead to infallible truth. The goal of these last resorts is to organize an economic system in difficulty, to try to minimize its imperfections and non-functionalities. The society development has brought along the need to improve these attempts, so that together with other administrative methods to produce viable and productive solutions for the economy progress. This paper aims at emphasizing the advantages of using monetary aggregates, as well as their limitations under the direct influence of monetary factors, considering that these indicators are commonly used in many models of monetary analysis, especially in Neo-Keynesian ones.

  13. A dynamic macroeconomic model of the Nigerian economy with emphasis on the monetary sector

    Directory of Open Access Journals (Sweden)

    Enang Bassey Udah

    2011-08-01

    Full Text Available The dynamic nexus between money supply, fiscal deficit, inflation, output and exchange rate management has recently generated much debate in economic literature in Nigeria. To contribute to this debate, this paper uses the co-integration and error correction framework of analysis and also conducts policy simulation experiments to investigate how monetary variables interact with aggregate supply, demand and prices in order to aid stabilization policies. The results show that monetary variables and government finance are linked through government’s net indebtedness to the banking system. The simulation results show that a 20 per cent monetary squeeze would reduce the inflation rate faster than if the reduction in money supply were 10 per cent. This reduction in money supply would also lead to a reduction in output, employment and government expenditure, which may hurt the domestic economy. The paper thus concludes that there is a trade-off between higher GDP growth and inflation in Nigeria.

  14. THE ROLE OF THE INTERNATIONAL MONETARY FUND IN PROMOTING GLOBAL ECONOMIC STABILITY

    Directory of Open Access Journals (Sweden)

    Alina HAGIU

    2017-12-01

    Full Text Available This paper presents the role that the International Monetary Fund performs in promoting global economic stability. Global economic and financial stability plays a key role in the financial system and the economy as a whole. The increase in the importance of the concept of financial stability by supervisors at both European and global level was concretized by defining a framework for the operationalization of macroprudential policy, together with the establishment of coordination bodies in this field, thus recognizing its role in the mix of established economic policies such as monetary, fiscal or competitive policy.

  15. Monetary policy change of the Central bank of Poland

    Directory of Open Access Journals (Sweden)

    Kraś Ireneusz

    2015-07-01

    Full Text Available The National Bank of Poland is an institution which, in conjunction with the government is responsible for the implementation of country’s economic policy reinforces its democratic character. Provisions of its operation are governed by the Constitution of The Republic of Poland and by the Act on the National Bank of Poland. To this end, the objective of the present research is to analyse the proposed amendments in the Act on the NBP. The latter concerns the amendment procedures, term of office and the rotations and numbers of Monetary Policy Council. The remaining part of the analyses is dedicated to the issue of dismissal of a MPC’s member in conjunction with the prohibition of occupying other positions, the adoption of the NBP’s financial statements and the separation of instruments of monetary policy’s instruments for stability of domestic financial system. Introduced changes in the proposed draft reduce the independence of the NBP while making it more subject to the Cabinet. Following the result of further consultations on the draft of Act on the NBP, provisions which reduce the independence of the NBP shall be partially removed.

  16. Almost convergence of triple sequences

    OpenAIRE

    Ayhan Esi; M.Necdet Catalbas

    2013-01-01

    In this paper we introduce and study the concepts of almost convergence and almost Cauchy for triple sequences. Weshow that the set of almost convergent triple sequences of 0's and 1's is of the first category and also almost everytriple sequence of 0's and 1's is not almost convergent.Keywords: almost convergence, P-convergent, triple sequence.

  17. Applied economics: The use of monetary incentives to modulate behavior.

    Science.gov (United States)

    Strang, S; Park, S Q; Strombach, T; Kenning, P

    2016-01-01

    According to standard economic theory higher monetary incentives will lead to higher performance and higher effort independent of task, context, or individual. In many contexts this standard economic advice is implemented. Monetary incentives are, for example, used to enhance performance at workplace or to increase health-related behavior. However, the fundamental positive impact of monetary incentives has been questioned by psychologists as well as behavioral economists during the last decade, arguing that monetary incentives can sometimes even backfire. In this chapter, studies from proponents as well as opponents of monetary incentives will be presented. Specifically, the impact of monetary incentives on performance, prosocial, and health behavior will be discussed. Furthermore, variables determining whether incentives have a positive or negative impact will be identified. © 2016 Elsevier B.V. All rights reserved.

  18. The adaptation of monetary policy to the constraints of the global financial crisis by central banks of ASEAN-5 countries

    Directory of Open Access Journals (Sweden)

    Sorina BOTIŞ

    2015-12-01

    Full Text Available Global financial crisis represented an important test for central banks, generating multiple challenges that gave rise to both expanding their monetary policy tools and redefining its role in the financial system. The present work aims to identify the characteristics of the monetary policy by the central banks of the five countries belonging to ASEAN-5 Group(Indonesia, Malaysia, the Philippines, Singapore and Thailand, during and after the outbreak of the international financial crisis. For this purpose we carried out a comparative analysis between the five central bank s belonging to the Group, both in terms of the challenges of the monetary policy and the type of measures taken in response to the first. The analysis shows that central banks have different levels of responsibilities, corresponding to the internal economic and financial realities, and also different ways of adaptation and adjustment of their monetary policy.

  19. Preferences of the Central Reserve Bank of Peru and optimal monetary rules in the inflation targeting regime

    Directory of Open Access Journals (Sweden)

    Nilda Mercedes Cabrera Pasca

    2012-03-01

    Full Text Available This study aims to identify the preferences of the monetary authority in the Peruvian regime of inflation targeting through the derivation of optimal monetary rules. To achieve that, we used a calibration strategy based on the choice of values of the parameters of preferences that minimize the square deviation between the true interest rate and interest rate optimal simulation. The results showed that the monetary authority has applied a system of flexible inflation targeting, prioritizing the stabilization of inflation, but without disregarding gradualism in interest rates. On the other hand, concern over output stabilization has been minimal, revealing that the output gap has been important because it contains information about future inflation and not because it is considered a variable goal in itself. Finally, when the smoothing of the nominal exchange rate is considered in the loss function of the monetary authority, the rank order of preferences has been maintained and the smoothing of the exchange rate proved insignificant.

  20. The Effects of Corruption in a Monetary Union

    OpenAIRE

    Garcia Fortuny, Judit

    2015-01-01

    Many countries around the world suffer from corruption. In a monetary union, corruption varies from one country to another. It is possible corruption in one country may affect another country in a monetary union. We demonstrate that this feature has important implications in a monetary union with two asymmetric countries. Country 1 has a corrupted government while country 2 does not. Within this framework, we determine under which conditions corruption damages or benefits both countr...

  1. Voluntary non-monetary approaches for implementing conservation

    OpenAIRE

    Santangeli, Andrea; Arroyo, Beatriz; Dicks, Lynn V.; Herzon, Irina; Kukkala, Aija S.; Sutherland, William J.; Moilanen, Atte

    2016-01-01

    The voluntary non-monetary approach to conservation refers to actions that citizens or organizations could voluntarily implement in their area of influence without the incentive of monetary compensations. To be effectively implemented by untrained actors, actions should be clearly defined, straightforward to implement and not require specific scientific knowledge. The costs of actions should also be sufficiently affordable to be widely applied without monetary incentives. A voluntary non-mone...

  2. Monetary policy and bank behavior: Empirical evidence from India

    OpenAIRE

    Ghosh, Saibal

    2006-01-01

    The paper develops an empirical model to explore the role that bank characteristics play in influencing the monetary transmission process. Employing data on Indian commercial banks for the period 1992-2004, the findings indicate that for banks classified according to size and capitalization, a monetary contraction lowers bank lending, although large and well-capitalized banks are able to shield their loan portfolio from monetary shocks.

  3. Estimation of weights for the Monetary Conditions Index in Poland

    OpenAIRE

    Andrzej Toroj

    2008-01-01

    In this paper, we follow the econometric approach to assess relative importance of real interest rate and real exchange rate for the monetary conditions in Poland, quantified as weights for Monetary Conditions Index (MCI). We consider both single- and multiple-equation specifications proposed in the literature with an application to Poland. Although MCI is nowadays broadly considered a rather obsolete indicator in monetary policy conduct, we argue that the econometric framework used for this ...

  4. MONETARY POLICY FORCE EFFECT BY MEANS OF BANKS MONEY CREATION

    OpenAIRE

    Victoria COCIUG; Olga TIMOFEI

    2014-01-01

    In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetar...

  5. Global Implications of Self-Oriented National Monetary Rules

    OpenAIRE

    Maurice Obstfeld; Kenneth Rogoff

    2003-01-01

    It is well known that if international linkages are relatively small, the potential gains to international monetary policy coordination are typically quite limited. But what if goods and financial markets are tightly linked? Is it then problematic if countries unilaterally design their institutions for monetary stabilization? Are the stabilization gains from having separate currencies largely squandered in the absence of effective international monetary coordination? We argue that under p...

  6. Macroeconomic Activity and Monetary Policy Actions: Some Preliminary Evidence.

    OpenAIRE

    Haslag, Joseph H; Hein, Scott E

    1992-01-01

    Monetary policy is conducted through open market operations, loans at the discount window, and changes in the reserve requirement structure. The purpose of this paper is to formally investigate the notion that the effect of changes in reserve requirement ratios is different from the effect of other policy tools. This is accomplished by decomposing the monetary base into those changes caused by changes in reserve requirement ratios and those caused by other monetary policy actions. Some prelim...

  7. Examining the volatility of exchange rate: Does monetary policy matter?

    OpenAIRE

    Lim, Shu Yi; Sek, Siok Kun

    2014-01-01

    We conduct empirical analysis on examining the changes in exchange rate volatility under two monetary policy regimes, i.e. the pre- and post- inflation targeting (IT) regimes. In addition, we also investigate if the monetary decisions can have impacts on the volatility of exchange rate. The study is focused in four Asian countries that experienced drastic in the switch of monetary policy from the rigid exchange rate to flexible exchange rate and inflation targeting after the Asian financial c...

  8. Monetary policy implications of financial innovation: In-depth analysis

    OpenAIRE

    Bernoth, Kerstin; Gebauer, Stefan; Schäfer, Dorothea

    2017-01-01

    In this policy brief, we argue that the financial innovations triggered by the FinTech industry have the potential to affect the transmission of monetary policy as well as the informational content of important monetary indicators. The growing FinTech industry could contribute substantially to the emergence of nonbank finance as a substitute for traditional commercial bank finance. While the overall effect of nonbank finance on monetary policy transmission is not yet clear, we argue that regu...

  9. Optimal Degrees of Transparency in Monetary Policymaking

    DEFF Research Database (Denmark)

    Jensen, Henrik

    2002-01-01

    According to most academics and policymakers, transparency in monetary policymaking is desirable. I examine this proposition in a small theoretical model emphasizing forward-looking private sector behavior. Transparency makes it easier for price setters to infer the central bank's future policy...... intentions, thereby making current inflation more responsive to policy actions. This induces the central bank to pay more attention to inflation rather than output gap stabilization. Then, transparency may be disadvantageous. It may actually be a policy-distorting straitjacket if the central bank enjoys low...

  10. Gold's monetary roll will be strengthened - Plumbridge

    International Nuclear Information System (INIS)

    Anon.

    1977-01-01

    Delivering his Presidential address at the Chamber's annual general meeting, Mr Plumbridge said the gold market would enter a new phase and listed seven reasons why gold's monetary role would be strengthened. There was a dramatic increase in the demand for gold jewellery. He also forecasted that South African uranium production would again attain its former peak annual production of about 6000t. There is an essential need for a sustained growth in nuclear power and the prospects for uranium mining industry remain encouraging

  11. Monetary Policy in the Greenspan Era

    DEFF Research Database (Denmark)

    Christensen, Anders Møller; Nielsen, Heino Bohn

    2009-01-01

    Relationships between the Federal funds rate, unemployment, inflation and the long-term bond rate are investigated with cointegration techniques. We find a stable long-term relationship between the Federal funds rate, unemployment and the bond rate. This relationship is interpretable as a policy...... Taylor-type target, where inflation appears instead of the bond rate, does not seem congruent with the data....... target because deviations are corrected via the Federal funds rate. Deviations of the actual Federal funds rate from the estimated target give simple indications of discretionary monetary policy, and the larger deviations relate to special episodes outside the current information set. A more traditional...

  12. Fiscal aspects of European monetary integration

    DEFF Research Database (Denmark)

    Hallett, Andrew Hughes; Hutchison, Michael; Hougaard Jensen, Svend E.

    of fiscal policy in EMU. The contributors are experienced analysts in the field. Topics covered include the need for and consequences of fiscal co-ordination, constraints on national deficits and debt levels (the Stability Pact), and the role of fiscal federalism and insurance. The importance of co......-ordinating fiscal and monetary policies is also considered in depth. As long as these strategic and institutional aspects remain imperfectly understood, EMU will not be able to function to its full advantage and may suffer periods of instability or weakness. Contains 11 papers and three review essays, which analyze...

  13. Convergence of Nelson diffusions

    International Nuclear Information System (INIS)

    Dell'Antonio, G.; Posilicano, A.

    1991-01-01

    Let ψ t , ψ t n , n≥1, be solutions of Schroedinger equations with potentials form-bounded by -1/2 Δ and initial data in H 1 (R d ). Let P, P n , n≥1, be the probability measures on the path space Ω=C(R + , R d ) given by the corresponding Nelson diffusions. We show that if {ψ t n } n≥1 converges to ψ t in H 2 (R d ), uniformly in t over compact intervals, then {P n } n≥1 converges to P in total variation. Moreover, if the potentials are in the Kato class K d , we show that the above result follows from H 1 -convergence of initial data, and K d -convergence of potentials. (orig.)

  14. Interdependencies Between the Capital Market and the Monetary Policy Decisions

    Directory of Open Access Journals (Sweden)

    Claudia Guni

    2010-12-01

    Full Text Available The declared scope of this work is to highlight the main correlations between the monetary and the capital market, including identifying the adequate objective of monetary policy which might positively influence over the offer on the capital market. The main target of the monetary market consists in the stability of the prices. The link between monetary policy and stock market is extremely important. The stock prices are sensible to economical conditions. Moreover, these prices rapidly change, thus there is a chance for a deviation from the fundamental value, with side-effects for economy.

  15. MONETARY POLICY FORCE EFFECT BY MEANS OF BANKS MONEY CREATION

    Directory of Open Access Journals (Sweden)

    Victoria COCIUG

    2014-07-01

    Full Text Available In the context of modern economy, banks play an essential role for sustainable growth, by ensuring economy with financial resources and driving impulses of monetary policy to economy. Monetary authorities influence significantly the bank's ability to fulfill this role. Thus, to achieve macroeconomic objectives, there is promoted particular monetary policy and are implemented various practical regulations for banks. In this article, we want to identify the existing relationship between monetary policy followed by the authorities and the ability of banks to create money with its impact on various practical regulations.

  16. Monetary policy, bank size and bank lending: Evidence from Australia

    OpenAIRE

    Liu, Luke

    2011-01-01

    The transmission of monetary policy may hold the key to explaining the effects of policy on the economy. The objective of the study is to assess the importance of the bank lending channel in the transmission of monetary policy in Australia. In this paper, we found that the effectiveness of monetary policy varies with the size of the bank as well as the type of the loan. For different asset size and different kinds of loans, the effect of monetary policy is different. Thus, policy has distribu...

  17. Monetary Policy, Risk-Taking, and Pricing : Evidence from a Quasi-Natural Experiment

    NARCIS (Netherlands)

    Ioannidou, V.; Ongena, S.; Peydro, J.L.

    2009-01-01

    We analyse the impact of monetary policy on bank risk-taking and pricing. Bolivia provides us with an excellent experimental setting to identify this impact. Its small economy is not synchronized with the US economy but its banking system is almost fully dollarized. Consequently the US federal funds

  18. Reward-driven modulation of adaptive control: How prospective monetary gains interact with unpredictable control demands

    NARCIS (Netherlands)

    Marien, Hans; Aarts, Henk; Custers, Ruud

    2014-01-01

    Shifting attention is an effortful control process and incurs a cost on the cognitive system. Previous research suggests that rewards, such as monetary gains, will selectively enhance the ability to shift attention when this demand for control is explicitly cued. Here, we hypothesized that

  19. Fixed mobile convergence handbook

    CERN Document Server

    Ahson, Syed A

    2010-01-01

    From basic concepts to future directions, this handbook provides technical information on all aspects of fixed-mobile convergence (FMC). The book examines such topics as integrated management architecture, business trends and strategic implications for service providers, personal area networks, mobile controlled handover methods, SIP-based session mobility, and supervisory and notification aggregator service. Case studies are used to illustrate technical and systematic implementation of unified and rationalized internet access by fixed-mobile network convergence. The text examines the technolo

  20. IT-BT convergence technology

    International Nuclear Information System (INIS)

    2012-12-01

    This book explains IT-BT convergence technology as the future technology, which includes a prolog, easy IT-BT convergence technology that has infinite potentials for new value, policy of IT-BT convergence technology showing the potential of smart Korea, IT-BT convergence opening happy future, for the new future of IT powerful nation Korea with IT-BT convergence technology and an epilogue. This book reveals the conception, policy, performance and future of IT-BT convergence technology.

  1. DOES THE MAASTRICHT CONVERGENCE CRITERIA WORK?

    Directory of Open Access Journals (Sweden)

    Karsai Zoltán-Krisztián

    2012-12-01

    Full Text Available During its 13 year history, the euro area experienced the most severe economic downturn in the late 2000s as a result of the 2007 financial-economic crisis stemming from the US banking sector. The crisis in the monetary union, besides posting a significant economic and social cost, revealed several weaknesses not just of the currency block as a whole, but also of its constituting members, which were masked by the prosperous economic environment characteristic for the 2000s. These conditions have put to the test the solidarity among the euro zone members, or in other words the existence of the currency block. One important problem of the currency block is the lack of harmony between the fiscal and economic policies of the member states, creating several and occasionally very divergent parts of the currency block. The aim of this research is to enhance the Maastricht convergence criteria’s and the Stability and Growth Pact’s role as a monitoring mechanism, allowing them to become more informative tools for the policy makers. For this, based on the relevant literature, we propose new potential explanatory variables which could enhance the role of the Maastricht convergence criteria and the Stability and Growth Pact. Some of the studied variables, like indebtedness of the private sector, capital flow compared to the size of the economy, government revenue compared to total public debt and current account balance help in enforcing the nominal convergence, while others (real labour productivity contribute to the real convergence. The explanatory power of the proposed variables are investigated in the case of France, Germany, Greece, Ireland, Italy, Portugal and Spain for the period comprised between 2000Q1-2011Q4. Results of the research show that with the exception of government revenue compared to total public debt, all proposed variables have significant explanatory power regarding the evolution of the state of the economy in all

  2. Evolution and convergence in telecommunications

    Energy Technology Data Exchange (ETDEWEB)

    Radicella, S; Grilli, D [Abdus Salam ICTP, Trieste (Italy)

    2002-12-15

    These lectures throw a spotlight on different aspects of the evolution of telecommunications networks, namely on the various facets of service and network convergence. The last years progress in data and telecommunications technologies, such as P-based networks, and the enormous potential of mobile communication systems and users' demands for comprehensive and network-independent have led to a convergence of data and telecommunications infrastructures in many aspects. In order to help the reader to an easier understanding of the phenomenon convergence, in the first two parts of this volume the evolution of the basic technologies is described one by one. This is done briefly and is focused on the principle topics, just to build a basis for the third part devoted to problems of convergence in telecommunications. These notes are addressed to those readers, who in a quick overview want to be informed on the future service and network landscape. The notes are equally suited for professionals with the desire to extend their horizon as well as for students looking for an introduction into telecommunications under more general aspects. The authors clearly understand the difficulties in writing a book devoted to the evolution in telecommunications. Today, telecom landscape varies at very high speed. Every few months new network technologies, new products and new services are developed. Attempts to present them in time can be accessible only for magazine publications or contributions to conferences. Therefore, in a number of areas, such as Voice over IP and new switching technologies not much more than the starting point of new paradigms is described. However, the content is up-to-date to a degree, that the phenomenon convergence can be fully understood. Partially, these notes are based on a number of lecture courses that were delivered during recent ICTP winter schools devoted to multimedia and digital communications.

  3. Evolution and convergence in telecommunications

    International Nuclear Information System (INIS)

    Radicella, S.; Grilli, D.

    2002-01-01

    These lectures throw a spotlight on different aspects of the evolution of telecommunications networks, namely on the various facets of service and network convergence. The last years progress in data and telecommunications technologies, such as P-based networks, and the enormous potential of mobile communication systems and users' demands for comprehensive and network-independent have led to a convergence of data and telecommunications infrastructures in many aspects. In order to help the reader to an easier understanding of the phenomenon convergence, in the first two parts of this volume the evolution of the basic technologies is described one by one. This is done briefly and is focused on the principle topics, just to build a basis for the third part devoted to problems of convergence in telecommunications. These notes are addressed to those readers, who in a quick overview want to be informed on the future service and network landscape. The notes are equally suited for professionals with the desire to extend their horizon as well as for students looking for an introduction into telecommunications under more general aspects. The authors clearly understand the difficulties in writing a book devoted to the evolution in telecommunications. Today, telecom landscape varies at very high speed. Every few months new network technologies, new products and new services are developed. Attempts to present them in time can be accessible only for magazine publications or contributions to conferences. Therefore, in a number of areas, such as Voice over IP and new switching technologies not much more than the starting point of new paradigms is described. However, the content is up-to-date to a degree, that the phenomenon convergence can be fully understood. Partially, these notes are based on a number of lecture courses that were delivered during recent ICTP winter schools devoted to multimedia and digital communications

  4. On convergence of nuclear and correlation operators in Hilbert space

    International Nuclear Information System (INIS)

    Kubrusly, C.S.

    1985-01-01

    The convergence of sequences of nuclear operators on a separable Hilbert space is studied. Emphasis is given to trace-norm convergence, which is a basic property in stochastic systems theory. Obviously trace-norm convergence implies uniform convergence. The central theme of the paper focus the opposite way, by investigating when convergence in a weaker topology turns out to imply convergence in a stronger topology. The analysis carried out here is exhaustive in the following sense. All possible implications within a selected set of asymptotic properties for sequences of nuclear operators are established. The special case of correlation operators is also considered in detail. (Author) [pt

  5. The Impact of the FOMC's Monetary Policy Actions on the growth of Credit Risk: the Monetary Policy - Liquidity Paradox

    OpenAIRE

    Kwamie Dunbar

    2008-01-01

    Credit risk is influenced by interest rates and market liquidity. This paper examines the direct and indirect impacts of unexpected monetary policy shifts on the growth of corporate credit risk, with the aim of quantifying the size and direction of the response. The results surprisingly indicate that monetary policy and liquidity impulses move counter to each other in their effects on credit risk ("The monetary policy-liquidity paradox"). The analysis indicates that while contractionary monet...

  6. Weak convergence and uniform normalization in infinitary rewriting

    DEFF Research Database (Denmark)

    Simonsen, Jakob Grue

    2010-01-01

    the starkly surprising result that for any orthogonal system with finitely many rules, the system is weakly normalizing under weak convergence if{f} it is strongly normalizing under weak convergence if{f} it is weakly normalizing under strong convergence if{f} it is strongly normalizing under strong...... convergence. As further corollaries, we derive a number of new results for weakly convergent rewriting: Systems with finitely many rules enjoy unique normal forms, and acyclic orthogonal systems are confluent. Our results suggest that it may be possible to recover some of the positive results for strongly...

  7. Correlation Analysis between Nominal and Real Convergence. The Romanian Case

    Directory of Open Access Journals (Sweden)

    Marius-Corneliu Marinas

    2006-05-01

    Full Text Available This study aims to analyze the sources of the correlation between the nominal and real convergence, as well as the impact of the macroeconomic politics on it. The perspective of Euro adoption will impose stricter management of monetary and budgetary politics, which will affect negatively the catching up process of the economic delays given the lack of higher economic flexibility. This enables a more rapid adjustment of the economy to some persistent shocks as a result of applying growth aggregate supply politics.

  8. Correlation Analysis between Nominal and Real Convergence. The Romanian Case

    Directory of Open Access Journals (Sweden)

    Marius-Corneliu Marinas

    2006-03-01

    Full Text Available This study aims to analyze the sources of the correlation between the nominal and real convergence, as well as the impact of the macroeconomic politics on it. The perspective of Euro adoption will impose stricter management of monetary and budgetary politics, which will affect negatively the catching up process of the economic delays given the lack of higher economic flexibility. This enables a more rapid adjustment of the economy to some persistent shocks as a result of applying growth aggregate supply politics.

  9. THE COMPARATIVE ANALISYS OF POLISH MONETARY POLICY WITH THE MONETARY RULE FOR THE YEARS 1995–2007

    OpenAIRE

    Maciej Ryczkowski

    2008-01-01

    According to the research and econometrical model Poland’s monetary policy and the monetary rule are very similar. In many fields both strategies prove to result in the same outcomes. Both aim to guarantee low inflation and long-term economic growth. The difference is that in Poland the control of supply of money is carried out by the control inflation instead of direct control of monetary aggregates as in monetary rule. To sum up, there is no need to separate control of money’s supply in the...

  10. Bank of England’s monetary policy committee – assessing the importance and the implication upon monetary policy

    OpenAIRE

    Florin Cornel DUMITER; Horatiu Florin SOIM

    2012-01-01

    The monetary policy strategies arround the world have been envolving in the last two decades considerable. In the past, central banks’ have been associated with a „veil of mistery” having at their grounds the so-called policy mistique. Nowadays, the new monetary policy strategy – inflation targeting – promoted by many countries established new coordinates for monetary policy. In this paper we focuse upon the monetary policy committee with a special focus upon the Bank of England’s case, becau...

  11. The Changing Effectiveness of Monetary Policy

    Directory of Open Access Journals (Sweden)

    Jonathan E. Leightner

    2013-11-01

    Full Text Available In the wake of the 2008 financial crisis, many countries are hoping that massive increases in their money supplies will revive their economies. Evaluating the effectiveness of this strategy using traditional statistical methods would require the construction of an extremely complex economic model of the world that showed how each country’s situation affected all other countries. No matter how complex that model was, it would always be subject to the criticism that it had omitted important variables. Omitting important variables from traditional statistical methods ruins all estimates and statistics. This paper uses a relatively new statistical method that solves the omitted variables problem. This technique produces a separate slope estimate for each observation which makes it possible to see how the estimated relationship has changed over time due to omitted variables. I find that the effectiveness of monetary policy has fallen between the first quarter of 2003 and the fourth quarter of 2012 by 14%, 36%, 38%, 32%, 29% and 69% for Japan, the UK, the USA, the Euro area, Brazil, and the Russian Federation respectively. I hypothesize that monetary policy is suffering from diminishing returns because it cannot address the fundamental problem with the world’s economy today; that problem is a global glut of savings that is either sitting idle or funding speculative bubbles.

  12. Monetary reward speeds up voluntary saccades.

    Science.gov (United States)

    Chen, Lewis L; Chen, Y Mark; Zhou, Wu; Mustain, William D

    2014-01-01

    Past studies have shown that reward contingency is critical for sensorimotor learning, and reward expectation speeds up saccades in animals. Whether monetary reward speeds up saccades in human remains unknown. Here we addressed this issue by employing a conditional saccade task, in which human subjects performed a series of non-reflexive, visually-guided horizontal saccades. The subjects were (or were not) financially compensated for making a saccade in response to a centrally-displayed visual congruent (or incongruent) stimulus. Reward modulation of saccadic velocities was quantified independently of the amplitude-velocity coupling. We found that reward expectation significantly sped up voluntary saccades up to 30°/s, and the reward modulation was consistent across tests. These findings suggest that monetary reward speeds up saccades in human in a fashion analogous to how juice reward sped up saccades in monkeys. We further noticed that the idiosyncratic nasal-temporal velocity asymmetry was highly consistent regardless of test order, and its magnitude was not correlated with the magnitude of reward modulation. This suggests that reward modulation and the intrinsic velocity asymmetry may be governed by separate mechanisms that regulate saccade generation.

  13. Incidental fear cues increase monetary loss aversion.

    Science.gov (United States)

    Schulreich, Stefan; Gerhardt, Holger; Heekeren, Hauke R

    2016-04-01

    In many everyday decisions, people exhibit loss aversion-a greater sensitivity to losses relative to gains of equal size. Loss aversion is thought to be (at least partly) mediated by emotional--in particular, fear-related--processes. Decision research has shown that even incidental emotions, which are unrelated to the decision at hand, can influence decision making. The effect of incidental fear on loss aversion, however, is thus far unclear. In two studies, we experimentally investigated how incidental fear cues, presented during (Study 1) or before (Study 2) choices to accept or reject mixed gambles over real monetary stakes, influence monetary loss aversion. We find that the presentation of fearful faces, relative to the presentation of neutral faces, increased risk aversion-an effect that could be attributed to increased loss aversion. The size of this effect was moderated by psychopathic personality: Fearless dominance, in particular its interpersonal facet, but not self-centered impulsivity, attenuated the effect of incidental fear cues on loss aversion, consistent with reduced fear reactivity. Together, these results highlight the sensitivity of loss aversion to the affective context. (c) 2016 APA, all rights reserved).

  14. Convergence in Global Food Demand and Delivery

    OpenAIRE

    Regmi, Anita; Takeshima, Hiroyuki; Unnevehr, Laurian J.

    2008-01-01

    Using food expenditures and food sales data over 1990-2004, this report examines whether food consumption and delivery trends are converging across 47 high- and middle-income countries. Middle-income countries, such as China and Mexico, appear to be following trends in high-income countries, measured across several dimensions of food system growth and change. Convergence is apparent in most important food expenditure categories and in indicators of food system modernization such as supermarke...

  15. Monetary Policy, Determinancy and Learnability in the Open Economy

    NARCIS (Netherlands)

    Bullard, J.; Schaling, E.

    2005-01-01

    We study how determinacy and learnability of global rational expectations equilibrium may be affected by monetary policy in a simple, two country, New Keynesian framework.The two blocks may be viewed as the U.S. and Europe, or as regions within the euro zone.We seek to understand how monetary policy

  16. The Transmission of Monetary Policy through Conventional and Islamic Banks

    NARCIS (Netherlands)

    Zaheer, S.; Ongena, S.; van Wijnbergen, S.J.G.

    2011-01-01

    We investigate the differences in banks’ responses to monetary policy shocks across bank size, liquidity, and type, i.e., conventional versus Islamic, in Pakistan between 2002:II to 2010:I. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

  17. The transmission of monetary policy through conventional and Islamic banks

    NARCIS (Netherlands)

    Zaheer, S.; Ongena, S.; van Wijnbergen, S.J.G.

    2013-01-01

    We investigate the differences in banks’ responses to monetary policy shocks across bank size, liquidity, and type—i.e., conventional versus Islamic—in Pakistan between 2002:Q2 and 2010:Q1. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

  18. The transmission of monetary policy through conventional and islamic banks

    NARCIS (Netherlands)

    Zaheer, S.; Ongena, S.; van Wijnbergen, S.

    2012-01-01

    We investigate the differences in banks' responses to monetary policy shocks across bank size, liquidity, and type, i.e., conventional versus Islamic, in Pakistan between 2002:II to 2010:I. We find that following a monetary contraction, small banks with liquid balance sheets cut their lending less

  19. The International Impact of US Unconventional Monetary Policy

    DEFF Research Database (Denmark)

    Lutz, Chandler

    2015-01-01

    Using a structural factor-augmented vector autoregression model and a large data set of daily time series, we study the impact of US unconventional monetary policy on British and German financial markets. Our findings indicate that a surprise US unconventional monetary policy easing leads...

  20. 7 CFR 3.91 - Adjusted civil monetary penalties.

    Science.gov (United States)

    2010-01-01

    ... articles not for monetary gain), $275,000 in the case of any other person for each violation, and $550,000... violation of the AHPA by an individual moving regulated articles not for monetary gain, $275,000 in the case... and a maximum of $550. (3) Food and Nutrition Service. (i) Civil penalty for hardship fine in lieu of...

  1. U.S. monetary shocks and global stock prices

    NARCIS (Netherlands)

    Laeven, L.; Tong, H.

    2012-01-01

    This paper studies how US monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in US interest rates, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for sectors that

  2. Financial structure and monetary policy transmission in transition countries

    NARCIS (Netherlands)

    Elbourne, A.; de Haan, J.

    Using the structural vector autoregressive methodology, we present estimates of monetary transmission for the new and future EU member countries in Central and Eastern Europe. Unlike most previous research we include ten transition countries. We examine to what extent monetary transmission in these

  3. The Relative Importance of the Channels of Monetary Policy ...

    African Journals Online (AJOL)

    importance channels of monetary policy which are working in Zambia. It answers the ... several ways through which monetary policy affect the balance sheets of economic agents and hence ... economies, especially those with flexible exchange rate regimes. ..... transmission channels work endogenously or exogenously.

  4. Banks' risk appetite, heterogeneity and monetary policy: evidence ...

    African Journals Online (AJOL)

    The study examines the effects of bank heterogeneity on risk appetite under changing monetary policy stance of the monetary authority. The scope of the study covers the period 2005 to 2015 using data obtained from the published accounts of the affected banks and Central Bank of Nigeria (CBN) statistical bulletin, various ...

  5. Monetary aggregate targeting and inflation in Nigeria | Adedoyin ...

    African Journals Online (AJOL)

    Abstract. In a capitalist economy, monetary aggregate policy instruments are normally employed by monetary authorities. ... To the financial analysts, if the direction of the volume of money supply into a given economy and the velocity and output of good and services remain constant, there is bound to be an impact on prices.

  6. The Adoption of Indirect Instruments of Monetary Policy

    OpenAIRE

    Tomás J. T. Baliño; Charles Enoch; William E. Alexander

    1995-01-01

    This paper examines the experience of implementing indirect instruments of monetary policy. The experiences of country studies illustrate the variety of circumstances under which indirect instruments of monetary policy have been introduced. Case Studies are presented for Chile, Egypt, Ghana, Indonesia, Mexico, New Zealand, and Poland.

  7. Monetary stability and financial development in Sub-Saharan countries

    NARCIS (Netherlands)

    Adema, Yvonne; Sterken, Elmer

    2001-01-01

    Abstract We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called

  8. Monetary stability and financial development in Sub-Saharan countries

    NARCIS (Netherlands)

    Adema, Yvonne; Sterken, Elmer

    2001-01-01

    We analyze the interrelation between monetary stability and financial structure in 20 Sub-Saharan economies. Using a panel data set we estimate the impact of monetary stability and financial development on income per capita. Special interest is given to the conditions of the so-called CFA-countries,

  9. On the influence of institutional design on monetary policy making

    NARCIS (Netherlands)

    Raes, L.B.D.

    2014-01-01

    This thesis consists of a collection of essays on monetary policy making. These essays focus on institutional aspects which impact monetary policy making. Two chapters focus on analyzing voting records of central banks. A method is proposed to use the observed votes to infer the preferences of

  10. Information and Uncertainty in the Theory of Monetary Policy

    OpenAIRE

    Wagner, Helmut

    2007-01-01

    Theory and practice of monetary policy have changed significantly over the past three decades. A very important part of today's monetary policy is management of the expectations of private market participants. Publishing and justifying the central bank's best forecast of inflation, output, and the instrument rate is argued to be the most effective way to manage those expectations.

  11. Transmission Channels of Monetary Policy: A Broader View

    Directory of Open Access Journals (Sweden)

    Lukáš Kučera

    2016-08-01

    Full Text Available The paper deals with a transmission mechanism of monetary policy under the regime of inflation targeting. It focuses on the expectations channel, the credit view and the cost channel. These channels work side by side and may amplify effects of the traditional view of transmission mechanisms of monetary policy, which emphasises adjustments on the demand side.

  12. Monetary transmission and bank lending in the Netherlands

    NARCIS (Netherlands)

    Kakes, Jan

    1998-01-01

    This paper investigates the role of bank lending in the monetary transmission process in the Netherlands. We observe significant differences between the responses of corporate and household lending following a monetary shock. We also find that banks hold a buffer stock of securities which they use

  13. 8 CFR 280.53 - Civil monetary penalties inflation adjustment.

    Science.gov (United States)

    2010-01-01

    ... 8 Aliens and Nationality 1 2010-01-01 2010-01-01 false Civil monetary penalties inflation... REGULATIONS IMPOSITION AND COLLECTION OF FINES § 280.53 Civil monetary penalties inflation adjustment. (a) In general. In accordance with the requirements of the Federal Civil Penalties Inflation Adjustment Act of...

  14. 76 FR 74625 - Civil Monetary Penalties Inflation Adjustment

    Science.gov (United States)

    2011-12-01

    ...-2011] RIN 1125-AA69 Civil Monetary Penalties Inflation Adjustment AGENCIES: U.S. Customs and Border... adjust for inflation certain civil monetary penalties assessed under the Immigration and Nationality Act... assessed under the INA. The Federal Civil Penalties Inflation Adjustment Act of 1990 (Adjustment Act...

  15. Monetary union without fiscal coordination may discipline policymakers

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    1995-01-01

    We show that, with benevolent policymakers and fiscal leadership, monetary unification reduces inflation, taxes and public spending. These disciplining effects of a monetary union, which rise with the number of fiscal players in the union, are likely to raise welfare. Joining an optimally designed

  16. Accountability of the International Monetary Fund | CRDI - Centre de ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Accountability of the International Monetary Fund. Couverture du livre Accountability of the International Monetary Fund. Directeur(s):. Barry Carin et Angela Wood. Maison(s) d'édition: Ashgate, CRDI. 29 juin 2005. ISBN : 0754645231. 140 pages. e-ISBN : 1552501752. Téléchargez le PDF · Téléchargez le cyberlivre.

  17. “THE NET MONETARY STATEMENT” AND “THE NET NON-MONETARY STATEMENT” – ASSESSMENT INDICATORS FOR THE FINANCIAL POSITION OF THE ENTITY

    Directory of Open Access Journals (Sweden)

    SORIN-CONSTANTIN DEACONU

    2012-10-01

    Full Text Available This paper examines two indicators, namely the net monetary statement and the net non-monetary statement. To determine and analyze them, we started with the classification of assets (monetary and non-monetary and liabilities (monetary and nonmonetary. The actual values of these elements were established on the basis of information supplied by the balance sheet, followed by the calculus of the net monetary statement and of the net non-monetary statement. These indicators provide relevant and reliable information to the users of financial statements and, in the future, they should be taken into account because they bring additional information about the financial position of the entity.

  18. A class of convergent neural network dynamics

    Science.gov (United States)

    Fiedler, Bernold; Gedeon, Tomáš

    1998-01-01

    We consider a class of systems of differential equations in Rn which exhibits convergent dynamics. We find a Lyapunov function and show that every bounded trajectory converges to the set of equilibria. Our result generalizes the results of Cohen and Grossberg (1983) for convergent neural networks. It replaces the symmetry assumption on the matrix of weights by the assumption on the structure of the connections in the neural network. We prove the convergence result also for a large class of Lotka-Volterra systems. These are naturally defined on the closed positive orthant. We show that there are no heteroclinic cycles on the boundary of the positive orthant for the systems in this class.

  19. A SHARIA RETURN AS AN ALTERNATIVE INSTRUMENT FOR MONETARY POLICY

    Directory of Open Access Journals (Sweden)

    Ashief Hamam

    2011-09-01

    Full Text Available Rapid development in Islamic financial industry has not been supported by sharia monetary policy instruments. This study looks at the possibility of sharia returns as the instrument. Using both error correction model and vector error correction model to estimate the data from 2002(1 to 2010(12, this paper finds that sharia return has the same effect as the interest rate in the demand for money. The shock effect of sharia return on broad money supply, Gross Domestic Product, and Consumer Price Index is greater than that of interest rate. In addition, these three variables are more quickly become stable following the shock of sharia return. Keywords: Sharia return, islamic financial system, vector error correction modelJEL classification numbers: E52, G15

  20. Convergence Analysis for the Multiplicative Schwarz Preconditioned Inexact Newton Algorithm

    KAUST Repository

    Liu, Lulu

    2016-10-26

    The multiplicative Schwarz preconditioned inexact Newton (MSPIN) algorithm, based on decomposition by field type rather than by subdomain, was recently introduced to improve the convergence of systems with unbalanced nonlinearities. This paper provides a convergence analysis of the MSPIN algorithm. Under reasonable assumptions, it is shown that MSPIN is locally convergent, and desired superlinear or even quadratic convergence can be obtained when the forcing terms are picked suitably.

  1. Convergence Analysis for the Multiplicative Schwarz Preconditioned Inexact Newton Algorithm

    KAUST Repository

    Liu, Lulu; Keyes, David E.

    2016-01-01

    The multiplicative Schwarz preconditioned inexact Newton (MSPIN) algorithm, based on decomposition by field type rather than by subdomain, was recently introduced to improve the convergence of systems with unbalanced nonlinearities. This paper provides a convergence analysis of the MSPIN algorithm. Under reasonable assumptions, it is shown that MSPIN is locally convergent, and desired superlinear or even quadratic convergence can be obtained when the forcing terms are picked suitably.

  2. Convergence from divergence

    Science.gov (United States)

    Costin, Ovidiu; Dunne, Gerald V.

    2018-01-01

    We show how to convert divergent series, which typically occur in many applications in physics, into rapidly convergent inverse factorial series. This can be interpreted physically as a novel resummation of perturbative series. Being convergent, these new series allow rigorous extrapolation from an asymptotic region with a large parameter, to the opposite region where the parameter is small. We illustrate the method with various physical examples, and discuss how these convergent series relate to standard methods such as Borel summation, and also how they incorporate the physical Stokes phenomenon. We comment on the relation of these results to Dyson’s physical argument for the divergence of perturbation theory. This approach also leads naturally to a wide class of relations between bosonic and fermionic partition functions, and Klein-Gordon and Dirac determinants.

  3. EFFECTS OF MONETARY POLICY IN ROMANIA - A VAR APPROACH

    Directory of Open Access Journals (Sweden)

    Iulian Popescu

    2012-10-01

    Full Text Available Understanding how monetary policy decisions affect inflation and other economic variables is particularly important. In this paper we consider the implications of monetary policy under the inflation targeting regime in Romania, based on an autoregressive vector method including recursive VAR and structural VAR (SVAR. Therefore, we focus on assessing the extent and persistence of monetary policy effects on gross domestic product (GDP, price level, extended monetary aggregate (M3 and exchange rate. The main results of VAR analysis reflect a negative response of consumer price index (CPI, GDP and M3 and positive nominal exchange rate behaviour to a monetary policy shock, and also a limited impact of a short-term interest rate shock in explaining the consumer prices, production and exchange rate fluctuations.

  4. Financial stability and monetary policy -The case of Brazil

    Directory of Open Access Journals (Sweden)

    Benjamin M. Tabak

    2013-12-01

    Full Text Available This paper seeks to examine the effects of monetary policy over banks' loans growth and whether there is a bank lending channel operating in Brazil. Therefore, we employ a detailed high frequency panel data in which we include bank characteristics and ownership control. We contribute to the literature on bank lending channel by showing that during periods of loosening/tightening monetary policy, banks increase/decrease their loans. Additionally,our results illustrate that large, well-capitalized and liquid banks react differentially to the effects of monetary policy shocks. Finally, we show that the impact of monetary policy differs across state-owned, foreign and private domestic banks. These results are important for developing and conducting monetary policy.

  5. On the Fuzzy Convergence

    Directory of Open Access Journals (Sweden)

    Abdul Hameed Q. A. Al-Tai

    2011-01-01

    Full Text Available The aim of this paper is to introduce and study the fuzzy neighborhood, the limit fuzzy number, the convergent fuzzy sequence, the bounded fuzzy sequence, and the Cauchy fuzzy sequence on the base which is adopted by Abdul Hameed (every real number r is replaced by a fuzzy number r¯ (either triangular fuzzy number or singleton fuzzy set (fuzzy point. And then, we will consider that some results respect effect of the upper sequence on the convergent fuzzy sequence, the bounded fuzzy sequence, and the Cauchy fuzzy sequence.

  6. Neutron gain for converging guide tubes

    International Nuclear Information System (INIS)

    Mildner, D.F.R.

    1982-01-01

    The method of acceptance diagrams is used to obtain analytical expressions for the neutron gain of a one-dimensional converging guide tube. It is found that the results are more easily expressed by analyzing the acceptance diagram at the exit of the funnel. The results are compared with those for the straight guide. When both guides have the same dimensions at the guide exit, the converging guide has higher transmitted intensity but with greater divergence of the beam. This analytical method is useful to assess the performance of a converging guide, though numerical computations may be required for detailed analysis of a guide system. (orig.)

  7. The price level and monetary policy

    Directory of Open Access Journals (Sweden)

    Charles P. Kindleberger

    2002-03-01

    Full Text Available Most central banks are required to or choose to stabilize a price index, largely by manipulating short term interest rates. A serious problem is which index to choose among the national income deflator, wholesale prices, the cost of living, with or eliminating highly volatile commodities such as food and energy, to produce a core index, plus others such as housing, including or without imputed rent of owner-occupied houses, or assets, whether equities or houses. No obvious and widely agreed index exists. Even if there were a clear choice, there remains a question whether a central bank should carefully consider action in order to achieve other goals: full employment, adjustment of the balance of payments, of the exchange rate, prevention of bubbles in asset prices, or recovery from financial crises. If so, the question of central bank weapons remains: monetary expansion or contraction, credit controls, for overall or for particular purposes, and moral suasion.

  8. The Convergence Criteria and the SAARC Common Currency

    Directory of Open Access Journals (Sweden)

    Farooq Rasheed

    2007-10-01

    Full Text Available These included cross-country standard deviations of call money rates, consumer price indices, real exchange rates, growth rates of foreign exchange reserves, growth rates of real volume of trade, growth rate of real relative volume of trade and the growth rates of real per capita GDP. None of the selected variables show signs for convergence of over the whole period of 1990s through 2000s. However, for the period of 2000s most of the economic indicators show signs of convergence. This suggests emerging signs for the prospects of common currency in SAARC region. The study, however, concludes that non-economic factors must also be considered seriously before making a serious move towards monetary union in the region.

  9. Economic Nature of Monetary Funds of Households

    Directory of Open Access Journals (Sweden)

    Vladimir Vladimirovich Glukhov

    2015-12-01

    Full Text Available In a market economy, household is characterized by the situation in which its members become owners of their tangible and intangible assets or are only declared to be them. Many provisions of the macroeconomy could change significantly if the issues of household and family finances were paid as much attention as economic problems of the state and entities. Finance households are an economic basis for the state and for business entities of different ownership forms, because they are managed by people who are part of families representing the interests of certain individuals. The issues of formation and distribution of Russian households’ intra-cash assets, including shadow ones, are now one of the most topical issues, not only in theory but also in practice of economic science. And at the same time these issues remain virtually unexplored. Social risk of intra-family shadow funds consists in the fact that the models of economic behavior acquired by the individual in the household are transferred to an external social field, and implemented according to the occupied power status. Shadow monetary funds created in the household represent part of the money which is derived from the family budget, and they imply the existence of latent side of financial relations among its members. The purpose of this article is studying the mеchanisms of decision-making on the establishment of both collective and individual monetary funds within the family budget, including the shadow funds (so-called “zanachkа” of individuals, not accounted for in the family budget.

  10. Effectiveness of monetary and macroprudential shocks on consumer credit growth and volatility in Turkey

    Directory of Open Access Journals (Sweden)

    Meltem Gulenay Chadwick

    2018-06-01

    Full Text Available This paper proposes a panel VAR model to uncover the effect of monetary policy and macroprudential tightening probability on general purpose loans, housing loans, vehicle loans, credit cards and their respective volatilities in Turkey. To conduct our analysis, first, we compare a number of stochastic volatility models using our loan and credit card series in a formal Bayesian model comparison exercise, in order to determine the best volatility model for our series. Second we disclose the latent probability of macroprudential tightening from the binary information of policy episodes, using an instrumental variable probit model estimated by conditional maximum likelihood with heteroscedasticity robust standard errors. Lastly we estimate the dynamic impact of monetary policy and macroprudential measures using a panel VAR, incorporating the latent probability of tightening episodes, credit growth, industrial production growth, loan rates, inflation and credit growth volatilities into the endogenous system of equations. We conclude that macroprudential tightening is effective in dampening credit growth, credit growth volatility and reducing consumer price inflation. Besides, this effect is more prominent when macroprudential tools are administered in coordination with monetary policy. Keywords: Consumer loans, Monetary policy, Macroprudential policy, Stochastic volatility models, Credit growth volatility, IV probit model, Panel VAR model, JEL classification: C54, E44, E52

  11. Independent functional connectivity networks underpin food and monetary reward sensitivity in excess weight.

    Science.gov (United States)

    Verdejo-Román, Juan; Fornito, Alex; Soriano-Mas, Carles; Vilar-López, Raquel; Verdejo-García, Antonio

    2017-02-01

    Overvaluation of palatable food is a primary driver of obesity, and is associated with brain regions of the reward system. However, it remains unclear if this network is specialized in food reward, or generally involved in reward processing. We used functional magnetic resonance imaging (fMRI) to characterize functional connectivity during processing of food and monetary rewards. Thirty-nine adults with excess weight and 37 adults with normal weight performed the Willingness to Pay for Food task and the Monetary Incentive Delay task in the fMRI scanner. A data-driven graph approach was applied to compare whole-brain, task-related functional connectivity between groups. Excess weight was associated with decreased functional connectivity during the processing of food rewards in a network involving primarily frontal and striatal areas, and increased functional connectivity during the processing of monetary rewards in a network involving principally frontal and parietal areas. These two networks were topologically and anatomically distinct, and were independently associated with BMI. The processing of food and monetary rewards involve segregated neural networks, and both are altered in individuals with excess weight. Copyright © 2016 Elsevier Inc. All rights reserved.

  12. Elastic Labour Supply and Home Production in a Monetary Growth Model

    Directory of Open Access Journals (Sweden)

    Wei-Bin Zhang

    2011-10-01

    Full Text Available This study constructs a monetary gender growth model with capital accumulation and endogenous labour supply. The real aspects of the model are based on the neoclassical growth theory and monetary aspects of the model are based on the cash-in-advance (CIA approach. We show that the dynamics of the economy can be described by 2-dimensional differential equations. We simulate equilibrium and motion of the economy with specified monetary policies, household preference and technology. As the monetary economic system is unstable, the economy may either experience unlimited growth or economic crisis. We also study effects of changes in some parameters on the economic equilibrium. For instance, as the woman raises her propensity to stay at home, the capital intensity is not affected, which results in that the wage rates, the rate and output level per unit of labour input are not affected. Nevertheless, the man increases his work time and the woman reduces her work time, resulting in the fall of the labour supply. The money holing, durable goods used at home and consumption level per household are reduced; also the total wealth, total capital inputs, total durable goods and total output levels are reduced.

  13. Convergent Filter Bases

    Directory of Open Access Journals (Sweden)

    Coghetto Roland

    2015-09-01

    Full Text Available We are inspired by the work of Henri Cartan [16], Bourbaki [10] (TG. I Filtres and Claude Wagschal [34]. We define the base of filter, image filter, convergent filter bases, limit filter and the filter base of tails (fr: filtre des sections.

  14. Converging or Diverging Lens?

    Science.gov (United States)

    Branca, Mario

    2013-01-01

    Why does a lens magnify? Why does it shrink objects? Why does this happen? The activities that we propose here are useful in helping us to understand how lenses work, and they show that the same lens can have different magnification capabilities. A converging lens can also act as a diverging lens. (Contains 4 figures.)

  15. Language Convergence Infrastructure

    NARCIS (Netherlands)

    V. Zaytsev (Vadim); J.M. Fernandes; R. Lämmel (Ralf); J.M.W. Visser (Joost); J. Saraiva

    2011-01-01

    htmlabstractThe process of grammar convergence involves grammar extraction and transformation for structural equivalence and contains a range of technical challenges. These need to be addressed in order for the method to deliver useful results. The paper describes a DSL and the infrastructure behind

  16. The Convergence Years

    Science.gov (United States)

    Kolodzy, Janet; Grant, August E.; DeMars, Tony R.; Wilkinson, Jeffrey S.

    2014-01-01

    The emergence of the Internet, social media, and digital technologies in the twenty-first century accelerated an evolution in journalism and communication that fit under the broad term of convergence. That evolution changed the relationship between news producers and consumers. It broke down the geographical boundaries in defining our communities,…

  17. High diversity and morphological convergence among melanised fungi from rock formations in the Central Mountain System of Spain

    NARCIS (Netherlands)

    Ruibal, C.; Platas, G.; Bills, G.F.

    2008-01-01

    Melanised fungi were isolated from rock surfaces in the Central Mountain System of Spain. Two hundred sixty six isolates were recovered from four geologically and topographically distinct sites. Microsatellite-primed PCR techniques were used to group isolates into genotypes assumed to represent

  18. System to induce and measure embodiment of an artificial hand with programmable convergent visual and tactile stimuli.

    Science.gov (United States)

    Benz, Heather L; Sieff, Talia R; Alborz, Mahsa; Kontson, Kimberly; Kilpatrick, Elizabeth; Civillico, Eugene F

    2016-08-01

    The sense of prosthesis embodiment, or the feeling that the device has been incorporated into a user's body image, may be enhanced by emerging technology such as invasive electrical stimulation for sensory feedback. In turn, prosthesis embodiment may be linked to increased prosthesis use and improved functional outcomes. We describe the development of a tool to assay artificial hand embodiment in a quantitative way in people with intact limbs, and characterize its operation. The system delivers temporally coordinated visual and tactile stimuli at a programmable latency while recording limb temperature. When programmed to deliver visual and tactile stimuli synchronously, recorded latency between the two was 33 ± 24 ms in the final pilot subject. This system enables standardized assays of the conditions necessary for prosthesis embodiment.

  19. Somatic influences on subjective well-being and affective disorders: the convergence of thermosensory and central serotonergic systems

    Directory of Open Access Journals (Sweden)

    Charles L Raison

    2015-01-01

    Full Text Available Current theories suggest that the brain is the sole source of mental illness. However, affective disorders, and major depressive disorder (MDD in particular, may be better conceptualized as brain-body disorders that involve peripheral systems as well. This perspective emphasizes the embodied, multifaceted physiology of well-being, and suggests that afferent signals from the body may contribute to cognitive and emotional states. In this review, we focus on evidence from preclinical and clinical studies suggesting that afferent thermosensory signals contribute to well-being and depression. Although thermoregulatory systems have traditionally been conceptualized as serving primarily homeostatic functions, increasing evidence suggests neural pathways responsible for regulating body temperature may be linked more closely with emotional states than previously recognized, an affective warmth hypothesis. Human studies indicate that increasing physical warmth activates brain circuits associated with cognitive and affective functions, promotes interpersonal warmth and prosocial behaviour, and has antidepressant effects. Consistent with these effects, preclinical studies in rodents demonstrate that physical warmth activates brain serotonergic neurons implicated in antidepressant-like effects. Together, these studies suggest that 1 thermosensory pathways interact with brain systems that control affective function, 2 these pathways are dysregulated in affective disorders, and 3 activating warm thermosensory pathways promotes a sense of well-being and has therapeutic potential in the treatment of affective disorders.

  20. The role of EU institutions in implementing its monetary policy

    Directory of Open Access Journals (Sweden)

    Emilia GEORGIEVA

    2011-06-01

    Full Text Available The main goal of the current article is to illustrate in detail the powers of the EU institutions to implement its monetary policy. The methods used to explore the topic and to draw the conclusions and interpret the findings are based on deduction and induction. On the grounds of the information presented in the article the following conclusions have been drawn: the relations between the EU institutions responsible for implementing its monetary policy (the European Central Bank, the European Parliament, the Council, the European Commission and others are entirely based on fundamental principles laid down for all its institutions; the commitments of the institutions implementing the EU monetary policy are strictly stipulated in its primary legislation and are mostly related to the establishment of the EU Economic and Monetary Union, the framing, planning and implementing of the common monetary policy, the management of the Monetary Union. In the conditions of world financial and economic crisis the EU has attempted to respond adequately to its monetary policy problems, commensurate with the scope and matching the specific nature of this crisis.

  1. Divergent and convergent roles for insulin-like peptides in the worm, fly and mammalian nervous systems.

    Science.gov (United States)

    Lau, Hiu E; Chalasani, Sreekanth H

    2014-09-01

    Insulin signaling plays a critical role in coupling external changes to animal physiology and behavior. Despite remarkable conservation in the insulin signaling pathway components across species, divergence in the mechanism and function of the signal is evident. Focusing on recent findings from C. elegans, D. melanogaster and mammals, we discuss the role of insulin signaling in regulating adult neuronal function and behavior. In particular, we describe the transcription-dependent and transcription-independent aspects of insulin signaling across these three species. Interestingly, we find evidence of diverse mechanisms underlying complex networks of peptide action in modulating nervous system function.

  2. International Monetary Power and China’s Response

    OpenAIRE

    Hongyu Lin

    2013-01-01

    International monetary power has become a new area of interest since the outbreak of the global financial crisis in 2008. The USA, the EU and China will pursue global monetary power in the future, and the USD, the EURO and the RMB will become the most important world reserve currencies. The pattern of international monetary power will shift from a unilateral-hegemony structure to a triangle-balance structure. This shift has a very strong influence on changes in the current international polit...

  3. Indicator Accuracy and Monetary Policy: Is Ignorance Bliss?

    OpenAIRE

    Nimark, Kristoffer P.

    2003-01-01

    This paper argues that assuming a common information set shared by the public and the central bank may be inappropriate when one is concerned with the value of information itself. Specifically, we argue that it may lead one to draw the conclusion that monetary policy do not benefit from accurate real time data. This paper sets up a New-Keynesian model with optimal discretionary monetary policy, where we allow for partial and diverse information. The model is used to show that monetary policy ...

  4. Summable series and convergence factors

    CERN Document Server

    Moore, Charles N

    1938-01-01

    Fairly early in the development of the theory of summability of divergent series, the concept of convergence factors was recognized as of fundamental importance in the subject. One of the pioneers in this field was C. N. Moore, the author of the book under review.... Moore classifies convergence factors into two types. In type I he places the factors which have only the property that they preserve convergence for a convergent series or produce convergence for a summable series. In type II he places the factors which not only maintain or produce convergence but have the additional property that

  5. Technology assessment using NBIC convergence

    International Nuclear Information System (INIS)

    Vaseashta, Ashok

    2009-01-01

    Full text: Notwithstanding progress in the areas of nanotechnology/nanoscience, biotechnology, information technology, and cognitive sciences (NBIC), the synergy arising from convergence of these disciplines offers great potential for transformational, revolutionary, and embryonic opportunities with many technological applications. In addition, advances in synthesis and characterization methods have provided the means to study, understand, control, or even manipulate the transitional characteristics between isolated atoms and bulk material. In recent years, newly developed architectures in nanostructures and nanosystems with improved functionality, and ensuing unique characteristics have been developed with applications in chemical and biological sensors, nanobiotechnology, nanophotonics, and analysis of cellular processes. Novel convergence methodologies will integrate and advance next generation solutions to current and future technical challenges. Convergence in research methodologies transform the way research is conducted by overcoming specific barriers or filling existing knowledge gaps. NBIC Convergence and associated research methodologies has exceptionally high potential for transforming the manner in which state-of-the-art information is gathered, analyzed, and leveraged to enable future advances and applications. Examples of synergy of these disciplines include: label free, highly multiplexed over broad dynamic range, and decentralized nanotechnology based sensor platform for detection of biological and chemical agents; nucleic acid layers in conjunction with nanomaterials-based electrochemical or optical transducers as DNA Biosensor; potential targets for the next generation of vaccines, therapeutics and diagnostics to enhance human performance; basis for 'Gene Ontology' to provides an important link between gene function and systems biology to understand a global picture of host-microbe interactions - to name a few. Since the idea of 'Converging

  6. The Convergent Learning Space

    DEFF Research Database (Denmark)

    Kjeldsen, Lars Peter; Kjærgaard, Hanne Wacher

    networks are still more prominently expected by students. Against this backdrop, an action research project has worked with the definition and testing of the hypothesized constituents of the Convergent Learning Space and how it challenges our traditional conceptions of learning spaces. The article...... describes this pilot study involving teachers in conscious, documented reflection on methods, approaches, and procedures conducive to learning processes in this new learning space. As a perspective, the article briefly outlines an intervention study aimed at investigating how students benefit from......The concept of the Convergent Learning Space has been hypothesized and explored in an ongoing action research project carried out at undergraduate level in select bachelor programs at a Danish University College, where classrooms are technology rich and students bring their own devices. The changes...

  7. The Convergent Learning Space:

    DEFF Research Database (Denmark)

    Kjærgaard, Hanne Wacher; Kjeldsen, Lars Peter; Asmussen, Jørgen Bering

    is described as well as the theoretical construct and hypotheses surrounding the emergence of the concept in technology-rich classrooms, where students bring their own devices and involve their personal learning spaces and networks. The need for new ways of approaching concepts like choice, learning resources......This paper describes the concept of “The Convergent Learning Space” as it is being explored in an ongoing action research project carried out at undergraduate level in select bachelor programs at a Danish University College. The background nature, design, and beginning of this work in progress......, trajectories of participation etc. calls for new action and new pedagogies by teachers in order to secure alignment between students’ worlds and expectations and aims and plans of the teacher. Action research methods are being used to define and test the constituents and variables of the convergent learning...

  8. Simulation model of converging-diverging (CD) nozzle to improve particle delivery system of deoxyribonucleic acid (DNA)

    Science.gov (United States)

    Sumarsono, Danardono A.; Ibrahim, Fera; Santoso, Satria P.; Sari, Gema P.

    2018-02-01

    Gene gun is a mechanical device which has been used to deliver DNA vaccine into the cells and tissues by increasing the uptake of DNA plasmid so it can generate a high immune response with less amount of DNA. Nozzle is an important part of the gene gun which used to accelerate DNA in particle form with a gas flow to reach adequate momentum to enter the epidermis of human skin and elicit immune response. We developed new designs of nozzle for gene gun to make DNA uptake more efficient in vaccination. We used Computational Fluid Dynamics (CFD) by Autodesk® Simulation 2015 to simulate static fluid pressure and velocity contour of supersonic wave and parametric distance to predict the accuracy of the new nozzle. The result showed that the nozzle could create a shockwave at the distance parametric to the object from 4 to 5 cm using fluid pressure varied between 0.8-1.2 MPa. This is indication a possibility that the DNA particle could penetrate under the mammalian skin. For the future research step, this new nozzle model could be considered for development the main component of the DNA delivery system in vaccination in vivo

  9. Regulating ICT convergence

    OpenAIRE

    Simpson, Seamus

    2015-01-01

    The Broadcasting, Information Technology and Telecommunications sectors have in recent years been the subject of notable transformation, one important feature of which is their coming closer together in a number of ways - it is now commonplace to speak of a new hybrid sector, Information and Communications Technologies (ICTs). This convergence is of considerable interest to policy-makers in industry and government at the national and international level, as well as the academic community and,...

  10. Convergence semigroup categories

    Directory of Open Access Journals (Sweden)

    Gary Richardson

    2013-09-01

    Full Text Available Properties of the category consisting of all objects of the form (X, S, λ are investigated, where X is a convergence space, S is a commutative semigroup, and λ: X × S → X is a continuous action. A “generalized quotient” of each object is defined without making the usual assumption that for each fixed g ∈ S, λ(., g : X  → X is an injection.

  11. Multiplier convergent series and uniform convergence of mapping ...

    Indian Academy of Sciences (India)

    MS received 14 April 2011; revised 17 November 2012. Abstract. In this paper, we introduce the frame property of complex sequence sets and study the uniform convergence of nonlinear mapping series in β-dual of spaces consisting of multiplier convergent series. Keywords. Multiplier convergent series; mapping series. 1.

  12. Moneta, attività liquide, velocità di circolazione e politica monetaria. (Money, liquid assets, velocity and monetary policy

    Directory of Open Access Journals (Sweden)

    G. GARVY

    2014-07-01

    Full Text Available The present article analyses the significance of the rise in liquid assets in relation to GNP, the related increase in the velocity of money and the declining role of money as a financial asset in the U.S. economy. Moreover, the significance of these developments for monetary policy is considered. The author argues that far from being inimical to the execution of monetary policy, changes in velocity are actually another aspect of the system of checks and balances which characterise the operations of the economic system.JEL: E40, E50, E52

  13. Development of the common standard for revenue recording as a part of the US GAAP and IAS/IFRS systems convergence

    Directory of Open Access Journals (Sweden)

    Hana Bohušová

    2009-01-01

    Full Text Available The most significant difference between US GAAP and IFRSs is in the area of general approach. IFRSs are based on basic accounting principles1 with limited application guidance, US GAAPs are based especially on rules with specific application guidance. FASB and IASB initiated their joint project on revenue recording to converge IFRS and US GAAP in this area. The main objective of this paper is comparative analysis of revenue recognition under both systems, evaluation of the most significant differences in revenue recognition and measurements as a starting point for the preparation of the new general standard for revenue recognition and the new approach to the revenue recognition development.In this paper, the current approaches to revenue recognition under both systems are compared. The most significant difference is the general approach to revenue recognition. There is the Conceptual Framework where revenue is defined, two standards on revenue recognition and interpretations concerning revenue recognition and measurement in the IAS/IFRS. On the other hand, there are many standards and guidance concerning revenue in the US GAAP. Revenue is defined in the Statements of Financial Accounting concepts (CON 5, CON 6. There is not any general standard for revenue recognition under the US GAAP. The most significant differences in revenue recognition concern the long-term contracts and deferred payments. Despite this difference, there are many similarities between both systems.Based on the results of the comparative analysis which was done in the paper, a new approach for re­ve­nue recognition based on principles for the new general standard for revenue recognition common for both systems is being developed.

  14. Amygdala damage eliminates monetary loss aversion.

    Science.gov (United States)

    De Martino, Benedetto; Camerer, Colin F; Adolphs, Ralph

    2010-02-23

    Losses are a possibility in many risky decisions, and organisms have evolved mechanisms to evaluate and avoid them. Laboratory and field evidence suggests that people often avoid risks with losses even when they might earn a substantially larger gain, a behavioral preference termed "loss aversion." The cautionary brake on behavior known to rely on the amygdala is a plausible candidate mechanism for loss aversion, yet evidence for this idea has so far not been found. We studied two rare individuals with focal bilateral amygdala lesions using a series of experimental economics tasks. To measure individual sensitivity to financial losses we asked participants to play a variety of monetary gambles with possible gains and losses. Although both participants retained a normal ability to respond to changes in the gambles' expected value and risk, they showed a dramatic reduction in loss aversion compared to matched controls. The findings suggest that the amygdala plays a key role in generating loss aversion by inhibiting actions with potentially deleterious outcomes.

  15. Convergence semigroup actions: generalized quotients

    Directory of Open Access Journals (Sweden)

    H. Boustique

    2009-10-01

    Full Text Available Continuous actions of a convergence semigroup are investigated in the category of convergence spaces. Invariance properties of actions as well as properties of a generalized quotient space are presented

  16. IT Convergence and Security 2012

    CERN Document Server

    Chung, Kyung-Yong

    2013-01-01

    The proceedings approaches the subject matter with problems in technical convergence and convergences of security technology. This approach is new because we look at new issues that arise from techniques converging. The general scope of the proceedings content is convergence security and the latest information technology. The intended readership are societies, enterprises, and research institutes, and intended content level is mid- to highly educated personals. The most important features and benefits of the proceedings are the introduction of the most recent information technology and its related ideas, applications and problems related to technology convergence, and its case studies and finally an introduction of converging existing security techniques through convergence security. Overall, through the proceedings, authors will be able to understand the most state of the art information strategies and technologies of convergence security.

  17. ANALIZA INTERACȚIUNII INDICATORILOR MONETARI ȘI DE CREDIT ÎN ECONOMIA REPUBLICII MOLDOVA

    Directory of Open Access Journals (Sweden)

    Tudor SULA

    2017-08-01

    Full Text Available În scopul eficientizării activității sistemului de credit și activizării creditării investiționale a sectorului real al econo­miei Republicii Moldova, în baza datelor statistice a fost efectuată analiza dinamicii și structurii masei monetare, inclu­siv a interacțiunii indicatorilor monetari și de credit, precum și a factorilor care influențează asupra evoluției indicatorilor monetari și de credit pe parcursul perioadei 2005-2016. Astfel, pentru eficientizarea activității sistemului de credit al Republicii Moldova la etapa actuală este necesară promovarea unei politici monetare bazate pe corelarea și ajustarea indicatorilor macroeconomici, monetari și de credit; pentru atingerea obiectivelor politicii monetare, sunt necesare noi abordări și practici internaționale, inclusiv cele recomandate de organizațiile financiare internaționale privind îmbunătă­țirea supravegherii prudențiale; Banca Națională a Moldovei urmează să efectueze o conlucrare mai eficientă cu Guvernul Republicii Moldova pentru asigurarea suficientă cu resurse investiționale a necesităților sectorului real al economiei.ANALYSIS OF THE INTERACTION BETWEEN THE MONETARY AND CREDITING INDICATORS IN MOLDOVA'S ECONOMYIn order to streamline the activity of the credit system and activate the investment crediting of the real sector of the economy of the Republic of Moldova, on the basis of statistical data, there was performed an analysis of the dynamics and the structure of money supply, including the analysis of the interaction between the monetary and crediting indicators, as well as of factors influencing on the evolution of monetary and crediting indicators during the period 2005-2016. Thus, in order to streamline the activity of the credit system of the Republic of Moldova at present, it is necessary to promote a monetary policy based on the correlation and adjustment of the macroeconomic, monetary and credit indicators; to achieve the

  18. Inflation Targeting as the Monetary Policy Framework: Bangladesh Perspective

    Directory of Open Access Journals (Sweden)

    Mohammed SAIFUL ISLAM

    2011-06-01

    Full Text Available Inflation targeting strategy has become a widely accepted monetary policy framework in many countries all over the world. Our study finds that the central bank of Bangladesh is neither inflation targeting nor does follow any other rule-guided monetary policy, rather the policy is formulated with substantial discretion under the guidelines of donor agencies. This paper provides the evidence that monetary sector of Bangladesh economy has gained considerable degree of maturity and fulfils a number of prerequisites to adopt inflation targeting strategy. Using data over 1980-2010 we estimate an error correction model in order to examine if interest rate policy could fight the inflation. This is evident that deviation in inflation from target can be corrected via the changes in interest rate. Empirical findings jointly with few descriptive statistics provide strong evidence to recommend inflation targeting as the monetary policy strategy for Bangladesh.

  19. Impact Of Monetary Policy On Financial Asset Returns: An Analysis ...

    African Journals Online (AJOL)

    Impact Of Monetary Policy On Financial Asset Returns: An Analysis Of Selected Stocks From The Nigerian Capital Market. ... Journal of Research in National Development. Journal Home · ABOUT THIS JOURNAL · Advanced Search · Current ...

  20. Indirect Monetary Policy Reforms and Output Growth in Nigeria: An ...

    African Journals Online (AJOL)

    BRRE). The efforts in repositioning these banks through the current banking reforms (recapitalization and consolidation) the paper notes are a right step in the right direction. Keywords: Indirect monetary policy, Granger – causality, output growth

  1. The role of financial intermediaries in monetary policy transmission

    NARCIS (Netherlands)

    Beck, T.H.L.; Colciago, A.; Pfajfar, D.

    The recent financial crisis has stimulated theoretical and empirical research on the propagation mechanisms underlying business cycles, in particular on the role of financial frictions. Many issues concerning the interactions between banking and monetary policy forced policy makers to redefine

  2. Monetary models and exchange rate determination: The Nigerian ...

    African Journals Online (AJOL)

    Monetary models and exchange rate determination: The Nigerian evidence. ... income levels and real interest rate differentials provide better forecasts of the ... partner can expect to suffer depreciation in the external value of her currency.

  3. monetary policies and credit financing as factors in agricultural ...

    African Journals Online (AJOL)

    controls the supply of money. This assumes the ... input supply, marketing services and of course credit supply. Provision of ... credit in state, assess the impact of credit on agricultural ..... Inflation targeting be a framework for monetary policy.

  4. Financial Inclusion and Monetary Policy: A Review of Recent Studies

    African Journals Online (AJOL)

    Ghana Journal of Development Studies ... in addition to cross-country and regional studies on the impact of financial inclusion on monetary policy using panel data. Keywords: Financial Inclusion, Financial Development, Financial Innovation, ...

  5. The Relative Effectiveness of Monetary and Fiscal Policies in ...

    African Journals Online (AJOL)

    The Relative Effectiveness of Monetary and Fiscal Policies in Economic ... the St. Louis model of the Federal Reserve Bank of USA by Anderson and Jordan 1978. ... the extent of the quantitative impact and relative significance of the variables ...

  6. Analysis of the Effect of Monetary Policy Development on Equity ...

    African Journals Online (AJOL)

    2012-12-01

    Dec 1, 2012 ... square regression (OLS) was run using five monetary policy variables including minimum re- discount ... investment consciousness of investors in .... operator based on information available to ...... This might account for the.

  7. Convergent dynamics for multistable delayed neural networks

    International Nuclear Information System (INIS)

    Shih, Chih-Wen; Tseng, Jui-Pin

    2008-01-01

    This investigation aims at developing a methodology to establish convergence of dynamics for delayed neural network systems with multiple stable equilibria. The present approach is general and can be applied to several network models. We take the Hopfield-type neural networks with both instantaneous and delayed feedbacks to illustrate the idea. We shall construct the complete dynamical scenario which comprises exactly 2 n stable equilibria and exactly (3 n − 2 n ) unstable equilibria for the n-neuron network. In addition, it is shown that every solution of the system converges to one of the equilibria as time tends to infinity. The approach is based on employing the geometrical structure of the network system. Positively invariant sets and componentwise dynamical properties are derived under the geometrical configuration. An iteration scheme is subsequently designed to confirm the convergence of dynamics for the system. Two examples with numerical simulations are arranged to illustrate the present theory

  8. 46 CFR 506.4 - Cost of living adjustments of civil monetary penalties.

    Science.gov (United States)

    2010-10-01

    ... 46 Shipping 9 2010-10-01 2010-10-01 false Cost of living adjustments of civil monetary penalties... MONETARY PENALTY INFLATION ADJUSTMENT § 506.4 Cost of living adjustments of civil monetary penalties. (a... penalty for each civil monetary penalty by the cost-of-living adjustment. Any increase determined under...

  9. 32 CFR 269.4 - Cost of living adjustments of civil monetary penalties.

    Science.gov (United States)

    2010-07-01

    ... 32 National Defense 2 2010-07-01 2010-07-01 false Cost of living adjustments of civil monetary... DEFENSE (CONTINUED) MISCELLANEOUS CIVIL MONETARY PENALTY INFLATION ADJUSTMENT § 269.4 Cost of living... increasing the maximum civil monetary penalty for each civil monetary penalty by the cost-of-living...

  10. Monetary ecosystem services valuation in natural environment management

    OpenAIRE

    Álvarez, David

    2017-01-01

    As it happened with Stern Report, which made international community change their attitude related to climate change, TEEB (The Economics of Ecosystem Services and Biodiversity) was a turning point in valuing biodiversity and ecosystem services. This change of attitude happened, partially, thanks to include monetary ecosystem valuation of ecosystem services and how much their conservation and avoid their loss worth to the entire society. Integrate monetary valuation in green infrastructur...

  11. A LOOK AT ON ASSESSMENT OF MONETARY INCLUSION IN INDIA

    OpenAIRE

    Sri CH. Venkateswarlu*

    2017-01-01

    Monetary inclusion refers back to the shipping of financial offerings in a handy manner and at a low priced fee to substantial sections of deprived and occasional income organization population. Monetary inclusion is the road that India wishes to tour in the direction of turning into a worldwide player. The paper attempts to observe the evaluate of financial inclusion in India. An evaluation has been made among India and some other selected nations concerning no of branches, ATMs, bank credit...

  12. Fear of Floating: An optimal discretionary monetary policy analysis

    OpenAIRE

    Madhavi Bokil

    2005-01-01

    This paper explores the idea that “Fear of Floating” and accompanying pro-cyclical interest rate policies observed in the case of some emerging market economies may be justified as an optimal discretionary monetary policy response to shocks. The paper also examines how the differences in monetary policies may lead to different degrees of this fear. These questions are addressed with a small open economy, new- Keynesian model with endogenous capital accumulation and sticky prices. The economy ...

  13. House Prices and the stance of Monetary Policy.

    OpenAIRE

    Jarociński, Marek; Smets, Frank

    2008-01-01

    This paper estimates a Bayesian VAR for the US economy which includes a housing sector and addresses the following questions. Can developments in the housing sector be explained on the basis of developments in real and nominal GDP and interest rates? What are the effects of housing demand shocks on the economy? How does monetary policy affect the housing market? What are the implications of house price developments for the stance of monetary policy? Regarding the latter question, we implement...

  14. The 'Thin film of gold': monetary rules and policy credibility

    OpenAIRE

    Niall Ferguson; Moritz Schularick

    2012-01-01

    This paper asks whether developing countries can reap credibility gains from submitting policy to a strict monetary rule. Following earlier work, we look at the gold standard era (1880-1914) as a "natural experiment" to test whether adoption of a rule-based monetary framework such as the gold standard increased policy credibility. On the basis of the largest possible dataset covering almost sixty independent and colonial borrowers in the London market, we challenge the traditional view that g...

  15. MONETARY POLICY RULE FOR POLAND – RESULTS FOR VARIOUS SPECIFACTIONS

    OpenAIRE

    Pawel Baranowski

    2011-01-01

    The aim of the paper is to analyse monetary policy rules for Poland. We estimate models based on the proposition of Taylor, augmented with interest rate smoothing. We deal with the case of instantaneous as well as forward-looking relationship between interest rate and inflation. In the latter case, the proposition of data-rich reaction function was also considered. The evidence show that Polish monetary authority reaction to inflation is strong, contrary to the output gap. In addition, we fou...

  16. Financial Stability and Monetary Policy: Need for International Surveillance

    OpenAIRE

    Gary Hufbauer; Daniel Danxia Xie

    2010-01-01

    In this article, we propose a new monetary framework that defines a broader set of assets, De Facto Money (DFM), as the benchmark for improving financial stability. DFM is defined as traditional monetary aggregates plus other liquid assets such as stocks and bonds. Empirical evidence for the USA, other Organisation for Economic Co-operation and Development countries, and a few emerging countries lends strong support for the connection between exceptionally fast growth of DFM and subsequent fi...

  17. Monetary Autonomy in Select Asian Economies : Role of International Reserves

    OpenAIRE

    Hiroyuki Taguchi; Geethanjali Nataraj; Pravakar Sahoo

    2010-01-01

    This paper examines the trends in monetary autonomy and its interaction with financial integration, currency regime and foreign reserves for the past two decades in select Asian countries viz., Thailand, Korea, Indonesia, Philippines, and India. Our main findings are as follows : First, Thailand, Korea and Indonesia, who experienced the change in currency regime towards a floating regime, have lowered the sensitivities of their interest rates (have raised monetary autonomy) after the regime c...

  18. Monetary Poverty, Material Deprivation and Consistent Poverty in Portugal

    OpenAIRE

    Carlos Farinha Rodrigues; Isabel Andrade

    2012-01-01

    In this paper we use the Portuguese component of the European Union Statistics on Income and Living Conditions {EU-SILC) to develop a measure of consistent poverty in Portugal. It is widely agreed that being poor does not simply mean not having enough monetary resources. It also reflects a lack of access to the resources required to enjoy a minimum standard of living and participation in the society one belor]gs to. The coexistence of material deprivation and monetary poverty leads ...

  19. Monetary Policy Instruments and Bank Risks in China

    OpenAIRE

    Zhongyuan Geng; Xue Zhai

    2013-01-01

    The authors use a panel data regression model to examine the effects of main monetary policy instruments on commercial bank risks in China from 1998 to 2011. The interest rate has a positive effect on bank risk while the interest rate margin, the reserve requirement ratio and open market operation have a negative effect. Among the three monetary policy instruments, the reserve requirement ratio has the greatest effect on bank risk, the interest rate (the interest rate margin) the second large...

  20. Monetary Policy Drivers of Bond and Equity Risks

    OpenAIRE

    Luis Viceira; Carolin Pflueger; John Campbell

    2014-01-01

    How do monetary policy rules, monetary policy uncertainty, and macroeconomic shocks affect the risk properties of US Treasury bonds? The exposure of US Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average over the period 1960-2011, it was unusually high in the 1980s, and negative in the 2000s, a period during which Treasury bonds enabled investors to hedge macroeconomic risks. This paper develops a New Keynesian macroeconomic model wit...

  1. The ECB monetary policy strategy and the money market

    OpenAIRE

    Gaspar, Vítor; Pérez Quirós, Gabriel; Sicilia, Jorge

    2001-01-01

    This paper aims at contributing to the understanding of how the ECB conducts monetary policy as seen from a money market perspective. More specifically it covers two different issues. First, it looks at the 'learning period' for banks since the Eurosystem started implementing the single monetary policy. It shows that during the first three weeks of 1999 the narrow corridor in place during this period was effective in limiting daily volatility of the money market overnight rates. In addition, ...

  2. Interest Rate Dynamics and Monetary Policy Implementation in Switzerland

    OpenAIRE

    Puriya Abbassi; Dieter Nautz; Christian Offermanns

    2010-01-01

    The maturity of the operational target of monetary policy is a distinguishing feature of the SNB's operational framework of monetary policy. While most central banks use targets for the overnight rate to signal the policy-intended interest rate level, the SNB announces a target range for the three-month Libor. This paper investigates the working and the consequences of the SNB's unique operational framework for the behavior of Swiss money market rates before and during the financial crisis.

  3. MANAGEMENT OF SUSTAINABLE SOCIO-ECONOMIC DEVELOPMENT OF REGIONS WITHIN FISCAL AND MONETARY POLICY IN RUSSIA

    Directory of Open Access Journals (Sweden)

    T. Usmanova

    2016-01-01

    Full Text Available Strategy of social and economic development of regions has to be a basis for formation budgetary and tax and a monetary policy. Formation of strategic plans have to provide an exit to the new level of innovative economic and social development of Russia. Adaptation of the current legislation is necessary for the solution of the set major problems regarding budgetary and tax and a monetary policy in the Russian Federation. The important direction of development of social and economic development of territories is the clustering and formation of projects of the public-private partnership (PPP. Within integration of the countries into the world economy the organizations as systems in the form of clusters and the PPP projects can only be the competitive. Within formation of the organizations as systems it is necessary to provide formation of standards of a sustainable development (SEU for social protection of the population and increase of the human capital.

  4. The History of Romania’s Relations with the International Monetary Fund

    Directory of Open Access Journals (Sweden)

    Gheorghe Stefan

    2011-02-01

    Full Text Available The International Monetary Fund aims primarily at ensuring the stability of theinternational monetary system more specifically the international payment system which allowscountries and their citizens to buy, sell goods and services between them. This is essential forsustainable economic growth, improvement of life standards and reducing poverty all around theworld. The goals of Romania’s agreements with IMF subscribe these parameters, mostly the currentone, this being emphasized by the economic recession and the necessity of reducing fiscal imbalancein order to attain a deficit with normal values acceptable in the EU. These include: maintaining theinflation at the range aimed by RNB, ensuring a sufficient external financing and improvingcredibility, the attempt to amortize the effects of severe capital absorption and resolution forRomania’s external and fiscal imbalances and consolidation of the financial area.

  5. Cultura da Convergência

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    Rogério Christofoletti

    2008-12-01

    Full Text Available Three ideas would suffice for the reading of “Cultura da Convergência” (Culture of Convergence by Henry Jenkins to be of interest to journalists and researchers in the area: media convergence as a cultural process; the strengthening of an emotional economy which guides consumers of symbolic goods and media creators; the expansion of trans-media narrative forms.

  6. Cultura da Convergência

    Directory of Open Access Journals (Sweden)

    Rogério Christofoletti

    2011-02-01

    Full Text Available Three ideas would suffice for the reading of “Cultura da Convergência” (Culture of Convergence by Henry Jenkins to be of interest to journalists and researchers in the area: media convergence as a cultural process; the strengthening of an emotional economy which guides consumers of symbolic goods and media creators; the expansion of trans-media narrative forms.

  7. Do non-monetary prices target the poor? Evidence from a field experiment in India

    OpenAIRE

    Hoffmann, Bridget

    2016-01-01

    This paper uses willingness to pay (WTP) data from a field experiment in Hyderabad, India in 2013 to determine whether non-monetary prices better target health products to the poor than monetary prices. Monetary WTP is increasing in income and non-monetary WTP is weakly decreasing in income. Household fixed effects in a pooled sample of monetary WTP and non-monetary WTP are used to compare the correlation of income and WTP across price types. It is found that non-monetary WTP falls relative t...

  8. An oil demand and supply model incorporating monetary policy

    International Nuclear Information System (INIS)

    Askari, Hossein; Krichene, Noureddine

    2010-01-01

    Oil price inflation may have had a significant role in pushing the world economy into its worst post-war recession during 2008-2009. Reserve currency central banks pursued an overly expansionary monetary policy during 2001-2009, in the form of low or negative real interest rates and accompanied by a rapidly falling US dollar, while paying inadequate attention to the destabilizing effects on oil markets. In this paper, we show that monetary policy variables, namely key interest rates and the US dollar exchange rate, had a powerful effect on oil markets. World oil demand was significantly influenced by interest and dollar exchange rates, while oil supply was rigid. Oil demand and supply have very low price elasticity and this characteristic makes oil prices highly volatile and subject to wider fluctuations than the prices of other commodities. Aggressive monetary policy would stimulate oil demand, however, it would be met with rigid oil supply and would turn inflationary and disruptive to economic growth if there was little excess capacity in oil output. We argue that a measure of stability in oil markets cannot be achieved unless monetary policy is restrained and real interest rates become significantly positive. Monetary tightening during 1979-1982 might imply that monetary policy has to be restrained for a long period and with high interest rates in order to bring stability back to oil markets. (author)

  9. International Monetary Instability Between the Wars: Structural Flaws or Misguided Policies?

    OpenAIRE

    Barry Eichengreen

    1989-01-01

    This paper reassesses the history of the international monetary system between the wars. It confirms the generality of several widely held interpretations of recent experience with floating exchange rates. There is a positive association between nominal exchange rate variability and real exchange rate variability. But policies of intervention which reduce nominal exchange rate variability do not guarantee a proportionate reduction in nominal exchange rate risk or in real exchange rate variabi...

  10. International Monetary Stability Between the Wars: Structural Flaws or Misguided Policies?

    OpenAIRE

    Eichengreen, Barry

    1989-01-01

    This paper examines the international monetary system between the Wars. It confirms the generality of several widely held interpretations of recent experience with floating exchange rates. There is a positive association between nominal exchange rate flexibility and nominal exchange rate variability, and between nominal and real exchange rate variability. But policies which reduce nominal exchange rate variability do not guarantee a proportionate reduction in nominal exchange rate risk or in ...

  11. Monetary policy transmission mechanism in Poland. What do we know in 2011?

    OpenAIRE

    Tomasz Łyziak; Oksana Demchuk; Jan Przystupa; Anna Sznajderska; Ewa Wróbel

    2012-01-01

    In the light of the results of empirical studies presented in the Report and the literature available45 it may be concluded that the form of the monetary policy transmission mechanism in Poland is consistent with structural features of the Polish economy and coincides with those characteristic of more developed European economies, e.g. the euro area. Although the financial intermediation system is less developed than in the euro area, Poland, like the new EU Member States is characterised by ...

  12. The Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy

    OpenAIRE

    Benjamin M. Friedman

    1996-01-01

    A familiar question raised by the Federal Reserve System's evolving use of money growth targets over the past twenty years is whether monetary policymakers had sound economic reasons for changing their procedures as they did -- either in adopting money growth targets in the first place, or in subsequently abandoning them, or in both instances. This paper addresses that question by comparing two kinds of evidence based on U.S. time-series data: first, evidence bearing on what Federal Reserve p...

  13. International Accounting Convergences Related to EU Admitance

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    Niculae Feleaga

    2006-05-01

    Full Text Available Starting from January 1, 2005, member countries of the European Union began the obligatory or optional application of the international standards IAS/IFRS for consolidated accounts, what means a revolution in financial reporting of the enterprises. In regards to the individual accounts (generally based on the national book-keeping standards these will converge gradually to referential international book-keeper on short and medium term. At the world level the process which dominates the accounting systems is the convergence between american and international reference system, followed immediatly more or less by the convergence between national accounting systems and the international one. Where Romania and its specialists are situated confronting this process? A reflection subject which finalises this article.

  14. Da obiettivi monetari a obiettivi di cambio. (From monetary to exchange rate targets

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    M.J. ARTIS

    2013-12-01

    Full Text Available Questo documento è stato presentato in occasione del quarto Seminario Internazionale sui diritti economici e monetaria dell'Unione Europea, tenutosi a Copenaghen nel marzo del 1981. L'autore prende le questioni teoriche nell'ambito dell'analisi sia statica che dinamica. Egli sostiene, sulla base del criterio di minimizzare la varianza dei prezzi intorno loro valore nominale, che un obiettivo di cambio supera un obiettivo monetario nella maggior parte dei tipi immaginabili di disturbi in un'analisi statica.This paper was presented at the Fourth International Seminar on European Economic and Monetary Union, held in Copenhagen in March of 1981. The author takes up the theoretical issues in the framework of both static and dynamic analysis. He argues, on the basis of the criterion of minimising the variance of prices around their target value, that an exchange-rate target outperforms a monetary target under most conceivable types of disturbances in a static analysis. JEL: E24, F36

  15. The impact of monetary policy on New Zealand business cycles and inflation variability

    OpenAIRE

    Nathan McLellan; Robert A Buckle; Kunhong Kim

    2004-01-01

    This paper uses the open economy structural VAR model developed in Buckle, Kim, Kirkham, McLellan and Sharma (2002) to evaluate the impact of monetary policy on New Zealand business cycles and inflation variability and the output/inflation variability trade-off. The model includes a forward-looking Taylor Rule to identify monetary policy and the impact of monetary policy is evaluated by deriving a monetary policy index using a procedure suggested by Dungey and Pagan (2000). Monetary policy ha...

  16. THE MONETARY POLICY TRANSMISSION MECHANISM THROUGH INTEREST RATE. EMPIRICAL ANALYSIS: ROMANIA

    OpenAIRE

    Gabriel Bistriceanu

    2008-01-01

    Understanding monetary policy transmission is necessary to moentary policy projection and implementation of monetary policy in a efficient manner. I consider that interest rate monetary policy mechanism is very important because the interest rate is now the main instrument used by the majority of central banks in the world in taking monetary policy decissions and by all central banks wich have inflation targeting strategy. In this paper, I analysed monetary policy transmission mechanism throu...

  17. Evaluation of Reports Required by the Statutes for Distribution of Monetary Donations and Allowances

    OpenAIRE

    Harun Tugcu; Mehmet Toygar; Ender Senol; I. Ozgur Can; Mukerrem Safali

    2007-01-01

    Physicians have to write reports in accordance with the relevant laws, statutes and regulations when requested by the administrations for distribution of monetary donations and allowances. The Statutes for Distribution of Monetary Donations and Allowances show the conditions requiring monetary support, the people who need monetary donations and the types of making monetary donations in cases of disabilities and injuries. We retrospectively reviewed the reports written in accordance with the S...

  18. The Monetary Effect of Power: How Perception of Power Affects Monetary Value Judgments in China and US

    OpenAIRE

    Qian Yang; Kaiping Peng; Xueya Zhou; Ruoqiao Zheng; Wanhua Peng

    2013-01-01

    Previous research has found a positive correlation between the perception of power and the perception of a number of social attributes (e.g., attractiveness, height, personality traits), but most of the studies were conducted in the US, and none has investigated the relationship between power perception and monetary value judgments. The current study found dramatic differences between Americans and Chinese on value estimations; the Chinese seem to perceive much higher monetary values for all ...

  19. Monetary Transmission and Asset - Liability management by financial institutions in transitional economies - implications for czech monetary policy

    OpenAIRE

    Derviz, Alexis

    2000-01-01

    The paper deals with the transmission of monetary policy within the financial sector. The objective is to link an optimizing stochastic model of portfolio decisions by a representative financial institution with a number of features that this optimizing behavior implies for monetary transmission and credit conditions in a transitional economy. The main example is the intermediation performance of Czech financial sector in the years 1993 to 1999.

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

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    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.