Process theory for supervisory control of stochastic systems with data

NARCIS (Netherlands)

Markovski, J.

2012-01-01

We propose a process theory for supervisory control of stochastic nondeterministic plants with data-based observations. The Markovian process theory with data relies on the notion of Markovian partial bisimulation to capture controllability of stochastic nondeterministic systems. It presents a

A study of non-monetary rewards as a motivation tool for employee performance in Tesco

OpenAIRE

Alegbejo, Titilayo B.

2013-01-01

2013 dissertation for MSc in Human Resource Management. Selected by academic staff as a good example of a masters level dissertation. \\ud \\ud \\ud The aim of this study was to critically evaluate the impact of non-monetary rewards on employee motivation, to determine which non-monetary reward motivates employees in Tesco and to investigate the value of non-monetary rewards to employees. The survey design was adopted in this study and data was collected through the distribution of questionnaire...

Using Non-Monetary Deprivation Indicators to Analyze Poverty and Social Exclusion: Lessons from Europe?

Science.gov (United States)

Nolan, Brian; Whelan, Christopher T.

2010-01-01

Non-monetary indicators of deprivation are now widely used in studying poverty in Europe. While measuring financial resources remains central, having reliable information about material deprivation adds to the ability to capture poverty and social exclusion. Non-monetary indicators can help improve the identification of those experiencing poverty…

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

The Supervisory Process of EFL Teachers: A Case Study

Science.gov (United States)

Chen, Cheryl Wei-Yu; Cheng, Yuh-show

2013-01-01

Supervision is an essential part of language teachers' professional experiences. The literature on language teacher supervision from the past few decades consists largely of descriptions of supervisory approaches (Bailey, 2009) and analysis of the supervisory discourse (Hooton, 2008; Wajnryb, 1994; 1995; 1998; Wallace & Woolger, 1991). This…

Monetary Policy, Investment and Non-Fundamental Shocks

OpenAIRE

Fernando Alexandre

2002-01-01

Using a sticky price model with endogenous investment and adjustment costs we analyse the benefits of monetary policy reacting to asset prices, when investment is under the influence of a non-fundamental shock, both for inflation-forecast targeting rules and for Taylor rules. We conclude that in this context there are benefits from reacting to asset prices that result from a more stable output gap, which is the consequence of a much lower volatility in firms’ investment. Howeve...

ESTIMATION OF INFLUENCE OF NON-MONETARY FACTORS ON INFLATION IN THE RUSSIAN ECONOMY IN 2003-2013

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Gilmundinov V. M.

2015-12-01

Full Text Available The paper is concerned with issues of influence of non-monetary factors on inflation in the Russian economy in 2003-2013. Based on a production approach a method of estimation of the influence of non-monetary factors on deflator of gross output is proposed. According to the results of estimations, cost inflation dominates in Russia in the considered period. This conclusion is proven by considerable contribution of intermediate consumption and wages with sharp reducing contribution of gross profit in dynamic of basic prices. Obtained results reveal inefficiency of traditional monetary restriction for suppression of inflation in the Russian economy. The advisability of stimulating monetary policy harmonized with tariff regulation also follows from this study.

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.

Effects of alexithymia and empathy on the neural processing of social and monetary rewards.

Science.gov (United States)

Goerlich, Katharina Sophia; Votinov, Mikhail; Lammertz, Sarah E; Winkler, Lina; Spreckelmeyer, Katja N; Habel, Ute; Gründer, Gerhard; Gossen, Anna

2017-07-01

Empathy has been found to affect the neural processing of social and monetary rewards. Alexithymia, a subclinical condition showing a close inverse relationship with empathy is linked to dysfunctions of socio-emotional processing in the brain. Whether alexithymia alters the neural processing of rewards, which is currently unknown. Here, we investigated the influence of both alexithymia and empathy on reward processing using a social incentive delay (SID) task and a monetary incentive delay (MID) task in 45 healthy men undergoing functional magnetic resonance imaging. Controlling for temperament-character dimensions and rejection sensitivity, the relationship of alexithymia and empathy with neural activity in several a priori regions of interest (ROIs) was examined by means of partial correlations, while participants anticipated and received social and monetary rewards. Results were considered significant if they survived Holm-Bonferroni correction for multiple comparisons. Alexithymia modulated neural activity in several ROIs of the emotion and reward network, both during the anticipation of social and monetary rewards and in response to the receipt of monetary rewards. In contrast, empathy did not affect reward anticipation and modulated ROI activity only in response to the receipt of social rewards. These results indicate a significant influence of alexithymia on the processing of social and monetary rewards in the healthy brain.

Monetary and Non-monetary SWO Retention Bonuses: An Experimental Approach to the Combinatorial Retention Auction Mechanism (CRAM)

Science.gov (United States)

2009-12-01

aircraft carrier would not function properly nor could a guided missile destroyer fulfill its missions. Retention of qualified and motivated ...19 Jason Blake Ellis, “Variability of Valuation of Non-Monetary Incentives: Motivating and...this illustration offer individual values that exceed the Navy’s cost to provide the incentive for most individuals. On the other hand, telecommuting

Democratic Dialogue as a Process to Inform Public Policy: Reconceptualizing a Supervisory Officer’s Qualification Program

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Deirdre M. Smith

2015-06-01

Full Text Available An exploration of the collaborative reconceptualization of a provincial Supervisory Officer’s Qualification Program (SOQP through the use of dialogic approaches is the focus of this inquiry. The stories, perspectives, and lived experiences of supervisory officers, principals, teachers, parents, students, and members of the public in Ontario were included as essential voices and information sources within policy development conversations. These narratives of experience revealed the forms of knowledge, skills, dispositions, and ethical commitments necessary for effective supervisory officers today and in the future. They also illustrated the transformative nature of narrative dialogue to enlighten, deepen understanding, and alter perspec- tives. The policy development processes used in this publicly shared educational initiative serve as a model of democratic dialogue. The inclusive and dialogic methods employed to collectively reconceptualize a supervisory officer formation program illustrate an innovative framework for developing policies governing the public good.

Social and monetary reward processing in autism spectrum disorders.

Science.gov (United States)

Delmonte, Sonja; Balsters, Joshua H; McGrath, Jane; Fitzgerald, Jacqueline; Brennan, Sean; Fagan, Andrew J; Gallagher, Louise

2012-09-26

Social motivation theory suggests that deficits in social reward processing underlie social impairments in autism spectrum disorders (ASD). However, the extent to which abnormalities in reward processing generalize to other classes of stimuli remains unresolved. The aim of the current study was to examine if reward processing abnormalities in ASD are specific to social stimuli or can be generalized to other classes of reward. Additionally, we sought to examine the results in the light of behavioral impairments in ASD. Participants performed adapted versions of the social and monetary incentive delay tasks. Data from 21 unmedicated right-handed male participants with ASD and 21 age- and IQ-matched controls were analyzed using a factorial design to examine the blood-oxygen-level-dependent (BOLD) response during the anticipation and receipt of both reward types. Behaviorally, the ASD group showed less of a reduction in reaction time (RT) for rewarded compared to unrewarded trials than the control group. In terms of the fMRI results, there were no significant group differences in reward circuitry during reward anticipation. During the receipt of rewards, there was a significant interaction between group and reward type in the left dorsal striatum (DS). The ASD group showed reduced activity in the DS compared to controls for social rewards but not monetary rewards and decreased activation for social rewards compared to monetary rewards. Controls showed no significant difference between the two reward types. Increased activation in the DS during social reward processing was associated with faster response times for rewarded trials, compared to unrewarded trials, in both groups. This is in line with behavioral results indicating that the ASD group showed less of a reduction in RT for rewarded compared to unrewarded trials. Additionally, de-activation to social rewards was associated with increased repetitive behavior in ASD. In line with social motivation theory, the ASD

Management and non-supervisory perceptions surrounding the implementation and significance of high-performance work practices in a nuclear power plant

Science.gov (United States)

Ashbridge, Gayle Ann

Change management has become an imperative for organizations as they move into the 21st century; up to 75 percent of change initiatives fail. Nuclear power plants face the same challenges as industrial firms with the added challenge of deregulation. Faced with this challenge, restructuring the electric utility has raised a number of complex issues. Under traditional cost-of-service regulation, electric utilities were able to pass on their costs to consumers who absorbed them. In the new competitive environment, customers will now choose their suppliers based on the most competitive price. The purpose of this study is to determine the degree of congruence between non-supervisory and supervisory personnel regarding the perceived implementation of high performance workplace practices at a nuclear power plant. This study used as its foundation the practices identified in the Road to High Performance Workplaces: A Guide to Better Jobs and Better Business Results by the U.S. Department of Labor's Office of the American Workplace (1994). The population for this study consisted of organizational members at one nuclear power plant. Over 300 individuals completed surveys on high performance workplace practices. Two surveys were administered, one to non-supervisory personnel and one to first line supervisors and above. The determination of implementation levels was accomplished through descriptive statistical analysis. Results of the study revealed 32 areas of noncongruence between non-supervisory and supervisory personnel in regard to the perceived implementation level of the high performance workplace practices. Factor analysis further revealed that the order in which the respondents place emphasis on the variables varies between the two groups. This study provides recommendations that may improve the nuclear power plants alignment of activities. Recommendations are also provided for additional research on high-performance work practices.

PRICE RIGIDITY AND MONETARY NON-NEUTRALITY IN DEVELOPING COUNTRIES: EVIDENCE FROM NIGERIA

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Nathaniel E. Urama

2013-04-01

Full Text Available In an attempt to find out the degree of monetary non-neutrality in Nigeria we started from finding out the size of price rigidity in the country. Computation with Ball and Romer method showed that price rigidity is optimal decision for firms in Nigeria only when the menu cost is well above 2.28% of the firm’s revenue which is on the high side, showing the likelihood of weak price rigidity in the country. Confirming this, the IRFs of the SVAR shows that the response of inflation to nominal shock has only one period lag. These combined results led to a small though persistent response of output to the nominal shock. The result of the study therefore points towards large nominal and small real effect of monetary policy in Nigeria and conclude that monetary policy will be a better option for contractionary plan but not for an expansionary plan.

Application of functional analysis techniques to supervisory systems

International Nuclear Information System (INIS)

Lambert, Manuel; Riera, Bernard; Martel, Gregory

1999-01-01

The aim of this paper is to apply firstly two interesting functional analysis techniques for the design of supervisory systems for complex processes, and secondly to discuss the strength and the weaknesses of each of them. Two functional analysis techniques have been applied, SADT (Structured Analysis and Design Technique) and FAST (Functional Analysis System Technique) on a process, an example of a Water Supply Process Control (WSPC) system. These techniques allow a functional description of industrial processes. The paper briefly discusses the functions of a supervisory system and some advantages of the application of functional analysis for the design of a 'human' centered supervisory system. Then the basic principles of the two techniques applied on the WSPC system are presented. Finally, the different results obtained from the two techniques are discussed

Supervisory, hierarchical control for a multimodular ALMR

International Nuclear Information System (INIS)

Otaduy, P.J.; Brittain, C.R.; Rovere, L.A.

1989-01-01

This paper describes the directions and present status of research in supervisory control for multimodular nuclear plants at ORNL as part of DOE's advanced controls program ACTO. The hierarchical supervisory structure envisioned for a PRISM-like supervisor closest to the process actuators and how it has actually been implemented for demonstration in a network of CPU's is presented next. Two demonstrations of supervisory control with an expert system are also described, one for control of a plant with a single reactor and turbine, the other for control of a plant with three reactors and one turbine. An appendix contains the mathematical basis for the novel approach to large scale system decomposition we have used in the demonstrations of supervisory distributed control of the single reactor plant. 6 refs., 5 figs

Model-Based Engineering of Supervisory Controllers using CIF

NARCIS (Netherlands)

Schiffelers, R.R.H.; Theunissen, R.J.M.; Beek, van D.A.; Rooda, J.E.; Levendovsky, T.; Lengyel, L.

2009-01-01

In the Model-Based Engineering (MBE) paradigm, models are the core elements in the design process of a system from its requirements to the actual implementation of the system. By means of Supervisory Control Theory (SCT), supervisory controllers (supervisors) can be synthesized instead of

Abstinence duration modulates striatal functioning during monetary reward processing in cocaine patients.

Science.gov (United States)

Bustamante, Juan-Carlos; Barrós-Loscertales, Alfonso; Costumero, Víctor; Fuentes-Claramonte, Paola; Rosell-Negre, Patricia; Ventura-Campos, Noelia; Llopis, Juan-José; Ávila, César

2014-09-01

Pre-clinical and clinical studies in cocaine addiction highlight alterations in the striatal dopaminergic reward system that subserve maintenance of cocaine use. Using an instrumental conditioning paradigm with monetary reinforcement, we studied striatal functional alterations in long-term abstinent cocaine-dependent patients and striatal functioning as a function of abstinence and treatment duration. Eighteen patients and 20 controls underwent functional magnetic resonance imaging during a Monetary Incentive Delay task. Region of interest analyses based on masks of the dorsal and ventral striatum were conducted to test between-group differences and the functional effects in the cocaine group of time (in months) with no more than two lapses from the first time patients visited the clinical service to seek treatment at the scanning time (duration of treatment), and the functional effects of the number of months with no lapses or relapses at the scanning session time (length of abstinence). We applied a voxel-wise and a cluster-wise FWE-corrected level (pFWE) at a threshold of P reward anticipation than the control group. The regression analyses in the patients group revealed a positive correlation between duration of treatment and brain activity in the left caudate during reward anticipation. Likewise, length of abstinence negatively correlated with brain activity in the bilateral nucleus accumbens during monetary outcome processing. In conclusion, caudate and nucleus accumbens show a different brain response pattern to non-drug rewards during cocaine addiction, which can be modulated by treatment success. © 2013 The Authors, Addiction Biology © 2013 Society for the Study of Addiction.

Monetary policy and banking supervision: still at arm's length? A comparative analysis

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Donato Masciandaro

2012-12-01

Full Text Available By the early 2000s an increasing number of countries had adopted a well-defined central bank framework, characterized by two intertwined features: stronger specialization for the banking authority in achieving monetary policy goals, and a lessening of its traditional responsibilities for the safeguard of financial stability within its institutional perimeter. The fundamental effect was that Central Bank Involvement in Supervision (CBIS generally decreased. But then, after the Financial Crisis erupted in 2008, reforms have been undertaken and projects are being discussed to reconsider the role of the central bank in the field of supervisory tasks. The main research question is then: how is CBIS moving? This article offers two contributions. Firstly, the economics of the relationship between central banking, monetary policy and banking supervision is reviewed. Secondly, the current situation of CBIS in 88 countries around the world is analyzed.

Domains of reciprocity beyond monetary compensation: How do non-pecuniary factors affect effort and shirking?

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Akinori Tomohara

2016-12-01

Full Text Available This empirical study examines how sources of reciprocity are related to work motivation by distinguishing positive and negative work attitudes in practical working environments. We move away from the unidimensional perspective of monetary compensation and investigate employees’ reciprocal behaviors, together with non-pecuniary aspects of work relations such as human relationships and company management. The results show that positive reciprocity, represented by effort, is fundamentally distinct from negative reciprocity, represented by shirking, when examining the multi-dimensional sources of reciprocity. Additionally, our analyses reveal that non-pecuniary factors in the working environment have a relatively large degree of association with work motivation, even when compared to monetary compensation. Our results complement those from controlled laboratory experiments.

Advanced I&C for Fault-Tolerant Supervisory Control of Small Modular Reactors

Energy Technology Data Exchange (ETDEWEB)

Cole, Daniel G. [Univ. of Pittsburgh, PA (United States)

2018-01-30

In this research, we have developed a supervisory control approach to enable automated control of SMRs. By design the supervisory control system has an hierarchical, interconnected, adaptive control architecture. A considerable advantage to this architecture is that it allows subsystems to communicate at different/finer granularity, facilitates monitoring of process at the modular and plant levels, and enables supervisory control. We have investigated the deployment of automation, monitoring, and data collection technologies to enable operation of multiple SMRs. Each unit's controller collects and transfers information from local loops and optimize that unit’s parameters. Information is passed from the each SMR unit controller to the supervisory controller, which supervises the actions of SMR units and manage plant processes. The information processed at the supervisory level will provide operators the necessary information needed for reactor, unit, and plant operation. In conjunction with the supervisory effort, we have investigated techniques for fault-tolerant networks, over which information is transmitted between local loops and the supervisory controller to maintain a safe level of operational normalcy in the presence of anomalies. The fault-tolerance of the supervisory control architecture, the network that supports it, and the impact of fault-tolerance on multi-unit SMR plant control has been a second focus of this research. To this end, we have investigated the deployment of advanced automation, monitoring, and data collection and communications technologies to enable operation of multiple SMRs. We have created a fault-tolerant multi-unit SMR supervisory controller that collects and transfers information from local loops, supervise their actions, and adaptively optimize the controller parameters. The goal of this research has been to develop the methodologies and procedures for fault-tolerant supervisory control of small modular reactors. To achieve

AN EXPLORATORY STUDY OF THE RELATIONSHIP BETWEEN NON-MONETARY WELFARE PROGRAMS AND EMPLOYEE PERFORMANCE AMONG NON-TEACHING STAFF IN INSTITUTIONS OF HIGHER LEARNING IN KENYA

OpenAIRE

Linda Njeru; Abel M. Moguche; Fredrick M. Mutea

2017-01-01

Welfare programs are concerned with the total wellbeing of employees both at work and at home. Non-monetary welfare programs in the workplace are offered by employers in the hope of winning the satisfaction index of an employee and hence increasing employee engagement and commitment, which equally translate to increased productivity, reduced turnover and enhanced employee loyalty. Several experts assert that non-monetary welfare programmes have long lasting effects on employee performance sin...

Commissioning of Temelin NPP as seen by scientific supervisory group

International Nuclear Information System (INIS)

Svoboda, C.

2003-01-01

Scientific Supervisory Group worked during the Temelin NPP commissioning process as an independent supervisor. The main tasks and main results of its activity are described in this contribution. The characteristic common features of commissioning process and most important events from the Scientific Supervisory Group point of view are presented. In April 1999 the Czech Power Utility with the objective to achieve maximum level of nuclear safety and quality within the NPP Temelin commissioning procedures has established a special body / Scientific Supervisory Group and requested Nuclear Research Institute Rez plc to perform the required function. The Scientific Supervisory Group proceeds in accordance with its Statute and provides an independent specialised professional and expert work focused on nuclear safety assurance, assesment of the selected documentation related to plant preparedness for the individual commissioning stages, and, of course. on assessment of the commissioning tests results. While performing its function the Scientific Supervisory Group is guided by the Atomic Act and the relevant Directives of State Office for Nuclear Safety; its activities are in compliance with the applicable IAEA recommendations (Authors)

MONETARY TRANSMISSION CHANNELS IN ROMANIA – THE CREDIT CHANNEL

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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

Temporary oil production, current account deterioration and the role of monetary and fiscal policy

International Nuclear Information System (INIS)

Harvie, C.

1992-01-01

This paper extends earlier work on the macroeconomic adjustment processes arising for an economy experiencing a temporary period of oil production. Emphasis is placed on developments in the current account, as reflected in foreign asset stock movements, after oil production ceases, as well as on the role that monetary, fiscal or fiscal/monetary policy can play in influencing current-account developments during this same period. The results presented suggest that, to improve the performance of the current account, irrespective of the wage adjustment mechanism operative, after oil production ceases, the major thrust of macroeconomic policy should operate through fiscal rather than monetary policy. However developments in non-oil output would be influenced by the wage adjustment mechanism. With wage indexation, a tight fiscal policy after oil production ceases leads to a higher level of non-oil output than in the no policy response case, or one where monetary policy alone is used. With no wage indexation, the use of monetary and/or fiscal policy leads to lower levels of non-oil output. The use of fiscal policy also has the added benefit of contributing to a lower consumer price level, again irrespective of the operative wage adjustment mechanism. If the emphasis of policy operates through monetary policy, irrespective of the wage adjustment mechanism, the current-account problem will be exacerbated since foreign assets stocks will be lower. In addition, non-oil output and consumer prices will be lower. (Author)

Adaptive neural reward processing during anticipation and receipt of monetary rewards in mindfulness meditators.

Science.gov (United States)

Kirk, Ulrich; Brown, Kirk Warren; Downar, Jonathan

2015-05-01

Reward seeking is ubiquitous and adaptive in humans. But excessive reward seeking behavior, such as chasing monetary rewards, may lead to diminished subjective well-being. This study examined whether individuals trained in mindfulness meditation show neural evidence of lower susceptibility to monetary rewards. Seventy-eight participants (34 meditators, 44 matched controls) completed the monetary incentive delay task while undergoing functional magnetic resonance imaging. The groups performed equally on the task, but meditators showed lower neural activations in the caudate nucleus during reward anticipation, and elevated bilateral posterior insula activation during reward anticipation. Meditators also evidenced reduced activations in the ventromedial prefrontal cortex during reward receipt compared with controls. Connectivity parameters between the right caudate and bilateral anterior insula were attenuated in meditators during incentive anticipation. In summary, brain regions involved in reward processing-both during reward anticipation and receipt of reward-responded differently in mindfulness meditators than in nonmeditators, indicating that the former are less susceptible to monetary incentives. © The Author (2014). Published by Oxford University Press. For Permissions, please email: journals.permissions@oup.com.

Supervisory control in a distributed, hierarchical architecture for a multimodular LMR

International Nuclear Information System (INIS)

Otaduy, P.J.; Brittain, C.R.; Rovere, L.A.

1989-01-01

This paper describes the directions and present status of the research in supervisory control for multimodular nuclear plants being conducted at Oak Ridge National Laboratory (ORNL) as part of US Department of Energy's (DOE) Advanced Controls Program. First, the hierarchical supervisory control structure envisioned for a Power Reactor Inherently Safe Module (PRISM) multimodular LMR is discussed. Next, the architecture of the supervisory module closest to the process actuators and its implementation for demonstration in a network of CPU's are presented. 12 refs., 3 figs

Review of the first line supervisory positions in nuclear power plants

Energy Technology Data Exchange (ETDEWEB)

Mullin, D; Mackenzie, C W [Hickling Corp. (Canada)

1995-10-01

The authors review the nature of the tasks performed by first line maintenance supervisors in three nuclear power plants. They compare these tasks to core supervisory training curriculum, supervisory job descriptions, and both the process related to performance appraisals, and the criteria applied in carrying out these performance evaluations. Recommendations have been made concerning methods of increasing the relevancy of training and improving the performance appraisal process. ( author). 5 figs.

Review of the first line supervisory positions in nuclear power plants

International Nuclear Information System (INIS)

Mullin, D.; Mackenzie, C.W.

1995-10-01

The authors review the nature of the tasks performed by first line maintenance supervisors in three nuclear power plants. They compare these tasks to core supervisory training curriculum, supervisory job descriptions, and both the process related to performance appraisals, and the criteria applied in carrying out these performance evaluations. Recommendations have been made concerning methods of increasing the relevancy of training and improving the performance appraisal process. ( author). 5 figs

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...

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...

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.

Supervisory Styles: A Contingency Framework

Science.gov (United States)

Boehe, Dirk Michael

2016-01-01

While the contingent nature of doctoral supervision has been acknowledged, the literature on supervisory styles has yet to deliver a theory-based contingency framework. A contingency framework can assist supervisors and research students in identifying appropriate supervisory styles under varying circumstances. The conceptual study reported here…

RISKS AND CONSTRAINTS FOR THE MONETARY STABILITY

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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.

Monetary reward processing in obese individuals with and without binge eating disorder.

Science.gov (United States)

Balodis, Iris M; Kober, Hedy; Worhunsky, Patrick D; White, Marney A; Stevens, Michael C; Pearlson, Godfrey D; Sinha, Rajita; Grilo, Carlos M; Potenza, Marc N

2013-05-01

An important step in obesity research involves identifying neurobiological underpinnings of nonfood reward processing unique to specific subgroups of obese individuals. Nineteen obese individuals seeking treatment for binge eating disorder (BED) were compared with 19 non-BED obese individuals (OB) and 19 lean control subjects (LC) while performing a monetary reward/loss task that parses anticipatory and outcome components during functional magnetic resonance imaging. Differences in regional activation were investigated in BED, OB, and LC groups during reward/loss prospect, anticipation, and notification. Relative to the LC group, the OB group demonstrated increased ventral striatal and ventromedial prefrontal cortex activity during anticipatory phases. In contrast, the BED group relative to the OB group demonstrated diminished bilateral ventral striatal activity during anticipatory reward/loss processing. No differences were observed between the BED and LC groups in the ventral striatum. Heterogeneity exists among obese individuals with respect to the neural correlates of reward/loss processing. Neural differences in separable groups with obesity suggest that multiple, varying interventions might be important in optimizing prevention and treatment strategies for obesity. Copyright © 2013 Society of Biological Psychiatry. Published by Elsevier Inc. All rights reserved.

Modular supervisory controller for hybrid power systems

Energy Technology Data Exchange (ETDEWEB)

Lemos Pereira, A. de

2000-06-01

The power supply of remote places has been commonly provided by thermal power plants, usually diesel generators. Although hybrid power systems may constitute the most economical solution in many applications their widespread application to the electrification schemes of remote areas still depends on improvements in the issues of design and operation control. The main limitations of the present hybrid power systems technology, which are identified in this work, are related to the control and supervision of the power system. Therefore this thesis focuses on the modularity of supervisory controllers in order to design cost-competitive and reliable hybrid power systems. The modular supervisory controller created in this project is considered an important part of a system design approach that aims to overcome the technical difficulties of the current engineering practice and contribute to open the market of hybrid power systems. The term modular refers to a set of design characteristics that allows the use of basically the same supervisory controller in different projects. The modularization and standardisation of the controller include several issues such as interfacing components, communication protocols, modelling, programming and control strategies. The modularity can reduce the highly specialised system engineering related to the integration of components, operation and control. It can also avoid the high costs for installation, service and maintenance. A modular algorithm for supervisory controllers has been developed (a Matlab program called SuperCon) using an object-oriented design and it has been tested through several simulations using different hybrid system configurations and different control strategies. This thesis presents a complete control system design process which can be used as the basis for the development and implementation of intelligent and autonomous supervisory controllers for hybrid power systems with modular characteristics. (au)

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.

Reshaping supervisory practice in home care.

Science.gov (United States)

Knollmueller, R N

1988-06-01

Reshaping supervisory practice in home care is not an if but a when issue. We need the best wisdom in how to reshape the practice so that it builds on the experience of the individual and the agency. It is time to deliberately plan to change from the paper-shuffling tendency among supervisors toward supporting more people-oriented activity and to rediscover the pivotal role that supervisors have in keeping a community healthy, staff stimulated, and the agency solvent. Some summary points to consider in reshaping supervisory practice include: (1) redefine supervision to reflect what is desired, needed, and possible, (2) recognize the contribution from change theory and apply it, (3) recapture the commitment and philosophy of supervision from the past, (4) reward the supervisor commensurate with the scope of practice expected, (5) reverse selection of supervisors from preservers of territory to manager as idea entrepreneur, (6) respond to varying and dynamic models of supervisory practice, (7) recharge the supervisor through timely in-service programs, continuing education, and formal academic study, (8) require educational content and practice from colleges and universities that stimulate creative supervisory skills and improve job satisfaction, (9) respect the work of the supervisor and provide appropriate support to achieve success, (10) reconsider current supervisory models and expand opportunities for professional growth among staff, and (11) reshape the supervisory role from one of controller to facilitator and innovator.

Non-linear effects of the U.S. Monetary Policy in the Long Run

OpenAIRE

Olmos, Lorena; Sanso Frago, Marcos

2014-01-01

We find non-linearities in the U.S. long-run relationships among trend inflation, growth rate and financial frictions. Moreover, our results show that mismeasurements of the natural rate of interest deviate the trend inflation from its target, which is especially clear when monetary policy reacts preventively against inflation deviations. The long-run growth rate, the trend inflation and the natural rate of interest, specified as time-varying, are jointly estimated over the period 1960:Q1-201...

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.

A Monetary Reward Alters Pacing but Not Performance in Competitive Cyclists.

Science.gov (United States)

Skorski, Sabrina; Thompson, Kevin G; Keegan, Richard J; Meyer, Tim; Abbiss, Chris R

2017-01-01

Money has frequently been used as an extrinsic motivator since it is assumed that humans are willing to invest more effort for financial reward. However, the influence of a monetary reward on pacing and performance in trained athletes is not well-understood. Therefore, the aim of this study was to analyse the influence of a monetary reward in well-trained cyclists on their pacing and performance during short and long cycling time trials (TT). Twentythree cyclists (6 ♀, 17 ♂) completed 4 self-paced time trials (TTs, 2 short: 4 km and 6 min; 2 long: 20 km and 30 min); in a randomized order. Participants were separated into parallel, non-randomized "rewarded" and "non-rewarded" groups. Cyclists in the rewarded group received a monetary reward based on highest mean power output across all TTs. Cyclists in the non-rewarded group did not receive a monetary reward. Overall performance was not significantly different between groups in short or long TTs ( p > 0.48). Power output showed moderatly lower effect sizes at comencement of the short TTs ( P meandiff = 36.6 W; d > 0.44) and the 20 km TT ( P meandiff = 22.6 W; d = 0.44) in the rewarded group. No difference was observed in pacing during the 30 min TT ( p = 0.95). An external reward seems to have influenced pacing at the commencement of time trials. Participants in the non-rewarded group adopted a typical parabolic shaped pattern, whereas participants in the rewarded group started trials more conservatively. Results raise the possibility that using money as an extrinsic reward may interfere with regulatory processes required for effective pacing.

A Monetary Reward Alters Pacing but Not Performance in Competitive Cyclists

Directory of Open Access Journals (Sweden)

Sabrina Skorski

2017-09-01

Full Text Available Money has frequently been used as an extrinsic motivator since it is assumed that humans are willing to invest more effort for financial reward. However, the influence of a monetary reward on pacing and performance in trained athletes is not well-understood. Therefore, the aim of this study was to analyse the influence of a monetary reward in well-trained cyclists on their pacing and performance during short and long cycling time trials (TT. Twentythree cyclists (6 ♀, 17 ♂ completed 4 self-paced time trials (TTs, 2 short: 4 km and 6 min; 2 long: 20 km and 30 min; in a randomized order. Participants were separated into parallel, non-randomized “rewarded” and “non-rewarded” groups. Cyclists in the rewarded group received a monetary reward based on highest mean power output across all TTs. Cyclists in the non-rewarded group did not receive a monetary reward. Overall performance was not significantly different between groups in short or long TTs (p > 0.48. Power output showed moderatly lower effect sizes at comencement of the short TTs (Pmeandiff = 36.6 W; d > 0.44 and the 20 km TT (Pmeandiff = 22.6 W; d = 0.44 in the rewarded group. No difference was observed in pacing during the 30 min TT (p = 0.95. An external reward seems to have influenced pacing at the commencement of time trials. Participants in the non-rewarded group adopted a typical parabolic shaped pattern, whereas participants in the rewarded group started trials more conservatively. Results raise the possibility that using money as an extrinsic reward may interfere with regulatory processes required for effective pacing.

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.

Design of an advanced human-centered supervisory system for a nuclear fuel reprocessing system

International Nuclear Information System (INIS)

Riera, B.; Lambert, M.; Martel, G.

1999-01-01

In the field of highly automated processes, our research concerns supervisory system design adapted to supervisory and default diagnosis by human operators. The interpretation of decisional human behaviour models shows that the tasks of human operators require different information, which has repercussions on the supervisory system design. We propose an advanced human-centred supervisory system (AHCSS) which is more adapted to human-beings, because it integrates new representation of the production system,(such as functional and behavioural aspects) with the use of advanced algorithms of detection and location. Based on an approach using these new concepts, and AHCSS was created for a nuclear fuel reprocessing system. (authors)

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.

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...

Non-monetary valuation using Multi-Criteria Decision Analysis: Sensitivity of additive aggregation methods to scaling and compensation assumptions

Science.gov (United States)

Analytical methods for Multi-Criteria Decision Analysis (MCDA) support the non-monetary valuation of ecosystem services for environmental decision making. Many published case studies transform ecosystem service outcomes into a common metric and aggregate the outcomes to set land ...

Reforms to the European Union Financial Supervisory and Regulatory Architecture and Their Implications for Asia

NARCIS (Netherlands)

Z. Darvas (Zsolt); D. Schoenmaker (Dirk); N. Véron (Nicolas)

2017-01-01

textabstractEuropean Union (EU) countries offer a unique experience of financial regulatory and supervisory integration, complementing various other European integration efforts following the Second World War. Financial regulatory and supervisory integration was a very slow process before 2008,

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

Enabling Critical Reflection on Research Supervisory Practice

Science.gov (United States)

Pearson, Margot; Kayrooz, Carole

2004-01-01

This paper describes the development of an instrument--The Reflective Supervisor Questionnaire (RSQ). The RSQ maps the domain of research supervisory practice as a facilitative process involving educational tasks and activities. It is designed to assist research supervisors explore, by means of self-reflection and reflection on feedback from…

Event-related EEG responses to anticipation and delivery of monetary and social reward.

Science.gov (United States)

Flores, Amanda; Münte, Thomas F; Doñamayor, Nuria

2015-07-01

Monetary and a social incentive delay tasks were used to characterize reward anticipation and delivery with electroencephalography. During reward anticipation, N1, P2 and P3 components were modulated by both prospective reward value and incentive type (monetary or social), suggesting distinctive allocation of attentional and motivational resources depending not only on whether rewards or non-rewards were cued, but also on the monetary and social nature of the prospective outcomes. In the delivery phase, P2, FRN and P3 components were also modulated by levels of reward value and incentive type, illustrating how distinctive affective and cognitive processes were attached to the different outcomes. Our findings imply that neural processing of both reward anticipation and delivery can be specific to incentive type, which might have implications for basic as well as translational research. These results are discussed in the light of previous electrophysiological and neuroimaging work using similar tasks. Copyright © 2015 Elsevier B.V. All rights reserved.

MONETARY POLICY TRANSMISSION MECHANISM AND TVP-VAR MODEL

Directory of Open Access Journals (Sweden)

Andreea ROŞOIU

2013-12-01

Full Text Available The transmission of monetary policy to the economy is a subject of major importance for central banks because, by using these measures, central banks can achieve their purpose of ensuring price stability without neglecting the objective of sustainable economic growth. In order to analyze the evolution of the monetary policy transmission mechanism in Romania, a time varying structural vector autoregression model is estimated, by using a Markov Chain Monte Carlo algorithm for the posterior evolution. The conclusions of the empirical study are: both systematic and non-systematic monetary policy have changed during the investigated period of time, the systematic response of the interest rate to shocks in inflation and unemployment being faster over the recent period. Also, non-policy shocks seem more important than interest rate shocks in explaining inflation and unemployment evolution.

Sustainable Decision-Making: Non-Monetary Incentives for Pro-Social Behavior in the Energy Sector

OpenAIRE

S. Rosenkranz; K.S. Muehlfeld; G. van der Laan; G.U. Weitzel; J. van der Donk; H. Ivanova; E.J. van Kesteren; M. Ottink; H. van der Spek

2013-01-01

Taking into account insights into the reality of human decision-making, is an important challenge for today’s policymakers. Are there `cheaper´, more efficient and possibly as well more effective, non-financial ways of influencing the behaviour of private and corporate citizens, nudging them towards socially desired choices, for example, in the domain of energy consumption? Can such mechanisms complement or substitute for monetary incentives in fostering sustainable decision-making in poli...

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

Modelling supervisory controller for hybrid power systems

Energy Technology Data Exchange (ETDEWEB)

Pereira, A; Bindner, H; Lundsager, P [Risoe National Lab., Roskilde (Denmark); Jannerup, O [Technical Univ. of Denmark, Dept. of Automation, Lyngby (Denmark)

1999-03-01

Supervisory controllers are important to achieve optimal operation of hybrid power systems. The performance and economics of such systems depend mainly on the control strategy for switching on/off components. The modular concept described in this paper is an attempt to design standard supervisory controllers that could be used in different applications, such as village power and telecommunication applications. This paper presents some basic aspects of modelling and design of modular supervisory controllers using the object-oriented modelling technique. The functional abstraction hierarchy technique is used to formulate the control requirements and identify the functions of the control system. The modular algorithm is generic and flexible enough to be used with any system configuration and several goals (different applications). The modularity includes accepting modification of system configuration and goals during operation with minor or no changes in the supervisory controller. (au)

30 CFR 77.1703 - First-Aid training; supervisory employees.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 1 2010-07-01 2010-07-01 false First-Aid training; supervisory employees. 77... UNDERGROUND COAL MINES Miscellaneous § 77.1703 First-Aid training; supervisory employees. The mine operator shall conduct first-aid training courses for selected supervisory employees at the mine. Within 60 days...

41 CFR 304-6.1 - May we accept a monetary payment in the form of cash from a non-Federal source?

Science.gov (United States)

2010-07-01

... payment in the form of cash from a non-Federal source? 304-6.1 Section 304-6.1 Public Contracts and Property Management Federal Travel Regulation System PAYMENT OF TRAVEL EXPENSES FROM A NON-FEDERAL SOURCE... of cash from a non-Federal source? No, you may not accept a monetary payment in the form of cash from...

European monetary union: limits to growth or bifurcation point

Directory of Open Access Journals (Sweden)

Oleksandr Sharov

2014-02-01

Full Text Available The paper presents the background and process of the EU monetary union establishment with regard to historical experience of European countries involving previous attempts of currency integration between separate countries. The author also analyzes methods of solving various theoretical and practical problems arising during the process. In particular, it is pointed out that the majority of the problems were caused by neglecting monetary integration principles, the need for observing which had been clearly stated yet at the preliminary stages of the integration process. Special emphasis is made on reviewing current development stage of the monetary union, in particular, with regard to problems caused by the financial crisis in "peripheral countries" of the Union as well as by concurrent intensification of cooperation in the field of banking and fiscal issues. In this context, the trends of further European monetary integration development are also considered. As resulted from analysis, the author concludes that the European Monetary Union had exhausted its energy for development along previously assigned trajectory and reached the bifurcation point, whereas its further improvement or gradual preservation and decline depend upon the direction in which the point is passed.

Conceptual design of a new supervisory control system for JT-60SA

International Nuclear Information System (INIS)

Totsuka, Toshiyuki; Sakata, Shinya

2009-05-01

The functions of JT-60 discharge control computer system and the data processing computer system will be integrated into a new JT-60SA supervisory control system to improve the operational efficiency of the JT-60 control computer system. In this report, we first show the necessary requirements for the new JT-60SA supervisory control system that should have high cost performance and maintainability. Next, overall system image of the new JT-60SA supervisory control system is presented and the necessary functions and the issues to be solved in the development are shown. Finally, the necessary manpower for this development and performance of the computer hardware, and the expected reduction of maintenance cost of the computer system are described. (author)

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.

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.

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

A common neural code for social and monetary rewards in the human striatum.

Science.gov (United States)

Wake, Stephanie J; Izuma, Keise

2017-10-01

Although managing social information and decision making on the basis of reward is critical for survival, it remains uncertain whether differing reward type is processed in a uniform manner. Previously, we demonstrated that monetary reward and the social reward of good reputation activated the same striatal regions including the caudate nucleus and putamen. However, it remains unclear whether overlapping activations reflect activities of identical neuronal populations or two overlapping but functionally independent neuronal populations. Here, we re-analyzed the original data and addressed this question using multivariate-pattern-analysis and found evidence that in the left caudate nucleus and bilateral nucleus accumbens, social vs monetary reward were represented similarly. The findings suggest that social and monetary rewards are processed by the same population of neurons within these regions of the striatum. Additional findings demonstrated similar neural patterns when participants experience high social reward compared to viewing others receiving low social reward (potentially inducing schadenfreude). This is possibly an early indication that the same population of neurons may be responsible for processing two different types of social reward (good reputation and schadenfreude). These findings provide a supplementary perspective to previous research, helping to further elucidate the mechanisms behind social vs non-social reward processing. © The Author (2017). Published by Oxford University Press.

Scale Transformations and Information Presentation in Supervisory Control

DEFF Research Database (Denmark)

Petersen, Johannes; May, Michael

2006-01-01

It is commonly accepted that designers of supervisory control systems cannot comprehensively anticipate operators' information needs. In order to compensate the lack between the information presented by the Supervisory control system and the information needed, operators tailor the information...... presentation. Currently, there is a lack of theoretical understanding of tailoring activities and hence fundamental principles for the design of Supervisory control systems that support tailoring activities in a systematic manner. Any data being presented to the operator is oil one of the four different scale...... the paper proposes systematic principles for operator-initiated adaptation of the interpretation of system properties as presented by the supervisory control system. The value of the approach is illustrated by means of examples. (c) 2005 Elsevier Ltd. All rights reserved....

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.

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.

Effectiveness of non-monetary factors on staff retention within the South African banking sector

Directory of Open Access Journals (Sweden)

Sandiso Ngcobo

2015-01-01

Full Text Available The recent global recession resulted in many job losses across the world with the financial industry being most severely impacted. Today the focus for many banks is to do more with less employees and to reduce the cost to income ratio on their balance sheets. It is therefore pertinent that they devise strategies that will enable them to retain talented employees. This paper mainly employed a quantitative approach in which a questionnaire was utilised as the instrument for data collection with a focus on non-monetary incentives and turnover intentions. Small scale interviews were used to supplement the collected quantitative data. The findings revealed that non-financial rewards are an important factor in employee retention that cannot be ignored.

Financial market implications of monetary policy coincidences: Evidence from the UK and Euro Area government-bond markets

OpenAIRE

Arestis, Philip; Phelps, P

2017-01-01

Relatively little is known about the financial market impact of international monetary surprises arising on the same trading day. This paper estimates a suite of multi-security factor models, which captures international monetary surprise effects on UK and Euro Area government-bond markets over the period 1999–2014. In doing so, we shed light on the relative importance of coinciding, non-coinciding monetary surprises and non-monetary surprises across the yield curve. We find some support for ...

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.

Non-linear model predictive supervisory controller for building, air handling unit with recuperator and refrigeration system with heat waste recovery

DEFF Research Database (Denmark)

Minko, Tomasz; Wisniewski, Rafal; Bendtsen, Jan Dimon

2016-01-01

. The retrieved heat excess can be stored in the water tank. For this purpose the charging and the discharging water loops has been designed. We present the non-linear model of the above described system and a non-linear model predictive supervisory controller that according to the received price signal......, occupancy information and ambient temperature minimizes the operation cost of the whole system and distributes set points to local controllers of supermarkets subsystems. We find that when reliable information about the high price period is available, it is profitable to use the refrigeration system...... to generate heat during the low price period, store it and use it to substitute the conventional heater during the high price period....

Blunted striatal response to monetary reward anticipation during smoking abstinence predicts lapse during a contingency-managed quit attempt.

Science.gov (United States)

Sweitzer, Maggie M; Geier, Charles F; Denlinger, Rachel; Forbes, Erika E; Raiff, Bethany R; Dallery, Jesse; McClernon, F J; Donny, Eric C

2016-03-01

Tobacco smoking is associated with dysregulated reward processing within the striatum, characterized by hypersensitivity to smoking rewards and hyposensitivity to non-smoking rewards. This bias toward smoking reward at the expense of alternative rewards is further exacerbated by deprivation from smoking, which may contribute to difficulty maintaining abstinence during a quit attempt. We examined whether abstinence-induced changes in striatal processing of rewards predicted lapse likelihood during a quit attempt supported by contingency management (CM), in which abstinence from smoking was reinforced with money. Thirty-six non-treatment-seeking smokers participated in two functional MRI (fMRI) sessions, one following 24-h abstinence and one following smoking as usual. During each scan, participants completed a rewarded guessing task designed to elicit striatal activation in which they could earn smoking and monetary rewards delivered after the scan. Participants then engaged in a 3-week CM-supported quit attempt. As previously reported, 24-h abstinence was associated with increased striatal activation in anticipation of smoking reward and decreased activation in anticipation of monetary reward. Individuals exhibiting greater decrements in right striatal activation to monetary reward during abstinence (controlling for activation during non-abstinence) were more likely to lapse during CM (p reward. These results are consistent with a growing number of studies indicating the specific importance of disrupted striatal processing of non-drug reward in nicotine dependence and highlight the importance of individual differences in abstinence-induced deficits in striatal function for smoking cessation.

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.

Development of new supervisory system with ITV. ITV ni yoru kanshi system ni kansuru kenkyu

Energy Technology Data Exchange (ETDEWEB)

Shimonaga, S; Matsunaga, R; Ono, H [The Kyushu Electric Power Co. Inc., Fukuoka (Japan)

1994-02-28

This paper describes an automatic trespassing supervisory system with ITV and picture processing (PP). The paper details an integrated control system and automatic supervision. The system functions to automatically detect a trespassing by means of PP, transfers items of information collected by sensors to a remote control center, and records relevant data. The operation principle consists of measurement of change in two or more images of moving bodies with binary value at a certain interval, determination on acceptability of the moving bodies represented by human characteristics, and identification of a trespasser. The system consists of an automatic supervisory device using PP and an automatic patrolling and searching device by means of sensor measurements. The supervisory device has images outputted from ITV and VTR processed by PP, host computer, and HD, and linked to an indication mechanism. According to the result of a site test at wireless transmission station of Kyushu Electric Power Company, the difference between measurement values collected by the searching device and those by the supervisory device was [plus minus]3% or less (other than EG output current), which is a useful value for verification. Although the basic technique has been established, practical use of the system still has some problems including performance improvement in picture processing. 37 refs., 38 figs., 18 tabs.

Monetary reward magnitude effects on behavior and brain function during goal-directed behavior.

Science.gov (United States)

Rosell-Negre, P; Bustamante, J C; Fuentes-Claramonte, P; Costumero, V; Benabarre, S; Barrós-Loscertales, A

2017-08-01

Reward may modulate the cognitive processes required for goal achievement, while individual differences in personality may affect reward modulation. Our aim was to test how different monetary reward magnitudes modulate brain activation and performance during goal-directed behavior, and whether individual differences in reward sensitivity affect this modulation. For this purpose, we scanned 37 subjects with a parametric design in which we varied the magnitude of monetary rewards (€0, €0.01, €0.5, €1 or €1.5) in a blocked fashion while participants performed an interference counting-Stroop condition. The results showed that the brain activity of left dorsolateral prefrontal cortex (DLPFC) and the striatum were modulated by increasing and decreasing reward magnitudes, respectively. Behavioral performance improved as the magnitude of monetary reward increased while comparing the non reward (€0) condition to any other reward condition, or the lower €0.01 to any other reward condition, and this improvement was related with individual differences in reward sensitivity. In conclusion, the locus of influence of monetary incentives overlaps the activity of the regions commonly involved in cognitive control.

In Lands of Foreign Currency Credit, Bank Lending Channels Run Through? The Effects of Monetary Policy at Home and Abroad on the Currency Denomination of the Supply of Credit

OpenAIRE

Steven Ongena; Ibolya Schindele; Dzsamila Vonnak

2014-01-01

We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in domestic and foreign currencies. We analyze a novel, supervisory dataset from Hungary that records all bank lending to firms including its currency denomination. Accounting for time-varying firm-specific heterogeneity in loan demand, we find that a lower domestic interest rate expands the supply of credit in the domestic but not in the foreign currency. A lower foreign interest rat...

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

Supervisory System and Multivariable Control Applying Weighted Fuzzy-PID Logic in an Alcoholic Fermentation Process

Directory of Open Access Journals (Sweden)

Márcio Mendonça

2015-10-01

Full Text Available In this work, it is analyzed a multivariate system control of an alcoholic fermentation process with no minimum phase. The control is made with PID classic controllers associated with a supervisory system based on Fuzzy Systems. The Fuzzy system, a priori, send set-points to PID controllers, but also adds protection functions, such as if the biomass valued is at zero or very close. The Fuzzy controller changes the campaign to prevent or mitigate the paralyzation of the process. Three control architectures based on Fuzzy Control Systems are presented and compared in performance with classic control in different campaigns. The third architecture, in particular, adds an adaptive function. A brief summary of Fuzzy theory and correlated works will be presented. And, finally simulations results, conclusions and future works end the article.

Forecasting and Monetary Policy Analysis in Low-Income Countries; Food and non-Food Inflation in Kenya

OpenAIRE

Michal Andrle; Andrew Berg; R. Armando Morales; Rafael Portillo; Jan Vlcek

2013-01-01

We develop a semi-structural new-Keynesian open-economy model, with separate food and non-food inflation dynamics, for forecasting and monetary policy analysis in low-income countries and apply it to Kenya. We use the model to run several policy-relevant exercises. First, we filter international and Kenyan data (on output, inflation and its components, exchange rates and interest rates) to recover a model-based decomposition of most variables into trends (or potential values) and temporary mo...

BOLD responses in reward regions to hypothetical and imaginary monetary rewards.

Science.gov (United States)

Miyapuram, Krishna P; Tobler, Philippe N; Gregorios-Pippas, Lucy; Schultz, Wolfram

2012-01-16

Monetary rewards are uniquely human. Because money is easy to quantify and present visually, it is the reward of choice for most fMRI studies, even though it cannot be handed over to participants inside the scanner. A typical fMRI study requires hundreds of trials and thus small amounts of monetary rewards per trial (e.g. 5p) if all trials are to be treated equally. However, small payoffs can have detrimental effects on performance due to their limited buying power. Hypothetical monetary rewards can overcome the limitations of smaller monetary rewards but it is less well known whether predictors of hypothetical rewards activate reward regions. In two experiments, visual stimuli were associated with hypothetical monetary rewards. In Experiment 1, we used stimuli predicting either visually presented or imagined hypothetical monetary rewards, together with non-rewarding control pictures. Activations to reward predictive stimuli occurred in reward regions, namely the medial orbitofrontal cortex and midbrain. In Experiment 2, we parametrically varied the amount of visually presented hypothetical monetary reward keeping constant the amount of actually received reward. Graded activation in midbrain was observed to stimuli predicting increasing hypothetical rewards. The results demonstrate the efficacy of using hypothetical monetary rewards in fMRI studies. Copyright © 2011 Elsevier Inc. All rights reserved.

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.

Self-Disclosure as a Predictor of EAP Supervisory Utilization

Science.gov (United States)

Donohoe, Timothy L.; Johnson, James T.; Taquino, Maurice A.

1999-01-01

The value of Employee Assistance Programs (EAPS) has been cited in a variety of published papers and articles. An important managerial element relative to the assessment and referral of troubled employees has been supervisory training. There has been numerous studies highlighting the various factors and circumstances associated with supervisory behavior and EAP referrals. The inclusion of emotional awareness factors in EAP supervisory utilization has not been thoroughly investigated, although frequently found in the literature as a training and development objective for managers in business and education. The present study sought to determine what role supervisory denial and anxiety avoidance plays in confrontation of troubled employees and if admission of specific, internal emotional events is a characteristic among EAP utilizing supervisors.

Alterations of monetary reward and punishment processing in chronic cannabis users: an FMRI study.

Science.gov (United States)

Enzi, Björn; Lissek, Silke; Edel, Marc-Andreas; Tegenthoff, Martin; Nicolas, Volkmar; Scherbaum, Norbert; Juckel, Georg; Roser, Patrik

2015-01-01

Alterations in reward and punishment processing have been reported in adults suffering from long-term cannabis use. However, previous findings regarding the chronic effects of cannabis on reward and punishment processing have been inconsistent. In the present study, we used functional magnetic resonance imaging (fMRI) to reveal the neural correlates of reward and punishment processing in long-term cannabis users (n = 15) and in healthy control subjects (n = 15) with no history of drug abuse. For this purpose, we used the well-established Monetary Incentive Delay (MID) task, a reliable experimental paradigm that allows the differentiation between anticipatory and consummatory aspects of reward and punishment processing. Regarding the gain anticipation period, no significant group differences were observed. In the left caudate and the left inferior frontal gyrus, cannabis users were - in contrast to healthy controls - not able to differentiate between the conditions feedback of reward and control. In addition, cannabis users showed stronger activations in the left caudate and the bilateral inferior frontal gyrus following feedback of no punishment as compared to healthy controls. We interpreted these deficits in dorsal striatal functioning as altered stimulus-reward or action-contingent learning in cannabis users. In addition, the enhanced lateral prefrontal activation in cannabis users that is related to non-punishing feedback may reflect a deficit in emotion regulation or cognitive reappraisal in these subjects.

Alterations of monetary reward and punishment processing in chronic cannabis users: an FMRI study.

Directory of Open Access Journals (Sweden)

Björn Enzi

Full Text Available Alterations in reward and punishment processing have been reported in adults suffering from long-term cannabis use. However, previous findings regarding the chronic effects of cannabis on reward and punishment processing have been inconsistent. In the present study, we used functional magnetic resonance imaging (fMRI to reveal the neural correlates of reward and punishment processing in long-term cannabis users (n = 15 and in healthy control subjects (n = 15 with no history of drug abuse. For this purpose, we used the well-established Monetary Incentive Delay (MID task, a reliable experimental paradigm that allows the differentiation between anticipatory and consummatory aspects of reward and punishment processing. Regarding the gain anticipation period, no significant group differences were observed. In the left caudate and the left inferior frontal gyrus, cannabis users were - in contrast to healthy controls - not able to differentiate between the conditions feedback of reward and control. In addition, cannabis users showed stronger activations in the left caudate and the bilateral inferior frontal gyrus following feedback of no punishment as compared to healthy controls. We interpreted these deficits in dorsal striatal functioning as altered stimulus-reward or action-contingent learning in cannabis users. In addition, the enhanced lateral prefrontal activation in cannabis users that is related to non-punishing feedback may reflect a deficit in emotion regulation or cognitive reappraisal in these subjects.

Increased ventral-striatal activity during monetary decision making is a marker of problem poker gambling severity.

Science.gov (United States)

Brevers, Damien; Noël, Xavier; He, Qinghua; Melrose, James A; Bechara, Antoine

2016-05-01

The aim of this study was to examine the impact of different neural systems on monetary decision making in frequent poker gamblers, who vary in their degree of problem gambling. Fifteen frequent poker players, ranging from non-problem to high-problem gambling, and 15 non-gambler controls were scanned using functional magnetic resonance imaging (fMRI) while performing the Iowa Gambling Task (IGT). During IGT deck selection, between-group fMRI analyses showed that frequent poker gamblers exhibited higher ventral-striatal but lower dorsolateral prefrontal and orbitofrontal activations as compared with controls. Moreover, using functional connectivity analyses, we observed higher ventral-striatal connectivity in poker players, and in regions involved in attentional/motor control (posterior cingulate), visual (occipital gyrus) and auditory (temporal gyrus) processing. In poker gamblers, scores of problem gambling severity were positively associated with ventral-striatal activations and with the connectivity between the ventral-striatum seed and the occipital fusiform gyrus and the middle temporal gyrus. Present results are consistent with findings from recent brain imaging studies showing that gambling disorder is associated with heightened motivational-reward processes during monetary decision making, which may hamper one's ability to moderate his level of monetary risk taking. © 2015 Society for the Study of Addiction.

A distributed hierarchical architecture of expert systems for supervisory control of multimodular nuclear reactors

International Nuclear Information System (INIS)

Otaduy, P.J.; Brittain, C.R.; Rovere, L.A.; Gove, N.B.

1991-01-01

A hierarchical supervisory control architecture has being implemented at ORNL to coordinate the controllers of a multimodular nuclear plant. The supervisory controller form a network of distributed expert system interfaced with a real-time simulation of the plant, the plant's automatic controllers, and the human operator. The main goal of the supervisory controllers is to maintain the plant operating within safety envelopes while optimizing availability, minimizing stress to components and operators, and facilitating operations. Representative rules implementing strategies for situation dependent reassignment of process goals by embedding diagnostics into the control philosophy are discussed. It should noted that the control philosophies here described use the ALMR concept for illustration purposes and are not part of the official ALMR design at this time. 3 refs., 1 fig

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

On the monetary nature of the interest rate in Keynes’s thought

OpenAIRE

Giancarlo Bertocco

2011-01-01

Keynes in the General Theory, explains the monetary nature of the interest rate by means of the liquidity preference theory. The objective of this paper is twofold. Fist, to point out the limits of an explanation of the monetary nature of the interest rate and thus of the non-neutrality of money based on the liquidity preference theory. Second, to present a different explanation of the monetary nature of the interest rate based on the arguments with which Keynes, following the General Theory,...

Application of monetary valuation in Life Cycle Assessment

DEFF Research Database (Denmark)

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

Monetary valuation, or monetarisation, is the determination of the economic value of non-market goods, i.e. goods for which no market exists. Although monetary valuation has a great potential to be applied in Life Cycle Assessment (LCA), in particular in the weighting phase, several challenges...... for LCA. For the two surveys, the total number of respondents was 209. The critial review showed that observed- and revealed-preference methods and the abatement cost method have limited applicability in LCA, whereas the conjoint analysis method and the budget constraint method are the best options...

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.

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 ...

Optimal Monetary Policy with Durable Consumption Goods and Factor Demand Linkages

DEFF Research Database (Denmark)

Petrella, Ivan; Santoro, Emiliano

of production in both sectors, according to an input-output matrix calibrated on the US economy. As shown in a number of recent contributions, this roundabout technology allows us to reconcile standard two-sector New Keynesian models with the empirical evidence showing co-movement between durable and non......-durable spending in response to a monetary policy shock. A main result of our monetary policy analysis is that strategic complementarities generated by factor demand linkages amplify social welfare loss. As the degree of interconnection between sectors increases, the cost of misperceiving the correct production......This paper deals with the implications of factor demand linkages for monetary policy design. We develop a dynamic general equilibrium model with two sectors that produce durable and non-durable goods, respectively. Part of the output produced in each sector is used as an intermediate input...

Development of intelligent supervisory control system

International Nuclear Information System (INIS)

Takizawa, Y.; Fukumoto, A.; Makino, M.; Takiguchi, S.

1994-01-01

The objective of the development of an intelligent supervisory control system for next generation plants is enhancement of the operational reliability by applying the recent outcome of artificial intelligence and computer technologies. This system consists of the supervisory control and monitoring for automatic operation, the equipment operation support for historical data management and for test scheduling, the operators' decision making support for accidental plant situations and the human-friendly interface of these support functions. The verification test results showed the validity of the functions realized by this system for the next generation control room. (author)

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...

International Symposium on Monitoring Behavior and Supervisory Control

CERN Document Server

Johannsen, Gunnar

1976-01-01

This book includes all papers presented at the International Symposium on Monitoring Behavior and Supervisory Control held at Berchtesgaden, Federal Republic of Germany, March 8-12, 1976. The Symposium was sponsored by the Scientific Affairs Division of the North Atlantic Treaty Organization, Brussels, and the government of the Federal Republic of Germany, Bonn. We believe the book constitutes an important and timely status report on monitoring behavior and supervisory control by human operators of complex man-machine systems in which the computer is sharing key functions with the man. These systems include aircraft and other vehicles, nuclear and more conventional power plants, and processes for the manu­ facture of chemicals, petroleum, and discrete parts. By "monitoring" we mean the systematic observation by a human operator of mul tiple sources of information, e. g. , ranging from integrated display consoles to disparate "live situations". The monitor's purpose is to determine whether operations are norm...

Leadership Development: A Supervisory Responsibility

National Research Council Canada - National Science Library

French, David

2000-01-01

.... This is a recurring theme found throughout leadership literature and speeches. The US Air Force clearly establishes subordinate development as a supervisory responsibility in top-level doctrine...

12 CFR 261.20 - Confidential supervisory information made available to supervised financial institutions and...

Science.gov (United States)

2010-01-01

... available to supervised financial institutions and financial institution supervisory agencies. 261.20... Supervised Institutions, Financial Institution Supervisory Agencies, Law Enforcement Agencies, and Others in... institutions and financial institution supervisory agencies. (a) Disclosure of confidential supervisory...

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.

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.

Review of first line supervisory positions in nuclear power plants - Phase II

Energy Technology Data Exchange (ETDEWEB)

Mackenzie, C W; Huntley, M [Hickling Corp., Ottawa, ON (Canada)

1995-10-01

This report provides an overview of first line supervisory activities at Ontario Hydro nuclear generating stations (Pickering `A` and Bruce `B`) and the Point Lepreau nuclear generating station in New Brunswick. Activity profiles describing the range of first line supervisory roles and responsibilities for nuclear operators have been developed from survey data and flowcharting methods. These activity profiles have then been compared with formal job responsibilities as identified in job descriptions, supervisory training provided and assessment criteria used to evaluate supervisors. Finally, this report relates the findings of supervisory practices in the group under study with the findings in the current literature relating to supervisory functioning. (author). 32 tabs., 2 figs.

Review of first line supervisory positions in nuclear power plants - Phase II

International Nuclear Information System (INIS)

Mackenzie, C.W.; Huntley, M.

1995-10-01

This report provides an overview of first line supervisory activities at Ontario Hydro nuclear generating stations (Pickering 'A' and Bruce 'B') and the Point Lepreau nuclear generating station in New Brunswick. Activity profiles describing the range of first line supervisory roles and responsibilities for nuclear operators have been developed from survey data and flowcharting methods. These activity profiles have then been compared with formal job responsibilities as identified in job descriptions, supervisory training provided and assessment criteria used to evaluate supervisors. Finally, this report relates the findings of supervisory practices in the group under study with the findings in the current literature relating to supervisory functioning. (author). 32 tabs., 2 figs

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...

Beyond monetary benefits of restoring sight in Vietnam: Evaluating well-being gains from cataract surgery.

Science.gov (United States)

Feeny, Simon; Posso, Alberto; McDonald, Lachlan; Chuyen, Truong Thi Kim; Tung, Son Thanh

2018-01-01

A more holistic understanding of the benefits of sight-restoring cataract surgery requires a focus that goes beyond income and employment, to include a wider array of well-being measures. The objective of this study is to examine the monetary and non-monetary benefits of cataract surgery on both patients as well as their caregivers in Vietnam. Participants were randomly recruited from a Ho-Chi-Minh City Hospital. A total of 82 cataract patients and 83 caregivers participated in the survey conducted for this study. Paired t-tests, Wilcoxon Signed Rank tests, and regression analysis are used to detect any statistically significant differences in various measures of well-being for patients and caregivers before and after surgery. There are statistically significant improvements in monetary and non-monetary measures of well-being for both patients and caregivers approximately three months after undergoing cataract surgery, compared with baseline assessments collected prior to surgery. Non-monetary measures of well-being include self-assessments of overall health, mental health, hope, self-efficacy, happiness and life satisfaction. For patients, the benefits included statistically significant improvements in earnings, mobility, self-care, the ability to undertake daily activities, self-assessed health and mental health, life satisfaction, hope, and self-efficacy (pbenefits are almost equal in their magnitude. The study has also demonstrated that many of these impacts are non-monetary in nature. It is clear that estimates of the rate of return to restoring sight that focus only on financial gains will underestimate the true returns to society of restoring sight from cataract surgeries.

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...

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...

The role of supervisory controller synthesis in automatic control software development

NARCIS (Netherlands)

Baeten, J.C.M.; Markovski, J.

2015-01-01

We give an overview of a model-driven systems engineering approach for high-tech systems that relies on supervisory controller synthesis. The proposed framework has a process-theoretic foundation and supports extensions with quantitative features. We briefly discuss several industrial case studies

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.

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...

Disintegration of monetary system of medieval Serbia

Directory of Open Access Journals (Sweden)

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.

Planning nature in urbanized countries. An analysis of monetary and non-monetary impacts of conservation policy scenarios in the Netherlands

Directory of Open Access Journals (Sweden)

Frans J. Sijtsma

2017-03-01

Full Text Available Planning and conserving nature areas are challenging tasks in urbanized and intensively used countries like the Netherlands. This paper supports decision making and public policy debate about these tasks in both an empirical and a methodological way. Empirically, we explore policy alternatives by determining the potential consequences of different nature policy scenarios in the Netherlands. Methodologically, we employ a mixed monetary and non-monetary evaluation method known as multi-criteria cost-benefit analysis (MCCBA. We evaluate four new future directions of Dutch nature policy that address four dominant stakeholder demands: biodiversity conservation, the provision of ecosystem services, recreational potential as well as economic gains. To balance compact presentation of evaluation outcomes on the one hand and information richness of results on the other, we distinguish between two impact indicator sets: three “headline” and ten “elaborate” indicators. Using these indicators we discuss the quantitative assessment of the four nature policy scenarios by comparing them to two other scenarios, reflecting the 2010 stand-still baseline situation (2010 as well as a reference policy (Trend. In total, we evaluate six scenarios; four present new directions and two reflect existing or recently (2010 halted practices. Our findings first of all show that even in an urbanized country like the Netherlands, with its intensive competition among land use functions, serious gains in national and international biodiversity are possible. Second, we find that it is doubtful whether stimulating the provision of regulating ecosystem services in a country which applies intensive and profitable agricultural techniques is beneficial. Other countries or areas that are less suitable for intensive agricultural practices may be more logical for this. Finally we demonstrate that increasing urban recreational green space − a common challenge for many urban areas

Planning nature in urbanized countries. An analysis of monetary and non-monetary impacts of conservation policy scenarios in the Netherlands.

Science.gov (United States)

Sijtsma, Frans J; van der Bilt, Willem G M; van Hinsberg, Arjen; de Knegt, Bart; van der Heide, Martijn; Leneman, Hans; Verburg, René

2017-03-01

Planning and conserving nature areas are challenging tasks in urbanized and intensively used countries like the Netherlands. This paper supports decision making and public policy debate about these tasks in both an empirical and a methodological way. Empirically, we explore policy alternatives by determining the potential consequences of different nature policy scenarios in the Netherlands. Methodologically, we employ a mixed monetary and non-monetary evaluation method known as multi-criteria cost-benefit analysis (MCCBA). We evaluate four new future directions of Dutch nature policy that address four dominant stakeholder demands: biodiversity conservation, the provision of ecosystem services, recreational potential as well as economic gains. To balance compact presentation of evaluation outcomes on the one hand and information richness of results on the other, we distinguish between two impact indicator sets: three "headline" and ten "elaborate" indicators. Using these indicators we discuss the quantitative assessment of the four nature policy scenarios by comparing them to two other scenarios, reflecting the 2010 stand-still baseline situation (2010) as well as a reference policy (Trend). In total, we evaluate six scenarios; four present new directions and two reflect existing or recently (2010) halted practices. Our findings first of all show that even in an urbanized country like the Netherlands, with its intensive competition among land use functions, serious gains in national and international biodiversity are possible. Second, we find that it is doubtful whether stimulating the provision of regulating ecosystem services in a country which applies intensive and profitable agricultural techniques is beneficial. Other countries or areas that are less suitable for intensive agricultural practices may be more logical for this. Finally we demonstrate that increasing urban recreational green space - a common challenge for many urban areas - can only be achieved at

Perceptions of Administrative and Supervisory Support in Public Child Welfare

Directory of Open Access Journals (Sweden)

Tonya M. Westbrook

2012-06-01

Full Text Available Using the Child Welfare Organizational Culture Inventory (CWOCI in a public child welfare agency, perceptions of administrative and supervisory support held by employees with social work degrees (BSW and MSW were compared to perceptions of administrative and supervisory support held by employees without social work degrees. Child welfare employees with social work degrees reported lower administrative and supervisory support than employees without social work degrees. Implications for social work educators, public child welfare administrators and supervisors, and future research are presented.

Supervisory selection and development yields payback

International Nuclear Information System (INIS)

Rubino, E.A.

1991-01-01

The selection and development of first line supervisors is a critical factor in a strategic effort to bring about organizational change, to improve performance and productivity and to enhance professionalism in the work force. Candidates for first line supervisory positions at Philadelphia Electric Company are no longer promoted purely on the basis of seniority. A Supervisory Selection Assessment Center permits candidates to demonstrate leadership potential. Successful candidates then attend an eight week Supervisory Development Academy, away from the work place. On successful completion of the Academy, the supervisor assembles his or her work team and, with training and leadership, shapes a performance based work team ready to plan, execute and assess its own work. Since this radically different program was initiated in September, 1989, results have been highly acclaimed by management. Contractor support has been sharply reduced, budgets have been met and reduced more work has been accomplished and fewer overtime hours have been needed. Workers attend training with no loss of team productivity. Each SDA graduate and his team sets goals to improve quality, increase productivity, increase efficiency, maintain ALARA, improve safety and effect cultural change while improving job satisfaction and morale

Towards the Theory of monetary degradation, or Post Keynesian analysis of monetary problems of the Russian transitional economy in 1991-1998

OpenAIRE

ROZMAINSKY I.V.

2016-01-01

The paper develops Post Keynesian theory of endogenous money and applies it to analysis of changes in monetary circulation in the Russian transitional economy in 1991-1998. These changes were characterized by displacement of bank deposits by cash, barter and inter-firm arrears as special means of payment. Author treats this process as «monetary degradation» because it created additional barriers to financing investment, made for criminalization and contributed to cost-push inflation. All this...

Decision support in supervisory control

International Nuclear Information System (INIS)

Rasmussen, J.; Goodstein, L.P.

1985-08-01

It is argued that the supervisory control of complex industrial processes having a potential for serious consequences in case of accidents requires careful consideration of the allocation of decision making between the three main agents of control; namely the designer, the operator and the automatic control system. In particular, it is advocated that instead of continuing their efforts to make their preplanning of responses and countermeasures more and more complete and restricting the operator's initiative, designers should take advantage of modern information technology to make available to the operators their conceptual models and their processing resources so as to allow the operators to function as their extended arm in coping with the plant. Such an interactive decision making activity would thus benefit from this simultaneous availability of the design basis, up-to-date knowledge of plant status and accumualted operational experience. (author)

7 CFR Appendix C to Subpart C of... - FSA-2514, Notice of Availability of Loan Servicing to Borrowers Who Are in Non-Monetary Default

Science.gov (United States)

2010-01-01

... Borrowers Who Are in Non-Monetary Default C Appendix C to Subpart C of Part 766 Agriculture Regulations of... PROGRAMS DIRECT LOAN SERVICING-SPECIAL Loan Servicing Programs Pt. 766, Subpt. C, App. C Appendix C to Subpart C of Part 766—FSA-2514, Notice of Availability of Loan Servicing to Borrowers Who Are in Non...

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.

The Impact of Non-Conventional Monetary Policy of NBP on Short Term Money Market

Directory of Open Access Journals (Sweden)

Ewa Dziwok

2015-07-01

Full Text Available In the situation of financial crisis large numbers of central banks have started to ease monetary conditions. The National Bank of Poland, following central banks of biggest economies, started to offer unconventional methods to increase liquidity: foreign exchange swaps. The aim of the paper is twofold: to calculate the risk premium understood as a difference between an implied forward rate and a reference rate. The second is to show the sensitivity of the risk premium (a difference between to market disturbances and than to monetary policy easing.

Supervisory Control System Architecture for Advanced Small Modular Reactors

Energy Technology Data Exchange (ETDEWEB)

Cetiner, Sacit M [ORNL; Cole, Daniel L [University of Pittsburgh; Fugate, David L [ORNL; Kisner, Roger A [ORNL; Melin, Alexander M [ORNL; Muhlheim, Michael David [ORNL; Rao, Nageswara S [ORNL; Wood, Richard Thomas [ORNL

2013-08-01

This technical report was generated as a product of the Supervisory Control for Multi-Modular SMR Plants project within the Instrumentation, Control and Human-Machine Interface technology area under the Advanced Small Modular Reactor (SMR) Research and Development Program of the U.S. Department of Energy. The report documents the definition of strategies, functional elements, and the structural architecture of a supervisory control system for multi-modular advanced SMR (AdvSMR) plants. This research activity advances the state-of-the art by incorporating decision making into the supervisory control system architectural layers through the introduction of a tiered-plant system approach. The report provides a brief history of hierarchical functional architectures and the current state-of-the-art, describes a reference AdvSMR to show the dependencies between systems, presents a hierarchical structure for supervisory control, indicates the importance of understanding trip setpoints, applies a new theoretic approach for comparing architectures, identifies cyber security controls that should be addressed early in system design, and describes ongoing work to develop system requirements and hardware/software configurations.

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.

Supervisory control of drilling of composite materials

Science.gov (United States)

Ozaki, Motoyoshi

Composite materials have attractive features, such as high ratios of strength-to-weight and stiffness-to-weight. However, they are easily damaged when they are machined. A typical damage is delamination, which can occur when fiber reinforced composite laminates are drilled. The objective of this research is to study the drilling processes of carbon fiber reinforced laminates, and to develop and test a supervisory control strategy for their delamination-free drilling. Characterization of thrust force and torque is achieved through constant feedrate drilling experiments. The average values of thrust force and torque during the full engagement of the drill are utilized to obtain the Shaw's equations' parameters. The thrust force profile just before exit is given special attention. The Hocheng-Dharan equations, which give conservative values of delamination at the entrance and at the exit, are modified to express the influence of one lamina thickness explicitly. They are utilized not only for the characterization of thrust force but also for the determination of the thrust force reference for force control. In the design of the controllers of thrust force and torque, both thrust force and torque are assumed to be proportional to FPHR (Feed Per Half Revolution). A discrete-time dynamic model is established for the case when the time interval for a half revolution of the drill is divided by the sampling time, and the model is extended to the case of general spindle speeds. PI controllers are designed for the dynamic models of thrust force and torque. Root-locus techniques are used in the analysis. The phases of the drilling process are introduced and the control strategy at each phase is explained. The supervisory controller chooses not only the best control strategy for each phase, but also the reference value and the controller gain that are suitable at each drill position. Drilling experiments are conducted to show the usefulness of the concepts introduced in this

32 CFR 776.53 - Responsibilities of the Judge Advocate General and supervisory attorneys.

Science.gov (United States)

2010-07-01

... of the Judge Advocate General and supervisory attorneys. (a) Responsibilities of the Judge Advocate General and supervisory attorneys. (1) The JAG and supervisory attorneys shall make reasonable efforts to... 32 National Defense 5 2010-07-01 2010-07-01 false Responsibilities of the Judge Advocate General...

Financial-real side interactions in the monetary circuit: loving or dangerous hugs?

OpenAIRE

Botta, Alberto; Caverzasi, Eugenio; Tori, Daniele

2015-01-01

Monetary circuit theory is one of the most known attempts to formally describe the functioning of a monetary production economy as centered around the concept of flux-reflux of money. Endogenous money creation by commercial banks allows the circuit to open and firms to implement production processes. Financial markets ‘passively’ close the circuit by intermediating savings via bond and equity issuance. Despite its natural focus on financial-real side links, the monetary circuit literature has...

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

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...

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...

The Process towards the Centralisation of the European Financial Supervisory Architecture: The Case of the Banking Union

Directory of Open Access Journals (Sweden)

Elisabetta Montanaro

2016-06-01

Full Text Available The evolution of the EU supervisory architecture has demonstrated that it took the risk of a euro break-up to barely overcome the Member States and their supervisors’ political resistances to centralisation. In the two-tier Europe that is emerging after the euro crisis, the integrity of the single market seems today crucially interlinked with the success of the banking union and its attractiveness for non-euro countries. The banking union’s design, without a credible common fiscal backstop, remains however a partial solution to the financial stability issues arising from the fragmentation of the EU financial market in the event of banking crises. Against this background, this work performs an analysis on non-euro countries’ own assessments of the pros and cons of joining the banking union. The analysis aims at showing that until fiscal responsibility for financial stability remains at the national level, regulatory centralisation cannot sever the traditional divide between home and host supervisors. JEL: F35; F65; G01; G28

30 CFR 75.1713-3 - First-Aid training; supervisory employees.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 1 2010-07-01 2010-07-01 false First-Aid training; supervisory employees. 75... First-Aid training; supervisory employees. The mine operator shall conduct first-aid training courses... employee and date on which the employee satisfactorily completed the first-aid training course. The...

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.

POLITICAL MONETARY CYCLES IN COALITION AND SINGLE PARTY GOVERNMENT PERIODS: A CASE STUDY ON TURKEY

Directory of Open Access Journals (Sweden)

AHMET EMRAH TAYYAR

2017-12-01

Full Text Available According to the theory of political monetary cycles, the government manipulates monetary policy during election periods in order to be re-elected. According to the said theory, expansionary monetary policies are implemented before the elections with opportunistic objective, while the contractionary monetary policies are implemented to stabilize the economy immediately after the elections. The use of monetary policy instruments for political purposes depends on the presence of a non-autonomous central bank, flexible exchange rate regime in the country, and the coordination between fiscal and monetary policies. Thus, the changes in the monetary policy indicators in election periods during coalition and single party governments in Turkey between 1990 and 2016 were examined in the present study. The money in circulation (M0, M1 money supply, domestic loans and inflation series were analyzed with the seasonal Box-Jenkins method for the above mentioned periods. Based on the findings of the study, political monetary cycles were not observed during the 1990-2000 coalition governments. It was determined that there were political monetary cycles during the single party government period between 2000 and 2016.Furthermore, although it could be expected that the political monetary cycles would be removed with the liberalization of the Turkish central bank on 25 April 2001, the existence of political monetary cycles during the period of 2000-2016 indicates that central bank independence was not fully achieved in Turkey. Based on another finding of the present study, the lack of political monetary cycles during the coalition government periods could lead to the failure in financing the budget deficit that increase due to political reasons with monetary policies. However, due to the existence of political monetary cycles during the single party government period, it could be argued that politically induced budget deficits changed in consistence with the

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...

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.

The monetary value of the collective dose equivalent unit (person-rem)

International Nuclear Information System (INIS)

Rodgers, Reginald C.

1978-01-01

In the design and operation of nuclear power reactor facilities, it is recommended that radiation exposures to the workers and the general public be kept as 'low as reasonably achievable' (ALARA). In the process of implementing this principle cost-benefit evaluations are part of the decision making process. For this reason a monetary value has to be assigned to the collective dose equivalent unit (person-rem). The various factors such as medical health care, societal penalty and manpower replacement/saving are essential ingredients to determine a monetary value for the person-rem. These factors and their dependence on the level of risk (or exposure level) are evaluated. Monetary values of well under $100 are determined for the public dose equivalent unit. The occupational worker person-rem value is determined to be in the range of $500 to about $5000 depending on the exposure level and the type of worker and his affiliation, i.e., temporary or permanent. A discussion of the variability and the range of the monetary values will be presented. (author)

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...

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...

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...

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...

Upward appraisal as a means for improving supervisory performance and promoting process improvement, with long-term implications for organizational change

Science.gov (United States)

Siegfeldt, Denise V.

1994-01-01

This study represents the implementation phase of an organizational development project which was initiated last year in the Management Support Division (MSD) at Langley Research Center to diagnose organizational functioning. As a result of MSD survey data from last year's effort, a Quality Action Team was created to address the responses compiled from the MSD Organizational Assessment Questionnaire and Follow-Up Questionnaire. The team was officially named the MSD Employee Relations Improvement Team (MERIT). MERIT's goal was to analyze major concerns generated by the questionnaires and to present feasible solutions to management which would improve supervisory performance, promote process improvement; and ultimately, lead to a better organization. The team met weekly and was very disciplined in following guidelines needed to ensure a fully functioning team. Several TQM tools were used during the team process, including brainstorming and the cause and effect diagram. One of the products produced by MERIT was a 'report card', more formally known as an upward appraisal system, to evaluate supervisory performance in the division office, its three branches, and in teams. Major areas of emphasis on the 47 item report card were those identified by employees through the previously administered questionnaires as needing to be improved; specifically, training, recognition, teamwork, supervision and leadership, and communication. MERIT created an enlarged and modified version of the report card which enabled scores for each individual supervisor to be recorded on a separate form, along with summary results and employee comments. Report card results have been compiled and fed back to the Division Chief and Assistant Division Chief. These individuals will in turn, feed the results back to the remaining supervisors and the team leaders. Although results differ among supervisors, some similarities exist. Communication generally appears to be adequate, which represents an

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.

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.

Pupillary Response as an Indicator of Processing Demands Within a Supervisory Control Simulation Environment

Science.gov (United States)

2015-05-07

Yerkes, R.M., and Dodson, J.D. (1908). The relation of strength of stimulus to rapidity of habit -formation. Journal of comparative neurology and psychology 18, 459-482. ...the amount of mental effort exerted (Kahneman, 1973; Beatty & Lucero-Wagoner, 2000; Andreassi, 2007). The vast majority of these studies , however...of this initial study , the authors were interested in investigating whether pupillometry data collected in a realistic UAV supervisory control

EURO ZONE AND ITS MONETARY POLICY

Directory of Open Access Journals (Sweden)

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.

Application of optimal control principles to describe the supervisory control behavior of AAA crew members

Science.gov (United States)

Hale, C.; Valentino, G. J.

1982-01-01

Supervisory decision making and control behavior within a C(3) oriented, ground based weapon system is being studied. The program involves empirical investigation of the sequence of control strategies used during engagement of aircraft targets. An engagement is conceptually divided into several stages which include initial information processing activity, tracking, and ongoing adaptive control decisions. Following a brief description of model parameters, two experiments which served as initial investigation into the accuracy of assumptions regarding the importance of situation assessment in procedure selection are outlined. Preliminary analysis of the results upheld the validity of the assumptions regarding strategic information processing and cue-criterion relationship learning. These results indicate that this model structure should be useful in studies of supervisory decision behavior.

RTE - Report by the Chairman of the Supervisory Board 2016

International Nuclear Information System (INIS)

2017-01-01

The Chairman of the Supervisory Board of RTE (Reseau de Transport d'Electricite) draws up and publishes an annual report on corporate governance and internal control procedures, in application of Paragraph 7 of Article L. 225-68 of French company law (Code de Commerce). This is a requirement on companies whose shares are traded on a regulated market, as is the case of RTE. Paragraph 7 of Article L. 225-68 of French company law (Code de Commerce) stipulates that the report must present: the composition of the Supervisory Board and the application of the principle of equal representation of men and women, the conditions of preparing and organising the work of the Supervisory Board, internal control and risk management procedures implemented by the company, the corporate governance code to which the company adheres. Additionally, this report must set out: the principles for determining the remuneration of senior executives, specific provisions relating to the involvement of shareholders at the General Meeting of Shareholders. Within RTE, this report has been prepared by the Legal Affairs Department, which directed a work team. They reported on the functioning of the Supervisory Board and the implementation of internal control and risk management procedures, both for RTE and for its subsidiaries. The present report was approved by the Executive Board and was submitted to the Statutory Auditors. It was then presented to the Economic and Audit Supervisory Committee on 07 February 2017 and the Supervisory Board on 09 February 2017. The report was published at the same time as the activity report, the management report and consolidated accounts, annual accounts and the sustainability report. This document takes account of the various recommendations published by the French Financial Markets Authority (AMF)

EFFECTIVENESS AND LIMITATIONS OF MONETARY POLICY INSTRUMENTS IN ROMANIA AND THE EUROPEAN UNION

Directory of Open Access Journals (Sweden)

Zina CIORAN

2014-12-01

Full Text Available The complexity of the monetary phenomenon as well as the effects that it induces in the social and economic life of the countries around the world have represented and still represent the subject of much controversy and dispute. The current forms of the monetary circulation organization in different countries, internationally as well, represent the result of a continuous process of changes and innovations in the monetary area. The purpose of this article is to present aspects of the monetary policy and its instruments which have evolved according to the historical conditions of each period. The paper is also a presentation of effectiveness and limits of the monetary policy instruments and their role in solving the current economic problems for which the governments seek solutions. As a consequence to the analysis, it can be seen that in most cases it uses a mixture of monetary policy instruments because, when acting in a complementary way, they have a higher efficiency.

SUPERVISORY CONTROL FOR PEAK REDUCTION IN COMMERCIAL BUILDINGS WHILE MAINTAINING COMFORT

Energy Technology Data Exchange (ETDEWEB)

Nutaro, James J [ORNL; Olama, Mohammed M [ORNL; Kuruganti, Teja [ORNL

2016-01-01

This paper describes a supervisory control strategy for limiting peak power demand by small and medium commercial buildings while still meeting the business needs of the occupants. This control strategy has two features that make it relevant to new and existing buildings. First, it is designed to operate with building equipment, such as air conditioning and refrigeration systems, as they are presently installed in most small and medium commercial buildings. Because of this, the supervisory control could be realized as a software-only retrofit to existing building management systems. Second, the proposed control acts as a supervisory management layer over existing control systems, rather than replacing them outright. The primary idea of this approach is that the controls for individual building equipment request energy resources for a control action and the supervisory control examines the requests and decides which control actions to allow while satisfying a limit on peak power demand.

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.

Impaired Job Performance and Critical Incidents: Factors Influencing Supervisory EAP Referrals.

Science.gov (United States)

Harley, David A.

Relatively little empirical research has been done on the supervisory referral of employees to employee assistance programs (EAPs). Inclusion of constructive confrontation (supervisory referral) into program standards and its continued promotion as a "central strategy" of program theory and operation calls for critical investigation of…

Testing of money multiplier model for Pakistan: does monetary base carry any information?

Directory of Open Access Journals (Sweden)

Muhammad Arshad Khan

2010-02-01

Full Text Available This paper tests the constancy and stationarity of mechanic version of the money multiplier model for Pakistan using monthly data over the period 1972M1-2009M2. We split the data into pre-liberalization (1972M1-1990M12 and post-liberalization (1991M1-2009M2 periods to examine the impact of financial sector reforms. We first examine the constancy and stationarity of the money multiplier and the results suggest the money multiplier remains non-stationary for the entire sample period and sub-periods. We then tested cointegration between money supply and monetary base and find the evidence of cointegration between two variables for the entire period and two sub-periods. The coefficient restrictions are satisfied only for the post-liberalization period. Two-way long-run causality between money supply and monetary base is found for the entire period and post-liberalization. For the post-liberalization period the evidence of short-run causality running from monetary base to money supply is also identified. On the whole, the results suggest that money multiplier model can serve as framework for conducting short-run monetary policy in Pakistan. However, the monetary authority may consider the co-movements between money supply and reserve money at the time of conducting monetary policy.

Monetary Developments and Decolonization in Ethiopia (1941-1952

Directory of Open Access Journals (Sweden)

Arnaldo Mauri

2010-03-01

Full Text Available The article analyses the reorganization process of the monetary setting in Ethiopia which started in 1941 along with decolonization, when the Italian colonial rule came to an end. The country regained independence and the former Ethiopian empire was restored. The monetary reform in Ethiopia after the liberation during World War II, was a necessary measure to be adopted. Different paths however could have been followed at that moment by the Ethiopian government. The crucial choice made in money matter was to re-establish a national monetary unit instead of keeping the country inside the East African shilling area, as it was envisaged in British designs for the post-war setting of the Horn of Africa. The Ethiopian project unpredictably prevailed at the end of a weary negotiation, due to the chiefly American support in the framework of a new role gained by the United States in this area. The Ethiopian Authorities were, as a consequence, enabled to free themselves from dependence on Great Britain.

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...

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.

Development of an Automated Decision-Making Tool for Supervisory Control System

Energy Technology Data Exchange (ETDEWEB)

Cetiner, Sacit M. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Muhlheim, Michael David [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Flanagan, George F. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Fugate, David L. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States); Kisner, Roger A. [Oak Ridge National Lab. (ORNL), Oak Ridge, TN (United States)

2014-09-01

This technical report was generated as a product of the Supervisory Control for Multi-Modular Small Modular Reactor (SMR) Plants project within the Instrumentation, Control and Human-Machine Interface technology area under the Advanced Small Modular Reactor (AdvSMR) Research and Development Program of the US Department of Energy. The report documents the definition of strategies, functional elements, and the structural architecture of a supervisory control system for multi-modular AdvSMR plants. This research activity advances the state of the art by incorporating real-time, probabilistic-based decision-making into the supervisory control system architectural layers through the introduction of a tiered-plant system approach. The report provides background information on the state of the art of automated decision-making, including the description of existing methodologies. It then presents a description of a generalized decision-making framework, upon which the supervisory control decision-making algorithm is based. The probabilistic portion of automated decision-making is demonstrated through a simple hydraulic loop example.

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.

A Queueing Model for Supervisory Control of Unmanned Autonomous Vehicles

Science.gov (United States)

2013-09-01

Autonomous Vehicles Joseph DiVita, PhD Robert L. Morris Maria Olinda Rodas SSC Pacific Approved...298 (Rev. 8/98) Prescribed by ANSI Std. Z39.18 09–2013 Final A Queueing Model for Supervisory Control of Unmanned Autonomous Vehicles Joseph...Mission Area: Command and Control, Queueing Model; Supervisory Control; Unmanned Autonomous Vehicles M. O. Rodas U U U U 38 (619)

Areva - Press release from the Supervisory Board

International Nuclear Information System (INIS)

Marie, Patricia; Briand, Pauline; Floquet-Daubigeon, Fleur; Michaut, Maxime; Scorbiac, Marie de; Repaire, Philippine du

2012-01-01

During its meeting held on December 12, 2011, devoted in particular to the examination of the 2011 closing estimates, the AREVA Executive Board indicated that it expected to book a provision of 1.46 billion euros (2.025 billion US dollars) in the company's accounts for fiscal year 2011 for impairment of assets for the reporting entity UraMin, a mining company acquired by AREVA in 2007, which, given the provision booked in 2010 (426 million euros), brings the value of these assets on the AREVA balance sheet down to 410 million euros. Given the size of these provisions, the Supervisory Board decided to make three of its members, meeting as an ad hoc committee, in charge of analyzing the terms of acquisition of this company, as well as the key decisions made in this reporting entity up to 2011 and, based on the outcome of these analyses, to recommend to it any appropriate measures in AREVA's interest. This committee reported on its work during the Supervisory Board meeting held on February 14, 2012. In light of this report, the Supervisory Board found that the fairness and reliability of the financial statements of previous years were not in question. Nevertheless, considering the malfunctions raised, the Board considers it appropriate to thoroughly review AREVA's governance in order to ensure that decisions concerning large acquisitions or investments be reviewed and validated in the future under conditions ensuring better legal and financial security and enabling a more transparent dialogue between management and the Supervisory Board. It thus asked the Executive Board to recommend, at the next General Meeting of Shareholders, that the by-laws of the company be modified to make the Supervisory Board's prior approval of investments, stake acquisitions and acquisitions mandatory above a threshold of 20 million euros. It also decided to set up a business ethics committee within the Supervisory Board responsible for ensuring that rules of conduct are properly applied

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.

Monetary Policy of the CIVETS Countries in Years 2006-2013

Directory of Open Access Journals (Sweden)

Krystyna Mitręga-Niestrój

2015-07-01

Full Text Available CIVETS countries refer to a group of countries consisting of Columbia, Indonesia, Vietnam, Egypt, Turkey and the Republic of South Africa, considered leaders of emerging markets. They are countries with dynamically developing economies, moderate debt level, and they have successfully managed to overcome the last financial and economic crisis within a short period of time. Similarly, as in case of the majority of countries, their monetary policy constitutes a significant element of macroeconomic policy, having influence not only on the condition of the banking sector, but the economy as a whole. Central banks of the CIVETS countries focused on inflation target as the goal of monetary policy. They used first of all the interest rate channel as well as instruments regulating liquidity of interbank money market of a standard character (open market operations, refinanced credits and reserve requirement, as well as non-standard monetary policy instruments in order to execute the policy of supporting liquidity of the banking sector in years 2006-2013.

Evaluating the Impact of Communication Network Performance on Supervisory Supermarket Control

DEFF Research Database (Denmark)

Madsen, Jacob Theilgaard; Minko, Tomasz; Madsen, Tatiana Kozlova

2017-01-01

This paper addresses the evaluation of the impact of non-ideal communication networks on system performance of hierarchical control systems. It develops a stepwise evaluation approach that is applied to the example scenario of a supervisory controller for supermarket temperature control, addressing...... of communication network performance on the supermarket refrigeration control and resulting energy costs using simulation models. The results show that the controller is resilient to downstream information delays, however upstream delays or up- and downstream information loss can cause significant performance...

CONSIDERATIONS REGARDING MONETARY POLICY IN ROMANIA

Directory of Open Access Journals (Sweden)

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.

Migration of supervisory machine control architectures

NARCIS (Netherlands)

Graaf, B.; Weber, S.; Deursen, van A.; Nord, R.; Medvidovic, N.; Krikhaar, R.; Stafford, J.; Bosch, J.

2005-01-01

In this position paper, we discuss a first step towards an approach for the migration of supervisory machine control (SMC) architectures. This approach is based on the identification of SMC concerns and the definition of corresponding transformation rules.

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.

MONETARY POLICIES AND INDUSTRIAL FLUCTUATIONS IN EAST EUROPEAN COUNTRIES

Directory of Open Access Journals (Sweden)

Mihaela IFRIM

2015-03-01

Full Text Available Industrial fluctuations are closely related to the evolution of relative prices of produced goods and resources involved in production activity. Industrial fluctuations, as an expression of forces manifested in the real economy, are caused by changes in individuals’ consumption and investment decisions, produced within expansionary monetary policies. The ease of obtaining a bank loan in the context of decreasing interest rates and of larger amounts of money caused an increase in individuals’ demand for goods resulted from longer, capital intensive production processes. The rise in prices of intermediate and capital goods in a faster pace compared to the increase in prices of consumer goods is doubled by the increase of the share of higher order industries in the structure of production. The objective of this paper is to analyze changes in industrial structure of Eastern Europe countries within the policies of quick access to monetary resources. The analyzed states (Bulgaria, the Czech Republic, Hungary, Poland and Romania are part of the European Union and have autonomous monetary policies, meaning that they have not yet adopted the common currency. In all economies analyzed, we find approximately the same patterns of monetary expansion and industrial fluctuations.

Why develop open-source software? The role of non-pecuniary benefits, monetary rewards, and open-source licence type

OpenAIRE

Robert M. Sauer

2007-01-01

A review of the basic theory of optimal open-source software contributions points to three key factors affecting the decision to contribute to the open-source development process: nonpecuniary benefits, future expected monetary returns, and open-source licence type. This paper argues that existing large-scale software developer surveys are inadequate for measuring the relative importance of these three factors. Previous econometric studies that collect their own unique datasets also fall shor...

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...

EXPANSIONARY MONETARY POLICY AND THE OPPORTUNITIES FOR RESURGENCE OF INVESTMENT GROWTH IN UKRAINE

Directory of Open Access Journals (Sweden)

A. Ignatyuk

2014-12-01

Full Text Available This article is analyzed the basic tools of the expansionary monetary policy and its impact on investment growth. It is proposed transformation of monetary policy to activate the innovation processes, in particular by introducing macro-prudential limitations of investment alternatives for the population and strengthening the role of banks with state capital. In article is suggested the methods of National bank, together with the Government to stimulate investment by the use of the allocation of funds through the instruments of monetary expansion.

Supervisory Control and Court Management

Directory of Open Access Journals (Sweden)

Andreas Lienhard

2009-08-01

Full Text Available Court management is an essential precondition for guaranteeing the adjudication of cases. At the same time, court administration is the key focus of supervisory control. Management instruments and structures, caseload management and other elements of quality assurance including the certification of judicial authorities must therefore be accorded considerable constitutional importance.

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...

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

Children's Use of Meta-Cognition in Solving Everyday Problems: Children's Monetary Decision-Making

Science.gov (United States)

Lee, Chwee Beng; Koh, Noi Keng; Cai, Xin Le; Quek, Choon Lang

2012-01-01

The purpose of this study was to understand how children use meta-cognition in their everyday problem-solving, particularly making monetary decisions. A particular focus was to identify components of meta-cognition, such as regulation of cognition and knowledge of cognition observed in children's monetary decision-making process, the roles of…

Foreign Shocks, Monetary Policy, and Macroeconomic Fluctuations in a Small Open Economy: A SVAR Study of Malaysia

Directory of Open Access Journals (Sweden)

Zulkefly Abdul Karim

2016-06-01

Full Text Available This paper investigates the effect of foreign shocks upon domestic macroeconomic fluctuations and monetary policy, and examines the effectiveness of domestic monetary policy as a stabilization policy in Malaysia. Monetary policy variables (interest rate and money supply have been measured through a non-recursive structural VAR (SVAR identification scheme, which allows the monetary authority to set the interest rate and money supply after observing the current value of foreign variables, domestic output and inflation. The results show the important role of foreign shocks in influencing Malaysian monetary policy and macroeconomic variables. There is a real effect of monetary policy, that is, a positive shock in money supply increases domestic output. In contrast, a positive interest rates shock has a negative effect on domestic output growth and inflation. The effects of money supply and interest rate shocks on the exchange rate and stock prices are also consistent with standard economic theory. In addition, domestic monetary policy is able to mitigate the negative effect of external shocks upon domestic economy.

Automatic synthesis of supervisory control systems

NARCIS (Netherlands)

Najafi, E.

2016-01-01

Sequential composition is an effective supervisory control method for addressing control problems in nonlinear dynamical systems. It executes a set of controllers sequentially to achieve a control specification that cannot be realized by a single controller. Sequential composition focuses on the

Supervisory control system implemented in programmable logical controller web server

OpenAIRE

Milavec, Simon

2012-01-01

In this thesis, we study the feasibility of supervisory control and data acquisition (SCADA) system realisation in a web server of a programmable logic controller. With the introduction of Ethernet protocol to the area of process control, the more powerful programmable logic controllers obtained integrated web servers. The web server of a programmable logic controller, produced by Siemens, will also be described in this thesis. Firstly, the software and the hardware equipment used for real...

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

Two-objective on-line optimization of supervisory control strategy

Energy Technology Data Exchange (ETDEWEB)

Nassif, N.; Kajl, S.; Sabourin, R. [Ecole de Technologie Superieure, Montreal (Canada)

2004-09-01

The set points of supervisory control strategy are optimized with respect to energy use and thermal comfort for existing HVAC systems. The set point values of zone temperatures, supply duct static pressure, and supply air temperature are the problem variables, while energy use and thermal comfort are the objective functions. The HVAC system model includes all the individual component models developed and validated against the monitored data of an existing VAV system. It serves to calculate energy use during the optimization process, whereas the actual energy use is determined by using monitoring data and the appropriate validated component models. A comparison, done for one summer week, of actual and optimal energy use shows that the on-line implementation of a genetic algorithm optimization program to determine the optimal set points of supervisory control strategy could save energy by 19.5%, while satisfying the minimum zone airflow rates and the thermal comfort. The results also indicate that the application of the two-objective optimization problem can help control daily energy use or daily building thermal comfort, thus saving more energy than the application of the one-objective optimization problem. (Author)

Plant Modeling for Human Supervisory Control

DEFF Research Database (Denmark)

Lind, Morten

1999-01-01

This paper provides an overview of multilevel flow modelling (MFM) and its application for design of displays for the supervisory control of industrial plant. The problem of designing the inforrrzatian content of sacpervisory displays is discussed and plant representations like MFM using levels...

Measuring pattern, amplitude and timing differences between monetary and nonmonetary seasonal factors of tourism - the case of Aruba

NARCIS (Netherlands)

Ridderstaat, J.R.; Nijkamp, P.

2015-01-01

Seasonality is a frequent and important occurrence in the tourism industry, with concurrent effects on both the financial and volume flows of tourism. The purpose of this study is to measure pattern, amplitude and timing differences between the seasonal factors of monetary and non-monetary

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...

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 ...

Supervisory behavior, reciprocity and subordinate absenteeism

NARCIS (Netherlands)

Dierendonck, van D.; Blanc, Le P.M.; Breukelen, van W.

2002-01-01

The present study among 242 professionals working in a lung clinic and nursing home was designed to test a model that links supervisory behavior (i.e. leader member exchange (LMX) behavior and conflict management behavior) and reciprocity in the supervisor/subordinate relationship to objectively

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...

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...

The rewarding value of good motor performance in the context of monetary incentives.

Science.gov (United States)

Lutz, Kai; Pedroni, Andreas; Nadig, Karin; Luechinger, Roger; Jäncke, Lutz

2012-07-01

Whether an agent receives positive task feedback or a monetary reward, neural activity in their striatum increases. In the latter case striatal activity reflects extrinsic reward processing, while in the former, striatal activity reflects the intrinsically rewarding effects of performing well. There can be a "hidden cost of reward", which is a detrimental effect of extrinsic on intrinsic reward value. This raises the question how these two types of reward interact. To address this, we applied a monetary incentive delay task: in all trials participants received feedback depending on their performance. In half of the trials they could additionally receive monetary reward if they performed well. This resulted in high performance trials, which were monetarily rewarded and high performance trials that were not. This made it possible to dissociate the neural correlates of performance feedback from the neural correlates of monetary reward that comes with high performance. Performance feedback alone elicits activation increases in the ventral striatum. This activation increases due to additional monetary reward. Neural response in the dorsal striatum on the other hand is only significantly increased by feedback when a monetary incentive is present. The quality of performance does not significantly influence dorsal striatum activity. In conclusion, our results indicate that the dorsal striatum is primarily sensitive to optional or actually received external rewards, whereas the ventral striatum may be coding intrinsic reward due to positive performance feedback. Thus the ventral striatum is suggested to be involved in the processing of intrinsically motivated behavior. Copyright © 2012 Elsevier Ltd. All rights reserved.

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 ...

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.

Distributed Supervisory Protection Interlock System

International Nuclear Information System (INIS)

Walz, H.V.; Agostini, R.C.; Barker, L.; Cherkassky, R.; Constant, T.; Matheson, R.

1989-03-01

The Distributed Supervisory Protection Interlock System, DSPI, is under development at the Stanford Linear Accelerator Center for requirements in the areas of personnel protection, beam containment and equipment protection interlocks. The DSPI system, distributed over the application site, consists of segments with microprocessor-based controller and I/O modules, local area networks for communication, and a global supervisor computer. Segments are implemented with commercially available controller and I/O modules arranged in local interlock clusters, and associated software. Segments provide local interlock data acquisition, processing and control. Local area networks provide the communication backbone between segments and a global supervisor processor. The supervisor processor monitors the overall system, reports detail status and provides human interfaces. Details of an R and D test system, which will implement the requirements for personnel protection of 4 typical linear accelerator sectors, will be described. 4 refs., 2 figs

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...

Limitations to Keynesian demand management through monetary policy: whither Cartesian policy control

OpenAIRE

Heise, Arne

2004-01-01

During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the ‘horizontalist’ analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore’s interests in and contributions to monetary and macroeconomic theory.

Further Monetary Easing Policies under the Non-negativity Constraints of Nominal Interest Rates: Summary of the Discussion Based on Japan's Experience

OpenAIRE

Oda, Nobuyuki; Okina, Kunio

2001-01-01

This paper examines issues surrounding monetary policy under zero interest rates based on one and a half year fs experience in Japan. After reviewing the market development in Japan, it summarizes the transmission mechanism of monetary policy under zero nominal interest rates, and considers what would be the likely policy options if a central bank were to conduct further monetary easing. Specifically, a more detailed policy announcement is regarded as feasible, less costly, and the less risky...

Interactions between Monetary and Fiscal Policy via Open Market Operations

NARCIS (Netherlands)

Schabert, A.

2004-01-01

We examine interactions of monetary and fiscal policy in a sticky price model where public debt is non-neutral, as it provides transaction services. This property is brought about by a legal restriction on open market operations by which only government bonds are eligible. Debt creation eases access

Ubiquitous Supervisory System Based on Social Contexts Using Ontology

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Satoru Izumi

2009-01-01

Full Text Available As described in this paper, we propose a supervisory system that considers actual situations and social aspects of users in a ubiquitous computing environment. To realize gentle and safe supervision while providing efficient supervisory services, the system must recognize the situations of a watched person, such as the person's physical condition. To achieve this, we have proposed a ubiquitous supervisory system "uEyes", which introduces Social Context Awareness: a distinguishing feature for supervision. Using this feature, the system can combine environmental information acquired from sensors in the real world and common-sense knowledge related to human activities in daily life. As described in this paper, we specifically examine design of Social Context Awareness using ontology technologies. Based on this advanced feature, a live video streaming system is configured autonomously depending on the users' circumstances in runtime. We implemented a uEyes prototype for supervising elderly people and performed some experiments based on several scenarios. Based on those experimental results, we confirmed that the social contexts are handled effectively to support the supervision.

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...

On the effects of monetary policy shocks in developing countries

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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.

Monetary Policy and Financial (InStability

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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.

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 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

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

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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.

THE ASSET PRICE CHANNEL AND ITS ROLE IN MONETARY POLICY TRANSMISSION

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Dan Horatiu

2013-07-01

Full Text Available his paper addresses the subject of the monetary policy transmission mechanism by focusing on the asset price channel, which is the monetary transmission channel responsible for the propagation of the effects induced by the monetary policy decisions made by the central bank that affect the price of assets. We will analyze the asset price channel by taking a close look at its structure, internal processes and the way it delivers monetary policy throughout the economy, ultimately influencing key variables such as the unemployment rate and the levels of consumption and production. After an introduction dealing with the entire monetary transmission mechanism, its role and purposes, we will focus on the particularities of the asset price channel and the two main ways in which it delivers monetary policy decision effects: through changes in Tobin’s q value, which is the ratio between the market value of a given company and its replacement cost of capital, and through the effect of wealth, both of financial and housing nature, on consumption. In our study, we will consider theoretical aspects and observations, but also empirical evidence that highlights that the exact way in which the asset price channel functions may differ from one economy to another due to differences in the structures of the respective economies and differences in psychology and cultural values of consumers. The deep understanding of the asset price transmission channel is very important for any central bank, as this is the channel that governs key aspects of monetary policy transmission linked to the market value of assets and individual wealth. These values have, as we will see in more detail throughout the paper, an important impact on both consumption and investment, two economic actions that can help the economy, but can also prove to be a crucial element in starting and perpetuating an economic crisis.

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...

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.

A Novel Supervisory Control Algorithm to Improve the Performance of a Real-Time PV Power-Hardware-In-Loop Simulator with Non-RTDS

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Dae-Jin Kim

2017-10-01

Full Text Available A programmable direct current (DC power supply with Real-time Digital Simulator (RTDS-based photovoltaic (PV Power Hardware-In-the-Loop (PHIL simulators has been used to improve the control algorithm and reliability of a PV inverter. This paper proposes a supervisory control algorithm for a PV PHIL simulator with a non-RTDS device that is an alternative solution to a high-cost PHIL simulator. However, when such a simulator with the conventional algorithm which is used in an RTDS is connected to a PV inverter, the output is in the transient state and it makes it impossible to evaluate the performance of the PV inverter. Therefore, the proposed algorithm controls the voltage and current target values according to constant voltage (CV and constant current (CC modes to overcome the limitation of the Computing Unit and DC power supply, and it also uses a multi-rate system to account for the characteristics of each component of the simulator. A mathematical model of a PV system, programmable DC power supply, isolated DC measurement device, and Computing Unit are integrated to form a real-time processing simulator. Performance tests are carried out with a commercial PV inverter and prove the superiority of this proposed algorithm against the conventional algorithm.

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...

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

Intranasal oxytocin enhances neural processing of monetary reward and loss in post-traumatic stress disorder and traumatized controls.

Science.gov (United States)

Nawijn, Laura; van Zuiden, Mirjam; Koch, Saskia B J; Frijling, Jessie L; Veltman, Dick J; Olff, Miranda

2016-04-01

Anhedonia is a significant clinical problem in post-traumatic stress disorder (PTSD). PTSD patients show reduced motivational approach behavior, which may underlie anhedonic symptoms. Oxytocin administration is known to increase reward sensitivity and approach behavior. We therefore investigated whether oxytocin administration affected neural responses during motivational processing in PTSD patients and trauma-exposed controls. 35 police officers with PTSD (21 males) and 37 trauma-exposed police officers without PTSD (19 males) were included in a within-subjects, randomized, placebo-controlled fMRI study. Neural responses during anticipation of monetary reward and loss were investigated with a monetary incentive delay task (MID) after placebo and oxytocin (40 IU) administration. Oxytocin increased neural responses during reward and loss anticipation in PTSD patients and controls in the striatum, dorsal anterior cingulate cortex and insula, key regions in the reward pathway. Although PTSD patients did not differ from controls in motivational processing under placebo, anhedonia severity in PTSD patients was negatively related to reward responsiveness in the ventral striatum. Furthermore, oxytocin effects on reward processing in the ventral striatum were positively associated with anhedonia. Oxytocin administration increased reward pathway sensitivity during reward and loss anticipation in PTSD patients and trauma-exposed controls. Thus, oxytocin administration may increase motivation for goal-directed approach behavior in PTSD patients and controls, providing evidence for a neurobiological pathway through which oxytocin could potentially increase motivation and reward sensitivity in PTSD patients. Copyright © 2016 Elsevier Ltd. All rights reserved.

Monopolistic Market Position and Losses from Monetary Integration

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Paweł Młodkowski

2009-12-01

Full Text Available The objective of the paper is to show how a market position influences company’s gains and losses from monetary integration. The literature on monetary integration already features cost and benefit analysis. However the proposed examples of both results (negative and positive are not offered for different market structures and most often are macroeconomic in nature. The paper develops an idea that a monopolistic enterprise might be worse off because of monetary integration. The case discussed, shows that prior to monetary integration, a specific solution regarding pricing of imported goods allowed the company for: (1 hedging effectively from exchange rate risk, (2 benefiting from long-term appreciation trend of the domestic currency against the euro. Both goals were achieved due to privileged market position (legal monopoly of the company. The monetary integration and the expected full EMU accession is going to remove the need for hedging but simultaneously it will result in loosing the ability to achieve extra profits extracted so far. This is a basis for a claim that costs and benefits flowing from monetary integration could depend on market structure an entity operates in. We conclude that in a more monopolized economies, the microeconomic benefits achieved by households are at the cost of firms, while in a perfect competition gains are uniformly distributed across agents at supply and demand sides of markets. Therefore, producers in monopolized economies could be less prone to join a monetary union. The opposite hypothesis might also be true. In economies with fewer monopolies there are fewer incentives to oppose monetary integration. The comparison of the two extreme settings allows posting a hypothesis that the perfect competition is monetary integration-neutral and the monopoly is monetary integration-averse market structure. Data for the paper and the studied case are originating from one of the largest legal monopolists in Poland that

Concordance between monetary and sexual delay discounting in men who have sex with men.

Science.gov (United States)

Jones, Jeb; Guest, Jodie L; Sullivan, Patrick S; Kramer, Michael R; Jenness, Samuel M; Sales, Jessica M

2017-12-07

Background: Delay discounting has been found to be associated with numerous health-related outcomes, including risky sexual behaviour. To date, it is unclear whether delay discounting measured in different domains is associated within individuals. The goal of this study was to assess the concordance of monetary and sexual delay discounting in men who have sex with men. Methods: Participants completed an online survey, including the Monetary Choice Questionnaire and the Sexual Discounting Task. Linear regression models were used to assess the association between monetary and sexual discount rates. Results: Sexual discount rates did not predict monetary discount rates. There was a substantial amount of clustering of sexual discount rates, requiring sexual discounting data to be categorised. Conclusions: Monetary and sexual delay discounting are distinct processes that are not necessarily associated within individuals, and monetary delay discounting is not an appropriate proxy measure for sexual impulsivity. Data from the Sexual Discounting Task are typically rank-transformed for analysis. These data suggest that this might be an invalid method of analysis. Future studies should investigate the distribution of their data to determine if it is appropriate to analyse sexual discounting data as a continuous measure.

Impact of monetary incentives on cognitive performance and error monitoring following sleep deprivation.

Science.gov (United States)

Hsieh, Shulan; Li, Tzu-Hsien; Tsai, Ling-Ling

2010-04-01

To examine whether monetary incentives attenuate the negative effects of sleep deprivation on cognitive performance in a flanker task that requires higher-level cognitive-control processes, including error monitoring. Twenty-four healthy adults aged 18 to 23 years were randomly divided into 2 subject groups: one received and the other did not receive monetary incentives for performance accuracy. Both subject groups performed a flanker task and underwent electroencephalographic recordings for event-related brain potentials after normal sleep and after 1 night of total sleep deprivation in a within-subject, counterbalanced, repeated-measures study design. Monetary incentives significantly enhanced the response accuracy and reaction time variability under both normal sleep and sleep-deprived conditions, and they reduced the effects of sleep deprivation on the subjective effort level, the amplitude of the error-related negativity (an error-related event-related potential component), and the latency of the P300 (an event-related potential variable related to attention processes). However, monetary incentives could not attenuate the effects of sleep deprivation on any measures of behavior performance, such as the response accuracy, reaction time variability, or posterror accuracy adjustments; nor could they reduce the effects of sleep deprivation on the amplitude of the Pe, another error-related event-related potential component. This study shows that motivation incentives selectively reduce the effects of total sleep deprivation on some brain activities, but they cannot attenuate the effects of sleep deprivation on performance decrements in tasks that require high-level cognitive-control processes. Thus, monetary incentives and sleep deprivation may act through both common and different mechanisms to affect cognitive performance.

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

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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.

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...

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

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.

Humans Integrate Monetary and Liquid Incentives to Motivate Cognitive Task Performance

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Debbie Marianne Yee

2016-01-01

Full Text Available It is unequivocal that a wide variety of incentives can motivate behavior. However, few studies have explicitly examined whether and how different incentives are integrated in terms of their motivational influence. The current study examines the combined effects of monetary and liquid incentives on cognitive processing, and whether appetitive and aversive incentives have distinct influences. We introduce a novel task paradigm, in which participants perform cued task-switching for monetary rewards that vary parametrically across trials, with liquid incentives serving as post-trial performance feedback. Critically, the symbolic meaning of the liquid was held constant (indicating successful reward attainment, while liquid valence was blocked. In the first experiment, monetary rewards combined additively with appetitive liquid feedback to improve subject task performance. Aversive liquid feedback counteracted monetary reward effects in low monetary reward trials, particularly in a subset of participants who tended to avoid responding under these conditions. Self-report motivation ratings predicted behavioral performance above and beyond experimental effects. A follow-up experiment replicated the predictive power of motivation ratings even when only appetitive liquids were used, suggesting that ratings reflect idiosyncratic subjective values of, rather than categorical differences between, the liquid incentives. Together, the findings indicate an integrative relationship between primary and secondary incentives and potentially dissociable influences in modulating motivational value, while informing hypotheses regarding candidate neural mechanisms.

Humans Integrate Monetary and Liquid Incentives to Motivate Cognitive Task Performance

Science.gov (United States)

Yee, Debbie M.; Krug, Marie K.; Allen, Ariel Z.; Braver, Todd S.

2016-01-01

It is unequivocal that a wide variety of incentives can motivate behavior. However, few studies have explicitly examined whether and how different incentives are integrated in terms of their motivational influence. The current study examines the combined effects of monetary and liquid incentives on cognitive processing, and whether appetitive and aversive incentives have distinct influences. We introduce a novel task paradigm, in which participants perform cued task-switching for monetary rewards that vary parametrically across trials, with liquid incentives serving as post-trial performance feedback. Critically, the symbolic meaning of the liquid was held constant (indicating successful reward attainment), while liquid valence was blocked. In the first experiment, monetary rewards combined additively with appetitive liquid feedback to improve subject task performance. Aversive liquid feedback counteracted monetary reward effects in low monetary reward trials, particularly in a subset of participants who tended to avoid responding under these conditions. Self-report motivation ratings predicted behavioral performance above and beyond experimental effects. A follow-up experiment replicated the predictive power of motivation ratings even when only appetitive liquids were used, suggesting that ratings reflect idiosyncratic subjective values of, rather than categorical differences between, the liquid incentives. Together, the findings indicate an integrative relationship between primary and secondary incentives and potentially dissociable influences in modulating motivational value, while informing hypotheses regarding candidate neural mechanisms. PMID:26834668

A process evaluation of a supervisory development programme

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Jasper Buys

2012-07-01

Research purpose: The study aimed to provide information about coverage, service delivery, organisational resources, and medium-term outcomes for a supervisory development programme (SDP in the hospitality industry. Motivation for the study: The primary motivation was to assist programme staff to understand their programme and also to generate information that the programme staff could use to reflect on the programme’s performance and future direction. Research design, approach and method: A mixture of quantitative and qualitative methods was employed, namely: a literature review; personal interviews; and internal programme documentation, such as e-mail correspondence, financial statements, attendance registers, and personnel records. Personal interviews were conducted with two stakeholders, namely the programme manager and programme administrator. The programme data of 69 participants in the SDP were utilised for the evaluation. Main findings: The evaluation’s main finding concluded that the ‘implemented programme’ was not congruent with the ‘planned programme’. Practical/managerial implications: It is recommended that programme activities and theory should be re-evaluated, as the programme is used mainly as a training programme for new appointees, rather than a management development programme to create a pool of potential supervisors. Programme uptake and output should also be closely aligned. The length of time that people in the pool of potential supervisors had to wait before they were appointed should also be reduced. Contribution/value-add: By explicating the basic programme theory and studying programme implementation, this evaluation serves as a starting point for future evaluations of the SDP.

Euroization, monetary union and the credibility of monetary policy

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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.

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.

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.

What happens at work stays at work? Workplace supervisory social interactions and blood pressure outcomes.

Science.gov (United States)

Wong, Jennifer H K; Kelloway, E Kevin

2016-04-01

We investigated the relationship between workplace supervisory social interactions and blood pressure outcomes using hourly diary entries and ambulatory blood pressure data from an experience sampling study of 55 long-term care employees. After accounting for relevant cardiovascular controls, significant effects of supervisory interactions on cardiovascular reactivity and recovery were found. Multilevel analyses revealed that negatively perceived supervisory interactions predicted higher systolic blood pressure at work (B = -1.59, p pressure recovery after work (B = -14.52, p < .05, N = 33). Specifically, negatively perceived supervisory interactions at work predicted poorer cardiovascular recovery after work. Suggestions for improving practices in organizations and in experience sampling research are discussed. (c) 2016 APA, all rights reserved).

MONETARY EXPECTATIONS OF THE ROMANIAN EXECUTIVES REGARDING THE ADHERATION

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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.

Financial–real-side interactions in an extended monetary circuit with shadow banking: Loving or dangerous hugs?

OpenAIRE

Botta, Alberto; Caverzasi, Eugenio; Tori, Daniele

2015-01-01

Monetary circuit (MC) theory is one of the most interesting attempts to formally describe the functioning of a monetary production economy as centered on the concept of the flux–reflux of money. Endogenous money creation by commercial banks allows the circuit to open and firms to implement production processes. Financial markets “passively” close the circuit by intermediating savings via bond and equity issuance. Despite its natural focus on financial-real side links, the monetary circuit lit...

Elevated Striatal Reactivity Across Monetary and Social Rewards in Bipolar I Disorder

Science.gov (United States)

Dutra, Sunny J.; Cunningham, William A.; Kober, Hedy; Gruber, June

2016-01-01

Bipolar disorder (BD) is associated with increased reactivity to rewards and heightened positive affectivity. It is less clear to what extent this heightened reward sensitivity is evident across contexts and what the associated neural mechanisms might be. The present investigation employed both a monetary and social incentive delay task among adults with remitted BD type I (N=24) and a healthy non-psychiatric control group (HC; N=25) using fMRI. Both whole-brain and region-of-interest analyses revealed elevated ventral and dorsal striatal reactivity across monetary and social reward receipt, but not anticipation, in the BD group. Post-hoc analyses further suggested that greater striatal reactivity to reward receipt across monetary and social reward tasks predicted decreased self-reported positive affect when anticipating subsequent rewards in the HC, but not BD, group. Results point toward elevated striatal reactivity to reward receipt as a potential neural mechanism of reward reactivity. PMID:26390194

Supervisory Control and Data Acquisition Laboratory

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M. Iacob

2010-06-01

Full Text Available This paper presents practical laboratories for teaching purpose in Supervisory Control and Data Acquisition (SCADA systems. A SCADA system is described in terms of architecture, process interfaces, functionality, and application development facilities. These concepts are implemented on an integrated automation system, particularly for digital control of electric drives with a distributed peripheral, i.e., Totally Integrated Automation with Democase from Siemens. Using this system, a wide range of applications can be designed, implemented and tested. A practical labs set is presented to introduce gradually the main SCADA elements, and finally to develop an application to control an induction motor in interlocked manual/automatic mode, with touch-screen Human Machine Interface (HMI. The system employs industrial busses like PROFIBus and industrial Ethernet. The SCADA system also shows trends, alarms, motor frequency and automatic sequence of motor speed profile.

Operational Performance Risk Assessment in Support of A Supervisory Control System

Energy Technology Data Exchange (ETDEWEB)

Denning, Richard S. [Self Employed; Muhlheim, Michael David [ORNL; Cetiner, Sacit M. [ORNL; Guler Yigitoglu, Askin [ORNL

2017-06-01

Supervisory control system (SCS) is developed for multi-unit advanced small modular reactors to minimize human interventions in both normal and abnormal operations. In SCS, control action decisions made based on probabilistic risk assessment approach via Event Trees/Fault Trees. Although traditional PRA tools are implemented, their scope is extended to normal operations and application is reversed; success of non-safety related system instead failure of safety systems this extended PRA approach called as operational performance risk assessment (OPRA). OPRA helps to identify success paths, combination of control actions for transients and to quantify these success paths to provide possible actions without activating plant protection system. In this paper, a case study of the OPRA in supervisory control system is demonstrated within the context of the ALMR PRISM design, specifically power conversion system. The scenario investigated involved a condition that the feed water control valve is observed to be drifting to the closed position. Alternative plant configurations were identified via OPRA that would allow the plant to continue to operate at full or reduced power. Dynamic analyses were performed with a thermal-hydraulic model of the ALMR PRISM system using Modelica to evaluate remained safety margins. Successful recovery paths for the selected scenario are identified and quantified via SCS.

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...

Uncertainty of Monetary Valued Ecosystem Services - Value Transfer Functions for Global Mapping.

Directory of Open Access Journals (Sweden)

Stefan Schmidt

Full Text Available Growing demand of resources increases pressure on ecosystem services (ES and biodiversity. Monetary valuation of ES is frequently seen as a decision-support tool by providing explicit values for unconsidered, non-market goods and services. Here we present global value transfer functions by using a meta-analytic framework for the synthesis of 194 case studies capturing 839 monetary values of ES. For 12 ES the variance of monetary values could be explained with a subset of 93 study- and site-specific variables by utilizing boosted regression trees. This provides the first global quantification of uncertainties and transferability of monetary valuations. Models explain from 18% (water provision to 44% (food provision of variance and provide statistically reliable extrapolations for 70% (water provision to 91% (food provision of the terrestrial earth surface. Although the application of different valuation methods is a source of uncertainty, we found evidence that assuming homogeneity of ecosystems is a major error in value transfer function models. Food provision is positively correlated with better life domains and variables indicating positive conditions for human well-being. Water provision and recreation service show that weak ownerships affect valuation of other common goods negatively (e.g. non-privately owned forests. Furthermore, we found support for the shifting baseline hypothesis in valuing climate regulation. Ecological conditions and societal vulnerability determine valuation of extreme event prevention. Valuation of habitat services is negatively correlated with indicators characterizing less favorable areas. Our analysis represents a stepping stone to establish a standardized integration of and reporting on uncertainties for reliable and valid benefit transfer as an important component for decision support.

Testing the Monetary Model for Exchange Rate Determination in South Africa: Evidence from 101 Years of Data

Directory of Open Access Journals (Sweden)

Riané de Bruyn

2013-03-01

Full Text Available Evidence in favor of the monetary model of exchange rate determination for the South African Rand is, at best, mixed. A co-integrating relationship between the nominal exchange rate and monetary fundamentals forms the basis of the monetary model. With the econometric literature suggesting that the span of the data, not the frequency, determines the power of the co-integration tests and the studies on South Africa primarily using short-span data from the post-Bretton Woods era, we decided to test the long-run monetary model of exchange rate determination for the South African Rand relative to the US Dollar using annual data from 1910 – 2010. The results provide some support for the monetary model in that long-run co-integration is found between the nominal exchange rate and the output and money supply deviations. However, the theoretical restrictions required by the monetary model are rejected. A vector error-correction model identifies both the nominal exchange rate and the monetary fundamentals as the channel for the adjustment process of deviations from the long-run equilibrium exchange rate. A subsequent comparison of nominal exchange rate forecasts based on the monetary model with those of the random walk model suggests that the forecasting performance of the monetary model is superior.

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...

TRANSITION TO INFLATION TARGETING IN UKRAINE: NEW TOOLS FOR MONETARY POLICY

Directory of Open Access Journals (Sweden)

S. Naumenkova

2015-03-01

Full Text Available Positive experience of inflation targeting in many countries influenced the decision to implement this framework in Ukraine. Authors consider the appropriateness of retaining inflation target under conditions of deteriorating currency market. Uncertainty of forecasts is aggravated by fragile impact of monetary policy on Ukrainian economy in conditions of growing nonlinearity of macroeconomic processes. The authors suggest the possibility of using two channels of transmission mechanism, namely, exchange rate and interest rate, and recommend additional tools to specify targets of monetary policy for the National Bank of Ukraine.

Monetary Regimes and External Shocks Reaction: Empirical Investigations on Eastern European Economies

Directory of Open Access Journals (Sweden)

Muhammad Khan

2017-12-01

Full Text Available In the late 90's, after severe financial crisis, accompanied by inflation and exchange rate instability, Eastern Europe emerged into two radically contrasting monetary regimes (Currency Boards and Inflation targeting. The task of our study is to compare econometrically the performance of these two regimes in terms of their resilience to the external real and nominal shocks, coming from Euro area. In other words, we test the non-neutrality of exchange rate regimes with respect to these connections. Our PVAR model results reveal that the choice of monetary regimes indeed determines the ability of a country to absorb the external shocks.

Consumers' inflation expectations and monetary policy in Europe

OpenAIRE

Berk, J.M.

2000-01-01

This paper analyses the effects of monetary policy decisions on inflation expectations of European consumers. Using a novel approach that does not assume unbiasedness of expectations, which makes use of survey data on expected future as well as perceived past price developments and allows for non-normal peakedness and asymmetry, we convert qualitative survey responses of consumers in various European countries into quantitative time series of inflation expectations. After checking the rationa...

Self-Tuning Linear Quadratic Supervisory Regulation of a Diesel Generator using Large-Signal State Estimation

DEFF Research Database (Denmark)

Knudsen, Jesper Viese; Bendtsen, Jan Dimon; Andersen, Palle

2016-01-01

In this paper, a self-tuning linear quadratic supervisory regulator using a large-signal state estimator for a diesel driven generator set is proposed. The regulator improves operational efficiency, in comparison to current implementations, by (i) automating the initial tuning process and (ii...... throughout the operating range of the diesel generator....

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.

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.

Non-Monetary Benefits Without Apology: The Economic Theory and Practice of Ecosystem Service Benefit Indicators.

Science.gov (United States)

Values for changes in ecosystem services (ES) are required or desired in many policy and management decision contexts, although appropriate monetary values often are not available or are infeasible to estimate. Fortunately, in many contexts—e.g., cost-effectiveness analysis...

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...

CEOs´ monetary incentives and performance of Mexican firms

Directory of Open Access Journals (Sweden)

Karen Watkins-Fassler

2017-02-01

Full Text Available This paper analyzes if changes in CEO remuneration and the execution of CEO stock options impact firm performance, under an emerging market context. Data is obtained from 88 non-financial companies listed in the Mexican Stock Exchange (2001-2012. A dynamic panel specification is employed, and regressions are run through the Generalized Method of Moments. Some evidence is found on the negative relationship between flat monetary incentives and Mexican firm performance, specifically for normal times. In addition, financial incentives based on results (particularly CEO stock options do not imply higher firm performance. Results suggest that companies in particular contexts should move towards the development of CEOs, more than promoting mostly monetary incentives for boosting firm performance. Companies operating in Mexico will gain from hiring intrinsically motivated CEOs, together with testing different extrinsic rewards (neither flat nor stock options in order to attain additive effects on intrinsic motivation.

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...

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...

Supervisory Turnover in Outpatient Substance Abuse Treatment

Science.gov (United States)

Knight, Danica K.; Broome, Kirk M.; Edwards, Jennifer R.; Flynn, Patrick M.

2009-01-01

Staff turnover is a significant issue within substance abuse treatment, with implications for service delivery and organizational health. This study examined factors associated with turnover among supervisors in outpatient substance abuse treatment. Turnover was conceptualized as being an individual response to organizational-level influences, and predictors represent aggregate program measures. Participants included 532 staff (including 467 counselors and 65 clinical/program directors) from 90 programs in four regions of the USA. Using logistic regression, analyses of structural factors indicated that programs affiliated with a parent organization and those providing more counseling hours to clients had higher turnover rates. When measures of job attitudes were included, only parent affiliation and collective appraisal of satisfaction were related to turnover. Subsequent analyses identified a trend toward increased supervisory turnover when satisfaction was low following the departure of a previous supervisor. These findings suggest that organizational-level factors can be influential in supervisory turnover. PMID:19949883

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...

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.

Supervisory Monitoring of Workplace at CIAE in 2011

Institute of Scientific and Technical Information of China (English)

无

2011-01-01

1 Introduction Based on The Routine Monitoring Programme for Workplace at CIAE in 2011 which approved by Division of Safe and Environmental Protection, a management sector of China Institute of Atomic Energy (CIAE), supervisory monitoring of

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...

Extended supervisory control of Peirce-Smith converter

International Nuclear Information System (INIS)

Hadjiski, Mincho; Boshnakov, Kosta

2014-01-01

In this paper some problems of the tight integration of the Process Control (PC) and Condition Based Maintenance (CBM) are considered in the creation of a supervised control system for Peirce-Smith Converter. The motivation of this approach is carried out on the base of numerous experimental data analyses, which show a significant improving potential. Because of a very high level of stochastic components in the direct measurements, due to the melt crystallisation a data driven degradation model is derived. A multistage procedure is proposed for effective Maintenance Decision Making (MDM) using a threshold based policy, Rule-Based Reasoning (RBR) and Case-Based Reasoning (CBR). The extended functionality of the proposed system is discussed. Key words: mathematical modelling, Peirce-Smith converter (PSC), rule-based reasoning (RBR), supervisory control, threshold based maintenance, maintenance decision making

Supervisory control synthesis for a waterway lock

NARCIS (Netherlands)

Reijnen, F.F.H.; Goorden, M.A.; van de Mortel - Fronczak, J.M.; Rooda, J.E.

2017-01-01

Formal methods help in coping with the growing functionality and complexity, time-to-market and costs in cyber-physical systems (CPSs). Supervisory control synthesis (SCS) is such a method. It can be used to synthesize a controller for a CPS from the uncontrolled system model (plant) and the

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...

The impact of monetary policy on output and inflation in India: A frequency domain analysis

Directory of Open Access Journals (Sweden)

Salunkhe Bhavesh

2017-01-01

Full Text Available In the recent past, several attempts by the RBI to control inflation through tight monetary policy have ended up slowing the growth process, thereby provoking prolonged discussion among academics and policymakers about the efficacy of monetary policy in India. Against this backdrop, the present study attempts to estimate the causal relationship between monetary policy and its final objectives; i.e., growth, and controlling inflation in India. The methodological tool used is testing for Granger Causality in the frequency domain as developed by Lemmens et al. (2008, and monetary policy has been proxied by the weighted average call money rate. In view of the fact that output gap is one of the determinants of future inflation, an attempt has also been made to study the causal relationship between output gap and inflation. The results of empirical estimation show a bi-directional causality between policy rate and inflation and between policy rate and output, which implies that the monetary authorities in India were equally concerned about inflation and output growth when determining policy. Furthermore, any attempt to control inflation affects output with the same or even greater magnitude than inflation, thereby damaging the growth process. The relationship between output gap and inflation was found to be positive, as reported in earlier studies for India. Furthermore, the output gap causes inflation only in the short-tomediumrun.

Development of a concept for non-monetary assessment of urban ecosystem services at the site level.

Science.gov (United States)

Wurster, Daniel; Artmann, Martina

2014-05-01

Determining the performance of ecosystem services at the city or regional level cannot accurately take into account the fine differences between green or gray structures. The supply of regulating ecosystem services in, for instance, parks can differ as parks vary in their land cover composition. A comprehensive ecosystem service assessment approach also needs to reflect land use to consider the demands placed on ecosystem services, which are mostly neglected by current research yet important for urban planning. For instance, if a sealed surface is no longer used, it could be unsealed to improve ecosystem service supply. Because of these scientific shortcomings, this article argues for a conceptual framework for the non-monetary assessment of urban ecosystem services at the site scale. This paper introduces a standardized method for selecting representative sites and evaluating their supply of and demand on ecosystem services. The conceptual design is supplemented by examples of Salzburg, Austria.

Neural activation to monetary reward is associated with amphetamine reward sensitivity.

Science.gov (United States)

Crane, Natania A; Gorka, Stephanie M; Weafer, Jessica; Langenecker, Scott A; de Wit, Harriet; Phan, K Luan

2018-03-14

One known risk factor for drug use and abuse is sensitivity to rewarding effects of drugs. It is not known whether this risk factor extends to sensitivity to non-drug rewards. In this study with healthy young adults, we examined the association between sensitivity to the subjective rewarding effects of amphetamine and a neural indicator of anticipation of monetary reward. We hypothesized that greater euphorigenic response to amphetamine would be associated with greater neural activation to anticipation of monetary reward (Win > Loss). Healthy participants (N = 61) completed four laboratory sessions in which they received d-amphetamine (20 mg) and placebo in alternating order, providing self-report measures of euphoria and stimulation at regular intervals. At a separate visit 1-3 weeks later, participants completed the guessing reward task (GRT) during fMRI in a drug-free state. Participants reporting greater euphoria after amphetamine also exhibited greater neural activation during monetary reward anticipation in mesolimbic reward regions, including the bilateral caudate and putamen. This is the first study to show a relationship between neural correlates of monetary reward and sensitivity to the subjective rewarding effects of amphetamine in humans. These findings support growing evidence that sensitivity to reward in general is a risk factor for drug use and abuse, and suggest that sensitivity of drug-induced euphoria may reflect a general sensitivity to rewards. This may be an index of vulnerability for drug use or abuse.

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.

A psychometric approach to supervisory competency assessment

Directory of Open Access Journals (Sweden)

A. Vorster

2003-10-01

Full Text Available The primary purpose of this study was to evaluate the possibility of using a psychometric approach for assessing supervisory competencies relevant to the mining and refining environment. The competency questionnaire was developed using supervisory roles and registered supervisory unit standards from the United Kingdom (UK, as no registered unit standards exist in South Africa. Twenty-four supervisors from three departments (Production, Engineering and Laboratory were evaluated by 125 raters; besides by themselves, also by their managers, peers, customers and their sub-ordinates. Based on difference scores derived from the Importance and Performance scales, a single factor was extracted with an internal reliability of 0,965. No statistical significant differences were obtained (ANOVA’s, t-test and F-statistics between groups based on biographical variables or between rater groups. The findings and their implications are further discussed. Opsomming Die primêre doel van die studie was om die moontlikheid vir die gebruik van ’n psigometriese benadering tot toesighouerbevoegdheidsbeoordeling, te evalueer. Die bevoegdheidsvraelys is ontwikkel deur gebruik te maak van toesighouersrolle en geregistreerde toesighouerseenheidstandaarde van die Verenigde Koningkryk, as gevolg van ‘n gebrek aan bestaande eenheidstandaarde in Suid-Afrika. Vier-en-twintig toesighouers van drie departemente (Produksie, Ingenieurswese en Laboratorium is deur 125 beoordelaars geëvalueer; buiten deur hulself, ook deur hul bestuurders, kollegas, kliënte en hul ondergeskiktes. ’n Enkele faktor, met ’n betroubaarheid van 0,965, gebaseer op die verskiltellings van die Prestasie- en Belangrikheidskaal, is onttrek. Geen beduidende verskille (ANOVA’s, t-toetse en F-statistiek kon tussen groepe gebaseer op biografiese veranderlikes en die onderskeie beoordelaarsgroepe gevind word nie. Hierdie bevindinge en die implikasies daarvan word verder bespreek.

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...

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...

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.

Monetary valuation of environmental goods, services and impacts: variability of monetary values. Seminar proceedings of December 10, 2014

International Nuclear Information System (INIS)

Bonnet, Xavier; Ben Maid, Atika; Calvet, Melanie; Darses, Ophelie; Devaux, Jeremy; Simon, Olivier; Gatier, Alexis; Wittmann, Anne-laure; Bonnet, Xavier; Bonroy, Olivier; Ceci-Renaud, Nila; Tarayoun, Tedjani; Mercadie, Corinne; Adam, Gabrielle; Perrissin Fabert, Baptiste; Combet, Emmanuel; Casset, Loic; Meunier, David; Le Maitre, Helene; Brunel, Julien; Rotillon, Gilles

2015-06-01

Within the General Commission for Sustainable Development, the Service for Economics, Assessment and Integration of Sustainable Development is in charge of developing and promoting the economic valuation of policies, regulations, environmental goods and services, related to biodiversity, natural assets and environmental amenities. On December 10, 2014, it held the fifth annual seminar on monetary valuation of environmental goods, services and impacts. The first four editions respectively were devoted to economic valuation methods of environmental goods and services, implementations of these methods, uses of monetary values and methodological innovations; the 2014 seminar addressed the variability of monetary values. The ten presentations of the seminar explored the different values resulting from monetary valuation methods: what do they mean? What do they measure? Why are they relevant to integrate environmental valuation in the various economic sectors? From both a theoretical and practical point of view, theses questions were addressed by considering three main topics: the integration of environmental value in market prices, the different meanings of carbon values and the temporal variability of values used in assessment of investment projects in the transport sector. Those conferences are aimed for experts and practitioners of monetary valuation techniques as well as for users of the values produced. They provide a place to gather and facilitate dialogue between representatives from universities, government agencies and private sector involved in these issues. (authors)

Uncertainty of Monetary Valued Ecosystem Services – Value Transfer Functions for Global Mapping

Science.gov (United States)

Schmidt, Stefan; Manceur, Ameur M.; Seppelt, Ralf

2016-01-01

Growing demand of resources increases pressure on ecosystem services (ES) and biodiversity. Monetary valuation of ES is frequently seen as a decision-support tool by providing explicit values for unconsidered, non-market goods and services. Here we present global value transfer functions by using a meta-analytic framework for the synthesis of 194 case studies capturing 839 monetary values of ES. For 12 ES the variance of monetary values could be explained with a subset of 93 study- and site-specific variables by utilizing boosted regression trees. This provides the first global quantification of uncertainties and transferability of monetary valuations. Models explain from 18% (water provision) to 44% (food provision) of variance and provide statistically reliable extrapolations for 70% (water provision) to 91% (food provision) of the terrestrial earth surface. Although the application of different valuation methods is a source of uncertainty, we found evidence that assuming homogeneity of ecosystems is a major error in value transfer function models. Food provision is positively correlated with better life domains and variables indicating positive conditions for human well-being. Water provision and recreation service show that weak ownerships affect valuation of other common goods negatively (e.g. non-privately owned forests). Furthermore, we found support for the shifting baseline hypothesis in valuing climate regulation. Ecological conditions and societal vulnerability determine valuation of extreme event prevention. Valuation of habitat services is negatively correlated with indicators characterizing less favorable areas. Our analysis represents a stepping stone to establish a standardized integration of and reporting on uncertainties for reliable and valid benefit transfer as an important component for decision support. PMID:26938447

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...

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

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.

The need to include Health Impact Assessment at the International Monetary Fund.

Science.gov (United States)

Cave, Ben; Birley, Martin

2010-01-01

The lending and technical support provided by the International Monetary Fund affect the determinants of health and healthy equity. Most health determinants lie outside the control of the health sector, and thus non-health-sector policies have profound positive and negative effects on population health. Health Impact Assessment (HIA) is an instrument for identifying the effect of policies, plans, programs, and projects on population health and health equity. It is a feasible, cost-effective, and transparent process that has been adopted by several financial institutions, including members of the World Bank Group. Adopting HIA would assist the IMF in ensuring that the potential health consequences of its policies are identified and addressed.

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.

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.

Supervisory Control and Diagnostics System Distributed Operating System

International Nuclear Information System (INIS)

McGoldrick, P.R.

1979-01-01

This paper contains a description of the Supervisory Control and Diagnostics System (SCDS) Distributed Operating System. The SCDS consists of nine 32-bit minicomputers with shared memory. The system's main purpose is to control a large Mirror Fusion Test Facility

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

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.

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 ...

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.

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...

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...

Insulin, Central Dopamine D2 Receptors, and Monetary Reward Discounting in Obesity.

Directory of Open Access Journals (Sweden)

Sarah A Eisenstein

Full Text Available Animal research finds that insulin regulates dopamine signaling and reward behavior, but similar research in humans is lacking. We investigated whether individual differences in body mass index, percent body fat, pancreatic β-cell function, and dopamine D2 receptor binding were related to reward discounting in obese and non-obese adult men and women. Obese (n = 27; body mass index>30 and non-obese (n = 20; body mass index<30 adults were assessed for percent body fat with dual-energy X-ray absorptiometry and for β-cell function using disposition index. Choice of larger, but delayed or less certain, monetary rewards relative to immediate, certain smaller monetary rewards was measured using delayed and probabilistic reward discounting tasks. Positron emission tomography using a non-displaceable D2-specific radioligand, [11C](N-methylbenperidol quantified striatal D2 receptor binding. Groups differed in body mass index, percent body fat, and disposition index, but not in striatal D2 receptor specific binding or reward discounting. Higher percent body fat in non-obese women related to preference for a smaller, certain reward over a larger, less likely one (greater probabilistic discounting. Lower β-cell function in the total sample and lower insulin sensitivity in obese related to stronger preference for an immediate and smaller monetary reward over delayed receipt of a larger one (greater delay discounting. In obese adults, higher striatal D2 receptor binding related to greater delay discounting. Interestingly, striatal D2 receptor binding was not significantly related to body mass index, percent body fat, or β-cell function in either group. Our findings indicate that individual differences in percent body fat, β-cell function, and striatal D2 receptor binding may each contribute to altered reward discounting behavior in non-obese and obese individuals. These results raise interesting questions about whether and how striatal D2 receptor binding

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 ...

Comparative response time and fault logging with a PLC and supervisory software and a standalone unit developed for recording

International Nuclear Information System (INIS)

Baldaconi, Ricardo H.; Costa, Fabio E. da

2017-01-01

The Cobalt-60 irradiator of IPEN / CNEN, a category IV facility, has a security system for inter locking doors or exposure of radioactive sources made simultaneously by a programmable logic controller (PLC) model S7-200 from Siemens and a relay logic. From a set of information, both systems work together opening doors or exposing the sources. All incoming and outgoing information are sent serially via EIA232 communication to a personal computer with Windows® platform for a supervisory program which provides the monitoring of the entire process by a synoptic table on the computer screen and is also intended to keep records of all events on the computer's hard drive. A deficiency was found for the process of sending events via serial communication (EIA232) from PLC to the supervisory program. When failure occurred in a very short time, the PLC always took the right decision, but the registration process that had to go through the Windows® timeshare lost the information. In the previous work developed a standalone electronics unit connected to the inputs and outputs of the security system, fully optocoupled to avoid any interference to the security system that records each event on a memory card. In this work, for checking the unit developed record time ability, transients incoming signals for simulating failures, were injected at security system inputs and the response time of security system, supervisory program and the autonomous unity were measured and compared. (author)

Comparative response time and fault logging with a PLC and supervisory software and a standalone unit developed for recording

Energy Technology Data Exchange (ETDEWEB)

Baldaconi, Ricardo H., E-mail: ricardohovacker@hotmail.com [Escola Senai Roberto Simonsen, Educação e Tecnologia, Sao Paulo, SP (Brazil); Costa, Fabio E. da, E-mail: fecosta@ipen.br [Instituto de Pesquisas Energéticas e Nucleares (IPEN/CNEN-SP), São Paulo, SP (Brazil)

2017-07-01

The Cobalt-60 irradiator of IPEN / CNEN, a category IV facility, has a security system for inter locking doors or exposure of radioactive sources made simultaneously by a programmable logic controller (PLC) model S7-200 from Siemens and a relay logic. From a set of information, both systems work together opening doors or exposing the sources. All incoming and outgoing information are sent serially via EIA232 communication to a personal computer with Windows® platform for a supervisory program which provides the monitoring of the entire process by a synoptic table on the computer screen and is also intended to keep records of all events on the computer's hard drive. A deficiency was found for the process of sending events via serial communication (EIA232) from PLC to the supervisory program. When failure occurred in a very short time, the PLC always took the right decision, but the registration process that had to go through the Windows® timeshare lost the information. In the previous work developed a standalone electronics unit connected to the inputs and outputs of the security system, fully optocoupled to avoid any interference to the security system that records each event on a memory card. In this work, for checking the unit developed record time ability, transients incoming signals for simulating failures, were injected at security system inputs and the response time of security system, supervisory program and the autonomous unity were measured and compared. (author)

Design of Multiregional Supervisory Fuzzy PID Control of pH Reactors

Directory of Open Access Journals (Sweden)

Shebel AlSabbah

2015-01-01

Full Text Available This work concerns designing multiregional supervisory fuzzy PID (Proportional-Integral-Derivative control for pH reactors. The proposed work focuses, mainly, on two themes. The first one is to propose a multiregional supervisory fuzzy-based cascade control structure. It would enable modifying dynamics and enhance system’s stability. The fuzzy system (master loop has been chosen as a tuner for PID controller (slave loop. It takes into consideration parameters uncertainties and reference tracking. The second theme concerns designing a hybrid neural network-based pH estimator. The proposed estimator would overcome the industrial drawbacks, that is, cost and size, found with conventional methods for pH measurement. The final end-user-interface (EUI front panel and the results that evaluate the performance of the supervisory fuzzy PID-based control system and hybrid NN-based estimator have been presented using the compatibility found between LabView and MatLab. They lead to conclude that the proposed algorithms are appropriate to systems nonlinearities encountered with pH reactors.

The brain correlates of the effects of monetary and verbal rewards on intrinsic motivation.

Science.gov (United States)

Albrecht, Konstanze; Abeler, Johannes; Weber, Bernd; Falk, Armin

2014-01-01

Apart from everyday duties, such as doing the laundry or cleaning the house, there are tasks we do for pleasure and enjoyment. We do such tasks, like solving crossword puzzles or reading novels, without any external pressure or force; instead, we are intrinsically motivated: we do the tasks because we enjoy doing them. Previous studies suggest that external rewards, i.e., rewards from the outside, affect the intrinsic motivation to engage in a task: while performance-based monetary rewards are perceived as controlling and induce a business-contract framing, verbal rewards praising one's competence can enhance the perceived self-determination. Accordingly, the former have been shown to decrease intrinsic motivation, whereas the latter have been shown to increase intrinsic motivation. The present study investigated the neural processes underlying the effects of monetary and verbal rewards on intrinsic motivation in a group of 64 subjects applying functional magnetic resonance imaging (fMRI). We found that, when participants received positive performance feedback, activation in the anterior striatum and midbrain was affected by the nature of the reward; compared to a non-rewarded control group, activation was higher while monetary rewards were administered. However, we did not find a decrease in activation after reward withdrawal. In contrast, we found an increase in activation for verbal rewards: after verbal rewards had been withdrawn, participants showed a higher activation in the aforementioned brain areas when they received success compared to failure feedback. We further found that, while participants worked on the task, activation in the lateral prefrontal cortex was enhanced after the verbal rewards were administered and withdrawn.

strategies for improving supervisory skills for effective primary ...

African Journals Online (AJOL)

Elizabeth

certain basic concepts such as inspection and supervision, the responsibility of supervisors, relevant areas in ... Strategies For Improving Supervisory Skills For Effective Primary Education In Nigeria. Enaigbe A. P. 236 ... book, attendance book etc. 6) Managerial Skills: These are skills on time management, good use.

Predictive Models of Procedural Human Supervisory Control Behavior

Science.gov (United States)

2011-01-01

821708, Brest , France. Page 139 of 150 Boussemart, Y. and M. L. Cummings (2010). "Predicting Supervisory Control Behavior with Hidden Markov Models...Strategies for Strike Planning. COGIS 2006 - Cognitive Systems with Interactive Sensors, Paris . Burges, C. (1998). "A Tutorial on Support Vector Machines

Conquering Credibility for Monetary Policy Under Sticky Confidence

Directory of Open Access Journals (Sweden)

Jaylson Jair da Silveira

2015-06-01

Full Text Available We derive a best-reply monetary policy when the confidence by price setters on the monetary authority’s commitment to price level targeting may be both incomplete and sticky. We find that complete confidence (or full credibility is not a necessary condition for the achievement of a price level target even when heterogeneity in firms’ price level expectations is endogenously time-varying and may emerge as a long-run equilibrium outcome. In fact, in the absence of exogenous perturbations to the dynamic of confidence building, it is the achievement of a price level target for long enough that, due to stickiness in the state of confidence, rather ensures the conquering of full credibility. This result has relevant implications for the conduct of monetary policy in pursuit of price stability. One implication is that setting a price level target matters more as a means to provide monetary policy with a sharper focus on price stability than as a device to conquer credibility. As regards the conquering of credibility for monetary policy, it turns out that actions speak louder than words, as the continuing achievement of price stability is what ultimately performs better as a confidence-building device.

The Relationship between Supervisee Stress, Coping Resources, the Working Alliance, and the Supervisory Working Alliance

Science.gov (United States)

Gnilka, Philip B.; Chang, Catherine Y.; Dew, Brian J.

2012-01-01

The authors examined the relationship of perceived stress, specific types of coping resources, the working alliance, and the supervisory working alliance among 232 counselor supervisees. The working alliance and the supervisory working alliance were negatively related to perceived stress and positively related to multiple coping resources. Two…

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...

Development of a supervisory skills course for hospital pharmacy workplaces.

Science.gov (United States)

Woloschuk, Donna M M; Raymond, Colette B

2010-07-01

Many Canadian hospital pharmacies are experiencing difficulties recruiting supervisory personnel. It was expected that, through a "learning-by-doing" course, pharmacy staff would learn to apply basic skills in the day-to-day supervision of pharmacy operations and human resources and to apply the principles of supervisory documentation. A supervisory skills course targeted to pharmacy staff members was developed and implemented by the pharmacy department of a large urban health region. The course was initially offered to practising pharmacy technicians. The course design emphasized a constructivist framework incorporating authentic learning and reflective practice during seminars, with experiential and self-directed learning in the workplace. Preceptors assisted learners to achieve the course goals. Learners and preceptors provided feedback about hours spent (as the course progressed) and about their satisfaction with the course itself (at the end of the course). Learners and preceptors completed a post-program evaluation 2 months after completing the course to help in the assessment of the transfer of learning (lasting impact) associated with the course. Overall performance in the course was assessed on a pass/fail basis. Eighteen pharmacy technicians were admitted to the program, but one withdrew because of a job change. All learners successfully completed the course. Two months after the course, learners and preceptors described enhanced organization, time management, leadership, communication, and conflict-resolution skills on the part of learners, as well as their increased confidence, maturity, and ability to supervise staff. Learners' evaluations revealed a broadened perspective of pharmacy. The preceptors valued the enhancement of learners' skills and their increased enthusiasm. At the time of writing, 6 of the participants had secured supervisory positions. Creating formal instruction that engages pharmacy staff to pursue management positions is challenging

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 ...

Building Supervisory Confidence--A Key to Transfer of Training

Science.gov (United States)

Byham, William C.; Robinson, James

1977-01-01

A training concept is described which suggests that efforts toward maintaining and/or building the confidence of the participants in supervisory training programs can increase their likelihood of using the skills on the job. (TA)

Welfare-based optimal monetary policy in a two-sector small open economy

Czech Academy of Sciences Publication Activity Database

Rychalovska, Yuliya

-, č. 16 (2007), s. 1-46 ISSN 1803-2397 Institutional research plan: CEZ:AV0Z70850503 Keywords : DSGE models * optimal monetary policy * non-traded goods Subject RIV: AH - Economics http://www.cnb.cz/m2export/sites/www.cnb.cz/en/research/research_publications/cnb_wp/download/cnbwp_2007_16.pdf

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.

Computer-based supervisory control and data acquisition system for the radioactive waste evaporator

International Nuclear Information System (INIS)

Pope, N.G.; Schreiber, S.B.; Yarbro, S.L.; Gomez, B.G.; Nekimken, H.L.; Sanchez, D.E.; Bibeau, R.A.; Macdonald, J.M.

1994-12-01

The evaporator process at TA-55 reduces the amount of transuranic liquid radioactive waste by separating radioactive salts from relatively low-level radioactive nitric acid solution. A computer-based supervisory control and data acquisition (SCADA) system has been installed on the process that allows the operators to easily interface with process equipment. Individual single-loop controllers in the SCADA system allow more precise process operation with less human intervention. With this system, process data can be archieved in computer files for later analysis. Data are distributed throughout the TA-55 site through a local area network so that real-time process conditions can be monitored at multiple locations. The entire system has been built using commercially available hardware and software components

Comparative study of researcher community support and supervisory support among Finnish and Danish PhD-students

DEFF Research Database (Denmark)

Cornér, Solveig; Pyhältö, Kirsi; Peltonen, Jouni

Prior research on doctoral supervision and researcher communities has identified social support as a key determinant of the doctoral journey (Jairam & Kahl, 2012; Zhao, Golde & McCormick, 2007). Supervisory support, for instance, in terms of constructive feedback and encouragement (Pyhältö......, 313-329. • Pyhältö, K., Vekkaila (o.s. Tuomainen), J., & Keskinen, J. (2015). Fit matters in the supervisory relationship: Doctoral students’ and supervisors’ perceptions about supervisory activities. Innovations in Education and Teaching International, 52(1), 4-16. • Zhau, C-M, Golde, C.M., McCormick...

A Tool For Enhancing Supervisory Effectiveness In Nigerian ...

African Journals Online (AJOL)

This paper examined the relevance of Information and Communication Technology (ICT) as a tool for enhancing supervisory effectiveness in Nigerian educational institutions. The paper highlighted various tools of ICT that could be used in educational supervision such as Closed Circuit Television (CCTV) Cameras, e-mails ...

Influence of perceived co-worker involvement and supervisory ...

African Journals Online (AJOL)

This study investigated the influence of perceived co-worker involvement and Supervisory Support on Job Satisfaction among Staff of Champion Brewery, Uyo. One hundred and fifty (150) participants were drawn as participant using simple randomization. The participants were ninety five males and fifty five females whose ...

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.

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

THE INFLUENCES OF INFLATION ON THE MONETARY POLICY INTEREST

Directory of Open Access Journals (Sweden)

Popa Coralia Emilia

2012-12-01

Full Text Available In the context of sovereign debt crisis in Europe, a crisis entirely felt also in the direct relation between credit institutions, the National Bank of Romania (NBR adopted a monetary policy strategy meant to determine the reinforcement of its image, by initiating in the autumn of 2011 a new series of reduction of the monetary policy interest rate and implicitly the appropriate resizing of liquidity conditions. By increasing the role of liquidity adjustment, the European Central Bank (ECB succeeded to determine in the money market the decrease of interbank rate interests under the interest rate level of monetary policy. The direct inflation targeting strategy used by the European Central Bank in applying its monetary policy has the first criterion of implementation the expression of inflation target in terms of „headline inflation” (consumer price index - CPI given that the economic market in Romania is familiar with this indicator. Also, the main criterion considered by the investment segment of the market to achieve capital infusions in economic transactions is represented by the consumer price index, this one ensuring the necessary transparency related to the effects of inflation phenomenon. A strong argument supporting the use of consumer price index in monetary policy is represented by its upward flexibility towards the limited effectiveness of monetary aggregates in sizing inflationary anticipations. The downward slope of inflation phenomenon, in whose depreciation the evolution of consumer price index, whose positive trend surprised the European Central Bank, played a significant role, determined adjustments in the monetary policy strategy of the National Bank of Romania and at the same time the achievement of the inflationary target proposed with a direct effect on the monetary policy interest rate. The same measure to reduce the key interest rate is outlined in the monetary policy of the European Central Bank and it is

An Adaptive Supervisory Sliding Fuzzy Cerebellar Model Articulation Controller for Sensorless Vector-Controlled Induction Motor Drive Systems

Directory of Open Access Journals (Sweden)

Shun-Yuan Wang

2015-03-01

Full Text Available This paper presents the implementation of an adaptive supervisory sliding fuzzy cerebellar model articulation controller (FCMAC in the speed sensorless vector control of an induction motor (IM drive system. The proposed adaptive supervisory sliding FCMAC comprised a supervisory controller, integral sliding surface, and an adaptive FCMAC. The integral sliding surface was employed to eliminate steady-state errors and enhance the responsiveness of the system. The adaptive FCMAC incorporated an FCMAC with a compensating controller to perform a desired control action. The proposed controller was derived using the Lyapunov approach, which guarantees learning-error convergence. The implementation of three intelligent control schemes—the adaptive supervisory sliding FCMAC, adaptive sliding FCMAC, and adaptive sliding CMAC—were experimentally investigated under various conditions in a realistic sensorless vector-controlled IM drive system. The root mean square error (RMSE was used as a performance index to evaluate the experimental results of each control scheme. The analysis results indicated that the proposed adaptive supervisory sliding FCMAC substantially improved the system performance compared with the other control schemes.

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...

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...

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...

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

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

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

Decision Support in Supervisory Control of High-Risk Industrial Systems

DEFF Research Database (Denmark)

Rasmussen, Jens; Goodstein, L. P.

1987-01-01

available to the operators their conceptual models and their processing resources so as to allow the operators to function as their extended arm in coping with the plant. Such as interactive decision-making activity would thus benefit from this simultaneous availability of the design basis, up......It is argued that the supervisory control of complex industrial processes having a potential for serious consequences in case of accidents requires careful consideration of the allocation of decision making between the three main agents of control; namely the designer, the operator...... and the automatic control system. In particular, it is advocated that, instead of continuing their efforts to make their preplanning of responses and countermeasures more and more complete and thus restrict the operators' own initiative, designers should take advantage of modern information technology to make...

The Effect of Monetary Policy on Exchange Rates : How to Solve the Puzzles

NARCIS (Netherlands)

Kumah, F.Y.

1996-01-01

Recent empirical research on the effects of monetary policy shocks on exchange rate fluctuations have encountered the exchange rate puzzle and th e forward discount bias puzzle.The exchange rate puzzle is the tendency of the domestic currency (of non-US G-7 countries) to depreciate against the US

Commerce Supervisory Course: Discussion Guide. Theories of Supervision.

Science.gov (United States)

McCaw, Edward A.

The contributions of Frederick W. Taylor, Henri Fayol and Elton Mayo to the development of current concepts of supervisory theory are outlined. Ten newer concepts of management, with graphics, provide the supervisor with an opportunity to formulate his own personal theory. Suggested bibliography for supervisors is given. (Author/NF)

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...

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...

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...

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...

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.

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.

Autonomous Supervisory Engine for Multi-Spacecraft Formation Flying, Phase II

Data.gov (United States)

National Aeronautics and Space Administration — The overall goal of this project is to develop an onboard, autonomous Multi-spacecraft Supervisory Engine (MSE) for formation-flying guidance, navigation and control...

Supervisory control of (max,+) automata: extensions towards applications

Czech Academy of Sciences Publication Activity Database

Lahaye, S.; Komenda, Jan; Boimond, J.-L.

2015-01-01

Roč. 88, č. 12 (2015), s. 2523-2537 ISSN 0020-7179 Institutional support: RVO:67985840 Keywords : discrete event systems * logical and timed behaviors * (max,+) automata * supervisory control Subject RIV: BA - General Mathematics Impact factor: 1.880, year: 2015 http://www.tandfonline.com/doi/full/10.1080/00207179.2015.1048295

Supervisory control of (max,+) automata: extensions towards applications

Czech Academy of Sciences Publication Activity Database

Lahaye, S.; Komenda, Jan; Boimond, J.-L.

2015-01-01

Roč. 88, č. 12 (2015), s. 2523-2537 ISSN 0020-7179 Institutional support: RVO:67985840 Keywords : discrete event systems * logical and time d behaviors * (max,+) automata * supervisory control Subject RIV: BA - General Mathematics Impact factor: 1.880, year: 2015 http://www.tandfonline.com/doi/full/10.1080/00207179.2015.1048295

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)

The monetary policy of the European Central Bank in modern conditions

Directory of Open Access Journals (Sweden)

Kavitskaya Irina, L.

2015-12-01

Full Text Available The paper presents the monetary policy analysis of the European Central Bank (ECB under the present crisis conditions. The paper systematizes the ECB monetary policy in today's crisis and researches it at different stages of the crisis. A detailed analysis showed that the ECB's monetary policy is significantly different from the actions of other central banks during the current crisis (for example, the Federal Reserve. Thus, the ECB unconventional monetary policy combined with traditional measures, but does not replace them. Often ECB use credit easing instead of quantitative easing. The ECB's monetary policy used not only to combat the financial crisis, such as the Fed, but also to deal with the debt crisis. These features of the ECB’s monetary policy were due to both the institutional characteristics of the European Union, as well as special conditions of flow of the financial crisis in the euro zone.

Three essays on monetary policy responses to oil price shocks

Science.gov (United States)

Plante, Michael

This dissertation contains three chapters which explore the question of how monetary policy should respond to changes in the price of oil. Each chapter explores the question from the perspective of a different economic environment. The first chapter examines welfare maximizing optimal monetary policy in a closed economy New Keynesian model that is extended to include household and firm demand for oil products, sticky wages, and capital accumulation. When households and firms demand oil products a natural difference arises between the Consumer Price Index (CPI), the core CPI, and the GDP deflator. I show that when nominal wages are flexible then the optimal policy places a heavy emphasis on stabilizing the inflation rate of the core CPI. If aggregate nominal wages are sticky then the central bank should focus on stabilizing some combination of core inflation and nominal wage inflation. Under no case examined is it optimal to stabilize either GDP deflator or CPI inflation. The second chapter examines monetary policy responses to oil price shocks in a small open economy with traded and non-traded goods. Oil and labor are used to produce the traded and non-traded goods and prices are sticky in the non-traded sector. I show analytically that the ratio of the oil and labor cost shares in the traded and non-traded sectors is crucial for determining the dynamic behavior of many macroeconomic variables after a rise in the price of oil. A policy of fixed exchange rates can produce higher or lower inflation in the non-traded sector depending upon the ratio. Likewise, a policy that stabilizes the inflation rate of prices in the non-traded sector can cause the nominal exchange rate to appreciate or depreciate. For the proper calibration, a policy that stabilizes core inflation produces results very close to the one that stabilizes non-traded inflation. Analytical results show that the fixed exchange rate always produces a unique solution. The policy of stabilizing non

Divisia and Simple Sum Monetary Aggregates: Any Empirical Relevance for Turkey?

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Polat Umurcan

2018-01-01

Full Text Available In consideration of channels through which monetary policy affects economic activity, the monetary aggregates have been mostly ignored by the monetary authorities instead of which shortrun interest rates have been given a priori role. These monetary aggregates are largely argued to fail in measuring the effectiveness of different monetary policy regimes in forecasting the macroeconomic fundamentals. Grounded on the “Barnett critique”, the formation of traditional simple-sum monetary aggregates assuming for perfect substitution among the components of the money supply is blamed for such a failure of money in explaining the real activity. Given increasing varieties of financial assets which have completely different “moneyness”, it is important to provide an alternative measure of the money supply. Hereby, the Divisia monetary aggregates which give different weights to different assets have arisen as an alternative approach. In this study, a Divisia index is constructed to test its predictive power on quantities and prices compared to its simple sum counterpart. Accordingly, a Divisia index is built-up for Turkish economy for the period 2006-2016 to see whether the utilization of the Divisia monetary aggregates in the conduct of monetary policy makes any difference compared to that of traditional simple sum money supply. Under different specifications, though the relative power of the Divisia aggregates in predicting quantity and price variables is found, still, it can be argued that theoretically well-rounded formation of the Divisia index is not that much empirically justified for the case of Turkey.

TEFL Graduate Supervisees' Views of Their Supervisors' Supervisory Styles and Satisfaction with Thesis Supervision

Science.gov (United States)

Gedamu, Abate Demissie

2018-01-01

Thesis supervisor supervisory styles play central roles in enhancing timely and quality completion of thesis works. To this effect, this study aimed at exploring TEFL graduate supervisees' perception of their thesis supervisors' supervisory style(s), the supervisees' level of satisfaction with thesis supervision, and the association between…

THE BRAIN CORRELATES OF THE EFFECTS OF MONETARY AND VERBAL REWARDS ON INTRINSIC MOTIVATION

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Konstanze eAlbrecht

2014-09-01

Full Text Available Apart from everyday duties, such as doing the laundry or cleaning the house, there are tasks we do for pleasure and enjoyment. We do such tasks, like solving crossword puzzles or reading novels, without any external pressure or force; instead, we are intrinsically motivated: We do the tasks because we enjoy doing them. Previous studies suggest that external rewards, i.e., rewards from the outside, affect the intrinsic motivation to engage in a task: While performance-based monetary rewards are perceived as controlling and induce a business-contract framing, verbal rewards praising one’s competence can enhance the perceived self-determination. Accordingly, the former have been shown to decrease intrinsic motivation, whereas the latter have been shown to increase intrinsic motivation. The present study investigated the neural processes underlying the effects of monetary and verbal rewards on intrinsic motivation in a group of 64 subjects applying functional magnetic resonance imaging (fMRI. We found that, when participants received positive performance feedback, activation in the anterior striatum and midbrain was affected by the nature of the reward; compared to a non-rewarded control group, activation was higher while monetary rewards were administered. However, we did not find a decrease in activation after reward withdrawal. In contrast, we found an increase in activation for verbal rewards: After verbal rewards had been withdrawn, participants showed a higher activation in the aforementioned brain areas when they received success compared to failure feedback. We further found that, while participants worked on the task, activation in the lateral prefrontal cortex was enhanced after the verbal rewards were administered and withdrawn.

Some considerations on using monetary policy to promote financial stability

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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.

Supervisory Control of (max,+) automata: a behavioral approach

Czech Academy of Sciences Publication Activity Database

Komenda, Jan; Lahaye, S.; Boimond, J.-L.

2009-01-01

Roč. 19, č. 4 (2009), s. 525-549 ISSN 0924-6703 Grant - others:EU Projekt(XE) EU.ICT.DISC 224498 Institutional research plan: CEZ:AV0Z10190503 Keywords : timed discrete-event systems * supervisory control * formal power series * (max,+) * automata Subject RIV: BA - General Mathematics Impact factor: 0.921, year: 2009

Framework for modeling supervisory control behavior of operators of nuclear power plants

International Nuclear Information System (INIS)

Baron, S.; Feehrer, C.; Muralidharan, R.; Pew, R.; Horwitz, P.

1982-01-01

The importance of modeling the human-machine system has long been recognized, and many attempts have been made to estimate the operator's effect on system performance and reliability. The development of reliability models has been aimed at providing the means for exploring the physical consequences of specific classes of human error. However, the total impact of human performance on system operation and the adequacy of existing design and operating standards cannot be adequatly captured or assessed by simple error probabilities, or even by the combination of such probabilities. The behaviors of relevance are supervisory in nature, with a substantial cognitive component. The broad requirements for a model of human supervisory control are extensive and suggest that a highly sophisticated computer model will be needed. The purpose of this paper is to provide a brief overview of the approach employed in developing such supervisory control models; of some proposed specializations and extensions to adapt them for the nuclear power plant case; and of the potential utility of such a model

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

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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.

Instructional Supervisory Practices of Headteachers and Teacher Motivation in Public Basic Schools in Anomabo Education Circuit

Science.gov (United States)

Esia-Donkoh, Kweku; Baffoe, Stella

2018-01-01

The study examined the supervisory practices of headteachers and how these supervisory practices relate with teacher motivation in public basic schools in the Anomabo Education Circuit of the Mfantseman Municipality in the Central Region of Ghana. Quantitative approach of the cross-sectional survey design was adopted. Using purposive and…

Amplification Effects and Unconventional Monetary Policies

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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.

Board of Directors or Supervisory Board

DEFF Research Database (Denmark)

Werlauff, Erik

2009-01-01

The article analyses the legal consequences of the choice now available to Danish public limited companies, which can now opt for a two-tier management structure, in which the management board undertakes both the day-to-day and the overall management, while a supervisory board exercises control...... over the management board, including its appointment and dismissal. The article considers which companies a two-tier structure may be relevant for, and reviews the consequences for the composition, election and functioning of the company organs....

The effect of monetary punishment on error evaluation in a Go/No-go task.

Science.gov (United States)

Maruo, Yuya; Sommer, Werner; Masaki, Hiroaki

2017-10-01

Little is known about the effects of the motivational significance of errors in Go/No-go tasks. We investigated the impact of monetary punishment on the error-related negativity (ERN) and error positivity (Pe) for both overt errors and partial errors, that is, no-go trials without overt responses but with covert muscle activities. We compared high and low punishment conditions where errors were penalized with 50 or 5 yen, respectively, and a control condition without monetary consequences for errors. Because we hypothesized that the partial-error ERN might overlap with the no-go N2, we compared ERPs between correct rejections (i.e., successful no-go trials) and partial errors in no-go trials. We also expected that Pe amplitudes should increase with the severity of the penalty for errors. Mean error rates were significantly lower in the high punishment than in the control condition. Monetary punishment did not influence the overt-error ERN and partial-error ERN in no-go trials. The ERN in no-go trials did not differ between partial errors and overt errors; in addition, ERPs for correct rejections in no-go trials without partial errors were of the same size as in go-trial. Therefore the overt-error ERN and the partial-error ERN may share similar error monitoring processes. Monetary punishment increased Pe amplitudes for overt errors, suggesting enhanced error evaluation processes. For partial errors an early Pe was observed, presumably representing inhibition processes. Interestingly, even partial errors elicited the Pe, suggesting that covert erroneous activities could be detected in Go/No-go tasks. Copyright © 2017 The Authors. Published by Elsevier B.V. All rights reserved.

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 ...

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.

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

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.

Equilibrium Strategies in a Fiscal-Monetary Game : a Simulation Analysis

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Irena Woroniecka-Leciejewicz

2015-01-01

Full Text Available The results from a simulation analysis of the policy-mix have been presented, carried out in a fiscal-monetary game, in which fiscal and monetary authorities make decisions from the point of view of realizing their own respective economic objectives. In order to represent the interrelations between, on the one hand, the instruments of fiscal policy and of monetary policy, and, on the other hand - the economic effects resulting from their application, a modified logistic function was used. The method adopted enables consideration of the specificity of the effects of these instruments on the business cycle, consisting in the limited effectiveness of applying any extremely restrictive or expansive policy, and the respective impact on the economy. The simulation study was meant to show the influence exerted both by the parameters of the function and the priorities of the fiscal and monetary authorities on the Nash equilibrium state, corresponding to the choice of a particular combination of budgetary and monetary policies. (original abstract

Research on Real-Time Supervisory System for Compaction Quality in Face Rockfill Dam Engineering

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Shengxiang Huang

2018-01-01

Full Text Available Compaction quality control in filling construction is of great significance to the stability and durability of the face rockfill dam. The conventional method of quality control mainly relies on manual process control and inspection for a limited number of test holes, which cannot meet the high requirements of modern mechanized construction and schedule anymore, with increasing of scale of face rockfill dams. There is an urgent need to propose a new quality control method of face rockfill dams during the entire compaction process. In this paper, a supervisory system based on GNSS (Global Navigation Satellite System technology, wireless data communication technology, Internet of things technology, and computer technology is developed to supervise the real-time roller compaction parameters of the working surface including rolling track, rolling times, rolling speed, thickness, and smoothness. The system obtains continuous and high-precision spatial position information of roller compaction machines through GNSS technology and then calculates the roller compaction parameter information. The compaction quality control for the face rockfill dam is achieved through the supervision of roller compaction parameters. The feasibility and robustness of the developed supervisory system are validated by a case study in the face rockfill dam of Shuibuya project in China. The practice shows that the system provides a new and effective method of process control for the construction quality of the roller compaction in dam engineering and realizes real-time, precision, and automatic supervising of roller compaction parameters and ensures better construction quality.

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...

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.

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).

Monetary policy and dynamic adjustment of corporate investment: A policy transmission channel perspective

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Qiang Fu

2015-06-01

Full Text Available We investigate monetary policy effects on corporate investment adjustment, using a sample of China’s A-share listed firms (2005–2012, under an asymmetic framework and from a monetary policy transmission channel perspective. We find that corporate investment adjustment is faster in expansionary than contractionary monetary policy periods. Monetary policy has a significant effect on adjustment speed through monetary and credit channels. An increase in the growth rate of money supply or credit accelerates adjustment. Both effects are significantly greater during tightening than expansionary periods. The monetary channel has significant asymmetry, whereas the credit channel has none. Leverage moderates the relationship between monetary policy and adjustment, with a greater effect in expansionary periods. This study enriches the corporate investment behavior literature and can help governments develop and optimize macro-control policies.

Supervisory Presentation for Research, Information, Integration and Testing (SPRINT)

Science.gov (United States)

2015-03-29

in Microsoft Visual Studio and several third party developer libraries (See Figure 4). All distributed laboratory sites have similar hardware...Testing (SPRINT). 15. SUBJECT TERMS Supervisory Control, Multi-Modal Interfaces, Scalable Interfaces, Advanced Visualization , Augmented Symbology 16...23 Figure 9. Fusion Visual Framework Components

Promoting versatility in mentor teachers’ use of supervisory skills

NARCIS (Netherlands)

Crasborn, F.J.A.J.; Hennissen, P.P.M.; Korthagen, F.A.J.; Bergen, T.C.M.

2008-01-01

Mentor teachers need a versatile supervisory skills repertoire. Besides taking the prevalent role of daily advisor and instructor, mentor teachers should also be able to stimulate reflection in student teachers. Video recordings of 60 mentoring dialogues were analysed, both before and after a mentor

Promoting versatililty in mentor teachers' use of supervisory skills

NARCIS (Netherlands)

Dr. Paul Hennissen; Dr. F.J.A.J. Crasborn; Niels Brouwer; Theo Bergen; Fred Korthagen

2008-01-01

Mentor teachers need a versatile supervisory skills repertoire. Besides taking the prevalent role of daily advisor and instructor, mentor teachers should also be able to stimulate reflection in student teachers. Video recordings were analyzed of 60 mentoring dialogues, both before and after a mentor

The Impact of Conventional and Unconventional Monetary Policy on Investor Sentiment

DEFF Research Database (Denmark)

Lutz, Chandler

2015-01-01

This paper examines the relationship between monetary policy and investor sentiment across conventional and unconventional monetary policy regimes. During conventional times, we find that a surprise decrease in the fed funds rate leads to a large increase in investor sentiment. Similarly, when...... the fed funds rate is at its zero lower bound, research results indicate that expansionary unconventional monetary policy shocks also have a large and positive impact on investor mood. Together, our findings highlight the importance of both conventional and unconventional monetary policy...... in the determination of investor sentiment....

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

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...

The Empirics of International Monetary Transmission: Identification and the Impossible Trinity

OpenAIRE

Bluedorn, John C.; Bowdler, Christopher

2010-01-01

The transmission of monetary policy across borders is central to many open economy models. Research has tried to evaluate the “impossible trinity” through estimating international interest rate linkages under alternative exchange rate regimes using realized base country interest rates. Such interest rates include anticipated and endogenous elements, which need not propagate internationally. We compare international interest rate responses under pegged and non-pegged regimes to identified, una...

CENTRAL BANK TRANSPARENCY AND EVALUATION OF MONETARY POLICY COMMUNACATIONS

Directory of Open Access Journals (Sweden)

V. Romanchukevych

2018-01-01

Full Text Available The article reveals approaches to evaluate transparency of the central banks and, operating indices, measures it for the National bank of Ukraine. The quantitative analysis of the informational disclosure of the central banks of Ukraine, Czech Republic, Poland, and Russia is allocated. The aspects of the communications of the National Bank of Ukraine in the process of the monetary regime transformation are explored.

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...

Complexity of verifying nonblockingness in modular supervisory control

Czech Academy of Sciences Publication Activity Database

Masopust, Tomáš

2018-01-01

Roč. 63, č. 2 (2018), s. 602-607 ISSN 0018-9286 Institutional support: RVO:67985840 Keywords : nonblockingness * modular supervisory control * complexity Subject RIV: BA - General Mathematics OBOR OECD: Computer sciences, information science, bioinformathics (hardware development to be 2.2, social aspect to be 5.8) Impact factor: 4.270, year: 2016 http://ieeexplore.ieee.org/document/7979596/

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 ...

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.

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

Supervisory practices in the Open and Distance Learning (ODL ...

African Journals Online (AJOL)

Formal training that specifically focuses on the ODL environment is recommended. Bridging the generational gap of supervisors regarding the use of information technology in supervisory practices needs to be addressed. A virtual appreciative coaching and mentoring programme can be a solution for providing support to ...

Investigating mentor teachers’ use and acquisition of supervisory skills:

NARCIS (Netherlands)

Dr. Niels Brouwer; Dr. F.J.A.J. Crasborn; Dr. Paul Hennissen; Prof. dr. Fred Korthagen

2015-01-01

The quality of mentoring in teacher education is an essential component of a powerful learning environment for teachers. There is no single approach to mentoring that will work in the same way for every teacher in each context. Nevertheless, most mentor teachers hardly vary their supervisory

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.

Monetary Policy: Its Impact On The Profitability Of Banks In India

OpenAIRE

Punita Rao

2011-01-01

This purpose of this study is to investigate the impact of monetary policy on the profitability of banks in the context of financial sector reforms in India. We discuss the financial sector reforms and the implication of the banks, the various instruments of monetary policy in India, and the impact of monetary policy on the profitability of banks.

Aggregate Stability in Monetary Economy with Consumption Tax and Taylor Rule

OpenAIRE

Fujisaki, Seiya

2016-01-01

We analyze aggregate stability of a monetary economy with an interest-rate control type of monetary policy and endogenous consumption tax rate under balanced-budget rule, in terms of equilibrium determinacy. We find the effect of the response to income in monetary policy on macroeconomic stability depends on whether the consumption tax rate is adequately high.

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...

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...

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.

30 CFR 75.1713-5 - First-aid training program; retraining of supervisory employees; availability to all miners.

Science.gov (United States)

2010-07-01

... 30 Mineral Resources 1 2010-07-01 2010-07-01 false First-aid training program; retraining of...-UNDERGROUND COAL MINES Miscellaneous § 75.1713-5 First-aid training program; retraining of supervisory... shall conduct refresher first-aid training courses each calendar year for all selected supervisory...

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...

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...

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.

Appreciation of the research supervisory relationship by postgraduate nursing students.

Science.gov (United States)

van Wyk, N C; Coetzee, I M; Havenga, Y; Heyns, T

2016-03-01

The quality of the relationship between postgraduate students and their supervisors often determines the progress of the students. Successful supervision according to students is associated with the expertise of the supervisors and their willingness to share their knowledge with their students. On the other hand, supervisors expect their students to be able to work independently to a large extent. Contradictory expectations of supervisors and postgraduate students can cause delays in the progress of students. The aim of this study was to explore and describe the aspects of the supervisory relationship that postgraduate students in nursing science at a selected university in South Africa appreciate. A qualitative research design with an appreciative inquiry approach was used and 18 students under the guidance of an independent facilitator provided the data during group interviews. Specific personal and professional qualities of the supervisors contribute to a valued supervisory relationship. Regarding personal qualities, the supervisors should show their understanding of the unique circumstances of the students in challenging times. Supervisors should also be expert researchers. The valued relationship refers to an open and trusting relationship between the students and the supervisors. The students' appreciation of the research supervisory relationship contributes to the understanding of the expectations of postgraduate students regarding the support that they need to become scholars in an academic discipline. There is a need for continuing professional development of supervisors to sensitize them about the expectations of the students. © 2015 International Council of Nurses.

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...

Monetary channels of social inclusion: a case study of basic income and the Caixa Econômica Federal in Brazil

Directory of Open Access Journals (Sweden)

Kurt Eberhart von Mettenheim

2014-12-01

Full Text Available This article reports evidence of new monetary channels for social inclusion involving basic income policies and the Caixa Econômica Federal, a Brazilian government savings bank. Since the Plano Real (Brazilian currency and the liberalization of banking in the 1990s, the realization of competitive advantages by the Caixa as social policy agent and the importance of citizenship cards differ from existing theories of bank change, financial inclusion and monetary policy. Multi-method research reveals the importance of 1 political theories of basic income, 2 conceptions of citizenship and social justice, and 3 a back to the future modernization of government banking. This provides alternatives to contemporary market-based banking theory, neo-liberal policies, private and non-governmental microfinance strategies, and theories in political economy about fiscal constraints to social policies. New monetary channels of change also suggest that zero sum theories about politics, monetary authority and social inclusion are amiss.

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

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...

17 CFR 143.8 - Inflation-adjusted civil monetary penalties.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 1 2010-04-01 2010-04-01 false Inflation-adjusted civil... JURISDICTION General Provisions § 143.8 Inflation-adjusted civil monetary penalties. (a) Unless otherwise amended by an act of Congress, the inflation-adjusted maximum civil monetary penalty for each violation of...

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

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,

Internal and external transmissions of monetary and fiscal policies in the EMU

NARCIS (Netherlands)

Aarle, B. van; Garretsen, J.H.; Moorsel, C. van

2001-01-01

With the introduction of Economic and Monetary Union (EMU), the sovereignty of national monetary institutions has been replaced by a common monetary institution, the European Central Bank (ECB) and national currencies have been replaced by a common currency, the euro. EMU therefore implies the loss

MONEY: FROM STATISTICAL DEFINITION TO MONETARY POLICY FOR ADOPTING EURO.

Directory of Open Access Journals (Sweden)

Zapodeanu Daniela

2011-07-01

Full Text Available Abstract: The evolution of monetary aggregates is closely related to the economic cycle, especially the evolution of GDP. The study aims to analyse the primary monetary aggregates (M1, the secondary (M2 and the tertiary (M3 in three Central and Eastern European countries: Romania, Bulgaria and Poland. The countries were chosen as follows: Romania and Bulgaria on the basis of the economic and geographical closeness and Poland as a benchmark for the first group. The data used are money supply, monetary aggregates: primary, secondary and tertiary, in Romania, Poland and Bulgaria, for the period January 2004 - March 2011, the monthly series are obtained from central bank websites, Poland's Central Bank and Bulgarian National Statistical Institute. The evolution of monetary aggregates of the three countries was compared with the Euro area and it was noticed a high degree of similarity between countries more developed economically as compared to less developed countries. From the viewpoint of optimum currency areas, it is necessary that the countries that adopt the Euro would respond symmetrically to external shocks and also have similar economic behaviour. Our study aims, in this respect, to analyse the components and the characteristics of the monetary aggregates, as well as the trends existing within them. The analysis of the correlation between monetary aggregates will show how the way in which the monetary mass and aggregates behave and which the sense of connection established between these countries is. We find that Romania and Bulgaria have a similar comportment, the correlation between these being the highest, we observe some differences between Romania and Bulgaria versus Poland.

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...

Laboratory technical services provides business opportunities for supervisory control and data acquisition systems

International Nuclear Information System (INIS)

Ballard, W.

1994-01-01

The author presents some additional information about what he considers are some really great opportunities for the business community to participate in developing the greatest scientific project in the history of mankind. Facility Engineering Services is part of Laboratory Technical Services. As part of this group, it has the responsibility to direct the construction of interim facilities, scientific labs, production process, cooling towers, cooling ponds and the operation and control of SSC Laboratory conventional support systems. These operations and controls will be accomplished through the employment of a Supervisory Control and Data Acquisition system (SCADA)

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...

Self-Leadership and Creativity Differences in Line and Supervisory Defense Acquisition Employees

National Research Council Canada - National Science Library

DiLiello, Trudy C; Houghton, Jeffery D

2007-01-01

.... More specifically, the study examined differences in self-leadership, creativity, and perceived organizational support for creativity between line and supervisory defense acquisition employees...

Health, supervisory support, and workplace culture in relation to work-family conflict and synergy.

Science.gov (United States)

Beutell, Nicholas J

2010-08-01

This research examined health, supervisory support, and workplace culture as predictors of work interfering with family, family interfering with work, and work-family synergy. The analysis of data from 2,796 respondents from the 2002 National Study of the Changing Workforce yielded significant relations among measures of mental health, self-rated health, supervisory support, and work-family culture with a focus on career concerns. Support was found for a measure of work-family synergy. Implications and directions for research are discussed.

Da obiettivi monetari a obiettivi di cambio. (From monetary to exchange rate targets

Directory of Open Access Journals (Sweden)

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

Organization structure as a moderator of the relationship between procedural justice, interactional justice, perceived organizational support, and supervisory trust.

Science.gov (United States)

Ambrose, Maureen L; Schminke, Marshall

2003-04-01

Organizational justice researchers recognize the important role organization context plays in justice perceptions, yet few studies systematically examine contextual variables. This article examines how 1 aspect of context--organizational structure--affects the relationship between justice perceptions and 2 types of social exchange relationships, organizational and supervisory. The authors suggest that under different structural conditions, procedural and interactional justice will play differentially important roles in determining the quality of organizational social exchange (as evidenced by perceived organizational support [POS]) and supervisory social exchange (as evidenced by supervisory trust). In particular, the authors hypothesized that the relationship between procedural justice and POS would be stronger in mechanistic organizations and that the relationship between interactional justice and supervisory trust would be stronger in organic organizations. The authors' results support these hypotheses.

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

Atypical valuation of monetary and cigarette rewards in substance dependent smokers.

Science.gov (United States)

Baker, Travis E; Wood, Jonathan M A; Holroyd, Clay B

2016-02-01

Substance dependent (SD) relative to non-dependent (ND) individuals exhibit an attenuated reward positivity, an electrophysiological signal believed to index sensitivity of anterior cingulate cortex (ACC) to rewards. Here we asked whether this altered neural response reflects a specific devaluation of monetary rewards relative to drug-related rewards by ACC. We recorded the reward positivity from SD and ND individuals who currently smoke, following an overnight period of abstinence, while they engaged in two feedback tasks. In a money condition the feedback indicated either a monetary reward or no reward, and in a cigarette condition the feedback indicated either a drug-related reward or no reward. Overall, cigarette relative to monetary rewards elicited a larger reward positivity. Further, for the subjects who engaged in the money condition first, the reward positivity was smaller for the SD compared to the ND participants, but for the subjects who engaged in the cigarette condition first, the reward positivity was larger for the SD compared to the ND participants. Our results suggest that the initial category of feedback "primed" the response of the ACC to the alternative feedback type on subsequent trials, and that SD and ND individuals responded differently to this priming effect. We propose that for people who misuse addictive substances, the prospect of obtaining drug-related rewards engages the ACC to exert control over extended behaviors. Copyright © 2015 International Federation of Clinical Neurophysiology. Published by Elsevier Ireland Ltd. All rights reserved.

14 CFR 13.305 - Cost of living adjustments of civil monetary penalties.

Science.gov (United States)

2010-01-01

... 14 Aeronautics and Space 1 2010-01-01 2010-01-01 false Cost of living adjustments of civil... Inflation Adjustment § 13.305 Cost of living adjustments of civil monetary penalties. (a) Except for the... and maximum civil monetary penalty for each civil monetary penalty by the cost-of-living adjustment...

Relationship Between Energy Prices, Monetary Policy and Inflation; A Case Study of South Asian Economies

Directory of Open Access Journals (Sweden)

Atiq-ur-Rehman

2014-01-01

Full Text Available Monetary policy tools, including money supply and interest rate, are the most popular instruments to control inflation around the globe. It is assumed that a tight monetary policy, either in form of reduction in money supply or an increase in interest rate, will reduce inflation by reducing aggregate demand in an economy. However, monetary policy could be counterproductive if cost side effects of monetary tightening prevail. High energy prices may increase the cost of production by reducing aggregate supply in the economy. If tight monetary policy is used to reduce this cost push inflation, the cost side effect of energy prices will add to cost side effects of monetary tightening and will become dominant. In this case, the monetary policy could be counterproductive. Furthermore, simultaneous reduction in aggregate supply and aggregate demand will bring twofold reduction in output. Therefore greater care is needed in the use of monetary policy in the situation of cost push inflation. This article investigates the presence of cost side effect of monetary transmission mechanism, the role of international oil prices in domestic inflation, and implications for monetary policy. The findings suggest that both monetary policy and oil prices have cost side effects on inflation and monetary tightening could be counterproductive if used to reduce energy pushed inflationary trend.

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.

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...

The relationship between constructivist supervisory practices, school climate, and student proficiency in reading, mathematics, and science: Evidence from NELS:88

Science.gov (United States)

Molnar, John Alexander

In an effort to improve instruction and student learning, school reform efforts have become prevalent. School reformers have examined many aspects of the school experience, including learning theories such as behaviorism and constructivism, the changing roles of teachers and supervisors, and even the concept of the school itself. The theoretical framework for this study centered around constructivist learning theory. The study itself focused on the application of constructivist learning theory to the supervisory process. The study examined five areas of interest: (a) teachers' perceptions of constructivist supervisory behavior; (b) teachers' perceptions of efficacy and control in the classroom; (c) teachers' perceptions of school climate; (d) teachers' perceptions of job satisfaction, and (e) the influences of each of the aforementioned on student proficiency in mathematics, reading, and science. Data for the study was drawn from the first follow-up survey of the National Educational Longitudinal Study of 1988 (NELS: 88). NELS: 88 investigated a wide variety of factors that influence the educational process. The first follow-up focuses on environmental factors that affect teachers and students. Variables were selected from the NELS:88 data set that represented the areas to be examined. Factor analysis and correlational analysis were applied to ensure that the variables were measuring distinct constructs and to determine ways they could be grouped for analysis. Multiple linear regression analysis was applied to determine relationships among the individual and composite variables, controlling for student and teacher demographic factors. The results of the study suggest that varying relationships do exist between constructivist supervisory practices and the constructs measuring school climate and job satisfaction. The results also suggest that varying relationships exist between each of these factors and student proficiency in mathematics, reading, and science

Advertising energy saving programs: The potential environmental cost of emphasizing monetary savings.

Science.gov (United States)

Schwartz, Daniel; Bruine de Bruin, Wändi; Fischhoff, Baruch; Lave, Lester

2015-06-01

Many consumers have monetary or environmental motivations for saving energy. Indeed, saving energy produces both monetary benefits, by reducing energy bills, and environmental benefits, by reducing carbon footprints. We examined how consumers' willingness and reasons to enroll in energy-savings programs are affected by whether advertisements emphasize monetary benefits, environmental benefits, or both. From a normative perspective, having 2 noteworthy kinds of benefit should not decrease a program's attractiveness. In contrast, psychological research suggests that adding external incentives to an intrinsically motivating task may backfire. To date, however, it remains unclear whether this is the case when both extrinsic and intrinsic motivations are inherent to the task, as with energy savings, and whether removing explicit mention of extrinsic motivation will reduce its importance. We found that emphasizing a program's monetary benefits reduced participants' willingness to enroll. In addition, participants' explanations about enrollment revealed less attention to environmental concerns when programs emphasized monetary savings, even when environmental savings were also emphasized. We found equal attention to monetary motivations in all conditions, revealing an asymmetric attention to monetary and environmental motives. These results also provide practical guidance regarding the positioning of energy-saving programs: emphasize intrinsic benefits; the extrinsic ones may speak for themselves. (c) 2015 APA, all rights reserved).

THE IMPACT OF MONETARY POLICY ON BANK CREDIT DURING ECONOMIC CRISIS: INDONESIA’S EXPERIENCE

Directory of Open Access Journals (Sweden)

Abdul Mongid

2017-03-01

Full Text Available The monetary policy mechanism by which monetary policy was transmitted to thereal economy had emerged as the pivotal discussion topic recently. This paper tried to discussthe impact of Bank Indonesia’s monetary policy on loan bank. By using simple loan bankframework we concluded that monetary policies were able to influence loan bank. Themonetary variables such as discount rate policy, base money and exchange rate policy werevery important in determining the banking credit. As the credit was very important to influencesthe economic activitiy, the result provided evidence that monetary policy was important as atool to control economic activity via credit channel. The validity of this study challenged thehypotheses that monetary policy was death. However, monetary policy maker should carefullyconsider the soundness of the banking industry because it was a strategic partner for monetaryauthority to control the economic activities.

Hospital ownership, decisions on supervisory board characteristics, and financial performance.

Science.gov (United States)

Kuntz, Ludwig; Pulm, Jannis; Wittland, Michael

2016-01-01

Dynamic and complex transformations in the hospital market increase the relevance of good corporate governance. However, hospital performance and the characteristics of supervisory boards differ depending on ownership. The question therefore arises whether hospital owners can influence performance by addressing supervisory board characteristics. The objective of this study is to explain differences in the financial performance of hospitals with regard to ownership by studying the size and composition of supervisory boards. The AMADEUS database was used to collect information on hospital financial performance in 2009 and 2010. Business and quality reports, hospital websites, and data from health insurer were used to obtain information on hospital and board characteristics. The resulting sample consisted of 175 German hospital corporations. We utilized ANOVA and regression analysis to test a mediation hypothesis that investigated whether decisions regarding board size and composition were associated with financial performance and could explain performance differences. Financial performance and board size and composition depend on ownership. An increase in board size and greater politician participation were negatively associated with all five tested measures of financial performance. Furthermore, an increase in physician participation was positively associated with one dimension of financial performance, whereas one negative relationship was identified for nurse and economist participation. For clerics, no associations were found. Decisions concerning board size and composition are important as they relate to hospital financial performance. We contribute to existing research by showing that, in addition to board size and physician participation, the participation of other professionals can also influence financial performance.

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

Supervisory monitoring system in nuclear power plants

International Nuclear Information System (INIS)

Ciftcioglu, O.; Turkcan, E.

1997-01-01

Monitoring of a power plant is one of the essential tasks during operation and the computer-based implementations are nowadays seemingly quite mature. However, presently these are still not satisfactory enough to meet the high standards to the licensing requirements and they are mostly not truly integrated to the plant's design-based monitoring system. This is basically due to the robustness problem as the majority of the methods are not robust enough for the monitoring of the safety parameter set in a plant or intelligent supervision. Therefore, a supervisory monitoring system (SMS) in a plant is necessary to supervise the monitoring tasks: determining the objectives to be obtained and finding the means to support them. SMS deals with the changing plant status and the coordination of the information flow among the monitoring subunits. By means of these robustness and consistency in monitoring is achieved. The paper will give the guidelines of knowledge and data management techniques in a framework of robust comprehensive and coordinated monitoring which is presented as supervisory monitoring. Such a high level monitoring serves for consistent and immediate actions in fault situations while this particularly has vital importance in preventing imminent severe accidents next to the issues of recognition of the monitoring procedures for licensing and enhanced plant safety. (author). 8 refs, 5 figs

Monetary and Fiscal Policies for a Finite Planet

Directory of Open Access Journals (Sweden)

Adam Scanlan

2013-06-01

Full Text Available Current macroeconomic policy promotes continuous economic growth. Unemployment, poverty and debt are associated with insufficient growth. Economic activity depends upon the transformation of natural materials, ultimately returning to the environment as waste. Current levels of economic throughput exceed the planet’s carrying capacity. As a result of poorly constructed economic institutions, society faces the unacceptable choice between ecological catastrophe and human misery. A transition to a steady-state economy is required, characterized by a rate of throughput compatible with planetary boundaries. This paper contributes to the development of a steady-state economy by addressing US monetary and fiscal policies. A steady-state monetary policy would support counter-cyclical, debt-free vertical money creation through the public sector, in ways that contribute to sustainable well-being. The implication for a steady-state fiscal policy is that any lending or spending requires a careful balance of recovery of money, not as a means of revenue, but as an economic imperative to meet monetary policy goals. A steady-state fiscal policy would prioritize targeted public goods investments, taxation of ecological “bads” and economic rent and implementation of progressive tax structures. Institutional innovations are considered, including common asset trusts, to regulate throughput, and a public monetary trust, to strictly regulate money supply.

Supervisory Responsiveness and Employee Self-Perceived Status and Voice Behavior

NARCIS (Netherlands)

Janssen, Onne; Gao, Liping

2015-01-01

We investigated the role of employees' status appraisals within their work group in relation to their challenging-promotive voice behavior. We argued that fair and respectful treatment of their voice input by the authority figure of the group (i.e., supervisory responsiveness) enhances employees'

Supervisory Responsiveness and Employee Self-Perceived Status and Voice Behavior

NARCIS (Netherlands)

Janssen, Onne; Gao, Liping

We investigated the role of employees' status appraisals within their work group in relation to their challenging-promotive voice behavior. We argued that fair and respectful treatment of their voice input by the authority figure of the group (i.e., supervisory responsiveness) enhances employees'

Supervisory Adaptive Network-Based Fuzzy Inference System (SANFIS Design for Empirical Test of Mobile Robot

Directory of Open Access Journals (Sweden)

Yi-Jen Mon

2012-10-01

Full Text Available A supervisory Adaptive Network-based Fuzzy Inference System (SANFIS is proposed for the empirical control of a mobile robot. This controller includes an ANFIS controller and a supervisory controller. The ANFIS controller is off-line tuned by an adaptive fuzzy inference system, the supervisory controller is designed to compensate for the approximation error between the ANFIS controller and the ideal controller, and drive the trajectory of the system onto a specified surface (called the sliding surface or switching surface while maintaining the trajectory onto this switching surface continuously to guarantee the system stability. This SANFIS controller can achieve favourable empirical control performance of the mobile robot in the empirical tests of driving the mobile robot with a square path. Practical experimental results demonstrate that the proposed SANFIS can achieve better control performance than that achieved using an ANFIS controller for empirical control of the mobile robot.

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.

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.

The Impact of Monetary Policy on Bank Credit During Economic Crisis: Indonesia's Experience

OpenAIRE

Mongid, Abdul

2008-01-01

The monetary policy mechanism by which monetary policy was transmitted to thereal economy had emerged as the pivotal discussion topic recently. This paper tried to discussthe impact of Bank Indonesia’s monetary policy on loan bank. By using simple loan bankframework we concluded that monetary policies were able to influence loan bank. Themonetary variables such as discount rate policy, base money and exchange rate policy werevery important in determining the banking credit. As the credit was ...

Monetary Policy Transmission and Firms’ Investment: Evidence From the Manufacturing Sector of Pakistan

Directory of Open Access Journals (Sweden)

Arslan Majeed

2017-12-01

Full Text Available This study explores the effects of monetary policy on firms’ business fixed investment spending through the interest rate and broad credit channels of monetary policy transmission mechanism in Pakistan. Due to the problem of endogeneity, Generalized Method of Moments (GMM two step estimation technique is applied on neo-classical investment model by using disaggregated firm level data of manufacturing sector of Pakistan over the period 1974-2010. The results suggest the relevance of both the interest rate and broad credit channels in Pakistan. Firms’ investment found to be negatively affected by the monetary contraction while positively influenced by cash flow and the sales. Small firms explored to be more sensitive to the monetary tightening as compared to large firms indicating that monetary policy exerts heterogeneous effects. Results highlight the importance of considering the financial conditions of the firms in formulation of monetary policy.

Friendliness pays off! Monetary and immaterial gifts in consumer-salesperson interactions

OpenAIRE

Kirchler, Michael; Palan, Stefan

2014-01-01

Recent studies find ample evidence that monetary and immaterial gifts influence effort in the workplace. We investigate the impacts of monetary gift exchange and of expressions of respect on salespersons' reciprocity when purchasing doner durum, a common lunch snack. Prior to the food's preparation, we either induce monetary gift exchange by tipping or explore the role of respect by making a compliment. We repeat the interaction on five consecutive days. Our findings show that salespersons ex...

Model-based design of supervisory controllers for baggage handling systems

NARCIS (Netherlands)

Swartjes, L.; van Beek, D.A.; Fokkink, W.J.; van Eekelen, J.A.W.M.

2017-01-01

The complexity of airport baggage handling systems in combination with the required high level of robustness makes designing supervisory controllers for these systems a challenging task. We show how a state of the art, formal, model-based design framework has been successfully used for model-based

An Exploration of Supervisory and Therapeutic Relationships and Client Outcomes

Science.gov (United States)

Bell, Hope; Hagedorn, W. Bryce; Robinson, E. H. Mike

2016-01-01

The authors explored the connection between the facilitative conditions present within the supervisory relationship, the therapeutic relationship, and client outcomes. A correlational research design was used with a sample of 55 counselors-in-training and 88 clients. Results indicated a significant positive relationship between the therapeutic…

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

Behavior coordination of mobile robotics using supervisory control of fuzzy discrete event systems.

Science.gov (United States)

Jayasiri, Awantha; Mann, George K I; Gosine, Raymond G

2011-10-01

In order to incorporate the uncertainty and impreciseness present in real-world event-driven asynchronous systems, fuzzy discrete event systems (DESs) (FDESs) have been proposed as an extension to crisp DESs. In this paper, first, we propose an extension to the supervisory control theory of FDES by redefining fuzzy controllable and uncontrollable events. The proposed supervisor is capable of enabling feasible uncontrollable and controllable events with different possibilities. Then, the extended supervisory control framework of FDES is employed to model and control several navigational tasks of a mobile robot using the behavior-based approach. The robot has limited sensory capabilities, and the navigations have been performed in several unmodeled environments. The reactive and deliberative behaviors of the mobile robotic system are weighted through fuzzy uncontrollable and controllable events, respectively. By employing the proposed supervisory controller, a command-fusion-type behavior coordination is achieved. The observability of fuzzy events is incorporated to represent the sensory imprecision. As a systematic analysis of the system, a fuzzy-state-based controllability measure is introduced. The approach is implemented in both simulation and real time. A performance evaluation is performed to quantitatively estimate the validity of the proposed approach over its counterparts.

Supervisory behaviour as a predictor of return to work in employees absent from work due to mental health problems

NARCIS (Netherlands)

Nieuwenhuijsen, K.; Verbeek, J.H.A.M.; Boer, A.G.E.M. de; Blonk, R.W.B.; Dijk, F.J.H. van

2004-01-01

Aims: To study supervisory behaviour as a predictive factor for return to work of employees absent due to mental health problems; and to explore the association between conditional factors and supervisory behaviour. Methods: Eighty five supervisors of employees were interviewed by telephone.

THE GLOBAL GOVERNANCE PROBLEM AND THE ROLE OF THE INTERNATIONAL MONETARY FUND

Directory of Open Access Journals (Sweden)

Sidorova E. A.

2015-06-01

Full Text Available Currently, globalization begins to permeate more and more areas of human activity, therefore it is important question of the complex mechanisms and principles of global governance formation.The article analyzes the essence, subjects and mechanisms for the implementation of the global economic governance. Moreover, it investigates the role and current state of the International Monetary Fund (IMF in the global economy. In conclusion, it clarifies the relationship of the IMF and processes of global governance. Research has shown that it is necessary to create within the IMF more representative, economically and politically balanced system of global governance of the world monetary and financial relations as part of the emerging mechanisms of global economic governance. This article extends the knowledge about the features of the IMF in the forming global governance.

Energy density of foods and diets in Mexico and their monetary cost by socioeconomic strata: analyses of ENSANUT data 2012.

Science.gov (United States)

Mendoza, Alfonso; Pérez, Ana E; Aggarwal, Anju; Drewnowski, Adam

2017-07-01

In January 2014, Mexico implemented an 8% tax on non-essential foods with energy density ≥275 kcal/100 g, with a view to prevent obesity. This study explored energy density of foods and diets in Mexico and their monetary cost across population subgroups. Dietary intakes for 3057 adults (ages ≥19 years) were obtained from the nationally representative Encuesta Nacional de Salud y Nutrición (ENSANUT 2012). Energy density (kcal/g) was calculated for foods, food groups and total diets. The mean national retail prices for 153 foods were obtained from the National Institute for Geography and Statistics (INEGI). The monetary cost of total diets (MXN/day) was estimated by attaching food prices to dietary intakes from the ENSANUT food frequency questionnaire. A series of descriptive analyses and regression models examined associations among dietary energy density and diet cost by age, gender, rural or urban residence and socioeconomic status (SES). Energy-dense grains, fats and sweets cost less per calorie than did milk and dairy, meat, vegetables and fruit. Lower cost diets derived more calories from tortillas, tamales, beans and sugar, whereas higher cost diets contained more non-essential energy-dense processed foods and more sugar sweetened beverages, and fruits and vegetables. At each quintile of energy intake, higher dietary energy density was associated with lower energy-adjusted diet costs. Traditional energy-dense tortillas and tamales, also characterised by lower cost, were consumed more by the rural poor. Urban dwellers had more 'western-style' diets. Food patterns in Mexico appear to be driven by monetary cost and SES. Published by the BMJ Publishing Group Limited. For permission to use (where not already granted under a licence) please go to http://www.bmj.com/company/products-services/rights-and-licensing/.

Evaluation of Reports Required by the Statutes for Distribution of Monetary Donations and Allowances

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Harun Tugcu

2007-12-01

Full Text Available 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 Statutes for Distribution of Monetary Donations and Allowances in the Department of Forensic Medicine of Gulhane Military Medical Academy between 1st January 2005 and 31st December 2006. There were 87 reports written in accordance with the Statutes for Distribution of Monetary Donations and Allowances. The mean age of the cases was 25.93 ±5.8 years (20-43 years. The most frequent condition requiring monetary support was gun shot wounds (42.6%. The most frequent location of the wounds was the head (31% and there was an increase in the duration of work leave caused by disabilities (p<0.05. The aim of this study was to determine problems which physicians face when they write reports required by the Statutes for Distribution of Monetary Donations and Allowances and to underline the points concerning writing those reports based on the relevant laws. [TAF Prev Med Bull 2007; 6(6.000: 475-478

Evaluation of Reports Required by the Statutes for Distribution of Monetary Donations and Allowances

Directory of Open Access Journals (Sweden)

Harun Tugcu

2007-12-01

Full Text Available 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 Statutes for Distribution of Monetary Donations and Allowances in the Department of Forensic Medicine of Gulhane Military Medical Academy between 1st January 2005 and 31st December 2006. There were 87 reports written in accordance with the Statutes for Distribution of Monetary Donations and Allowances. The mean age of the cases was 25.93 ±5.8 years (20-43 years. The most frequent condition requiring monetary support was gun shot wounds (42.6%. The most frequent location of the wounds was the head (31% and there was an increase in the duration of work leave caused by disabilities (p<0.05. The aim of this study was to determine problems which physicians face when they write reports required by the Statutes for Distribution of Monetary Donations and Allowances and to underline the points concerning writing those reports based on the relevant laws. [TAF Prev Med Bull. 2007; 6(6: 475-478

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

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

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

Supervisory control software for MFTF neutral beams

International Nuclear Information System (INIS)

Woodruff, J.P.

1981-01-01

We describe the software structures that control the operation of MFTF Sustaining Neutral Beam Power Supplies (SNBPS). These components of the Supervisory Control and Diagnostics System (SCDS) comprise ten distinct tasks that exist in the SCDS system environment. The codes total about 16,000 lines of commented Pascal code and occupy 240 kbytes of memory. The controls have been running since March 1981, and at this writing are being integrated to the Local Control System and to the power supply Pulse Power Module Controller

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...

Monetary Policy and Financial Asset Prices: Empirical Evidence from Pakistan

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Imran Umer Chhapra

2018-03-01

Full Text Available Monetary transmission mechanism assumed to be significantly influenced by the effect of policy decisions on financial markets. However, various previous studies have come up with different outcomes. The purpose of this study is to examine the impact of monetary policy on different asset classes (shares and bonds in Pakistan. This study using stock price and bond yield as dependent variable and discount rate, money supply, inflation, and exchange rate are independent variables. Data of all variables have collected from 2010 to 2016, and Vector Autoregressive (VAR technique has applied. The empirical results indicate that there is an impact of monetary policy components on both stock and bond market as an increase in policy rate causes decline in stocks prices and bonds yields. The findings of this study will help the potential investors in making long-term (in general and short-term (in particular investment strategies concerning monetary policy.DOI: 10.15408/sjie.v7i2.7099

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

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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.

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

A Monetary Union in Asia? Some European Lessons

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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.

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

17 CFR Table IV to Subpart E of... - Civil Monetary Penalty Inflation Adjustments

Science.gov (United States)

2010-04-01

... Inflation Adjustments IV Table IV to Subpart E of Part 201 Commodity and Securities Exchanges SECURITIES AND... Table IV to Subpart E of Part 201—Civil Monetary Penalty Inflation Adjustments Table IV to Subpart E U.S. Code citation Civil monetary penalty inflation adjustments Civil monetary penalty description Year...

Promising high monetary rewards for future task performance increases intermediate task performance.

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Claire M Zedelius

Full Text Available In everyday life contexts and work settings, monetary rewards are often contingent on future performance. Based on research showing that the anticipation of rewards causes improved task performance through enhanced task preparation, the present study tested the hypothesis that the promise of monetary rewards for future performance would not only increase future performance, but also performance on an unrewarded intermediate task. Participants performed an auditory Simon task in which they responded to two consecutive tones. While participants could earn high vs. low monetary rewards for fast responses to every second tone, their responses to the first tone were not rewarded. Moreover, we compared performance under conditions in which reward information could prompt strategic performance adjustments (i.e., when reward information was presented for a relatively long duration to conditions preventing strategic performance adjustments (i.e., when reward information was presented very briefly. Results showed that high (vs. low rewards sped up both rewarded and intermediate, unrewarded responses, and the effect was independent of the duration of reward presentation. Moreover, long presentation led to a speed-accuracy trade-off for both rewarded and unrewarded tones, whereas short presentation sped up responses to rewarded and unrewarded tones without this trade-off. These results suggest that high rewards for future performance boost intermediate performance due to enhanced task preparation, and they do so regardless whether people respond to rewards in a strategic or non-strategic manner.

Promising high monetary rewards for future task performance increases intermediate task performance.

Science.gov (United States)

Zedelius, Claire M; Veling, Harm; Bijleveld, Erik; Aarts, Henk

2012-01-01

In everyday life contexts and work settings, monetary rewards are often contingent on future performance. Based on research showing that the anticipation of rewards causes improved task performance through enhanced task preparation, the present study tested the hypothesis that the promise of monetary rewards for future performance would not only increase future performance, but also performance on an unrewarded intermediate task. Participants performed an auditory Simon task in which they responded to two consecutive tones. While participants could earn high vs. low monetary rewards for fast responses to every second tone, their responses to the first tone were not rewarded. Moreover, we compared performance under conditions in which reward information could prompt strategic performance adjustments (i.e., when reward information was presented for a relatively long duration) to conditions preventing strategic performance adjustments (i.e., when reward information was presented very briefly). Results showed that high (vs. low) rewards sped up both rewarded and intermediate, unrewarded responses, and the effect was independent of the duration of reward presentation. Moreover, long presentation led to a speed-accuracy trade-off for both rewarded and unrewarded tones, whereas short presentation sped up responses to rewarded and unrewarded tones without this trade-off. These results suggest that high rewards for future performance boost intermediate performance due to enhanced task preparation, and they do so regardless whether people respond to rewards in a strategic or non-strategic manner.

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...

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...

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...

Review of Supervisory Control and Data Acquisition (SCADA) Systems

Energy Technology Data Exchange (ETDEWEB)

Reva Nickelson; Briam Johnson; Ken Barnes

2004-01-01

A review using open source information was performed to obtain data related to Supervisory Control and Data Acquisition (SCADA) systems used to supervise and control domestic electric power generation, transmission, and distribution. This report provides the technical details for the types of systems used, system disposal, cyber and physical security measures, network connections, and a gap analysis of SCADA security holes.

BOLD responses in reward regions to hypothetical and imaginary monetary rewards.

OpenAIRE

Miyapuram Krishna P; Tobler Philippe N; Gregorios-Pippas Lucy; Schultz Wolfram

2012-01-01

Monetary rewards are uniquely human. Because money is easy to quantify and present visually, it is the reward of choice for most fMRI studies, even though it cannot be handed over to participants inside the scanner. A typical fMRI study requires hundreds of trials and thus small amounts of monetary rewards per trial (e.g. 5p) if all trials are to be treated equally. However, small payoffs can have detrimental effects on performance due to their limited buying power. Hypothetical monetary rewa...

Organizational and Supervisory Apology Effectiveness: Apology Giving in Work Settings

Science.gov (United States)

Bisel, Ryan S.; Messersmith, Amber S.

2012-01-01

We synthesize the interdisciplinary literature into a heuristic for crafting effective organizational and supervisory apologies (the OOPS four-component apology). In the first experiment, we demonstrate how an offense committed by an organization is perceived to be more egregious than an offense committed by a friend or supervisor. Furthermore,…

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.

Insulin, Central Dopamine D2 Receptors, and Monetary Reward Discounting in Obesity.

Science.gov (United States)

Eisenstein, Sarah A; Gredysa, Danuta M; Antenor-Dorsey, Jo Ann; Green, Leonard; Arbeláez, Ana Maria; Koller, Jonathan M; Black, Kevin J; Perlmutter, Joel S; Moerlein, Stephen M; Hershey, Tamara

2015-01-01

Animal research finds that insulin regulates dopamine signaling and reward behavior, but similar research in humans is lacking. We investigated whether individual differences in body mass index, percent body fat, pancreatic β-cell function, and dopamine D2 receptor binding were related to reward discounting in obese and non-obese adult men and women. Obese (n = 27; body mass index>30) and non-obese (n = 20; body mass indexmonetary rewards relative to immediate, certain smaller monetary rewards was measured using delayed and probabilistic reward discounting tasks. Positron emission tomography using a non-displaceable D2-specific radioligand, [11C](N-methyl)benperidol quantified striatal D2 receptor binding. Groups differed in body mass index, percent body fat, and disposition index, but not in striatal D2 receptor specific binding or reward discounting. Higher percent body fat in non-obese women related to preference for a smaller, certain reward over a larger, less likely one (greater probabilistic discounting). Lower β-cell function in the total sample and lower insulin sensitivity in obese related to stronger preference for an immediate and smaller monetary reward over delayed receipt of a larger one (greater delay discounting). In obese adults, higher striatal D2 receptor binding related to greater delay discounting. Interestingly, striatal D2 receptor binding was not significantly related to body mass index, percent body fat, or β-cell function in either group. Our findings indicate that individual differences in percent body fat, β-cell function, and striatal D2 receptor binding may each contribute to altered reward discounting behavior in non-obese and obese individuals. These results raise interesting questions about whether and how striatal D2 receptor binding and metabolic factors, including β-cell function, interact to affect reward discounting in humans.

Impact of monetary policy on the volatility of stock market in pakistan

OpenAIRE

Abdul Qayyum; Saba Anwa

2010-01-01

This paper addresses the linkages between the monetary policy and the stock market in Pakistan. The estimation technique employed includes Engle Granger two step procedure and the bivariate EGARCH method. The results indicate that any change in the monetary policy stance have a significant impact on the volatility of the stock market. Thus contributing to the ongoing debate in the monetary policy rule literature regarding the proactive and reactive approach.

Revival of Legacy of Tooke and Gibson: Implications for Monetary Policy

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Rehman Atiq-ur

2015-05-01

Full Text Available The monetary policy rules used by central banks these days are based on the assumption that inflation could be reduced by increasing interest rate. On contrary, Tooke (1774-1858, the forefather of monetary economics, was of the view that the relationship between interest rate and inflation should be positive. His view was based on simple logic, ‘interest is a part of cost, and therefore, the increase in interest rate should increase inflation by increasing cost of production (Tooke, 1838’. Tooke’s view has got support from a number of empirical evidence including Gibson (1923 who found positive correlation between two variables for UK data over a period of 200 years. On the other hand, mainstream economic thinking on which the actual monetary practices are based ignored any possibility of positive relationship between interest rate and inflation throughout the history. The existence of Tooke’s cost side effects of monetary policy is a serious concern because if these effects exist than the use of monetary policy would be counterproductive. Using the data from entire globe, I attempt to explore the nature of relationship between the interest rate and inflation. I found that the data supports the perception of Tooke and Gibson and denies that the effectiveness of monetary policy currently adapted by the correlation between interest rate and inflation is positive. The results are robust to sample size, sample period, and various definitions of interest rate and inflation.

Estimation of Monetary Value of Information on the Internet

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Mohsen Nazari

2015-03-01

Full Text Available This research estimates the monetary value of internet information for each type of information and services by using Hedonic pricing method. The statistic social of this research is high-speed internet users in Tehran. Based on the results, high speed internet users of Tehran consider a positive monetary value for some information types in the internet, in descendent respect, such as film downloading, gaming, News, social network, and music. Also, the results indicates that people with higher education level and people who are subscribed to high speed internet earlier than other people consider more monetary value to use the internet. For generalizing the result of this research, it’s suggested to do this research at other cities of Iran. At last, some applicable suggestions made.

The Impact of Social Pressure and Monetary Incentive on Cognitive Control.

Science.gov (United States)

Ličen, Mina; Hartmann, Frank; Repovš, Grega; Slapničar, Sergeja

2016-01-01

We compare the effects of two prominent organizational control mechanisms-social pressure and monetary incentive-on cognitive control. Cognitive control underlies the human ability to regulate thoughts and actions in the pursuit of behavioral goals. Previous studies show that monetary incentives can contribute to goal-oriented behavior by activating proactive control. There is, however, much less evidence of how social pressure affects cognitive control and task performance. In a within-subject experimental design, we tested 47 subjects performing the AX-CPT task to compare the activation of cognitive control modes under social pressure and monetary incentive beyond mere instructions to perform better. Our results indicate that instructing participants to improve their performance on its own leads to a significant shift from a reactive to a proactive control mode and that both social pressure and monetary incentive further enhance performance.

The Effects of an Equine Assisted Learning Supervision Intervention on Counselors'-in-Training Performance Anxiety, Counseling Self-Efficacy, and Supervisory Working Alliance

Science.gov (United States)

Meola, Cheryl C.

2017-01-01

Due to the complexity of the counseling process, counselors-in-training often experience performance anxiety when entering the counseling profession. Research shows that higher counseling self-efficacy (the belief in oneself to perform counseling skills successfully) helps decrease performance anxiety. Further, a strong supervisory working…

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

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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.

Markov switching monetary policy in a two-country DSGE model

NARCIS (Netherlands)

Mavromatis, K.

2012-01-01

In this paper I show, using both empirical and theoretical analysis, that changes in monetary policy in one country can have important e.ects on other economies. My ew empirical evidence shows that changes in the monetary policy behaviour of the Fed since the start of the Euro, well captured by a

Effects of Monetary Shocks on Exchange Rate: Empirical Evidence from India

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Sharma Chandan

2017-08-01

Full Text Available This paper examines the effect of monetary policy shocks on exchange rate in a Multiple Indicator Approach (MIA framework. This study has employed a monetary policy index of key monetary policy instruments in India (Bank rate, Cash Reserve Ratio, Repo and Reverse Repo rates. The study finds the empirical evidence for puzzling behavior of price level and exchange rate. Both price and exchange rate increase initially in response to a contractionary policy shock. Policy shocks affect output, inflation and exchange rate to an appreciable extent over a forecasting horizon of one year.

Monetary Channels in Brazil through the Lens of a Semi-Structural Model

OpenAIRE

André Minella; Nelson F. Souza-Sobrinho

2009-01-01

We develop and estimate a medium-size, semi-structural model for Brazil's economy during the inflation targeting period. The model captures key features of the economy, and allows us to investigate the transmission mechanisms of monetary policy. We decompose the monetary channels into household interest rate, firm interest rate, and exchange rate channels. We find that the household interest rate channel plays the most important role in explaining output dynamics after a monetary policy shock...

Money, interest and capital accumulation in Karl Marx's economies: a monetary interpretation

OpenAIRE

Hein, Eckhard

2002-01-01

"Starting from Schumpeter's important distinction between 'real analysis' and 'monetary analysis', in this paper it is shown that major elements of Marx's economic theory fall in the camp of monetary analysis and the implications for Marx's theory of capital accumulation are derived. First, Marx's theory of labour value has to be considered a 'monetary theory of value' because 'abstract labour' as the social substance of value cannot be measured without a social standard of val...

Monetary Diet Cost, Diet Quality, and Parental Socioeconomic Status in Spanish Youth.

Directory of Open Access Journals (Sweden)

Helmut Schröder

Full Text Available Using a food-based analysis, healthy dietary patterns in adults are more expensive than less healthy ones; studies are needed in youth. Therefore, the objective of the present study was to determine relationships between monetary daily diet cost, diet quality, and parental socioeconomic status.Data were obtained from a representative national sample of 3534 children and young people in Spain, aged 2 to 24 years. Dietary assessment was performed with a 24-hour recall. Mediterranean diet adherence was measured by the KIDMED questionnaire. Average food cost was calculated from official Spanish government data. Monetary daily diet cost was expressed as euros per day (€/d and euros per day standardized to a 1000kcal diet (€/1000kcal/d.Mean monetary daily diet cost was 3.16±1.57€/d (1.56±0.72€/1000kcal/d. Socioeconomic status was positively associated with monetary daily diet cost and diet quality measured by the KIDMED index (€/d and €/1000kcal/d, p<0.019. High Mediterranean diet adherence (KIDMED score 8-12 was 0.71 €/d (0.28€/1000kcal/d more expensive than low compliance (KIDMED score 0-3. Analysis for nonlinear association between the KIDMED index and monetary daily diet cost per1000kcal showed no further cost increases beyond a KIDMED score of 8 (linear p<0.001; nonlinear p = 0.010.Higher monetary daily diet cost is associated with healthy eating in Spanish youth. Higher socioeconomic status is a determinant for higher monetary daily diet cost and quality.

Auditory decision aiding in supervisory control of multiple unmanned aerial vehicles.

Science.gov (United States)

Donmez, Birsen; Cummings, M L; Graham, Hudson D

2009-10-01

This article is an investigation of the effectiveness of sonifications, which are continuous auditory alerts mapped to the state of a monitored task, in supporting unmanned aerial vehicle (UAV) supervisory control. UAV supervisory control requires monitoring a UAV across multiple tasks (e.g., course maintenance) via a predominantly visual display, which currently is supported with discrete auditory alerts. Sonification has been shown to enhance monitoring performance in domains such as anesthesiology by allowing an operator to immediately determine an entity's (e.g., patient) current and projected states, and is a promising alternative to discrete alerts in UAV control. However, minimal research compares sonification to discrete alerts, and no research assesses the effectiveness of sonification for monitoring multiple entities (e.g., multiple UAVs). The authors conducted an experiment with 39 military personnel, using a simulated setup. Participants controlled single and multiple UAVs and received sonifications or discrete alerts based on UAV course deviations and late target arrivals. Regardless of the number of UAVs supervised, the course deviation sonification resulted in reactions to course deviations that were 1.9 s faster, a 19% enhancement, compared with discrete alerts. However, course deviation sonifications interfered with the effectiveness of discrete late arrival alerts in general and with operator responses to late arrivals when supervising multiple vehicles. Sonifications can outperform discrete alerts when designed to aid operators to predict future states of monitored tasks. However, sonifications may mask other auditory alerts and interfere with other monitoring tasks that require divided attention. This research has implications for supervisory control display design.

Markov Switching Monetary Policy in a two-country DSGE model

NARCIS (Netherlands)

Mavromatis, K.

2013-01-01

Using real-time data for the US and the Eurozone I find evidence in favor of 1) regime changes in US monetary policy since 1999 and 2) the fact that the responses inflation and output in the Eurozone are sensitive to the regime of US monetary policy. I examine this case theoretically through the

Specification of technical means for implementation of supervisory algorithms of the status of a nuclear reactor and of the main coolant pump of a NPP

International Nuclear Information System (INIS)

Jirsa, P.

2000-11-01

Inclusion into the programming of inputs of the supervisory algorithm (data collection from the monitoring system, transmission of diagnostic output fro other system and transmission of technological data), of the supervisory process proper based on the data obtained (data analysis) and of the output (presentation of the results to the operator, communication with the master and archiving systems, etc.) requires knowledge of the format of the data transmitted, their availability, communication network protocols, operating system, etc. Hence, the environment for which the algorithm will be developed should be specified, roughly at least. The following topics are addressed: Description of technical means of Czech nuclear power plants (Dukovany, Temelin, Mochovce), and Proposal for technical means to implement the monitoring algorithm (Requirements related to the monitoring systems, Identification of the reference system, Parameters of the selected system). Since no domestic manufacturer of HW for monitoring and diagnostic systems exists, a novel system of the Brueel and Kjaer company for on-line diagnosis and monitoring, COMPASS, was selected as a model model system for the implementation of the supervisory algorithms. (P.A.)

Quantification model of the consequences of monetary policy shocks

Directory of Open Access Journals (Sweden)

Coralia Emilia POPA

2017-11-01

Full Text Available The monetary analysis based on the BVAR (Bayesian Vector Autoregression model is extremely important in the monetary policy implementation strategy, the information provided is important not only for the Central Bank, but also for the economic agents and the population. Therefore, conducting this analysis at the level of Romania helps to understand better the mechanism by which monetary policy is transmitted in order to achieve the set target, namely inflation targeting, but it also provides us with important information regarding the accession to the euro area. The model we are trying to test helps us understand through the correlations between the interest rate, GDP and the inflation rate how monetary policy responds to shocks. The model follows the methodology presented by Sims and Zha (1998 in the paper "Bayesian Methods for Dynamic Multivariate Models and Using the Bayesian Autoregressive Vector". In the analysis of this model, quarterly data for a minimum of three years, three variables are used to make the results relevant. The data needed to model the model are used in logarithmic form, except for the interest rate, and the outcome is applied to a differentiated premium operator. Of the variables used, the interest rate is the only one that does not allow seasonal adjustment.

Monetary Policy, Debt and the Cyclical Behavior of Inventories

Directory of Open Access Journals (Sweden)

Abdul Ghafar Ismail

2007-01-01

Full Text Available An earlier study on the determinants of inventories investment has been proposed by Lovel (1961. However, the study fails to mention the effects of financial variables. The puzzle prevails on account of imperfect capital markets. This implies that interest rate generally affects inventory investment indirectly through the debt channel. For instance, in the period of tight monetary policy, increasing interest rates have a negative impact on the present value of firms’ collateralizable net worth. In addition, they also weaken firms’ balance sheets as interest expenses also rise up. In imperfect capital markets, this fact indicates an increase in the amount of external financing that firms need, a rise in the premium on external financing that they face, and a reduction in their accumulation of assets, their spending and their production. Given the low adjustment cost that characterizes firms, it will be inventories that firms will initially reduce. Therefore, this paper is contributes to the issue of monetary policy transmission in Malaysia. Our specific attention is limited to the channel of monetary policy on a firm’s inventory. Using micro data, we try to take into account the relevance of the firm’s balance sheet conditions in the transmission of monetary policy.

How much monetary policy rules do we need to estimate DSGE model for Russia?

OpenAIRE

Shulgin, Andrei

2014-01-01

This paper presents a three-sector DSGE model for a small open economy under the intermediate exchange rate regime. The central bank balance sheet equations are added to allow introducing two different monetary policy rules in the model. The principal question is how many independent monetary policy rules we need to describe Russian monetary policy in 2001–2012. To get an answer we perform Bayesian estimation of the DSGE model for four different combinations of monetary policy rules. The main...

A Review of the Literature on Professional Doctorate Supervisory Styles

Science.gov (United States)

Johansson, Carol; Yerrabati, Sridevi

2017-01-01

At the core of doctoral education is the importance of the quality of the supervisor and student relationship. Research has shown that this relationship is directly linked to completion rates, and impacts the quality of the doctorate and its ultimate success or failure (Gill and Burnard, 2008). One influence on the supervisory relationship is the…

Reconsidering Money: Monetary Exchange with Additive Transaction Costs

DEFF Research Database (Denmark)

Schröder, Philipp

2001-01-01

Under the assumption of purely additive transaction costs in exchange, the literature on money has a standard example of direct exchange dominating indirect (monetary) exchange. From here it is frequently concluded that subadditive costs (e.g. search costs) must be examined in order to explain...... money. In contrast, this paper presents an additive transaction costs model in which the mere absence of double coincidences of wants suffices to motivate monetary exchange. Furthermore it is found that not all commodity moneys, that are collectively desirable, qualify for the core, but that all fiat...

Supervisory Control Strategy Development

International Nuclear Information System (INIS)

Gary D Storrick; Bojan Petrovic

2007-01-01

Task 4 of this collaborative effort between ORNL, Brazil, and Westinghouse for the International Nuclear Energy Research Initiative entitled 'Development of Advanced Instrumentation and Control for an Integrated Primary System Reactor' focused on the design of the hierarchical supervisory control for multiple-module units. The state of the IRIS plant design--specifically, the lack of a detailed secondary system design--made developing a detailed hierarchical control difficult at this time. However, other simultaneous and ongoing efforts have contributed to providing the needed information. This report summarizes the results achieved under Task 4 of this Financial Assistance Award. Section 1.2 describes the scope of this effort. Section 2 discusses the IRIS control functions. Next, it briefly reviews the current control concepts, and then reviews the maneuvering requirements for the IRIS plant. It closes by noting the benefits that automated sequences have in reducing operator workload. Section 3 examines reactor loading in the frequency domain to establish some guidelines for module operation, paying particular attention to strategies for using process steam for desalination and/or district heating. The final subsection discusses the implications for reactor control, and argues that using the envisioned percentage (up to 10%) of the NSSS thermal output for these purposes should not significantly affect the NSSS control strategies. Section 4 uses some very general economic assumptions to suggest how one should approach multi-module operation. It concludes that the well-known algorithms used for economic dispatching could be used to help manage a multi-unit IRIS site. Section 5 addresses the human performance factors of multi-module operation. Section 6 summarizes our conclusions

Discrete Event Supervisory Control Applied to Propulsion Systems

Science.gov (United States)

Litt, Jonathan S.; Shah, Neerav

2005-01-01

The theory of discrete event supervisory (DES) control was applied to the optimal control of a twin-engine aircraft propulsion system and demonstrated in a simulation. The supervisory control, which is implemented as a finite-state automaton, oversees the behavior of a system and manages it in such a way that it maximizes a performance criterion, similar to a traditional optimal control problem. DES controllers can be nested such that a high-level controller supervises multiple lower level controllers. This structure can be expanded to control huge, complex systems, providing optimal performance and increasing autonomy with each additional level. The DES control strategy for propulsion systems was validated using a distributed testbed consisting of multiple computers--each representing a module of the overall propulsion system--to simulate real-time hardware-in-the-loop testing. In the first experiment, DES control was applied to the operation of a nonlinear simulation of a turbofan engine (running in closed loop using its own feedback controller) to minimize engine structural damage caused by a combination of thermal and structural loads. This enables increased on-wing time for the engine through better management of the engine-component life usage. Thus, the engine-level DES acts as a life-extending controller through its interaction with and manipulation of the engine s operation.

Improving The Average Session Evaluation Score Of Supervisory Programby Using PDCA Cycle At PT XYZ

Directory of Open Access Journals (Sweden)

Jonny Jonny

2016-09-01

Full Text Available PT XYZ took People Development tasks as important things in order to provide great leaders for handling its business operations. It had several leadership programs such as basic management program, supervisory program, managerial program, senior management program, general management program, and the executive program. For basic management and supervisory programs, PT XYZ had appointed ABC division to solely handled them, while the rest, ABC division should cooperate with other training providers who were reputable in leadership ones. The aim of this study was to ensure that the appropriate leadership style has been delivered accordingly to the guideline to the employees by ABC division to improve the average session evaluation score of the supervisory program by using PDCA (Plan, Do, Check, and Action cycle. The method of this research was by gathering quantitative and qualitative data by using session and program evaluation format to see current condition. The research finds that the reasons why the program is below target 4,10 score. It is related to the new facilitator, no framework, and teaching aids. 

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.

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...

Striatal activation and frontostriatal connectivity during non-drug reward anticipation in alcohol dependence.

Science.gov (United States)

Becker, Alena; Kirsch, Martina; Gerchen, Martin Fungisai; Kiefer, Falk; Kirsch, Peter

2017-05-01

According to prevailing neurobiological theories of addiction, altered function in neural reward circuitry is a central mechanism of alcohol dependence. Growing evidence postulates that the ventral striatum (VS), as well as areas of the prefrontal cortex, contribute to the increased incentive salience of alcohol-associated cues, diminished motivation to pursue non-drug rewards and weakened strength of inhibitory cognitive control, which are central to addiction. The present study aims to investigate the neural response and functional connectivity underlying monetary, non-drug reward processing in alcohol dependence. We utilized a reward paradigm to investigate the anticipation of monetary reward in 32 alcohol-dependent inpatients and 35 healthy controls. Functional magnetic resonance imaging was used to measure task-related brain activation and connectivity. Alcohol-dependent patients showed increased activation of the VS during anticipation of monetary gain compared with healthy controls. Generalized psychophysiological interaction analyses revealed decreased functional connectivity between the VS and the dorsolateral prefrontal cortex in alcohol dependent patients relative to controls. Increased activation of the VS and reduced frontostriatal connectivity were associated with increased craving. These findings provide evidence that alcohol dependence is rather associated with disrupted integration of striatal and prefrontal processes than with a global reward anticipation deficit. © 2016 Society for the Study of Addiction.

Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation

OpenAIRE

Hein, Eckhard

2002-01-01

Starting from Schumpeter.s important distinction between .real analysis. and .monetary analysis., in this paper it is shown that major elements of Marx.s economic theory fall in the camp of monetary analysis and the implications for Marx.s theory of capital accumulation are derived. First, Marx.s theory of labour value has to be considered a .monetary theory of value. because .abstract labour. as the social substance of value cannot be measured without a social standard of value. Money as a s...

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…

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

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...

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 ...

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, ...

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.

Modern Paradigm in Macroeconomic Monetary Theories

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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.

Stability of Monetary Unions : Lessons from the Break-Up of Czechoslovakia

NARCIS (Netherlands)

Fidrmuc, J.; Horváth, J.

1998-01-01

In 1993, Czechoslovakia experienced a two-fold break-up: On January 1st, the country disintegrated as a political union, while preserving an economic and monetary union. Then, the Czech-Slovak monetary union collapsed on February 8th. We analyze the economic background of the two break-ups, and

Monetary-Fiscal-Trade Policy and Economic Growth in Pakistan: Time Series Empirical Investigation

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Syed Tehseen Jawaid

2011-01-01

Full Text Available This study empirically examines the effect of monetary, fiscal and trade policy on economic growth in Pakistan using annual time series data from 1981 to 2009. Money supply, government expenditure and trade openness are used as proxies of monetary, fiscal and trade policy respectively. Cointegration and error correction model indicate the existence of positive significant long run and short run relationship of monetary and fiscal policy with economic growth. Result also indicates that monetary policy is more effective than fiscal policy in Pakistan. In contrast, trade policy has insignificant effect on economic growth both in the short run and in the long run. In light of the findings, it is suggested that the policy makers should focus more on monetary policy in order to ensure economic growth in the country. It is also recommended that further research should be conducted to find out such components of exports and imports which lead to the ineffectiveness of trade policy to enhance economic growth in Pakistan.

Assessment of the monetary policy transmission mechanism in the new EU member states

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Bungin Sanja

2016-01-01

Full Text Available In order to completely understand and analyse the transmission mechanism, it is necessary to observe all factors conditioning its overall efficiency as well as the efficiency of individual transmission channels. This paper focuses on countries that have successfully passed the transition period and have experience with implementing different monetary policy regimes. The evolution of monetary policy resulted in the development of instruments through which central banks influence the real sector activity by means of a transmission mechanism. The empirical analysis based on econometric tools investigates the efficiency of transmission mechanism channels, or more precisely, their significance in the monetary targeting regime. With a view to reaching the conclusion about the direction in which it is necessary to develop the structure of the real and financial sector, aimed at a better functioning of monetary policy instruments, the paper features a theoretical analysis of the characteristics of the monetary policy in the developed economies, as well as the structural characteristics of these economies.

Optimal Operational Monetary Policy Rules in an Endogenous Growth Model: a calibrated analysis

OpenAIRE

Arato, Hiroki

2009-01-01

This paper constructs an endogenous growth New Keynesian model and considers growth and welfare effect of Taylor-type (operational) monetary policy rules. The Ramsey equilibrium and optimal operational monetary policy rule is also computed. In the calibrated model, the Ramseyoptimal volatility of inflation rate is smaller than that in standard exogenous growth New Keynesian model with physical capital accumulation. Optimal operational monetary policy rule makes nominal interest rate respond s...

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.

The impact of Monetary Policy on the economic growth of Nigeria ...

African Journals Online (AJOL)

Studies show that CBN Monetary Policy measures are effective in regulating both the monetary and real sector aggregates such as employment, prices, level of output and the rate of economic growth. Empirical findings from this study indicate that average price and labour force have significant influence on Gross Domestic ...

Mo' money, mo' problems: Monetary motivation can exacerbate the attentional blink.

Science.gov (United States)

Biggs, Adam T; Adamo, Stephen H; Mitroff, Stephen R

2015-01-01

The attentional blink (AB) is a compelling psychological phenomenon wherein observers are less likely to identify a second target (T2) when it appears approximately 200 ms after a first target (T1) in a rapidly presented stream of items. The present investigation examined how monetary motivation could impact the AB when participants were differentially motivated to identify T1 versus T2. Participants completed one of three conditions where the only difference across conditions was a motivational manipulation: a standard AB task (control condition), a motivated condition with T1 worth double the points of T2, or a motivated condition with T1 worth half the points of T2 (points in the motivated conditions were linked to a possible monetary bonus). Motivation had an expected influence on overall performance as both motivated conditions had higher overall T1 accuracy relative to the control condition. More specific to the question at hand, the AB was exacerbated (ie T2 performance was worse shortly after T1) when T1 was worth more than T2. This finding suggests that participants overallocated attentional resources to T1 processing at the expense of T2 processing, and it supports current theories of the AB.

The asymmetry of U.S. monetary policy: Evidence from a threshold Taylor rule with time-varying threshold values

Science.gov (United States)

Zhu, Yanli; Chen, Haiqiang

2017-05-01

In this paper, we revisit the issue whether U.S. monetary policy is asymmetric by estimating a forward-looking threshold Taylor rule with quarterly data from 1955 to 2015. In order to capture the potential heterogeneity for regime shift mechanism under different economic conditions, we modify the threshold model by assuming the threshold value as a latent variable following an autoregressive (AR) dynamic process. We use the unemployment rate as the threshold variable and separate the sample into two periods: expansion periods and recession periods. Our findings support that the U.S. monetary policy operations are asymmetric in these two regimes. More precisely, the monetary authority tends to implement an active Taylor rule with a weaker response to the inflation gap (the deviation of inflation from its target) and a stronger response to the output gap (the deviation of output from its potential level) in recession periods. The threshold value, interpreted as the targeted unemployment rate of monetary authorities, exhibits significant time-varying properties, confirming the conjecture that policy makers may adjust their reference point for the unemployment rate accordingly to reflect their attitude on the health of general economy.

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.

Assessing the Impact of the ECB's Monetary Policy on the Stock Markets: A Sectoral View

OpenAIRE

Konstantin Kholodilin; Alberto Montagnoli; Oreste Napolitano; Boriss Siliverstovs

2008-01-01

This paper analyzes the response of the European stock markets to the monetary policy shocks by the European Central Bank using the heteroskedasticity based approach of Rigobon (2003). We find that monetary policy tightening has a heterogeneous impact on the Euro Area sectors on the day the monetary policy is publicly announced. Furthermore, we provide statistical evidence against the use of the popular event study approach when assessing the impact of monetary policy shocks on the stock mark...

COMPARISON OF SIMPLE SUM AND DIVISIA MONETARY AGGREGATES USING PANEL DATA ANALYSIS

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Sadullah CELIK

2009-07-01

Full Text Available It is well documented that financial innovation has led to poor performance of simple sum method of monetary aggregation destabilizing the historical relationship between monetary aggregates and ultimate target variables like rate of growth and rate of unemployment during the liberalization period of 1980s. This study tries to emphasize the superiority of an alternative method of aggregation over the simple sum method, namely Divisia monetary aggregates, employing panel data analysis for United States, United Kingdom, Euro Area and Japan for the period between 1980Q1 and 1993Q3. After investigating the order of stationarity of the panel data set through several panel unit root tests, we perform advanced panel cointegration tests to check the existence of a long run link between the Divisia monetary aggregates and income and interest rates in a simple Keynesian money demand function.

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 ...

Financial Constraints and the Response of Business Investment to Monetary Policy Shocks

Directory of Open Access Journals (Sweden)

Haase Timothy J.

2016-09-01

Full Text Available In this study I investigate what impact monetary policy shocks have on firms’ fixed investment, the less liquid portion of gross investment that requires more planning. I account for firms facing financial constraints firms by utilizing a common measure of asset size, which is used in previous literature. I use two exogenous, continuous series of monetary policy shocks to show that constrained firms have statistically different responses to policy than unconstrained firms. Specifically, I find that constrained firms’ fixed investment significantly responds more to monetary policy shocks than unconstrained firms.

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

BOLD responses in reward regions to hypothetical and imaginary monetary rewards

NARCIS (Netherlands)

Miyapuram, K.P.; Tobler, P.N.; Gregorios-Pippas, L.; Schultz, W.

2012-01-01

Monetary rewards are uniquely human. Because money is easy to quantify and present visually, it is the reward of choice for most fMRI studies, even though it cannot be handed over to participants inside the scanner. A typical fMRI study requires hundreds of trials and thus small amounts of monetary

"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…

The need for monetary information within corporate water accounting.

Science.gov (United States)

Burritt, Roger L; Christ, Katherine L

2017-10-01

A conceptual discussion is provided about the need to add monetary data to water accounting initiatives and how best to achieve this if companies are to become aware of the water crisis and to take actions to improve water management. Analysis of current water accounting initiatives reveals the monetary business case for companies to improve water management is rarely considered, there being a focus on physical information about water use. Three possibilities emerge for mainstreaming the integration of monetization into water accounting: add-on to existing water accounting frameworks and tools, develop new tools which include physical and monetary information from the start, and develop environmental management accounting (EMA) into a water-specific application and set of tools. The paper appraises these three alternatives and concludes that development of EMA would be the best way forward. Suggestions for further research include the need to examine the use of a transdisciplinary method to address the complexities of water accounting. Copyright © 2017 Elsevier Ltd. All rights reserved.

Delayed discounting of pain with and without monetary reward

Directory of Open Access Journals (Sweden)

Kicman Paweł

2017-12-01

Full Text Available We investigated the effect of monetary rewards on the rate of pain discounting. Our aim, also, was to understand the effect of previous painful dental experiences on the rate of discounting pain. Two groups (N = 148 completed a discounting task. In the first group, delayed pain was weaker than immediate pain, and in the second group delayed pain was stronger than immediate pain. Two conditions were studied: pain was either accompanied by a monetary reward or not. We found that people preferred immediate pain when it was weaker than delayed pain; however, when delayed pain was stronger than immediate pain, there was no clear preference. In both groups the preference for immediate pain was higher when pain was accompanied by a monetary reward. Previous painful experiences were not related to the rate of discounting. It was concluded that the preference for delayed pain depends on the intensity of pain, and it can be modified by rewards that accompany pain.

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....

The Interaction of Monetary and Fiscal Policy in the Countries of the Visegrad Group

Directory of Open Access Journals (Sweden)

Jan Janků

2014-01-01

Full Text Available Coordination of or at least absence of conflict between monetary and fiscal policies are key to the successful implementation of economic policy. The article aims to use reaction functions to assess whether the monetary and fiscal policies in the countries of the Visegrad Group are in coordination or in conflict and which variables influence their decisions. The central bank is the representative of monetary policy, which has interest rates as its instrument, and the government as the representative of the fiscal policy which has change revenue or spending as a share of GDP as instrument. To obtain the results, multivariate regression analysis is used. The research period is based on quarterly observations from first quarter of 2000 to the fourth quarter of 2012. Stabilizing role of monetary policy and in some countries also partially stabilizing role of fiscal policy has been found. Another result was that in the case of the Czech Republic, Slovakia and Poland, monetary policy appears to play the dominant role, whereas fiscal policy plays dominant role in Hungary. In the case of Slovakia, some different results may be due to Slovakia’s participation in ERM II, which led to the monetary policy, in addition to maintaining price stability, also aiming to maintain a fixed exchange rate and the subsequent entry of Slovakia into the Eurozone and the de facto loss of autonomous monetary policy.

75 FR 57230 - 340B Drug Pricing Program Manufacturer Civil Monetary Penalties

Science.gov (United States)

2010-09-20

... Civil Monetary Penalties AGENCY: Health Resources and Services Administration, HHS. ACTION: Advance notice of proposed rulemaking and request for comments. SUMMARY: Section 602 of Public Law 102-585, the... of civil monetary penalties for manufacturers that knowingly and intentionally overcharge a covered...