Boom-Busts in Asset Prices, Economic Instability, and Monetary Policy

The link between monetary policy and asset price movements has been of perennial interest to policy makers. In this paper we consider the potential case for pre-emptive monetary restrictions when asset price reversals can have serious effects on real output. First, we provide some historical background on two famous asset price reversals: the U.S. stock market crash of 1929 and the bursting of the Japanese bubble in 1989. We then present some stylized facts on boom-bust dynamics in stock and property prices in developed economies. We then discuss the case for a pre-emptive monetary policy in the context of a stylized 'Dynamic New Keynesian' framework with collateral constraints in the productive sector. We find that whether such a policy is warranted depends on the economic conditions in a complex, non-linear way. The optimal policy cannot be summarized by a simple policy rule of the type considered in the inflation-targeting literature.

An analysis of tropopause pressure and total ozone correlations

A study of the relationship between total ozone and tropopause pressure was carried out using Total Ozone Mapping Spectrometer (TOMS) data and National Meteorological Center (NMC) global analyses. The medium scales generally show correlations greater than 0.6 throughout the middle latitudes of both hemispheres with some regions exceeding 0.8. The areas of highest correlations seem to be associated with the storm track regions of both the Northern and Southern Hemispheres. A detailed spectral analysis is performed for the medium scales on five pairs of time series of area averaged tropopause pressure and total ozone. In middle latitudes, total ozone and tropopause pressure exhibit generally similar distributions in the power spectrum. In the subtropics and tropics the power in ozone drops off more rapidly with increasing frequency than the power in tropopause pressure. Only in the Northern Hemisphere middle latitudes does one find a clear association between increased power in ozone and tropopause pressure and maxima in the coherency spectrum. Results for large scales are more complicated, showing generally positive correlations at middle latitudes

A tractable model of precautionary reserves, net foreign assets, or sovereign wealth funds

We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive, deriving a convenient formula for the economy’s target value of assets. The target is the level of assets that balances impatience, prudence, risk, intertemporal substitution, and the rate of return. We use the model to shed light on two topical questions: The “upstream” flows of capital from developing countries to advanced countries, and the long-run impact of resorbing global financial imbalance

Pengaturan Hukum Perbatasan Negara Kesatuan Republik Indonesia Berdasarkan Undang-undang Wilayah Negara

The arrangements area of the country is done to provide legal certainty and clarity to citizens on the territory of the country. Area of the country as outlined in the Constitution of the Republic of Indonesia Year 1945 has an arrangement the Government of Indonesia that protects the Nations Indonesia, the utilization of earth, water, and air as well as the natural resources contained therein for the most of people's prosperity, decentralization of Government to the areas large and small that are autonomous in the frame of the unitary State of the Republic of Indonesia; and social welfare for all the people of Indonesia

Supersonic investigation of two dimensional hypersonic exhaust nozzles

An experimental investigation was conducted in the NASA Lewis 10 x 10 ft supersonic Wind Tunnel to determine the performance characteristics of 2D hypersonic exhaust nozzles/afterbodies at low supersonic conditions. Generally, this type of application requires a single expansion ramp nozzle (SERN) that is highly integrated with the airframe of the hypersonic vehicle. At design conditions (hypersonic speeds), the nozzle generally exhibits acceptable performance. At off-design conditions (transonic to mid-supersonic speeds), nozzle performance of a fixed geometry configuration is generally poor. Various 2-D nozzle configurations were tested at off-design conditions from Mach 2.0 to 3.5. Performance data is presented at nozzle pressure ratios from 1 to 35. Jet exhaust was simulated with high-pressure air. To study performance of different geometries, nozzle configurations were varied by interchanging the following model parts: internal upstream contour, expansion ramp, sidewalls, and cowl

Acute knockdown of Kv4.1 regulates repetitive firing rates and clock gene expression in the suprachiasmatic nucleus and daily rhythms in locomotor behavior

AbstractRapidly activating and inactivating A-type K+currents (IA) encoded by Kv4.2 and Kv4.3 pore-forming (α) subunits of the Kv4 subfamily are key regulators of neuronal excitability. Previous studies have suggested a role for Kv4.1 α-subunits in regulating the firing properties of mouse suprachiasmatic nucleus (SCN) neurons. To test this, we utilized an RNA-interference strategy to knockdown Kv4.1, acutely and selectively, in the SCN. Current-clamp recordings revealed that thein vivoknockdown of Kv4.1 significantly (p&lt; 0.0001) increased mean ± SEM repetitive firing rates in SCN neurons during the day (6.4 ± 0.5 Hz) and at night (4.3 ± 0.6 Hz), compared with nontargeted shRNA-expressing SCN neurons (day: 3.1 ± 0.5 Hz; night: 1.6 ± 0.3 Hz). IAwas also significantly (p&lt; 0.05) reduced in Kv4.1-targeted shRNA-expressing SCN neurons (day: 80.3 ± 11.8 pA/pF; night: 55.3 ± 7.7 pA/pF), compared with nontargeted shRNA-expressing (day: 121.7 ± 10.2 pA/pF; night: 120.6 ± 16.5 pA/pF) SCN neurons. The magnitude of the effect of Kv4.1-targeted shRNA expression on firing rates and IAwas larger at night. In addition, Kv4.1-targeted shRNA expression significantly (p&lt; 0.001) increased mean ± SEM nighttime input resistance (Rin; 2256 ± 166 MΩ), compared to nontargeted shRNA-expressing SCN neurons (1143 ± 93 MΩ). Additional experiments revealed that acute knockdown of Kv4.1 significantly (p&lt; 0.01) shortened, by ∼0.5 h, the circadian period of spontaneous electrical activity, clock gene expression and locomotor activity demonstrating a physiological role for Kv4.1-encoded IAchannels in regulating circadian rhythms in neuronal excitability and behavior.</jats:p

Free vibrations of thin-walled semicircular graphite-epoxy composite frames

A detailed study is made of the effects of variations in lamination and material parameters of thin walled composite frames on their vibrational characteristics. The structures considered are semicircular thin walled frames with I and J sections. The flanges and webs of the frames are modelled by using 2-D shell and plate finite elements. A mixed formulation is used with the fundamental unknowns consisting of both the generalized displacements and stress resultants in the frames. The frequencies and modes predicted by the 2-D finite element model are compared with those obtained from experiments, as well as with the predictions of a 1-D thin walled beam finite element model. A detailed study is made of the sensitivity of the vibrational response to variations in the fiber orientation, material properties of the individual layers, and boundary conditions

A Cross-Country Analysis of Unbanked Within the OECD

Financial inclusion has been extensively researched on a nation-by-nation basis. The recently released Global Findex data set from the World Bank allows for this literature to be extended because it creates universal measures of relevant data. Because data are universal, it allows multiple nations to be analyzed simultaneously. Using a set of thirty-one countries from the OECD, we find that social factors are an important part of highly banked populations. Higher levels of trust in government and formal financial institutions increase the level of financial inclusion. Increases in income inequality are predicted to decrease the banked population within a nation. Our results suggest that in OECD nations the consideration of non-financial factors yields important insight into the determinants of financial inclusion

Critical Cultural Awareness: Contributions To A Globalizing Psychology

The number of psychologists whose work crosses cultural boundaries is increasing. Without a critical awareness of their own cultural grounding, they risk imposing the assumptions, concepts, practices, and values of U.S.-centered psychology on societies where they do not fit, as a brief example from the 2004 Indian Ocean tsunami shows. Hermeneutic thinkers offer theoretical resources for gaining cultural awareness. Culture, in the hermeneutic view, is the constellation of meanings that constitutes a way of life. Such cultural meanings-especially in the form of folk psychologies and moral visions-inevitably shape every psychology, including U.S. psychology. The insights of hermeneutics, as well as its conceptual resources and research approaches, open the way for psychological knowledge and practice that are more culturally situated

Acoustic Emission and Damage Accumulation for Various Woven C/SiC Composites Tested in Tension at Room Temperature

Modal acoustic emission (AE) has proven to be an excellent technique to monitor damage accumulation in ceramic matrix composites. In this study, AE was used to monitor tensile load-unload-reload hysteresis tests for a variety of C fiber reinforced, Sic matrix composites. C/SiC composites were reinforced with T-300 and IM7 fibers, had C, multilayer, or pseudo-porous C interphases, and had chemical vapor infiltrated Sic or melt-infiltrated SiC matrices. All of the composites exhibited considerable AE during testing. The extent and nature of the AE activity will be analyzed and discussed in light of matrix cracking and the variety of composite constituents. It is hoped that understanding the nature of stress-dependent damage accumulation in these materials can be of use in life-modeling for these types of composites