Oversight of U.S. trade policy : joint hearings before the Subcommittee on International Trade of the Committee on Finance and the Subcommittee on International Finance and Monetary Policy of the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-seventh Congress, first session...

Pt. 2: "July 13 and 28, 1981."

Implications of bank ownership for the credit channel of monetary policy transmission:evidence from India

Using bank-level data from India, we examine the impact of ownership on the reaction of banks to monetary policy, and also test whether the reaction of different types of banks to monetary policy changes is different in easy and tight policy regimes. Our results suggest that there are considerable differences in the reactions of different types of banks to monetary policy initiatives of the central bank, and that the bank lending channel of monetary policy is likely to be much more effective in a tight money period than in an easy money period. We also find differences in impact of monetary policy changes on less risky short-term and more risky medium-term lending. We discuss the policy implications of the findings.

UK industrial firms' dept decision under monetary policy transmission

DUE TO COPYRIGHT RESTRICTIONS ONLY AVAILABLE FOR CONSULTATION AT ASTON UNIVERSITY LIBRARY AND INFORMATION SERVICES WITH PRIOR ARRANGEMENT

Monetary policy preferences of the EMU and the UK

We estimate the central bank policy preferences for the European Monetary Union and for the UK. In doing so, we extend the theoretical framework suggested by Cecchetti etal. (TheManchesterSchool, Vol. 70 (2002), pp. 596-618), by assuming that policy preferences change across different regimes. Our empirical results suggest that the weight that policy makers put on inflation is typically profound. Furthermore, it appears that volatility shifts of the economic disturbances are the main factor, which generates variation in policy preferences.

Monetáris hatásosság közösségi szinten (The community level efficiency of monetary policy)

A monetáris integráció központi szereplője a Közösség jegybankja. A közös valuta értékállóságának közvetlenül fő meghatározója a jegybank. Mozgásterét azonban több tényező alakítja. E tanulmány az intézményi és stratégiai, a tagállami (decentralizált fiskális) és a pénzpiaci környezet függvényében vizsgálja az Európai Központi Bank (ECB) lehetőségeit és monetáris politikájának hatásosságát. / === / The efficiency of the European Economic and Monetary Union is a big dilemma of European applied economics. The first part introduces the monetary policy made by ECB. Rates and objectives are the framework of efficiency analysis. The second part details the common pool resource problem in the community of EMU countries, and describes the prisoner's dilemma of indebting in a currency community. The EMU practice shows free riding behavior of many member states what generally causes higher default risks. The increasing indebtedness shows dysfunction too, as the ECB must adjust the interest rate to the higher default risk which means cost premiums for fiscally disciplined countries as well. The third part analyses the efficiency of the ECB through the standards of monetary transmission. The updated criteria can explain any success or failure of the ECB in a not perfectly homogeneous community. The measures of transmission used in the study are the way of financing (banks vs. market), terms of financing, structure of the banking sector, private sector indebtedness, structure of savings and wealth, price elasticity, interest rate elasticity, wage elasticity. They show that the single monetary policy can create tension in the community not only because of the fiscal differences but also due to money market discrepancies.

System operational costs reduction with non-conventional reactive power sources

Wind energy installations are increasing in power systems worldwide and wind generation capacity tends to be located some distance from load centers. A conflict may arise at times of high wind generation when it becomes necessary to curtail wind energy in order to maintain conventional generators on-line for the provision of voltage control support at load centers. Using the island of Ireland as a case study and presenting commercially available reactive power support devices as possible solutions to the voltage control problems in urban areas, this paper explores the reduction in total generation costs resulting from the relaxation of the operational constraints requiring conventional generators to be kept on-line near load centers for reactive power support. The paper shows that by 2020 there will be possible savings of 87€m per annum and a reduction in wind curtailment of more than a percentage point if measures are taken to relax these constraints.

Ethanol production from brown seaweed using non-conventional yeasts

The use of macroalgae (seaweed) as a potential source of biofuels has attracted considerable worldwide interest. Since brown algae, especially the giant kelp, grow very rapidly and contain considerable amounts of polysaccharides, coupled with low lignin content, they represent attractive candidates for bioconversion to ethanol through yeast fermentation processes. In the current study, powdered dried seaweeds (Ascophylum nodosum and Laminaria digitata) were pre-treated with dilute sulphuric acid and hydrolysed with commercially available enzymes to liberate fermentable sugars. Higher sugar concentrations were obtained from L. digitata compared with A. nodosum with glucose and rhamnose being the predominant sugars, respectively, liberated from these seaweeds. Fermentation of the resultant seaweed sugars was performed using two non-conventional yeast strains: Scheffersomyces (Pichia) stipitis and Kluyveromyces marxianus based on their abilities to utilise a wide range of sugars. Although the yields of ethanol were quite low (at around 6 g/L), macroalgal ethanol production was slightly higher using K. marxianus compared with S. stipitis. The results obtained demonstrate the feasibility of obtaining ethanol from brown algae using relatively straightforward bioprocess technology, together with non-conventional yeasts. Conversion efficiency of these non-conventional yeasts could be maximised by operating the fermentation process based on the physiological requirements of the yeasts.

The global crisis and unconventional monetary policy : ECB versus Fed

In the aftermath of the global economic and financial crisis, which broke-out in 2007, the major central banks started implementing so-called unconventional monetary policy measures. Following a fundamentally qualitative methodology, the aim of this paper is to compare the unconventional measures adopted by the ECB and the Fed, assessing their characteristics and also their impacts on the economy.

Population ageing and monetary policy

Mestrado em Economia Monetária e Financeira

The credit channel transmission of monetary policy in the European Union

This paper confirms the importance of the financial systems behaviour conditions to the credit channel of monetary policy in the entire European Union (EU). It uses panel fixed- effect estimations and quarterly data for 26 EU countries for the period from Q1 1999 to Q3 2006 in an adaptation of the Bernanke and Blinder (1988) model. The findings also reveal the high degree of foreign dependence and indebtedness of the EU banking institutions and their similar reactions to the macroeconomic and the monetary policy environments.

A non-conventional five piston double.-acting Stirling Engine filling system CFD simulation and experimental validation

Análisis mediante CFD y validación experimental de un sistema de carga para un motor Stirling. Validado y analizado experimentalmente en un motor de 5 pistones de doble acción.

Inter-industry analysis and monetary policy evaluations in the Korean flow of funds accounts

This study mainly aims to provide an inter-industry analysis through the subdivision of various industries in flow of funds (FOF) accounts. Combined with the Financial Statement Analysis data from 2004 and 2005, the Korean FOF accounts are reconstructed to form "from-whom-to-whom" basis FOF tables, which are composed of 115 institutional sectors and correspond to tables and techniques of input–output (I–O) analysis. First, power of dispersion indices are obtained by applying the I–O analysis method. Most service and IT industries, construction, and light industries in manufacturing are included in the first quadrant group, whereas heavy and chemical industries are placed in the fourth quadrant since their power indices in the asset-oriented system are comparatively smaller than those of other institutional sectors. Second, investments and savings, which are induced by the central bank, are calculated for monetary policy evaluations. Industries are bifurcated into two groups to compare their features. The first group refers to industries whose power of dispersion in the asset-oriented system is greater than 1, whereas the second group indicates that their index is less than 1. We found that the net induced investments (NII)–total liabilities ratios of the first group show levels half those of the second group since the former's induced savings are obviously greater than the latter.