920 resultados para New Keynesian model, Bayesian methods, Monetary policy, Great Inflation
Resumo:
El siglo XIX fue un siglo dedicado a los grandes edificios públicos. Los teatros, las academias, los museos. Sin embargo la arquitectura durante el siglo XX se dedicará al estudio de la casa. Todos los usos y tipologías se verán fuertemente revisados pero el núcleo de todos los esfuerzos y verdadero inicio de la arquitectura moderna será la vivienda. A partir de ella todos los preceptos modernos se irán aplicando a los distintos programas. Nikolaus Pevsner señala a William Morris como el primer arquitecto moderno porque precisamente entendió que un arte verdaderamente social, en consonancia con su tiempo y la sociedad a la que sirve, ha de ocuparse de aquello que preocupe a la gente. Con la nueva situación de la vivienda en el centro de las motivaciones disciplinares el mueble adopta un nuevo protagonismo. En un momento avanzado de su carrera Marcel Breuer observa entre curioso e irónico cómo el mueble moderno había sido promocionado paradójicamente no por los diseñadores de muebles sino por los arquitectos1. La respuesta la da Le Corbusier en una de sus conferencias de 1931 recogida en Precisiones 2 cuando señala la reformulación del mobiliario como el "nudo gordiano" de cuya resolución pendía la renovación de la planta moderna. El Movimiento Moderno se había visto obligado a atacar este tema para poder avanzar en sus propuestas domésticas. El Movimiento Moderno se propuso solucionar los problemas de la vivienda y de una Europa en reconstrucción pero se exigía además ser capaz de aportar una visión propositiva de la vida moderna. No se trataba únicamente de resolver los problemas ya existentes sino que además había la necesidad autoimpuesta de anticipar la domesticidad del futuro. Para ello sus viviendas al completo, mueble e inmueble, debían de presentarse bajo esa nueva imagen. El manifiesto fundacional de la Deustcher Werkbund extendía el radio de acción del nuevo arquitecto desde la construcción de las ciudades a los cojines del sofá. Este mobiliario tenía la compleja misión de condensar sintéticamente todos esos ideales que la modernidad había traído consigo: abstracción, higiene, fascinación maquínica, confianza positivista en la ciencia o la expresión material optimizada. Objetos de la vida moderna, en palabras de Le Corbusier, susceptibles de suscitar un estado de vida moderno. Pocas sillas en la historia del diseño habrán acarreado tanta polémica y tanta disputa por su autoría como la sillas voladas de tubo de acero en sus diferentes versiones. Para entenderlo situémonos en el año 1927 a las puertas de la exposición "Die Wohnung" ("La vivienda") organizada por los maestros de la Bauhaus y dirigida por Mies van der Rohe en la ladera Weissenhof de Stuttgart. Muchos nombres célebres de la arquitectura mostraron en esa ocasión su personal propuesta para la vivienda moderna y los objetos que la habitan. Entre ellos los muebles con tubo de acero fueron una presencia constante en la exposición pero hubo una pieza que destacó sobre todas las demás por su novedad y audacia. La pieza en cuestión era el modelo de silla volada, esto es, sin apoyos posteriores y cuya rigidez estaba conferida al esfuerzo solidario de la estructura continua de tubo de acero y que terminaría por convertirse en el cruce de caminos de tres figuras de la disciplina arquitectónica: Marcel Breuer, Mies van der Rohe y Mart Stam. Cada uno de ellos desarrolló su propio modelo de silla volada en sus versiones MR por parte de Mies, L&C Arnold de Stam y el posterior modelo BR 33 de Marcel Breuer. Los tres, en algún momento de su vida reclamaron de uno u otro modo su autoría como objetos que les pertenecían intelectualmente. Estas sillas se convirtieron en la expresión máxima de uno de los ansiados anhelos de la modernidad, la propia materialidad del acero, en su versión optimizada, era la que había derivado en una forma completamente nueva de un objeto cotidiano y cuyo tipo estaba ya totalmente asumido. Los nuevos materiales y las nuevas formas de hacer habían irrumpido hasta en los utensilios domésticos, y habían sido capaces de reformularlos. El punto de partida para esta investigación es precisamente esa coincidencia de tres figuras de la arquitectura moderna, los tres de formación artesanal, en un mismo modelo de silla y en una misma fecha. Tres arquitectos que se habían encargado de asegurar que el movimiento moderno no reconocía problemas formales sino solamente de construcción, iban a coincidir en el mismo tiempo y lugar, precisamente en una misma forma, como si tal coincidencia hubiera sido producto de una voluntad de época. Sin embargo el interés de este estudio no radica en una indagación sobre la autoría sino sobre cómo un mismo objeto resulta ser propositivo e interesante en campos muy diversos y la forma en que cada uno lo hace suyo incorporándolo a su propia investigación proyectual. La silla, más allá de ser un objeto de diseño exclusivamente, trasciende su propia escala para situarse inmersa en un proceso de búsqueda y exploración a nivel conceptual, formal, constructivo y estructural en la arquitectura cada uno de ellos. En un momento en que el oficio del arquitecto está siendo intensamente redefinido considero especialmente pertinente esta investigación, que en definitiva versa sobre la forma distintiva en que el pensamiento arquitectónico es capaz de proyectarse sobre cualquier disciplina para reformularla. ABSTRACT The nineteenth century was a century dedicated to the great public buildings; theaters, schools or museums. However the architecture in the twentieth century was devoted to the study of housing. All uses and typologies were heavily revised but the focus of all efforts and true beginning of modern architecture was housing. From these beginnings all modern precepts were applied to the various programs. Nikolaus Pevsner points to William Morris as the first modern architect precisely because he understood that a truly social art in line with its time and the society it serves must deal with social concerns at that time. With the new housing situation at the center of disciplinary concerns furniture took on a new prominence. At an advanced stage of his career Marcel Breuer observed partly with curiosity, partly with irony how modern furniture had been promoted not by furniture designers but by architects. The answer is given by Le Corbusier in one of his lectures of 1931 collected in Precisions when he pointed the reformulation of furniture as the "Gordian knot" for the renewal of modern plan resolution. Modernism had been forced to confront this issue in order to advance their domestic approaches. Modernism not only put forward a solution to the problems of housing and a Europe under reconstruction but is also needed to be able to contribute to an exciting vision of modern life. Not only did solve existing problems but also it had the self-imposed necessity of anticipating future domesticity and to do their houses full, movable and immovable, they should be submitted under this new image. The founding manifesto of the Deutsche Werkbund extended the scope of the new architect from building cities to the couch cushions. This furniture had the complex mission of synthetically condensing all the ideals of modernity had brought with it: abstraction, hygiene, mechanization, positivist confidence in science or material expression. Objects of modern life, in words of Le Corbusier, were likely to give rise a state of modern life. Few chairs in design history have resulted in so much controversy and so much dispute over their invention as the various versions of cantilevered tubular steel chairs. To understand this let us place ourselves in 1927 at the gates of the exhibition "Die Wohnung" ("Housing") organized by the teachers of the Bauhaus and directed by Mies van der Rohe in Stuttgart Weissenhoflung. Many famous names in architecture at that time showed their personal proposals for modern housing and the objects that inhabit them. Amongst these objects, the steel tube furniture was a constant presence at the exhibition but there was a piece so audacious that it stood out from all the others. This piece in question was the cantilever model chair, that is, which had no further rear support and whose rigidity was attributed to the solidity of its continues structure of steel tube. This piece would eventually become the crossroads of three very different personalities: Mart Stam, Marcel Breuer and Mies van der Rohe. Each of them developed their own model of cantilevered chair in different versions; The MR model developed by Mies van der Rohe, the L&C by Arnold Stam and a later model BR 33 by Marcel Breuer, and the three, at some point in their lives demanded the authorship of its invention as objects that belonged to them intellectually. These chairs epitomized one of the coveted objects of modernity, steel material in its optimized version, was what had led to a completely new form of an everyday object whose this type was fully adopted on board in design. New materials and production methods had burst into world of household objects, and had been able to reformulate their design. The bold design then became a dark object of controversy. The starting point for this doctoral thesis is the concurrent invention of the same model of chair by three different figures of modern architecture. These three architects, who were responsible for ensuring that the modern movement considered construction rather than form as the main design consideration, were working in the same place and at the same point in time. It was almost as if these three architects were shaped by the culture of the time (Zeitgeist). However the focus of this study lies not in an investigation of responsibility of ownership but in the investigation fo how the same object can turn out to be purposeful and interesting in many different fields and the way in which each researcher makes it his own by developing his own project research. 1927, the year of their meeting, was a initiatory year in the career of our players. The chair, beyond being only a design object transcended its own scale and became immersed in a process of research and development on a conceptual, formal, structural and constructive level in the architectural approach of each of the architects. At a time when the role of the architect is being redefined intensely I consider this research, which ultimately concerns the distinctive way the architectural thought can be projected onto and reformulate any discipline, to be particularly relevant.
Resumo:
As world communication, technology, and trade become increasingly integrated through globalization, multinational corporations seek employees with global leadership experience and skills. However, the demand for these skills currently outweighs the supply. Given the rarity of globally ready leaders, global competency development should be emphasized in higher education programs. The reality, however, is that university graduate programs are often outdated and focus mostly on cognitive learning. Global leadership competence requires moving beyond the cognitive domain of learning to create socially responsible and culturally connected global leaders. This requires attention to development methods; however, limited research in global leadership development methods has been conducted. A new conceptual model, the global leadership development ecosystem, was introduced in this study to guide the design and evaluation of global leadership development programs. It was based on three theories of learning and was divided into four development methodologies. This study quantitatively tested the model and used it as a framework for an in-depth examination of the design of one International MBA program. The program was first benchmarked, by means of a qualitative best practices analysis, against the top-ranking IMBA programs in the world. Qualitative data from students, faculty, administrators, and staff was then examined, using descriptive and focused data coding. Quantitative data analysis, using PASW Statistics software, and a hierarchical regression, showed the individual effect of each of the four development methods, as well as their combined effect, on student scores on a global leadership assessment. The analysis revealed that each methodology played a distinct and important role in developing different competencies of global leadership. It also confirmed the critical link between self-efficacy and global leadership development.
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Mathematical morphology addresses the problem of describing shapes in an n-dimensional space using the concepts of set theory. A series of standardized morphological operations are defined, and they are applied to the shapes to transform them using another shape called the structuring element. In an industrial environment, the process of manufacturing a piece is based on the manipulation of a primitive object via contact with a tool that transforms the object progressively to obtain the desired design. The analogy with the morphological operation of erosion is obvious. Nevertheless, few references about the relation between the morphological operations and the process of design and manufacturing can be found. The non-deterministic nature of classic mathematical morphology makes it very difficult to adapt their basic operations to the dynamics of concepts such as the ordered trajectory. A new geometric model is presented, inspired by the classic morphological paradigm, which can define objects and apply morphological operations that transform these objects. The model specializes in classic morphological operations, providing them with the determinism inherent in dynamic processes that require an order of application, as is the case for designing and manufacturing objects in professional computer-aided design and manufacturing (CAD/CAM) environments. The operators are boundary-based so that only the points in the frontier are handled. As a consequence, the process is more efficient and more suitable for use in CAD/CAM systems.
Resumo:
In the decade to come, the European Union will embark on two new projects, each destined to transform it in fundamental ways: (i) Eastern enlargement, and (ii) economic and monetary union. Neither of these projects will affect all members equally or in the same way. But Greece will, for two reasons, be affected in a manner qualitatively different to all other member states. First, Greece is the only country physically affected by the Luxembourg Summit's decision to begin accession negotiations with some, but not all, Central and Eastern European applicant countries: as a result of this decision, she will continue, for at least another eight to ten years, to be the only member country not to share a common border with another member state, with all the consequent implications in economic and geostrategic tenns. Second, when the European Council meets in early May to select those member states that are deemed to have met the convergence criteria, it will find that Greece is the only member state falling short of those criteria. This development may create additional difficulties for her economy during the transitional period of derogation. It will also pose new risks to Greece, insofar as she will be absent during the initial-and crucial-years of establishing a common monetary policy.
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In his presentation of the new Fiscal Stability Treaty, which came into force in January 2013, Jørgen Mortensen questions the extent to which the new inter-governmental agreement can be expected to solve the fundamental problem of consistency between budgetary and monetary policy.
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During the crisis the European Central Bank’s roles have been greatly extended beyond its price stability mandate. In addition to the primary objective of price stability and the secondary objective of supporting EU economic policies, we identify ten new tasks related to monetary policy and financial stability. We argue that there are three main constraints on monetary policy: fiscal dominance, financial repercussions and regional divergences. By assessing the ECB’s tasks in light of these constraints, we highlight a number of synergies between these tasks and the ECB’s primary mandate of price stability. But we highlight major conflicts of interest related to the ECB’s participation in financial assistance programmes. We also underline that the ECB’s government bond purchasing programmes have introduced the concept of ‘monetary policy under conditionality’, which involves major dilemmas. A solution would be a major change towards a US-style system, in which state public debts are small, there are no federal bail-outs for states, the central bank does not purchase state debt and banks do not hold state debt. Such a change is unrealistic in the foreseeable future.
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Has inflation targeting (IT) conferred benefits in terms of economic growth on countries that followed this particular monetary policy strategy during the crisis period 2007-12? This paper answers this question in the affirmative. Countries with an IT monetary regime with flexible exchange rates weathered the crisis much better than countries with other monetary regimes, predominantly countries with fixed exchange rates. Part of this difference in growth performance reflects differences in export performance during the initial years of the crisis, which in turn can be explained by real exchange rate depreciations. However, IT seems also to confer other benefits on the countries above and beyond the effects from currency depreciation.
Resumo:
Inflation rates can differ across regions of monetary unions. We show that in the euro area, the US, Canada, Japan and Australia, inflation rates have been substantially and persistently different in different regions. Differences were particularly substantial in the euro area. Inflation differences can reflect normal adjustment processes such as price convergence or the Balassa-Samuelson effect, or can reflect the different cyclical position of regions. But they can also be the result of economic distortions resulting from segmented markets or unsustainable demand and credit developments fueled by low real interest rates. In normal times, the European Central Bank cannot influence such developments with its single interest rate instrument. However, unconventional policy measures can have different effects on different countries depending on the chosen instrument, and should be used to reduce fragmentation and ensure the proper transmission of monetary policy. The new macro prudential policy tools are unlikely to be practical in addressing inflation divergences. It is crucial to keep the average inflation rate close to two percent so that inflation differentials are possible without deflation in some parts of the euro area, which in turn might endanger area-wide financial stability and price stability.
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This series of policy briefs provides a regular update of debates concerning key rights issues in three Arab states, Morocco, Egypt and Tunisia. In a first round of briefs on the three countries, we provide background on these debates since the beginning of the Arab spring.
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An ambitious rhetoric has been adopted both at the European and national level towards industrial policy. Along with rhetoric, sweeping action plans to revive our industrial base and reverse off-shoring trends have been attempted. However, concrete measures undertaken have been inconsistent and weak compared to the magnitude of the challenges faced by European manufacturing as well as the policies implemented by our competitors. At the same time the economic and financial crisis has shed light on the risks of an excessive reliance on the service and financial sector and the necessity to look for new sources of growth. As a response, this Issue Paper, by Claire Dhéret, Senior Policy Analyst and Martina Morosi, Programme Assistant, argues that fostering a more innovative, knowledge-intensive, new technology-oriented and resource-efficient manufacturing industry in Europe is the right way to go. To this end, a new EU strategic vision on industrial policy, based on the operationalisation of European cooperation, is urgently required. The paper presents a toolkit for implementing the vision and a series of policy recommendations.
Resumo:
In the decade to come, the European Union will embark on two new projects, each destined to transform it in fundamental ways: (i) Eastern enlargement, and (ii) economic and monetary union. Neither of these projects will affect all members equally or in the same way. But Greece will, for two reasons, be affected in a manner qualitatively different to all other member states. First, Greece is the only country physically affected by the Luxembourg Summit's decision to begin accession negotiations with some, but not all, Central and Eastern European applicant countries: as a result of this decision, she will continue, for at least another eight to ten years, to be the only member country not to share a common border with another member state, with all the consequent implications in economic and geostrategic terms. Second, when the European Council meets in early May to select those member states that are deemed to have met the convergence criteria, it will find that Greece is the only member state falling short of those criteria. This development may create additional difficulties for her economy during the transitional period of derogation. It will also pose new risks to Greece, insofar as she will be absent during the initial-and crucial-years of establishing a common monetary policy.
Resumo:
Highlights • Low interest rates, asset purchases and other accommodative monetary policy measures tend to increase asset prices and thereby benefit the wealthier segments of society, at least in the short-term, given that asset holdings are mainly concentrated among richest households. • Such policies also support employment, economic activity, incomes and inflation, which can benefit the poor and middle-class, which have incomes more dependent on employment and which tend to spend a large share of their income on debt service. • Monetary policy should focus on its mandate, while fiscal and social policies should address widening inequalities by revising the national social redistribution systems for improved efficiency, intergenerational equity and fair burden sharing between the wealthy and poor.
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Greece has an imperfect track-record of structural reform implementation. However, the poor growth outcome of the Greek programmes is also a consequence of the timing and composition of reforms, which were not optimally geared towards a speedy transition to a new growth model based on the private sector. While the main responsibility for this lies with the Greek authorities, international institutions share the responsibility for the poor growth-enhancing effect of reforms. In the current context, further structural reform efforts should be mainly targeted at supporting Greece's speedy return to solid growth rates. This is not only because poverty and unemployment have reached very high levels, but also for political economy reasons: reforms must quickly be seen to be working in order to buttress the consensus in favour of reform. Further efforts should be made to improve Greece’s business environment and to liberalise product markets, in addition to shifting taxation away from labour and towards consumption. Reforms to improve the quality of institutions should continue and are very much needed in the Greek setting, while taking into account that their demanding implementation might use up administrative capacity and their impact on growth will only be seen over long time horizons.
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The German Constitutional Court (BVG) recently referred different questions to the European Court of Justice for a preliminary ruling. They concern the legality of the European Central Bank’s Outright Monetary Transaction mechanism created in 2012. Simultaneously, the German Court has threatened to disrupt the implementation of OTM in Germany if its very restrictive analysis is not validated by the European Court of Justice. This raises fundamental questions about the future efficiency of the ECB’s monetary policy, the damage to the independence of the ECB, the balance of power between judges and political organs in charge of economic policy, in Germany and in Europe, and finally the relationship between the BVG and other national or European courts.
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Among several important monetary policy initiatives decided by the European Central Bank on 10 March 2016 was the launch of a new set of targeted longer-term refinancing operations (TLTRO II), expanding on the previous TLTRO. In assessing this scheme, which might cost up to €24 billion, this Policy Brief finds that while it could become important, it is questionable whether it will achieve its goal of encouraging the extension of credit for new investment, as banks can easily window dress their loan book.