Sviluppo economico e qualità istituzionale: il ruolo di disuguaglianza e corruzione

Nell'ambito delle teorie dello sviluppo, un filone di studi, originato dai lavori di North (1973) e consolidatosi negli ultimi anni, individua nelle istituzioni, definite come le regole del gioco o i vincoli disegnati dagli uomini per disciplinare i loro rapporti, i fattori fondamentali dello sviluppo economico. Le istituzioni, nel modello elaborato da Acemoglu, Johnson e Robinson (2004), sono il frutto di interazioni dinamiche tra potere politico de jure, determinato dalle istituzioni politiche, e potere politico de facto, determinato dalla distribuzione delle risorse economiche. Sulla base di questa prospettiva teorica, questa tesi propone uno studio di carattere quantitativo sulla qualità istituzionale, la traduzione operativa del concetto di istituzioni, composta dalle tre fondamentali dimensioni di democrazia, efficienza ed efficacia del governo e assenza di corruzione. La prima parte, che analizza sistematicamente pro e contro di ciascuna tipologia di indicatori, è dedicata alla revisione delle misure quantitative di qualità istituzionale, e individua nei Worldwide Governance Indicators la misura più solida e consistente. Questi indici sono quindi utilizzati nella seconda parte, dove si propone un'analisi empirica sulle determinanti della qualità istituzionale. Le stime del modello di regressione cross-country evidenziano che la qualità istituzionale è influenzata da alcuni fattori prevalentemente esogeni come la geografia, la disponibilità di risorse naturali e altre caratteristiche storiche e culturali, insieme ad altri fattori di carattere più endogeno. In quest'ultima categoria, i risultati evidenziano un effetto positivo del livello di sviluppo economico, mentre la disuguaglianza economica mostra un impatto negativo su ciascuna delle tre dimensioni di qualità istituzionale, in particolare sulla corruzione. Questi risultati supportano la prospettiva teorica e suggeriscono che azioni di policy orientate alla riduzione delle disparità sono capaci di generare sviluppo rafforzando la democrazia, migliorando l'efficienza complessiva del sistema economico e riducendo i livelli di corruzione.

Financial Development and Economic Growth: Time Series Evidence from Albania

The main objective of this thesis is to explore the short and long run causality patterns in the finance – growth nexus and finance-growth-trade nexus before and after the global financial crisis, in the case of Albania. To this end we use quarterly data on real GDP, 13 proxy measures for financial development and the trade openness indicator for the period 1998Q1 – 2013Q2 and 1998Q1-2008Q3. Causality patterns will be explored in a VAR-VECM framework. For this purpose we will proceed as follows: (i) testing for the integration order of the variables; (ii) cointegration analysis and (iii) performing Granger causality tests in a VAR-VECM framework. In the finance-growth nexus, empirical evidence suggests for a positive long run relationship between finance and economic growth, with causality running from financial development to economic growth. The global financial crisis seems to have not affected the causality direction in the finance and growth nexus, thus supporting the finance led growth hypothesis in the long run in the case of Albania. In the finance-growth-trade openness nexus, we found evidence for a positive long run relationship the variables, with causality direction depending on the proxy used for financial development. When the pre-crisis sample is considered, we find evidence for causality running from financial development and trade openness to economic growth. The global financial crisis seems to have affected somewhat the causality direction in the finance-growth-trade nexus, which has become sensible to the proxy used for financial development. On the short run, empirical evidence suggests for a clear unidirectional relationship between finance and growth, with causality mostly running from economic growth to financial development. When we consider the per-crisis sub sample results are mixed, depending on the proxy used for financial development. The same results are confirmed when trade openness is taken into account.

Spatial Disparity and Dynamic Trajectory of Convergence in China: Construction and Application of a Composite Index of Regional Development

China is a large country characterized by remarkable growth and distinct regional diversity. Spatial disparity has always been a hot issue since China has been struggling to follow a balanced growth path but still confronting with unprecedented pressures and challenges. To better understand the inequality level benchmarking spatial distributions of Chinese provinces and municipalities and estimate dynamic trajectory of sustainable development in China, I constructed the Composite Index of Regional Development (CIRD) with five sub pillars/dimensions involving Macroeconomic Index (MEI), Science and Innovation Index (SCI), Environmental Sustainability Index (ESI), Human Capital Index (HCI) and Public Facilities Index (PFI), endeavoring to cover various fields of regional socioeconomic development. Ranking reports on the five sub dimensions and aggregated CIRD were provided in order to better measure the developmental degrees of 31 or 30 Chinese provinces and municipalities over 13 years from 1998 to 2010 as the time interval of three “Five-year Plans”. Further empirical applications of this CIRD focused on clustering and convergence estimation, attempting to fill up the gap in quantifying the developmental levels of regional comprehensive socioeconomics and estimating the dynamic convergence trajectory of regional sustainable development in a long run. Four clusters were benchmarked geographically-oriented in the map on the basis of cluster analysis, and club-convergence was observed in the Chinese provinces and municipalities based on stochastic kernel density estimation.

La città ready-made. Partecipazione, relazione e azione nel ‘900

La città ready-made. Partecipazione, relazione e azione nel ‘900 è un percorso storico-critico che si snoda lungo tutto il ‘900 alla ricerca degli episodi in cui è possibile riscontrare la partecipazione nelle pratiche estetiche di diverse generazioni di artisti; per imbastire un racconto puntuale e sistematico, inoltre, si è ricorsi ad una metafora genetica che ha riscontrato una fase — corrispondente alla prima metà del secolo — in cui il cromosoma responsabile di tale afflato partecipativo è risultato recessivo e un’altra — corrispondente stavolta alla seconda metà, più o meno dagli anni ’60 ai ’90 — in cui si è potuto registrare, altresì, una dominanza. Ad influire su questi fenomeni e sul loro svolgimento nei decenni, i protagonisti assoluti di questa trattazione: la Città e il Pubblico che, di volta in volta, facendo sentire la loro presenza o facendola venir meno, hanno dettato l’agenda della socio-relazionalità nel ‘900. Si è, inoltre, provveduto a rileggere alcuni episodi estetici al fine di evidenziarne un andamento ciclico e di ripetizione: mentre nella prima metà della ricerca si è scovato il seme della socio-relazionalità nelle visite e nelle derive di dadaisti e situazionisti, nella seconda ci si è concentrati sull’ampia produzione dei collettivi artistici di New York negli anni ’70. A dimostrazione di come la relazionalità non sia un fenomeno esclusivamente legato alla pratica dell’arte degli anni ’90, ma che, con le opportune distinzioni generazionali, è possibile riscontrarne le tracce in tutta la contemporaneità.

Essays in Macroecometrics: methodological aspects and empirical applications

In the first chapter, I develop a panel no-cointegration test which extends Pesaran, Shin and Smith (2001)'s bounds test to the panel framework by considering the individual regressions in a Seemingly Unrelated Regression (SUR) system. This allows to take into account unobserved common factors that contemporaneously affect all the units of the panel and provides, at the same time, unit-specific test statistics. Moreover, the approach is particularly suited when the number of individuals of the panel is small relatively to the number of time series observations. I develop the algorithm to implement the test and I use Monte Carlo simulation to analyze the properties of the test. The small sample properties of the test are remarkable, compared to its single equation counterpart. I illustrate the use of the test through a test of Purchasing Power Parity in a panel of EU15 countries. In the second chapter of my PhD thesis, I verify the Expectation Hypothesis of the Term Structure in the repurchasing agreements (repo) market with a new testing approach. I consider an "inexact" formulation of the EHTS, which models a time-varying component in the risk premia and I treat the interest rates as a non-stationary cointegrated system. The effect of the heteroskedasticity is controlled by means of testing procedures (bootstrap and heteroskedasticity correction) which are robust to variance and covariance shifts over time. I fi#nd that the long-run implications of EHTS are verified. A rolling window analysis clarifies that the EHTS is only rejected in periods of turbulence of #financial markets. The third chapter introduces the Stata command "bootrank" which implements the bootstrap likelihood ratio rank test algorithm developed by Cavaliere et al. (2012). The command is illustrated through an empirical application on the term structure of interest rates in the US.

Dinamica di una faglia con due asperità in presenza di accoppiamento viscoelastico

Il lavoro di tesi si propone di analizzare l'evoluzione dinamica di una faglia caratterizzata da due asperità complanari contraddistinte da diverso attrito (modello asimmetrico) e da accoppiamento viscoelastico. Il modello reologico assunto per la crosta terrestre è di tipo Maxwelliano: lo sforzo trasferito da un'asperità all'altra in occasione degli scorrimenti delle asperità stesse subisce parziale rilassamento durante il periodo intersismico, con conseguente anticipo o ritardo degli eventi sismici successivi. Lo studio del sistema viene condotto tramite un modello di faglia discreto, in cui lo stato della faglia è determinato da tre variabili che rappresentano i deficit di scorrimento delle asperità e il loro accoppiamento viscoelastico. Scopo principale della tesi è quello di caratterizzare i differenti modi dinamici del sistema, determinando equazioni del moto e orbite nello spazio delle fasi e confrontando i risultati ottenuti con i modelli precedentemente sviluppati, con particolare riferimento al caso simmetrico (asperità caratterizzate dallo stesso attrito) studiato in [Amendola e Dragoni (2013)] e al caso di accoppiamento puramente elastico analizzato in [Dragoni e Santini (2012)]. Segue l'applicazione del modello all'evento sismico verificatosi in Alaska nel 1964, generato dallo scorrimento delle asperità di Kodiak Island e Prince William Sound: lo studio verte in particolare sulla valutazione dello stato di sforzo sulla faglia prima e dopo il terremoto, la determinazione della funzione sorgente (moment rate) a esso associata e la caratterizzazione della possibile evoluzione futura del sistema. Riferimenti bibliografici Amendola, A. & Dragoni, M., “Dynamics of a two-fault system with viscoelastic coupling”. Nonlinear Processes in Geophysics, 20, 1–10, 2013. Dragoni, M. & Santini, S., “Long-term dynamics of a fault with two asperities of different strengths”. Geophysical Journal International, 191, 1457–1467, 2012.

Eine ökologische Landeskunde der Rhön

Die Ökologische Landeskunde der Rhön – mit einem Schwerpunkt auf dem hessischen Teil – behandelt als moderne Landeskunde neben der Geostruktur und der humangeographischen Struktur im Besonderen die ökologische Struktur, denn nur durch diese Pointierung können Räume in ihrer Gesamtheit und Komplexität beschrieben werden. Das gilt im Besonderen für ökologisch bedeutsame Schutzräume wie die Rhön. Der Mittelgebirgsraum Rhön ist eine über Jahrhunderte gewachsene Kulturlandschaft mit einem weitgehend intakten, aber fragilen Ökosystem, das eine einzigartige und schützenswerte floristische und faunistische Ausstattung aufweist. Durch die weitreichenden mittelalterlichen Rodungen und die anschließende extensive Weidenutzung haben sich unter dem Eingriff des Menschen besonders auf den Höhenlagen im Laufe der Zeit artenreiche und ökologisch bedeutsame Ökosystemtypen, wie Borst- und Kalkmagerrasen, entwickelt. Um das naturräumliche und touristische Potential des Untersuchungsraums langfristig erhalten zu können, haben ökologische und nachhaltige Entwicklungen in den einzelnen Wirtschaftssektoren eine überragende Funktion. Im primären, sekundären und tertiären Sektor zeigen sich deutliche Entwicklungen hin zu ökologischen Erzeugnissen und Dienstleistungen. Der Ökolandbau gewinnt in der Rhön zunehmend an Bedeutung, Betriebe spezialisieren sich immer mehr auf Bio-zertifizierte und regionale Produkte und werben verstärkt mit ökologischen und rhöntypischen Begrifflichkeiten. Vor allem der für die Rhön wirtschaftlich bedeutende Tourismussektor, der im Spannungsfeld zwischen Ökonomie und Ökologie steht, entwickelt sich ebenfalls in Richtung nachhaltiger und umweltfreundlicher Formen. Am Beispiel des Milseburgradwegs konnte anhand einer Besucherbefragung auf Basis standardisierter Fragestellungen mit vornehmlich geschlossenen Fragen gezeigt werden, wie wichtig den Nutzern eine intakte Natur ist und wie Ökotourismus, Wirtschaftlichkeit und Naturschutz koexistieren können. Die Prämierung der Rhön zum Biosphärenreservat Rhön durch die UNESCO im Jahre 1991 erwies sich als Glücksfall und konnte dem strukturschwachen ländlichen Raum wichtige ökologische und wirtschaftliche Impulse geben, vor allem in Richtung ökologischer und nachhaltiger Erzeugnisse und Dienstleistungen. Die Auszeichnung kann dabei als Synthese zwischen Geostruktur und humangeographischer Struktur angesehen werden und ist Würdigung, Mahnung und Pflicht zugleich. Zusätzlich verdeutlicht sie auf eindringliche Weise die Fragilität und Schutzwürdigkeit des Ökosystems. Gegenwärtig zeichnen sich im Untersuchungsraum einige Entwicklungen ab, die die ökologische Raumstruktur gefährden und zusätzlich zur Aberkennung des Titels Biosphärenreservat führen könnten, weshalb sie kritisch gesehen werden müssen. Hier stechen der Bau der geplanten Bundesstraße B 87n von Fulda nach Meiningen oder das Kernzonendefizit hervor. Die Arbeit ist deshalb ein Plädoyer für den unbedingten Erhalt des identitätsstiftenden Titels Biosphärenreservat sowie für eine aktive Umweltbildung, denn eine erfolgreiche Zukunft und Identifikation der Bewohner mit ihrem Heimatraum ist unmittelbar an das Prädikat gekoppelt. Ökologische Landeskunden verstehen sich als aktive Elemente in der Umweltbildung und richten sich an die Menschen, die immer mehr zum prägenden Faktor von Räumen und ihren Ökosystemen werden. In der Rhön können sie sogar als Ausgangspunkt für die Herausbildung aufgefasst werden. Trotz der begrenzten Aussagekraft der Arbeit und der Komplexität des Untersuchungsraums zeigen sich vielfältige, ökologisch relevante Entwicklungen, die jedoch durch weitere sozialwissenschaftliche und wirtschaftswissenschaftliche Arbeiten erweitert, vertieft und stetig abgeglichen werden müssen.

A longitudinal three-center study of dental arch relationship in patients with bilateral cleft lip and palate

OBJECTIVE: To compare and evaluate longitudinally the dental arch relationships from 4.5 to 13.5 years of age with the Bauru-BCLP Yardstick in a large sample of patients with bilateral cleft lip and palate (BCLP). DESIGN: Retrospective longitudinal intercenter outcome study. PATIENTS: Dental casts of 204 consecutive patients with complete BCLP were evaluated at 6, 9, and 12 years of age. All models were identified only by random identification numbers. SETTING: Three cleft palate centers with different treatment protocols. MAIN OUTCOME MEASURES: Dental arch relationships were categorized with the Bauru-BCLP yardstick. Increments for each interval (from 6 to 9 years, 6 to 12 years, and 9 to 12 years) were analyzed by logistic and linear regression models. RESULTS: There were no significant differences in outcome measures between the centers at age 12 or at age 9. At age 6, center B showed significantly better results (p=.027), but this difference diminished as the yardstick score for this group increased over time (linear regression analysis), the difference with the reference category (center C, boys) for the intervals 6 to 12 and 9 to 12 years being 10.4% (p=.041) and 12.9% (p=.009), respectively. CONCLUSIONS: Despite different treatment protocols, dental arch relationships in the three centers were comparable in final scores at age 9 and 12 years. Delaying hard palate closure and employing infant orthopedics did not appear to be advantageous in the long run. Premaxillary osteotomy employed in center B appeared to be associated with less favorable development of the dental arch relationship between 9 and 12 years.

Posttraumatic stress disorder after implantation of a mechanical assist device followed by heart transplantation: evaluation of patients and partners

AIM: We sought to investigate the prevalence of posttraumatic stress disorder, anxiety, and depression in patients and their partners after implantation of a mechanical assist device as a bridge to heart transplantation. METHODS: This was a retrospective assessment of 41 patients (age 46.3 +/- 12.0 years; male-female ratio, 38:3; time since transplantation, 55.3 +/- 34.2 months [range, 7-122 months) and 27 partners (male-female ratio 2:25) by standardized instruments (Impact of Event Scale, Hospital Anxiety and Depression Scale), in 2 University Heart Transplant Centers (Vienna, Austria, Munster, Germany). The duration of the support systems (MicroMed DeBakey-VAD in 17 patients, Novacor in 10, Thoratec in 8, TCI HeartMate in 5, and Berlin Heart Incor in 1 patient) ranged from 28 to 711 (176 +/- 146) days. RESULTS: None of the patients, but 23% of the partners (n = 6), met the criteria for posttraumatic stress disorder (Maercker cutoff >0). The Impact of Event Scale (IES) sum scales differed significantly between the 2 groups (21.2 +/- 15.1, mean +/- SD) for the patients versus 38.1 +/- 27.8 for the partners, respectively; P = .001). Two percent of the patients, but 19% of the partners, showed mild to moderate depression; 4% of patients, but 23% of their partners, reported mild to moderate anxiety. None of the results were significantly influenced by the time since transplantation, patient age, diagnoses, type of assist device, or indication for heart transplantation. CONCLUSIONS: Despite patients being much closer to a life threat, their partners experience significantly more psychologic distress even in the long run. Our findings highlight the need for attention to the supporting persons.

Financial decision making about found oil and gas in Ghana : real options vs. traditional methods

This research is a study of the use of capital budgeting methods for investment decisions. It uses both the traditional methods and the newly introduced approach called the real options analysis to make a decision. The research elucidates how capital budgeting can be done when analysts encounter projects with high uncertainty and are capital intensive, for example oil and gas production. It then uses the oil and gas find in Ghana as a case study to support its argument. For a clear understanding a thorough literature review was done, which highlights the advantages and disadvantages of both methods. The revenue that the project will generate and the costs of production were obtained from the predictions by analysts from GNPC and compared to others experts’ opinion. It then applied both the traditional and real option valuation on the oil and gas find in Ghana to determine the project’s feasibility. Although, there are some short falls in real option analysis that are presented in this research, it is still helpful in valuing projects that are capital intensive with high volatility due to the strategic flexibility management possess in their decision making. It also suggests that traditional methods of evaluation should still be maintained and be used to value projects that have no options or those with options yet the options do not have significant impact on the project. The research points out the economic ripples the production of oil and gas will have on Ghana’s economy should the project be undertaken. These ripples include economic growth, massive job creation and reduction of the balance of trade deficit for the country. The long run effect is an eventually improvement of life of the citizens. It is also belief that the production of gas specifically can be used to generate electricity in Ghana which would enable the country to have a more stable and reliable power source necessary to attract more foreign direct investment.

Identifying indicators of sustainable development using the global sustainability quadrant approach

Advances in information technology and global data availability have opened the door for assessments of sustainable development at a truly macro scale. It is now fairly easy to conduct a study of sustainability using the entire planet as the unit of analysis; this is precisely what this work set out to accomplish. The study began by examining some of the best known composite indicator frameworks developed to measure sustainability at the country level today. Most of these were found to value human development factors and a clean local environment, but to gravely overlook consumption of (remote) resources in relation to nature’s capacity to renew them, a basic requirement for a sustainable state. Thus, a new measuring standard is proposed, based on the Global Sustainability Quadrant approach. In a two‐dimensional plot of nations’ Human Development Index (HDI) vs. their Ecological Footprint (EF) per capita, the Sustainability Quadrant is defined by the area where both dimensions satisfy the minimum conditions of sustainable development: an HDI score above 0.8 (considered ‘high’ human development), and an EF below the fair Earth‐share of 2.063 global hectares per person. After developing methods to identify those countries that are closest to the Quadrant in the present‐day and, most importantly, those that are moving towards it over time, the study tackled the question: what indicators of performance set these countries apart? To answer this, an analysis of raw data, covering a wide array of environmental, social, economic, and governance performance metrics, was undertaken. The analysis used country rank lists for each individual metric and compared them, using the Pearson Product Moment Correlation function, to the rank lists generated by the proximity/movement relative to the Quadrant measuring methods. The analysis yielded a list of metrics which are, with a high degree of statistical significance, associated with proximity to – and movement towards – the Quadrant; most notably: Favorable for sustainable development: use of contraception, high life expectancy, high literacy rate, and urbanization. Unfavorable for sustainable development: high GDP per capita, high language diversity, high energy consumption, and high meat consumption. A momentary gain, but a burden in the long‐run: high carbon footprint and debt. These results could serve as a solid stepping stone for the development of more reliable composite index frameworks for assessing countries’ sustainability.

Circulating fibrinogen but not D-dimer level is associated with vital exhaustion in school teachers

Meta-analyses have established elevated fibrinogen and D-dimer levels in the circulation as biological risk factors for the development and progression of coronary artery disease (CAD). Here, we investigated whether vital exhaustion (VE), a known psychosocial risk factor for CAD, is associated with fibrinogen and D-dimer levels in a sample of apparently healthy school teachers. The teaching profession has been proposed as a potentially high stressful occupation due to enhanced psychosocial stress at the workplace. Plasma fibrinogen and D-dimer levels were measured in 150 middle-aged male and female teachers derived from the first year of the Trier-Teacher-Stress-Study. Log-transformed levels were analyzed using linear regression. Results yielded a significant association between VE and fibrinogen (p = 0.02) but not D-dimer controlling for relevant covariates. Further investigation of possible interaction effects resulted in a significant association between fibrinogen and the interaction term "VE x gender" (p = 0.05). In a secondary analysis, we reran linear regression models for males and females separately. Gender-specific results revealed that the association between fibrinogen and VE remained significant in males but not females. In sum, the present data support the notion that fibrinogen levels are positively related to VE. Elevated fibrinogen might be one biological pathway by which chronic work stress may impact on teachers' cardiovascular health in the long run.

MODEL UPDATING AND STRUCTURAL HEALTH MONITORING OF HORIZONTAL AXIS WIND TURBINES VIA ADVANCED SPINNING FINITE ELEMENTS AND STOCHASTIC SUBSPACE IDENTIFICATION METHODS

Wind energy has been one of the most growing sectors of the nation’s renewable energy portfolio for the past decade, and the same tendency is being projected for the upcoming years given the aggressive governmental policies for the reduction of fossil fuel dependency. Great technological expectation and outstanding commercial penetration has shown the so called Horizontal Axis Wind Turbines (HAWT) technologies. Given its great acceptance, size evolution of wind turbines over time has increased exponentially. However, safety and economical concerns have emerged as a result of the newly design tendencies for massive scale wind turbine structures presenting high slenderness ratios and complex shapes, typically located in remote areas (e.g. offshore wind farms). In this regard, safety operation requires not only having first-hand information regarding actual structural dynamic conditions under aerodynamic action, but also a deep understanding of the environmental factors in which these multibody rotating structures operate. Given the cyclo-stochastic patterns of the wind loading exerting pressure on a HAWT, a probabilistic framework is appropriate to characterize the risk of failure in terms of resistance and serviceability conditions, at any given time. Furthermore, sources of uncertainty such as material imperfections, buffeting and flutter, aeroelastic damping, gyroscopic effects, turbulence, among others, have pleaded for the use of a more sophisticated mathematical framework that could properly handle all these sources of indetermination. The attainable modeling complexity that arises as a result of these characterizations demands a data-driven experimental validation methodology to calibrate and corroborate the model. For this aim, System Identification (SI) techniques offer a spectrum of well-established numerical methods appropriated for stationary, deterministic, and data-driven numerical schemes, capable of predicting actual dynamic states (eigenrealizations) of traditional time-invariant dynamic systems. As a consequence, it is proposed a modified data-driven SI metric based on the so called Subspace Realization Theory, now adapted for stochastic non-stationary and timevarying systems, as is the case of HAWT’s complex aerodynamics. Simultaneously, this investigation explores the characterization of the turbine loading and response envelopes for critical failure modes of the structural components the wind turbine is made of. In the long run, both aerodynamic framework (theoretical model) and system identification (experimental model) will be merged in a numerical engine formulated as a search algorithm for model updating, also known as Adaptive Simulated Annealing (ASA) process. This iterative engine is based on a set of function minimizations computed by a metric called Modal Assurance Criterion (MAC). In summary, the Thesis is composed of four major parts: (1) development of an analytical aerodynamic framework that predicts interacted wind-structure stochastic loads on wind turbine components; (2) development of a novel tapered-swept-corved Spinning Finite Element (SFE) that includes dampedgyroscopic effects and axial-flexural-torsional coupling; (3) a novel data-driven structural health monitoring (SHM) algorithm via stochastic subspace identification methods; and (4) a numerical search (optimization) engine based on ASA and MAC capable of updating the SFE aerodynamic model.

Experimentelle Analyse von Last- und Treibketten zur Optimierung der Lebensdauer

Zusammen mit einem namhaften Kettenhersteller hat das Institut für Fördertechnik und Logistik (IFT) im Rahmen eines AIF-geförderten Forschungsprojektes einen Kettenverschleißprüfstand für Last- und Treibketten entwickelt und gebaut, um neuentwickelte Ketten in kurzen Testphasen unter normierter Umgebung auf ihre Lebensdauer bzw. Verschleißfestigkeit zu prüfen. Durch steigende Rohstoffkosten und den immer größer werdenden Konkurrenzdruck im Bereich der Ketten entsteht ein hoher Bedarf an der Entwicklung neuer leistungsfähigerer Produkte. Die Neuheit dieser Projektidee liegt in dem erstmaligen Einsatz alternativer Werkstoffe und Konstruktionen in Kombination mit neuen verschleißarmen Beschichtungsverfahren für Kettenbauteile um Schmierstoffe langfristig einzulagern und bedarfsgerecht abzugeben

Daily monetary impulses and security prices

This paper uses Swiss data to study the real long-run effects of monetary policy. Daily unexpected changes in the monetary base are found to be negatively correlated with security price changes. This result is unaffected when, implicitly following Geske and Roll (1983), we try to measure the autonomous component of monetary policy by taking into account a reaction function of monetary policy to changes in real variables.