The Dynamic (In)efficiency of Monetary Policy by Committee

This paper develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting game. Committee members differ in their institutional power and, in certain states of nature, they also differ in their preferred instrument value. Preference heterogeneity and concern for the future interact to generate decisions that are dynamically ineffcient and inertial around the previously-agreed instrument value. This model endogenously generates autocorrelation in the policy variable and provides an explanation for the empirical observation that the nominal interest rate under the central bank’s control is infrequently adjusted.

Three Essays on the Formation and Impact of Economic Policy

Introduction In my thesis I argue that economic policy is all about economics and politics. Consequently, analysing and understanding economic policy ideally has at least two parts. The economics part, which is centered around the expected impact of a specific policy on the real economy both in terms of efficiency and equity. The insights of this part point into which direction the fine-tuning of economic policies should go. However, fine-tuning of economic policies will be most likely subject to political constraints. That is why, in the politics part, a much better understanding can be gained by taking into account how the incentives of politicians and special interest groups as well as the role played by different institutional features affect the formation of economic policies. The first part and chapter of my thesis concentrates on the efficiency-related impact of economic policies: how does corporate income taxation in general, and corporate income tax progressivity in specific, affect the creation of new firms? Reduced progressivity and flat-rate taxes are in vogue. By 2009, 22 countries are operating flat-rate income tax systems, as do 7 US states and 14 Swiss cantons (for corporate income only). Tax reform proposals in the spirit of the "flat tax" model typically aim to reduce three parameters: the average tax burden, the progressivity of the tax schedule, and the complexity of the tax code. In joint work, Marius Brülhart and I explore the implications of changes in these three parameters on entrepreneurial activity, measured by counts of firm births in a panel of Swiss municipalities. Our results show that lower average tax rates and reduced complexity of the tax code promote firm births. Controlling for these effects, reduced progressivity inhibits firm births. Our reading of these results is that tax progressivity has an insurance effect that facilitates entrepreneurial risk taking. The positive effects of lower tax levels and reduced complexity are estimated to be significantly stronger than the negative effect of reduced progressivity. To the extent that firm births reflect desirable entrepreneurial dynamism, it is not the flattening of tax schedules that is key to successful tax reforms, but the lowering of average tax burdens and the simplification of tax codes. Flatness per se is of secondary importance and even appears to be detrimental to firm births. The second part of my thesis, which corresponds to the second and third chapter, concentrates on how economic policies are formed. By the nature of the analysis, these two chapters draw on a broader literature than the first chapter. Both economists and political scientists have done extensive research on how economic policies are formed. Thereby, researchers in both disciplines have recognised the importance of special interest groups trying to influence policy-making through various channels. In general, economists base their analysis on a formal and microeconomically founded approach, while abstracting from institutional details. In contrast, political scientists' frameworks are generally richer in terms of institutional features but lack the theoretical rigour of economists' approaches. I start from the economist's point of view. However, I try to borrow as much as possible from the findings of political science to gain a better understanding of how economic policies are formed in reality. In the second chapter, I take a theoretical approach and focus on the institutional policy framework to explore how interactions between different political institutions affect the outcome of trade policy in presence of special interest groups' lobbying. Standard political economy theory treats the government as a single institutional actor which sets tariffs by trading off social welfare against contributions from special interest groups seeking industry-specific protection from imports. However, these models lack important (institutional) features of reality. That is why, in my model, I split up the government into a legislative and executive branch which can both be lobbied by special interest groups. Furthermore, the legislative has the option to delegate its trade policy authority to the executive. I allow the executive to compensate the legislative in exchange for delegation. Despite ample anecdotal evidence, bargaining over delegation of trade policy authority has not yet been formally modelled in the literature. I show that delegation has an impact on policy formation in that it leads to lower equilibrium tariffs compared to a standard model without delegation. I also show that delegation will only take place if the lobby is not strong enough to prevent it. Furthermore, the option to delegate increases the bargaining power of the legislative at the expense of the lobbies. Therefore, the findings of this model can shed a light on why the U.S. Congress often practices delegation to the executive. In the final chapter of my thesis, my coauthor, Antonio Fidalgo, and I take a narrower approach and focus on the individual politician level of policy-making to explore how connections to private firms and networks within parliament affect individual politicians' decision-making. Theories in the spirit of the model of the second chapter show how campaign contributions from lobbies to politicians can influence economic policies. There exists an abundant empirical literature that analyses ties between firms and politicians based on campaign contributions. However, the evidence on the impact of campaign contributions is mixed, at best. In our paper, we analyse an alternative channel of influence in the shape of personal connections between politicians and firms through board membership. We identify a direct effect of board membership on individual politicians' voting behaviour and an indirect leverage effect when politicians with board connections influence non-connected peers. We assess the importance of these two effects using a vote in the Swiss parliament on a government bailout of the national airline, Swissair, in 2001, which serves as a natural experiment. We find that both the direct effect of connections to firms and the indirect leverage effect had a strong and positive impact on the probability that a politician supported the government bailout.

The design, synthesis and characterization of new building blocks for the preparation of molecule-based magnetic materials /

Two new families of building blocks have been prepared and fully characterized and their coordination chemistry exploited for the preparation of molecule-based magnetic materials. The first class of compounds were prepared by exploiting the chemistry of 3,3'-diamino-2,2'-bipyridine together with 2-pyridine carbonyl chloride or 2-pyridine aldehyde. Two new ligands, 2,2'-bipyridine-3,3'-[2-pyridinecarboxamide] (Li, 2.3) and N'-6/s(2-pyridylmethyl) [2,2'bipyridine]-3,3'-diimine (L2, 2.7), were prepared and characterized. For ligand L4, two copper(II) coordination compounds were isolated with stoichiometrics [Cu2(Li)(hfac)2] (2.4) and [Cu(Li)Cl2] (2.5). The molecular structures of both complexes were determined by X-ray crystallography. In both complexes the ligand is in the dianionic form and coordinates the divalent Cu(II) ions via one amido and two pyridine nitrogen donor atoms. In (2.4), the coordination geometry around both Cu11 ions is best described as distorted trigonal bipyramidal where the remaining two coordination sites are satisfied by hfac counterions. In (2.5), both Cu(II) ions adopt a (4+1) distorted square pyramidal geometry. One copper forms a longer apical bond to an adjacent carbonyl oxygen atom, whereas the second copper is chelated to a neighboring Cu-Cl chloride ion to afford chloride bridged linear [Cu2(Li)Cl2]2 tetramers that run along the c-axis of the unit cell. The magnetic susceptibility data for (2.4) reveal the occurrence of weak antiferromagnetic interactions between the copper(II) ions. In contrast, variable temperature magnetic susceptibility measurements for (2.5) reveal more complex magnetic properties with the presence of ferromagnetic exchange between the central dimeric pair of copper atoms and weak antiferromagnetic exchange between the outer pairs of copper atoms. The Schiff-base bis-imine ligand (L2, 2.7) was found to be highly reactive; single crystals grown from dry methanol afforded compound (2.14) for which two methanol molecules had added across the imine double bond. The susceptibility of this ligand to nucleophilic attack at its imine functionality assisted via chelation to Lewis acidic metal ions adds an interesting dimension to its coordination chemistry. In this respect, a Co(II) quaterpyridine-type complex was prepared via a one-pot transformation of ligand L2 in the presence of a Lewis acidic metal salt. The rearranged complex was characterized by X-ray crystallography and a reaction mechanism for its formation has been proposed. Three additional rearranged complexes (2.13), (2.17) and (2.19) were also isolated when ligand (L2, 2.7) was reacted with transition metal ions. The molecular structures of all three complexes have been determined by X-ray crystallography. The second class of compounds that are reported in this thesis, are the two diacetyl pyridine derivatives, 4-pyridyl-2,6-diacetylpyridine (5.5) and 2,2'-6,6'-tetraacetyl-4,4'-bipyridine (5.15). Both of these compounds have been designed as intermediates for the metal templated assembly of a Schiff-base N3O2 macrocycle. From compound (5.15), a covalently tethered dimeric Mn(II) macrocyclic compound of general formula {[Mn^C^XJCl-FkO^Cl-lO.SFbO (5.16) was prepared and characterized. The X-ray analysis of (5.16) reveals that the two manganese ions assume a pentagonal-bipyramidal geometry with the macrocycle occupying the pentagonal plane and the axial positions being filled by a halide ion and a H2O molecule. Magnetic susceptibility data reveal the occurrence of antiferromagnetic interactions between covalently tethered Mn(II)-Mn(II) dimeric units. Following this methodology a Co(II) analogue (5.17) has also been prepared which is isostructural with (5.16).

A review and implementation of swarm pattern formation and transformation models

Purpose: The purpose of this paper is to address a classic problem – pattern formation identified by researchers in the area of swarm robotic systems – and is also motivated by the need for mathematical foundations in swarm systems. Design/methodology/approach: The work is separated out as inspirations, applications, definitions, challenges and classifications of pattern formation in swarm systems based on recent literature. Further, the work proposes a mathematical model for swarm pattern formation and transformation. Findings: A swarm pattern formation model based on mathematical foundations and macroscopic primitives is proposed. A formal definition for swarm pattern transformation and four special cases of transformation are introduced. Two general methods for transforming patterns are investigated and a comparison of the two methods is presented. The validity of the proposed models, and the feasibility of the methods investigated are confirmed on the Traer Physics and Processing environment. Originality/value: This paper helps in understanding the limitations of existing research in pattern formation and the lack of mathematical foundations for swarm systems. The mathematical model and transformation methods introduce two key concepts, namely macroscopic primitives and a mathematical model. The exercise of implementing the proposed models on physics simulator is novel.

The Lynn directory and register for the year 1841 : containing a general description of the town, a list of the town officers, public institutions, the names and occupations of the residents, and other useful information.

No more published?

The geology of Pennsylvania; a government survey: with a general view of the geology of the United States, essays on coal-formation and its fossils, and a description of the coalfields of North America and Great Britain,

Vol. II, pt. I-II, paged continuously.

The microscope, its design, construction and applications a symposium and general discussion, by many authorities

Mode of access: Internet.

Influence, policy formation, and higher education in Florida: 1989--1994

This study examined the perceptions of state governmental officials and administrators from the state university system, community college system, and independent institutions concerning the ability of various groups to influence state-level higher education policy formation. The study was conducted in Florida for the period 1989-94. Florida has a history of legislative involvement in higher education, a unique system of state universities and community colleges, and a limited number of private institutions of higher education. This study was grounded in the works of Mortimer and McConnell (1978), Millett (1987), Marshall, Mitchell, and Wirt (1989) and Finitfer, Baldwin, and Thelin (1991).^ The study represented the application of an embedded, single-case design. A survey was the primary collection instrument. Respondents were asked questions concerning: (a) personal involvement in higher education, (b) perceptions of the ability of various groups to influence higher education policy, (c) the names of particular individuals considered key players in higher education policy formation, (d) important state-level documents, (e) personal knowledge of key areas of policy formation, and (f) emerging higher education issues in Florida. Quantitative and qualitative methods were used to analyze the different sections of the survey.^ The findings indicated that a power and influence hierarchy exists among the various groups that attempt to influence higher education policy and that this hierarchy is recognized by state government officials and higher education administrators. While an analysis of variance of the various groups revealed a few differences between state government officials and higher education personnel, the high overall agreement was an important finding. Leading members of the legislature, especially the Chair of the Senate Higher Education Committee, and key staff members, especially from the Senate Ways & Means Committee, were considered the most influential. Representatives from higher education institutions and research organizations were considered among the least influential. Emerging issues identified by the respondents included: (a) the political nature of state-level policy formation, (b) the role of legislative staff, (c) the competition for state moneys, (d) legislative concern for state-wide budgetary efficiency, and (e) legislative attempts to define quality and supervise academic program development for higher education. ^

Influence, policy formation, and higher education in Florida : 1989-94

This study examined the perceptions of state governmental officials and administrators from the state university system, community college system, and independent institutions concerning the ability of various groups to influence state-level higher education policy formation. The study was conducted in Florida for the period 1989-94. Florida has a history of legislative involvement in higher education, an unique system of state universities and community colleges, and a limited number of private institutions of higher education. This study was grounded in the works of Mortimer and McConnell (1978), Millett (1987), Marshall, Mitchell, and Wirt (1989) and Finitfer, Baldwin, and Thelin (1991). The study represented the application of an embedded, single-case design. A survey was the primary collection instrument. Respondents were asked questions concerning: (a) personal involvement in higher education, (b) perceptions of the ability of various groups to influence higher education policy, (c) the names of particular individuals considered key players in higher education policy formation, (d) important state-level documents, (e) personal knowledge of key areas of policy formation, and (f) emerging higher education issues in Florida. Quantitative and qualitative methods were used to analyze the different sections of the survey. The findings indicated that a power and influence hierarchy exists among the various groups that attempt to influence higher education policy and that this hierarchy is recognized by state government officials and higher education administrators. While an analysis of variance of the various groups revealed a few differences between state government officials and higher education personnel, the high overall agreement was an important finding. Leading members of the legislature, especially the Chair of the Senate Higher Education Committee, and key staff members, especially from the Senate Ways & Means Committee, were considered the most influential. Representatives from higher education institutions and research organizations were considered among the least influential. Emerging issues identified by the respondents included: (a) the political nature of state-level policy formation, (b) the role of legislative staff, (c) the competition for state moneys, (d) legislative concern for state-wide budgetary efficiency, and (e) legislative attempts to define quality and supervise academic program development for higher education.

A probabilistic approach to assess hydrate formation and design preventive measures

Formation of hydrates is one of the major flow assurance problems faced by the oil and gas industry. Hydrates tend to form in natural gas pipelines with the presence of water and favorable temperature and pressure conditions, generally low temperatures and corresponding high pressures. Agglomeration of hydrates can result in blockage of flowlines and equipment, which can be time consuming to remove in subsea equipment and cause safety issues. Natural gas pipelines are more susceptible to burst and explosion owing to hydrate plugging. Therefore, a rigorous risk-assessment related to hydrate formation is required, which assists in preventing hydrate blockage and ensuring equipment integrity. This thesis presents a novel methodology to assess the probability of hydrate formation and presents a risk-based approach to determine the parameters of winterization schemes to avoid hydrate formation in natural gas pipelines operating in Arctic conditions. It also presents a lab-scale multiphase flow loop to study the effects of geometric and hydrodynamic parameters on hydrate formation and discusses the effects of geometric and hydrodynamic parameters on multiphase development length of a pipeline. Therefore, this study substantially contributes to the assessment of probability of hydrate formation and the decision making process of winterization strategies to prevent hydrate formation in Arctic conditions.