The velocity of circulation of money : empirical evidence for the United Kingdom 1870-1991

The equation of exchange is not in itself a theory of the demand for money. It can be argued that it is no more than an identity velocity determines the value of velocity. Given certain assumptions it can be a theory of the aggregate price level. One such supposition is that velocity is a constant, or at least a stable function of a few variables. Velocity over time is far from being a constant. Friedman argues that this is mainly due to errors of measurement and deviations between actual and desired velocity. Keynes suggests that there is no reason to believe that velocity is stable, and that in periods of underemployment equilibrium it may be quite volatile. He also proposes that velocity will depend on the structure of the economy, including the state of technology and institutional arrangements. The main aim of this thesis is to employ long time series data and up to date econometric techniques to produce evidence that relate to these two opposing views. The models employed use both income and transactions velocity measures. Transactions velocity has been much neglected in the twentieth century, on the grounds that a direct statistical measure is not available. This thesis attempts to resolve this problem by using archive material, sixty variables and seven thousand observations to construct an original transactions series for the period 1870-1991. The thesis traces the historical origins of the concept of velocity, provides a comprehensive and critical review of earlier work on the subject and produces a considerable amount of empirical work based on long term United Kingdom series of observation. The reported evidence using Johansen cointegration techniques, suggests that there is a long run vector between velocity and a few economic variables. However, the dynamic relationships are both unstable and volatile over the full sample period. Only in using sub-samples can satisfactory statistical results can be achieved

Efficiency and Anomalies in Stock Markets

The Efficient Market Hypothesis believes that it is impossible for an investor to outperform the market because all available information is already built into stock prices. However, some anomalies could persist in stock markets while some other anomalies could appear, disappear and re-appear again without any warning. A Special Issue on "Efficiency and Anomalies in Stock Markets" will be devoted to advancements in the theoretical development of market efficiency and anomaly in the Stock Market, as well as applications in Stock Market efficiency and anomalies

Financial intermediation and economic performance in Zimbabwe

Financial literature is replete with theoretical and empirical evidence suggesting financial development has a causal effect on economic growth. Yet there is no consensus on the finance-growth nexus. The direction of causality is still controversial In fact, classical economists argue that financial factors are neutral and hence cannot have real effects. Critics argue the traditional methods of identifying long run economic relationships fail to address the methodological conflict between equilibrium implied by theory and the disequilibria in the data. The rise of new representation techniques such as the General Methods of Moments (GMM) and vector autoregression [VAR] brought with them empirical flexibility, which facilitates the re-examination of several theories. VAR characterization permits the economic system to determine the behavior of macroeconomic variables simultaneously. The endogenous growth theoretical literature gives credibility to system-wide V AR financial models. This research is both critical (in its search for a common framework to inform debate on Zimbabwe) and positive (to the extent it undertakes an empirical investigation.) Empirically, the study examines the nature and intensity of links between financial intermediation and economic performance in a small developing economy. A Vector Autoregressive [VAR] framework is applied to model and estimate the temporal and dynamic relationships between financial aggregates and economic activity. Cointegration among the variables is examined to determine the degree of heterogeneity and coevolution. The general impulse response function [GIRF] and variance decomposition [VDC] analytical techniques are applied to throw light on the speed and direction of the causal links and the persistence of shocks over time. Branches of financial theory, e.g. agency risk, corporate governance and information asymmetry have taught us economic activity does not take place in a vacuum or perfect market. To put this research into perspective, the study critically examines the evolution of Zimbabwean institutional structures in search of a new conceptual framework with potential to inform debate. The works of Levine (1997, 1998) LaPorta, Lopez-de-Silanes, Shleifer and Vishny (1997, 1998, 2000), Beck, Levine and Loayza (2000), Kane (1981, 1983, 2000) Jensen and Meckling (1976) and Stiglitz (1989) give considerable prominence to governance and institutional design. Allen and Gale(1994, p10) emphasized that institutional settings underlie the process of financial innovation. In fact, Schumpeter (1954, p12) exalts history, statistics and theory as the three pillars of economic analysis. Stiglitz (1989, p199) agrees that particular localized historical events could have permanent effects. More recently, Beck, Demirgüç-Kunt and Levine (2001) summarized the theory and provided an empirical examination of the links between laws, politics and finance

SIMULATING SEISMIC WAVE PROPAGATION IN TWO-DIMENSIONAL MEDIA USING DISCONTINUOUS SPECTRAL ELEMENT METHODS

We introduce a discontinuous spectral element method for simulating seismic wave in 2- dimensional elastic media. The methods combine the flexibility of a discontinuous finite element method with the accuracy of a spectral method. The elastodynamic equations are discretized using high-degree of Lagrange interpolants and integration over an element is accomplished based upon the Gauss-Lobatto-Legendre integration rule. This combination of discretization and integration results in a diagonal mass matrix and the use of discontinuous finite element method makes the calculation can be done locally in each element. Thus, the algorithm is simplified drastically. We validated the results of one-dimensional problem by comparing them with finite-difference time-domain method and exact solution. The comparisons show excellent agreement

Peptide Corrination for the Mitigation of Nausea and Emesis in the Treatment of Type 2 Diabetes

This thesis addresses several questions focused on the activation of receptors expressed withinthe area postrema (AP) and the nucleus tractus solitarius (NTS), regions known to influence nausea and emesis. Prevention of such effects were achieved via corrination, covalent attachment to vitamin B12 (B12) or other corrin constructs, of GLP glucagon-like peptide-one (GLP-1) receptor (GLP-1R) agonists or via the use of GRASP a growth differentiation factor 15 (GDF15) glial derived neurotropic family receptor α-like (GFRAL) complex antagonist

Principal Component Analysis

This book is aimed at raising awareness of researchers, scientists and engineers on the benefits of Principal Component Analysis (PCA) in data analysis. In this book, the reader will find the applications of PCA in fields such as taxonomy, biology, pharmacy,finance, agriculture, ecology, health and architecture

Air Traffic Management Abbreviation Compendium

As in all fields of work, an unmanageable number of abbreviations are used today in aviation for terms, definitions, commands, standards and technical descriptions. This applies in general to the areas of aeronautical communication, navigation and surveillance, cockpit and air traffic control working positions, passenger and cargo transport, and all other areas of flight planning, organization and guidance. In addition, many abbreviations are used more than once or have different meanings in different languages. In order to obtain an overview of the most common abbreviations used in air traffic management, organizations like EUROCONTROL, FAA, DWD and DLR have published lists of abbreviations in the past, which have also been enclosed in this document. In addition, abbreviations from some larger international projects related to aviation have been included to provide users with a directory as complete as possible. This means that the second edition of the Air Traffic Management Abbreviation Compendium includes now around 16,500 abbreviations and acronyms from the field of aviation