Essays on Monetary Policy Interactions with Fiscal Policy and Financial Markets

This dissertation aims at contributing to the literature investigating the positive and normative framework for monetary policy. It provides an assessment of macroeconomic (i.e. monetary and to some extent also fiscal) policies by focusing on two rather distinct dynamic general equilibrium environments which help shed light on a number of critical aspects regarding the dynamic conduct of monetary policy. The main questions asked are of both theoretical and empirical nature and concern the way monetary policy interacts with fiscal policy and financial markets: How does nominal government debt shape the incentives faced by monetary policy makers? What is the nature of the monetary time consistency problem when there is interaction with sequential fiscal policy makers? Can the dynamic interplay of monetary and fiscal policies explain the evolution of government debt and inflation? How can we rationalize the negative correlation between inflation and aggregate productivity observed at business cycle frequency? What role do nominal interest rates and the provision of liquidity play in this context? A unifying starting point for the set of models laid out in this thesis are specifications proposing that monetary policy does not operate in isolation, but interacts with other agents or institutions. The first two chapters concentrate on the strategic aspects underlying the interaction of monetary and fiscal policies in an economy characterized by positive amounts of government debt in nominal denomination. Specifically, in order to reexamine the time consistency properties of optimal monetary policy, chapter one poses a dynamic optimal taxation problem where not only monetary, but also fiscal policies are sequentially implemented. Starting from this scenario, the next chapter provides a positive theory of dynamic monetary-fiscal interactions and a reflection on the institution of monetary conservatism, whose role is shown to be inherently determined via its implications for the interaction with fiscal policy. The third chapter takes a different and more empirically oriented route: It elaborates on an incomplete markets environment in order to demonstrate how monetary policy systematically affects an economy's aggregate productivity. Key for this conclusion is to acknowledge that nominal fluctuations induced by monetary policy on the one hand and financial markets' capacity to intermediate scarce liquidity on the other hand interact in a way that has an important influence on corporate activity, thus affecting aggregate productivity

Out-of-equilibrium economic dynamics and persistent polarisation

Most of economics is equilibrium economics of one sort or another. The study of outof- equilibrium economics has largely been neglected. This thesis, engaging with ideas and techniques from complexity science, develops frameworks and tools for out-of-equilibrium modelling. We initially focus our attention on models of exchange before examining methods of agent-based modelling. Finally we look at a set of models for social dynamics with nontrivial micro-macro interrelationships. Chapter 2 introduces complexity science and relevant economic concepts. In particular we examine the idea of complex adaptive systems, the application of complexity to economics, some key ideas from microeconomics, agent-based modelling and models of segregation and/or polarisation. Chapter 3 develops an out-of-equilibrium, fully decentralised model of bilateral exchange. Initially we study the limiting properties of our out-of-equilibrium dynamic, characterising the conditions required for convergence to pairwise and Pareto optimal allocation sets. We illustrate problems that can arise for a rigid version of the model and show how even a small amount of experimentation can overcome these. We investigate the model numerically characterising the speed of convergence and changes in ex post wealth. In chapter 4 we now explicitly model the trading structure on a network. We derive analytical results for this general network case. We investigate the e�ect of network structure on outcomes numerically and contrast the results with the fully connected case of chapter 3. We look at extensions of the model including a version with an endogenous network structure and a versions where agents can learn to accept a `worthless' but widely available good in exchanges. Chapter 5 outlines and demonstrates a new approach to agent-based modelling which draws on a number techniques from contemporary software engineering. We develop a prototype framework to illustrate how the ideas might be applied in practice in order to address methodological gaps in many current approaches. We develop example agent-based models and contrast the approach with existing agent-based modelling approaches and the kind of purpose built models which were used for the numerical results in chapters 3 and 4. Chapter 6 develops a new set of models for thinking about a wide range of social dynamics issues including human capital acquisition and migration. We analyse the models initially from a Nash equilibrium perspective. Both continuum and �nite versions of the model are developed and related. Using the criterion of stochastic stability we think about the long run behaviour of a version of the model. We introduce agent heterogeneity into the model. We conclude with a fully dynamic version of the model (using techniques from chapter 5) which looks at endogenous segregation

Themes of the liminal, the absurd and the unstable in the sculpture of Eva Hesse

Research submitted in partial fulfilment of the requirements for the Degree of Master of Fine Arts at the University of the Witwatersrand, Johannesburg, March 2017The creative component of the research project explores, through the medium of sculpture, the notion of the liminal, with a particular focus on themes of the absurd and the unstable as characteristics of liminality. These themes may be useful for investigating and providing a valuable source for critical assessment, so as to allow for the opening of and extending of debates on reading and thinking about art regarded as ‘in-between’ the poles of a binary opposition. Broadly, it seeks to explore the historical trajectory of the 1960s artist Eva Hesse in relation to these themes, and how it resonates with my own sculpture-making and development. The aim of the written research is, therefore, through engaging with a close critical and theoretically informed reading of selected examples of Hesse’s work, to identify themes and approaches which may inform and advance the understanding of my own work produced in the context of this study. Connections will be drawn to the way in which these themes facilitate a favourable space in which the making of art flourishes. As far as viewers are concerned, such work may encourage the viewer to be an active participant in a dimension of human experience potentially not yet encountered, thereby liberating viewers’ fixed and rigid perceptual constructs. Entering into a discussion of the themes of liminality, the absurd and unstable, serves this aim.XL201

Reblogging Gender: Non-Binary Transgender Subjectivities and the Internet

This thesis is an examination of non-binary transgender communities on the internet and the new, non-binary modes of subjectivity that can be read within these spaces. After my first introductory chapter, which situates my work in the context of previous contributions to transgender theory, I approach non-binary online communities from different perspectives. My second chapter reads certain codes of communication within non-binary friendly online spaces (such as Tumblr) as a form of neo-Dadaism, as well as cyborgian manifestations. My third chapter contends with the interactions of non-binary online communities within a society structured by neo-liberal institutional capitalism. My fourth and final chapter looks more closely at transgender coherence and how non-binary individuals use the technologies of social media (such as selfies) to write more compatible personal narratives of embodied gender expression. My goal is to legitimise and emphasise the accessibility and transformative power of these non-binary communities within online spaces

Many valued logics: interpretations, representations and applications

2015 - 2016This thesis, as the research activity of the author, is devoted to establish new connections and to strengthen well-established relations between different branches of mathematics, via logic tools. Two main many valued logics, logic of balance and L ukasiewicz logic, are considered; their associated algebraic structures will be studied with different tools and these techniques will be applied in social choice theory and artificial neural networks. The thesis is structured in three parts. Part I The logic of balance, for short Bal(H), is introduced. It is showed: the relation with `-Groups, i.e. lattice ordered abelian groups (Chapter 2); a functional representation (Chapter 3); the algebraic geometry of the variety of `-Groups with constants (Chapter 4). Part II A brief historical introduction of L ukasiewicz logic and its extensions is provided. It is showed: a functional representation via generalized states (Chapter 5); a non-linear model for MV-algebras and a detailed study of it, culminating in a categorical theorem (Chapter 6). Part III Applications to social choice theory and artificial neural network are presented. In particular: preferences will be related to vector lattices and their cones, recalling the relation between polynomials and cones studied in Chapter 4; multilayer perceptrons will be elements of non-linear models introduced in Chapter 6 and networks will take advantages from polynomial completeness, which is studied in Chapter 2. We are going to present: in Sections 1.2 and 1.3 all the considered structures, our approach to them and their (possible) applications; in Section 1.4 a focus on the representation theory for `-Groups and MV-algebras. Note that: algebraic geometry for `-Groups provides a modus operandi which turns out to be useful not only in theoretical field, but also in applications, opening (we hope) new perspectives and intuitions, as we made in this first approach to social theory; non-linear models here presented and their relation to neural networks seem to be very promising, giving both intuitive and formal approach to many concrete problems, for instance degenerative diseases or distorted signals. All these interesting topics will be studied in future works of the author. [edited by author]Questa tesi, come l’attivit`a di ricerca dell’autore, `e dedicata a stabilire nuove connessioni e a rafforzare le relazioni ben consolidate tra diversi settori della matematica, attraverso strumenti logici. Sono considerate due principali logiche a piu` valori, logic of balance e L ukasiewicz logic; le loro strutture algebriche associate verranno studiate con strumenti diversi e queste tecniche saranno applicate nella teoria della scelta sociale e nelle reti neurali artificiali. La tesi `e strutturata in tre parti. Part I Viene introdotta la Logic of balance. Viene mostrato: la relazione con `-Groups, gruppi abeliani ordinati reticolarmente (Chapter 2); una rappresentazione funzionale (Chapter 3); geometria algebrica della variet`a degli `-Groups con costanti (Chapter 4). Part II Viene fornita una breve introduzione storica della logica di L ukasiewicz e delle sue estensioni. Viene mostrato: una rappresentazione funzionale tramite stati generalizzati (Chapter 5); Un modello non lineare per le MV-algebre e uno studio dettagliato di esso, culminando in un teorema categoriale (Chapter 6). Part III Sono presentate applicazioni alla teoria delle scelte sociali e delle rete neurali artificiali. In particolare: le preferenze saranno correlate ai reticoli vettoriali e ai loro coni, richiamando la relazione tra polinomi e coni studiati nel Capitolo 4; I multilayer perceptrons saranno elementi di modelli non lineari introdotti nel Capitolo 6 e le reti prenderanno vantaggi dalla completezza polinomiale, studiata nel Capitolo 2. La geometria algebrica per gli `-Groups fornisce un modus operandi che risulta utile non solo nel campo teorico, ma anche nelle applicazioni, aprendo (speriamo) nuove prospettive e intuizioni, come abbiamo fatto in questo primo approccio alla teoria sociale; I modelli non lineari qui presentati e la loro relazione con le reti neurali sembrano molto promettenti, offrendo un approccio intuitivo e formale a molti problemi concreti, ad esempio malattie degenerative o segnali distorti. Tutti questi argomenti saranno oggetto di studio in opere future dell’autore. [a cura dell'autore]XV n.s. (XXIX

On Being the Right Size: A Framework for the Analytical Study of Scale, Economy, and Ecosystem

If the economy is conceived as an open subsystem of the larger ecosystem, the physical size of the economy relative to the ecosystem that contains and sustains it becomes a salient feature of economic analysis. This key question of scale is therefore one of the central organizing principles of ecological economics. However, scale has mostly been used as a pedagogical device or a heuristic rather than as an empirical tool for environmental policy. The primary bottleneck has been the lack of well-dened theoretical frameworks to empirically measure scale, and to interpret measured values of scale. Our overarching research question is: how can scale be measured at dierent levels of economic-geographic aggregations? The seemingly simple question of `how large is the economy relative to the ecosystem' is fraught with several theoretical diculties. We develop a novel theoretical framework for empirical measurement of scale based on a simple analytical representation of the economy-ecosystem interaction in terms of stock, ows, funds, and uxes. We also develop theoretical frameworks to determine benchmark scale measures" that address the questions: how large can the economy be relative to the ecosystem, and how large should the economy be relative to the ecosystem? For scale measures to be useful as tools for environmental policy, a critical requirement, besides being able to empirically measure scale, is a consistent and objective ordinal ranking of two or more measured values of scale. Given two empirical measurements we need to be able to consistently rank the states of the world represented by the scale metric. We develop an axiomatic framework for consistent ordinal raking of scale measures. The framework developed here helps identify theoretical problems with extant empirical assessments of the biophysical size of economic activity. The biophysical assessments that we review in detail include the Material Flow Analysis methodology, Human Appropriation of the Products of Photosynthesis, and the Ecological Footprint

Urban food strategies in Central and Eastern Europe: what's specific and what's at stake?

Integrating a larger set of instruments into Rural Development Programmes implied an increasing focus on monitoring and evaluation. Against the highly diversified experience with regard to implementation of policy instruments the Common Monitoring and Evaluation Framework has been set up by the EU Commission as a strategic and streamlined method of evaluating programmes’ impacts. Its indicator-based approach mainly reflects the concept of a linear, measure-based intervention logic that falls short of the true nature of RDP operation and impact capacity on rural changes. Besides the different phases of the policy process, i.e. policy design, delivery and evaluation, the regional context with its specific set of challenges and opportunities seems critical to the understanding and improvement of programme performance. In particular the role of local actors can hardly be grasped by quantitative indicators alone, but has to be addressed by assessing processes of social innovation. This shift in the evaluation focus underpins the need to take account of regional implementation specificities and processes of social innovation as decisive elements for programme performance.

The Measurement and Analysis of Housing Preference and Choice

What are the current trends in housing? Is my planned project commercially viable? What should be my marketing and advertisement strategies? These are just some of the questions real estate agents, landlords and developers ask researchers to answer. But to find the answers, researchers are faced with a wide variety of methods that measure housing preferences and choices. To select and value a valid research method, one needs a well-structured overview of the methods that are used in housing preference and housing choice research. This comprehensive introduction to this field offers just such an overview. It discusses and compares numerous methods, detailing the potential limitation of each one, and it reaches beyond methodology, illustrating how thoughtful consideration of methods and techniques in research can help researchers and other professionals to deliver products and services that are more in line with residents’ needs