An inflation report for 1999

The U.S. economy turned in an exceptional performance in 1999, combining strong real output growth with moderate inflation. Real GDP, a broad measure of the nation's output of goods and services, grew 4.6 percent from the fourth quarter of 1998 to the fourth quarter of 1999. Employment also rose solidly, and the civilian unemployment rate declined to the lowest level in about 30 years. Although rising world oil prices caused consumer prices to increase faster than in 1998, core inflation measures, which exclude food and energy prices, were about the same or slightly lower. Moreover, survey measures of long-term inflation expectations were stable despite the robust pace of the economic expansion.> What accounts for this exceptional combination of rapid growth and moderate inflation? Several factors helped hold down the inflation rate, including strong import competition and ample industrial capacity at home and abroad. But many recent discussions have emphasized the pronounced increase in productivity growth, reflecting both the high level of business investment and accelerated technological change. In particular, new information technologies, such as computers and the Internet, may be increasing economic efficiency through better coordination of business activities and reduced inventories. The evidence is unclear, however, about how much of the productivity acceleration is due to new technologies, and whether faster productivity growth can be sustained in the years ahead.> Such questions are crucial in judging whether rapid growth can continue without undermining the Federal Reserve's long-run objectives of price stability and sustainable economic growth. Garner examines recent inflation developments and the policy implications of faster productivity growth.Inflation (Finance) ; Economic conditions - United States ; Productivity

Role of the Government in the Development of Special Economic Zones and Industrial Parks in Russia

This paper investigates the process of developing and implementing special economic zones (SEZs) and industrial parks (IPs) in Russia. Russian government used these initiatives to develop and diversify exports, increase employment, attract foreign direct investment (FDI), and launch technology and knowledge sharing processes. The neoclassical approach, political economy approach, heterodox school, and industrial cluster model have been relied on to evaluate the role of the state in the implementation of these initiatives and identify essential factors for sustainable development. This study reveals that government approach in developing SEZs and IPs implied high state interference into the business processes preventing healthy competition and collaboration within the economic zones. Also, lack of funding, political instability and overall business uncertainty were the main prevent factors for the sustainable growth of the economic zones. The paper suggests that for the development of SEZs and IPs in the Russian context, the important factors are personal networks between private investors, regional managers and federal government, as well as appropriate state regulations and general investment climate of the country

Understanding Occupational and Skill Demand in New Jersey's Construction Industry

The construction industry is integral to New Jersey's economy, employing over 160,000 people. Nationally and in New Jersey, the construction industry is thriving, injecting billions of dollars into the state. Jobs in the industry are changing with an influx of new technology and new building materials, requiring that workers have more technical expertise than in the past. This report summarizes the skill, knowledge, and educational requirements of key construction occupations and identifies strategies for meeting the key workforce challenges facing the industry

The Future of Work In Cities

The latest report in our City of the Future series examines societal shifts and advancements in technology that are impacting the rapidly changing American workforce. The report outlines solutions to help city leaders plan for the fast-approaching future, while forecasting the economic viability of two distinct sectors – retail and office administration – in which a quarter of Americans are currently employed

Special Libraries, October 1939

Volume 30, Issue 8https://scholarworks.sjsu.edu/sla_sl_1939/1007/thumbnail.jp

Industry Structure Similarities, Trade Agreements, and Business Cycle Synchronization

This paper analyzes the effects of industry structure similarities, free trade agreements, and geographic borders on regional business cycle correlation, using fifty US states, 10 Canadian provinces, and 1 Canadian territory as a case study. Using two cross-sectional OLS regressions and one panel data OLS regression, this study finds that pair-wise gross territorial product growth correlation decreased significantly after NAFTA ratification for state-state, province-province, and state-province territorial pairs, contrary to previous literature’s results. NAFTA effectively decoupled intra-national business cycles in the US and Canada while also desynchronizing cross-border pair-wise GSP growth correlation, but cross-border pair-wise GSP growth correlation was much less desynchronized post-NAFTA relative to intra-national pairs. These results indicate that NAFTA and the US-Canada border may produce two opposing forces that dampen each other’s desynchronizing effects

An exploratory study on the links between individual upcycling, product attachment and product longevity

Product attachment, the emotional bond experienced with a product, is an emerging concept for sustainable production and consumption. The logic behind it is that when people are attached to any product, they are more likely to handle the product with care and to postpone its replacement or disposal. Some types of product have been studied regarding product attachment in past research but the focus has been on the perspectives of professional designers and manufacturers rather than on consumers’ ‘everyday creativity’ activities such as ‘individual upcycling’. Individual upcycling, creation out of used materials resulting in a higher quality or value product than the compositional elements, is particularly relevant to product attachment. This is because upcycling, as a creative, participatory user activity, may offer the experiences of self-expression, group affiliation, special memories and pleasure, all of which are possible product attachment determinants

Research and Education in Computational Science and Engineering

Over the past two decades the field of computational science and engineering (CSE) has penetrated both basic and applied research in academia, industry, and laboratories to advance discovery, optimize systems, support decision-makers, and educate the scientific and engineering workforce. Informed by centuries of theory and experiment, CSE performs computational experiments to answer questions that neither theory nor experiment alone is equipped to answer. CSE provides scientists and engineers of all persuasions with algorithmic inventions and software systems that transcend disciplines and scales. Carried on a wave of digital technology, CSE brings the power of parallelism to bear on troves of data. Mathematics-based advanced computing has become a prevalent means of discovery and innovation in essentially all areas of science, engineering, technology, and society; and the CSE community is at the core of this transformation. However, a combination of disruptive developments---including the architectural complexity of extreme-scale computing, the data revolution that engulfs the planet, and the specialization required to follow the applications to new frontiers---is redefining the scope and reach of the CSE endeavor. This report describes the rapid expansion of CSE and the challenges to sustaining its bold advances. The report also presents strategies and directions for CSE research and education for the next decade.Comment: Major revision, to appear in SIAM Revie

Demand for Bank Lending by the Private Business Sector in Pakistan

This study estimates the demand for bank lending by the private business sector in Pakistan. For the purpose of analysis a three-step methodology is applied, that is, univariate analysis, multivariate cointegration analysis, and error correction mechanism. It is found that the individual series are difference stationary, and there is a long-run stable relationship between the variables. The preferred model, obtained by the application of the general-to-specific methodology is also found to be stable throughout the study period. The study shows that the output of business sector is an important determinant of the demand for bank credit in Pakistan, implying that to achieve the objective of monetary policy the behaviour of the output of business sector must not be ignored. Furthermore, the study shows that the rate of interest on bank advances is an important determinant of the demand of credit by the business sector. It implies that monetary authorities can move the flow of bank credit to the private sector while changing the interest rate charged on bank lending. The analysis has important implications: a tight monetary policy implies a high rate of real interest; a high rate of interest on bank lending negatively affects the demand for bank credit by the business sector (and the investment), which in turn leads to low aggregate demand and lower output. That is what has happened in Pakistan in the last decade.Bank Lending; business sector; monetary policy; pakistan