Monetary policy and the U.S. and regions: some implications for European Monetary Union

Under the European Monetary Union (EMU), member countries will be subject to common monetary policy shocks. Given the diversity in the economic and financial structures across the EMU economies, these common monetary shocks can be reasonably expected to have different effects. Little is known about what differences might arise, however, given the absence of any historical experience in Europe with a common currency. ; An alternative approach is to draw upon the historical experience of monetary policy's impacts on sub-national regions in the United States. Like the countries of the EMU, U.S. states and regions differ in industry mix and financial composition, while at the same time, they employ a common currency. Thus, the lessons learned from the U.S. experience provide valuable information about the potentially varied effects of a common monetary policy across EMU economies. ; In this paper, the authors use earlier findings to construct an index that ranks EMU countries by their likely sensitivity to a common monetary shock. The index indicates that countries fall into one of three groups: Finland, Ireland, and Spain are likely to be most responsive to monetary policy shocks; France, Italy, and the Netherlands will have a relatively small response; and Austria, Belgium, Portugal, Germany, and Luxembourg are likely to have a response close to the EMU average.Monetary unions - European Union countries ; Monetary policy

Do states respond differently to changes in monetary policy?

Do the proportion of interest-sensitive industries, the number of small firms, and the concentration of small banks determine how monetary policy influences state economies? In this article, Jerry Carlino and Bob DeFina extend to the state level their earlier study that looked at these factors and their effects on a region's economies. Are the responses the same? Read the results of Carlino and DeFina's studyMonetary policy ; Regional economics

How strong is co-movement in employment over the business cycle? Evidence from state/industry data

This study measures the extent of co-movement in employment across states and industries at business-cycle frequencies. The strength of co-movement is quantified using the bi-variate and multi-variate measures of cohesion developed in Crous, Forni, and Reichlin (2001). The data indicate that cohesion is generally positive for the state/industry pairs, although the distribution masses around a relatively low value. The results suggest that cohesion has risen over time and that cohesion increases with spatial aggregation. Evidence is presented revealing that the measured degree of co-movement is sensitive to the chosen periodicity of the data and that there is much greater cohesion across states for a given industry than across different industries within a state. An investigation into the sources of cross-state variation in cohesion reveals that important determinants include the strength of input-output linkages within each state, the different effects of monetary policy actions on each state's employment, and the degree of industrial diversity within a state. No state-level support is found for Shea's (1996) hypothesis that industries that locate together co-move to a greater extent than do those that are more spatially diffused.Employment (Economic theory)

Sectoral shocks and metropolitan employment growth

Horvath and Verbrugge (1996) argue that when investigating the sources of aggregate fluctuations, it is important to use the highest frequency data available. Using monthly data for the U.S. economy they show that industry-specific shocks are more important in explaining fluctuations in industrial production than are common aggregate shocks. With the exception of Coulson (1999) studies that examine the issue at the subnational level have used low frequency, spatially aggregated data. The authors examine the relative importance of national disturbances versus local industry shocks for employment fluctuations using monthly data on five metropolitan statistical areas (MSAs). Input-output tables are used to quantify the strength of interindustry linkages, which are then used to help identify a structural VAR model for each MSA. Within-MSA industry shocks are found to explain considerably more of the forecast-error variance in industry employment growth (87-94 percent) than do common national shocks to productivity and monetary policy, and the manufacturing, services, and government sectors make the largest individual contributions to local employment variance. The authors also find that the measured importance of national shocks for employment fluctuations increases as the level of spatial aggregation increases.Employment (Economic theory)

A Comparative Sensitivity Analysis of GPS Receivers

GNSS technologies are progressively becoming one of the key elements in most of innovative wireless applications. Most location-based services and systems are in fact employing standalone GPS, GPS+EGNOS (or WAAS), Assisted-GPS and Differential GPS as core technologies and therefore more and more companies have been integrating GNSS receivers into their consumer products. By considering the large number of available GPS receivers on the market and the lack of standard specifications on the performance, a general evaluation of low cost GPS chipset is very interesting. The present paper describes the performance tests of a set of GPS receivers by different manufacturers in different environmental conditions (outdoor, light indoor, temporary blockage of the signal). The results of the tests are compared with the claimed performance reported on the data sheets. The comparative study on the performance is performed according to different figures of merit: acquisition sensitivity, Time To First Fix (TTFF) and the accuracy. Performance of the different receivers were tested by means of a hardware platform and a software tool called Sat-Surf and Sat-Surfer respectively

Wave Height Attenuation and Flow Resistance Due to Emergent or Near-Emergent Vegetation.

Vegetation plays a pivotal role in fluvial and coastal flows, affecting their structure and turbulence, thus having a strong impact on the processes of transport and diffusion of nutrients and sediments, as well as on ecosystems and habitats. In the present experimental study, the attenuation of regular waves propagating in a channel through flexible vegetation is investigated. Specifically, artificial plants mimicking Spartina maritima are considered. Different plant densities and arrangements are tested, as well as different submergence ratios. Measurements of wave characteristics by six wave gauges, distributed all along the vegetated stretch, allow us to estimate the wave energy dissipation. The flow resistance opposed by vegetation is inferred by considering that drag and dissipation coefficients are strictly related. The submergence ratio and the stem density, rather than the wave characteristics, affect the drag coefficient the most. A comparison with the results obtained in the case when the same vegetation is placed in a uniform flow is also shown. It confirms that the drag coefficient for the canopy is lower than for an isolated cylinder, even if the reduction is not affected by the stem density, underlining that flow unsteadiness might be crucial in the process of dissipation

An experimental study on water surface profiles of high Froude number flows

Motivated by need to study supercritical overbank flows on floodplain, we experimentally investigate if initially supercritical flow in a rectangular flume would maintain its state throughout. Varying upstream gate opening, flow rate and angle of the slope, a total of 37 experimental cases were carried out. The experimental results are compared to two existing theories: an inviscid theory based on nonlinear shallow water equations and jump conditions and a hydraulic theory that takes friction into account. The experimental data are consistent with the two theories. Flows on downward slope were stable, while those on upward slope had unstable hydraulic jump and transformed into subcritical flow. The reported results should serve well in designing a laboratory flume with the supercritical inflow and in conducting hydraulic model experiments on overbank flows.OAIID:RECH_ACHV_DSTSH_NO:T201834776RECH_ACHV_FG:RR00200001ADJUST_YN:EMP_ID:A080988CITE_RATE:.94FILENAME:2018KSCE22Park-etal.pdfDEPT_NM:건설환경공학부EMAIL:[email protected]_YN:YFILEURL:https://srnd.snu.ac.kr/eXrepEIR/fws/file/7f084c6c-e938-4359-acd7-76c6151612bc/linkN

Remote sensing for optimal estimation of water temperature dynamics in shallow tidal environments

Given the increasing anthropogenic pressures on lagoons, estuaries, and lakes and considering the highly dynamic behavior of these systems, methods for the continuous and spatially distributed retrieval of water quality are becoming vital for their correct monitoring and management. Water temperature is certainly one of the most important drivers that influence the overall state of coastal systems. Traditionally, lake, estuarine, and lagoon temperatures are observed through point measurements carried out during field campaigns or through a network of sensors. However, sporadic measuring campaigns or probe networks rarely attain a density sufficient for process understanding, model development/validation, or integrated assessment. Here, we develop and apply an integrated approach for water temperature monitoring in a shallow lagoon which incorporates satellite and in-situ data into a mathematical model. Specifically, we use remote sensing information to constrain large-scale patterns of water temperature and high-frequency in situ observations to provide proper time constraints. A coupled hydrodynamic circulation-heat transport model is then used to propagate the state of the system forward in time between subsequent remote sensing observations. Exploiting the satellite data high spatial resolution and the in situ measurements high temporal resolution, the model may act a physical interpolator filling the gap intrinsically characterizing the two monitoring techniques

Experimental Setup and Measuring System to Study SolitaryWave Interaction with Rigid Emergent Vegetation

The aim of this study is to present a peculiar experimental setup, designed to investigate the interaction between solitary waves and rigid emergent vegetation. Flow rate changes due to the opening and closing of a software-controlled electro-valve generate a solitary wave. The complexity of the problem required the combined use of different measurement systems of water level and velocity. Preliminary results of the experimental investigation, which allow us to point out the effect of the vegetation on the propagation of a solitary wave and the effectiveness of the measuring system, are also presented. In particular, water level and velocity field changes due to the interaction of the wave with rigid vegetation are investigated in detail

Has deunionization led to higher earnings inequality?

Income distribution ; Labor unions ; Wages