Central Banking at a Time of Crisis and Beyond: A Practitioner’s Perspective

monetary policy, inflation targeting

Central bank perspectives on stabilization policy

For some time, the use of monetary and fiscal policies to smooth business cycle fluctuations has taken a back seat to longer term objectives of restoring price stability and fiscal balance. More recently, however, weaker economic performance in some of the world’s economies, most notably in Japan and the United States, has led to renewed interest in the use of short-run stabilization policy. ; This year the bank’s economic policy symposium, “Rethinking Stabilization Policy,” explored the potential scope for stabilization policy in this new environment. The papers presented at the symposium and the ensuing discussion focused on a number of key issues including: reasons for the renewed interest in stabilization policy, the effectiveness and limitations of stabilization policy, and whether the use of short-run stabilization policy conflicts with the pursuit of longer term macroeconomic objectives. ; The articles included in this special issue of the Economic Review provide perspectives on stabilization policy from five prominent central bank officials: Alan Greenspan, Otmar Issing, Guillermo Ortiz, Yukata Yamaguchi, and David Dodge. As these articles suggest, policymakers in different countries clearly share a common set of core values that guide policy. At the same time, monetary policy decisions must also be tailored to the unique circumstances of individual countries. Viewed individually, each of these presentations is highly interesting and informative. Taken together, they provide a broad perspective on the challenges facing policymakers in a changing economic environment.Monetary policy ; Fiscal policy

Reclamation with Recovery of Radionuclides and Toxic Metals from Contaminated Materials, Soils, and Wastes

A process has been developed at Brookhaven National Laboratory (BNL) for the removal of metals and radionuclides from contaminated materials, soils, and waste sites. In this process, citric acid, a naturally occurring organic complexing agent, is used to extract metals such as Ba, Cd, Cr, Ni, Zn, and radionuclides Co, Sr, Th, and U from solid wastes by formation of water soluble, metal-citrate complexes. Citric acid forms different types of complexes with the transition metals and actinides, and may involve formation of a bidentate, tridentate, binuclear, or polynuclear complex species. The extract containing radionuclide/metal complex is then subjected to microbiological degradation followed by photochemical degradation under aerobic conditions. Several metal citrate complexes are biodegraded, and the metals are recovered in a concentrated form with the bacterial biomass. Uranium forms binuclear complex with citric acid and is not biodegraded. The supernatant containing uranium citrate complex is separated and upon exposure to light, undergoes rapid degradation resulting in the formation of an insoluble, stable polymeric form of uranium. Uranium is recovered as a precipitate (polyuranate) in a concentrated form for recycling or for appropriate disposal. This treatment process, unlike others which use caustic reagents, does not create additional hazardous wastes for disposal and causes little damage to soil which can then be returned to normal use

Chronic Healthcare Spending Disease: A Macro Diagnosis and Prognosis

The amount Canadians spend on healthcare is set to rise rapidly over the next two decades and Canadians need to face up to tough choices to deal with this “spending disease.” The study examines the trajectory of total healthcare spending – public and private – in Canada and the policy choices Canadians must make in response. The authors estimate the extent to which healthcare spending is going to absorb a greater fraction of income than Canadians have experienced to date under two scenarios: a baseline scenario drawn from historical experience, and an optimistic scenario, which assumes an unprecedented improvement in the efficiency and effectiveness of the healthcare system and large improvement in potential economic growth. Canadians must choose some combination of: 1) a sharp reduction in public services, other than health care; 2) increased taxes to finance the public share of healthcare spending; 3) increased individual spending on healthcare services currently insured by provinces, through some form of co-payment or through delisting of services that are currently publicly financed; 4) or a degradation of publicly insured healthcare standards – longer queues, and services of poorer quality.The Health Papers, healthcare spending, Canada

Visual communication in urban planning and urban design

This report documents the current status of visual communication in urban design and planning. Visual communication is examined through discussion of standalone and network media, specifically concentrating on visualisation on the World Wide Web(WWW).Firstly, we examine the use of Solid and Geometric Modelling for visualising urban planning and urban design. This report documents and compares examples of the use of Virtual Reality Modelling Language (VRML) and proprietary WWW based Virtual Reality modelling software. Examples include the modelling of Bath and Glasgow using both VRML 1.0 and 2.0. A review is carried out on the use of Virtual Worldsand their role in visualising urban form within multi-user environments. The use of Virtual Worlds is developed into a case study of the possibilities and limitations of Virtual Internet Design Arenas (ViDAs), an initiative undertaken at the Centre for Advanced Spatial Analysis, University College London. The use of Virtual Worlds and their development towards ViDAs is seen as one of the most important developments in visual communication for urban planning and urban design since the development plan.Secondly, photorealistic media in the process of communicating plans is examined.The process of creating photorealistic media is documented, examples of the Virtual Streetscape and Wired Whitehall Virtual Urban Interface System are provided. The conclusion is drawn that although the use of photo-realistic media on the WWW provides a way to visually communicate planning information, its use is limited. The merging of photorealistic media and solid geometric modelling is reviewed in the creation of Augmented Reality. Augmented Reality is seen to provide an important step forward in the ability to quickly and easily visualise urban planning and urban design information.Thirdly, the role of visual communication of planning data through GIS is examined interms of desktop, three dimensional and Internet based GIS systems. The evolution to Internet GIS is seen as a critical component in the development of virtual cities which will allow urban planners and urban designers to visualise and model the complexity of the built environment in networked virtual reality.Finally a viewpoint is put forward of the Virtual City, linking Internet GIS with photorealistic multi-user Virtual Worlds. At present there are constraints on how far virtual cities can be developed, but a view is provided on how these networked virtual worlds are developing to aid visual communication in urban planning and urban design

Evaluation of Faraday-shielded Stix coils for ion cyclotron resonance heating of a plasma Technical report no. 3

Faraday-shielded Stix coil evaluation including electric field waveform for ion cyclotron resonance heating of plasm

Modelling virtual urban environments

In this paper, we explore the way in which virtual reality (VR) systems are being broadened to encompass a wide array of virtual worlds, many of which have immediate applicability to understanding urban issues through geocomputation. Wesketch distinctions between immersive, semi-immersive and remote environments in which single and multiple users interact in a variety of ways. We show how suchenvironments might be modelled in terms of ways of navigating within, processes of decision-making which link users to one another, analytic functions that users have to make sense of the environment, and functions through which users can manipulate, change, or design their world. We illustrate these ideas using four exemplars that we have under construction: a multi-user internet GIS for Londonwith extensive links to 3-d, video, text and related media, an exploration of optimal retail location using a semi-immersive visualisation in which experts can explore such problems, a virtual urban world in which remote users as avatars can manipulate urban designs, and an approach to simulating such virtual worlds through morphological modelling based on the digital record of the entire decision-making process through which such worlds are built

New technologies for urban designers: the VENUE project

In this report, we first outline the basic idea of VENUE. This involves developing digital tools froma foundation of geographic information systems (GIS) software which we then apply to urbandesign, a subject area and profession which has little tradition in using such tools. Our project wasto develop two types of tool, namely functional analysis based on embedding models of movementin local environments into GIS based on ideas from the field of space syntax; and secondlyfashioning these ideas in a wider digital context in which the entire range of GIS technologies werebrought to bear at the local scale. By local scale, we mean the representation of urban environmentsfrom about 1: 500 to around 1: 2500

The Piggy Bank Index: Matching Canadians’ Savings Rates to Their Retirement Dreams

As Canada’s babyboom generation approaches retirement age, public concern about the adequacy of retirement income is mounting, note the authors. Most of the public debate has been about potential reform of the tax and fiduciary rules governing corporate pension plans, the possibility of expanding contributory public pension plans such as the CPP/QPP, about how much tax-deferred saving the Income Tax Act should allow, and for how long. To date, say the authors, there has been little focus on the fraction of annual earnings that must be saved by Canadians – either through employer plans, private saving, or expanded contributions to a public plan – to provide adequate and reasonably assured retirement incomes.Pension Papers, retirement income, Registered Retirement Savings (RRSPs), Canada Pension Plan (CPP/QPP), Income Tax Act