A comprehensive revision of the U.S. monetary services (divisia) indexes

The authors introduce a comprehensive revision of the Divisia monetary aggregates for the United States published by the Federal Reserve Bank of St. Louis, referred to as the Monetary Services Indexes (MSI). These revised MSI are available at five levels of aggregation, including a new broad level of aggregation that includes all of the assets currently reported on the Federal Reserve’s H.6 statistical release. Several aspects of the new MSI differ from those previously published. One such change is that the checkable and savings deposit components of the MSI are now adjusted for the effects of retail sweep programs, beginning in 1994. Another change is that alternative MSI are provided using two alternative benchmark rates. In addition, the authors have simplified the procedure used to construct the own rate of return for small-denomination time deposits and have discontinued the previous practice of applying an implicit return to some or all demand deposits. The revised indexes begin in 1967 rather than 1960 because of data limitations.Money supply

Liquidity crises in the small and large

Federal Reserve programs during the recent financial crisis sought to provide liquidity to individual firms or industries. An interesting additional question is whether the aggregate amount of liquidity in the economy was appropriate before and during the recent financial crisis.Liquidity (Economics) ; Financial crises

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Monetary aggregation theory and statistical index numbers

This paper is the first of two from the Monetary Services Indices (MSI) Project at the Federal Reserve Bank of St. Louis. The second paper, Working Paper 96-008B, summarizes the methodology, construction and data sources for the an extensive new database of monetary services indices, often referred to as Divisia monetary aggregates, for the United States. This paper surveys the microeconomic theory of the aggregation of monetary assets, bringing together results that are not otherwise readily available in a single source. In addition to indices of the flow of monetary services, the Project's database contains dual user cost indices, measures of potential aggregation error in the monetary services indices, and measures of the stock of monetary wealth. An overview of the Project and the concept of monetary aggregation is included here as a preface. ; Earlier title: An introduction to monetary aggregation theory and statistical theory and statistical index numbersMonetary theory

Building new monetary services indices: methodology and source data

This paper is second of two from the Monetary Services Indices (MSI) Project at the Federal Reserve Bank of St. Louis. The first paper, Working Paper 96-007B, surveys the microeconomic theory of the aggregation of monetary assets. This paper describe a new database of monetary services indices (MSI) for the United States. The MSI measure the flow of monetary services received each period by households from their holdings of monetary assets; the levels of the indices are often also referred to as Divisia monetary aggregates. In addition to indices of the flow of monetary services, the database contains dual user cost indices, measures of potential aggregation error in the monetary services indices, and measures of the stock of monetary wealth. An overview of the Project and the concept of monetary aggregation is included here as a preface.Monetary theory

Abatement and Allocation in the Pilot Phase of the EU ETS

We use historical industrial emissions data to assess the level of abatement and overallocation that took place across European countries during the pilot phase (2005-2007)of the European Union Emission Trading Scheme. Using a dynamic panel data model, we estimate the counterfactual (business-as-usual) emissions scenario for EU member states. Comparing this baseline to allocated and verified emissions, we conclude that both overallocation and abatement occurred, along with under-allocation and emissions inflation. Over the three trading years of the pilot phase we find over-allocation of approximately 376 million EUAs (6%) and total abatement at the member state level of 107 Mt CO2 (1.8%). However, due to over-allocation and possible uncertainty about future allocation methodologies, we calculate that emissions inflation of approximately 119 Mt CO2 (2%) occurred, resulting in emissions over the pilot phase being approximately 12 Mt CO2 (0.2%) higher than they would have been in the absence of the EU ETS.Emissions Trading Scheme, Climate Policy, Dynamic Panel Data Analysis

Impacts of a Standing Disaster Payment Program on U.S. Crop Insurance

This research investigates the potential effects of the standing disaster assistance program proposed in the Senate version of the 2008 Farm Bill. Results suggest no significant impact on producer crop insurance purchase decisions. Payments under the program should be expected to differ considerably across geographic regions and levels of diversification, with the program providing the greatest benefit to undiversified producers in more risky production regions (e.g., the Southern Plains).

Impacts of the SURE Standing Disaster Assistance Program on Producer Risk Management and Crop Insurance Programs

This research investigates the potential effects of the row crop provisions of the standing disaster assistance program (SURE) in the 2008 Farm Bill. Results suggest little impact on producer crop insurance purchase decisions, though the program does seem to provide an incentive for mid-level coverage. Payments under the program should be expected to differ considerably across geographic regions and levels of diversification, with the program providing the greatest benefit to undiversified producers in more risky production regions.crop insurance, disaster assistance, Farm Bill, SURE, Agricultural and Food Policy, Farm Management, Risk and Uncertainty, Q12, Q18,

Difficult cancer pain: an examination of physical and psychological components

AIMS: The aims of this thesis are to characterise clinically, neuropathic cancer pain and CIBP, to examine the relationship between cancer pain and depression, to explore the relationship between pain and systemic inflammation and the possibility of pain, depression and fatigue existing, as a symptom cluster.METHODS: A combination of observational study, systematic review, longitudinal study and secondary data analysis methodology were utilised, as appropriate to the specific area being examined.RESULTS: In neuropathic cancer pain and cancer induced bone pain, worst pain is most closely associated with the impact of pain on function. In these pain syndromes, breakthrough pain is often of rapid onset, severe intensity and short duration. The systematic review demonstrated that there is insufficient evidence to support an interdependent relationship between pain and depression. The longitudinal study demonstrated that as pain improves, there is a trend towards an improvement in depression and there is an improvement in the Hospital Anxiety and Depression Scale (HADS) score. Pain, depression and fatigue cluster together in cancer patients although there is insufficient information to suggest systemic inflammation as an underlying cause. There is, however, a significant relationship between pain and systemic inflammation.CONCLUSIONS: The difficult cancer pain syndromes of neuropathic cancer pain and cancer induced bone pain are best assessed using "worst pain" as a measure of the impact of pain on function. Pain and depression in cancer are likely to be related to one another although further research is needed to confirm this. Pain, depression and fatigue exist together as a symptom cluster in specific groups of cancer patients. Pain is related to systemic inflammation in cancer

Student conceptions of employability: a phenomenographic study

Despite its everyday use in the higher education discourse, there is still ubiquity around the concept of employability where it continues to be used in a number of contexts and with reference to a range of meanings that include skills, knowledge and attributes in varying degrees of importance (Knight & Yorke, 2002; Moreland, 2006) to a multi-dimensional psycho-social construct based upon career identity, personal adaptability and social and human capital (Fugate, Kinicki & Ashworth, 2004). Although HEIs have placed a greater emphasis on developing employability support for students (Rae, 2007), employers are still finding graduates lack appropriate skills, aptitude and behaviours for the workplace (Tymon, 2013). Despite this extensive discussion, there is little that considers how well students understand the concept of employability and how this affects their job seeking behaviour. To investigate this understanding a sample of 35 undergraduate business students from a range of levels and programmes took part in an online survey asking them to reflect on their employability. These written accounts were then analysed phenomenographically to investigate the qualitatively different ways that business students conceive of employability. To maximise variation in the sample, participants were first to final year students, including some on placement, and were following a mixture of generalist business and specialist programmes, including accounting, marketing and IT. The responses were analysed in three phases (Marton & Säljö, 2005); sorting quotes into groups oriented around the meaning of employability, examining each group further as a decontextualized set of responses and then determining categories of description to represent the outcome space. This methodology was selected to fully appreciate the variety and breadth of conceptions students held, and identified a hierarchy of five distinct ways of understanding employability. The results of this study should be of value to educators and career support professionals in facilitating interventions that move students’ conceptions of employability from that of a possession, to one they must participate in, encouraging students to be more self-aware when entering the employment arena