Metropolitan Growth Policies and New Housing Supply: Evidence from Australia\u27s Capital Cities

This paper empirically examines the relationship between house price change, metropolitan growth policies, and new housing supply in Australia\u27s five major capital cities. Our hypothesis suggests capital cities with tighter regulations on new development will have fewer housing starts and price elasticities than those in less- regulated markets. The empirical procedure used in this paper utilises the Urban Growth Model of Housing Supply developed in Mayer and Somerville (2000a and 2000b) and employed in Zabel and Patterson (2006) by using quarterly data on housing approvals and house prices from 1996-2010. Data on metropolitan growth policies in Australia is borrowed from Hamnett and Kellett (2007). Preliminary findings indicate that new housing supply in Australian capital cities is elastic to housing price changes, as a one per cent increase in prices leads to an approximately 4-6 per cent increase in housing approvals over five quarters. While this indicates a properly functioning housing market, the estimated elasticity is about a third of other developed countries, such as the United States. Furthermore, the use of established growth policies, such as urban growth boundaries and urban consolidation, appears to have a greater impact on new housing approvals than adoption of new-style growth policies, such as development corporations and infrastructure levies. However, both types of policies decrease new housing supply

Congruence lattices of semilattices

The main result of this paper is that the class of congruence lattices of semilattices satisfies no nontrivial lattice identities. It is also shown that the class of subalgebra lattices of semilattices satisfies no nontrivial lattice identities. As a consequence it is shown that if V is a semigroup variety all of whose congruence lattices satisfy some fixed nontrivial lattice identity, then all the members of V are groups with exponent dividing a fixed finite number

Dynamic Hardness Tester and Cure Meter

The Shore hardness tester is used extensively throughout industry to determine the static modulus of materials. The new apparatus described here extends the capability of an indentor-type tester into the dynamic regime, and provides a measurement of the dynamic shear or Young's modulus and loss factor as a function of frequency. The instrument, model and data of typical rubber samples are given and compared to other dynamic measurements

Money demand in the euro area: new insights from disaggregated data

Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity remain stable. The corresponding deep parameters of the utility function have not changed. Aggregate money demand instability does therefore not result from altered standard factors determining the preference for holding money. Instead, other factors determine the aggregate monetary overhang. Since monetary developments cannot easily be explained by changing preferences, they should be closely monitored and might be a sign of imbalances.Money demand, M3, national contributions, euro area

Money demand in the euro area: new insights from disaggregated data

Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity remains stable. The corresponding deep parameters of the utility function have not changed. Aggregate money demand instability does therefore not result from altered standard factors determining the preference for holding money. Instead, other factors determine the aggregate monetary overhang. Since monetary developments cannot easily be explained by changing preferences, they should be closely monitored and might be a sign of imbalances.Money demand, euro area, deep parameters of money demand function, panel data

Microstructural evolution in materials during thermal processing

Copyright © 2012 Joseph K. L. Lai et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.This article has been made available through the Brunel Open Access Publishing Fund.This article is made available through the Brunel Open Access Publishing Fund

A View of Damped Trend as Incorporating a Tracking Signal into a State Space Model

Damped trend exponential smoothing has previously been established as an important forecasting method. Here, it is shown to have close links to simple exponential smoothing with a smoothed error tracking signal. A special case of damped trend exponential smoothing emerges from our analysis, one that is more parsimonious because it effectively relies on one less parameter. This special case is compared with its traditional counterpart in an application to the annual data from the M3 competition and is shown to be quite competitive.Exponential smoothing, monitoring forecasts, structural change, adjusting forecasts, state space models, damped trend

MICHIGAN FARM DATABASE NEW DIRECTIONS FOR 1995

The purpose of this paper is to provide financial and production performance data for Michigan farms in 1995. Separate sections report on the farm types of Cash Grain, Dairy, Fruit, General Crop, General Livestock, and Swine. This data can be used as a comparative data base for individual farmers to conduct a financial analysis of their own farm to identify strengths and weaknesses. This report can also provide information to those interested in the financial well being of Michigan agriculture. Immediately following are sections on the data source, and how farm types were defined. The last section of the publication has definitions of calculations. Reader response is requested.Farm Management,