Rethinking the Liquidity Puzzle: Application of a New Measure of the Economic Money Stock

Historically, attempts to solve the liquidity puzzle have focused on narrowly defined monetary aggregates, such as non-borrowed reserves, the monetary base, or M1. Many of these efforts have failed to find a short-term negative correlation between interest rates and monetary policy innovations. More recent research uses sophisticated macroeconomic and econometric modeling. However, little research has investigated the role measurement error plays in the liquidity puzzle, since in nearly every case, work investigating the liquidity puzzle has used one of the official monetary aggregates, which have been shown to exhibit significant measurement error. This paper examines the role that measurement error plays in the liquidity puzzle by (i) providing a theoretical framework explaining how the official simple-sum methodology can lead to a liquidity puzzle, and (ii) testing for the liquidity effect by estimating an unrestricted VAR.Liquidity Puzzle, Monetary Policy, Monetary Aggregation, Money Stock, Divisia Index Numbers

Rethinking the Liquidity Puzzle: Application of a New Measure of the Economic Money Stock

Historically, attempts to solve the liquidity puzzle have focused on narrowly defined monetary aggregates, such as non-borrowed reserves, the monetary base, or M1. Many of these efforts have failed to find a short-term negative correlation between interest rates and monetary policy innovations. More recent research uses sophisticated macroeconomic and econometric modeling. However, little research has investigated the role measurement error plays in the liquidity puzzle, since in nearly every case, work investigating the liquidity puzzle has used one of the official monetary aggregates, which have been shown to exhibit significant measurement error. This paper examines the role that measurement error plays in the liquidity puzzle by (i) providing a theoretical framework explaining how the official simple-sum methodology can lead to a liquidity puzzle, and (ii) testing for the liquidity effect by estimating an unrestricted VAR.North-South, growth model, innovation assimilation

Challenging Gifted Students in the General Education Classroom

This Honors in Education research focuses on gifted instruction in the general education early childhood classroom. Research found that being challenged in the general education classroom (in addition to in the gifted classroom) is a vital aspect of students’ gifted education. In addition to research on the importance of gifted education, effective strategies and best practices for challenging these students were explored through teacher interviews. Common themes such as strategic grouping, differentiation, enriched curriculum, problem solving, and project-based learning emerged. These strategies were compiled and organized into a digital toolkit website. This digital toolkit can serve as a teacher resource used to improve differentiated instruction and instruction specifically for advanced learners in the general classroom

Toward a Bias Corrected Currency Equivalent Index

Measuring the economic stock of money, defined to be the present value of current and future monetary service flows, is a difficult asset pricing problem, because most monetary assets yield interest. Thus, an interest yielding monetary asset is a joint product: a durable good providing a monetary service flow and a financial asset yielding a return. The currency equilivant index provides an elegant solution, but it does so by making strong assumptions about expectations of future monetary service flows. These assumptions cause the currency equivalent index to exhibit significant downward bias. In this paper, we propose an extension to the currency equivalent index that will correct for a significant amount of this bias.Currency Equilivant Index, Monetary Aggregation, Money Stock

Rethinking the liquidity puzzle: application of a new measure of the economic money stock

Historically, attempts to solve the liquidity puzzle have focused on narrowly defined monetary aggregates, such as non-borrowed reserves, the monetary base, or M1. Many of these efforts have failed to find a short-term negative correlation between interest rates and monetary policy innovations. More recent research uses sophisticated macroeconomic and econometric modeling. However, little research has investigated the role measurement error plays in the liquidity puzzle, since in nearly every case, work investigating the liquidity puzzle has used one of the official monetary aggregates, which have been shown to exhibit significant measurement error. This paper examines the role that measurement error plays in the liquidity puzzle by (i) providing a theoretical framework explaining how the official simple-sum methodology can lead to a liquidity puzzle, and (ii) testing for the liquidity effect by estimating an unrestricted VAR.Liquidity Puzzle, Monetary Policy, Monetary Aggregation, Money Stock, Divisia Index Numbers

Giant ragweed (Ambrosia trifida L.) biology, competition, and control in cotton (Gossypium hirsutum L.)

The objectives of this research were to evaluate control options and investigate the biology and competitiveness of glyphosate-resistant (GR) giant ragweed in cotton. Our results determined that glufosinate followed by glufosinate, glufosinate plus pyrithiobac, and glufosinate plus fluometuron at 0.56 or 1.12 kg ai ha-1 resulted in the highest level of visual control and the highest yield. However, glufosinate followed by glufosinate was the only treatment that resulted in the highest yield and \u3e 90% control of GR giant ragweed. The development of glufosinate-tolerant, 2,4-D tolerant, and dicamba-tolerant crops may provide growers with new opportunities for difficult-to-control weeds such as GR giant ragweed. Therefore, the next objective of this research was to evaluate control options for GR giant ragweed with 2,4-D and dicamba applied alone and in combination with glufosinate or fomesafen. Results determined that tank-mix combinations with glufosinate or fomesafen that included either 2,4-D or dicamba resulted in a higher level of control of GR giant ragweed than 2,4-D or dicamba applied alone. Tank-mixing 2,4-D or dicamba with glufosinate will be a valuable approach for controlling GR giant ragweed. The final objective was to conduct a study to determine competition of giant ragweed in cotton. Early in the growing season, treatments with 2400 or more giant ragweed plants per ha-1 reduced cotton height when compared with the competition free control. A delay in cotton maturity was observed only with higher populations of 4800 or 9600 plants. However, the effect of giant ragweed on yield was evident with the lowest population of 600 giant ragweed plants per ha-1 reducing lint yields by 300 kg ha-1 when compared with a competition free control. Cotton fiber quality was not affected by giant ragweed. These results indicate that season-long giant ragweed competition can significantly reduce cotton yields

Toward a Bias Corrected Currency Equivalent Index

Measuring the economic stock of money, defined to be the present value of current and future monetary service flows, is a difficult asset pricing problem, because most monetary assets yield interest. Thus, an interest yielding monetary asset is a joint product: a durable good providing a monetary service flow and a financial asset yielding a return. The currency equivalent index provides an elegant solution, but it does so by making strong assumptions about expectations of future monetary service flows. These assumptions cause the currency equivalent index to exhibit significant downward bias. In this paper, we propose an extension to the currency equivalent index that will correct for a significant amount of this bias.Currency equivalent index, monetary aggregation, money stock

Inferring dynamic recrystallization in ferrite using the kinetics of static recrystallization

A general relationship between the kinetics of dynamic and static recrystallization is developed. It is predicted that conventional dynamic recrystallization will occur whenever the deformation time exceeds the adjusted start time for static recrystallization. This approach is verified using data for austenite and lead. It is then applied to current and previous work on ferrite. The model provides support for the contention that conventional dynamic recrystallization occurs in low carbon ferrite if deformation is carried out at high temperatures and low strain rates. In the present work, which was carried out at 700 &deg;C, evidence for dynamic recrystallization was observed for strain rates less than around 0.01 s&minus;1. At higher strain rates, the model predicts a critical strain for the onset of dynamic recrystallization that exceeds the critical strain for the beginning of the recovery steady-state region. While the model allows dynamic recrystallization to begin in this region, the critical strain for its onset is expected to increase rapidly with increasing strain rate and decreasing temperature once steady state has been reached. <br /

Marshall University Music Department Presents Wind Symphony Fall Concert, Steven R. Barnett, Conductor, featuring, Dr. Michael Stroeher, Trombone, Matthew Kelly, Student Composer/Conductor

https://mds.marshall.edu/music_perf/1692/thumbnail.jp