34 research outputs found

    Determination of micro-scale plastic strain caused by orthogonal cutting

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    An electron beam lithography technique has been used to produce microgrids in order to measure local plastic strains, induced during an orthogonal cutting process, at the microscopic scale in the shear zone and under the machined surface. Microgrids with a 10 μm pitch and a line width less than 1 μm have been printed on the polished surface of an aluminium alloy AA 5182 to test the applicability of the technique in metal cutting operations. Orthogonal cutting tests were carried out at 40 mm/s. Results show that the distortion of the grids could successfully be used to compute plastic strains due to orthogonal cutting with higher accuracy compared to other techniques reported in the literature. Strain maps of the machined specimens have been produced and show high-strain gradients very close to the machined surface with local values reaching 2.2. High-resolution strain measurements carried out in the primary deformation zone also provide new insight into the material deformation during the chip formation process

    Pass-Through of Exchange Rates to Domestic Prices in East European Countries and the Role of Economic Enviroment

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    The paper examines the exchange rate pass-through in a set of 13 East European countries during the period of 1993–2003. The pass-through estimates are derived from a recursive VAR model in first differences, and the impact of exchange rate changes on both producer and consumer prices is studied. The estimates obtained for two sub-sample periods generally show an incomplete pass-through over a two-year horizon. In addition, the results imply a considerable cross-country variation and suggest that a significant decline (by nearly 50%) in the pass-through is possible over time. In particular, it is found that the exchange rate pass-through in East European countries is positively and statistically significantly related to the average inflation rate and degree of exchange rate persistence. Moreover, the results confirm the existence of a strong relationship between the pass-through and changes in the import structure. Finally, there is some limited evidence that the magnitude of exchange rate pass-through might be positively related to the degree of country's openness to foreign trade.pass-through of exchange rate, recursive VAR model, Exchange Rate Mechanism II

    Real Exchange Rate in Latvia (1994-2001)

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    The analysis of the exchange rate in Latvia presented in this publication covers the period from 1994 until 2001. The analysis has been based on two commonly used methods: the single equation approach and macroeconomic balance approach. The existing fundamental variables in the economy warrant the exchange rate that is undervalued relative to its equilibrium. Therefore, the current exchange rate in Latvia generally corresponds to the current stage of economic development. The real appreciation of the exchange rate with respect to West European countries is in line with the appreciation of the trend exchange rate, which is driven mainly by rising productivity in the tradable sector. Therefore, the appreciation of the real exchange rate from 1994 to 2001 has not generally harmed foreign trade. As long as real appreciation is supported by underlying fundamental variables in the economy, it does not endanger the macroeconomic stability and growth.real exchange rate, foreign trade

    ZOLLINGER'S ATLAS OF SURGICAL OPERATIONS

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    Impact of the Euro Adoption on the Economy of Latvia

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    In the past decade, Latvia's macroeconomic structure and the financial system have undergone momentous and radical changes, and the experience gained so far supports the assumption that the economy has been able to adjust effectively to changes in external environment. The calculations based on the gravity model analysis demonstrate that over longer horizons Latvia's GDP might be up to 19% higher than under a hypothetical scenario of Latvia preserving its national currency. Several indicators of the national structural development (structural changes of GDP sectors, structure of foreign trade broken down by trade partner and main commodity group, etc.) and the analysis of cyclical economic volatility show that in terms of real convergence Latvia often differs substantially from large euro area countries and only on few occasions Latvia's respective indicators display close similarity to the indicators of countries known as the periphery. It does not necessarily imply that along with the euro adoption the impact and periodicity of asymmetric shocks in Latvia are going to increase.euro area enlargement, euro adoption, convergence, Maastricht, European Union

    Price Dynamics in Latvia - Experience and Future Prospects

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    The Latvian experience shows that the central bank's successful monetary policy, together with the government's prudent policies, helps to reduce inflation. Due to Latvia's small size and high degree of openness of its economy, the exchange rate plays a significant role in determining inflation in the country. The Bank of Latvia's interim objective - the stability of the exchange rate - has been the key to achieving and maintaining price stability. In light of the fact that many factors that determine inflation in Latvia are beyond the central bank's control, the pursuit of a strategy based on inflation targeting appears to be difficult.monetary policy, inflation, Phillips curve

    Transmission of Monetary Shocks in Latvia

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    This study deals with short-term reactions of the economy to various monetary shocks. The analysis of the financial system of Latvia supports the view that the wealth channel is currently very weak or even non-existent due to a relatively underdeveloped capital market. The importance of various channels of monetary transmission has been tested empirically by using the structural VAR model and small structural macroeconomic model. The analysis provides evidence that monetary shocks are transmitted to the economy mainly through the exchange rate channel.monetary policy, monetary transmission mechanism, small structural model, vector autoregression
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