Some issues in monetary economics

Money supply ; Money theory ; Inflation (Finance)

New particle formation, growth and apparent shrinkage at a rural background site in western Saudi Arabia

Atmospheric aerosols have significant effects on human health and the climate. A large fraction of these aerosols originates from secondary new particle formation (NPF), where atmospheric vapors form small particles that subsequently grow into larger sizes. In this study, we characterize NPF events observed at a rural background site of Hada Al Sham (21.802 degrees N, 39.729 degrees E), located in western Saudi Arabia, during the years 2013-2015. Our analysis shows that NPF events occur very frequently at the site, as 73 % of all the 454 classified days were NPF days. The high NPF frequency is likely explained by the typically prevailing conditions of clear skies and high solar radiation, in combination with sufficient amounts of precursor vapors for particle formation and growth. Several factors suggest that in Hada Al Sham these precursor vapors are related to the transport of anthropogenic emissions from the coastal urban and industrial areas. The median particle formation and growth rates for the NPF days were 8.7 cm(-3) s(-1) (J(7)(nm)) and 7.4 nm h(-1) (GR(7-12nm)), respectively, both showing highest values during late summer. Interestingly, the formation and growth rates increase as a function of the condensation sink, likely reflecting the common anthropogenic sources of NPF precursor vapors and primary particles affecting the condensation sink. A total of 76 % of the NPF days showed an unusual progression, where the observed diameter of the newly formed particle mode started to decrease after the growth phase. In comparison to most long-term measurements, the NPF events in Hada Al Sham are exceptionally frequent and strong both in terms of formation and growth rates. In addition, the frequency of the decreasing mode diameter events is higher than anywhere else in the world.Peer reviewe

An Analysis of the Uniform Consumer Credit Code

The proposed Uniform Consumer Credit Code (UCCC) developed by the National Conference of Commissioners on Uniform State Laws (NCCUSL) is intended to remedy many of the imperfections that have been accumulating in the consumer credit market in the last sixty years. I. Stimulating Creditor Competition … A. Pre-Code Legislation … B. The Code Provisions … C. The Effect on the Market II. Increasing Consumer Awareness of the Finance Charge III. Regulating Creditor Activity in Credit Extensions, Collections, and Contract Terms IV. Improving the Consumer’s Remedial Position V. Conclusio

Ein monetaristisches Modell des Geldwirkungsprozesses

A Monetarist Model of the Monetary Process This paper assesses the Monetarists’ model of money, emphasizing those analytical aspects which differentiate it from the Fiscalists’ monetary model. Although these two models are sometimes categorized in terms of “money matters” or “only money matters”, this mnemonic classification does not highlight the analytical distinctiveness of their respective monetary theories. To obtain a better understanding of the Monetarists’ model we also need to distinguish the money veil of theory and the extremely potent, and highpowered, money of stabilization policy, and between nominal money and the real money stock. The monetary model (Quantity theory) of the Monetarists incorporates a theory of money, prices and interest rates that differs substantially from the liquidity preference analysis of interest rates of the Fiscalists. Monetarists have a monetary theory of the price level, a non-monetary theory of the (real) interest rate, and a theory relating rising (or high) market rates (nominal interest rates) to rising prices: they postulate, following Fisher, a sequence leading from monetary expansion to rising prices and high market rates; they distinguish, therefore, between rising rates and high rates, and between market rates and real (interest) rates; and they rationalize a rise in market rates (relative to real rates) by introducing a price expectation variable in their model to capture the impact of rising prices on nominal interest rates. The Fiscalists, in contrast, have a monetary theory of the interest rate, a non-monetary theory of the price level, and do not distinguish either between rising and high rates or between nominal and real rates: they assume that high (or rising) market rates reflect corresponding changes in real rates; and they associate the variability of market rates with volatility in real rates. The implication concerning the instability of the real economy is, in this sense, related to this particular analytical framework. The Monetarists’ view of fiscal policy ma yalso be somewhat misunderstood, because it is closely tied to the manner in which they calibrate and measure the posture of monetary policy. An action defined by Fiscalists as one of fiscal stimulus may also be defined by Monetarists as one of monetary stimulus, so that clear-cut discriminating tests of the two theories are not readily available. Thus, it is only when movements in the money stock and in the full-employment surplus go in opposite directions - as in 1966 and in 1968 - that we get any real tests of their relative effects. The Monetarist advocacy of stable monetary growth does not necessarily imply that discretionary fiscal policy actions have no short run aggregate demand effects. It is sufficient for Monetarists to argue that the effects of temporary budgetary changes are uncertain, that they have long and variable lags, that they are not superior (and may be inferior) to monetary actions in terms of effectiveness, and that budgetary changes should be instituted primarily for their important allocative effects. The post-1968 experiences, and the discovery that some fiscal effects may also be subject to a lag, should serve to re-open theoretical and policy discussions of the relative roles of Monetary and Fiscal policy in stabilization