A Re-Appraisal of the Role of the Monetary Policy: The Quantity Theory of Money Through a Structural Vector Autoregressive Approach

The COVID-19 pandemic, the Russia–-Ukraine and the Israel–-Hamas conflicts, and the resulting global economic shocks will affect the world economy for several years. This paper analyzes and discusses monetary finance (MF) using the Quantity Theory of Money (QTM) to understand economic dynamics. To achieve this goal, we utilize a Structural Vector Autoregressive (SVAR) identification scheme with sign restrictions on datasets from advanced economies. The findings indicate that monetary growth plays a role in short-term inflationary dynamics, while its effects are less significant in the medium to long term. The aim of the paper is to contribute to ongoing debate surrounding the potential strategies for addressing the economic downturn through the reintroduction of monetary finance (MF)

The lens of the quantity theory of money to disentangle the perceived relationship between money growth and inflation: a PSVAR approach

This paper contributes to the debate on the re-appraisal of monetization mechanism as a possible tool for dealing with macroeconomic imbalances due to close economic shocks (e.g. the Covid pandemic, the Russia-Ukraine conflict and the escalation in Israel-Hamas crisis). We analyze and empirically discuss the well-known Quantity Theory of Money (QTM), by applying the SVAR methodology to a heterogeneous panel including several Countries (Australia, China, India, Japan, United Kingdom and the United States) plus the block of Euro Zone (EZ) over the period 1992–2022. We investigate the dynamics and the impacts of the variables included in the theoretical model (inflation, GDP growth, money growth and the change in the velocity of money) through the analysis of the macro economic datasets retrieved from the OECD and Trading Economics databases. We find that money growth does not exert the decisive spillover effect on the path of inflation (i.e. common shock) throughout our sample. Moreover, our results indicate that the idiosyncratic component does not show a predominant and determining role of monetary growth in inflationary dynamics

Masonry arches strengthened with composite unbonded tendons

none3In this paper an analytical model to evaluate the structural behavior of masonry arches and vaults strengthened with composite unbonded tendons placed at the extrados is presented. The tendons are fixed at the imposts. The model is formulated under the assumption of finite displacements. The displaced equilibrium configurations are identified by the stationariety of the potential of the acting forces. It is shown that when the tendon is not pretensioned an increase of the arch collapse load can be achieved only if the axial stiffness of the tendon is sufficiently large. Instead if the tendon is pretensioned an increase of the load that induces the first displacement of the arch is always achieved. If the stiffness of the tendon is sufficiently large the collapse load will be greater than the load that produces the first displacement of the arch.D'Ambrisi A; Feo L; Focacci FD'Ambrisi, A; Feo, L; Focacci, Francesc

Strengthening Historical Masonry with FRP or FRCM: Trends in Design Approach

Over the past two decades, composite materials, in forms of Fiber Reinforced Polymers (FRP), have been widely spread worldwide in the field of civil and monumental construction. Design guidelines and provisions were developed and provided by national and international institutions. In the last years, a new generation of materials, named Fabric Reinforced Cementitious Matrix (FRCM) were introduced as strengthening devices for concrete and masonry structures. Their application in the field of historical masonry has grown as a result of the recent Italian earthquakes. In this paper, starting from a retrospective on what has been done in recent years in the field of FRP applications, insights will be discussed for future research and applications of FRP and FRCM in heritage buildings. Some differences between FRP and FRCM materials will be highlighted, in terms of fiber-matrix interface and delamination mechanisms. The different micromechanical behavior in terms of fracture energy will be highlighted, and the macro-mechanical implications in terms of ductility will be pointed out, as a first attempt to quantify this complex problem. By considering the last innovative and pioneering applications of FRP/FRCM in heritage buildings, criteria for structural enhancement will be shown and discussed. This is done with a special focus on the ability, shown by these new technologies, to inhibit failure mechanisms in masonry artifacts