An intertemporal model of the real exchange rate, stock market, and international debt dynamics: policy simulations

This paper develops an open economy intertemporal optimising model that seeks to analyse the effect of bill financed government expenditure on several key financial markets. The main results suggest that an increase in bill financed government expenditure leads to a rise in net international debt, a fall in the domestic real exchange rate and a fall in the stock market value. Furthermore, due to the presence of non-linearities in the model, reversing the deficit financing policy doesn’t restore the initial net international credit, high stock market value state. Instead, the country finds itself stuck in an international debt and low stock market value trap

Job Satisfaction, Work Environment and Relations with Managers in Britain

Little empirical work has been done on the relationship of job satisfaction to work environment and the managerial attitudes towards employees. Employees’ well being is important to the firm. Analysis of job satisfaction may give insight into various aspect of labor market behavior, such as worker productivity, absenteeism and job turn over. This paper investigates the relationship of worker satisfaction, to the work environment and the worker relationship to managers. We use a unique data of 28 240 British employees, Workplace Employee Relations Survey (WERS97). In this data set the employee questionnaire is matched with the employer questionnaire. Four measures of job satisfaction are negatively related to the establishment size. Establishment size in return is related to the degree of flexibility in the work environment and the relationship with the supervisors. We find that, contrary to the previous results lower levels of job satisfaction in larger establishments can not necessarily be attributed to the inflexibility in the work environment. However, the weak employee-manager relationships may be a major source of the observed lower levels of job satisfaction in larger establishments.Job Satisfactions, Establishment Size, Structure of Work Environment, Employee-Manager Relations

Politics and architecture in Turkey (1923 – 1960)

To objectively evaluate the manifestation of any kind of architecture in history, the necessity to consider context (as in politics, economy, and geography) is nowadays beyond question — in particular as regards the XX century, in which debates on expression and form in art and architecture were related ever more directly to political agendas. In addition, when it comes to certain countries that are often left out of mainstream textbooks on architectural history, the background of most readers tends to prove insufficient —if not misleading— in complementing the written accounts with pre-conceived general knowledge. Taking these in consideration, the main motivation behind the thesis in question was to create an account on the modern architectural heritage of the Republic of Turkey that would interweave architecture and politics in a way that wouldn’t leave the reader in the dark regarding contextual connections: natural and immediate for the author and for locals, but a mystery for anybody who’s new to the subject. In the particular case of Turkey, modernity began to manifest itself in the aftermath of the War of Independence (1919-1923) that put an end to the Ottoman Empire and founded the Republic on Turkey on secular grounds. While it was a colossal effort to rebuild a nation from the ground up, the circumstances of the post-war world and the approach of the WWII made it so that 27 years of single-party rule would follow, bringing about an everintensifying nationalist agenda as Turkey remained non-belligerent during T01 | EP11 | s2017 2 WWII. It was to end de jure only when the republican party in power lost in the elections of 1950, after which the economic policies of Turkey took a sharp turn towards liberalism. 10 years later, in 1960, a military coup turned the tables once again; Behruz Çinici (1932-2011), polemical yet influential architect from Istanbul, begins his professional life in such a moment. Throughout all these historical events (and other minor ones), architecture took a path as bumpy as that of politics, and this paper aims to address that complexity through a selection of major determinant events and dynamics, without taking any information for granted; and it does so by considering Behruz Çinici as a pivotal point between the “yesterday” and the “today” of the architecture of Turkey. In conclusion, this paper begins with a simplified historical and architectural version starting from 1923, and gradually —and naturally— intensifies in detail until 1960, the year of the first military coup in Turkey. At that point, it takes a step back to introduce the figure of Behruz Çinici, including his educational and cultural background: his life is analyzed by a subdivision in decades, as the architect himself suggested in various occasions

FMR Study of Co/Ti Bilayer Thin Films

. We focused on the interaction between two ferromagnetic cobalt layers through a non-magnetic titanium layer. The magnetic properties of the structure were characterized by ferromagnetic resonance technique (FMR). The data were collected as a function of non-magnetic titanium layer thickness. Co/Ti multilayer (Ti (50 {\AA})/Co(45 {\AA})/Ti(2-40 {\AA})/Co(40 {\AA})/Ti(100 {\AA}))films were grown onto naturally oxidized p-type single crystal Si (100) substrate at UHV condition with magnetron sputtering system at room temperature. The thickness of Ti spacer layer ranges from 2 to 40 {\AA} with 2 {\AA} steps. We did not observe usual optic and acoustic modes; instead we had two broad overlapped peaks for the films ranged from 6 {\AA} to 40 {\AA}. One interesting result was the high anisotropic resonance field values for these films. Exchange coupling between ferromagnetic layers causes shift on resonance field values but these shifts in our samples were much larger than expected. This large anisotropic behavior is not clear at the moment. Our theoretical model was not able to determine a value for the exchange coupling parameter. One reason can be the close thickness values for Co sublayers. The other reason can be the Ti non-magnetic layer. If titanium did not grow layer by layer on cobalt, the cobalt ferromagnetic layers may behave as a single layer. As a result one cannot observe exchange interaction between ferromagnetic layers through non-magnetic spacer.Comment: 6 pages, 5 figure

Management-employee relations, firm size and job satisfaction

Purpose - The purpose of this paper is to investigate the job satisfaction in relation to managerial attitudes towards employees and firm size using the linked employer-employee survey results in Britain

Sustainable growth, the budget deficit, and inflation

This paper analyses the dynamics of economic growth when the government deficit is money financed. Our model specifies capital formation as resulting from internally generated non-traded investment expenditure. The central innovation of this paper is the specification of the long run equilibrium conditions as those of zero acceleration of inflation and capital formation. This gives rise to positive inflation and sustainable growth (positive capital formation). We found there exists multiple economic growth equilibria. One of these is associated with high growth and low inflation; the other with high inflation and low growth. Furthermore, there is policy hysteresis, which has important implications for the current debates on fiscal policy.peer-reviewe

Interest Rates and Monetary Policy

This paper conducts a thorough intertemporal analysis of nominal interest rate based monetary policy. Its main contribution is to show how such a policy can have different effects depending on the assumptions made about the saving and borrowing behaviour of firms. We consider two cases (i) consumers are savers and firms are borrowers, and (ii) both consumers and firms are borrowers (the nation as a whole is borrowing from abroad). In one case we confirm conventional wisdom, but in the other case we find there may be unexpected and surprising results. Moreover, our analysis has important implications for both inflation and nominal exchange rate targeting policies

Evaluation of a Differentially Settled Tank

The paper discusses studies undertaken to identify the cause(s) for differential settlements experienced by a large floating roof tank. The studies included an evaluation of existing subsurface and tank performance data, additional subsurface exploration and laboratory test programs, a monitoring program during the restricted use of the tank and recommended remedial measures to allow full use of the tank. It is concluded that the affected portion of the tank was sited over a thicker and more compressible soil layer than the remaining portions and that releveling by mudjacking would allow unrestricted future use of the tank