Reflectance Transformation Imaging (RTI) System for Ancient Documentary Artefacts

This tutorial summarises our uses of reflectance transformation imaging in archaeological contexts. It introduces the UK AHRC funded project reflectance Transformation Imaging for Anciant Documentary Artefacts and demonstrates imaging methodologies

Uncertainties inherent in the decomposition of a Transformation

This contribution adds to the points on the <indeterminacy of special relativity> made by De Abreu and Guerra. We show that the Lorentz Transformation can be composed by the physical observations made in a frame K of events in a frame K-prime viz i) objects in K-prime are moving at a speed v relative to K, ii) distances and time intervals measured by K-prime are at variance with those measured by K and iii) the concept of simultaneity is different in K-prime compared to K. The order in which the composition is executed determines the nature of the middle aspect (ii). This essential uncertainty of the theory can be resolved only by a universal synchronicity as discussed in [1] based on the unique frame in which the one way speed of light is constant in all directions.Comment: 10 pages including an appendix. Published in the European Journal of Physics as a Comment. Eur. J. Phys. 29 (2008) L13-L1

Liquidity effects and cost channels in monetary transmission

We study liquidity effects and cost channels within a model of nominal rigidities and imperfect competition that gives explicit role for money-credit markets and investment decisions. We find that cost channels matter for monetary transmission, amplifying the impact of supply shocks and dampening the effects of demand shocks. Liquidity effects only obtain when the policy is specified by an interest rate policy rule and money-credit conditions are determined endogenously. We also find that determinacy issues are particularly relevant when models include the cost channel and explicit money-credit markets

Lending relationships and monetary policy

Financial intermediation and bank spreads are important elements in the analysis of business cycle transmission and monetary policy. We present a simple framework that introduces lending relationships, a relevant feature of financial intermediation that has been so far neglected in the monetary economics literature, into a dynamic stochastic general equilibrium model with staggered prices and cost channels. Our main findings are: (i) banking spreads move countercyclically generating amplified output responses, (ii) spread movements are important for monetary policy making even when a standard Taylor rule is employed (iii) modifying the policy rule to include a banking spread adjustment improves stabilization of shocks and increases welfare when compared to rules that only respond to output gap and inflation, and finally (iv) the presence of strong lending relationships in the banking sector can lead to indeterminacy of equilibrium forcing the central bank to react to spread movements