Liquidity, term spreads and monetary policy

We propose a model that delivers endogenous variations in term spreads driven primarily by banks' portfolio decision and their appetite to bear the risk of maturity transformation. We first show that fluctuations of the future profitability of banks' portfolios affect their ability to cover for any liquidity shortage and hence influence the premium they require to carry maturity risk. During a boom, profitability is increasing and thus spreads are low, while during a recession profitability is decreasing and spreads are high, in accordance with the cyclical properties of term spreads in the data. Second, we use the model to look at monetary policy and show that allowing banks to sell long-term assets to the central bank after a liquidity shock leads to a sharp decrease in long-term rates and term spreads. Such interventions have significant impact on long-term investment, decreasing the amplitude of output responses after a liquidity shock. The short-term rate does not need to be decreased as much and inflation turns out to be much higher than if no QE interventions were implemented. Finally, we provide macro and micro-econometric evidence for the U.S. confirming the importance of expected financial business profitability in the determination of term spread fluctuations

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

Investment cost channel and monetary transmission

We show that a standard DSGE model with investment cost channels has important model stability and policy implications. Our analysis suggests that in economies characterized by supply side well as demand side channels of monetary transmission, policymakers may have to resort to a much more aggressive stand against inflation to obtain locally unique equilibrium. In such an environment targeting output gap may cause model instability. We also show that it is difficult to distinguish between the New Keynesian model and labor cost channel only case, while with investment cost channel differences are more significant. This result is important as it suggests that if one does not take into account the investment cost channel, one is underestimating the importance of supply side effects

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

Salving Distribution Information System on PT. Anugerah Argon Medica

Medica's Argon godsend constitute moving firm at salving sell area filing system and its reporting is still utilize archives and ledger before utilizes.Data collecting on observational it utilizes to methodic observation, interview and `studi` is library.Meanwhile software development methods that is utilized is model Waterfall. Implementation of model Waterfall this was worded utilize `document`'s flowing charts, diagram context, `flow`'s data diagramdesignoutput` is input design databasedata dictionary,coded system,application menu design,and logic design programs(flowchart).this observational result make easy clerk in `mendata`(entry), erase, fix, searching sell data, acquisition `stok`'s checking doctor doctor.sell reporting and `stok` is doctor can quickly be gotten so makes easy firm in controls sell

IMPROVING STUDENTS’ WRITING ABILITY BY USING SEQUENCE PICTURES AT X GRADE OF SMA KATOLIK ATMAJAYA TOLITOLI

This research design belongs to a pre-experimental research. The instruments of collecting data are pretest and posttest. The test was used to obtain data in order to find out the effect of using sequences pictures in writing procedure text.The result of the research shows that: 1. by using sequences pictures can improve students’ writing ability in procedure text, 2. there is significant difference between the result of pretest and posttest, the mean score of posttest was 78,40 it was higher than the mean score of pretest 56,0. 3. The testing hypothesis shows that Tcount 9,167was higher than Ttable 2,093. It indicates that the null hypothesis (Ho) rejected and the alternative hypothesis (Ha) accepted. Finally, this research shows that students’ ability was improved after they were taught using sequences pictures. They were better in their procedure text writing. It was signed by their improvements of writing component are organization, Vocabulary and grammar. Key Words: Sequence Pictures, Ability, Writing, Improving.

IMPROVING STUDENTS’ READING COMPREHENSION OF VIIIGRADE AT SMPN 4 TOLITOLI UTARA THROUGH SUMMARY TECHNIQUE

The objective of this research was to identify whether the use of summary technique effective to improve students’ ability in reading comprehension. An experimental design was used to collect the data, while quantitative approach was used to analyze them. The study was taken by the first grade of SMP Negeri 4 Tolitoli Utara. It was conducted in one class (VIII). The data were obtained through a pre-test and post-test. The pre-test was used to measure the students’ previous ability in reading comprehension, the treatments were applying materials through summary technique, and the post-test was used to find out the students’ reading ability after given treatments.The result of the analysis showed that summary technique contribute greatly to the students in reading comprehensio. It can be seen by the difference of the mean score between pre-test and post-test. The mean score of pre-test was 46,38 while in the post-test improved up to 78,13. Moreover the Minimum Mastery Criterion of English lesson was 75 (seventy-five). Then the data of both test were analyzed by using T-test, and the result showed that the T-tes value 2,229 was greater than T-table value -14,246. It can be inferred that summary technique was very effective to improve students’ ability in reading comprehension. Key words: Summary technique, teaching reading, narative tex

IMPROVING STUDENTS WRITING DESCRIPTIVE TEXT OF GRADE VII AT SMP N 2 TOLITOLI BY USING PICTURES

This research objective was to prove that whether of the use of pictures can improve students writing descriptive test or not. The design of this research was pre-experimental research. The sample of the research was the seventh grade students that consisted of 27 students. They were grade VIIA of SMP Negeri 2 Tolitoli. The data obtained from pre-test, treatment and post-test. The researcher gave pre-test and post-test to know students previous ability in writing descriptive text. The result of the data analysis showed that pictures contributed greatly to the students writing descriptive text. It can be seen by the difference of the mean score between pre-test and post-test. The mean score of pre-test was 36.41 while in the post-test improved up to 68.52. The data of this research were analyzed by using SPSS program version 16.0. The Minimum Mastery Criterion of English lesson was 75 (seventy-five). Then the data of both tests were analyzed by using T-test, and result showed that the T-test value 18.43 was high than T-table value 2.056 . The result indicates that there was an improvement in writing descriptive text by using pictures. It can concluded that teaching writing descriptive text by using pictures is effective to improve students writing descriptive text.Keywords : Writing, Descriptive text, Pictures.