Essays on unconventional monetary policy and macroprudential policy

This thesis consists of six chapters focusing on unconventional monetary policy and macroprudential policy. Chapter 1 introduces the motivation for the thesis. Chapter 2 provides the theoretical background and literature review. The subsequent three chapters, chapters 3, 4, and 5, are the core chapters in the thesis. The first core chapter, chapter 3, examines the optimal strategic interaction between conventional and unconventional monetary policy. Precisely, the unconventional monetary policy considered in the study is the central bank credit injection or more known as quantitative easing. Using the model from Gertler and Karadi (2011) as the reference, the chapter investigates whether conventional and unconventional monetary policy should cooperate or be set independently and whether the two policies should be operated simultaneously or in leadership manner. The study measures the policy performance using an ad-hoc loss function constructed using the squared deviation of output, inflation, credit spread, nominal interest rate, and credit injection ratio from the steady state. This section demonstrates that the interaction between the two policies set simultaneously in cooperation with a fully optimal commitment regime delivers the best policy performance. The second core chapter, chapter 4, further examines optimal simple rules for the quantitative easing policy. This chapter generates three optimal simple rules for quantitative easing, namely the optimal simple rule based on lagged information (past time horizon), based on current information (current time horizon), and based on future expectation (future time horizon). The study uses the same ad-hoc loss function as in chapter one. This section demonstrates that policy performance from the optimal simple rule based on lagged information is superior to that of the current and future time horizon. Precisely, the optimal simple policy rule is optimally constructed by past leverage, capital price, and credit spread. Furthermore, we also demonstrate that higher central bank aggressiveness can stabilise the macroeconomy, but results in a lower policy performance. Finally, in chapter 5, this thesis investigates the interaction between monetary policy and macroprudential policy in a macroeconomic model with credit supply shock. Precisely, the chapter measures policy performance when the conventional monetary policy interacts with the capital adequacy ratio and the loan-to-value ratio. Using the model from Gerali, Neri, Sessa, and Signoretti (2010), and the ad-hoc loss function from Angelini, Nerri, and Panetta (2011), the study demonstrates that macroprudential policy promotes financial stability. Multiple policy instruments perform better than a single instrument but pose a risk of conflict. The study also demonstrates that the substitution effect among policy instruments can occur. Finally, chapter 6 provides conclusions and recommendations for future research

Underwater Imaging and Photography

The problem and various techniques for underwater imaging have been reviewed. The effect of various design parameters like pulse shape and duration,etc. has been brought out. System design considerations for underwater photography have also been discussed

ワイドスイング及び低ゲインエラーの電圧バッファに関する研究

電気通信大学200

HADITS INFORMATION ABOUT HELPING (COMPLETING) WITH SOMETHING HAPPENED IN THE SOCIETY

Today, begging and begging for something that is considered normal is mainly used as a livelihood to meet their needs. This phenomenon continues to develop and has tools that can support its development. This study aims to look at the hadiths about begging and see the implications on social order, with content analysis methods and qualitative data type takhrij methods, namely data relating to authenticity, blasphemy, content and implications of Hadith begging. The main source of data is the books of the Hadith al-Mashhadi al-Ashliyah assisted with supporting data sources that produce the Hadith about begging, namely marfu 'Qauli haqiqi due to the words of Rasulallah SAW and including the Hadith ahad Mashhur because the raw is four at the beginning of thabaqah and subsequently accompanied by several narrators. The hadith asks for clear whereabouts and as a strict rebuke to all creatures of Allah SWT to avoid begging and encourage hard work and earn a living that is lawful to meet all their needs

Conversion and communication: Christian communication and indigenous agents of conversion among the Kui people of Orissa, India 1835-1970

This thesis argues that the study of large-scale conversions to Christianity among the many tribal and Dalit communities in India needs to be done from a communication perspective. My research attempts this with special reference to the conversions among the Kui people of Orissa in the Kondh Hills. Christian proclamation, service and institutions as modes of Christian communication and their impact on people are examined. The Kui converts' role as agents was vital in the process of communication and conversion. The period covered is from the campaign against Kondh human sacrifice in the 1830s to the conversion movement of the 1960-70s. Evidence is gathered from personal and group interviews conducted among first-generation converts using the qualitative research method, and also from the archival, library and Mission sources.Significantly, many tribal and Dalit communities embraced Christianity and led large-scale indigenous conversion movements at a time when all or most missionaries had left. Yet many critics in India view these conversions as western missionary products or achieved through force or inducements. They regard the nonliterate tribals as passive recipients, and their initiative in conversion is ignored. These explanations fundamentally lack the voice of the very participants of conversion.I argue that in accounting for religious conversion the indigenous perspective is the primary reality and the converts are the true agents; that the motivation and meaning of the conversions need to be found first of all in the converts' witness and in the role and impact of Christian communication, which influenced the decision for conversion. The five major means of communication which I have studied in the Baptist Mission and the Kui Church are: first, the person or message-bearer, the western missionary or Kui Christian him/herself, who was a medium of the message, both consciously and inadvertently. Secondly, the spoken word, in preaching and otherwise, which was a principal form used in direct evangelism. Thirdly, the written word which was no less important as a major medium, despite very low literacy. The printed Bible in the mother-tongue mediated the gospel in depth and became a prized possession. Fourthly, education which was a vehicle of Christianisation and modernisation and facilitated the important indigenous Christian leadership development. Fifthly, the medical mission work which visibly communicated God's care and sent out a message of the power and credibility of the Christian gospel. The sustained mission work, from a basis in the gospel and the message it communicated, made a considerable impact on the Kui.The conclusions demonstrate that each of these five major means of Christian communication has played a vital part and has had considerable impact in conversion. These conversions have come about in time and terms preferred and acted on by the converts, and they have developed a distinctive way of being a church which may even be at odds with, and differ from, the expectations of the missionaries

"શૈવ પુરાણોમાં શિવનું સ્વરૂપ : એક સમીક્ષાત્મક અધ્યયન"

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Pengaruh Leverage, Diversifikasi Produk dan Ukuran Perusahaan terhadap Profitabilitas

Tujuan penelitian ini untuk memberikan bukti empiris terkait pengaruh leverage, diversifikasi produk dan ukuran Perusahaan terhadap profitabilitas. Leverage diukur menggunakan rasio utang terhadap ekuitas. Diversifikasi produk diproksi menggunakan indeks Herfindahl. Profitabilitas Perusahaan diukur menggunakan ROE.Sampel pada penelitian ini berjumlah 170 Perusahaan asuransi umum yang diperoleh dengan menggunakan metode teknik purposive sampling. Pengujian hipotesis menggunakan analisa linier berganda. Hasil dari penelitian ini bahwa leverage dan ukuran Perusahaan berpengaruh positif signifikan pada profitabilitas Perusahaan sedangkan diversifikasi produk berpengaruh negatif pada profitabilitas. Dapat disimpulkan bahwa kesempatan untuk berinvestasi adalah faktor- faktor yangmeningkatkan profit Perusahaan. Penelitian selanjutnya dapat menggunakan Perusahaan selain sektor asuransi dan juga dapat menambahkan variabel lain yang mendukung