Three essays on the neutrality of anticipated money growth

One well-known proposition from several current macroeconomic and monetary theories is that anticipated money growth is neutral with respect to real economic activity. These macro theories typically imply particular response patterns for anticipated money and unanticipated money growth at the disaggregated output level, as well. The hypothesis has previously been examined theoretically and empirically on an aggregate basis, with results from several aggregate tests supportive of neutrality. However, attention has not been directed to impacts at disaggregated levels;This research examines the neutrality of anticipated money growth, taking the disaggregated focus. The research is presented in three separate essays. The first essay examines impacts of anticipated and unanticipated money growth on real output of twelve U.S. manufacturing industries. The research indicates that, contrary to the theoretical hypothesis and previous aggregate tests\u27 results, real impacts exist from anticipated money at the disaggregate level;Essay Two examines more specifically the issue of aggregate versus disaggregated testing of neutrality. The research tests neutrality on both aggregate real GNP and the GNP subcomponents, controlling for differences in econometric procedures. The examination indicates that aggregate level data does produce an appearance of support for the neutrality hypothesis, despite the real anticipated money impacts found to exist at the disaggregated level;The final essay focuses on anticipated money impacts in a theoretical model where real output is a function of the output price and the cost of a purchased input, and one of the nominal values is temporarily rigid. The analysis indicates that real anticipated money impacts exist if either price or cost is rigid, and the impacts are of opposite signs. A final example in Essay Three illustrates how offsetting anticipated money impacts across production at the disaggregated level potentially explain the contradiction found in aggregate versus disaggregated empirical tests of neutrality;The three papers here share the common conclusion: examinations of anticipated money neutrality cannot be confined to the aggregated level. Disaggregated research is also needed

Azimuthal anisotropy of charged jet production in root s(NN)=2.76 TeV Pb-Pb collisions

We present measurements of the azimuthal dependence of charged jet production in central and semi-central root s(NN) = 2.76 TeV Pb-Pb collisions with respect to the second harmonic event plane, quantified as nu(ch)(2) (jet). Jet finding is performed employing the anti-k(T) algorithm with a resolution parameter R = 0.2 using charged tracks from the ALICE tracking system. The contribution of the azimuthal anisotropy of the underlying event is taken into account event-by-event. The remaining (statistical) region-to-region fluctuations are removed on an ensemble basis by unfolding the jet spectra for different event plane orientations independently. Significant non-zero nu(ch)(2) (jet) is observed in semi-central collisions (30-50% centrality) for 20 <p(T)(ch) (jet) <90 GeV/c. The azimuthal dependence of the charged jet production is similar to the dependence observed for jets comprising both charged and neutral fragments, and compatible with measurements of the nu(2) of single charged particles at high p(T). Good agreement between the data and predictions from JEWEL, an event generator simulating parton shower evolution in the presence of a dense QCD medium, is found in semi-central collisions. (C) 2015 CERN for the benefit of the ALICE Collaboration. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).Peer reviewe

Production of He-4 and (4) in Pb-Pb collisions at root(NN)-N-S=2.76 TeV at the LHC

Results on the production of He-4 and (4) nuclei in Pb-Pb collisions at root(NN)-N-S = 2.76 TeV in the rapidity range vertical bar y vertical bar <1, using the ALICE detector, are presented in this paper. The rapidity densities corresponding to 0-10% central events are found to be dN/dy4(He) = (0.8 +/- 0.4 (stat) +/- 0.3 (syst)) x 10(-6) and dN/dy4 = (1.1 +/- 0.4 (stat) +/- 0.2 (syst)) x 10(-6), respectively. This is in agreement with the statistical thermal model expectation assuming the same chemical freeze-out temperature (T-chem = 156 MeV) as for light hadrons. The measured ratio of (4)/He-4 is 1.4 +/- 0.8 (stat) +/- 0.5 (syst). (C) 2018 Published by Elsevier B.V.Peer reviewe

Pseudorapidity and transverse-momentum distributions of charged particles in proton-proton collisions at root s=13 TeV

The pseudorapidity (eta) and transverse-momentum (p(T)) distributions of charged particles produced in proton-proton collisions are measured at the centre-of-mass energy root s = 13 TeV. The pseudorapidity distribution in vertical bar eta vertical bar <1.8 is reported for inelastic events and for events with at least one charged particle in vertical bar eta vertical bar <1. The pseudorapidity density of charged particles produced in the pseudorapidity region vertical bar eta vertical bar <0.5 is 5.31 +/- 0.18 and 6.46 +/- 0.19 for the two event classes, respectively. The transverse-momentum distribution of charged particles is measured in the range 0.15 <p(T) <20 GeV/c and vertical bar eta vertical bar <0.8 for events with at least one charged particle in vertical bar eta vertical bar <1. The evolution of the transverse momentum spectra of charged particles is also investigated as a function of event multiplicity. The results are compared with calculations from PYTHIA and EPOS Monte Carlo generators. (C) 2015 CERN for the benefit of the ALICE Collaboration. Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).Peer reviewe

Centrality evolution of the charged-particle pseudorapidity density over a broad pseudorapidity range in Pb-Pb collisions at root s(NN)=2.76TeV

Peer reviewe

Three essays on the neutrality of anticipated money growth

One well-known proposition from several current macroeconomic and monetary theories is that anticipated money growth is "neutral" with respect to real economic activity. These macro theories typically imply particular response patterns for anticipated money and unanticipated money growth at the disaggregated output level, as well. The hypothesis has previously been examined theoretically and empirically on an aggregate basis, with results from several aggregate tests supportive of neutrality. However, attention has not been directed to impacts at disaggregated levels;This research examines the neutrality of anticipated money growth, taking the disaggregated focus. The research is presented in three separate essays. The first essay examines impacts of anticipated and unanticipated money growth on real output of twelve U.S. manufacturing industries. The research indicates that, contrary to the theoretical hypothesis and previous aggregate tests' results, real impacts exist from anticipated money at the disaggregate level;Essay Two examines more specifically the issue of aggregate versus disaggregated testing of neutrality. The research tests neutrality on both aggregate real GNP and the GNP subcomponents, controlling for differences in econometric procedures. The examination indicates that aggregate level data does produce an appearance of support for the neutrality hypothesis, despite the real anticipated money impacts found to exist at the disaggregated level;The final essay focuses on anticipated money impacts in a theoretical model where real output is a function of the output price and the cost of a purchased input, and one of the nominal values is temporarily rigid. The analysis indicates that real anticipated money impacts exist if either price or cost is rigid, and the impacts are of opposite signs. A final example in Essay Three illustrates how offsetting anticipated money impacts across production at the disaggregated level potentially explain the contradiction found in aggregate versus disaggregated empirical tests of neutrality;The three papers here share the common conclusion: examinations of anticipated money neutrality cannot be confined to the aggregated level. Disaggregated research is also needed.</p

Portfolio Redistribution Impacts within the Narrow Monetary Aggregate.

A number of important monetary and financial changes occurred in the 1980s. A rising question among monetary economists is whether the character of M1 has changed substantially as a result. In particular, a frequent contention is that interest-bearing checkable deposits behave as a savings-type asset, thus subjecting M1 to portfolio redistribution effects in the modern era. This research examines the elasticities of substitution for a variety of financial assets pre- and post-1980. Results indicate that M1 subcomponents do show significant substitution with savings-type assets. However, the portfolio redistribution impacts are not confined to the interest-bearing checkable deposits. Further, results indicate that this behavior is not unique to the 1980s. Copyright 1992 by Ohio State University Press.