The dynamic interrelationship between interest rate and macroeconomic policy objectives: case of the United Kingdom

The objective of this study is to provide empirical evidence on the short-and long-run relationships between the short-term interest rate, London interbank offered rate (LIBOR) and macroeconomic policy objectives, such as price stability, economic growth,and stability of the exchange rate market. For this purpose, we deploy quarterly frequency data from the United Kingdom between 2000 and 2015 and adopt a multiple regression model. Furthermore, this study uses the Johansen, Stock-Watson cointegration testand the Granger Causality test in order to examine the dynamic short-and long-run relationships among LIBOR, the consumer price index as a proxy of price stability, the real gross domestic product as a proxy of economic growth, and the exchange rate as aproxy of exchange rate market stability.The results showed that all variables have the same order of integration and long-run equilibrium relationships exist between them. The results show evidence of long-run equilibrium relationship between the variables with strong evidence of unidirectional granger causality flow from GDP, CPI and exchange rates to LIBOR. The recommendations proposed in this study have important policy implications for the U.K. government. It is therefore recommended that policy makers and government authorities together withthe Bank of England develop and pursue sensible fiscal and monetary policies that would aim at stabilizing both the micro-and macroeconomic indicators such as the inflation rate, interest rate, exchange rate, and money supply, to enhance the growth of the economy, especially for the period after the BREXIT decision

Parametric Study on Parameter Effects in Hybrid Micro Wire Electrical Discharge Turning

In this paper, a comprehensive parametric study on the effects of operating parameters in wire electrical discharge turning (WEDT) process was conducted. Total of eleven operating parameters were considered against the machined surface quality. The research focuses on the micro-turning of Ti6Al4V materials using Taguchi’s L12 orthogonal array at two level experimental designs. Analysis of variance (ANOVA) and signal-to-noise (S/N) ratio were used as statistical tools to evaluate the significances of the parameters. It was found that among the eleven operating parameters, only four parameters dominated and have statistical significant effects on the surface roughness values as discovered by ANOVA. The operating parameters were the rotational spindle speed (28.34%) as the most dominating factor, followed by intensity of pulse (24.18%), wire tension (20.57%) and stabilizer E (11.97%)

SIMULTANEOUS TWIN CUTTER TECHNIQUE FOR MACHINING THIN WALL LOW RIGIDITY PART

Machining of low rigidity components such as aerospace monolithic part poses several challenges. In common manufacturing practice, the wall thickness is further reduced by peripheral milling that lead to surface dimensional error resulting in tolerance violation. The surface errors are mainly induced by the acts of cutting force, which deflect the wall on the opposite direction. Additional post machining process are generally employ to compensate with the excessive error that leads to increase the production cost. Therefore, this paper aim to solve the discrepancies with the current techniques by using a simultaneous twin cutter machining technique. An in-house twin cutter adapter has been developed to transmit the rotation from the machine spindle. A set of machining test was performed to assess the effectiveness of the propose technique. The results indicated that the deflection of the thin wall part can be neglected and hence minimize the surface errors since the same cutting forces acts on both opposite sides of the wall surface. In addition, the proposed technique able to reduce the machining time up to 50 percent as the wall structure are machined with only one single pass

Physicians' guideline adherence is associated with long-term heart failure mortality in outpatients with heart failure with reduced ejection fraction: the QUALIFY international registry

Background: Physicians' adherence to guideline-recommended therapy is associated with short-term clinical outcomes in heart failure (HF) with reduced ejection fraction (HFrEF). However, its impact on longer-term outcomes is poorly documented. Here, we present results from the 18-month follow-up of the QUALIFY registry. Methods and results: Data at 18 months were available for 6118 ambulatory HFrEF patients from this international prospective observational survey. Adherence was measured as a continuous variable, ranging from 0 to 1, and was assessed for five classes of recommended HF medications and dosages. Most deaths were cardiovascular (CV) (228/394) and HF-related (191/394) and the same was true for unplanned hospitalizations (1175 CV and 861 HF-related hospitalizations, out of a total of 1541). According to univariable analysis, CV and HF deaths were significantly associated with physician adherence to guidelines. In multivariable analysis, HF death was associated with adherence level [subdistribution hazard ratio (SHR) 0.93, 95% confidence interval (CI) 0.87–0.99 per 0.1 unit adherence level increase; P = 0.034] as was composite of HF hospitalization or CV death (SHR 0.97, 95% CI 0.94–0.99 per 0.1 unit adherence level increase; P = 0.043), whereas unplanned all-cause, CV or HF hospitalizations were not (all-cause: SHR 0.99, 95% CI 0.9–1.02; CV: SHR 0.98, 95% CI 0.96–1.01; and HF: SHR 0.99, 95% CI 0.96–1.02 per 0.1 unit change in adherence score; P = 0.52, P = 0.2, and P = 0.4, respectively). Conclusion: These results suggest that physicians' adherence to guideline-recommended HF therapies is associated with improved outcomes in HFrEF. Practical strategies should be established to improve physicians' adherence to guidelines. © 2019 The Authors. European Journal of Heart Failure © 2019 European Society of Cardiolog