UK QE reconsidered: the real economy effects of monetary policy in the UK, 1990-2012 – an empirical analysis

Empirical studies of so called ‘unconventional’ monetary policy – ‘Quantitative Easing’ or ‘Large Scale Asset Purchases’ - since the North Atlantic Financial Crisis of 2007-2009 in the United Kingdom and elsewhere have mainly focussed on the effect of policy on intermediate variables rather than the stated ultimate goal of such policies, boosting nominal demand and GDP growth. Secondly and relatedly they tend to focus on the crisis and post-crisis period, a time of extraordinary economic and financial dislocation, which creates counterfactual and attribution problems and fails to capture typical macroeconomic lag dynamics. Adopting the approach of Voutsinas and Werner (2010), and building on Lyonnet and Werner’s (2012) study of UK QE, this paper addresses these weaknesses by 1) examining the impact of various different monetary policy instruments (including Quantitative Easing) directly on UK nominal GDP growth; and 2) using a quarterly time series beginning in the first quarter of 1990 and up to the last quarter of 2012 (92 observations in total). We use the Hendry ‘general-to-specific’ econometric methodology to estimate a parsimonious model. The results show that disaggregated bank credit to the real economy (households and firms) has the most significant impact on nominal GDP growth. Changes to the central bank’s interest rate, central bank reserves, and total central bank asset ratios drop out of the model as insignificant. The policy implication it that, as private banks continue to shrink their balance sheets in the UK and Europe following the North Atlantic Crisis of 2008, central banks might wish to consider ‘unconventional’ monetary policies that more directly boost credit to the real economy and thus nominal GDP growt

Purchase, sale and merger of small accounting firms; Management of an accounting practice bulletin, MAP 22

https://egrove.olemiss.edu/aicpa_news/1249/thumbnail.jp

Ionization Sources and Physical Conditions in the Diffuse Ionized Gas Halos of Four Edge-On Galaxies

Deep long-slit spectra of the diffuse ionized gas halos of the edge-on spiral galaxies NGC 4302 and UGC 10288 are presented. These data, along with previously presented data for NGC 5775 and NGC 891, are used to address the issue of how DIG halos are energized. Composite photo-ionization/shock models are generally better at explaining runs of line ratios in these galaxies than photo-ionization models alone. Models of line ratios in NGC 5775 require a greater contribution from shocks for filamentary regions than for non-filamentary regions to explain the run of [OIII]/Halpha. In either case, the [SII]/[NII] ratio is not well fit by the models. Composite models for UGC 10288 are successful at reproducing the run of [SII]/[NII] for all but the the highest values of [NII]/Halpha; however, the run of [OIII]/Halpha vs. [NII]/Halpha does not show any discernible trend, making it difficult to determine whether or not shocks make a contribution. We also examine whether the data can be explained simply by an increase in temperature with z in a pure photo-ionization model. Runs of [SII]/Halpha, [NII]/Halpha, and [SII]/[NII] in each of the four galaxies are consistent with such an increase. However, the runs of [OIII]/Halpha vs. z in NGC 5775 and UGC 10288 require unusually high ionization fractions of O^{++} that can not be explained without invoking a secondary ionization source or at the very least a much higher temperature for the [OIII]-emitting component than for the [SII]- and [NII]-emitting component. An increase in temperature with z is generally more successful at explaining the [OIII]/Halpha run in NGC 891.Comment: 42 pages in aaspp4.sty format. This includes the 19 figures. Reference added. Accepted for publication in Ap

Promoting Teen Contraceptive Use by Intervention with Their Mothers

Introduction: The purpose of this pilot study was to test a community outreach model designed to help mothers in a rural, medically underserved area navigate their teen daughters to health department services for long-acting reversible contraception (LARC) or alternative contraception. Methods: The pilot study used a single-group, post-test only design. Mothers of teen daughters (N=142) received a 1-hour, one-to-one intervention session (in outreach settings) from Community Liaisons. Mothers received training on how to communicate with their daughters about LARC and other contraceptive methods. Data were collected from June through October 2014, and analyzed in September 2015. Results: The authors re-contacted 104 of 142 mothers enrolled in the study, achieving a 73.2% retention rate. Of these, 12.5% had daughters receiving LARC. An additional 11.0% had daughters with health department–verified initiation of birth control pills. Only one correlate—whether a mother believed her daughter was having sex—was associated with receiving either LARC or birth control pills. Among those indicating they knew their daughters were having sex, 31.7% of the daughters received LARC/birth control pills. By contrast, among mothers not indicating they knew their daughters were having sex, only 2.9% had daughters receiving LARC or birth control pills. Conclusions: Findings suggest that an outreach-based program delivered directly to mothers of teen daughters may be a highly effective method for enhancing service utilization of LARC and the initiation of birth control pill use in a rural, medically underserved area

Commodity interaction in Freight movement models for Greater Sydney

Central to freight movement models is an understanding of where the freight commodities are produced and consumed. An important driver in the production and/or consumption of each commodity is the production and consumption of other commodities. In this paper, these important interactions between commodities are captured in a path based freight model which incorporates models of commodity production and consumption. We identify the key factors driving the consumption and production of each commodity together with their elasticities. To be suitable for forecasting and policy testing, the estimated models are transformed into linked logit models that allow for important policy measures such as accessibility and commodity generation powers to be estimated. The proposed model has been implemented to generate the amount of commodity of each type produced and consumed in each state of Australia with illustrations of how the production and/or consumption of one commodity triggers the production and/or consumption of others commodities. When built into an integrated transport and land use model system, this capability adds a richness to the way in which freight movements influence and hence impact on the performance of the entire transport network, for both passenger and freight

Improved Semileptonic Form Factor Calculations in Lattice QCD

We investigate the computational efficiency of two stochastic based alternatives to the Sequential Propagator Method used in Lattice QCD calculations of heavy-light semileptonic form factors. In the first method, we replace the sequential propagator, which couples the calculation of two of the three propagators required for the calculation, with a stochastic propagator so that the calculations of all three propagators are independent. This method is more flexible than the Sequential Propagator Method but introduces stochastic noise. We study the noise to determine when this method becomes competitive with the Sequential Propagator Method, and find that for any practical calculation it is competitive with or superior to the Sequential Propagator Method. We also examine a second stochastic method, the so-called ``one-end trick", concluding it is relatively inefficient in this context. The investigation is carried out on two gauge field ensembles, using the non-perturbatively improved Wilson-Sheikholeslami-Wohlert action with N_f=2 mass-degenerate sea quarks. The two ensembles have similar lattice spacings but different sea quark masses. We use the first stochastic method to extract ${\mathcal O}(a)$-improved, matched lattice results for the semileptonic form factors on the ensemble with lighter sea quarks, extracting f_+(0)

Ageing and the pathogenesis of osteoarthritis

Ageing-associated changes that affect articular tissues promote the development of osteoarthritis (OA). Although ageing and OA are closely linked, they are independent processes. Several potential mechanisms by which ageing contributes to OA have been elucidated. This Review focuses on the contributions of the following factors: age-related inflammation (also referred to as 'inflammaging'); cellular senescence (including the senescence-associated secretory phenotype (SASP)); mitochondrial dysfunction and oxidative stress; dysfunction in energy metabolism due to reduced activity of 5'-AMP-activated protein kinase (AMPK), which is associated with reduced autophagy; and alterations in cell signalling due to age-related changes in the extracellular matrix. These various processes contribute to the development of OA by promoting a proinflammatory, catabolic state accompanied by increased susceptibility to cell death that together lead to increased joint tissue destruction and defective repair of damaged matrix. The majority of studies to date have focused on articular cartilage, and it will be important to determine whether similar mechanisms occur in other joint tissues. Improved understanding of ageing-related mechanisms that promote OA could lead to the discovery of new targets for therapies that aim to slow or stop the progression of this chronic and disabling condition