Mixed signals: central bank independence, coordinated wage bargaining, and European Monetary Union

Plans for European Monetary Union are based on the conventional postulate that increasing the independence of the central bank can reduce inflation without any real economic effects. However, the theoretical and empirical bases for this claim rest onmodels of the economy that make unrealistic information assumptions and omitinstitutional variables other than the central bank. When the signaling problems between the central bank and other actors in the political economy are considered,we find that the character of wage bargaining conditions the impact of central bankindependence by rendering the signals between the bank and the bargainers moreor less effective. Greater independence can reduce inflation without majoremployment effects where bargaining is coordinated, but it brings higher levels ofunemployment where bargaining is uncoordinated. Thus, currency unions like the EMU may require higher levels of unemployment to control inflation than their proponents envisage; they will have costs as well as benefits, costs which will bedistributed unevenly among and within the member nations based on the changesinduced in the status of the bank and of wage coordination -- Die Konzepte für die Europäische Währungsunion basieren auf dem allgemeinvertretenen Postulat, daß mit größerer Unabhängigkeit der Zentralbank die Inflationohne reale ökonomische Effekte verringert werden kann. Allerdings beruht die theoretische wie empirische Basis für diesen Anspruch auf Modellvorstellungen einer Volkswirtschaft, die auf unrealistischen Annahmen der Bedeutung von Informationen beruhen und institutionelle Variable - mit Ausnahme der Zentralbank - außer acht lassen. Wird allerdings die wechselseitige Wahrnehmung und Interpretation vonInformationen (signaling problems) zwischen Zentralbank und den anderenAkteuren in der politischen Ökonomie in die Analyse einbezogen, dann ist festzustellen, daß die Art der Lohnfindung die Intensität der Auswirkungen derZentralbankunabhängigkeit beeinflußt je nachdem, wie wirksam die wechselseitige Wahrnehmung und Interpretation von Informationen zwischen der Zentralbank und den Tarifpartnern vermittelt ist.Im Falle koordinierter Tarifverhandlungen kann eine größere Unabhängigkeit derZentralbank die Inflation in der Tat ohne größere Beschäftigungseffekte vermindern,im Falle unkoordinierter Tarifverhandlungen führt dies allerdings zu einem höherenNiveau der Arbeitslosigkeit. Daraus leitet sich die Überlegung ab, daß eineWährungsunion vom Typ Europäische Währungsunion ein höheres Maß an Arbeitslosigkeit erfordert, um die Inflation unter Kontrolle zu halten, als es ihre Befürworter erwarten. Bei den sich dann einstellenden Vor- und Nachteilen werden die Nachteile zwischen und innerhalb der Mitgliedstaaten ungleich verteilt sein, abhängig von dem letztendlich verwirklichten Grad der Unabhängigkeit derZentralbank und der Form der Lohnfindung.

Investigation of advanced counterrotation blade configuration concepts for high speed turboprop systems. Task 5: Unsteady counterrotation ducted propfan analysis

The primary objective of this study was the development of a time-marching three-dimensional Euler/Navier-Stokes aerodynamic analysis to predict steady and unsteady compressible transonic flows about ducted and unducted propfan propulsion systems employing multiple blade rows. The computer codes resulting from this study are referred to as ADPAC-AOAR\CR (Advanced Ducted Propfan Analysis Codes-Angle of Attack Coupled Row). This document is the final report describing the theoretical basis and analytical results from the ADPAC-AOACR codes developed under task 5 of NASA Contract NAS3-25270, Unsteady Counterrotating Ducted Propfan Analysis. The ADPAC-AOACR Program is based on a flexible multiple blocked grid discretization scheme permitting coupled 2-D/3-D mesh block solutions with application to a wide variety of geometries. For convenience, several standard mesh block structures are described for turbomachinery applications. Aerodynamic calculations are based on a four-stage Runge-Kutta time-marching finite volume solution technique with added numerical dissipation. Steady flow predictions are accelerated by a multigrid procedure. Numerical calculations are compared with experimental data for several test cases to demonstrate the utility of this approach for predicting the aerodynamics of modern turbomachinery configurations employing multiple blade rows

The Relative Occupational Success of Blacks and Whites

macroeconomics, occupational success

Knowledge Resources, Exploration, and Exploitation: A New Perspective on the Interplay Between Innovation and Application

Knowledge resources are the fundamental ingredients used in exploration and exploitation and an overlooked source of distinction and tension between these two processes. In this paper we use a strategic lens to differentiate evidence-based knowledge resources from tinkerable knowledge resources. This conceptualization provides the basis for a bridge between the literature on the resource-based view of the firm and research into exploration and exploitation. We suggest that an examination of knowledge resources offers a new perspective for understanding exploration and exploitation, and suggests new opportunities for achieving organizational ambidexterity. A proposed model indicates the application consequences of match and mismatch across knowledge resources and knowledge flow activities in terms of exploration and exploitation. An agenda for future research is proposed along with steps that managers can take to develop exploration and exploitation capabilities in their firms by managing their knowledge resources more precisely and effectively.knowledge resources, exploration, exploitation, knowledge management

New Zealand's Current Account Deficit: Analysis based on the Intertemporal Optimisation Approach

New Zealand's Current Account of the Balance of Payments has been persistently in deficit since the early 1970s and increased markedly during the late 1990s. Is this a cause for significant concern? This paper tackles this question by evaluating New Zealand's external solvency, the degree of optimality of the intertemporal consumption smoothing through its current account, and whether its international financial capital flows have been used in an optimal (consumption-smoothing) fashion. We carry out statistical tests in relation to external solvency. We also estimate a "benchmark" consumption-smoothing component for its current account based on an intertemporal optimisation model in order to carry out tests of the optimality of the size and volatility of the current account. We could not reject the hypotheses that New Zealand's current account was consistent with optimal smoothing, that the external solvency condition has been satisfied, and that there is "no excess volatility" in international financial capital flows.current account; intertemporal; consumption-smoothing; New Zealand

Planetary nebulae after common-envelope phases initiated by low-mass red giants

It is likely that at least some planetary nebulae are composed of matter which was ejected from a binary star system during common-envelope (CE) evolution. For these planetary nebulae the ionizing component is the hot and luminous remnant of a giant which had its envelope ejected by a companion in the process of spiralling-in to its current short-period orbit. A large fraction of CE phases which end with ejection of the envelope are thought to be initiated by low-mass red giants, giants with inert, degenerate helium cores. We discuss the possible end-of-CE structures of such stars and their subsequent evolution to investigate for which structures planetary nebulae are formed. We assume that a planetary nebula forms if the remnant reaches an effective temperature greater than 30 kK within 10^4 yr of ejecting its envelope. We assume that the composition profile is unchanged during the CE phase so that possible remnant structures are parametrized by the end-of-CE core mass, envelope mass and entropy profile. We find that planetary nebulae are expected in post-CE systems with core masses greater than about 0.3 solar masses if remnants end the CE phase in thermal equilibrium. We show that whether the remnant undergoes a pre-white dwarf plateau phase depends on the prescribed end-of-CE envelope mass. Thus, observing a young post-CE system would constrain the end-of CE envelope mass and post-CE evolution.Comment: Published in MNRAS. 12 pages, 12 figures. Minor changes to match published versio

Investigation of advanced counterrotation blade configuration concepts for high speed turboprop systems, task 1: Ducted propfan analysis

The time-dependent three-dimensional Euler equations of gas dynamics were solved numerically to study the steady compressible transonic flow about ducted propfan propulsion systems. Aerodynamic calculations were based on a four-stage Runge-Kutta time-marching finite volume solution technique with added numerical dissipation. An implicit residual smoothing operator was used to aid convergence. Two calculation grids were employed in this study. The first grid utilized an H-type mesh network with a branch cut opening to represent the axisymmetric cowl. The second grid utilized a multiple-block mesh system with a C-type grid about the cowl. The individual blocks were numerically coupled in the Euler solver. Grid systems were generated by a combined algebraic/elliptic algortihm developed specifically for ducted propfans. Numerical calculations were initially performed for unducted propfans to verify the accuracy of the three-dimensional Euler formulation. The Euler analyses were then applied for the calculation of ducted propfan flows, and predicted results were compared with experimental data for two cases. The three-dimensional Euler analyses displayed exceptional accuracy, although certain parameters were observed to be very sensitive to geometric deflections. Both solution schemes were found to be very robust and demonstrated nearly equal efficiency and accuracy, although it was observed that the multi-block C-grid formulation provided somewhat better resolution of the cowl leading edge region

Silent Commands? Frodo and Gollum at the Cracks of Doom

Analyzes the key scene at the Cracks of Doom, which the reader sees through Sam’s viewpoint, for hints as to the powers of the bearer of the Ring and his ability to command others. Considers similar scenes from the Bible, Beowulf, and Chanson de Roland. Concludes that Frodo issued Gollum a “silent command” to throw himself into the pit with the Ring