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

An Unobserved Components Approach to Separating Land from Structure in Property Prices: A Case Study for the City of Brisbane

The study develops a spatio-temporal model of hedonic pricing that explicitly separates the land and the structure components of property prices. This is illustrated with a dataset for Brisbane, Australia, constructed by combining commercial real estate, local government databases and GIS-based spatial analyzes. The land component of prices has increased from 42% in 2000 to 66% in 2010. This has implications for a broad range of planning and policy issues, including property tax rates, town planning, and options for climate adaptations.

The impact of bidding aggregation levels on truckload rates

Thesis (M. Eng. in Logistics)--Massachusetts Institute of Technology, Engineering Systems Division, 2010.Cataloged from student submitted PDF version of thesis.Includes bibliographical references (p. 79-80).The objective of this thesis was to determine if line-haul rates are impacted by bid type, and if aggregation of bidding lanes can reduce costs for both shippers and carriers. Using regression analysis, we developed a model to isolate and test the cost effects that influence line-haul rate for long-haul shipments. We have determined that aggregation of low-volume lanes from point-to-point lanes to aggregated lanes can provide costs savings when lanes with origins and destinations in close proximity to each other can be bundled. In addition, bidding out region-to-region lanes can supplement point-to-point lanes by reducing the need to turn to the spot market. The model shows that bundling lanes can provide significant cost savings to a shipper because contract lanes of any type are on average less costly than spot moves. This thesis provides guidelines and suggestions for aggregation when creating bids during the first stage of the truckload procurement process.by Julia M. Collins and R. Ryan Quinlan.M.Eng.in Logistic

The US golf academy system and the twenty first century talent tourists! Future lines of research to understand this new golfing talent pathway

This paper addresses the rapid growth, popularity, and structure of US Golf Academies. Specifically, we highlight a phenomenon from a non-US golfing community’s perspective; namely, that of the “talent tourist” (i.e., youth golfer) seeking to develop their playing skills and academic ability within a foreign talent pathway. With so much of these golfers’ futures at stake (e.g., large financial costs and time dedicated), there is a surprising lack of research attention paid to these academies’ talent development environments; for instance, their structure, position in the overall talent pathway, the quality of the approaches used, or reasons why golfers strive to enroll onto them. By addressing these issues, this paper will present the case for greater research interest and the development of more effective talent development pathways

Non-Linear Effects in Non-Kerr spacetimes

There is a chance that the spacetime around massive compact objects which are expected to be black holes is not described by the Kerr metric, but by a metric which can be considered as a perturbation of the Kerr metric. These non-Kerr spacetimes are also known as bumpy black hole spacetimes. We expect that, if some kind of a bumpy black hole exists, the spacetime around it should possess some features which will make the divergence from a Kerr spacetime detectable. One of the differences is that these non-Kerr spacetimes do not posses all the symmetries needed to make them integrable. We discuss how we can take advantage of this fact by examining EMRIs into the Manko-Novikov spacetime.Comment: 8 pages, 3 Figures; to appear in the proceedings of the conference "Relativity and Gravitation: 100 Years after Einstein in Prague" (2012

Linked data authority records for Irish place names

Linked Data technologies are increasingly being implemented to enhance cataloguing workflows in libraries, archives and museums. We review current best practice in library cataloguing, how Linked Data is used to link collections and provide consistency in indexing, and briefly describe the relationship between Linked Data, library data models and descriptive standards. As an example we look at the Logainm.ie dataset, an online database holding the authoritative hierarchical list of Irish and English language place names in Ireland. This paper describes the process of creating the new Linked Logainm dataset, including the transformation of the data from XML to RDF and the generation of links to external geographic datasets like DBpedia and the Faceted Application of Subject Terminology. This dataset was then used to enhance the National Library of Ireland's metadata MARCXML metadata records for its Longfield maps collection. We also describe the potential benefits of Linked Data for libraries, focusing on the use of the Linked Logainm dataset and its future potential for Irish heritage institutions