1,751 research outputs found

    The Law of Reflux

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    The law of reflux is explained using an example of backed money. In the example, government-issued money is backed by the government’s assets (mainly taxes receivable) while bank-issued money is backed by the bank’s assets. The value of both kinds of money is determined by the amount of backing held per unit of money issued. The example shows that reflux maintains money’s value, not by assuring that excessive issues of money reflux to their issuers, but by providing people with access to the assets backing their money. Conventional metallic convertibility is only one channel of many through which money can reflux to its issuer. The suspension of metallic convertibility still leaves many other open channels of reflux, but can create the illusion that money is unbacked fiat money that was somehow forced into circulation. Backed money will hold its value as long as its issuer remains solvent. One way for an issuer to stay solvent is to issue money in exchange for short-term real bills of adequate value, but as long as the bills are of adequate value, it is largely unnecessary for the bills to be real or short-term.reflux real bills doctrine backing theory

    Reflections of a central banker

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    From the early years of Sproul's presidency until the Treasury-Federal Reserve Accord of 1951, Federal Reserve policy was subordinated to the Treasury's wartime and postwar financing needs. In this 1955 speech, Sproul speaks of the resurgence of flexible monetary policy. He invites the academic economists in his audience to turn their attention to the study of central banking issues and to contribute in this way to informed monetary policy decisions. Sproul's address provides an overview of the structure, techniques, and objectives of the Federal Reserve System and gives particular attention to the policy-making role of the Federal Open Market Committee.Banks and banking, Central ; Monetary policy ; Federal Open Market Committee ; Federal Reserve System - History

    The fiscal theory of the price level and the backing theory of money

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    A numerical example of privately issued money is used to illustrate the fiscal theory of the price level, and to show that the fiscal theory is best understood as a subset of the backing theory of money. Government issuance of money or debt is shown to be potentially inflationary only when the government’s net worth is negative, and when the government’s assets do not rise in step with its liabilities. The backing theory is used to examine whether inflation can be avoided by a sufficiently tough central bank, and to criticize the view that fiscal policies affect inflation through their wealth effects.Money, price level, fiscal, real bills, backing theory

    Trade and Management: Exclusive Economic Zones and the Changing Japanese Surimi Market

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    The United States' increasing competitive advantage in international seafood trade in Alaska walleye pollock. Theragra chalcogramma, has contributed to higher prices for surimi-based goods and structural changes in seafood production and trade in Japan. The objectives of this analytical investigation include: 1) Evaluation of the role reversal of Japan and the United States in international seafood trade and 2) quantification of the impact of rising prices of frozen surimi on household consumption of surimi-based foods in Japan. This study documents Japan's regression from "seafood self-sufficiency" to increasing dependence on imported products and raw materials. In particular, Japan's growing dependence on American fishermen and seafood producers is described. Surimi production by the United States, and its emerging dominance over Japanese sources of supply, are especially significant. Results of the analysis suggest that Japanese consumer demand for surimi-based food stuffs correlates directly with "competitive" food prices, e.g., pork, chicken, and beef, and inversely with personal income. Also revealed is how rising household income and relative price shifts among competing animal protein sources in the Japanese diet have contributed to declining household consumption of surimi-based foods, specifically, and a shift away from seafoods in favor of beef, in general. The linkages between, for example. Japanese domestic seafood production and consumption, international trade in marine products, and resource management decisions in the U.S. EEZ present a picture of a changing global marketplace. Increasingly, actions in one arena will have perhaps profound implications in the others

    IDENTIFICATION OF NOVEL GENES REGULATING ELASTIC FIBER FORMATION THROUGH EXPRESSION PROFILING ANALYSIS OF ELASTOGENIC MODELS

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    Background: Particularly important to the mechanical performance of native arterial blood vessels is elastin, an extracellular matrix (ECM) protein deposited by VSMCs in the form of elastic fibers, arranged in concentric lamellae in the media of the vessel wall. In addition to serving as major structural elements of arterial walls, providing extensibility and elastic recoil, elastic fibers also influence vascular cell behaviors. For these reasons tissue engineers are attempting to exploit elastic fiber biology to enhance vascular graft design and patency. Therefore, developing a greater understanding of the molecular mechanisms of elastogenesis may offer opportunities to control elastogenesis in tissue biofabrication. Approach: To discover genes critical for elastogenesis we performed analysis of gene expression profiles associated with elastogenesis occurring 1) during lung and aorta development, 2) in the lung and skin in response to injury, and 3) in vascular smooth muscle cells (VSMCs) stimulated to produce elastic fibers. On the resulting convergent gene set we employed Promoter Analysis and Interaction Network Toolset (PAINT) to identify transcription factor binding regions. We also mapped binding sites for microRNA (miRNA) within the convergent gene set. Subsequent screening for potential regulators of elastogenesis were performed using pharmacological agonists and antagonists along with plasmid vector transfection to augment expression. Differences in elastin transcription were measured by quantitative reverse transcriptase polymerase chain reaction (qRT-PCR) and by anti-elastin immunostaining in the development of a novel elastin ELISA. A 3D proof of concept tissue culture model containing fibroblasts and macroporous gelatin microcarrier beads was also established and immunostained for elastin. Results: Our transcriptomic studies revealed a set of genes differentially regulated in all five models of elastogenesis tested. Aside from genes that have previously been established to act in the elastogenesis process there are \u3e50 genes that have not been implicated in elastogenesis. Moreover, promoter analysis of clusters of genes from the 63-gene set having a similar pattern of regulation during developmental elastogenesis revealed two potential elastogenesis regulatory network of TFs. We hypothesize that these sets of genes contain novel positive and negative effectors of elastogenesis. Effects of agonists, antagonists, and expression vectors of these genes on elastin expression were quantified in cultured fibroblasts to identify agents that can be employed to accelerate elastogenesis during tissue biofabrication. Conclusions: The findings highlight a group of genes whose expression is differentially expressed in multiple models of elastin formation and many not previously associated with elastogenesis and thus may represent novel components of elastogenesis. Transcriptional regulatory network analysis revealed potential transcription factor regulators of elastogenesis. Candidate genes and transcription factors were regulated through agonist and antagonist treatment and transfection of plasmid expression vectors in order to augment elastogenesis in vascular tissue biofabrication

    Understanding Psychological Reactance in K-5 Public School Educators: A Hermeneutical, Phenomenological Study

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    The purpose of this hermeneutic phenomenological study was to understand the lived experiences of K-5 educators who have been required to implement the continual transmission of policies and mandates created by policymakers and other stakeholders who are not required to implement such policies. The theory that guided this study is Brehm’s psychological reactance theory, as it relates to educators’ infringement of freedoms through educational policies. This study utilized 10 participants. Criteria for participation included educators with a minimum of three years of teaching experience who have encountered some degree of frustration and were chosen from the researcher’s personal contacts. The setting for this research was a school district in western Pennsylvania. Three forms of data were collected including a survey, individual interviews, and a focus group. The researcher sought to understand teacher perceptions of recent policies, the effects of policy implementation on teacher well-being, and the effect of policy implementation on psychological reactance. The researcher discovered three major themes that offer an understanding of K-5 educators’ experiences implementing policies and mandates created by policymakers and other stakeholders, who are not required to implement such policies. Themes include policy impracticality, professional disrespect, and educator compliance. Sub-themes were identified for each of the themes and emerged during data analysis. These sub-themes include excessive workload, autocratic leadership, and policy oversight. My interpretation of these findings revealed that educators may not be as frustrated with policies they are required to implement as much as they may be frustrated with the procedures necessary for implementation. The results of this study revealed educators have a desire for educational policies to be beneficial to students while being practical to educators. In addition, educators have a desire for their professional judgment and expertise to be utilized throughout policy creation and implementation
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