The nominal facts and the October 1979 policy change

Business cycles ; Monetary policy ; Inflation (Finance)

Endogenous money supply and the business cycle

This paper documents changes in the cyclical behavior of nominal data series that appear after 1979:Q3 when the Federal Reserve implemented a policy to lower the inflation rate. Such changes were not apparent in real variables. A business cycle model with impulses to technology and a role for money is used to show how alternative money supply rules are expected to affect observed business cycle facts. In this model, changes in the money supply rules have almost no effect on the cyclical behavior of real variables, yet have a significant impact on the cyclical nature of nominal variables. Computational experiments with alternative policy rules suggest that the change in monetary policy in 1979 may account for the sort of instability observed in the U.S. data.Business cycles ; Money supply

The nominal facts and the October 1979 policy change

Gavin and Kydland (1999) calculated the cyclical properties of money and prices for the periods before and after the October 1979 policy change. In this article, we extend that work by adding four more years of data and including a study of nominal interest rates and inflation. The adoption of a disinflation policy in October 1979 does not appear to have had a measurable impact on the cyclical properties of real variables. However, it made a dramatic difference in the cyclical properties of nominal variables. We also examine the covariance structure of several nominal relationships: the autocovariance of inflation, the lag from money growth to inflation, and lag from money growth to nominal GDP growth. Generally, the monetary policy in the early period allowed the average inflation rate to ratchet upward with each business cycle. This policy was associated with high variances, high autocorrelations, and high cross-correlations among nominal variables. The moderate inflation policy followed in the second period was associated with lower mean growth rates, less volatility, and lower cross-correlations between money growth and inflation.Business cycles ; Monetary policy ; Inflation (Finance)

Lasting Bang for the Stimulus Buck: Priorities for the 2009 Federal Budget

Unusual economic and political circumstances surround the framing of the 2009 federal budget. A period of global spending outrunning productive capacity has ended with financial crisis and recession in much of the world, Canada included. The sudden slump has prompted demand for, and expectations of, fiscal action.fiscal policy, Canadian government budget

Fiscal Tonic for an Aging Nation: A Shadow Federal Budget for 2007

Saving and investment are critical to Canada's economy. They underpin today's prosperity and will be critical to raising living standards in the future. Growth in Canada's workforce is slowing, and a larger population of older Canadians will soon need pensions and social services. Federal fiscal policy must ensure that the environment in which Canadians work, save and invest encourages them to set aside resources for the future, and to invest in ways that will raise living standards for individual families, and for the country as a whole.fiscal policy, demographics

Alien Registration- Finn, William E. (Bangor, Penobscot County)

https://digitalmaine.com/alien_docs/15825/thumbnail.jp

Probing the connection between the intergalactic medium and galaxies with quasar absorption-line spectroscopy

In this thesis, we examine the relationship between the metal-enriched intergalactic medium (IGM) and galaxies at z < 1. In particular, we investigate the nature and consequence of feedback from active galactic nuclei (AGN) and supernovae, which shape the evolution of galaxies and are responsible for enriching the IGM with metals. The IGM is surveyed in ultraviolet (UV) absorption lines against background quasars (QSOs), whilst galaxies are surveyed in emission by means of optical photometry and spectroscopy. Simulated samples of IGM absorption systems and galaxies are also extracted from the Evolution and Assembly of GaLaxies and their Environments (EAGLE) cosmological hydrodynamical simulation for critical comparison with the data. We present the results of two primary studies that are designed to address key questions on the nature and consequence of feedback: 1. We examine complex absorption profiles in the spectrum of a QSO at z ~ 1, that trace a metal-rich outflow originating from the host galaxy. We show that these absorption profiles originate from dense, sub-pc scale gas clumps at distances of a few kpc from the central AGN. The gas is likely to be dynamically unstable, and is potentially far from ionization equilibrium. We favour a scenario in which the clumps are formed in-situ, and are entrained in a hot (T > 10^6 K) outflowing wind that may trace the majority of the mass, but is undetected in the UV. These observations provide a detailed set of constraints on the nature of feedback in QSO host galaxies. 2. We investigate the distribution and dynamics of metal-enriched gas around galaxies at z < 1 through the two-point cross- and auto-correlation functions of OVI absorbers and galaxies (abridged

A Study of Standard Setting and Productivity Measurements using Learning Curves

Performance standards encompass information characteristics which decay over time. Consequently, it is worthwhile to identify factors affecting information decay. In Chapter I, the objectives of this study were discussed. They are restated: (1) determine if production worker performance has changed over time, (2) provide broad guidelines and recommendations for production type industries concerning performance evaluation of employees during training, (3) find evidence that standards and environmental factors for production workers can be linked and provide information to the firm for budgeting and planning purposes, and (4) provide a basis for further research associated with identifying variables related to improving worker performance

Inflation persistence and flexible prices

If the central bank follows an interest rate rule, then inflation is likely to be persistence, even when prices are fully flexible. Any shock, whether persistent or not, may lead to inflation persistence. In equilibrium, the dynamics of inflation are determined by the evolution of the spread between the real interest rate and the central bank’s target. Inflation persistence in U.S. data can be characterized by a vector autocorrelation function relating inflation and deviations of output from trend. This paper shows that a flexible-price general equilibrium business cycle model with money and a central bank using an interest rate target can account for such inflation persistence.Inflation (Finance) ; Econometric models ; Taylor's rule