Are deep recessions followed by strong recoveries?

Business cycles ; Monetary theory ; Recessions

The relative price effects of monetary shocks

We document the response of the individual components of the Producer Price Index (PPI) to commonly used measures of monetary shocks, and show that these responses are at variance with many widely-used “macro” models of monetary non-neutrality. Monetary shocks are shown to have large relative price effects, resulting in an increase in the dispersion of the cross-section distribution of prices. Furthermore, in response to a contractionary (expansionary) monetary shock, a substantial number of prices tend to rise (fall). Most of the existing models of monetary nonneutrality are not capable of replicating these types of relative price responses.

Are deep recessions followed by strong recoveries? Results for the G-7 countries

Group of Seven countries ; Recessions

The dynamics of recoveries

Business cycles ; Inventories

Recessions and recoveries in real business cycle models: do real business cycle models generate cyclical behavior?

Business cycles ; Recessions

An equilibrium analysis of relative price changes and aggregate inflation

Inflation (Finance) ; Prices

Recessions and recoveries

The U.S. recession that began in July 1990 may have ended in April or May 1991. The pace of the subsequent recovery has been so sluggish as to be indistinguishable, in the eyes of many, from continued recession. One explanation for the sluggish pace of the recovery is that the recession itself was not particularly severe, at least when compared with others. ; In this article, Mark Wynne and Nathan Balke use monthly data on industrial production to examine the hypothesis that the severity of a recession determines the pace of the subsequent recovery. They show that, historically, the relationship between growth in the first twelve months of a recovery and the decline in industrial activity from peak to trough is statistically significant. However, there is no relationship between the length of a recession and the strength of the recovery. Consistent with their finding of a bounce-back effect for industrial production, the recovery from the 1990-91 recession is the weakest in the period covered by the Federal Reserve Board's industrial production index, just as the decline in industrial production over the course of that recession is the mildest on record.Production (Economic theory) ; Recessions

Public Participation Organizations and Open Policy:A Constitutional Moment for British Democracy?

This article builds on work in Science and Technology Studies and cognate disciplines concerning the institutionalization of public engagement and participation practices. It describes and analyses ethnographic qualitative research into one “organization of participation,” the UK government–funded Sciencewise program. Sciencewise’s interactions with broader political developments are explored, including the emergence of “open policy” as a key policy object in the UK context. The article considers what the new imaginary of openness means for institutionalized forms of public participation in science policymaking, asking whether this is illustrative of a “constitutional moment” in relations between society and science policymaking

Is Hot IT a False Economy? An Analysis of Server and Data Center Energy Efficiency as Temperatures Rise

As demand for digital services grows, there is need to improve efficiency and reduce the environmental impact of data centers. The largest energy consumer in any data center is the IT, followed by the systems dedicated to cooling. Aiming to improve efficiency, and driven by metrics like PUE, there is a trend towards running data centers hotter to reduce the cooling energy. There is little research investigating the effect this will have on the IT beyond failure rates. To ensure overall efficiency is improving, we must view the data center as a system of systems, taking a holistic view rather than focusing on individual sub-systems. In this paper we use industry standard benchmarks and a wind-tunnel to profile typical enterprise IT. We analyze the effect of environmental conditions on IT efficiency, showing minor increases in temperature or pressure impact the efficiency of servers. Using an idealized, simulated data center case study we show that the interaction between cooling systems, server behaviour and local climate are non-trivial and increasing temperatures has potential to worsen efficiency

Industrial constructions of publics and public knowledge: a qualitative investigation of practice in the UK chemicals industry

This is a post print version of the article. The official published version can be obtained from the link below - © 2007 by SAGE PublicationsWhile the rhetoric of public engagement is increasingly commonplace within industry, there has been little research that examines how lay knowledge is conceptualized and whether it is really used within companies. Using the chemicals sector as an example, this paper explores how companies conceive of publics and "public knowledge," and how this relates to modes of engagement/communication with them. Drawing on qualitative empirical research in four companies, we demonstrate that the public for industry are primarily conceived as "consumers" and "neighbours," having concerns that should be allayed rather than as groups with knowledge meriting engagement. We conclude by highlighting the dissonance between current advocacy of engagement and the discourses and practices prevalent within industry, and highlight the need for more realistic strategies for industry/public engagement.Funding was received from the ESRC Science in Society Programme