Bank Lending, Credit Shocks, and the Transmission of Canadian Monetary Policy

The authors use a dynamic general-equilibrium model to study the role financial frictions play as a transmission mechanism of Canadian monetary policy, and to evaluate the real effects of exogenous credit shocks. Financial frictions, which are modelled as spreads between deposit and loan interest rates, are assumed to depend on economic activity as well as on credit shocks. A general finding is that almost all of the real response to a monetary policy shock comes from the price rigidity and not the credit frictions. Credit shocks, however, do have substantial real effects on macroeconomic variables. Thus, in this model, imperfections in credit markets are responsible only for a small amplification and propagation of the real effects of monetary policy shocks.Financial institutions; Monetary policy framework; Transmission of monetary policy

Semi-persistent RRC protocol for machine-type communication devices in LTE networks

In this paper, we investigate the design of a radio resource control (RRC) protocol in the framework of long-term evolution (LTE) of the 3rd Generation Partnership Project regarding provision of low cost/complexity and low energy consumption machine-type communication (MTC), which is an enabling technology for the emerging paradigm of the Internet of Things. Due to the nature and envisaged battery-operated long-life operation of MTC devices without human intervention, energy efficiency becomes extremely important. This paper elaborates the state-of-the-art approaches toward addressing the challenge in relation to the low energy consumption operation of MTC devices, and proposes a novel RRC protocol design, namely, semi-persistent RRC state transition (SPRST), where the RRC state transition is no longer triggered by incoming traffic but depends on pre-determined parameters based on the traffic pattern obtained by exploiting the network memory. The proposed RRC protocol can easily co-exist with the legacy RRC protocol in the LTE. The design criterion of SPRST is derived and the signalling procedure is investigated accordingly. Based upon the simulation results, it is shown that the SPRST significantly reduces both the energy consumption and the signalling overhead while at the same time guarantees the quality of service requirements

Univariate And Multivariate Synthetic Control Charts For Monitoring The Process Mean Of Skewed Distributions

Alat yang paling berkuasa dalam Kawalan Kualiti Berstatistik (SQC) ialah carta kawalan. The most powerful tool in Statistical Quality Control (SQC) is the control chart. Control charts are now widely accepted and used in industries

Development of Faster SMA Actuators

Large cycle time, resulted from slow cooling, is the core hindrance to the wide spread applications of shape memory alloys (SMAs) as actuators. This chapter discusses a novel cooling technique to decrease the cycle time of SMAs. Under this technique, the SMA actuator of 0.15 mm diameter was run through a grease-filled Polytetrafluoroethylene (PTFE) tube of 0.5 mm outside diameter. Later, same tests were repeated with oil filled PTFE tube. The test results conducted in ambient air were used as standard for comparison. The actuation current in ambient air was set at 210, 310 and 410 mA. While testing with heat sink, i.e. grease and oil, the SMA was heated with 210, 310, 410, 500, 615 and 720 mA currents for 1 and 2 seconds, whereas the SMA was heated for 1 second only with 810 mA current. It was found that the grease cooling reduced the cooling time up to 30% and oil cooling by 20%, as compared to the ambient air-cooling time. However, the grease-cooled actuators had shown less strain, and their response was non-linear at many instances. Heat loss to the sinks resulted to more power consumption than that in ambient air cooling for equivalent amount of strain

LIQUIDITY RISK VS. UNDERINVESTMENT PROBLEM : AN EMPIRICAL STUDY OF THE TEXTILE SECTOR OF PAKISTAN

This research study tests the underinvestment hypothesis andthe liquidity risk hypothesis in the textile sector of Pakistan. A paneldata set of 105 textile companies has been employed over eight yearsextending from 2004-2011. Using 2-Stage Least Square Estimationprocedure (2SLS) and the Generalized Method of Moments (GMM),the empirical findings reveal that textile firms in Pakistan use highlevel of long term debt to shrink the liquidity risk which allows thefirms to use more debt. Moreover growing firms use less leverage thanthe non growing firms when exposed to high growth opportunities.The growth opportunities exhibited a negative relationship with debtmaturity but no significant economic relationship with leverage. Inthe textile sector of Pakistan leverage and short term debt maturitystructure tends to complement each other to hedge the firms againstthe liquidity risk

Determination of some significant batch culture conditions affecting acetyl-xylan esterase production by Penicillium notatum NRRL-1249

<p>Abstract</p> <p>Background</p> <p>Acetyl-xylan esterase (AXE, <it>EC 3.1.1.72</it>) hydrolyses acetate group from the linear chain of xylopyranose residues bound by β-1,4-linkage. The enzyme finds commercial applications in bio-bleaching of wood pulp, treating animal feed to increase digestibility, processing food to increase clarification and converting lignocellulosics to feedstock and fuel. In the present study, we report on the production of an extracellular AXE from <it>Penicillium notatum </it>NRRL-1249 by solid state fermentation (SSF).</p> <p>Results</p> <p>Wheat bran at a level of 10 g (with 4 cm bed height) was optimized as the basal substrate for AXE production. An increase in enzyme activity was observed when 7.5 ml of mineral salt solution (MSS) containing 0.1% KH₂PO₄, 0.05% KCl, 0.05% MgSO₄.7H₂O, 0.3% NaNO₃, 0.001% FeSO₄.2H₂O and 0.1% (v/w) Tween-80 as an initial moisture content was used. Various nitrogen sources including ammonium sulphate, urea, peptone and yeast extract were compared for enzyme production. Maximal enzyme activity of 760 U/g was accomplished which was found to be highly significant (p ≤ 0.05). A noticeable enhancement in enzyme activity was observed when the process parameters including incubation period (48 h), initial pH (5), 0.2% (w/w) urea as nitrogen source and 0.5% (v/w) Tween-80 as a stimulator were further optimized using a 2-factorial Plackett-Burman design.</p> <p>Conclusion</p> <p>From the results it is clear that an overall improvement of more than 35% in terms of net enzyme activity was achieved compared to previously reported studies. This is perhaps the first report dealing with the use of <it>P. notatum </it>for AXE production under batch culture SSF. The Plackett-Burman model terms were found highly significant (<it>HS</it>), suggesting the potential commercial utility of the culture used (df = 3, LSD = 0.126).</p

CORBYS cognitive control architecture for robotic follower

In this paper the novel generic cognitive robot control architecture CORBYS is presented. The objective of the CORBYS architecture is the integration of high-level cognitive modules to support robot functioning in dynamic environments including interacting with humans. This paper presents the preliminary integration of the CORBYS architecture to support a robotic follower. Experimental results on high-level empowerment-based trajectory planning have demonstrated the effectiveness of ROS-based communication between distributed modules developed in a multi-site research environment as typical for distributed collaborative projects such as CORBYS