Inside Money and Monetary Neutrality

This paper examines the interaction between the financial and real sectors of the economy within the framework of a stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study the impact of variations in the degree of intermediation, measured by the elasticity of bank deposit supply. In contrast to earlier work which emphasized confusion between monetary and real shocks, we focus on the role played by confusion between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, as well as temporary shocks tothe monetary base, are shown to have real effects even when private agents have complete information. When contemporaneous information on economic disturbances is incomplete, permanent shocks to the monetary base also have real effects. If our model is correct, it is invalid to reject equilibrium models of the business cycle on the grounds that anticipated money affects output. We argue that this result is robust in the sense that many "reasonable" models which incorporate inside money would yield a non-neutrality of portfolio and temporary base money supply shocks.

Financial intermediation, monetary policy, and equilibrium business cycles

Business cycles ; Monetary theory ; Financial institutions

Dreaming Alone In The Twilight

https://digitalcommons.library.umaine.edu/mmb-vp/5001/thumbnail.jp

Development of innovative cross-disciplinary engineering showcase

The development of engineering education relies substantially on interactive showcases and practical knowledge. The cross-disciplinary engineering showcase is designed to be fully interactive by having user input, producing a tangible output, and to understand distinct elements from each of the engineering disciplines such as, civil, mechanical and electrical (CME). The showcase operates from the input of mechanical rotational energy by the user pedalling the exercycle. Mechanical energy is then transferred to the pump via a gear train, which converts the user input of 30 rpm to the optimal pump operating speed of 2900 rpm. Further, it is used to pump water from the lower eservoir to the upper reservoir via one of the three flow paths, which the user can select by opening or closing flow valves. Once the water reaches a given height, it then flows back to the lower reservoir via a micro-hydro generator. As a result, it generates electrical energy stored in a power bank that can be used by the user to charge a digital device. Also, the showcase has a QR code to digital media, which will provide an additional explanation/exposition of the presented engineering principles to the user/students. The aim of this project is to develop a cross- disciplinary engineering showcase to enhance student learnings by interpreting the CME engineering principles in schools, institutes, and universities

Development of innovative cross-disciplinary engineering showcase

The development of engineering education relies substantially on interactive showcases and practical knowledge. The cross-disciplinary engineering showcase is designed to be fully interactive by having user input, producing a tangible output, and to understand distinct elements from each of the engineering disciplines such as, civil, mechanical and electrical (CME). The showcase operates from the input of mechanical rotational energy by the user pedalling the exercycle. Mechanical energy is then transferred to the pump via a gear train, which converts the user input of 30 rpm to the optimal pump operating speed of 2900 rpm. Further, it is used to pump water from the lower eservoir to the upper reservoir via one of the three flow paths, which the user can select by opening or closing flow valves. Once the water reaches a given height, it then flows back to the lower reservoir via a micro-hydro generator. As a result, it generates electrical energy stored in a power bank that can be used by the user to charge a digital device. Also, the showcase has a QR code to digital media, which will provide an additional explanation/exposition of the presented engineering principles to the user/students. The aim of this project is to develop a cross- disciplinary engineering showcase to enhance student learnings by interpreting the CME engineering principles in schools, institutes, and universities

Intitialization, Conceptualization, and Application in the Generalized Fractional Calculus

This paper provides a formalized basis for initialization in the fractional calculus. The intent is to make the fractional calculus readily accessible to engineering and the sciences. A modified set of definitions for the fractional calculus is provided which formally include the effects of initialization. Conceptualizations of fractional derivatives and integrals are shown. Physical examples of the basic elements from electronics are presented along with examples from dynamics, material science, viscoelasticity, filtering, instrumentation, and electrochemistry to indicate the broad application of the theory and to demonstrate the use of the mathematics. The fundamental criteria for a generalized calculus established by Ross (1974) are shown to hold for the generalized fractional calculus under appropriate conditions. A new generalized form for the Laplace transform of the generalized differintegral is derived. The concept of a variable structure (order) differintegral is presented along with initial efforts toward meaningful definitions

A Solution to the Fundamental Linear Fractional Order Differential Equation

This paper provides a solution to the fundamental linear fractional order differential equation, namely, (sub c)d(sup q, sub t) + ax(t) = bu(t). The impulse response solution is shown to be a series, named the F-function, which generalizes the normal exponential function. The F-function provides the basis for a qth order "fractional pole". Complex plane behavior is elucidated and a simple example, the inductor terminated semi- infinite lossy line, is used to demonstrate the theory

Insights Into the Fractional Order Initial Value Problem via Semi-Infinite Systems

This paper considers various aspects of the initial value problem for fractional order differential equations. The main contribution of this paper is to use the solutions to known spatially distributed systems to demonstrate that fractional differintegral operators require an initial condition term that is time-varying due to past distributed storage of information

Chaos in a Fractional Order Chua System

This report studies the effects of fractional dynamics in chaotic systems. In particular, Chua's system is modified to include fractional order elements. Varying the total system order incrementally from 2.6 to 3.7 demonstrates that systems of 'order' less than three can exhibit chaos as well as other nonlinear behavior. This effectively forces a clarification of the definition of order which can no longer be considered only by the total number of differentiations or by the highest power of the Laplace variable

The use of trained volunteers in the response to out-of-hospital cardiac arrest – the GoodSAM Experience

In England, fewer than 1 in 10 out-of-hospital cardiac arrest victims survive to hospital discharge. This could be substantially improved by increasing bystander cardiopulmonary resuscitation and Automated External Defibrillator use. GoodSAM is a mobile-phone, app-based system, alerting trained individuals to nearby cardiac arrests. ‘Responders’ can be notified by bystanders using the GoodSAM ‘Alerter’ function. In London, when a 999 call-handler identifies cardiac arrest, in addition to dispatching the usual professional resources, London Ambulance Service automatically activates nearby GoodSAM responders. This article discusses the development of GoodSAM, its integration with London Ambulance Service, and the plans for future expansion