Money, Wealth and Overlapping Generations

In this paper, we use Weil's (1989) overlapping dynasties framework to analyse a microfounded version of the real balance effect envisaged by Pigou (1944). The effect is absent from representative agent models as then net monetary wealth is always zero. With population growth, however, net monetary wealth is positive and a real balance effect emerges much as Pigou predicted. Our main conclusion, however, is a Keynesian one: rather than eliminating the possibility of a trap, the framework generating the real balance effect if anything makes a trap more likely due to the heightened constraints it imposes on the monetary authority.liquidity trap, real balance effect, Pigou effect, monetary policy, Japan

Financial Stress and Liquidity Traps

Motivated by the bubble-collapse cycle witnessed in Japanese asset prices since the late 1980s, this paper examines how a financial crisis influences the power of monetary policy. We construct a simple macroeconomic model based on the microfoundations of Holmstrom and Tirole (1997) to analyse the effect of three types of financial stress on the nature of the equilibrium: a credit crunch; an adverse collateral shock; and a monitoring cost shock. Perhaps surprisingly, we find that the power of monetary policy is, if anything, heightened in a credit crunch; higher monitoring costs however work in the opposite direction, suggesting a need for more aggressive stabilisation policy in the face of financial shocks.

Studies of Adrenal Androgens

Imperial Users onl

Improved Precision and Efficiency of a Modified ORG0020 Dynamic Respiration Test Setup for Compost Stability Assessment

The ORG0020 dynamic respiration test is effective at distinguishing source segregated organic waste derived composts across a wide range of stabilities when compared to other standard tests; however, using the original diaphragm pump and manifold setup, the test is affected by variability in flow rate with time and across sample replicate vessels. Here, we demonstrate the use of a multichannel peristaltic pump to deliver a more consistent air flow to individual vessels. Using finished and unfinished industry compost samples from different sites with varying stabilities, we provide evidence of greater precision of the modified setup compared to the original. Furthermore, the reduced need for air flow adjustment resulted in improved running cost efficiency with less labour demand. Analysis of compost sample oxygen demand supports the current test air flow rate of 25–75 mL min−1, although the improved air flow control will enable future narrowing of the acceptable range for better inter-laboratory performance

A comparison of Missouri sandstones

Because of the scarcity of fossils in sandstones, the ages of these stones are difficult to determine except by the fossil bearing rocks either above or below them. Consequently, sandstones, even of the same area, are often separated and correlated with difficulty. It is for this reason that an effort is made to determine a means by which each sandstone may be identified --Introduction, page 1

Alien Registration- Veniot, Llewelyn (Augusta, Kennebec County)

https://digitalmaine.com/alien_docs/18623/thumbnail.jp