World review (Brisbane, Qld.)最新文献

{"title":"A New Daily Federal Funds Rate Series and History of the Federal Funds Market, 1928-54","authors":"Sriya Anbil, M. Carlson, C. Hanes, David C. Wheelock","doi":"10.20955/wp.2020.016","DOIUrl":"https://doi.org/10.20955/wp.2020.016","url":null,"abstract":"This article describes the origins and development of the federal funds market from its inception in the 1920s to the early 1950s. We present a newly digitized daily data series on the federal funds rate that covers the period from April 1928 through June 1954. We compare the behavior of the funds rate with other money market interest rates and the Federal Reserve discount rate. Our federal funds rate series will enhance the ability of researchers to study an eventful period in U.S. financial history and to better understand how monetary policy was transmitted to banking and financial markets. For the 1920s and 1930s, our series is the best available measure of the overnight risk-free interest rate, better than the call money rate which many studies have used for that purpose. For the 1940s-1950s, our series provides new information about the transition away from wartime interest-rate pegs culminating in the 1951 Treasury-Federal Reserve Accord.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"62 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90951532","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation","authors":"Kevin L. Kliesen, David C. Wheelock","doi":"10.20955/wp.2020.022","DOIUrl":"https://doi.org/10.20955/wp.2020.022","url":null,"abstract":"In October 1979, Federal Reserve Chairman Paul Volcker persuaded his FOMC colleagues to adopt a new policy framework that i) accepted responsibility for controlling inflation and ii) implemented new operating procedures to control the growth of monetary aggregates in an effort to restore price stability. These moves were strongly supported by monetarist-oriented economists, including the leadership and staff of the Federal Reserve Bank of St. Louis. The next three years saw inflation peak and then fall sharply, but also two recessions and considerable volatility in interest rates and money supply growth rates. This article reviews the episode through the lens of speeches and FOMC meeting statements of Volcker and St. Louis Fed president Lawrence Roos, and articles by Roos’ staff. The FOMC adopted monetarist principles to establish the Fed’s anti-inflation credibility but Volcker was willing to accept deviations of money growth from the FOMC’s targets, unlike Roos, who viewed the targets as sacrosanct. The FOMC abandoned monetary aggregates in October 1982, but preserved the Fed’s commitment to price stability. The episode illustrates how Volcker used a change in operating procedures to alter policy fundamentally, and later adapt the procedures to changed circumstances without abandoning the foundational features of the policy.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"29 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74768362","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Case of the Reappearing Phillips Curve: A Discussion of Recent Findings","authors":"Asha Bharadwaj, Maximiliano A. Dvorkin","doi":"10.20955/r.102.313-37","DOIUrl":"https://doi.org/10.20955/r.102.313-37","url":null,"abstract":"Central banks around the world intervene in financial markets by setting the short-term nominal interest rates to stimulate economic activity and control inflation. There are many theories that suggest that changes in interest rates due to monetary policy have effects on real activity: An increase in interest rates is associated with a tightening of the economy and a decrease in the real output, while a decrease in interest rates is associated with an increase in real output. Interest rates can affect output through several channels. For instance, an increase in interest rates implies an increase in the return on savings. In this case, individuals have an incentive to save more and forego current consumption, which translates to a decrease in current real output, all else equal. Clearly, the opposite is true in the case of a decrease in interest rates. Other possible mechanisms through which movements in interest rates affect real activity include borrowing costs and investment. As interest rates decline it becomes cheaper to borrow and invest, so business investment goes up, increasing total output. The Phillips curve seems to have flattened over time. In this article, we use a simple New Keynesian model to analyze potential pitfalls in the estimation of the slope of the structural Phillips curve. Changes in the conduct of monetary policy or in the relative importance of supply and demand shocks may bias simple estimations of the slope of the Phillips curve. Recent proposals have favored estimations using regional or city data in an effort to overcome these issues. We use a simple model of a monetary union with a continuum of economies and find that some of the drawbacks of the aggregate model are still present in a cross-section of many regions in a monetary union. The relative importance of the demand and supply shocks largely determines the empirical relation between unemployment and inflation in both the aggregate and the cross-section of regions. Our analysis shows potential pitfalls in estimating the slope of the Phillips curve, even if using regional data. (JEL E12, E31, E58, R13)","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"105 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76213210","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the Aggregate Implications of Removing Barriers to Formality","authors":"Catalina Granda-Carvajal, Franz Hamann","doi":"10.20955/r.102.203-20","DOIUrl":"https://doi.org/10.20955/r.102.203-20","url":null,"abstract":"This article examines the aggregate implications of several policies aimed at removing barriers to formality. To this end, we build a dynamic equilibrium model in which heterogeneous agents choose to work for a wage or operate a technology in the formal or informal sector, based on the costs and benefits associated with these occupational choices.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74824582","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is the Phillips Curve Still Alive?","authors":"Brian Reinbold, Y. Wen","doi":"10.20955/r.102.121-44","DOIUrl":"https://doi.org/10.20955/r.102.121-44","url":null,"abstract":"A.W. Phillips's discovery that inflation is negatively correlated with unemployment served as a heuristic model for conducting monetary policy; but the flattening of the Phillips curve post-1970 has divided debate on this empirical relation into two camps: \"The Phillips curve is alive and well,\" and \"The Phillips curve is dead.\" However, this dichotomy oversimplifies the issue.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"44 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73571577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets","authors":"Fabian Schär","doi":"10.2139/ssrn.3571335","DOIUrl":"https://doi.org/10.2139/ssrn.3571335","url":null,"abstract":"This paper explores the Decentralized Finance (DeFi) ecosystem. We examine how DeFi is emerging on top of the public Ethereum smart contract platform, compare it to the centralized architecture of traditional financial markets and highlight opportunities and potential risks of this ecosystem. We propose a multi-layered framework to analyze the implicit architecture and the various DeFi building blocks, including token standards, decentralized exchanges, decentralized debt markets, blockchain derivatives and on-chain asset management protocols. We conclude that DeFi still is a niche market with certain risks, but also has interesting properties in terms of efficiency, transparency, accessibility and interoperability. As such, it may potentially contribute to a more robust and transparent financial infrastructure.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"43 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89870228","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fertility and Internal Migration","authors":"Pei-Ju Liao, Ping Wang, Yin-Chi Wang, C. Yip","doi":"10.20955/r.102.429-45","DOIUrl":"https://doi.org/10.20955/r.102.429-45","url":null,"abstract":"Since the novel contributions by Todaro (1969) and Harris and Todaro (1970), there have been numerous studies on urbanization and structural transformation in developing economies. Not until 20 or so years ago, however, did economists embed internal migration into a dynamic general equilibrium framework. The new strand of the literature has connected internal migration to various issues related to structural transformation, including urban labor and housing markets as well as geographic job and income distribution. By matching three internationally comparable datasets, we establish some useful stylized facts, particularly on migration and fertility measures across countries at different stages of economic development. Our cross-country data analysis suggests a positive correlation between migration and fertility. Moreover, countries exhibiting higher migration and fertility rates are found to be less developed. Thus, rural-urban migration led by urban total factor While there is a renewed literature connecting internal migration to various issues related to structural transformation such as urban labor and housing markets, the relationship between internal migration and demographic transition is much under-studied despite its importance in the process of economic development. Our article fills this knowledge gap. By constructing a simple dynamic framework in which fertility and rural-urban migration decisions are both determined, we show that more-rapid urban productivity advancement can lead to a positive relationship between migration and fertility. Using cross-country data analysis, we support our theory, establishing that both migration and fertility rates are higher in less-developed countries than in advanced economies. Our results imply that policies that may help reduce the cost of urban living or enhance urban benefits would be useful for productive structural transformation. (JEL E24, O15,R23)","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76952493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"SuperSpec: the on-chip spectrometer: characterization of a full 300 channel filterbank (Conference Presentation)","authors":"\t\tJ. Wheeler, S. Hailey-Dunsheath, E. Shirokoff, P. Barry, C. Bradford, S. Chapman, G. Che, S. Doyle, J. Glenn, S. Gordon, M. Hollister, A. Kovács, H. Leduc, P. Mauskopf, R. McGeehan, C. Mckenney, T. Reck, J. Redford, C. Ross, C. Shiu, C. Tucker, J. Turner, J. Zmuidzinas","doi":"10.1117/12.2314364","DOIUrl":"https://doi.org/10.1117/12.2314364","url":null,"abstract":"SuperSpec is a new technology for millimeter and submillimeter spectroscopy. It is an on-chip spectrometer being developed for multi-object, moderate resolution (R = ~300), large bandwidth survey spectroscopy of high-redshift galaxies for the 1 mm atmospheric window. SuperSpec targets the CO ladder in the redshift range of z = 0 to 4, the [CII] 158 um line from z = 5 to 9, and the [NII] 205 um line from z = 4-7. All together these lines offer complete redshift coverage from z = 0 to 9. SuperSpec employs a novel architecture in which detectors are coupled to a series of resonant filters along a single microwave feedline instead of using dispersive optics. This construction allows for the creation of a full spectrometer occupying only 20 cm squared of silicon, a reduction in size of several orders of magnitude when compared to standard grating spectrometers. This small profile enables the production of future multi-object spectroscopic instruments required as the millimeter-wave spectroscopy field matures. SuperSpec uses a lens-coupled antenna to deliver astrophysical radiation to a microstrip transmission line. The radiation then propagates down this transmission line where upon proximity coupled half wavelength microstrip resonators pick off specific frequencies of radiation. Careful tuning of the proximity of the resonators to the feedline dials in the desired resolving power of the SuperSpec filterbank by tuning the coupling quality factor. The half wavelength resonators are then in turn coupled to the inductive meander of kinetic inductance detectors (KIDs), which serve as the power detectors for the SuperSpec filterbank. Each SuperSpec filter bank contains hundreds of titanium nitride TiN KIDs and the natural multiplexibility of these detectors allow for readout of the large numbers of required detectors. The unique coupling scheme employed by SuperSpec allows for the creation of incredibly low volume (2.6 cubic microns), high responsivity, TiN KIDs. Since responsivity is proportional to the inverse of quasiparticle-occupied volume, this allows SuperSpec to reach the low NEPs required by moderate resolution spectroscopy to be photon limited from the best ground-based observing sites. We will present the latest results from SuperSpec devices. In particular, detector NEPs, measured filter bank efficiency (including transmission line losses), and spectral profiles for a full ~ 300-channel filterbank. Finally, we will report on our system end to end efficiency and total system NEP.","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89796718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"BRANDS' SOCIAL MEDIA USAGE AND ITS EFFECTS ON CONSUMER BEHAVIOR","authors":"1-15\t4\tCansu Aytan, E. Telci","doi":"10.7456/10404100/001","DOIUrl":"https://doi.org/10.7456/10404100/001","url":null,"abstract":"With the development of the technology, Internet usage became a habit in everyday life which made the social media indispensable. Social media lets users to get in touch with other users via interactive communication. Users that share every moment and experience of their daily life, are being effective on other consumers’ behaviors and manners towards the created brand image with the content that they share. As a result, brands are shaping their brand images and consumers’ attitudes towards themselves, by using social media marketing and taking care of consumer requests. At this point, consumers may purchase products, being affected with the contents and attitude towards the brand image formed by the social media users and brands’ themselves. In this study; brands' social media usage and its effects on consumer attitudes and behavior have been investigated. At the theoretical section of the study; a thorough literature review is conducted on social media, social media marketing, brand image, brand attitude, and consumer behavior. Then, during the research process, a survey on the effects of brands' social media usage on consumers is prepared and has been responded by 465 social media users. With the analysis of the given answers, it has been established that the brands’ uses of social media have been identified to influence consumers' behavior. Keywords: Social Media, Social Media Marketing, Brand Image, Brand Attitude. The Turkish Online Journal of Design, Art and Communication TOJDAC October 2014 Volume 4 Issue 4 Copyright ©The Turkish Online Journal of Design, Art and Communication \u0000 2 GİRİŞ Gelişen ve yenilenen teknoloji ile artan nüfusun oluşturduğu arz ve talepler birçok yeni nesil uygulamaları beraberinde getirmiştir. Aynı görüşü savunan veya ayrı karakterde tutum izleyen tüketicilerin birbirlerinden haberdar olmak ve yeniliklerin gerisinde kalmamak üzere buluştukları topluluklar sosyal medyayı oluşturmaktadır. Markalar burada devreye girerek, geleneksel medyadan sosyal medyaya değişen pazarlama iletişimini gerçekleştirmiştir. Bu gelişmeler sonucunda, markalar sosyal medya pazarlaması üzerinde yoğunlaşarak, tüketicilerin satın alma davranışları üzerinde etki bırakıp, marka imajlarında değer artışını sağlamayı hedeflemektedir. Sosyal medya araçlarını kullanan markalar, oluşturdukları uygulamalar sayesinde mevcut pazarlama türlerinde yeniliklere gidilmesinde katkıda bulunmuştur. Mevcut ve potansiyel müşteriler de yaratılan marka imajındaki değer artışını ve markaya yönelik tutumları belirleyebilecekleri birçok avantajla karşılaşmaktadır. Bu avantajlardan faydalanabilmek için, günümüzde hızla gelişmekte olan sosyal medya araçlarından hangilerinin kullanılacağının belirlenerek, markaların paylaşacağı mesajların, ne sıklıklarda ve hangi içerikte olması gerektiği incelenmelidir. LİTERATÜR İNCELEMESİ Pazarlamacılar, geleneksel medyanın sosyal medyaya geçişinden önce, potansiyel pazarlara ürün veya hizmetlerini tanıtırken, dergi, radyo, televizy","PeriodicalId":83545,"journal":{"name":"World review (Brisbane, Qld.)","volume":"34 1","pages":"1-15"},"PeriodicalIF":0.0,"publicationDate":"2014-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89605720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}