Estimating a Time-Varying Phillips Curve for South Africa
|
|
- Claribel Park
- 6 years ago
- Views:
Transcription
1 Esimaing a Time-Varying Phillips Curve for Souh Africa Alain Kabundi* 1 Eric Schaling** Modese Some*** *Souh African Reserve Bank ** Wis Business School and VU Universiy Amserdam *** World Bank 27 Ocober The views in his paper are hose of he auhors (s) and do no necessarily represen hose of he Souh African Reserve Bank or Souh African Reserve Bank policy.
2 1. Inroducion Esimaing a Phillips Curve for Souh Africa 27/10/16 Relaion beween economic aciviy and inflaion dubbed he Phillips curve by Samuelson and Solow (1960) one of he corner sones of macroeconomics. Popular in models used by cenral banks, feauring he New Keynesian Phillips curve. See e.g. Gali (2015a), Gali e al. (2012). Blanchard e al. (2015). Oupu, unemploymen and inflaion 50 years 23 advanced economies (prior o Grea Financial Crisis) 2
3 Esimaing a Phillips Curve for Souh Africa 27/10/16 Findings: shif o inflaion argeing and sable inflaion privae agens have pu less weigh on pas inflaion and more on CB s inflaion arge. Slope of he curve has flaened over ime (demand facors have be become less prominen as inflaion drivers). This paper: Phillips curve model in unemploymen inflaion space along he lines of Chan, Koop and Poer (2015). We allow he slope of he Phillips curve, he cenral bank s perceived inflaion arge, he naural rae of unemploymen and inflaion persisence o be ime-varying. 3
4 Esimaing a Phillips Curve for Souh Africa 27/10/16 Souh African conex: Kabundi and Schaling (2013): economic agens inflaion expecaions largely depend on pas inflaion SARB has no been no enirely successful in anchoring expecaions since he adopion of he IT regime in Implici inflaion arge (consisen wih privae secor expecaions) slighly lies above he upper bound of he official IT band. 2 Resuls (his paper): In SA inflaion persisence and he slope of he Philips curve are ime-varying. 2 In addiion he SARB appears o have been focusing on he business cycle raher han inflaion sabilizaion. 4
5 Esimaing a Phillips Curve for Souh Africa 27/10/16 Inflaion persisence has decreased since he Grea Recession in 2008 in his framework his can be inerpreed as beer anchoring of inflaion expecaions since Slope parameer sligh decrease since Thus, inflaion has become less responsive o demand facors. In line wih Maheson and Savrev (2013) and Blanchard e al. (2015). 5
6 Esimaing a Phillips Curve for Souh Africa 27/10/16 2. The Unobserved Componens Model Phillips curve: n ( u u ) e = π α ε (1) π + n Variable u unobserved. ε is an inflaion (supply) shock, such as a change in oil or impor prices. Pos 2008, benign inflaion environmen ( ε < 0 ), more on ha below. Wha abou inflaion expecaions? π e = ρ ( ) * π ρ π (2) 6
7 Esimaing a Phillips Curve for Souh Africa 27/10/16 * Here π is a proxy for he SARB s inflaion arge poin, which is assumed o be ime-varying. ρ = 0 : inflaion expecaions compleely anchored o he CB s inflaion arge. CB policy fully credible. ρ = 1 : lacks credibiliy The inflaion arge is unobserved (follows so-called bounded random walk). The reduced form of he inflaion process can be wrien as: * * n ( π π ) α ( u u ) π π = ρ + ν 1 1 (4) 7
8 Esimaing a Phillips Curve for Souh Africa 27/10/16 where ν = ρ ε + * ε 3 Equaion (4) is a Phillips curve in erms of he cyclical componen of inflaion. 4 This formulaion has been adoped in previous work including Chan, Koop and Poer (2015), Sock and Wason (2007) and Sella and Sock (2013). We assume ha he parameers ρ and α, and he naural rae of unemploymen also follow (bounded) random walk processes. 3 2 We model his disurbance erm as N ( 0, h ) h ν where ( h ) log( ) + ε ~ log = h 1. 4 We assume ha he cenral bank s inflaion arge is a good proxy for rend inflaion. 8
9 Esimaing a Phillips Curve for Souh Africa 27/10/16 Our framework can be viewed as a bivariae unobserved componens model of rend inflaion and srucural unemploymen where inflaion persisence and he slope of he Phillips curve are ime-varying. Model esimaed via CKP (2015) algorihm which is a Bayesian esimaion mehod using a Markov Chain Mone Carlo drawing procedure. 9
10 Esimaing a Phillips Curve for Souh Africa 27/10/16 3. Daa Unemploymen: Quarerly unemploymen daa obained from he SARB covering 1994Q1-2014Q1. Inflaion: Year-on-year headline inflaion daa obained from he SARB. 10
11 Esimaing a Phillips Curve for Souh Africa 27/10/16 11
12 Esimaing a Phillips Curve for Souh Africa 27/10/ Empirical Resuls: Trends Esimaed inflaion arge ( π * ) relaively consan wih a mean of 5.12%. Imporan: higher han he midpoin and closer o he upper bound of 6% han o he lower bound of 3%. Esimaed band: 3.25% See Figure 2 below. π * 6.47% 12
13 Esimaing a Phillips Curve for Souh Africa 27/10/16 13
14 Esimaing a Phillips Curve for Souh Africa 27/10/16 The esimaed unemploymen rend or NAIRU is relaively fla hroughou he enire sample period, around 24.5%. 14
15 Esimaing a Phillips Curve for Souh Africa 27/10/16 15
16 Esimaing a Phillips Curve for Souh Africa 27/10/ Empirical Resuls: Parameer Esimaes Slope of he Phillips Curve n ( u u ) π + e = π α ε (1) The slope α capures he degree of he response of inflaion o excess demand facors and he exen of he shor-run rade-off faced by policy makers. Alhough a low levels he slope parameer has increased from 1994 o he mid 2000s and hen exhibis a sligh downward rend. 16
17 Esimaing a Phillips Curve for Souh Africa 27/10/16 17
18 Esimaing a Phillips Curve for Souh Africa 27/10/16 The decline in he slope parameer means ha inflaion has become less responsive o demand side facors. In he conex of our model his means ha he imporance of unemploymen as a driver of he inflaion process has decreased. Noe ha his paern of he slope parameer is in line wih he finding in mos advanced economies whereby he slope of he Phillips curve has significanly flaened paricularly afer he Grea Recession. 18
19 Esimaing a Phillips Curve for Souh Africa 27/10/16 Anchoring of Inflaion Expecaions/Inflaion Persisence π e = ρ ( ) * π ρ π (2) The parameer ρ measures he impac of pas inflaion on inflaion expecaions. The more inflaion expecaions are * anchored o he cenral bank inflaion arge levelπ, he beer he anchoring of inflaion expecaions (he lower ρ ). 19
20 Esimaing a Phillips Curve for Souh Africa 27/10/16 20
21 Esimaing a Phillips Curve for Souh Africa 27/10/16 The esimaes sugges ha he persisence parameer ρ has increased from 1994 o 2001, remained consan from 2001 ill 2008, and evenually decreased afer around This indicaes ha inflaion expecaions in Souh Africa have been relaively more anchored and sable since
22 Esimaing a Phillips Curve for Souh Africa 27/10/ Anchoring and Inflaion Persisence In our empirical specificaion inflaion persisence is idenical o he anchoring of inflaion expecaions. However, inflaion persisence is no invarian o he moneary policy regime (Lucas criique). In order o address his consider he following opimal moneary policy exercise: The cenral bank minimizes 22
23 Esimaing a Phillips Curve for Souh Africa 27/10/16 L 1 2 a = u + π, subjec o he Phillips curve and he process driving inflaion expecaions. We hen find ha lower inflaion persisence is consisen wih (1) Beer anchoring of inflaion expecaions and (2) More aggressive inflaion sabilizaion, which would lower inflaion persisence even furher. 23
24 Esimaing a Phillips Curve for Souh Africa 27/10/ Sabiliy of Inflaion: Good Policy or Good Luck? The financial crisis of 2008 followed by he recession in 2009 in Souh Africa opens he quesion of wheher improved inflaion sabiliy is he resul of good policy or good luck. This is because he global recession was marked by low levels of inflaion around he world. In our opimal moneary policy exercise more sable inflaion is associaed wih (1) A seeper slope of he Phillips curve (counerfacual o he daa) 24
25 Esimaing a Phillips Curve for Souh Africa 27/10/16 (2) Beer anchoring of inflaion expecaions (consisen wih he daa) (3) More hawkish moneary policy (consisen wih he daa) (4) Lower inflaion residual ( shocks ) or good news (consisen wih he daa). See Figure 7. 25
26 Esimaing a Phillips Curve for Souh Africa 27/10/16 26
27 Esimaing a Phillips Curve for Souh Africa 27/10/16 Boh beer anchoring and good news are consisen wih more sable inflaion. Which one is more imporan? Furher research needed. 27
28 Esimaing a Phillips Curve for Souh Africa 27/10/16 6. Conclusions and Suggesions for Furher Research We have esimaed a Phillips curve for Souh Africa using a bounded random walk model. Anchoring of expecaions, he slope of he Phillips curve, he cenral bank s inflaion arge and he naural rae of unemploymen are ime-varying. We find ha he slope of he Phillips curve has flaened since he mid 2000s paricularly afer he Grea Recession which is in line wih he findings in mos advanced counries. 28
29 Esimaing a Phillips Curve for Souh Africa 27/10/16 Furher, our esimaes indicae ha inflaion persisence has decreased from 1994 o 2001, remained consan from 2001 o 2008, and evenually decreased around However, he quesion is wheher he improvemen in inflaion sabiliy afer 2008 which coincides wih he Grea Financial crisis is a resul of beer policy or good luck. Here more work needs o be done. In his paper we have worked wih a Phillips curve in inflaion unemploymen space. However, labor marke daa in Souh Africa are somewha unreliable. Therefore in fuure work we wan o pursue our approach based on (several) 29
30 Esimaing a Phillips Curve for Souh Africa 27/10/16 measures of he oupu gap. There we will also look a a longer sample. 30
31 Esimaing a Phillips Curve for Souh Africa 27/10/16 Thank you 31
32 References Esimaing a Phillips Curve for Souh Africa 27/10/16 Chan, J, Koop, G. and Poer, S. (2015), A Bounded Model of Time Variaion in Trend Inflaion, NAIRU and he Phillips Curve, Forhcoming in Journal of Applied Economerics. Furher references in he paper 32
Answer Key for Week 3 Homework = 100 = 140 = 138
Econ 110D Fall 2009 K.D. Hoover Answer Key for Week 3 Homework Problem 4.1 a) Laspeyres price index in 2006 = 100 (1 20) + (0.75 20) Laspeyres price index in 2007 = 100 (0.75 20) + (0.5 20) 20 + 15 = 100
More informationThe Relationship between the Hybrid New Keynesian Phillips Curve and the NAIRU over Time
The Relaionship beween he Hybrid New Keynesian Phillips Curve and he NAIRU over Time Lena Vogel * Ocober Absrac New Keynesian models of he Phillips curve in he spiri of Galí and Gerler (999) generally
More informationECE-517 Reinforcement Learning in Artificial Intelligence
ECE-517 Reinforcemen Learning in Arificial Inelligence Lecure 11: Temporal Difference Learning (con.), Eligibiliy Traces Ocober 8, 2015 Dr. Iamar Arel College of Engineering Deparmen of Elecrical Engineering
More informationDay-of-the-week effects in selected East Asian stock markets
MPRA Munich Personal RePEc Archive Day-of-he-week effecs in seleced Eas Asian sock markes Ricky Chee-Jiun Chia and Venus Khim-Sen Liew and Syed Azizi Wafa Syed Khalid Wafa Labuan School of Inernaional
More informationNotes on the Fourier Transform
Noes on he Fourier Transform The Fourier ransform is a mahemaical mehod for describing a coninuous funcion as a series of sine and cosine funcions. The Fourier Transform is produced by applying a series
More informationLecture 4. EITN Chapter 12, 13 Modulation and diversity. Antenna noise is usually given as a noise temperature!
Lecure 4 EITN75 2018 Chaper 12, 13 Modulaion and diversiy Receiver noise: repeiion Anenna noise is usually given as a noise emperaure! Noise facors or noise figures of differen sysem componens are deermined
More informationNo 1015 / February Inflation forecasting in. Member States. by Olga Arratibel, Christophe Kamps and Nadine Leiner-Killinger
Working Paper Series No 1015 / Inflaion forecasing in he New EU Member Saes by Olga Arraibel, Chrisophe Kamps and Nadine Leiner-Killinger WORKING PAPER SERIES NO 1015 / FEBRUARY 2009 INFLATION FORECASTING
More informationP. Bruschi: Project guidelines PSM Project guidelines.
Projec guidelines. 1. Rules for he execuion of he projecs Projecs are opional. Their aim is o improve he sudens knowledge of he basic full-cusom design flow. The final score of he exam is no affeced by
More informationA Simplified Approach to Understanding the Kalman Filter Technique
Universiy of Richmond UR Scholarship Reposiory Finance Faculy Publicaions Finance 008 A Simplified Approach o Undersanding he Kalman Filer Technique Tom Arnold Universiy of Richmond, arnold@richmond.edu
More informationMarch 13, 2009 CHAPTER 3: PARTIAL DERIVATIVES AND DIFFERENTIATION
March 13, 2009 CHAPTER 3: PARTIAL DERIVATIVES AND DIFFERENTIATION 1. Parial Derivaives and Differeniable funcions In all his chaper, D will denoe an open subse of R n. Definiion 1.1. Consider a funcion
More informationPulse Train Controlled PCCM Buck-Boost Converter Ming Qina, Fangfang Lib
5h Inernaional Conference on Environmen, Maerials, Chemisry and Power Elecronics (EMCPE 016 Pulse Train Conrolled PCCM Buck-Boos Converer Ming Qina, Fangfang ib School of Elecrical Engineering, Zhengzhou
More informationSquare Waves, Sinusoids and Gaussian White Noise: A Matching Pursuit Conundrum? Don Percival
Square Waves, Sinusoids and Gaussian Whie Noise: A Maching Pursui Conundrum? Don Percival Applied Physics Laboraory Deparmen of Saisics Universiy of Washingon Seale, Washingon, USA hp://faculy.washingon.edu/dbp
More informationBalassa-Samuelson: Still haven t found what we re looking for?
Balassa-Samuelson: Sill haven found wha we re looking for? rond-arne Borgersen Øsfold Universiy College Faculy of Economics, Social Sciences and Languages Remmen N- 1757 Halden e-mail: rondaborgersen@hiofno
More informationDeblurring Images via Partial Differential Equations
Deblurring Images via Parial Dierenial Equaions Sirisha L. Kala Mississippi Sae Universiy slk3@mssae.edu Advisor: Seh F. Oppenheimer Absrac: Image deblurring is one o he undamenal problems in he ield o
More informationPointwise Image Operations
Poinwise Image Operaions Binary Image Analysis Jana Kosecka hp://cs.gmu.edu/~kosecka/cs482.hml - Lookup able mach image inensiy o he displayed brighness values Manipulaion of he lookup able differen Visual
More informationUsing Box-Jenkins Models to Forecast Mobile Cellular Subscription
Open Journal of Saisics, 26, 6, 33-39 Published Online April 26 in SciRes. hp://www.scirp.org/journal/ojs hp://dx.doi.org/.4236/ojs.26.6226 Using Box-Jenkins Models o Forecas Mobile Cellular Subscripion
More informationVolume Author/Editor: Simon Kuznets, assisted by Elizabeth Jenks. Volume URL:
This PDF is a selecion from an ou-of-prin volume from he Naional Bureau of Economic Research Volume Tile: Shares of Upper Income Groups in Income and Savings Volume Auhor/Edior: Simon Kuznes, assised by
More informationFuzzy Inference Model for Learning from Experiences and Its Application to Robot Navigation
Fuzzy Inference Model for Learning from Experiences and Is Applicaion o Robo Navigaion Manabu Gouko, Yoshihiro Sugaya and Hiroomo Aso Deparmen of Elecrical and Communicaion Engineering, Graduae School
More information(This lesson plan assumes the students are using an air-powered rocket as described in the Materials section.)
The Mah Projecs Journal Page 1 PROJECT MISSION o MArs inroducion Many sae mah sandards and mos curricula involving quadraic equaions require sudens o solve "falling objec" or "projecile" problems, which
More informationComparing image compression predictors using fractal dimension
Comparing image compression predicors using fracal dimension RADU DOBRESCU, MAEI DOBRESCU, SEFA MOCAU, SEBASIA ARALUGA Faculy of Conrol & Compuers POLIEHICA Universiy of Buchares Splaiul Independenei 313
More informationDead Zone Compensation Method of H-Bridge Inverter Series Structure
nd Inernaional Conference on Elecrical, Auomaion and Mechanical Engineering (EAME 7) Dead Zone Compensaion Mehod of H-Bridge Inverer Series Srucure Wei Li Insiue of Elecrical Engineering and Informaion
More informationOn the disappearance of Tuesday effect in Australia
Edih Cowan Universiy Research Online ECU Publicaions Pre. 2011 2001 On he disappearance of Tuesday effec in Ausralia Chien-Ting Lin Lee Kian Lim Lin, C., & Lim, L. (2001). On he disappearance of Tuesday
More informationSignal Characteristics
Signal Characerisics Analog Signals Analog signals are always coninuous (here are no ime gaps). The signal is of infinie resoluion. Discree Time Signals SignalCharacerisics.docx 8/28/08 10:41 AM Page 1
More informationTechnology. Production functions Short run and long run Examples of technology Marginal product Technical rate of substitution Returns to scale
Technology Producion funcions Shor run and long run Examples of echnology Marginal produc Technical rae of subsiuion Reurns o scale Analogies wih Consumer Theory Consumers Firms Maximize uiliy Maximize
More informationThe design of an improved matched filter in DSSS-GMSK system
Journal of Physics: Conference Series PAPER OPEN ACCESS The design of an improved mached filer in DSSS-GMSK sysem To cie his aricle: Mao Wei-ong e al 16 J. Phys.: Conf. Ser. 679 1 View he aricle online
More information4.5 Biasing in BJT Amplifier Circuits
4/5/011 secion 4_5 Biasing in MOS Amplifier Circuis 1/ 4.5 Biasing in BJT Amplifier Circuis eading Assignmen: 8086 Now le s examine how we C bias MOSFETs amplifiers! f we don bias properly, disorion can
More informationECE3204 Microelectronics II Bitar / McNeill. ECE 3204 / Term D-2017 Problem Set 7
EE3204 Microelecronics II Biar / McNeill Due: Monday, May 1, 2017 EE 3204 / Term D-2017 Problem Se 7 All ex problems from Sedra and Smih, Microelecronic ircuis, 7h ediion. NOTES: Be sure your NAME and
More informationA3-305 EVALUATION OF FAILURE DATA OF HV CIRCUIT-BREAKERS FOR CONDITION BASED MAINTENANCE. F. Heil ABB Schweiz AG (Switzerland)
21, rue d'arois, F-75008 Paris hp://www.cigre.org A3-305 Session 2004 CIGRÉ EVALUATION OF FAILURE DATA OF HV CIRCUIT-BREAKERS FOR CONDITION BASED MAINTENANCE G. Balzer * D. Drescher Darmsad Universiy of
More informationMobile Robot Localization Using Fusion of Object Recognition and Range Information
007 IEEE Inernaional Conference on Roboics and Auomaion Roma, Ialy, 10-14 April 007 FrB1.3 Mobile Robo Localizaion Using Fusion of Objec Recogniion and Range Informaion Byung-Doo Yim, Yong-Ju Lee, Jae-Bok
More informationThe University of Melbourne Department of Mathematics and Statistics School Mathematics Competition, 2013 JUNIOR DIVISION Time allowed: Two hours
The Universiy of Melbourne Deparmen of Mahemaics and Saisics School Mahemaics Compeiion, 203 JUNIOR DIVISION Time allowed: Two hours These quesions are designed o es your abiliy o analyse a problem and
More informationPost-Conflict Monetary Reconstruction
Pos-Conflic Moneary Reconsrucion Chrisopher Adam, Paul Collier and Vicor Davies Sep 29h, 2006 Deparmen of Economics, Oxford Universiy Absrac During civil war governmens ypically resor o inflaion o raise
More informationLecture September 6, 2011
cs294-p29 Seminar on Algorihmic Game heory Sepember 6, 2011 Lecure Sepember 6, 2011 Lecurer: Chrisos H. Papadimiriou Scribes: Aloni Cohen and James Andrews 1 Game Represenaion 1.1 abular Form and he Problem
More informationDAGSTUHL SEMINAR EPIDEMIC ALGORITHMS AND PROCESSES: FROM THEORY TO APPLICATIONS
DAGSTUHL SEMINAR 342 EPIDEMIC ALGORITHMS AND PROCESSES: FROM THEORY TO APPLICATIONS A Sysems Perspecive Pascal Felber Pascal.Felber@unine.ch hp://iiun.unine.ch/! Gossip proocols Inroducion! Decenralized
More informationVariation Aware Cross-Talk Aggressor Alignment by Mixed Integer Linear Programming
ariaion Aware Cross-alk Aggressor Alignmen by Mixed Ineger Linear Programming ladimir Zoloov IBM. J. Wason Research Cener, Yorkown Heighs, NY zoloov@us.ibm.com Peer Feldmann D. E. Shaw Research, New York,
More informationEE 330 Lecture 24. Amplification with Transistor Circuits Small Signal Modelling
EE 330 Lecure 24 Amplificaion wih Transisor Circuis Small Signal Modelling Review from las ime Area Comparison beween BJT and MOSFET BJT Area = 3600 l 2 n-channel MOSFET Area = 168 l 2 Area Raio = 21:1
More informationModeling and Prediction of the Wireless Vector Channel Encountered by Smart Antenna Systems
Modeling and Predicion of he Wireless Vecor Channel Encounered by Smar Anenna Sysems Kapil R. Dandekar, Albero Arredondo, Hao Ling and Guanghan Xu A Kalman-filer based, vecor auoregressive (VAR) model
More information16.5 ADDITIONAL EXAMPLES
16.5 ADDITIONAL EXAMPLES For reiew purposes, more examples of boh piecewise linear and incremenal analysis are gien in he following subsecions. No new maerial is presened, so readers who do no need addiional
More informationAuthor contact details Farid Khan, Curtin University, Ruhul Salim, Curtin University,
The Public R&D and Produciviy Growh in Ausralian Broadacre Agriculure: A Coinegraion and Causaliy Approach Farid Khan and Ruhul Salim Auhor conac deails Farid Khan, Curin Universiy, faridecoru@yahoo.co.uk
More informationA Segmentation Method for Uneven Illumination Particle Images
Research Journal of Applied Sciences, Engineering and Technology 5(4): 1284-1289, 2013 ISSN: 2040-7459; e-issn: 2040-7467 Maxwell Scienific Organizaion, 2013 Submied: July 17, 2012 Acceped: Augus 15, 2012
More informationTRIPLE-FREQUENCY IONOSPHERE-FREE PHASE COMBINATIONS FOR AMBIGUITY RESOLUTION
TRIPL-FRQCY IOOSPHR-FR PHAS COMBIATIOS FOR AMBIGITY RSOLTIO D. Odijk, P.J.G. Teunissen and C.C.J.M. Tiberius Absrac Linear combinaions of he carrier phase daa which are independen of he ionospheric delays
More information= f 8 f 2 L C. i C. 8 f C. Q1 open Q2 close (1+D)T DT 2. i C = i L. Figure 2: Typical Waveforms of a Step-Down Converter.
Inroducion Oupu Volage ipple in Sep-Down and Sep-Up Swiching egulaors Oupu volage ripple is always an imporan performance parameer wih DC-DC converers. For inducor-based swiching regulaors, several key
More informationMotion-blurred star image acquisition and restoration method based on the separable kernel Honglin Yuana, Fan Lib and Tao Yuc
5h Inernaional Conference on Advanced Maerials and Compuer Science (ICAMCS 206) Moion-blurred sar image acquisiion and resoraion mehod based on he separable kernel Honglin Yuana, Fan Lib and Tao Yuc Beihang
More informationPower losses in pulsed voltage source inverters/rectifiers with sinusoidal currents
ree-wheeling diode Turn-off power dissipaion: off/d = f s * E off/d (v d, i LL, T j/d ) orward power dissipaion: fw/t = 1 T T 1 v () i () d Neglecing he load curren ripple will resul in: fw/d = i Lavg
More information2600 Capitol Avenue Suite 200 Sacramento, CA phone fax
26 Capiol Avenue Suie 2 Sacrameno, CA 9816 916.64.4 phone 916.64.41 fax www.esassoc.com memorandum dae Sepember 2, 216 o from subjec Richard Rich, Ciy of Sacrameno; Jeffrey Dorso, Pioneer Law Group Brian
More informationThe Relationship Between Creation and Innovation
The Relaionship Beween Creaion and DONG Zhenyu, ZHAO Jingsong Inner Mongolia Universiy of Science and Technology, Baoou, Inner Mongolia, P.R.China, 014010 Absrac:Based on he compleion of Difference and
More informationState Space Modeling, Simulation and Comparative Analysis of a conceptualised Electrical Control Signal Transmission Cable for ROVs
Sae Space Modeling, Simulaion and omparaive Analysis of a concepualised Elecrical onrol Signal ransmission able for ROVs James Naganda, Deparmen of Elecronic Engineering, Konkuk Universiy, Seoul, Korea
More informationEstimation of production function and labor productivity rate in Aghajari Oil and Gas Production Company
VOL. 5, NO. 2, 207 Singaporean Journal of BuSineSS Economics, and managemen sudies (sjbem) DOI: 0.286/0039976 Research Research Aricle Aricle NBL NLB Esimaion of producion funcion and labor produciviy
More informationOpenStax-CNX module: m Elemental Signals. Don Johnson. Perhaps the most common real-valued signal is the sinusoid.
OpenSax-CNX module: m0004 Elemenal Signals Don Johnson This work is produced by OpenSax-CNX and licensed under he Creaive Commons Aribuion License.0 Absrac Complex signals can be buil from elemenal signals,
More informationCycles of Technology, Natural Resources and Economic Growth
Cycles of Technology, Naural Resources and Economic Growh By Susanna Lundsröm Α Deparmen of Economics Göeborg Universiy June, 22 Β Prepared for he 22 World Congress of Environmenal and Resource Economiss,
More informationEE 40 Final Project Basic Circuit
EE 0 Spring 2006 Final Projec EE 0 Final Projec Basic Circui Par I: General insrucion 1. The final projec will coun 0% of he lab grading, since i s going o ake lab sessions. All oher individual labs will
More informationThis is the Pre-Published Version.
This is he Pre-Published Version. Xu, J. J., & Yip, T. L. (01). Ship invesmen a a sandsill? an analysis of shipbuilding aciviies and policies. Applied Economics Leers, 19(), 69-7. Ship Invesmen a a Sandsill?
More informationDevelopment of Temporary Ground Wire Detection Device
Inernaional Journal of Smar Grid and Clean Energy Developmen of Temporary Ground Wire Deecion Device Jing Jiang* and Tao Yu a Elecric Power College, Souh China Universiy of Technology, Guangzhou 5164,
More informationTable of Contents. 3.0 SMPS Topologies. For Further Research. 3.1 Basic Components. 3.2 Buck (Step Down) 3.3 Boost (Step Up) 3.4 Inverter (Buck/Boost)
Table of Conens 3.0 SMPS Topologies 3.1 Basic Componens 3.2 Buck (Sep Down) 3.3 Boos (Sep Up) 3.4 nverer (Buck/Boos) 3.5 Flyback Converer 3.6 Curren Boosed Boos 3.7 Curren Boosed Buck 3.8 Forward Converer
More informationEECE 301 Signals & Systems Prof. Mark Fowler
EECE 3 Signals & Sysems Prof. Mark Fowler Noe Se #8 C-T Sysems: Frequency-Domain Analysis of Sysems Reading Assignmen: Secion 5.2 of Kamen and Heck /2 Course Flow Diagram The arrows here show concepual
More informationJacek Cukrowski. Financing Budget Deficit by Central Bank Seigniorage in Selected Transitional Economies: A Comparative Study
37 Jacek Cukrowski Financing Budge Defici by Cenral Bank Seigniorage in Seleced Transiional Economies: A Comparaive Sudy W a r s a w, 2 0 0 1 Responsibiliy for he informaion and views se ou in he paper
More informationApplication of Adaptive Kalman Filter in Online Monitoring of Mine Wind Speed
Aricle Applicaion of Adapive Kalman Filer in Online Monioring of Mine Wind Speed De Huang 1,2, *, Jian Liu 1,2, *, Lijun Deng 1,2, Xuebing Li 2,3 and Ying Song 2,4 1 College of Safey Science & Engineering,
More informationExperiment 6: Transmission Line Pulse Response
Eperimen 6: Transmission Line Pulse Response Lossless Disribued Neworks When he ime required for a pulse signal o raverse a circui is on he order of he rise or fall ime of he pulse, i is no longer possible
More informationA Hybrid Method to Improve Forecasting Accuracy in the Case of Sanitary Materials Data
(IJACSA) Inernaional Journal of Advanced Compuer Science and Applicaions, Vol., No., 04 A Hybrid Mehod o Improve Forecasing Accuracy in he Case of Saniary Maerials Daa Daisuke Takeyasu Graduae School of
More informationTotal Factor Productivity Growth On Britain s Railways, : A Reappraisal Of The Evidence
Working Paper No. 07/05 Toal Facor Produciviy Growh On Briain s Railways, 1852-1912: A Reappraisal Of The Evidence Nicholas F. R. Crafs, Terence C. Mills, & Abay Mulau Nicholas F. R. Crafs Deparmen of
More information10. The Series Resistor and Inductor Circuit
Elecronicsab.nb 1. he Series esisor and Inducor Circui Inroducion he las laboraory involved a resisor, and capacior, C in series wih a baery swich on or off. I was simpler, as a pracical maer, o replace
More informationHong Kong Statistical Society
1 香港統計學會 Hong Kong Saisical Sociey c/o Deparmen of Saisics & Acuarial Science, The Universiy of Hong Kong, Pokfulam Road, Hong Kong hp://www.hkss.org.hk Bullein Volume 6 No. December 003 Edior's Foreword
More informationErrata and Updates for ASM Exam MLC (Fourteenth Edition) Sorted by Page
Erraa for ASM Exam MLC Sudy Manual (Foureenh Ediion) Sored by Page 1 Erraa and Updaes for ASM Exam MLC (Foureenh Ediion) Sored by Page Pracice Exam 7:25 (page 1386) is defecive, Pracice Exam 5:21 (page
More informationThe student will create simulations of vertical components of circular and harmonic motion on GX.
Learning Objecives Circular and Harmonic Moion (Verical Transformaions: Sine curve) Algebra ; Pre-Calculus Time required: 10 150 min. The sudens will apply combined verical ranslaions and dilaions in he
More informationHow to Shorten First Order Unit Testing Time. Piotr Mróz 1
How o Shoren Firs Order Uni Tesing Time Pior Mróz 1 1 Universiy of Zielona Góra, Faculy of Elecrical Engineering, Compuer Science and Telecommunicaions, ul. Podgórna 5, 65-246, Zielona Góra, Poland, phone
More informationSignal processing for Underwater Acoustic MIMO OFDM
Signal processing for Underwaer Acousic MIMO OFDM Milica Sojanovic Norheasern Universiy millisa@ece.neu.edu ONR (N4-7--22, 7 22 MURI N4-7--738) 7 738) Orhogonal frequency division muliplexing (OFDM) oal
More informationJournal of Next Generation Information Technology Volume 1, Number 2, August, 2010
Journal of Nex Generaion Informaion Technology Volume, Number 2, Augus, 2 Sub band Speech analysis using Gammaone Filer banks and opimal pich exracion mehods for each sub band using average magniude difference
More informationECMA st Edition / June Near Field Communication Wired Interface (NFC-WI)
ECMA-373 1 s Ediion / June 2006 Near Field Communicaion Wired Inerface (NFC-WI) Sandard ECMA-373 1 s Ediion / June 2006 Near Field Communicaion Wired Inerface (NFC-WI) Ecma Inernaional Rue du Rhône 114
More informationMemorandum on Impulse Winding Tester
Memorandum on Impulse Winding Teser. Esimaion of Inducance by Impulse Response When he volage response is observed afer connecing an elecric charge sored up in he capaciy C o he coil L (including he inside
More informationCommunications II Lecture 7: Performance of digital modulation
Communicaions II Lecure 7: Performance of digial modulaion Professor Kin K. Leung EEE and Compuing Deparmens Imperial College London Copyrigh reserved Ouline Digial modulaion and demodulaion Error probabiliy
More informationExtra Practice 1. Name Date. Lesson 6.1: Solving Equations Using Models
Maser 6.0 Era Pracice Lesson 6.: Solving Equaions Using Models. Use a model o solve each equaion. Verif he soluion. a) 7 = 56 b) 45 = 9 c) = 4 d) 9 =. Use a model o solve each equaion. Verif he soluion.
More informationForeign Fiber Image Segmentation Based on Maximum Entropy and Genetic Algorithm
Journal of Compuer and Communicaions, 215, 3, 1-7 Published Online November 215 in SciRes. hp://www.scirp.org/journal/jcc hp://dx.doi.org/1.4236/jcc.215.3111 Foreign Fiber Image Segmenaion Based on Maximum
More informationESIGN Scan Service. High-end scan system for generating professional product photos
Wih he ESIGN Scan Service, you can generae high-resoluion and rue-color produc phoos of your floor coverings and oher inerior surface maerials. The applicaions for he produc phoos range from prin-ready
More informationENERGETICAL PERFORMANCES OF SINUSOIDAL PWM STRATEGY FOR THE INDUCTION MOTOR AND VOLTAGE INVERTER SYSTEM: SIMULATION AND EXPERIMENTAL APPROACH
Annals of he Universiy of Craiova, Elecrical Engineering series, No. 35, ; ISSN 84-485 ENERGEICAL PERFORMANCES OF SINUSOIDAL SRAEGY FOR HE INDUCION MOOR AND VOLAGE INVERER SYSEM: SIMULAION AND EXPERIMENAL
More informationInnovation and absorptive capacity: What is the role of technological frontier?
Innovaion and absorpive capaciy: Wha is he role of echnological fronier? Verònica Gombau, Agusí Segarra Universia Rovira i Virgil Deparamen d Economia, CREIP, XREAP, Grup de Recerca d Indúsria i Terriori
More informationSynchronization of single-channel stepper motor drivers reduces noise and interference
hronizaion of single-channel sepper moor drivers reduces noise and inerference n mos applicaions, a non-synchronized operaion causes no problems. However, in some cases he swiching of he wo channels inerfere,
More informationFECAL SAC REMOVAL BY TREE SWALLOWS: THE COST OF CLEANLINESS
The Condor 86:187-191 0 The Cooper Om~hological Sociey 1984 FECAL SAC REMOVAL BY TREE SWALLOWS: THE COST OF CLEANLINESS PATRICK J WEATHERHEAD ABSTRACT-Fecal sac removal by Tree Swallows (Tachycinea bicolor)
More informationIR Receiver Modules for Remote Control Systems
IR Receiver Modules for New TSOP48.. 2 3 MECHANICAL DATA Pinning = OUT, 2 =, 3 = 6672 FEATURES Low supply curren Phoo deecor and preamplifier in one package Inernal filer for PCM frequency Improved shielding
More informationGermany, E- Mail: hohenheim.de
KOREWORKI NG PAPERSI N BUSI NESSAND ECONOMI CS FROM NECESSI TI ESTO I MAGI NARY WORLDS: STRUCTURALCHANGE, PRODUCTQUALI TYAND ECONOMI CDEVELOPMENT by * Pi erpaol osavi o i &Andr easpyka * Pi erpaol osavi
More informationBRAZILIAN BUSINESS CYCLES AND GROWTH FROM 1850 TO 2000 *
BRAZILIAN BUSINESS CYCLES AND GROWTH FROM 1850 TO 2000 * Eurilon Araújo Luciane Carpena Alexandre Cunha Ibmec São Paulo BNDES Faculdades Ibmec/RJ Faculdades Ibmec/RJ Av. Rio Branco 108/2 o andar Rio de
More information6.003: Signals and Systems
6.3: Signals and Sysems Lecure 4 March 3, 6.3: Signals and Sysems Fourier Represenaions Mid-erm Examinaion # Wednesday, April 7, 7:3-9:3pm. No reciaions on he day of he exam. Coverage: Lecures 5 Reciaions
More informationJohn F. Kennedy School of Government Harvard University Faculty Research Working Papers Series
John F. Kennedy School of Governmen Harvard Universiy Faculy Research Working apers Series Commodiy Money Inflaion: Theory and Evidence from France in 35-436 Joseph Zeira February 22 RW2-8 The views expressed
More informationTechnology Trends & Issues in High-Speed Digital Systems
Deailed comparison of dynamic range beween a vecor nework analyzer and sampling oscilloscope based ime domain reflecomeer by normalizing measuremen ime Sho Okuyama Technology Trends & Issues in High-Speed
More informationEXCHANGE RATE PASS-THROUGH INTO IMPORT PRICES: EVIDENCE FROM CENTRAL ASIA
EXCHANGE RATE PASSTHROUGH INTO IMPORT PRICES: EVIDENCE FROM CENTRAL ASIA Gulnara Moldasheva KIMEP Universiy/Bang College of Business mgulnara@kimep.kz Absrac This paper esimaes he degree of exchange rae
More informationDirect Analysis of Wave Digital Network of Microstrip Structure with Step Discontinuities
Direc Analysis of Wave Digial Nework of Microsrip Srucure wih Sep Disconinuiies BILJANA P. SOŠIĆ Faculy of Elecronic Engineering Universiy of Niš Aleksandra Medvedeva 4, Niš SERBIA MIODRAG V. GMIROVIĆ
More informationR. Stolkin a *, A. Greig b, J. Gilby c
MESURING COMPLETE GROUND-TRUTH DT ND ERROR ESTIMTES FOR REL VIDEO SEQUENCES, FOR PERFORMNCE EVLUTION OF TRCKING, CMER POSE ND MOTION ESTIMTION LGORITHMS R Solkin a *, Greig b, J Gilby c a Cener for Mariime
More informationTELE4652 Mobile and Satellite Communications
TELE465 Mobile and Saellie Communicaions Assignmen (Due: 4pm, Monday 7 h Ocober) To be submied o he lecurer before he beginning of he final lecure o be held a his ime.. This quesion considers Minimum Shif
More informationExtra Practice 1. Name Date. Lesson 6.1: Solving Equations Using Models
Name Dae Maser 6.0 Era Pracice Lesson 6.: Solving Equaions Using Models. Use a model o solve each equaion. Verif he soluion. a) 7 = 56 b) 45 = 9 c) = 4 d) 9 =. Use a model o solve each equaion. Verif he
More informationModulation exercises. Chapter 3
Chaper 3 Modulaion exercises Each problem is annoaed wih he leer E, T, C which sands for exercise, requires some hough, requires some concepualizaion. Problems labeled E are usually mechanical, hose labeled
More informationThe Significance of Temporal-Difference Learning in Self-Play Training TD-rummy versus EVO-rummy
The Significance of Temporal-Difference Learning in Self-Play Training TD-rummy versus EVO-rummy Clifford Konik Jugal Kalia Universiy of Colorado a Colorado Springs, Colorado Springs, Colorado 80918 CLKOTNIK@ATT.NET
More informationLecture #7: Discrete-time Signals and Sampling
EEL335: Discree-Time Signals and Sysems Lecure #7: Discree-ime Signals and Sampling. Inroducion Lecure #7: Discree-ime Signals and Sampling Unlike coninuous-ime signals, discree-ime signals have defined
More informationthe next step in tyre modeling
Igo Besselink Applicaions of SWIFT-Tyre: he nex sep in yre modeling TNO Auomoive TNO Auomoive: applicaions of SWIFT-Tyre November 2001 1 Conens Relaion beween MDI and TNO Auomoive New developmens for ADAMS
More informationTHE OSCILLOSCOPE AND NOISE. Objectives:
-26- Preparaory Quesions. Go o he Web page hp://www.ek.com/measuremen/app_noes/xyzs/ and read a leas he firs four subsecions of he secion on Trigger Conrols (which iself is a subsecion of he secion The
More informationEXPERIMENT #9 FIBER OPTIC COMMUNICATIONS LINK
EXPERIMENT #9 FIBER OPTIC COMMUNICATIONS LINK INTRODUCTION: Much of daa communicaions is concerned wih sending digial informaion hrough sysems ha normally only pass analog signals. A elephone line is such
More informationMobile Communications Chapter 3 : Media Access
Moivaion Can we apply media access mehods from fixed neworks? Mobile Communicaions Chaper 3 : Media Access Moivaion SDMA, FDMA, TDMA Aloha Reservaion schemes Collision avoidance, MACA Polling CDMA SAMA
More information5 Spatial Relations on Lines
5 Spaial Relaions on Lines There are number of useful problems ha can be solved wih he basic consrucion echniques developed hus far. We now look a cerain problems, which involve spaial relaionships beween
More informationTransmit Beamforming with Reduced Feedback Information in OFDM Based Wireless Systems
Transmi Beamforming wih educed Feedback Informaion in OFDM Based Wireless Sysems Seung-Hyeon Yang, Jae-Yun Ko, and Yong-Hwan Lee School of Elecrical Engineering and INMC, Seoul Naional Universiy Kwanak
More informationOn International Financial Spillovers to Frontier Markets
On Inernaional Financial Spillovers o Fronier Markes Galin Todorov Prasad Bidarkoa Florida Inernaional Universiy Fall 2010 Absrac We explore he degree o which sock index reurns and condiional volailiy
More informationA Multi-model Kalman Filter Clock Synchronization Algorithm based on Hypothesis Testing in Wireless Sensor Networks
nd Inernaional Conference on Elecronic & Mechanical Engineering and Informaion Technology (EMEIT-) A Muli-model Kalman Filer Clock Synchronizaion Algorihm based on Hypohesis Tesing in Wireless Sensor Neworks
More informationUPDATE FOR DESIGN OF STRUCTURAL STEEL HOLLOW SECTION CONNECTIONS VOLUME 1 DESIGN MODELS, First edition 1996 A.A. SYAM AND B.G.
REF: ASI TN006 Version ASI Head Office Level 13, 99 Moun Sree Norh Sydney NSW 060 Tel: 0 9931 6666 Email: enquiries@seel.org.au (ABN)/ACN (94) 000973 839 www.seel.org.au ASI TECHNICAL NOTE TN006 V Auhors:
More informationDimensions. Transmitter Receiver ø2.6. Electrical connection. Transmitter +UB 0 V. Emitter selection. = Light on = Dark on
OBE-R-SE Dimensions Transmier.. 7.5 9..5.8 4.9 4 5 M 8.9 7.5 9..5.8 4 5 M 8.9 ø.6 ø.6 Model Number OBE-R-SE Thru-beam sensor wih m fixed cable Elecrical connecion Transmier Feaures BN +UB WH IN Ulra-small
More information