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"Stabilization"
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Stabilization of an inverted pendula system in the presence of elastic bonds
We developed a mathematical model of an unstable system of set of N connected inverted pendula. We described principles of stabilization of such a system at the neighborhood of the unstable upright position. Also, we studied dynamics of this system and obtained the limiting conditions ensuring the stability of this system. Simulation results demonstrate several important features of the system's dynamics.
Journal Article
The political economy of fiscal consolidation in Japan
This book investigates the reasons for persistent public deficits and delayed fiscal reform in Japan, placing a special emphasis on political economy aspects. Japan is confronted with the need to pursue fiscal discipline for fiscal consolidation and implement structural reforms for reorganizing fiscal expenditures. Focusing on particular policy fields including social security, female labor supply, public works, and intergovernmental transfer schemes, the book clarifies economic and political elements that have hindered effective steps toward these two goals. Facing population aging and a business downturn, the Japanese government was urged to increase social security expenditures and the budget for Keynesian stimulus policies. As elucidated in the book, the institutional design has worked to over-represent the demands of elderly generations and local interest groups and to expand these expenditures. Rigorous theoretical and numerical analyses reported throughout the book consequently provide readers with insights into incentive designs and institutional reforms necessary for fiscal consolidation, also presenting points of view for public policy and public debate.
Book
Assessment of human health risks and pollution index for heavy metals in farmlands irrigated by effluents of stabilization ponds
Areas contaminated with heavy metals can pose major risks to human health and ecological environments. The aims of this study are to assess human health risk and pollution index for heavy metals in agricultural soils irrigated by effluents of stabilization ponds in Birjand, Iran. The results revealed that the levels of Cr, Mn, Zn, Fe, Cu, Cd, and Pb were in range of 70.3–149.65, 355–570, 31.15–98.45, 23,925–29,140, 22.75–25.95, 0.17–6.51, and 8.5–23.5 mg/kg in topsoils, respectively. Total hazard index values from heavy metals through three exposure routes for adults and children were 9.13E−01 and 1.10, respectively, indicating that there was non-carcinogenic risk for children. The total risk of carcinogenic metals (Cr, Cd, and Pb) through the three exposure routes for adults and children was 1.06E−04 and 9.76E−04, respectively, which indicates that the metals in the soil will not induce carcinogenic risks to these age groups. Pollution levels of heavy metals in soil samples including enrichment factor (EF), contamination factor (CF), pollution load index (PLI), and geo-accumulation index (
I
geo
) showed heavy metal contamination of agricultural soils. The results of the present study provide basic information about heavy metal contamination control and human health risk assessment management in the study area.
Journal Article
Monetary regimes and inflation : history, economic and political relationships
\"Exploring the characteristics of inflations and comparing historical cases from Roman times up to the modern day, this book provides an in depth discussion of the subject. It analyses the high and moderate inflations caused by the inflationary bias of poltiical systems and economic relationships, as well as the importance of different monetary regimes in containing them. The differences for the possible size of inflations among monetary regimes like metallic currencies, the gold standard and fiat paper money are discussed. It is shown that huge budget deficits of government have been responsible for all hyperinflations. This revised second edition debates whether a growth of the money supply exceeding that of real Gross Domestic Production is a necessary or sufficient reason for inflation and also includes a new concluding chapter, which explores the long-term tendencies to create, maintain and abolish inflation-stable monetary regimes. Moreover, the conditions for long-term inflation-stable monetary regimes in history are explored. By surveying thirty hyperinflations, Peter Bernholz demonstrates that certain economic traits have been stable characteristics of inflations over the centuries, and illustrates their causes. He also examines the consequences of high inflations for unemployment, the distortions between relative prices and the political conditions that allow a return to stable monetary regimes after high inflations, given the inflationary tendencies of political systems. This book will appeal to a wide-ranging audience, including students, economists, historians, political scientists and sociologists looking to imrpove their knowledge of monetary regimes and inflation. Bankers, businessmen and politicians attempting to solve the problems caused for them by inflation, will also find this to be a useful read\"--Back cover.
Book
Rethinking stabilization policies; Including supply-side measures and entrepreneurial processes
Traditional macroeconomic stabilization policies seek to moderate swings in economic activity through measures that primarily augment aggregate demand. Such measures are, however, inadequate in mitigating the comprehensive effects of crisis such as the COVID-19, which affects both the demand and supply sides of the economy. Moreover, monetary policies are presently close to a liquidity trap combined with weakened transmission links to the real economy. Fiscal policies have been reactivated, albeit in an ad hoc and experimental manner. Based on a literature review and the policy responses following the COVID-19 crisis, the objective is to present a modified and extended framework for stabilization policies. In particular, the importance of microeconomic supply-side measures that promote entrepreneurial processes and knowledge-upgrading efforts are emphasized. Furthermore, a coherent realigning of policies at the micro- and macro-levels is argued to enhance the potential for long-term growth and to facilitate the restructuring of an economy that normally follows a crisis.
The COVID-19 crisis makes traditional stabilization policies obsolete. Reinstate the market and redirect policy from interest rates and unconditional state support toward providing employees and firms with adequate knowledge for future challenges. Traditional crises policies seek to moderate swings in economic activity by primarily lowering interest rates and increase governmental expenditure to stimulate demand and economic activity. However, the effectiveness of both of these measures has been questioned, in particular, further reductions in already extremely low-interest rates. The present COVID-19 crisis has highlighted the importance of taking firms, entrepreneurs, trade, etc., into account, i.e., the supply side of the economy. It is argued that traditional policies should partly be replaced by measures targeting entrepreneurial processes, firm growth, innovation, and knowledge upgrading. Corporate taxes should be used to increase firms’ crisis resilience, increase investment, and encourage start-ups, while state support should be conditioned on employees engaging in knowledge upgrading. Hence, the main conclusion of this study is that such redirection of policies will more effectively level out swings in the business cycle, increase the potential for long-term growth, and make it easier for employees and firms to adjust to new economic conditions.
Journal Article
Microeconomic Heterogeneity and Macroeconomic Shocks
In this essay, we discuss the emerging literature in macroeconomics that combines heterogeneous agent models, nominal rigidities, and aggregate shocks. This literature opens the door to the analysis of distributional issues, economic fluctuations, and stabilization policies—all within the same framework. In response to the limitations of the representative agent approach to economic fluctuations, a new framework has emerged that combines key features of heterogeneous agents (HA) and New Keynesian (NK) economies. These HANK models offer a much more accurate representation of household consumption behavior and can generate realistic distributions of income, wealth, and, albeit to a lesser degree, household balance sheets. At the same time, they can accommodate many sources of macroeconomic fluctuations, including those driven by aggregate demand. In sum, they provide a rich theoretical framework for quantitative analysis of the interaction between cross-sectional distributions and aggregate dynamics. In this article, we outline a state-of-the-art version of HANK together with its representative agent counterpart, and convey two broad messages about the role of household heterogeneity for the response of the macroeconomy to aggregate shocks: 1) the similarity between the Representative Agent New Keynesian (RANK) and HANK frameworks depends crucially on the shock being analyzed; and 2) certain important macroeconomic questions concerning economic fluctuations can only be addressed within heterogeneous agent models.
Journal Article
Reflections on slope stability engineering
\"This book contains the detailed reflections of its author who has practised and researched in the field for over a half century. It is written in an informal style that makes it an interesting and thought-provoking practitioner guide to landslides and slope problems and their investigation, analysis, and remediation, considering both natural and man-made slopes and earthworks, and without the need for the usual equations and illustrations. Reflections on Slope Stability Engineering is targeted primarily at practitioners working in the investigations of slope instability and the design and construction of treatments of the problem, especially those early in their careers, but the accessible style also suits students who are developing an interest in the subject and even those engineers with only a casual interest in this branch of geotechnics\"-- Provided by publisher.
BOOK
Financial Crises and the Politics of Macroeconomic Adjustments
When are policy makers willing to make costly adjustments to their macroeconomic policies to mitigate balance-of-payments problems? Which types of adjustment strategies do they choose? Under what circumstances do they delay reform, and when are such delays likely to result in financial crises? To answer these questions, this book examines how macroeconomic policy adjustments affect individual voters in financially open economies and argues that the anticipation of these distributional effects influences policy makers' decisions about the timing and the type of reform. Empirically, the book combines analyses of cross-national survey data of voters' and firms' policy evaluations with comparative case studies of national policy responses to the Asian financial crisis of 1997/8 and the recent global financial crisis in Eastern Europe. The book shows that variation in policy makers' willingness to implement reform can be traced back to differences in the vulnerability profiles of their countries' electorates.
eBook