Abstract.Why do dynamic inconsistencies in monetary policy exist? In this paper, a traditional model with output inefficiencies is introduced, http://www.dlmac.co.uk but monetary policy is allowed to be influenced by the various constituencies in the economy that pressure Congress in turn to pressure the Central Bank to adopt a particular policy stance. Roshe run womens This paper shows that in this economy an inflation bias arises because of the lobbying pressures of outsiders. Furthermore, it shows that if lobbying pressures are high enough, an inflation bias cannot be avoided for any finite level of Central Bank independence.dlmac It also shows that introducing the realistic feature of lobbying pressures has an impact on the stabilization properties of monetary policy. When a supply shock occurs, the shock is totally absorbed by… a non‐myopic trade union, which has no lobbying costs. https://en.wikipedia.org/wiki/Nike This is independent of any finite degree of conservativeness of the central banker, who has to accept an extreme increase in price instability. It is shown that monetary policy delegation is therefore sub‐optimal in achieving price stability compared with labor‐market reforms meant to remove monopsonistic elements. However, the same structural policies will induce greater output instability by strengthening the power of conservative central bankers.
This paper presents two new efficient algorithms for estimating the capacity reliability of ageing water distribution systems recognising the uncertainties in nodal demands and the pipe capacity. http://www.dlmac.co.uk Capacity reliability is defined as the probability that the nodal demand is met at or over the prescribed minimum pressure for a fixed network configuration.Roshe run grey Uncertainties in the nodal demands and values of pipe roughness are modelled by a probabilistic approach. dlmac The impacts of these uncertainties on the hydraulic performance of water distribution systems are then assessed by probabilistic hydraulic models based on the mean value first order second moment (MVFOSM) method and the first order reliability method (FORM) respectively. The performances of the models are evaluated and compared by… application to an example network. Results from this application indicate that both models provide reasonably accurate estimates of capacity reliability of a deteriorated distribution network in the cases that the uncertainty in the random variables is small. However, FORM performs much better in cases involving large variability in the nodal demands and pipe roughnesses.
Abstract This paper examines the relation between political corruption and the composition of public spending.http://www.dlmac.co.uk A rent-seeking model is used to describe political rent creation through the composition of public spending.dlmac Political corruption is indicated by empirical results for 29 OECD countries for the period 1996–2009: allocation of public spending to expenditure categories characterized by high-technology goods supplied by non-competitive industries varies positively with the Corruption Perceptions Index (CPI) provided by Transparency International. Previous literature on corruption in government has focused on low-income countries. The results of this study suggest that political corruption is also an issue in OECD countries. Highlights • I examine the relation between political… corruption and budget composition. Roshe run calypso • A rent-seeking model describes political rent creation through budget composition. • The empirical analysis uses data for 29 OECD countries over the 1996–2009 period. • Shares of rent-creating public spending vary positively with corruption indicators. • This study suggests that political corruption is also an issue in OECD countries.