Steady Inflation Research Articles

Why the West is failing: failed economics and the rise of the East

Why the west is failing is a thought-provoking book. In it, John Mills argues that western nations are growing at a slower pace than their eastern counterparts. Mills attributes this slow growth to policies that ignore the importance of industrial competitiveness. According to the author, this could be resolved if western states increased their investments to meet those of eastern states, particularly China. To keep up with China, western states should invest in activities that generate or increase productivity, and their investments should be complemented by policies that ensure competitiveness in global markets. For instance, western productivity could be increased through the revival of manufacturing industries and a competitive exchange rate. The book provides a fascinating synopsis of the development of economics, as a subject, over the last 250 years. Mills covers contributions from Adam Smith, Thomas Robert Malthus and David Ricardo, among others, and complements this overview with a nuanced explanation that illustrates the shortcomings of key thinkers and of the discipline as a whole. Mills's belief that traditional economic theories have contributed to the West's slow growth rate is noteworthy. The author argues that the discipline's focus has been on how resources and existing output have been distributed; how inflation can be reduced; and how unemployment can be avoided. As a result, economics has not been oriented towards explaining what generates new outputs. Furthermore, Mills criticizes the existing growth theories as more descriptive than prescriptive. Mills emphasizes that monetarist and neo-liberal policies are not focused on maximizing the prospects for economic growth. Instead, these policies have been geared towards providing monetary stability and maintaining a steady inflation rate.

РОССИЙСКИЙ И ЗАРУБЕЖНЫЙ ОПЫТ ГОСУДАРСТВЕННОЙ АНТИИНФЛЯЦИОННОЙ И АДАПТАЦИОННОЙ ПОЛИТИКИ

The article analyzes Russian and foreign experience on alternative types of state anti-inflationary and adaptation policies. The paper identifies methods of anti-inflationary and adaptation policy in Russia and foreign countries, such as the USA, Germany, Japan. In Russia, the state anti-inflationary and adaptation policy is linked to the Central Bank and the government In foreign countries, the state anti-inflationary and adaptation policy is also linked to Central Banks and governments. In the USA and Japan, monetary policy instruments are used, in Germany, the Central Bank and the government are taking measures to curb inflation and ensure the stability of the economy, also using monetary policy, including changes in interest rates, to achieve a steady inflation rate.

Modified Kuppuswamy socioeconomic scale: 2022 update of India

The term "socioeconomic status" (SES) refers to a measurement that takes into account a family's income, level of education, and the occupation of the family's primary breadwinner. This helps to evaluate the family overall health as well as their access to resources. Kuppuswamy SES is one of the commonest scales used to determine SES of people residing in urban areas, but it requires updating because of steady inflation in the value of rupees based on change in consumer price index. The updated version of modified Kuppuswamy socioeconomic scale for the year 2022 in India is thus presented.

Teaching post-intermediate macroeconomics with a dynamic 3-equation model

The 3-equation model by Carlin and Soskice (2014) introduces the current consensus in modern monetary macroeconomics to undergraduates through a static framework in which adjustment occurs via the monetary policy rule of an inflation-targeting central bank. In this article, the authors present a dynamic extension of this model and an Excel-based simulation tool for upper-level undergraduate and master’s-level macroeconomics courses. This dynamic framework allows instructors and students to tackle conceptual issues (e.g., understanding a world with output growth and steady inflation) and contemporary applications (e.g., hysteresis and secular stagnation) that are difficult to interpret in static models. Depending on the goals of the course, instructors can either cover the full presentation of the model or instead use the simulation tool to compare scenarios.

Experimental and numerical study on rapid inflation process of air-launched balloon

The rapid inflation process is the most important stage in the whole working process of rapid deployment of aerostat. However, it is difficult to reveal its mechanical mechanism by existing experimental and numerical methods and reasonably explain the damage and helium leakage during the inflation process. An air-launched balloon for rapid deployment was designed and manufactured, and the related ground steady inflation experiment was carried out in this work. Then, the rapid inflation process of the folded balloon was studied by using the Simplified Arbitrary Lagrangian- Eulerian (SALE) method. Here, the folded balloon model was obtained by the reverse folding method. The structure and flow field were described by Lagrangian elements, and the coupling between them was obtained by a contact algorithm. The numerical results were in good agreement with the experimental results. The numerical method in this work could obtain abundant information on the structure and flow field which couldn’t be obtained by the experimental method. The change law of structure and flow field was obtained and the failure mechanism in the destructive experiment was explained. The numerical method proposed in this work could provide a reference for the material selection, gas source selection and structure optimization of the rapid deployment aerostat system.

Factors that Influence the Inflation Rate in Malaysia

Maintaining a low and steady inflation rate has become one of the challenges in most nations. Many factors have contributed to Malaysia’s inflation rate over the last few years, and it can be either economic or external factors. As only a few current studies have been discussed on this topic, this paper is primarily interested to examine the factors that affect the inflation rate in Malaysia from the year 1991 to 2020. The study also looks into whether the factors of inflation play a role in the changes in Malaysia's inflation rate. Hence, the independent variables that were chosen are economic growth (GDP), government expenditure (GE), exchange rate (ER) and unemployment rate (UNEMP), while the inflation rate (CPI) is the dependent variable. This paper utilized the Ordinary Least Squares (OLS) regression method to determine the significance of independent variables in causing inflation. The data for this study were collected during 30 years from the World Bank and Thomson Reuters DataStream. Overall, the results have found that ER, GE and UNEMP has a significant relationship with inflation in Malaysia. Interestingly, the study revealed that no significant relationship between economic growth and inflation during the period of study. Therefore, the outcome of this study implies that future research should employ the threshold model and Autoregressive Distributed Lag (ARDL) models approach to obtain accurate conclusions on the impacts of economic growth on inflation. In summary, this study will assist the policymaker and the government to control the inflation rate by tightening the monetary policy and implementing the fiscal policy.

Dark energy and inflation invoked in CCGG by locally contorted space-time

The cosmological implications of the covariant canonical gauge theory of gravity (CCGG) are investigated. We deduce that, in a metric-compatible geometry, the requirement of covariant conservation of matter invokes torsion of space-time. In the Friedman model, this leads to a scalar field built from contortion and the metric with the property of dark energy, which transforms the cosmological constant to a time-dependent function. Moreover, the quadratic, scale-invariant Riemann–Cartan term in the CCGG Lagrangian endows space-time with kinetic energy, and in the field equations adds a geometrical curvature correction to Einstein gravity. Applying in the Friedman model the standard Lambda hbox {CDM} parameter set, those equations yield a cosmological field depending just on one additional, dimensionless “deformation” parameter of the theory that determines the strength of the quadratic term, viz. the deviation from the Einstein–Hilbert ansatz. Moreover, the apparent curvature of the universe differs from the actual curvature parameter of the metric. The numerical analysis in that parameter space yields three cosmology types: (1) a bounce universe starting off from a finite scale followed by a steady inflation, (2) a singular Big Bang universe undergoing a secondary inflation–deceleration phase and (3) a solution similar to standard cosmology but with a different temporal profile. The common feature of all scenarios is the graceful exit to the current dark energy era. The value of the deformation parameter can be deduced by comparing theoretical calculations with observations, namely with the SNeIa Hubble diagram and the deceleration parameter. That comparison implies a considerable admixture of scale-invariant quadratic gravity to Einstein gravity. This theory also sheds new light on the resolution of the cosmological constant problem and of the Hubble tension.

IP Litigation in United States District Courts: 1994 to 2014

This article undertakes a broad-based empirical review of Intellectual Property (IP) litigation in United States federal district courts from 1994 to 2014. Unlike the prior literature, this study analyzes federal copyright, patent and trademark litigation trends as a unified whole. It undertakes a systematic analysis of more than 190,000 individual case filings and examines the subject matter, geographical and temporal variation within federal IP litigation over the last two decades. This article makes a number of significant contributions to our understanding of IP litigation. It analyzes time trends in copyright, patent and trademark litigation filings at the national level, but it does much more than simply count the number of cases; it explores the meaning behind those numbers and shows how in some cases the observable headline data can be positively misleading. Exploring the changes in the distribution of IP litigation over time and their regional distribution leads to a number of significant insights, these are summarized below. Just as importantly, one of the key contributions of this article is that it frames the context for more fine-grained empirical studies in the future. Many of the results and conclusions herein demonstrate the dangers of basing empirical conclusions on narrow slices of data from selected regions or selected time periods. Some of the key findings of this study are as follows: First, the rise of Internet file-sharing has transformed copyright litigation in the United States. More specifically, to the extent that the rate of copyright litigation has increased over the last two decades, that increase appears to be entirely attributable to lawsuits against anonymous Internet file sharers. These lawsuits largely took place in two distinct phases: the first phase largely consisted of lawsuits seeking to discourage illegal downloading; the second phase largely consists lawsuits seeking to monetize online infringement. Second, in relation to patent litigation, the apparent patent litigation explosion between 2010 and 2012 is something of a mirage; however there has been a sustained patent litigation inflation over the last two decades the extent of which has not been fully recognized until now. The reason why this steady inflation was mistaken for a sudden explosion was that the true extent of patent litigation was disguised by permissive joinder.Third, in relation to the geography of IP litigation, it appears that filings in copyright, patent and trademark litigation are generally highly correlated. The major exceptions to that correlation are driven by short term idiosyncratic events in copyright and trademark litigation — these are discussed in detail — and by the dumbfounding willingness of the Eastern district Texas to engage in forum selling to attract patent litigation. The popularity of the Eastern District of Texas as a forum for patent litigation is a well-known phenomenon. However, the data and analysis presented in this study provides a new way of looking at the astonishing ascendancy of this district and the problem of form shopping in patent law more generally.

Monetary Policy, Growth and Employment in Developing Areas: A Review of the Literature

In this paper we review the literature on the impact that monetary policy has on growth and employment in developing countries. Much of the literature focusses on the impact of monetary policy on inflation levels and inflation volatility, and sometimes on output (GDP) levels and volatility of output. This survey of the literature on Monetary policy and growth shows that money plays a small role in developing countries and that monetary policy is not a very important influence on growth but may have some impact on inflation. Although there is much discussion about the merits of keeping inflation levels and volatility low, there is very little literature on studying the impact of low rates of steady inflation on the levels of private investment and technological change and hence on economic growth and on There is very little research about the direct links between monetary policy and The impact of growth on employment depends on what are the main drivers of economic growth and the initial state of the economy. Although growth may lead to increasing employment (formal and informal) there is little evidence showing that growth leads to an increase in decent employment.

GDP AS A FACTOR INFLUENCING THE SOCIAL INDICATORS OF UKRAINE'S LIVELIHOOD: MODELLING

In the period 1996-2017, the dynamics of the subsistence minimum, the minimum wage, the consumer price index and the gross domestic product of Ukraine are analysed. These indicators have a growing trend. The necessity to use the mathematical modelling to study social and economic indicators of living standards of the population is emphasised. The trend of the dynamics of the minimum wage in the UAH is given. It has a tendency to increase. This tendency is described by quadratic dependence. The following periods are distinguished: 1996-2010 – the smooth growth of wages in quadratic dependence; 2010-2016 years – their slowed down growth by linear dependence. From 2017, when average wage has increased two times, the period of significant wages growing begins. Minimum wage retardation from the subsistence minimum until 2017 is shown. The dynamics of the subsistence minimum, which has the same periods and regularities as the salary, is analysed. Its trend is presented. The dynamics of the consumer price index is analysed. It has been broken down into the following intervals: I (1996-2010) – steady inflation growth; II (2010-2013) – price stability; III (2014 – until now) – rapid growth of prices or inflation. The inflation forecasting for 2018 is given. It is shown that economic growth (GDP) and social standards are cyclical. The main tendencies of the influence of the gross domestic product on the minimum wage, the consumer price index, the subsistence minimum are summarized. The dependence of the minimum wage on the volume of GDP is given. Econometric models of the dependence of the minimum wage on GDP in UAH and the level of inflation from the minimum wage are presented. It is shown that GDP growth is accompanied by the minimum wage increase. It is emphasized that growth of social payments negatively affects the growth of the consumer price index. It is noted that the rate of growth of the economy is not sufficient to ensure the growth of social benefits. The recommendations for economic growth are given.

Determinants of Money Demand in Ghana

This paper examines the factors that influence money demand in Ghana using the ARDL approach as the baseline estimator. We find strong evidence of existence of long-run equilibrium relationship between money demand and its determinants. The results also indicate that expected inflation and real exchange rate are the key determinants of money demand both in the short-run and long-run. The role of real interest rate is only recognized in the long-run whereas the impact of financial innovation resulting from the on-going financial sector reforms only affect the transitional dynamics of the money market conditions. There is also an ample evidence of instability in the money demand relationship as a result of inflation and exchange rate volatility. Moreover, given that the wealth effect phenomena holds in Ghana, the paper concludes by suggesting that policies directed towards regulating and maintaining stable exchange rates and low and steady inflation would be necessary to maintain stable money demand and thus enhance the effectiveness of monetary policy in Ghana.

Deep source model for Nevado del Ruiz Volcano, Colombia, constrained by interferometric synthetic aperture radar observations

AbstractNevado del Ruiz is part of a large volcano complex in the northern Andes of Colombia. Interferometric synthetic aperture radar observations from the RADARSAT‐2 satellite since 2011 show steady inflation of the volcano since 2012 at 3–4 cm/yr. The broad (>20 km) deformation pattern from both ascending and descending track data constrain source models for either point or spheroidal sources, both located at >14 km beneath the surface (mean elevation 4.2 km) and 10 km SW of Nevado del Ruiz, below nearby Santa Isabel Volcano. Stress change computations for both sources in the context of a compressive regional stress indicate that dikes propagating from the source should become trapped in sills, possibly leading to a more complex pathway to the surface and explaining the significant lateral separation of the source and Nevado del Ruiz Volcano.

Early Humans’ Egalitarian Politics

This paper proposes a model of human uniqueness based on an unusual distinction between two contrasted kinds of political competition and political status: (1) antagonistic competition, in quest of dominance (antagonistic status), a zero-sum, self-limiting game whose stake—who takes what, when, how—summarizes a classical definition of politics (Lasswell 1936), and (2) synergistic competition, in quest of merit (synergistic status), a positive-sum, self-reinforcing game whose stake becomes “who brings what to a team’s common good.” In this view, Rawls’s (1971) famous virtual “veil of ignorance” mainly conceals politics’ antagonistic stakes so as to devise the principles of a just, egalitarian society, yet without providing any means to enforce these ideals (Sen 2009). Instead, this paper proposes that human uniqueness flourished under a real “adapted veil of ignorance” concealing the steady inflation of synergistic politics which resulted from early humans’ sturdy egalitarianism. This proposition divides into four parts: (1) early humans first stumbled on a purely cultural means to enforce a unique kind of within-team antagonistic equality—dyadic balanced deterrence thanks to handheld weapons (Chapais 2008); (2) this cultural innovation is thus closely tied to humans’ darkest side, but it also launched the cumulative evolution of humans’ brightest qualities—egalitarian team synergy and solidarity, together with the associated synergistic intelligence, culture, and communications; (3) runaway synergistic competition for differential merit among antagonistically equal obligate teammates is the single politically selective mechanism behind the cumulative evolution of all these brighter qualities, but numerous factors to be clarified here conceal this mighty evolutionary driver; (4) this veil of ignorance persists today, which explains why humans’ unique prosocial capacities are still not clearly understood by science. The purpose of this paper is to start lifting this now-ill-adapted veil of ignorance, thus uncovering the tight functional relations between egalitarian team solidarity and the evolution of human uniqueness.

Real Effects of Money Growth and Optimal Rate of Inflation in a Cash‐in‐Advance Economy with Labor‐Market Frictions

This paper studies the consequences of labor‐market frictions for the real effects of steady inflation when cash is required for households' consumption purchases and firms' wage payments. Money growth may generate a positive real effect by encouraging vacancy creation and raising job matches. This may result in a positive optimal rate of inflation, particularly in an economy with moderate money injections to firms and with nonnegligible labor‐market frictions in which wage bargains are not efficient. This main finding holds for a wide range of money injection schemes, with alternative cash constraints, and in a second‐best world with preexisting distortionary taxes.

Kuppuswamy’s Socioeconomic Status Scale 2010—The Need for Periodic Revision

Sir,Socioeconomic status (SES) refers to an individual’sposition within a hierarchical social structure, which isone of the important determinants of health status.Composite scales are generally used to measure the SES,which has a combination of social and economic variables.The Kuppuswamy scale proposed in 1976, measures theSES of an individual based on three variables namely,education and occupation of the head of the household andincome of the family [1]. Of the three variables, educationand occupation of the head of the household do not changefrequently with time. However, the steady inflation and theresultant devaluation of the rupee necessitate periodicrevisions of the income variable. The previous revisionsof the scale were done in the years 1998 and 2007 [2, 3].The changes in the income scale are proportional to thechange in the Consumer Price Index Numbers for IndustrialWorkers—CPI (IW). The CPI values are interpreted withreference to a particular base year. The previous base yearswere 1960, 1982 and 2001. The latest CPI-(IW) availablefor December 2010 has been calculated taking 2001 as thebase year.We have attempted updating the income scale forDecember 2010 using the corresponding CPI-(IW) value. Tobegin with we calculated the income scale for the selectedyears 1982 and 2001 which coincides with change in baseyear for calculation of CPI by applying the appropriateconversion factors on the original scale (Table 1).We have presented the values for the current base year2001, which facilitates the easier updations of the incomescale every year or even every month based on the CPIrevisions. The researcher has to calculate the multiplicationfactor for the period of research by dividing the CPI valuefor the period by 100 (base value at 2001). The incomescale of 2001 is then multiplied by the multiplication factorto update the scale for the desired period. For example, theCPI value as on December 2010 is 185. So the multipli-cation factor for December 2010 is 185/100=1.85. Multi-plying the income scale of 2001 by 1.85 updates the scalefor December 2010 (Table 1).It is the responsibility of the researchers to take note ofthe periodic revisions in the CPI values before attemptingsocioeconomic classification of their study population [4].The method proposed by us makes it easy for the researcherto update the income scale to the latest available CPIvalues.

The NAIRU: Still ›Not An Interesting Rate of Unemployment‹

This paper assesses the Layard et al. (1991) NAIRU framework for explaining unemployment. Their approach is distinct from the natural rate of unemployment framework in that it postulates a short-run NAIRU influenced by ›hysteresis‹. It is pointed out that this is not hysteresis in the meaning employed elsewhere, so an outline of what hysteresis actually implies for unemployment is offered. The main implication is that unemployment does not revert to a long-run ›natural rate‹ equilibrium, as claimed by Layard et al., but instead is shaped by the past extrema of dominant exogenous shocks. It is argued that this is a more useful approach to the explanation of equilibrium unemployment than the NAIRU, which, for its analytical and empirical flaws, can be considered to be ›not an interesting rate of unemployment‹. The hysteretic alternative to the natural rate hypothesis can be called the DESIRU (dominant extrema, steady inflation, rate of unemployment).

Volcanic inflation measured in the caldera of Axial Seamount: Implications for magma supply and future eruptions

Since 2000, ambient seawater pressure has been precisely measured at five seafloor benchmarks inside the summit caldera at Axial Seamount to monitor volcanic inflation, using a remotely operated vehicle to deploy a mobile pressure recorder (MPR) in campaign‐style surveys. Additionally, seawater pressure has been measured at the caldera center with multiyear deployments of continuously recording bottom pressure recorders (BPRs). These pressure data (converted to depth) are currently the only measurements of volcanic inflation at a submarine volcano. We show new data spanning 2004 to 2007 documenting steady inflation of 12.7 ± 0.4 cm/a at the caldera center. The spatial pattern of uplift is consistent with magma storage in a shallow reservoir underlying the caldera at a depth of ∼3.5 km, and the current uplift rate implies that magma is being supplied to the volcano at a rate of ∼7.5 × 106 m3/a. However, the supply rate immediately after the last eruption in 1998 was significantly higher, and the temporal pattern of uplift at Axial caldera appears to be governed by at least two processes occurring at very different time scales. We interpret the high uplift rates immediately following the 1998 eruption as either due to influx from one or more small satellite magma bodies or as the result of viscoelastic relaxation and/or poroelastic behavior of the crust surrounding the shallow magma chamber, and we present a numerical model which supports the latter interpretation. In contrast, we interpret the current lower uplift rate as due to a steady longterm magma supply from the mantle. This two component uplift pattern has not been observed on land volcanoes, suggesting that magma supply/storage processes beneath this ridge axis volcano differ from volcanoes on land (including Iceland). To reconstruct the uplift history at Axial, we fit the combined MPR and BPR data to two possible uplift scenarios, with which we forecast that the next eruption at Axial is likely to occur by about 2020, when most of the ∼3 m of deflation that occurred during the 1998 eruption will have been recovered.

Television's Power Relations in the Transition to Digital

This article examines the contemporary configuration of power relations in the U.K. television sector, probing, in the process, the enduring accuracy of longstanding economic arguments concerning distributor dominance in the “cultural industries” more broadly. Such arguments are important because we cannot understand the power of the media unless we understand the circulation of power within the media. The article shows that while recent developments in respect to both producer—distributor and producer—advertiser relationships have begun to enhance the leverage enjoyed by the production community, the steady inflation of the mass-market premium enjoyed by the leading distributors (the terrestrial broadcasters) in the advertising market has largely sustained their power, in relation to smaller (multichannel) distributors, to producer suppliers, and—of course— to the consuming public.

Seismic and geodetic insights into magma accumulation at Katla subglacial volcano, Iceland: 1999 to 2005

Katla is one of Iceland's most active volcanoes with at least 20 eruptions in the last 1100 years. The volcano is covered mostly by the Mýrdalsjökull ice cap; consequently, Katla eruptions are phreato‐magmatic and are capable of producing jökulhlaups. A jökulhlaup in July 1999, preceded by an episode of continuous seismic tremor, was the first sign of renewed magma movement under the volcano since 1955. Using seismic and geodetic observations, and insights into geothermal activity from ice‐surface observations, we analyze this period of unrest and assess the present state of Katla volcano. From 1999 to 2004, GPS measurements on nunataks exposed on the caldera edge revealed steady inflation of the volcano. Our measurements show uplift and horizontal displacement of the nuntatak benchmarks at a rate of up to 2 cm a−1, together with horizontal displacement of far‐field stations (>11 km) at about 0.5 cm a−1 away from the caldera centre. Using a point‐source model, these data place the center of the magma chamber at 4.9 km depth beneath the northern part of the caldera. However, this depth may be overestimated because of a progressive decrease in the mass of the overlying ice cap. The depth may be only 2–3 km. About 0.01 km3 of magma has accumulated between 1999 and 2004; this value is considerably less than the estimated 1 km3 of material erupted during the last eruption of Katla in 1918. Presently, rates of crustal deformation and earthquake activity are considerably less than observed between 1999 and 2004; nonetheless, the volcano remains in an agitated state.

Micro-tilt changes preceding summit explosions at Semeru volcano, Indonesia

Abstract A two-axis tiltmeter installed at the summit of Semeru volcano, Indonesia, reveals two different modes of deformation, short-term and longer-term. The short-term variations are inflations precursory to the occurrence of summit explosions. The time intervals between the explosions range from several minutes to several tens of minutes, and the maximum precursory tilt change observed is about 0.1–0.2 μrad. This change in tilt is interpreted to reflect a shallow pressurization source, just beneath the active crater. The longer-term tilt changes are displayed over a period of several days to weeks, and a steady inflation during a period of nearly 2 weeks preceded the occurrence of pyroclastic flows on December 22, 2005. Both short-term and longer-term changes are confined to the radial tilt component, pointing toward the active crater and conduit. To explain both of these tilt changes we propose relatively shallow conduit pressurization, although at somewhat deeper levels in the case of longer-term deformation. The causative mechanisms involve gas exsolution, microlite crystallization, and rheological stiffening, which results in greater flow resistance and dynamic pressure in the upper conduit, thus causing the edifice tilts observed. The gas pore pressure in the magma builds until the threshold required to trigger explosive fragmentation is reached.