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This paper provides an overview of Ireland's macroeconomic performance over the past decade. In addition, to presenting the underlying facts about the boom, bust and (currently limited) recovery, the paper also discusses some comm...
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This paper provides an overview of Ireland's macroeconomic performance over the past decade. In addition, to presenting the underlying facts about the boom, bust and (currently limited) recovery, the paper also discusses some common fallacies and misrepresentations of economic events in Ireland. The paper concludes with some broader lessons from the Irish experience for Eurozone economic policy and some observations on the role that EMU and the ECB have played in Ireland’s crisis.
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摘要 :
This paper provides an overview of Ireland's macroeconomic performance over the past decade. In addition, to presenting the underlying facts about the boom, bust and (currently limited) recovery, the paper also discusses some comm...
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This paper provides an overview of Ireland's macroeconomic performance over the past decade. In addition, to presenting the underlying facts about the boom, bust and (currently limited) recovery, the paper also discusses some common fallacies and misrepresentations of economic events in Ireland. The paper concludes with some broader lessons from the Irish experience for Eurozone economic policy and some observations on the role that EMU and the ECB have played in Ireland’s crisis.
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In this article, a 2102QB diesel engine was retrofitted to run on DME. The effects of EGR on the DME engine power output, DME fuel consumption, and emission characteristics were investigated. Experimental results show that, DME en...
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In this article, a 2102QB diesel engine was retrofitted to run on DME. The effects of EGR on the DME engine power output, DME fuel consumption, and emission characteristics were investigated. Experimental results show that, DME engine power and fuel economy are both improved. The stoichiomet-ric air/fuel ratio of DME is 9/1. DME engine can run properly if the air/fuel ratio is leaner than that due to the introduction of EGR. Only under fuel rich conditions, DME engine power output, fuel economy, HC and CO emissions become worse. NOx emissions can be reduced easily by the use of EGR. Based on the experimental data, the specific NOx emissoin was calculated and then it was used to set the rate of EGR under the ESC 13 operating conditions. By the designed EGR strategies, the DME engine NOx emissions under ESC operating conditions meets the requirement of Euro Ⅳ and Ⅴ. At the mean time, HC and CO emissions of the DME engine were evaluated. The increase of CO and HC emissions require- oxidation after treatment to meet their own standards.
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In this paper, we try to assess the short-run and long-run effects of changes in the value of the euro on the trade balance of 12 original members of the euro zone to identify those who benefit from euro depreciation. After estima...
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In this paper, we try to assess the short-run and long-run effects of changes in the value of the euro on the trade balance of 12 original members of the euro zone to identify those who benefit from euro depreciation. After estimating a linear and a nonlinear trade balance model for each country, the results favor the nonlinear adjustment of the real euro and nonlinear models. We find that while seven members will benefit from a euro depreciation, Germany is the only country that will also benefit from a euro appreciation, perhaps due to an inelastic world demand for German goods. The results also support asymmetric effects of euro appreciation and euro depreciation in most countries in the zone, in the short run as well as in the long run.
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We investigated the possibility of extending the legislated particle number (PN) measurement procedure to (a) control diesel exhaust emissions under unregulated driving conditions, including tests at -7 °C and during regeneration...
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We investigated the possibility of extending the legislated particle number (PN) measurement procedure to (a) control diesel exhaust emissions under unregulated driving conditions, including tests at -7 °C and during regeneration of the particulate filter, and (b) reduce the lowest detectable size below 23 nm, through dedicated tests of a Euro 5b and a Euro 6 diesel vehicles. The PN emissions of the two vehicles were at or below the limit of 6 × l0~(11)#/km under all non-regenerative conditions examined. Active regeneration of the Diesel Particulate Filters (DPFs) occurred more frequently (220-510 km) than previously reported, and resulted in elevated PM (up to 11 mg/km) and PN (1-4 × 10~(12)#/km) emissions. Condensation Particle Counters (CPCs) having a nominal 50% detection efficiency (10 nm and 4.5 nm) below the legislated 23 nm, detected 50-60% more non-volatile particles over the certification test cycle (New European Driving Cycle). Even higher excess fractions of nano-sized non-volatile particles (160-500%) were observed under urban driving of the Euro 5b vehicle at -7°C, with the absolute levels still remaining below 6 × 10~(11)#/km however. DPF regeneration and motorway driving favoured the homogeneous nucleation of volatile particles in the Constant Volume Sampler (CVS), which also contributed to the signals of low cut-off size CPCs sampling downstream of the Volatile Particle Remover (VPR). No evidence of such volatile interference could be observed in the legislated PN procedure. A potential shift of the lowest detectable size towards smaller sizes, will require further developments in the measurement procedure.
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This paper utilizes a large country open economy intertemporal model to obtain the effects of alternative types of productivity shocks on the real exchange rate. It then explores the conditions under which the model is consistent ...
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This paper utilizes a large country open economy intertemporal model to obtain the effects of alternative types of productivity shocks on the real exchange rate. It then explores the conditions under which the model is consistent with the large swings in the real value of the euro. The main theoretical conclusion is that the effect of a productivity shock on the real exchange rate can change signs, depending on whether the shock applies to the productivity of new capital or old (existing) capital. The growth accounting literature suggests that the underlying reason(s) for US productivity growth changed abruptly between the 1995-2001 and 2002-2004 intervals. In the earlier period increases in the productivity of new capital were relatively more important, while increases in the productivity of old capital completely dominated in the later period. Thus, the model appears to be consistent with the abrupt switch (from negative to positive) around 2002 in the correlation between the real value of the euro (vis-a-vis the dollar) and the US minus EU productivity growth differential.
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As I told Mark and Hal, I am delighted to talk about this paper. It is on an interesting topic - the possible breakup of the Euro Area - and the authors are two of my favorite economists. I will describe what they do, then talk ab...
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As I told Mark and Hal, I am delighted to talk about this paper. It is on an interesting topic - the possible breakup of the Euro Area - and the authors are two of my favorite economists. I will describe what they do, then talk about how it informs our view of what is going on in Europe right now. Since the Alvarez-Dixit model has a similar mathematical structure, I thought I would start by reviewing perpetual options: options that, unlike most financial market examples, have no expiration date. Valuation takes a beautiful recursive form, as we decide each period whether to exercise the option, which we can do only once, or wait another period. 1 find the logic incredibly clear in discrete time, so I will either clarify or run roughshod over the paper's continuous-time math, depending on your point of view.
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At present the biggest threat to the monetary union is posed by the anti-European political parties. These parties call for their countries to leave the union. They are thriving especially in countries with slower economic growth ...
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At present the biggest threat to the monetary union is posed by the anti-European political parties. These parties call for their countries to leave the union. They are thriving especially in countries with slower economic growth and high unemployment rates. The best remedy against them is to increase economic growth and thus reduce the unemployment rate in their home countries. The measures taken to achieve this need to be systematic, rather than merely temporary patches. In peripheral and semi-peripheral economies, undercapitalised banks and the lower competitiveness of domestic producers are slowing down growth. The correct measures to address these problems include banning dividend payouts by undercapitalised banks and creating minimum standards for competitiveness.
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We analysed the distribution of the TARGET cross-border interbank payment flows from both a cross-section and a time-series point of view using average daily data for the period 1999-2002. Our findings were, first, that "location ...
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We analysed the distribution of the TARGET cross-border interbank payment flows from both a cross-section and a time-series point of view using average daily data for the period 1999-2002. Our findings were, first, that "location matters" in the sense that bilateral payment flows seem to reflect an organisation of interbank trading between countries in which the size of the banking sector, geographic proximity and cultural similarities play a significant role. This result was also confirmed by a model developed drawing on the gravity models literature. Second, we found that the payment traffic in TARGET is strongly affected by technical market deadlines. In addition, such traffic is positively related mainly to the liquidity conditions and to the turnover of the euro area money market (particularly the unsecured overnight segment). Our model also provides a good explanation of the determinants of the interbank payments settled in the EURO 1 system.
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According to recent molecular phylogenetic studies the Papaver species belonging to P. sect. Argemonidium should be transferred in the genus Roemeria, and species of P. sect. Meconella should be treated as a distinct genus. Accord...
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According to recent molecular phylogenetic studies the Papaver species belonging to P. sect. Argemonidium should be transferred in the genus Roemeria, and species of P. sect. Meconella should be treated as a distinct genus. Accordingly, the new genus Oreomecon is here established, seven new combinations are proposed and one name is typified. Furthermore, the correct names in Roemeria for the eleven, currently accepted, Papaver species in the Euro-Mediterranean area are provided, including nine new combinations.
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