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I contribute to the ongoing policy discourse on the challenges of monetary policy transmission in environments with consolidated financial sectors and high credit rates. I empirically investigate the lending rate pass-through in Azerbaijan – a small resource-rich economy in transition – by taking advantage of a unique set of high-frequency bank-level data. My bottom-line policy message is the following. First, lending rates are considerably irresponsive to monetary policy shocks, and the interest rate channel ought to be somehow improved. Second, macroeconomic fundamentals and the concentrated bank sector are surprisingly not among the reasons behind the policy-market disconnect. Third, domestic commercial banks are able to exert substantial monopolistic pricing capacities and keep credit rates high, particularly when the central bank loosens its policy stance. Fourth, the underlying cause of both monetary policy inefficacy and high interest rate stickiness appears to be structural excess liquidity. In fact, empirical results show that pass-through is substantially higher for less liquid banks. Extraction of excess liquidity from the system should mitigate the banks’ monopolistic pricing powers, improve the efficiency of the interest rate channel, and ultimately bring the credit rates down.

This paper aims to analyze the marked decline in exchange rate pass-through to US import prices in the early 2000s focusing on the increased role of China as a trade partner. In particular, the research focuses on the impact of an exporter with a fixed exchange rate having large market shares of a particular importing country.

The study uses highly disaggregated US import data and rolling regressions to calculate quarterly pass-through estimates for specific goods from every exporter. This leads to a total of over 1.7 million pass-through coefficients. The second stage compares these pass-through coefficients with China’s share of US import market for that particular good and time.

The paper shows that as China’s market share for specific goods grows, pass-through rates of imports from other countries falls. Pass-through rates remain relatively stable for goods that China does not export to the USA or goods for which China’s share of US imports stays constant. This relationship is stronger when the dollar decreases in value, further suggesting that pressure from China forces competitors to maintain stable prices.

This paper is unique in its use of highly disaggregated data on US imports. While many analyses of exchange rate pass-through focus on overall levels or general goods, this work uses import data at the 10-digit HTS code level. Therefore, the findings are more detailed in showing how China’s increased presence in the US market influences prices of imports from other countries.

The purpose of this paper is to examine and compare the interest rate pass-through among the Brazil, Russia, India, China and South Africa (BRICS) emerging markets.

The paper reviews a general literature on interest rates pass-through by applying a cointegration and asymmetric mean adjustment lag (MAL) error correction methodology (ECM).

A symmetric adjustment is found in Russia, China and South Africa's deposit rate, while an asymmetric adjustment is found in Brazil and India's deposit rate adjustments. The presence of a customer reaction theory is found in Brazil, India, China and South Africa's deposit rate adjustments, while a collusive pricing arrangement is found in Russia. From the lending rate adjustment, a collusive pricing arrangement was found in Brazil, China and South Africa, while a customer reaction theory was found in India and Russia.

The sample period used in the study covers a period starting from the formal recognition of BRIC (2001-2010), which limits the data length.

The research output and implication can assist monetary policy makers, investors and consumers to monitor BRICS’ central banking, commercial banking and competition behaviour, individually and as a group. The BRICS are potentially heading towards a more financially integrated bloc as multilateral agreements among members increases. This is in the form of Letters of Credit and Memorandum of Understanding. These agreements should boost intra-BRICS financial transactions, investments and trade.

This is, to the best of knowledge, the first analysis of BRICS interest rate pass-through using the asymmetric MAL ECM application.

Air is sucked from the boundary layer at the rear of an aircraft surface through apertures connected to an air compressor delivering to a jet propulsion expansion nozzle and may comprise the whole of the airflow through the nozzle or alternatively air from in front of the aircraft may also be passed through the compressor, or through some stages only of a multi‐stage compressor. All or part of the air may be heated by fuel injected through combustion nozzles, and the compressor may be driven by a gas turbine on the same shaft or by a reciprocating engine. The combustion air may be preheated by a heat‐exchanger in the exhaust. The jet nozzle may be the sole propulsive means or an airscrew may be mounted forwardly on the compressor shaft. Slots for intake of boundary layer air may be provided at the points at which the boundary layer tends to break away and may be formed as divergent channels or may comprise merely a scries of holes in the aircraft surface. A scries of such slots may be provided with means by which selected slots only are in operation at any given time, and a pitot tube projecting into the boundary layer in front of a slot may be employed to indicate the condition of the boundary layer before that slot. In landing air may be ejected through supplementary nozzles directed forwardly and downwardly to provide aerodynamic braking. The air may be passed for cooling a radiator mounted in the wing or fuselage. Air taken in forwardly of the aircraft may be compressed by a compressor in the fuselage and then distributed, after heating by fuel injection nozzles, to jet tubes in nacelles in the wing through which also passes the boundary layer air As shown in FIG. 9, air extracted at the trailing edges of the wing of an aircraft passes forwardly through a nacelle and through the first stage CI of a compressor. Part then flows directly to a propulsion nozzle at the rear of the nacelle while part passes through a further stage C2 to a combustion chamber fitted with combustion nozzles ch and through a gas turbine T and heat exchanger E, which heats air bypassing the combustion chamber and turbine, to the propulsion nozzle. The turbine T drives the compressor CI, C2 and an airscrew. In FIG. 11, air is passed from slots 1 in the wings through ducts 2 to a central compressor 4 and thence to a reaction nozzle 6. The compressor 4 is driven by a reciprocating motor 5 which also drives an airscrew 3. In FIG. 12, air from slots 7 in the wings passes through compressors 8 in nacelles in the wings and thence to a reaction nozzle 14. The compressor 8 is driven by a turbine 9 supplied through ducts 12 with air admitted centrally at the nose of the aircraft, compressed by a compressor 10, driven by a reciprocating motor 11, and heated by fuel injection nozzles 13. The exhaust from the turbine 9 is to the jet 14. In FIG. 13, air entering a wing 15 through slots 16, 17 passes through the wing spar 18. to the first stage 19 of a compressor in a nacelle beneath the wing. Part then flows by an annular passage 19a to a propulsion nozzle 20. Part passes through a second stage 21 of the compressor to a combustion chamber 22 fitted with combustion nozzles and through a gas turbine 23 to the propulsion nozzle 20. The turbine 23 drives a propeller 24. Specification 512,064 is referred to.

We examine the impact of multinational firms (MNEs) on exchange rate pass-through when an MNE engages in Cournot competition with domestic and foreign rivals. The MNE can locate its production for the foreign market domestically — intra-firm trade (IT) — or in the foreign country — international production (IP). In addition to incomplete exchange rate pass-through, we show that an MNE increases the sensitivity of domestic market prices and reduces the sensitivity of foreign market prices to exchange rate movements. Finally, IT prices are more sensitive to exchange rate movements than their IP counterparts and react in the opposite direction.

This study examines the impact of expectations on the market share mechanism. The dynamic strategic pricing behaviors in the short‐run and the long‐run are also explored. The exchange rate expectations are incorporated into a switching cost model via the method of exchange rate pass‐through on product‐specific and country‐specific approach. By using the time series techniques, the results of the system estimations prove that the market share mechanisms are weakened by exchange rate expectations in open economies. Furthermore, not only is the degree of exchange rate pass‐through higher in the short‐run than in the long‐run but also many cases of pair‐wise rivalry are found. An improved understanding of the effects of exchange rate movements on foreign exporters pricing and pass‐through relations from this study may enhance competition in international markets.

This paper aims to examine the transmission from oil price to local food price returns in Nigeria from January 1995 to May 2019.

To circumvent erratic behaviours and account for possibilities of noises at the edge of the wavelet signals, the paper combines wavelet and Markov-switching techniques to determine the significance and magnitude of oil–food price dynamics across different time scales.

It is shown that oil to food price pass-through changed across frequencies. Notably, results reveal a swift pass-through which signals the dominance of the direct effect of oil price shocks on food prices with evidence of weak spillover in the short term. The medium- and long-term horizons witness the dominance of the indirect effect of oil price shocks with much sluggish transmission to food prices; the highest significant pass-through of about 4% are also observed when the oil price is denominated in the naira–USD exchange rate.

The study improves understanding of the relationship between oil price shocks and domestic food price returns. It shapes policy prescription on appropriate inflation targeting strategies of monetary authorities.

The large volume of big data makes it impractical for traditional clustering algorithms which are usually designed for entire data set. The purpose of this paper is to focus on incremental clustering which divides data into series of data chunks and only a small amount of data need to be clustered at each time. Few researches on incremental clustering algorithm address the problem of optimizing cluster center initialization for each data chunk and selecting multiple passing points for each cluster.

Through optimizing initial cluster centers, quality of clustering results is improved for each data chunk and then quality of final clustering results is enhanced. Moreover, through selecting multiple passing points, more accurate information is passed down to improve the final clustering results. The method has been proposed to solve those two problems and is applied in the proposed algorithm based on streaming kernel fuzzy c-means (stKFCM) algorithm.

Experimental results show that the proposed algorithm demonstrates more accuracy and better performance than streaming kernel stKFCM algorithm.

This paper addresses the problem of improving the performance of increment clustering through optimizing cluster center initialization and selecting multiple passing points. The paper analyzed the performance of the proposed scheme and proved its effectiveness.

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides: