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The purpose of this paper is to develop an analysis of the improbable events of housing market bubbles occurring in a period when US and UK central bankers were responding to perceived risks of a new deflation.

The methodology focuses on how the anti-deflation policies implemented by the Federal Reserve and the Bank of England contributed to the housing market bubbles. The central bankers perceived the deflation as a Keynesian short-run deficiency in aggregate demand, triggered by a financial crisis. Indications are that the deflation is in the nature of long-run aggregate-supply-driven trend as explained in Veblen’s theory of “chronic” deflation driven by cost-reducing advances in technology and globalization.

The Keynesian anti-deflation policies of the Federal Reserve and Bank of England failed to counter the deflation risks while contributing to housing market bubbles. Moreover, the policies failed to address the structural problems of unemployment and income inequality associated with long-run aggregate supply deflation.

Effective policies must be based on a correct theoretical understanding of the problems. The chronic nature of the new deflation points to the need for new approaches to deal with the negative income and employment effects that exclude an increasing number from the housing markets.

The purpose of this paper is to show benefits of deflated preconditioned conjugate gradients (CG) in the solution of transient, incompressible, viscous flows coupled with heat transfer.

This paper presents the implementation of deflated preconditioned CG as the iterative driver for the system of linearized equations for viscous, incompressible flows and heat transfer simulations. The De Sampaio-Coutinho particular form of the Petrov-Galerkin Generalized Least Squares finite element formulation is used in the discretization of the governing equations, leading to symmetric positive definite matrices, allowing the use of the CG solver.

The use of deflation techniques improves the spectral condition number. The authors show in a number of problems of coupled viscous flow and heat transfer that convergence is achieved with a lower number of iterations and smaller time.

This work addressed for the first time the use of deflated CG for the solution of transient analysis of free/forced convection in viscous flows coupled with heat transfer.

The equation of unified knowledge says that S = f (A,P) which means that the practical solution to a given problem is a function of the existing, empirical, actual realities and the future, potential, best possible conditions of general stable equilibrium which both pure and practical reason, exhaustive in the Kantian sense, show as being within the realm of potential realities beyond any doubt. The first classical revolution in economic thinking, included in factor “P” of the equation, conceived the economic and financial problems in terms of a model of ideal conditions of stable equilibrium but neglected the full consideration of the existing, actual conditions. That is the main reason why, in the end, it failed. The second modern revolution, included in factor “A” of the equation, conceived the economic and financial problems in terms of the existing, actual conditions, usually in disequilibrium or unstable equilibrium (in case of stagnation) and neglected the sense of right direction expressed in factor “P” or the realization of general, stable equilibrium. That is the main reason why the modern revolution failed in the past and is failing in front of our eyes in the present. The equation of unified knowledge, perceived as a sui generis synthesis between classical and modern thinking has been applied rigorously and systematically in writing the enclosed American‐British economic, monetary, financial and social stabilization plans. In the final analysis, a new economic philosophy, based on a synthesis between classical and modern thinking, called here the new economics of unified knowledge, is applied to solve the malaise of the twentieth century which resulted from a confusion between thinking in terms of stable equilibrium on the one hand and disequilibrium or unstable equilibrium on the other.

The authors make the case that data literacy is a key component to critical thinking in the world today. They describe the Federal Reserve Economic Data (FRED) database and how it can be used. They provide a classroom lesson that uses FRED to help students gain an understanding of inflation and price stability.

Are we now entering the era of a new type of economy, with new rules? What we perceive is more than just an addition to today’s economics. By removing the effects of distance, and giving more equal access across nations and classes, networks will effectively reengineer our basic economic equations. Electronic networks can provide access to skills, work and commerce at much lower cost, via electronic markets in jobs, products, services and education. At the same time, they introduce new economic behaviour, as a large enough quantitative change becomes a qualitative change. Electronics and optics enable the networking of human capital, expanding its application and accelerating its enrichment via education. So knowledge‐based operations may slowly replace traditional capital‐based assets. Consequently, the conventional process for the creation of wealth with its prerequisites for capital investment is revised:economic value in traditional fixed assets is replaced by “electronic assets”. At the same time, the network effect pushes the market mechanism to its limits, through a step‐change in breadth of access, reduced costs of entry and pace of trading. National differences and national markets, all the trappings and devices of commercial locality, are challenged. In this first of two articles, the initial conditions and the evidence for change are examined and the emergence of a new form of economy, or “tele‐economy”, is reviewed. Following from this, a view of the form of capitalism driving the economic environment – “electronic capitalism” – is put forward. The second article, to be published in a forthcoming issue of foresight, examines the consequences and conclusions on assets, wealth accumulation, national players and the benefits and dangers of a tele‐economy.

This paper aims to assess to what extent the COVID-19 shock is expected to create a debt crisis in emerging markets and developing economies (EMDEs) through two main questions: what are the main determinants of EMDEs external vulnerability? How vulnerable are EMDEs to the current COVID-19 shock compared to the global financial crisis (GFC)?

In addition to a descriptive analysis of the determinants of EMDEs external vulnerability, this paper designs two sub-indices of overindebtedness and financial fragility that capture EMDEs’ distinct characteristics. The two sub-indices together illustrate the overall external vulnerability to the current shock.

EMDEs are more vulnerable compared to the GFC era. Current debt threats arise mainly from debt architecture and the domination of volatile debt forms – primarily foreign currency-denominated bonds. Excessive fear of debt-deflation spirals after the GFC prompted EMDEs to expand their growth trajectories through a pattern of cheap private lending, loose measures and unmonitored fiscal expansion.

Conclusive post-crisis data are still unavailable.

EMDEs need to balance between temporary accommodative measures and a post-shock policy mix that prevent a deflation spiral without worsening indebtedness and financial fragility. Moreover, financial prudence in face of growing credit demand is crucial, particularly in light of the monetary expansion and injected liquidity.

The indices offer a framework for examining external vulnerability in EMDEs based on theoretical and historical revisions, IMF benchmarks and EMDEs specific debt characteristics. The indices components can be offered for empirical examination in separate future research once conclusive data become available.

The Chinese sage of war, Sun Tze, emphasized knowledge of the context of battle as one of the primary factors for success. The context as he saw it was made up of knowledge of oneself, of the opposition, of the battlefield, and most importantly of “calculations,” that is interpretations as to what exactly such data meant. Over the past twenty‐five years in which US competitiveness has become a major subject of discussion and research much analysis has been performed on who the opposition was, less on who we are, even less on what the context was, and even less on what the context meant.

This paper sets out to explore three areas in which the experience of the great depression might be relevant today: monetary policy, fiscal policy, and the systemic stability of banks.

A critical review of the US data for the 1920s and 1930s is presented and stylised facts for monetary, fiscal and banking policies during the noughties are shown and compared with those of the great depression.

The authors confirm the consensus on monetary policy: deflation and massive bank failures must be avoided. With regard to fiscal policy it is impossible to confirm a widespread opinion according to which fiscal policy did not work because it was not tried. The paper finds that fiscal policy went to the limit of what was possible under the conditions as they existed then. Policy reaction after 1932 was no less bold than that of today if one accounts for sustainability issues. Lastly, the investigation of the US banking system shows a surprising resilience of commercial banks that remained profitable, at least on average, even during the worst years.

First, the paper presents a systematic comparison between the great depression and the great recession, highlighting similarities and differences. Second, it suggests a relevant policy implication. Findings on commercial bank sector resilience suggest that at present national authorities have little choice but to make up for the losses on “legacy” assets and wait for banks to earn back their capital. However, to prevent future crises, at least a partial separation of commercial and investment banking seems justified.

This paper aims to devise a first-of-its-kind methodology to determine the design, operating conditions and actuation strategy of pneumatic artificial muscles (PAMs) for assistive robotic applications. This requires extensive characterization, data set generation and meaningful modelling between PAM characteristics and design variables. Such a characterization should cover a wide range of design and operation parameters. This is a stepping stone towards generating a design guide for this highly popular compliant actuator, just like any conventional element of a mechanism.

Characterization of a large pool of custom fabricated PAMs of varying designs is performed to determine their static and dynamic behaviours. Metaheuristic optimizer-based artificial neural network (ANN) structures are used to determine eight different models representing PAM behaviour. The assistance of knee flexion during level walking is targeted for evaluating the applicability of the developed actuator by attaching a PAM across the joint. Accordingly, the PAM design and the actuation strategy are optimized through a tabletop emulator.

The dependence of passive length, static contraction, dynamic step response for inflation and deflation of the PAMs on their design dimensions and operating parameters is successfully modelled by the ANNs. The efficacy of these models is investigated to successfully optimize the PAM design, operation parameters and actuation strategy for using a PAM in assisting knee flexion in human gait.

Characterization of static and the dynamic behaviour of a large pool of PAMs with varying designs over a wide range of operating conditions is the novel feature in this article. A lucid customizable fabrication technique is discussed to obtain a wide variety of PAM designs. Metaheuristic-based ANNs are used for tackling high non-linearity in data while modelling the PAM behaviour. An innovative tabletop emulator is used for investigating the utility of the models in the possible application of PAMs in assistive robotics.