Search results

Automobiles have always been a major cause of air pollution. The vehicular emission contains several harmful pollutants that affect the surroundings and living beings. Mild CO exposure leads to headaches or unconsciousness. CO is also responsible for the global warming as well. CO is mainly generated in the IC engine due to incomplete combustion of the fuel. The purpose of this paper is to implement a CO absorption mechanism inside the exhaust pipe of vehicle.

In this research work the single cylinder four stroke spark-ignition engine is intended to run on petroleum and petroleum blended fuels. A new post-combustion emission control device called cobalt scrubber is employed to reduce the emission of CO during idling which absorb and later release it under transient conditions.

The emission of CO when the engine runs at petroleum is reduced from 6.24 to 3.02 per cent. Methanol 40 per cent+petrol 60 per cent gives a better emission result of 0.98 per cent of CO emission. So, the authors can implement the cobalt scrubber in automobiles to avoid CO emission during idling.

The scrubber clearly overcomes the drawbacks of the existing control techniques. The cobalt scrubber is a cheap, non-radioactive. It can be employed in any kind of vehicle irrespective of its engine.

The use of the scrubber design presented in this article, effectively reduces the emission of CO.

Accountants have long sought methods by which the concept of risk can be communicated through financial statements. Traditionally, certain financial ratios such as the current ratio and leverage ratios have been used for this purpose. Other information cues such as the variability of accounting earnings and asset size have also been employed as proxies for an entity's riskiness. Research suggests that these accounting numbers have an implicit, if not explicit, impact upon the risk expectations of financial analysts and securities markets (see, for example, Beaver, Kettler and Scholes [1970]; Eskew [1979]; Elgers [1980]; Farrelly, Ferris and Reichenstein [1985]).

To subcontract or not to subcontract — it's a question that's been discussed for years. Some swear by own labour as this appears to give them more control over the job. Others use own labour and call in contractors for one‐off jobs and especially for the annual shut‐down cleans. By K. J. Norman of Servisystem Limited.

Since Hayek’s pioneering work in the 1930s, the Austrian business cycle theory (ABCT) has been presented as a disequilibrium theory populated by less-than-perfectly rational agents. In contrast, we maintain that (1) the Austrian business cycle theory is consistent with rational expectations and (2) the post-boom adjustment process can be understood in an equilibrium framework. Hence, we offer a new interpretation of the existing theory. In doing so, we also address concerns raised with Garrison’s (2001) diagrammatic approach, wherein the economy moves beyond the production possibilities frontier. Our interpretation might accurately be described as a monetary disequilibrium approach grounded in an implicit general equilibrium framework with positive costs of reallocation.

Lester and Wolff (2013) find little empirical support for the Austrian business cycle theory. According to their analysis, an unexpected monetary shock does not alter the structure of production in a way consistent with the Austrian view. Rather than increasing production in early and late stages relative to middle stages, they find the opposite – a positive monetary shock typically decreases production in early and late stages relative to middle stages. We argue that the measures of production and prices employed by Lester and Wolff (2013) are constructed in such a way that makes them inappropriate for assessing the empirical relevance of the Austrian business cycle theory’s unique features. After describing how these measures are constructed and why using ratios of stages is problematic, we use a structural vector autoregression to consider the effects of a monetary shock on each stage of the production process. We show that, with a clearer understanding of what is actually being measured by the stage of process data, the results are consistent with (but not exclusive to) the Austrian view.

The paper investigates the interest rate policy transmission mechanism and the role of market structure of the banking industry in Qatar.

Competitiveness indexes are used to measure the degree of market power in the banking industry in Qatar. The momentum threshold autoregressive model is applied over the monthly period from January 2005 to June 2018 to examine the magnitude of intermediation and adjustment to disequilibria in the deposit market. In addition, to model interest rate volatility and overcome the problem of heteroscedastic errors in the error correction standard models, an asymmetric EC-EGARCH-M model is applied.

The findings suggest incomplete pass-through and asymmetric response to monetary shocks. The asymmetric adjustment mechanism is found to be downward rigid which suggests a high degree of customer sophistication and an elastic supply of deposits. The results of the EC-EGARCH-M show that the impact of monetary policy shocks has a significant positive impact on deposit interest rates and that negative monetary shocks trigger more conditional interest rate volatility in the next period than positive monetary shocks for a short maturity rate.

The paper is the first to highlight the behaviour of the interest rate pass through channel and measures the degree of competitiveness of the banking industry for the case of a small, rich country. In addition, using recent data, the paper applies different econometric methodologies and overcomes the problem of heteroskedastic errors by modelling the interest rate volatility using the EC-EGARCH-M model.

The purpose of this paper is to investigate, both theoretically and empirically, the relationship between optimism (pessimism) – as reflected by animal spirits – and money demand by taking into account transaction costs.

Inspired by the theoretical model of money demand by Teles et al. (2016) the authors incorporate the optimism (pessimism) effects in the money demand. Then, using the consumers’ confidence indicator as a proxy indicator of optimism/pessimism, they estimate the money demand in a panel data framework.

The theoretical framework suggests that the optimism (pessimism) effects on money demand are positive (negative). Empirical evidence for 11 Eurozone countries divided in two groups (i.e. core and periphery) confirms the theoretical considerations.

It appears that periphery countries with a higher sensitivity to the recent financial crisis present lower real money demand sensitivity to consumption expenditures and higher real money demand sensitivity to consumer confidence index. Moreover, in such countries, money demand changes present higher persistence over time. Thus, the authors observe differing attitudes concerning money demand across Eurozone citizens that should be taken into account by monetary policymakers (i.e. the ECB).

The authors introduce, in the vast literature on money demand, both theoretically and empirically the role of optimism (pessimism). Differences across core and periphery Eurozone countries identified.