Search results

The purpose of this paper is to present a literature review on parts feeding policies and to provide the components of parts feeding systems via a classification structure.

This paper determines the scope and components of parts feeding systems via a classification structure under three main components such as the storage of parts, transport of parts and feeding policy. Afterward, it is focused on parts feeding policies and the related papers are reviewed and analyzed according to their feeding policy types, objectives, solution methodologies and the application types.

A classification structure showing the components and scope of parts feeding systems is provided. Parts feeding policies are handled in detail and feeding policy types, objectives, solution methodologies and application types in the existing studies are presented in this paper. However, the paper highlights the open research areas and advances for academics and presents applied solution methodologies and case studies for practitioners.

This paper reveals the scope of parts feeding systems by presenting a classification structure including three main components and related subcomponents and provides a comprehensive literature review on parts feeding policies.

The aim of this paper is to develop a detailed descriptive model for kitting operations, allowing resources sizing and computation of systems’ economic performances.

A mathematical model allows to size resources, given product characteristics and production mix, and determines total system costs by assessing relevant cost items including investment costs (vehicles, containers, storage racks), direct operating costs (transport and kitting workforce, vehicles energy consumption and maintenance, quality costs), indirect operating costs (space requirements, work in process (WIP) and safety stock holding costs, administration and control).

The choice of parts delivery supply to assembly lines requires a thorough economic comparison of alternatives. However, existing models are often simplistic and neglect many critical factors which affect the systems’ performances. As a consequence, industries are unsure about which system is best for their environment. This model allows assessment of the cost and suitability of kitting in any specific industrial setting. Results of the model application are case-specific and cannot be generalized, but the major impact of labour and error correction cost has been highlighted.

The model at present focusses on the in-house kitting systems based on travelling kits concept only. Although all quantitative cost drivers are included, some context-related qualitative decision factors are not yet included. The model assumes that the information about product structure and part requirements is known and that a preliminary design of the assembly system (i.e. line balancing) has been carried out.

Production managers are given a quantitative decision tool to properly assess the implementation of kitting policies at an early decision stage. This allows exploring the trade-offs between the alternatives and properly planning the adoption of kitting systems, as well as comparing kitting with alternative material supply methods.

With respect to previous simplified literature models, this new approach allows quantification of a number of additional factors which are critical for successful implementation of cost-effective kitting systems, including kitting errors. An exhaustive cost estimation of kitting systems in multiple, mixed-model assembly lines is thus permitted.

In the UK, advertising of infant formula products direct to consumers is not permitted. These products must be used on the recommendation of suitably qualified health or medical professionals. The aim of this study is to examine formula manufacturers’ web sites to ascertain whether these are used as alternative forms of advertising that fall outside current regulations.

The web sites of five leading formula product manufacturers were surveyed in 2009 and again in 2012 as part of a wider assessment of infant and follow‐on formula advertising and presentation. These sites were assessed for the presence of text and images they contained relating to infant formula products that may not be directly advertised to consumers under current regulations.

Although not technically classified as “advertisements” all these web sites were found to contain formula product information that could be construed as promotional in nature in 2009. By 2012, this was true of just two of these sites. Infant formula product promotions occurred adjacent to ones for follow‐on formula products. The recommendations and warnings concerning use of infant formula that are statutorily required for advertising in the UK were present on these web sites.

Formula manufacturers use their web sites to promote infant formula products and do so alongside follow‐on formula products. These sites provide a promotional opportunity through which to gain access to consumers that is legally denied to infant formula manufacturers through advertising. The findings have significance in the context of other research showing that consumers have been found to mis‐recall follow‐on formula advertising messages as applying to infant formula products.

This analysis formed part of the most extensive study of formula product advertising and presentation undertaken so far. It represented the first attempt to provide a comprehensive audit of the ways formula manufacturers promote their products in the UK.

Alongside universities, there are an increasing number of ‘third sector’ organisations actively involved in shaping widening participation (WP). In partnering with universities, employers and collaborative programmes like Uni Connect, they are responsible for delivering on institutional and national policy objectives around WP, as well as accountable to their own organisational missions. Despite being part of established practice in WP, with their activities praised by policymakers, their roles and practices are rarely considered in assessments of WP activity. In comparison with universities, they can experience different expectations, challenges and opportunities and can also have separate agendas driven by their missions and organisational sustainability. This chapter explores how these organisations have emerged, the roles that they have created for themselves and how they have attempted to sustain or develop these. It traces how these organisations have emerged as key players in national and institutional policy and draws on interviews with third sector leaders and practitioners to understand how WP is understood and done outside higher education providers (HEPs).

Livestock Risk Protection (LRP) insurance can reduce losses from price declines for cattle producers, but LRP adoptions has been limited. In 2019 and 2020, LRP subsidies were increased to lower the cost, but it is unclear how much these changes lowered the cost. The objective of this research was to estimate the impact of the subsidy increase on the cost of LRP for feeder and fed cattle by month and for various insurance period lengths and levels.

The authors collected United States LRP offering data from 2017 to 2021. The authors estimated separate generalized least squares regression for feeder cattle and fed cattle with producer premium as the dependent variable. Independent variables were dummy variables for coverage level, insurance period, month and year as well as dummy variables in commodity years 2019 and 2020 when the LRP subsidy was increased.

The authors found the subsidy increases did reduce the cost of LRP policies for feeder and fed cattle LRP policies. Producer premiums for feeder cattle LRP polices have declined between $1.41 to $1.90 per cwt and $0.95 to $1.56 per cwt for fed cattle LRP policies depending on the coverage level. Results indicate these subsidy increases did lower the LRP premium costs to producers.

Results show policy implications from the subsidy increases and will be informative to producers when exploring the cost of LRP. This study extends the literature by estimating the reduction in subsidy costs while considering total premiums changed.

John Taylor devised a simple monetary policy rule that links the Federal Reserve's policy interest rate with inflation and output targets. This paper compares actual policy rates with the rates that would have been recommended by the basic Taylor Rule for three long periods in U.S. economic history: 1875–1913 (“Pre Fed”), 1914–1951 (“Early Fed”), and 1952–1998 (“Modern Fed”). In addition, the authors develop a more complex version of the Rule to facilitate a comparison of the way in which each monetary authority would have reacted to the economic challenges presented outside its own time period. The empirical evidence suggests that Modern Fed would have reacted more promptly and appropriately to inflation and output problems outside its time period than either Early Fed or Pre Fed, and that the movement of interest rates in the Pre Fed period came closer to the corrective policies of Modern Fed than did those of Early Fed.

We would like to thank C. Y. Chen, Wenchih Lee, two anonymous referees and the seminar participants at the 2000 FMA annual meeting for their helpful comments and encouragement. All of the remaining errors are our responsibility.

This paper analyzes the two main divergent interpretations of Federal Reserve monetary policy in the 1920s, the expansionary view described by Rothbard (2008a [1963]) and earlier “Austrian” writers, and the contractionary view most notably held by Friedman and Schwartz (1993 [1963]) and later monetary historians. This paper argues in line with the former that the Federal Reserve engaged in expansionary monetary policy during the 1920s, as opposed to the gold sterilization view of the latter. The main rationale for this argument is that the increase in the money supply was driven by the increase in the money multiplier and total bank reserves, both of which were caused primarily by Fed policy (i.e., a decrease in reserve requirements and an increase in controlled reserves, respectively). Showing that this expansion did in fact occur provides the first step in supporting an Austrian Business Cycle Theory (ABCT) interpretation of the 1920s, namely that the Federal Reserve created a credit fueled boom that led to the Great Depression, although this is not pursued in the paper.

The purpose of this study is to contrast the discount and the Fed funds rates since 1990 and the variables that influence these rates. On the basis of quarterly data, since 1990, the primary determinants of the two policy rates are: the rate of inflation, the unemployment rate and rates on US Treasury securities, i.

Ordinary least squares models are developed with autocorrelation removed.

12 per cent level in the Fed funds market rate models. The statistical significance of the coefficient of the spread between long-term and short-term Treasury rates is a projection of a recession one year in the future. The statistical significance of the coefficients for unemployment, one and two quarter the autocorrelation coefficients, adjusted R-square values and Durbin-Watson statistics are similar for the two policy rate models.

The major limitation is that monthly data are not available for further tests.

The two Fed policy rates respond differently to the impacts of inflation, unemployment and yield curve tilts.

Expected recessions, reflected by the yield curve are not often anticipated.

The approach and results have a different perspective from the work in most studies involving Federal Reserve policy rates.

The purpose of this paper is to analyze security-market returns relative to the political party of the president, the Federal Reserve’s monetary policy, the year of the president’s term, and the state of political gridlock. Contrary to prior studies, which evaluated the influences separately, the authors jointly evaluate these variables.

The analysis supports the notion that security returns are significantly related to shifts in Fed monetary policy, political gridlock, and the year of the presidential term; however, returns are generally invariant to the president’s political party affiliation. Overall, the findings suggest that investors should focus less attention on the party of the president and instead more closely monitor Fed actions.

It appears that political harmony should be welcomed by equity investors, but not debt investors. Finally, regardless of the political outcome, if the past serves as a guide, investors may have to wait until year three of the next presidential term to enjoy the fruits of the current political season.

The academic literature is rich with studies that consider the aforementioned political effects and the influence that monetary policy have on the markets. To date, however, these factors have not been jointly considered when examining returns. This paper considers several dimensions of the political landscape – the party of the president, the presence or absence of political gridlock, and the presidential term cycle effect – in conjunction with Fed monetary policy in examining long-term security returns. By examining the relationship between security returns and both political and monetary conditions, the authors provide robust evidence regarding the relationships.