Search results

Recently, star variables and the post-crisis nature of cyclical fluctuations have attracted a great deal of interest. In this chapter, the authors investigate different methods of assessing business cycles (BCs) for the European Union in general and the euro area in particular. First, the authors conduct a Monte Carlo (MC) experiment using a broad spectrum of univariate trend-cycle decomposition methods. The simulation aims to examine the ability of the analysed methods to find the observed simulated cycle with structural properties similar to actual macroeconomic data. For the simulation, the authors used the structural model’s parameters calibrated to the euro area’s real gross domestic product (GDP) and unemployment rate. The simulation outcomes indicate the sufficient composition of the suite of models (SoM) consisting of popular Hodrick–Prescott, Christiano–Fitzgerald and structural trend-cycle-seasonal filters, then used for the real application. The authors find that: (i) there is a high level of model uncertainty in comparing the estimates; (ii) growth rate (acceleration) cycles have often the worst performances, but they could be useful as early-warning predictors of turning points in growth and BCs; and (iii) the best-performing MC approaches provide a reasonable combination as the SoM. When swings last less time and/or are smaller, it is easier to pick a good alternative method to the suite to capture the BC for real GDP. Second, the authors estimate the BCs for real GDP and unemployment data varying from 1995Q1 to 2020Q4 (GDP) or 2020Q3 (unemployment), ending up with 28 cycles per country. This analysis also confirms that the BCs of euro area members are quite synchronized with the aggregate euro area. Some major differences can be found, however, especially in the case of periphery and new member states, with the latter improving in terms of coherency after the global financial crisis. The German cycles are among the cyclical movements least synchronized with the aggregate euro area.

This chapter focuses on whether perceived emotional intensity and help need is possible to discriminate in expressions of fear and neutrality in brief authentic emergency calls. Extraction of acoustic parameters of fear and neutrality was done prior to letting participants listen to a low-pass-filtered stimuli set. Participants discriminated fear and neutrality in both the intensity and help need condition. In turn, judged intensity and judged help need correlated strongly, with partial correlations indicating that participants use acoustically measured intensity (mean dB) as information to infer the intensity/help need relationship. We also discuss the implications of emotional expression in the call centre domain.

The railway track system is the platform by which loads from moving trains are transferred to the underlying soil or supporting infrastructure such as bridges. The most common type of railway track system is ballasted track, which has been in use for over a century. Ballasted track has proved versatile. It can be constructed using locally available materials and with modifications to the rails and sleepers, crossings transferring trains from one route to another can be created. The structure of a ballasted track system consists of two main parts. The upper portion, termed the superstructure, comprises the rails, fastenings and sleepers. It is formed of components whose shape, stiffness and strength are designed and closely controlled. Below the superstructure is the substructure, which comprises the ballast and sub-ballast. Although the materials used in the substructure may have been specified, their engineering properties and geometric placement are less well controlled. In this chapter, we will explore how a typical ballasted track system transfers load to the ground and the ways in which the track form deteriorates, requiring maintenance and eventually renewal.

Purpose – This study aims at presenting an overview, development, and process of current corporate governance practices in Bangladesh.

Design/Methodology/Approach – Based on New Institutional Sociology (NIS) as a theoretical framework and by using archival data, this study highlights the roles of key institutional forces in reinforcing the existing corporate governance practices in Bangladesh.

Findings – This study notes that corporate governance practices in Bangladesh are still at infancy. While Bangladesh is trying to adopt many international corporate governance best practices for institutional legitimacy, the weak institutional enforcement regime, along with the absence of an effective check and balance, poses serious challenges to the firm-level good corporate governance practices in Bangladesh. The absence of isomorphic pressures to regulate the firms leads to many incidences of noncompliance.

Practical implications – This study takes part in the following global debate: whether corporate governance in an emerging economy is a reality or an illusion.

Originality/Value – This study seeks to contribute to the increasing literature by recognizing the interest of readers, academics, practitioners, and regulators to gain more insight and understanding of corporate governance practices in an emerging economy, such as Bangladesh.

We analyze fluctuations in inflation and the nominal exchange rate under optimal monetary policy with local currency pricing by developing two-country DSGE local currency pricing and producer currency pricing models. We estimate our models using Bayesian techniques with Japanese and US data, and calculate impulse response functions. Our estimation results show that local currency pricing is strongly supported against producer currency pricing. From the estimated parameters, we show that completely stabilizing consumer price index inflation is optimal from the viewpoint of minimizing welfare costs and that completely stabilizing consumer price index inflation is consistent with completely stabilizing the nominal exchange rate.