Search results
1 – 10 of over 19000Nazneen Ahmad and Sandeep Kumar Rangaraju
This paper investigates the impact of a monetary policy shock on the production of a sample of 312 industries in manufacturing, mining and utilities in the United States using a…
Abstract
Purpose
This paper investigates the impact of a monetary policy shock on the production of a sample of 312 industries in manufacturing, mining and utilities in the United States using a factor-augmented vector autoregression (FAVAR) model.
Design/methodology/approach
The authors use a FAVAR model that builds on Bernanke et al. (2005) and Boivin et al. (2009). The main assumption in this model is that the dynamics of a large set of macro variables are captured by some observed and unobserved common factors. The unobserved factors are extracted from a large set of macroeconomic data. The key advantage of using this model is that it allows extracting the impulse responses of a wide range of macroeconomic variables to structural shocks in the federal funds rate.
Findings
The results indicate that industries exhibit differential responses to an unanticipated monetary policy tightening. In general, manufacturing industries appear to be more sensitive compared to mining, and utility industries and durable manufacturing industries are found to be more sensitive than those within nondurable and other manufacturing industries to a monetary policy shock. While all industries respond to the policy shock, most of the responses are reversed between 12 and 22 months.
Research limitations/implications
The implication of our results is that monetary policy can be used to impact most US industries for four years and beyond. The existence of disparate responses across industries underscores the difficulty of implementing a monetary policy that will generate the same impact across industries. As the effects of the policy are distinct, policymakers may want to attend to the unique impacts and implement industry-specific policy.
Practical implications
The study is important in the context of the current challenges in the US economy caused by the spread of coronavirus. For example, to tackle the current pandemic, the researchers are trying to come up with cures for COVID-19. A considerable response of the chemical industry that provides materials to pharmaceutical and medicine manufacturing to the monetary policy shock implies that an expansionary monetary policy may facilitate an invention and adequate supply of the cure later on. The same policy may not effectively stimulate production in apparel or leather product industries that are being hard hit by the pandemic.
Originality/value
The study contributes to the literature in broadly two aspects. First, to the best of our knowledge, this is the first paper that investigates the impact of a monetary policy shock on a sample of 312 industries in manufacturing, mining and utilities in the US. Second, to identify structural shocks and investigate the effects of monetary policy shocks on economic activity, the authors diverge from the literature's traditional approach, i.e. the vector autoregression (VAR) method and use a FAVAR method. The FAVAR provides a comprehensive description of the impact of a monetary policy innovation on different industries.
Details
Keywords
Neeraj Bhanot, P. Venkateswara Rao and S.G. Deshmukh
Integrating sustainability strategies with business processes is the most challenging task for industry professionals due to the lack of a proper understanding of sustainability…
Abstract
Purpose
Integrating sustainability strategies with business processes is the most challenging task for industry professionals due to the lack of a proper understanding of sustainability concepts. At the same time, a lack of proper guidance restricts them from pursuing such activities. As far as the aspects of implementation are concerned, it is very tough to analyse and pick up key points to start with. The purpose of this paper is to utilize a text mining approach to analyse qualitative data and identify the critical issues for implementing sustainability in the manufacturing sector by focussing on turning processes based on the survey responses of researchers and industry professionals.
Design/methodology/approach
An integrated method employing principal component analysis (PCA) and the k-means clustering algorithm has been applied to extract useful information from a set of various suggestions provided by both the groups surveyed. The textual data has also been visualized using word clouds and, thus, it has been compared with the results of the text mining approach.
Findings
The results of the study indicate the importance of the role of government organizations and the need for a skilled workforce, which are crucial for enhancing aspects of sustainability in the manufacturing sector, as supported by both researchers and industry professionals. Besides this, researchers have highlighted the need to focus more on environmentally related issues, whereas industry professionals have raised performance-related issues.
Practical implications
The findings of the study present the important concerns of both the groups towards sustainability initiatives and, thus, will help to enhance the understanding of the underlying possibilities of negotiating jointly to enhance the performance of machining processes.
Originality/value
The novelty of this paper lies in its identification of important initiatives that are having a direct impact on the sustainable aspects of the machining process, based on the views of researchers and industry professionals.
Details
Keywords
Alejandro Ramos-Soto, Angel Dacal-Nieto, Gonzalo Martín Alcrudo, Gabriel Mosquera and Juan José Areal
Process mining has emerged in the last decade as one of the most promising tools to discover and understand the actual execution of processes. This paper addresses the application…
Abstract
Purpose
Process mining has emerged in the last decade as one of the most promising tools to discover and understand the actual execution of processes. This paper addresses the application of process mining techniques to analyze the performance of automatic guided vehicles (AGVs) in one of the Body in White circuits of the factory that Stellantis has in Vigo, Spain.
Design/methodology/approach
Standard process mining discovery and conformance algorithms are applied to analyze the different AGV execution paths, their lead times, main sources and identify any unexpected potential situations, such as unexpected paths or loops.
Findings
Results show that this method provides very useful insights which are not evident for logistics technicians. Even with such automated devices, where the room for decreased efficiency can be apparently small, process mining shows there are cases where unexpected situations occur, leading to an increase in circuit times and different variants for the same route, which pave the road for an actual improvement in performance and efficiency.
Originality/value
This paper provides evidence of the usefulness of applying process mining in manufacturing processes. Practical applications of process mining have traditionally been focused on processes related to services and management, such as order to cash and purchase to pay in enterprise resource planning software. Despite its potential for use in industrial manufacturing, such contributions are scarce in the current state of the art and, as far as we are aware of, do not fully justify its application.
Details
Keywords
Ayokunle Olubunmi Olanipekun, Olalekan Shamsideen Oshodi, Amos Darko and Temitope Omotayo
The development of corporate social responsibility (CSR) in the construction sector is slow, thereby leaving many opportunities for further development. To enable operators in the…
Abstract
Purpose
The development of corporate social responsibility (CSR) in the construction sector is slow, thereby leaving many opportunities for further development. To enable operators in the construction sector to effectively capitalise on the opportunities to promote the development of CSR in the sector, this study employs the practice viewpoint to take the stock of CSR activities in the sector. The purpose of this paper is to reveal the state of CSR practice in the construction sector. The study also draws from the development of CSR in the manufacturing, mining and banking sectors to inform the state of CSR practice in the construction sector.
Design/methodology/approach
This study carries out a systematic literature review of 56 journal publications that were published between the year 2000 and 2016. The deductive coding of the publications was done to identify four themes of CSR research that constitute the practice view of the state of CSR in the construction sector.
Findings
The implementation of CSR is the major emphasis in the state of CSR practice in the construction sector. The implementation of CSR is wrapped in the perception of operators about CSR potentials, dimensions of CSR implemented, strategies for implementation and the effects of the implemented CSR practices on performance. The sector characteristics and organisational structure are attributes for comparing the CSR practices between the construction sector and the manufacturing, mining and banking sectors.
Originality/value
This study provides a researchers’ view of the state of CSR in the construction sector. Additionally, the study draws from the development of CSR in the manufacturing, mining and banking sectors to inform the state of CSR practice in the construction sector.
Details
Keywords
Since works-in-process (WIPs) are highly vulnerable to defects because of the variety and complexity of manufacturing processes, the purpose of this paper is to describe how to…
Abstract
Purpose
Since works-in-process (WIPs) are highly vulnerable to defects because of the variety and complexity of manufacturing processes, the purpose of this paper is to describe how to utilize existing analytics techniques to reduce defects, improve production processes, and reduce the cost of operations.
Design/methodology/approach
Three alternatives for diagnosing causes of defects and variations in the production process are presented in order to answer the following research question: “What are the most important factors to be included in prognostic analysis to prevent defects?”
Findings
The key findings for the proposed alternatives help explain the characteristics of defects that have a great impact on manufacturing yield and the quality of products. Consequently, any corrective action and preventive maintenance addressing the common causes of defects and variations in the process can be regularly evaluated and monitored.
Research limitations/implications
Although the focus of this study is on improving shop-floor operations by reducing defects, further experimentation with business analytics in other areas such as machine utilization and maintenance, process control, and safety evaluation remains to be done.
Practical implications
This study has been validated with several scenarios in a manufacturing company, and the results demonstrate the practical validity of the approach, which is equally applicable to other manufacturing sub-sectors.
Originality/value
This study is different from the others by providing alternatives for diagnosing the root causes of defects. Control charts, costs of defects, and clustering-based defect prediction scores are utilized to reduce defects. Additionally, the key contribution of this study is to demonstrate different methods for understanding WIP behaviors and identifying any irregularities in the production process.
Details
Keywords
This paper presents estimates of total personal income for every U.S state in 1880, 1890, 1900, and 1910. The series includes new figures for 1890 and 1910, and revisions of…
Abstract
This paper presents estimates of total personal income for every U.S state in 1880, 1890, 1900, and 1910. The series includes new figures for 1890 and 1910, and revisions of Richard Easterlin's (1960) figures for 1880 and 1900 based on recent economic history research. The new estimates allow better examination of U.S. interregional income differences and cyclical behavior of U.S. states’ total personal income.
Details
Keywords
Nicholas Georgescu‐Roegen’s analysis of the factory system is used to show how an expanded market makes possible increasing returns in manufacturing, which can in turn lead to the…
Abstract
Nicholas Georgescu‐Roegen’s analysis of the factory system is used to show how an expanded market makes possible increasing returns in manufacturing, which can in turn lead to the kind of cumulative growth process envisioned by Allyn Young. The analysis is then extended to take into account Nicholas Kaldor’s admonition to pay attention to the fact that manufacturing is a process that uses inputs that are the products of nature. It is found that the inability to use the factory system in agriculture limits the extent of increasing returns in manufacturing. Increasing returns in manufacturing and an accompanying pattern of cumulative growth require a continuing infusion of exogenous technological innovation in agriculture.
Details
Keywords
Ramaganesh Marimuthu, Bathrinath Sankaranarayanan, Syed Mithun Ali and Koppiahraj Karuppiah
This study aims to find and evaluate the impact of COVID-19 in India’s mining activities. From the literature survey and input from experts, 14 important factors and ten green…
Abstract
Purpose
This study aims to find and evaluate the impact of COVID-19 in India’s mining activities. From the literature survey and input from experts, 14 important factors and ten green recovery strategies are identified. These 14 factors and 10 strategies are examined in a real industrial environment.
Design/methodology/approach
In this research study, fuzzy-complex proportional assessment is used to compare the identified strategies with the selected factors. Based on the outcome, this study identifies the optimum strategy that could assist the mining industry in handling both COVID-19 and sustainability issues.
Findings
The study’s outcome reveals that a large group of workers, collapse of demand and disruption, and suffered contractual workers are the top three factors that need to be considered regarding COVID-19 and sustainability issues. Effective strategies for eco-innovation practices, an emphasis on health and safety, and environmental awareness, education and training are the three primary strategies to be implemented for the greatest impact.
Originality/value
This research study is the first of its kind to coordinate both issues of COVID-19 and sustainability. In this regard, this study sheds a timely light on the precautions that need to be taken in tackling COVID-19 and sustainability issues. This study’s outcome will enhance the managerial capability in developing robust and effective strategies for handling difficult situations.
Details
Keywords
The future of mining and its potential in Africa.