83 research outputs found
Essays in Macroeconomics
No full textThe central theme of the thesis is to deeply understand questions related to the interaction between household heterogeneity and the macroeconomy. For instance, How important are changes in the aggregate economy for households’ decisions? What forces determine these responses? How do policies affect the well-being and inequality among households? The objective of answering these questions is to demonstrate that individual behavior is crucial for investigating changes in the aggregate economy or evaluating various policy interventions. I use quantitative structural models calibrated with microdata and/or empirical methods to answer the research question of each chapter. In the first chapter (Chapter 2), joint with Hashmat Khan, Minjoon Lee, and Raúl Razo-García, our research is motivated by the most recent corporate tax reform in the U.S. We find three key insights from various examinations using our model. Chapter 3 investigates how housing prices affect heterogeneous household decisions in the presence of varying financial conditions. I demonstrate that housing price effects for households are dependent on the state of the aggregate financial conditions. Moreover, the effects are heterogeneous across households at different stages of their life-cycle and have important policy implications. Finally, in chapter 4, joint with Hashmat Khan, we examine whether financial shocks, in particular collateral shocks, are a dominant source of business cycle fluctuations in the U.S. We show that the evidence is not strong enough to conclude that they are
Oxidation of Sulfides with Pyridinium Tribromide in the Presence of Hydrated Silica Gel.
No full textA variety of sulfides have been oxidized to sulfoxides utilizing pyridinium tribromide in the presence of hydrated silica gel in a non-aqueous media. A combination of pyridinium tribromide and hydrated silica gel releases molecular bromine slowly in the reaction, affecting the oxidation. Hydrated silica gel also promotes decomposition of the bromosulfonium intermediate to the product. This procedure employs non-aqueous media for the first time in such a reaction. Copyright © Taylor & Francis Group, LLC
Chemistry of Phosphate Esters : Stereochemical Evidence for a Dissociative Mechanism
No full textMany attempts have been made to elucidate the various mechanism by which phosphates act in biological and other systems. There are many suggestions regarding mechanisms all of which fit into one of two broad categories. 1. Associative. 2. Dissociative. Of these two, interest to the associative type displacement has been of most investigators and this pathway has been established with certainty. On the other hand, less work has been done and there has been much controversy surrounding the dissociative mechanism. The dissociative mechanism is believed to be important because it has been thought that it represents the actual biological processes by which life utilizes phosphaphate esters. The schemes in fig. 5, represent the two types of displacement at the phosphorus atom. There has been a number of proposals which suggest a dissociative mechanism in displacements warrants an intermediate with a reduced coordination number. In the phosphorus esters this intermediate would be a phosphacylium ion analogous to a carboacylium ion generated from an acylhalide, fig. 6. Among several structural possibilities, a phosphacylium ion could retain the geometry of the starting material. This pathway then would produce a stereospecific product where the leaving group is replaced by the nucleophile while retaining the absolute configuration around the phosphorus atom, fig. 7. For the second possibility, the intermediate phosphacylium ion could attain planarity. If this is the case the nucleophilic substitution should give upon substitution a mixture of isomers. The phosphorus atom would be prone to be attacked by nucleophile from both sides, perpendicular to the plane of the ion, fig. 8. The ratio of isomers of the product may be equal or different depending on thermodynamic and kinetic parameters
Oxidation of thiols to disulfides with molecular bromine on hydrated silica gel support
No full textResults of oxidation of thiols to disulfides with molecular bromine on silica gel solid support are reported. The procedure utilizes organic media and does not require a base to neutralize HBr by-products to suppress acid promoted side reactions. Utilization of silica gel support simplifies work up and product isolation. © 2002 Elsevier Science Ltd. All rights reserved
Statistical Analysis of Pakistani Currency Regime before and after Floatation
No full textSunt prezentate tendinţele ratelor de schimb ale monedelor străine, studiate anual comparativ cu rupia din Pakistan. În 2000, Banca centrală din Pakistan a menţinut ofi cial rupia. Tendinţele ratei de schimb verifi că impactul asupra PIB-ului pe locuitor al ţării. Avem în vedere datele zilnice ale ratei de schimb ale monedei din Pakistan în perioada [1995][1996][1997][1998][1999][2000][2001][2002][2003][2004][2005][2006][2007][2008][2009]. Datele au fost analizate din 1995 până în 2000 în prima etapă. În etapa a doua au fost analizate date din perioada [2001][2002][2003][2004][2005][2006][2007][2008][2009]. Rezultatul arată că dacă cineva vrea să menţină moneda trebuie să ţină cont dacă este stabilă situaţia politică sau dacă economia este şi ea stabilă încât sistemul poate realiza funcţiile sale complete. Abstract In this paper the trends of exchange rates for the foreign currency are studied yearly for Pakistan rupee. In 2000 State bank of Pakistan offi cially fl oated the rupee. In this studies the trends of the exchange rate before fl oating and after fl oating and then checks its impact on the GDP per capita of the country. Here we consider the daily data of exchange rates of Pakistani currency from 1995 to 2009. Data was analyzed from 1995 to 2000 in the fi rst step. In the second step data from 2001 to 2009 was analyzed. The result shows that if one wants to fl oat currency he must keep in mind that the political condition or stable and that the economy is also stable so that the system of fl oat can perform its functions completely. Romanian Statistical Review nr. 4 / 2011 70 *** In this paper we studied the effect of fl oatation of Pakistan currency. State bank of Pakistan in 1999 decided to re-categorize Pakistan rupee interbank exchange rates. Thus the exchange rate was classifi ed into a semi fi xed pegged and a managed fl oating arrangement. Offi cially the SBP started operating on multiple exchange system in July 2000. This was a unifi ed system in which rupee was pegged to US dollar to a certain amount but was still fl oated to a large extent. According to fi nancial critics, this was a wrong decision taken because as far as the conventional thinking is concerned, it claims that a country whose political system is not stable should not fl oat its currency as it will stop the entry of new investors in the country and at that time Pakistan was not in a stable position to fl oat its currency but they did it. The basic rationale which an ordinary mind fi nds is that in a fl oating currency the demand and supply is corrected by the market and as Pakistan was politically unstable at that time with army ruling the country and a dictator was the Chief Executive of emergency in the state they took this action due to the automated corrective effect of the fl oating exchange system. At that time demand for Pakistan Rupee was low, and it was going more and more down. When it was fl oated it was open to all the currencies and in the fl oat market it would have gone down thus imports would have got expensive and the demand for local goods would have increased which would have caused an auto correction in the market. The basic aim of fl oating a currency is that in a free fl oat the interbank exchange rate are determined by demand and supply of foreign exchange and interest rate is used as key monetary tool for controlling value of currency by open market operations. The basic aim of this study is to check the ups and downs of the interbank currency exchange rate after it is fl oated and its some effects on the growth of economy of the country as the decision was taken at a wrong time as conventional thinkers say. But before going into details of the study, a small overview of history of Pakistan Rupee, exchange rates and fl oating and fi xed exchange rates is presented. History of Pakistan Rupee (PKR) Rupee has served as National currency of Pakistan since 1948. Pakistan rupee is a distinct cousin of Indian rupee. In fact, when Pakistan came into being the notes issued were Indian rupee notes with Pakistan imprinted hastily on its face. Shortly after independence state bank was incorporated that started issuing it own notes. Pakistan rupee was converted to decimal-based currency system in 1961. Before that in the imperial system the Rupee was divided into 16 anna, each anna consisted of 4 paisas. The decimal system divided it into 100 paisas and thus the imperial system of anna became obsolete. Pakistan rupee was pegged to British pound sterling till 1971. After that it became pegged to US dollar and was devalued. In 1982 the Rupee was devalued because SBP unhitched it from US dollar and abolished the fi xed rate but not completely. A new effective exchange rate was set in accordance to the trade basket in which the rupee was placed. This trade basket has members who were the trade partners of Pakistan. In 1988, due to nuclear weapons tests, the country faced a lot of sanctions by global superpowers and thus the country has to follow a two tiered exchange rate policy. In 1998, another step was taken and banks were than made allowed to quote exchange rate for other currencies as well. Exports were done the offi cial exchange rate and not by the quoted. The system was reclassifi ed to managed fl oat. The rupee was narrowly controlled by the SBP and was informally fl oated. In July 2000 the currency was fully fl oated, pegged within a certain band to the US dollar but the offi cial rate was determined by demand and supply of the foreign exchange and not wholly the dollar. This free fl oating of the currency continues till date. Exchange rates An exchange rate is the rate at which one country's currency is traded or exchanged to another country's currency. Like, if you go to some foreign country or trading with foreign country, you are required to buy local currency of that country. Price of the buying of the local currency is the exchange rate. If you are traveling to England, the exchange rate is 123 rupees, which means for every one pound you need 123 rupees to buy. Fixed exchange rates It is the exchange rate which the government or central banks sets and controls as the offi cial exchange rate. In this system the exchange rate is determined by setting a rate with a major currency of the world. For maintenance of this exchange rate the central banks buys and sells other foreign exchange funds in the exchange market for the currency to which it is pegged or fi xed. For example if Pakistani Rupee is pegged to US dollar at a rate of 80. This means that State bank has to keep a certain amount of US dollars in order to maintain the rate, the state bank should have to control the money supply, infl ation defl ation and thus the exchange rate is kept controlled. They State bank can also adjust the offi cial exchange rate when necessary. Romanian Statistical Review nr. 4 / 2011 72 Floating Exchange rate It is the exchange rate which is determined by the demand and supply of the foreign exchange with the home or local currency. This rate is often termed as self correcting, as the differences in demand and supply are automatically corrected by the market. Keeping in mind this model it can be easily explained that if the demand for a currency is low, its value will decrease, that will cause an increase in the prices of the imported goods but on the other hand it will also increase the demand for local goods as imports will go down thus at the end of the day with the increased demand of local goods the local industry will fl ourish and the currency will get stable automated. Literature Review For a region to enter into a currency union differ from that of the incentives for admission of a region into a union. The entrant starts from low transaction cost of trade with the existing union, while the already existing regions gain on trade from the potential entrant and with the potential entrant. This shows that even a country with a free fl oat across its regions may fi nd this attractive to make or join a currency union with other regions Bayoumi (1994). It is also proved that a fi xed exchange rate with the desire to have credibility of a non-domestic currency is vulnerable in achieving self fulfi lling currency crisis state. In this type of cases the credibility of fi xed peg decreases and unemployment also increases to such extent that the critical threshold is reached where the policy maker has to devalue the currency. These issues cannot stand the crisis and imposes unwanted costs on the home economy. This shows that a semi fl oated or fully fl oating currency regime is required to decrease the risk of crisis Bensaid and Jeanne (2000). According to Shambugh(2004), he does not agree completely with the above view and he claims that reluctance and hesitation from fl oating the currency can be due to other variables like infl ation, currency mismatches, import export and certain other factors. Another research study shows that policy choice of government that faces a trade-off between monetary policy autonomy and exchangerate stability depends on global monetary system, the greater the dominance of key currencies and the larger will be the correlation between monetary relations and trade relation of the countries, the more likely does the country with smaller currency fi x its exchange rate with the dominant or large key currency. These countries do not simply fi x their exchange rate but countries fi x their exchange rate with key currencies or basket of key currencies in orde
Oxidation of Thiols to Disulfides with Molecular Bromine on Hydrated Silica Gel Support.
No full textStudies on Stability Constants of p-Bromobenzoylthioacetophenone Complexes of Mn(II), Fe(II), Co(II) and Ni(II) at Two Different Temperatures
No full textA Study on Thermodynamic Changes during Complication of p-Bromobenzoylthioacetophenone with Some Bivalent Metals of First Transition Series
No full textStatistical Analysis of Pakistani Currency Regime before and after Floatation
No full textIn this paper the trends of exchange rates for the foreign currency are studied yearly for Pakistan rupee. In 2000 State bank of Pakistan officially floated the rupee. In this studies the trends of the exchange rate before floating and after floating and then checks its impact on the GDP per capita of the country. Here we consider the daily data of exchange rates of Pakistani currency from 1995 to 2009. Data was analyzed from 1995 to 2000 in the first step. In the second step data from 2001 to 2009 was analyzed. The result shows that if one wants to fl oat currency he must keep in mind that the political condition or stable and that the economy is also stable so that the system of fl oat can perform its functions completely
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