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Demand Vs. Supply Decomposition of Inflation: Cross-Country Evidence with Applications
What are the contributions of demand and supply factors to inflation? To address this question, we follow Shapiro (2022) and construct quarterly demand-driven and supply-driven inflation series for 32 countries utilizing sectoral Personal Consumption Expenditures (PCE) data. We highlight global trends and country-specific differences in inflation decompositions during critical periods such as the great financial crisis of 2008 and the recent inflation surge since 2021. Validating our inflation series, we find that supply-driven inflation is more reactive to oil shocks and supply chain pressures, while demand-driven inflation displays a more pronounced response to monetary policy shocks. Our results also suggest a steeper Phillips curve when inflation is demand-driven, holding significant implications for effective policy design.
Monetary Policy Transmission Heterogeneity: Cross-Country Evidence
This paper revisits the transmission of monetary policy by constructing a novel dataset of monetary policy shocks for an unbalanced sample of 33 advanced and emerging market economies during the period 1991Q2-2023Q2. Our findings reveal that tightening monetary policy swiftly and negatively impacts economic activity, but the effects on inflation and inflation expectations takes time to fully materialize. Notably, there exist significant heterogeneities in the transmission of monetary policy across countries and time, depending on structural characteristics and cyclical conditions. Across countries, monetary policy is more effective in countries with flexible exchange rate regime, more developed financial systems, and credible monetary policy frameworks. In addition, we find that monetary policy transmission is stronger when uncertainty is low, financial conditions are tight and monetary policy is coordinated with fiscal policy—that is, when the stances move in the same direction.
Absurd Recreation
" ... a multi-media group exhibition of artists from China who use playful, humorous, ritualistic imagery, as if they were engaging in an absurdist, leisurely 'recreation' that focuses on their interior lives and keeps the external world at an arm's length. They also have as a common theme the 're-creation' of settings, events, situations, as if trying to recover scenes from cultural amnesia, in reaction to the rapidly changing political, economic, and environmental landscapes in China"--P. [4] of cover.
Regeneration
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中國當代藝術訪談錄
."..since the last revolution of the arts at the end of the 60s, there has been no subversive art; good artists, yes, but the subcutaneous rebelliousness has disappeared in the west, and that explains my interest in China. Whether work is traditionally painted or sculptured, whether painting is undermined by rolloing picture scrolls or by videos, subversiveness is always part of the message. This may be explained by the context: artists who stay in the country want to change things and want to gain freedom of action... --Harald Szeemann" Revolution, subversion, and rebellion run throughout this compilation of interviews with, texts on, and works by the 23 artists who won the Chinese Contemporary Art Awards between 1998 and 2002. Jurists included Harald Szeeman, Alanna Heiss, Hou Hanru, Li Xianting and Uli Sigg.
The Chinese Question
The rising strength of mainland China has spurred a revival of "Chineseness" in the Philippines. Perceived during the Cold War era as economically dominant, political disloyal, and culturally different, the "Chinese" presented themselves as an integral part of the Filipino imagined community. Today, as Filipinos seek associations with China, many of them see the local Chinese community as key players in East Asian regional economic development. With the revaluing of Chineseness has come a repositioning of "Chinese" racial and cultural identity. Philippine mestizos (people of mixed ancestry) form an important sub-group of the Filipino elite, but their Chineseness was occluded as they disappea...
Mamanwa Grammar
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Distributed Hash Table
This SpringerBrief summarizes the development of Distributed Hash Table in both academic and industrial fields. It covers the main theory, platforms and applications of this key part in distributed systems and applications, especially in large-scale distributed environments. The authors teach the principles of several popular DHT platforms that can solve practical problems such as load balance, multiple replicas, consistency and latency. They also propose DHT-based applications including multicast, anycast, distributed file systems, search, storage, content delivery network, file sharing and communication. These platforms and applications are used in both academic and commercials fields, making Distributed Hash Table a valuable resource for researchers and industry professionals.
