• International Journal of Precision Engineering and Manufacturing-Green Technology
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• v.5 no.5
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• pp.651-658
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• 2018

We comprehensively investigated the wrinkles of a stiff layer covering a spherical void embedded in a rubber matrix after the void experienced inflation or contraction. We developed an easy experimental way to realize the inflation and contraction of the voids. The inflation took place in a void right beneath the surface of the matrix and the contraction happened in a void at the bottom of the rubber matrix. In the inflation, the wrinkle at the center of the deformation was random, and the pattern propagated into rabyrinthine, herringbone, and then oriented parallel lines as the position was away from the center of the inflation to the edge. The cracks were concentric, which were perpendicular to the parallel wrinkled pattern. In the contraction, the wrinkle was simply concentric around the surface of the void without any crack. The cracks were found only near the center of the deformation. The strain distribution in the stiff layer after the inflation and contraction was theoretically analyzed with simulations that were in excellent agreement with the experimental results.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.65-75
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• 2021

This study analyzes the validity of the Phillips curve with regards to Turkey. The existence and direction of the causality relationship (reason-outcome relationship) between unemployment and inflation is investigated using inflation and unemployment data for the period 1980-2019. Unit root tests were utilized to evaluate the stationarity of the series. In line with the Zivot-Andrews unit root test, which was developed in response to the criticism of the failure of studies that presented macro-variables like inflation to consider traditional unit root tests, in this research, the Engle-Granger cointegration test was implemented to check whether the series could perform a joint action, and, finally, the Granger causality relationship was explored. According to the results of the analysis, over the relevant period there was a single directional causality relationship from inflation toward unemployment in Turkey. The importance of this relationship at the 10% significance level indicates the existence of many different factors that affect inflation and unemployment. Given the existence of a cointegration and causality relationship between inflation and unemployment, it can be said that, in Turkey, the Phillips curve is valid for the period 1980-2019 and that an increase of 1% in inflation will reduce the unemployment rate by 0.028%.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.7
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• pp.31-42
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• 2021

This study aims to determine the relation between the real sector and the financial sector in underdeveloped areas in Nusa Tenggara, Indonesia. To facilitate understanding of these linkages, researchers use the logic of credit channel mechanism of monetary policy, financial intermediation, as well as supply leading and demand following theories. The research variables include economic growth, inflation, liquidity, and NPL at the provincial level, with a data sample from 2008 to 2019. This research uses VAR/VECM as the analysis tools. The findings of the long-term analysis in East Nusa Tenggara show there is a phenomenon of cost-push inflation as well as the negative relation between inflation and economic growth. The impact of liquidity on inflation is positive, while the impact of economic growth on inflation is negative. Meanwhile, in West Nusa Tenggara, the impact of economic growth on inflation is positive. On the other hand, the impact of liquidity and NPL on inflation and economic growth is negative. In conclusion, generally, the economy in West Nusa Tenggara is better than the East Nusa Tenggara. The key to improving the economy of Nusa Tenggara is by improving its liquidity. This can be done by increasing the volume of public savings to increase bank credit capacity.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.8
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• pp.7-17
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• 2022

The article discusses the problems caused by inflation in the developing Asia-Pacific region during the time of the worldwide pandemic and suggests innovative solutions to the problem. The reality is that some of the commodity groups from the consumer basket (e.g., non-seasonal fruits, electronics, furniture, hotel, and restaurant services, etc.) fail to reflect the needs of the low-income earners, which make the majority in developing countries. At the same time, the inflation targeting regime has become outdated and not reliable, because of uncontrolled exogenic factors (imported inflation, fluctuation in oil prices, supply chain disruption, Russia-Ukraine war, etc.) prevailing on endogenic factors and thus making it impossible to control the price stability, especially in developing countries. Since, the old-fashioned inflation index and inflation targeting mechanisms regrettably fail to fully reflect both the society and governmental/central banks' expectations, based on which we first should have better care and second create better policies; we propose to use a combination of already well-known indexes and policies, with the new statistical indicators, which reflects price fluctuations on the medication, utilities, and nutrition.

• KDI Journal of Economic Policy
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• v.36 no.3
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• pp.25-60
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• 2014

We examine whether the observed negative relations between stock returns and inflation and between housing returns and inflation can be explained by the inflation illusion hypothesis. We identify the mispricing component in asset prices (i.e., stock prices and housing prices) based on present value models, linear and loglinear models, and we then investigate whether inflation can explain the mispricing component using the data from three countries (the U.S., the U.K., and Korea). When we take into account the potential asymmetric effect of positive and negative inflation on the mispricing components in asset prices, which is an important implication of the inflation illusion hypothesis, we find little evidence for the inflation illusion hypothesis in that both positive and negative inflation rates do not have a negative effect on the mispricing components. Instead, we find that behavioral factors such as consumer sentiments contribute to the mispricing of asset prices.

• East Asian Economic Review
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• v.24 no.4
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• pp.417-440
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• 2020

The coronavirus pandemic of 2019-20 confronted fiscally dominant regimes around the world with the question of whether the large deficits caused by the health crisis should be monetized or financed by issuing debt. The unpleasant monetarist arithmetic of Sargent and Wallace (1981) states that in a fiscally dominant regime tighter money now can cause higher inflation in the future. In spite of the qualifier 'unpleasant,' this result is positive in nature, and, therefore, void of normative content. I analyze conditions under which it is optimal in a welfare sense for the central bank to delay inflation by issuing debt to finance part of the fiscal deficit. The analysis is conducted in the context of a model in which the aforementioned monetarist arithmetic holds, in the sense that if the government finds it optimal to delay inflation, it does so knowing that it would result in higher inflation in the future. The central result of the paper is that delaying inflation is optimal when the fiscal deficit is expected to decline over time.

• Journal of Biosystems Engineering
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• v.26 no.3
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• pp.245-252
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• 2001

This study was carried out to investigate the effect of three factors(dynamic load, inflation pressure and multiple passes of the tire) on the contact pressure and the soil stresses under the tire. A series of soil bin experiment was conducted with a 6.00R14 radial-ply tire for sandy loam soil. Tire contact pressure at soil surface and soil stresses at 10cm and 20cm soil depth were measured for the three levels of dynamic load(1.17kN, 2.35kN and 3.53kN), for the three levels of tire inflation pressure(103.42kPa, 206.84kPa and 413.69kPa), and for five different number of passes(1, 2, 3, 4 and 5 pass). The following results were drawn from this study 1) As dynamic load, inflation pressure and number of passes of the tire increased, tire contact pressure at soil surface and soil stresses at 10cm and 20cm soil depth increased accordingly. Thus increased in dynamic load, inflation pressure and number of passes of the tire would increase soil compaction. 2) The effect of three different factors, or dynamic load, inflation pressure and number of passes of the tire, decreased as the soil depth increase. Consequently, it was found that the soil compaction at a shallow depth in soil is larger than that at deep place in soil. 3) The increase of dynamic load and number of passes increased soil stress exponentially, but the increase of inflation pressure increased soil stress linearly. The effect of tire inflation pressure on soil stress was relatively less than that of the dynamic load. Therefore, it was concluded that dynamic load is more important factor affecting soil compaction in comparison to the inflation pressure of tire.

• The Journal of Asian Finance, Economics and Business
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• v.6 no.3
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• pp.103-113
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• 2019

The effectiveness of monetary policy critically depends upon how well the transmission mechanism functions, so that the desired impact on output and inflation is achieved. The purpose of this paper is to study the transmission mechanism of monetary policy by analyzing the impact on inflation and output during multiple indicator regime (1998-99 to 2014) in an emerging economy-India. The Inflation Targeting Regime is also briefly outlined alongwith the impact on output and inflation. Using quarterly data for the period 1997 to 2017, the paper uses weighted average call money market rate as a proxy for the policy rate and evaluates the strength of the interest rate channel. We use a conventional Structural vector auto regression (SVAR) methodology to evaluate the efficacy and show the impluse response functions. Our results find that changes in the policy rate impact output growth steeply with a lag of about two quarters and the impact on inflation is maximized after three quarters. The study concludes that the monetary policy in India has a significant impact on output and inflation in the short-to-medium-run. After the policy shock, the fall in the output growth rate is of greater magnitude than the fall in inflation.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.219-228
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• 2020

The study investigates the impact of inflation rate on economic growth to find the best-fit model for economic growth in Vietnam. The study applied Vector Autoregressive (VAR), cointegration models, and unit root test for the time-series data from 1996 to 2018 to test the inflation impact on the economic growth in the short and long term. The study showed that the two variables are stationary at lag first difference I(1) with 1%, 5% and 10%; trace test indicates two cointegrating equations at the 0.05 level, the INF does not granger cause GDP, the optimal lag I(1) and the variables are closely related as R2 is 72%. It finds that the VAR model's results are the basis to perform economic growth; besides, the inflation rate is positively related to economic growth. The results support the monetary policy. This study identifies issues for Government to consider: have a comprehensive solution among macroeconomic policies, monetary policy, fiscal policy and other policies to control and maintain the inflation and stimulate growth; set a priority goal for sustainable economic growth; not pursue economic growth by maintaining the inflation rate in the long term, but take appropriate measures to stabilize the inflation at the best-fitted VAR forecast model.

• Journal of Preventive Medicine and Public Health
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• v.27 no.1 s.45
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• pp.135-144
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• 1994

The purpose of this study compares determinants of eldery medical cost inflation with those of other age groups by analysing aggregated data with a deterministic model. The deterministic model of per capita medical cost inflation consists of increases in price, intensity of services, and medical utilization. We used a time series data($1985{\sim}1991$) from National Medical Insurance and analyzed by age groups. In total population, the average increase rates of inpatient and outpatient medical costs were respectively 9.5% and 8.8% during 6 years and the major cause of inflation was the increase in service intensity in both of inpatient and outpatient cases. But in the population of 65 years old and over, the average increase rates of inpatient and outpatient medical costs were respectively 13.8% and 14.8% and the major cause of inflation was the increase in per-capita medical utilization in both of inpatient and outpatient cases. Also, the increase in service intensity of 65 years old and over was the highest of other age groups. This pattern was similar during study periods. We concluded that the level of medical cost-inflation and the determinants in eldery was the highest-especially in per capita medical utilization, therfore, the inflation of medical costs in eldery will be higher than other age groups for the furture in Korea.