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This book shows how urban design can complement other disciplines when tackling the complex task of understanding and improving the built environment's public realm. It also bridges the gap between theory and practice as it draws from empirical research to suggest more quantitative approaches towards auditing and improving public places. By seeing where and why certain public places fail, direct and informed interventions can be made to improve them and through this contribute to the building of more attractive and sustainable cities.

There is a broad consensus among economists that, in the long run, inflation is a monetary phenomenon. However, monetary policy is often analysed using models that have no causal role for monetary aggregates in the propagation of inflationary processes. Moreover, impulses from monetary policy actions are transmitted to inflation through the output gap alone. This paper analyses monetary indicators and monetary policy rules within the framework of a small monetary model, the P-star model. In this model monetary aggregates play an active role in the transmission mechanism of monetary policy actions. Interest rate impulses affect inflation through two channels, the output gap and the liquidity gap. Section 2 of the paper analyses monetary indicators of inflation. Using a long-run money demand function, three monetary indicators are discussed: the monetary overhang, the price gap, and the nominal money gap. The price gap is a comprehensive indicator of inflationary pressure, combining information from the aggregate goods market (output gap) and the money market (liquidity gap). Some implications of using the price gap in Phillipstype equations for the dynamics of inflation are discussed as well. Section 3 analyses the role of the price gap in the monetary transmission process more closely. The P-Star model and a New-Keynesian-Taylor-type model are compared with respect to their stability properties, implied sacrifice ratios and the efficiency of interest rate policy in stabilising inflation and output fluctuations. Section 4 explores a range of monetary policy rules within the P-star model. First, direct inflation targeting, inflation forecast targeting, and optimal inflation targeting are analysed and contrasted with a strategy of price-level targeting, often suggested as an alternative to inflation-based rules. Second, assuming a more general loss function for the central bank, a Taylor rule (focussing on inflation and output), monetary targeting and a two-pillar strategy (focussing on monetary growth and inflation) are analysed. The performance of these rules is investigated under perfect foresight and rational expectations of the central bank. Moreover, these strategies are compared to two benchmarks, a passive rule and a broadly based meta-strategy. Finally, monetary targeting as an intermediate targeting strategy is compared to a Taylor rule when the central bank has an information advantage with respect to monetary growth. ; Unter Ökonomen besteht ein breiter Konsensus dahingehend, dass Inflation auf lange Sicht ein monetäres Phänomen ist. Gleichwohl wird die Geldpolitik häufig im Rahmen von kleinen Modellen analysiert, in denen die Geldmenge in keinem kausalen Zusammenhang zur langfristigen Entwicklung des Preisniveaus steht. Die Transmission geldpolitischer Impulse erfolgt nur über den Auslastungsgrad. In diesem Papier werden monetäre Indikatoren und geldpolitische Regeln im Rahmen eines kleinen monetären Modells analysiert, des P-Stern Modells. In diesem Modell spielen monetäre Aggregate eine aktive Rolle im Transmissionsprozess geldpolitischer Impulse. Die Zinspolitik der Notenbank beeinflusst die Inflationsentwicklung über zwei Kanäle, den Auslastungsgrad und den Liquiditätsgrad. Im Abschnitt 2 werden monetäre Indikatoren der Inflationsentwicklung diskutiert. Ausgehend von einer langfristigen Geldnachfragefunktion werden der Geldüberhang, die Preislücke und die nominale Geldlücke verglichen. Die Preislücke ist ein umfassender Inflationsindikator, der den vom Gütermarkt (Auslastungsgrad) und vom Geldmarkt (Liquiditätsgrad) ausgehenden Inflationsdruck zusammenfasst. Ferner werden die Implikationen der Preislücke in Phillips-Beziehungen für die Inflationsdynamik diskutiert. Der Abschnitt 3 befasst sich eingehender mit der Rolle der Preislücke im monetären Transmissionsprozess. Das monetäre P-Stern Modell and ein Neu-Keynesianisches Modell des Taylor Typs werden im Hinblick auf ihre Stabilitätseigenschaften, die stabilitätspolitische Effizienz der Zinspolitik sowie die Kosten einer Disinflationspolitik verglichen. Der Abschnitt 4 untersucht eine Reihe geldpolitischer Regeln im P-Stern Modell. Die direkte Inflationsteuerung, die Inflationsprognosesteuerung sowie die optimale Inflationssteuerung werden untersucht und mit einer Strategie der Preisniveausteuerung verglichen. Ausgehend von einer allgemeineren Zielfunktion für die Notenbank werden ferner eine Taylor Regel (Steuerung von Inflation und Output), die Geldmengensteuerung sowie eine Zwei-Säulen-Strategie (Steuerung von Geldmengenwachstum und Inflation) untersucht. Das Abschneiden dieser Regeln wird für den Fall perfekter Voraussicht sowie rationaler Erwartungen seitens der Notenbank analysiert. Außerdem werden diese Strategien mit zwei Benchmark Strategien verglichen, einer passiven Regel sowie einer breit angelegten Meta-Strategie. Abschließend wird die Geldmengensteuerung als Zwischenzielstrategie mit einer Taylor-Regel verglichen, wenn die Notenbank einen Informationsvorsprung bezüglich des Geldmengenwachstums besitzt.

ABSTRACTThis study uses P‐star model to examine the role of money in explaining inflation in India. In particular, we compare the performance of traditional Phillips curve approach against P‐star model in forecasting inflation. Moreover, the study estimates P‐star model using the alternative measures of money such as simple sum and Divisia M3, to examine the relevance of aggregation theoretic monetary aggregates in explaining inflation. The empirical results indicate that P‐star model with real money gap has an edge over traditional Phillips curve approach in forecasting inflation. More importantly, we found that the P‐star model estimated with Divisia real money gap performs better than its simple sum counterpart. These empirical findings suggest that the changes in real money gap play a crucial role in explaining inflation in India.

The P-star inflation model is based on the long-term quantity theory of money and puts together the long-term determinants of the price level and the short-run changes in current inflation. The P-star model-based indicator has replaced the previous monetary policy procedures in a number of countries because it offers by far more information and predictive power than monitoring movements in money supply and the rate of monetary growth. In this paper we used the P-star model to calculate the leading indicator of inflation, and also to test the forecasting performance of the P-star model-based leading indicator of inflation. The results of the study show that compared to the simple autoregressive model and the M2 growth augmented model, the P-star model can be used to obtain the leading indicator of inflation in Pakistan because it has additional information about the future rate of inflation. Therefore, this paper provides a useful tool to the policy-makers to assess the future movement of inflation in Pakistan..

Space–time autoregressive (STAR) models, introduced by Cliff and Ord [Spatial autocorrelation (1973) Pioneer, London] are successfully applied in many areas of science, particularly when there is prior information about spatial dependence. These models have significantly fewer parameters than vector autoregressive models, where all information about spatial and time dependence is deduced from the data. A more flexible class of models, generalized STAR models, has been introduced in Borovkovaet al. [Proc. 17th Int. Workshop Stat. Model. (2002), Chania, Greece] where the model parameters are allowed to vary per location. This paper establishes strong consistency and asymptotic normality of the least squares estimator in generalized STAR models. These results are obtained under minimal conditions on the sequence of innovations, which are assumed to form a martingale difference array. We investigate the quality of the normal approximation for finite samples by means of a numerical simulation study, and apply a generalized STAR model to a multivariate time series of monthly tea production in west Java, Indonesia.

Digital Storytelling is a pedagogical tool that has been used for centuries to impart knowledge, values and attitudes. A few models have been developed for the analysis and evaluation of Educational Digital Storytelling Environments (EDSE). A useful, comprehensive and representative evaluation model of EDSE is the "Dimension Star" (Schafer, 2004). This model could be used in the analysis and evaluation of EDSE using twelve criteria-dimensions, namely: Concreteness, User Contribution, Coherence, Continuity, Structure, Cognitive Effort, Virtuality, Spatiality, Control, Interactivity, Collaboration, and Immersion. In this paper, twelve EDSE are analyzed and evaluated with the "Dimension Star" model. This study may be a useful tool for educational software developers especially in the early stages of conception and design of an EDSE. Finally, this study can help teachers to choose appropriate EDSE so that be able to fulfill specific teaching goals in their classrooms.

We analyze the feedback mechanisms between economic downturns and financial stress for euro area countries. Our study employs newly constructed financial condition indices that incorporate extensively banking variables. We apply a nonlinear Vector Smooth Transition Autoregressive (VSTAR) model for investigating instabilities in the financial sector-output linkages. The VSTAR model appears appropriate since it allows for smooth regime changes and asymmetric dynamics. We find that regime-switching takes place rather smoothly which dampens the negative output response after a shock in the financial sector in the selected euro area countries. Moreover, linearity cannot be rejected for all countries over some extensive time period questioning non-linearities in the financial sector-output nexus as unambiguous feature. In particular, we show that the negative effect of financial stress on output typically observed is not always present. This holds specifically for the time before the Lehman collapse, even if this is a model-defined high stress regime. After the collapse, we observe strong amplification mechanisms. This suggests that events leading to a strong economic breakdown are rare but large events and related to financial cycles which exhibit low frequency.

This study examines and forecasts job satisfaction of Indonesian workers from 2000 to 2022 using the happiness index and its influencing factors. The Smooth Transition Autoregressive (STAR) method is employed to analyze the non-linear relationship between the happiness index and worker welfare, performance, and motivation, which are measured by per capita consumption, GDP per capita, and labor force participation. The inflation rate serves as the transition variable. The findings reveal positive effects of worker welfare and performance and a negative effect of work motivation on the happiness index. A significant threshold effect is also observed, which varies with the inflation rate. The study predicts an increase in the happiness index from 2023 to 2026, indicating improved job satisfaction post-COVID-19. This study contributes to the literature by employing a novel method and providing empirical evidence from Indonesia, a developing country with a large and diverse workforce, before and after the COVID-19 pandemic. The study acknowledges some limitations and implications for future research, such as the use of aggregate data, the linear assumption, and the lack of control variables. The paper underscores the need for policymakers and practitioners to enhance worker welfare and performance and to mitigate the negative impact of work motivation. It also highlights the need for workers and society to elevate the happiness index as a measure of job satisfaction and well-being and to address the economic and social challenges and opportunities that affect workers' quality of life.