text:
Recent developments in several industrial economies, particularly in the three largest ones, raise important issues about how to judge the stance of monetary policy. In the United States, recovery from the recent recession has been exceptionally sluggish, whereas inflation has fallen to its lowest level in two decades. In Japan, growth has slowed considerably during the past eighteen months. In Germany, by contrast, inflationary pressures surged in 1991–92 following unification, although more recently growth has stagnated. At the same time, the evolution of broad monetary aggregates—which the monetary authorities have preferred to target or monitor—suggests that monetary conditions have been tight in the United States and Japan but easy in Germany. But other indicators—including nominal and real short-term interest rates, the slope of yield curves, and narrow monetary aggregates—suggest that monetary policy has eased in the United States and in Japan, whereas it has tightened significantly in Germany.
This annex examines the experiences of these three countries and, more briefly, those of selected other industrial economies in order to assess the reliability of indicators of the stance of monetary policy. The analysis shows that contradictions among the various indicators, as is now the case, often occur over the course of the business cycle. Moreover, the growth of the broad monetary aggregates now appears to be giving misleading indications of the true stance of monetary policy and of its probable effect on future growth and inflation. Appropriately assessing the stance of monetary policy and the need for policy adjustments therefore requires examination of a range of indicators.
In the United States, the recovery from the recession that began in the third quarter of 1990 has been unusually sluggish by historical standards: growth in the first four quarters following the trough has been only about half that in the weakest previous postwar recovery (Chart 20). Although several factors have contributed to this disappointing performance, there has been concern that the slow growth of M2, which has fallen below the bottom of the Federal Reserve’s target band, indicates that monetary policy has not eased enough to sustain a robust recovery (Chart 21). This behavior apparently contrasts with earlier experience, when a fall in velocity, typically due to a surge in M2, has usually preceded a pickup in output growth by about four quarters.
1As identified by the National Bureau of Economic Research.
The recent behavior of M2 has been sufficiently unusual to suggest that this aggregate may no longer be very useful for assessing the stance of monetary policy.1 During the 1970s, a positively sloped yield curve was associated with rapid growth of M2 relative to M1. After financial deregulation in the 1980s, however, this relationship apparently broke down; since the mid-1980s, an inverted yield curve has been associated with rapid growth of M2 relative to M1. The recent pattern reflects the fact that low short-term interest rates and high long-term rates reduce the attractiveness of short-term assets in M2 relative to both demand deposits and longer-term assets, thereby reducing the growth of M2.
Other factors have also contributed to the recent slowdown in the growth of M2. On the demand side, households and businesses may have been liquidating short-term assets in order to reduce their debt burden by paying down loans. On the supply side, depository institutions have been increasing the spread between the return on assets (loans) and the cost of liabilities (deposits, including time deposits) in response to low profitability, regulatory pressure to boost capital-asset ratios, slack loan demand during the recession and subsequent period of slow growth, and the perception that some loans are now riskier than before. As banks have consolidated the asset side of their balance sheets, they have had less need to raise funds and therefore have offered relatively low returns on instruments such as time deposits. Finally, asset shifts associated with closures of insolvent savings and loan institutions have reportedly slowed the growth of monetary aggregates.
Indicators other than M2 suggest that the stance of monetary policy in the United States has eased substantially. In particular, the narrow aggregate M1 has been growing robustly, and the dollar has weakened as short-term nominal interest rates have fallen to their lowest levels in three decades. Short-term real interest rates are now close to zero, the lowest level since real interest rates were negative in the early 1980s. Long-term interest rates, however, have fallen only modestly, resulting in a very steep yield curve. In contrast to the often confusing signals provided by monetary aggregates, the yield curve has proved to be a reliable indicator of economic activity, with a lag of about four quarters.2 In the 1974–75 recession, the yield curve became steeply inverted about four quarters before output growth turned negative; it then became positive as output recovered. A similar pattern occurred in the 1981–82 recession. The recent steepness of the yield curve has been signaling an upturn in economic activity for some time and is consistent with a recovery in output growth in 1993, although the process of resolving private sector balance sheet difficulties may continue to restrain the pace of expansion.
In Japan, as in the United States, the monetary aggregate monitored by the central bank (M2 + CD) has barely grown over the past eighteen months, suggesting very tight monetary conditions (Chart 22).3 This slow growth was preceded by unusually rapid growth in 1990, however, and to that extent may reflect a return of the aggregate to its underlying trend. The evolution of the monetary aggregates was also influenced by the sharp rise in market interest rates in 1990 and their subsequent decline through 1991. As interest rates rose in 1990, funds were shifted out of postal deposits, which are not included in M2 + CD, because returns did not rise as quickly as interest rates paid on other assets. Prime lending rates also rose more slowly than market rates in late 1990 and early 1991; in response, firms borrowed at prime and reinvested in CDs. As interest rates fell during 1991, funds were shifted back into postal deposits, and firms unwound their positions in CDs, with the result that growth of M2 + CD was unusually slow.
1 CD, certificate of deposit.
Indicators other than M2 + CD suggest that the stance of monetary policy has loosened somewhat. The growth of the narrow aggregate M1 increased during 1990–91 and, although it declined somewhat in 1992, it was at about the same level as average growth in the 1980s. In addition, short-term rates have fallen by over 300 basis points in the past eighteen months in Japan, and real short-term interest rates are at their lowest level in more than a decade (except for a brief period in 1989). Short-term rates have also fallen about a percentage point below long-term rates. As in other countries, a positively sloped yield curve is associated with high growth of the narrow aggregate compared with the broad one.
However, the factors underlying the recent behavior of monetary aggregates and other indicators in Japan are not completely understood, and it is therefore unusually difficult to judge whether current monetary conditions can sustain adequate growth in 1993. In particular, as in several other industrial countries, the collapse of equity and real estate prices has eroded the capital base of the banking sector, has resulted in a rise in nonperforming loans, and may also be depressing household consumption. The prospect that these effects may prove as pervasive and long-lasting as in other industrial countries suggests that the current stance of monetary policy in Japan is not overly expansionary.
In Germany, the twelve-month growth rates of the broad monetary aggregate M3 during the first nine months of 1992 were running well above the target range of 3.5 to 5.5 percent established by the Bundesbank (Chart 23).4 The rapid growth of M3 has been cited as an indication that monetary policy has been too loose. By contrast, following an upward surge during 1991 because of German monetary unification, M1 grew relatively moderately, despite a probable increase in the use of the deutsche mark in Eastern Europe and the former Soviet Union. Although moderate M1 growth suggests tight monetary policy, the divergence between the growth rates of the aggregates has complicated the assessment of the stance of policy. Historically, M3 has tended to grow more rapidly than M1 in response to a flattening or inversion of the yield curve—as has occurred during the past two years—because relatively high short-term rates increase the attractiveness of the short-term interest-bearing assets in M3. In addition, the prospect of the introduction of a withholding tax on interest income in mid-1992 may have induced movement out of longer-term assets and into the relatively liquid interest-bearing assets contained in M3.
Monetary unification has made movements in both the narrow and broad monetary aggregates misleading as indicators of monetary stance.5 In addition to a substantial once-and-for-all increase in money stocks of perhaps 15 percent, unification increased the demand for money from the eastern Länder. It will be difficult to evaluate how the behavior of asset holders and borrowers in east Germany will evolve; hence, the growth rates of the monetary aggregates may prove to be misleading guides to underlying economic conditions.
Whereas M3 and M1 have been providing mixed signals, other indicators suggest that monetary policy in Germany is now quite tight. Short-term nominal and, more important, real interest rates are very high by postwar standards. This has put considerable upward pressure on the deutsche mark and contributed to the recent turmoil in the ERM. Short-term interest rates are also now well above long-term rates, resulting in a yield curve that is as steeply inverted as at any time in recent history. As in the United States, an inverted yield curve has been a reliable indicator that monetary policy is exerting significant downward pressure on output growth.
Two previous episodes of inflationary pressure followed by monetary tightening are helpful in assessing the indicators of monetary stance. Germany experienced a surge of inflationary pressure in the early 1970s, as did other countries. In response, the Bundesbank raised nominal and real short-term interest rates, and the yield curve became steeply inverted. The downturn of economic activity in Germany during 1974–75 and the subsequent reduction of inflation testify to the success of the tight stance of monetary policy. Nonetheless, M3 continued to grow rapidly from early 1973 through late 1974, even as M1 growth collapsed. In 1979, the second oil shock triggered another inflationary upsurge, which was again accompanied by a tightening of monetary conditions. As in 1973–74, the growth of M1 fell sharply, even turning negative in 1981, whereas the growth rate of M3 remained relatively stable. The yield curve became inverted as short rates rose sharply, and, as in the previous episode, this was followed by a fall in output, although the disinflationary impact may have been blunted by the fall in the value of the deutsche mark relative to the dollar, which reflected in part very tight monetary policy in the United States. In light of both of these episodes, the current monetary indicators suggest a slowing of the German economy and receding inflationary pressures.
Recent difficulties in interpreting the behavior of monetary aggregates have not been limited to the three largest economies. In the United Kingdom, rising inflation became a key policy concern by late 1988, particularly in view of the prospect of entry into the ERM (which occurred in 1990). Monetary policy, which has used MO as the only targeted aggregate since 1987, was tightened considerably beginning in 1988 and over the course of 1989, remained tight through most of 1990, and then eased modestly beginning in late 1990. Short-term rates were pushed well above long-term rates from mid-1988 through late 1990 and then eased gradually to only about a percentage point above long-term rates during 1991, although they remained very high in real terms. In response, economic growth slackened somewhat during 1989, and a prolonged recession began in the third quarter of 1990. Meanwhile, inflation (measured by the “headline” twelve-month change in the retail price index) has fallen below 4 percent.
The growth of the broad monetary aggregate M4 remained high relative to that of the narrow aggregate throughout 1989 and into 1990. As economic activity began to weaken, the growth of M4 fell to levels not seen since the 1960s, suggesting an economy declining into a deepening recession. In contrast, the growth of the narrower aggregate began to fall in mid-1988, providing a more reliable indication of the earlier tightening of monetary stance in 1988 and 1989. The recent behavior of narrow money suggests an economy that is only barely growing. The situation in the United Kingdom in 1989 and early 1990 was thus similar to the current situation in Germany: a tight monetary stance accompanied by rapid growth of broad monetary aggregates. Monetary conditions were eased following the pound sterling’s entry into the ERM in late 1990, with short-term interest rates falling from 15 percent to 9½ percent in September 1992. Since sterling left the ERM, short-term rates fell further to 7¼ percent in early December—about 1 percentage point below long-term rates—and the pound has depreciated in effective terms by about 16 percent. These changes amount to a substantial easing of monetary conditions and should stimulate economic activity in 1993.
In Canada, where no monetary aggregate is targeted, inflation became the key policy concern during 1988–90, and monetary policy tightened considerably. Short-term interest rates were pushed up from mid-1988 until mid-1990 and stood more than 2½ percentage points above long-term rates from early 1989 until late 1990. As the economy slowed and inflation eased, short-term rates fell more than 700 basis points and were about 3 percentage points below long-term rates in August 1992. From already low levels in 1988, growth of the narrow monetary aggregate M1 declined further during 1989 and turned negative during 1990. In contrast, growth of the broad monetary aggregate picked up over the course of 1988–89, reached a peak for the decade at the end of 1989, and remained high through 1990. Since early 1991, growth of the broad aggregate has declined somewhat, whereas the growth of the narrow aggregate has picked up. The evolution of real output growth, which began to slow in late 1989 and turned negative in mid-1990, confirms the assessment of monetary policy indicated by the behavior of interest rates and the narrow aggregate. The behavior of the broad aggregate, in contrast, has been less useful as a guide to the impact of policy.
In Australia, determined efforts to combat inflation were clearly under way during 1989 as interest rates on short-term treasury bills were pushed to nearly 18 percent, 4 percentage points above long-term rates. The twelve-month growth of the narrow monetary aggregate M1 declined sharply from 36 percent at the beginning of 1989 to slightly below zero in early 1990. In contrast, the twelve-month growth of the broad monetary aggregate M3 rose to a peak of over 30 percent in mid-1989, ran above 20 percent by year-end, and was above 10 percent throughout 1990. Growth began to slow late in 1989; by mid-1990 a recession had begun, and inflation was falling. Again, the narrow aggregate appears to have reflected the stance of monetary policy more accurately than has the broad aggregate. The recovery that began in late 1991 is consistent with the sharp pickup in growth of the narrow aggregate, the persistent declines in short-term interest rates, and the increasingly positive slope of the yield curve since early 1991. At the same time, the broad aggregate has grown only slowly.
September 1990 Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
October 1990 World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
November 1990 Multilateral Official Debt Rescheduling: Recent Experience, by Michael G. Kuhn with Jorge P. Guzman.
May 1991 International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
May 1991 World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
October 1991 World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1991 Private Market Financing for Developing Countries, by a Staff Team from the Exchange and Trade Relations Department.
May 1992 World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1992 Developments in International Exchange and Payments Systems, by a Staff Team from the Exchange and Trade Relations Department.
August 1992 Issues and Developments in International Trade Policy, by a Staff Team led by Margaret Kelly and Anne Kenny McGuirk.
September 1992 International Capital Markets: Developments, Prospects, and Policy Issues, by Morris Goldstein, David Folkerts-Landau, Mohamed El-Erian, Steven Fries, and Liliana Rojas-Suarez.
October 1992 World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1992 Private Market Financing for Developing Countries, by a Staff Team from the Policy Development and Review Department led by Charles Collyns.
January 1993 World Economic Outlook—Interim Assessment: A Survey by the Staff of the International Monetary Fund.
This annex was prepared by Robert P. Ford.
M1 comprises demand deposits at commercial banks and currency. M2 comprises M1, savings deposits, overnight repurchases and Eurodollars, small time deposits, and money market mutual shares. The recent slowdown in M2 growth has been concentrated in small time deposits, which are interest-bearing, nonliquid instruments issued in denominations of less than $100,000. See the analysis in John Wenninger and John Partlan, “Small Time Deposits and the Recent Weakness of M2,” Federal Reserve Bank of New York Quarterly Review, Vol. 17 (Spring 1992), pp. 21–35.
For econometric evidence, see Arturo Estrella and Gikas A. Hardouvelis, “The Term Structure as a Predictor of Real Economic Activity,” Journal of Finance, Vol. 46 (June 1991), pp. 555–76. They find that the term structure is a better predictor of real output than the short-term real interest rate and the index of leading indicators.
M1 comprises currency and demand deposits. M2 + CD comprises M1, all other deposits with financial institutions, and certificates of deposit (CDs).
M1 comprises “sight” deposits and currency. M3 comprises M1, time deposits, funds borrowed for a period of less than four years, and savings deposits. The Bundesbank’s target range is based on an estimate of potential output growth and on the medium-term target of price stability.
One sign of potential instability in money demand is the clear break in the relationship between monetary aggregates and nominal income. The steady decline in M3 velocity has been reversed since sometime in 1989, even after adjusting money stocks for the once-and-for-all change associated with unification.
On the first point, see Jeroen J.M. Kremers and Timothy D. Lane, “Economic and Monetary Integration and the Aggregate Demand for Money in the EMS,” Staff Papers (IMF), Vol. 27 (December 1990), pp. 777–805, and the references contained therein. On the second point, see Tamim A. Bayoumi and Peter B. Kenen, “Using an EC-Wide Monetary Aggregate in Stage Two of EMU, “IMF Working Paper 92/56 (July 1992). The issue of an EC monetary aggregate is far from settled, however, as is indicated by the comment on Kremers and Lane by David Barr, “The Demand for Money in Europe,” Staff Papers (IMF), Vol. 39 (September 1992), pp. 718–29.

lowercased:
recent developments in several industrial economies, particularly in the three largest ones, raise important issues about how to judge the stance of monetary policy. in the united states, recovery from the recent recession has been exceptionally sluggish, whereas inflation has fallen to its lowest level in two decades. in japan, growth has slowed considerably during the past eighteen months. in germany, by contrast, inflationary pressures surged in 1991–92 following unification, although more recently growth has stagnated. at the same time, the evolution of broad monetary aggregates—which the monetary authorities have preferred to target or monitor—suggests that monetary conditions have been tight in the united states and japan but easy in germany. but other indicators—including nominal and real short-term interest rates, the slope of yield curves, and narrow monetary aggregates—suggest that monetary policy has eased in the united states and in japan, whereas it has tightened significantly in germany.
this annex examines the experiences of these three countries and, more briefly, those of selected other industrial economies in order to assess the reliability of indicators of the stance of monetary policy. the analysis shows that contradictions among the various indicators, as is now the case, often occur over the course of the business cycle. moreover, the growth of the broad monetary aggregates now appears to be giving misleading indications of the true stance of monetary policy and of its probable effect on future growth and inflation. appropriately assessing the stance of monetary policy and the need for policy adjustments therefore requires examination of a range of indicators.
in the united states, the recovery from the recession that began in the third quarter of 1990 has been unusually sluggish by historical standards: growth in the first four quarters following the trough has been only about half that in the weakest previous postwar recovery (chart 20). although several factors have contributed to this disappointing performance, there has been concern that the slow growth of m2, which has fallen below the bottom of the federal reserve’s target band, indicates that monetary policy has not eased enough to sustain a robust recovery (chart 21). this behavior apparently contrasts with earlier experience, when a fall in velocity, typically due to a surge in m2, has usually preceded a pickup in output growth by about four quarters.
1as identified by the national bureau of economic research.
the recent behavior of m2 has been sufficiently unusual to suggest that this aggregate may no longer be very useful for assessing the stance of monetary policy.1 during the 1970s, a positively sloped yield curve was associated with rapid growth of m2 relative to m1. after financial deregulation in the 1980s, however, this relationship apparently broke down; since the mid-1980s, an inverted yield curve has been associated with rapid growth of m2 relative to m1. the recent pattern reflects the fact that low short-term interest rates and high long-term rates reduce the attractiveness of short-term assets in m2 relative to both demand deposits and longer-term assets, thereby reducing the growth of m2.
other factors have also contributed to the recent slowdown in the growth of m2. on the demand side, households and businesses may have been liquidating short-term assets in order to reduce their debt burden by paying down loans. on the supply side, depository institutions have been increasing the spread between the return on assets (loans) and the cost of liabilities (deposits, including time deposits) in response to low profitability, regulatory pressure to boost capital-asset ratios, slack loan demand during the recession and subsequent period of slow growth, and the perception that some loans are now riskier than before. as banks have consolidated the asset side of their balance sheets, they have had less need to raise funds and therefore have offered relatively low returns on instruments such as time deposits. finally, asset shifts associated with closures of insolvent savings and loan institutions have reportedly slowed the growth of monetary aggregates.
indicators other than m2 suggest that the stance of monetary policy in the united states has eased substantially. in particular, the narrow aggregate m1 has been growing robustly, and the dollar has weakened as short-term nominal interest rates have fallen to their lowest levels in three decades. short-term real interest rates are now close to zero, the lowest level since real interest rates were negative in the early 1980s. long-term interest rates, however, have fallen only modestly, resulting in a very steep yield curve. in contrast to the often confusing signals provided by monetary aggregates, the yield curve has proved to be a reliable indicator of economic activity, with a lag of about four quarters.2 in the 1974–75 recession, the yield curve became steeply inverted about four quarters before output growth turned negative; it then became positive as output recovered. a similar pattern occurred in the 1981–82 recession. the recent steepness of the yield curve has been signaling an upturn in economic activity for some time and is consistent with a recovery in output growth in 1993, although the process of resolving private sector balance sheet difficulties may continue to restrain the pace of expansion.
in japan, as in the united states, the monetary aggregate monitored by the central bank (m2 + cd) has barely grown over the past eighteen months, suggesting very tight monetary conditions (chart 22).3 this slow growth was preceded by unusually rapid growth in 1990, however, and to that extent may reflect a return of the aggregate to its underlying trend. the evolution of the monetary aggregates was also influenced by the sharp rise in market interest rates in 1990 and their subsequent decline through 1991. as interest rates rose in 1990, funds were shifted out of postal deposits, which are not included in m2 + cd, because returns did not rise as quickly as interest rates paid on other assets. prime lending rates also rose more slowly than market rates in late 1990 and early 1991; in response, firms borrowed at prime and reinvested in cds. as interest rates fell during 1991, funds were shifted back into postal deposits, and firms unwound their positions in cds, with the result that growth of m2 + cd was unusually slow.
1 cd, certificate of deposit.
indicators other than m2 + cd suggest that the stance of monetary policy has loosened somewhat. the growth of the narrow aggregate m1 increased during 1990–91 and, although it declined somewhat in 1992, it was at about the same level as average growth in the 1980s. in addition, short-term rates have fallen by over 300 basis points in the past eighteen months in japan, and real short-term interest rates are at their lowest level in more than a decade (except for a brief period in 1989). short-term rates have also fallen about a percentage point below long-term rates. as in other countries, a positively sloped yield curve is associated with high growth of the narrow aggregate compared with the broad one.
however, the factors underlying the recent behavior of monetary aggregates and other indicators in japan are not completely understood, and it is therefore unusually difficult to judge whether current monetary conditions can sustain adequate growth in 1993. in particular, as in several other industrial countries, the collapse of equity and real estate prices has eroded the capital base of the banking sector, has resulted in a rise in nonperforming loans, and may also be depressing household consumption. the prospect that these effects may prove as pervasive and long-lasting as in other industrial countries suggests that the current stance of monetary policy in japan is not overly expansionary.
in germany, the twelve-month growth rates of the broad monetary aggregate m3 during the first nine months of 1992 were running well above the target range of 3.5 to 5.5 percent established by the bundesbank (chart 23).4 the rapid growth of m3 has been cited as an indication that monetary policy has been too loose. by contrast, following an upward surge during 1991 because of german monetary unification, m1 grew relatively moderately, despite a probable increase in the use of the deutsche mark in eastern europe and the former soviet union. although moderate m1 growth suggests tight monetary policy, the divergence between the growth rates of the aggregates has complicated the assessment of the stance of policy. historically, m3 has tended to grow more rapidly than m1 in response to a flattening or inversion of the yield curve—as has occurred during the past two years—because relatively high short-term rates increase the attractiveness of the short-term interest-bearing assets in m3. in addition, the prospect of the introduction of a withholding tax on interest income in mid-1992 may have induced movement out of longer-term assets and into the relatively liquid interest-bearing assets contained in m3.
monetary unification has made movements in both the narrow and broad monetary aggregates misleading as indicators of monetary stance.5 in addition to a substantial once-and-for-all increase in money stocks of perhaps 15 percent, unification increased the demand for money from the eastern länder. it will be difficult to evaluate how the behavior of asset holders and borrowers in east germany will evolve; hence, the growth rates of the monetary aggregates may prove to be misleading guides to underlying economic conditions.
whereas m3 and m1 have been providing mixed signals, other indicators suggest that monetary policy in germany is now quite tight. short-term nominal and, more important, real interest rates are very high by postwar standards. this has put considerable upward pressure on the deutsche mark and contributed to the recent turmoil in the erm. short-term interest rates are also now well above long-term rates, resulting in a yield curve that is as steeply inverted as at any time in recent history. as in the united states, an inverted yield curve has been a reliable indicator that monetary policy is exerting significant downward pressure on output growth.
two previous episodes of inflationary pressure followed by monetary tightening are helpful in assessing the indicators of monetary stance. germany experienced a surge of inflationary pressure in the early 1970s, as did other countries. in response, the bundesbank raised nominal and real short-term interest rates, and the yield curve became steeply inverted. the downturn of economic activity in germany during 1974–75 and the subsequent reduction of inflation testify to the success of the tight stance of monetary policy. nonetheless, m3 continued to grow rapidly from early 1973 through late 1974, even as m1 growth collapsed. in 1979, the second oil shock triggered another inflationary upsurge, which was again accompanied by a tightening of monetary conditions. as in 1973–74, the growth of m1 fell sharply, even turning negative in 1981, whereas the growth rate of m3 remained relatively stable. the yield curve became inverted as short rates rose sharply, and, as in the previous episode, this was followed by a fall in output, although the disinflationary impact may have been blunted by the fall in the value of the deutsche mark relative to the dollar, which reflected in part very tight monetary policy in the united states. in light of both of these episodes, the current monetary indicators suggest a slowing of the german economy and receding inflationary pressures.
recent difficulties in interpreting the behavior of monetary aggregates have not been limited to the three largest economies. in the united kingdom, rising inflation became a key policy concern by late 1988, particularly in view of the prospect of entry into the erm (which occurred in 1990). monetary policy, which has used mo as the only targeted aggregate since 1987, was tightened considerably beginning in 1988 and over the course of 1989, remained tight through most of 1990, and then eased modestly beginning in late 1990. short-term rates were pushed well above long-term rates from mid-1988 through late 1990 and then eased gradually to only about a percentage point above long-term rates during 1991, although they remained very high in real terms. in response, economic growth slackened somewhat during 1989, and a prolonged recession began in the third quarter of 1990. meanwhile, inflation (measured by the “headline” twelve-month change in the retail price index) has fallen below 4 percent.
the growth of the broad monetary aggregate m4 remained high relative to that of the narrow aggregate throughout 1989 and into 1990. as economic activity began to weaken, the growth of m4 fell to levels not seen since the 1960s, suggesting an economy declining into a deepening recession. in contrast, the growth of the narrower aggregate began to fall in mid-1988, providing a more reliable indication of the earlier tightening of monetary stance in 1988 and 1989. the recent behavior of narrow money suggests an economy that is only barely growing. the situation in the united kingdom in 1989 and early 1990 was thus similar to the current situation in germany: a tight monetary stance accompanied by rapid growth of broad monetary aggregates. monetary conditions were eased following the pound sterling’s entry into the erm in late 1990, with short-term interest rates falling from 15 percent to 9½ percent in september 1992. since sterling left the erm, short-term rates fell further to 7¼ percent in early december—about 1 percentage point below long-term rates—and the pound has depreciated in effective terms by about 16 percent. these changes amount to a substantial easing of monetary conditions and should stimulate economic activity in 1993.
in canada, where no monetary aggregate is targeted, inflation became the key policy concern during 1988–90, and monetary policy tightened considerably. short-term interest rates were pushed up from mid-1988 until mid-1990 and stood more than 2½ percentage points above long-term rates from early 1989 until late 1990. as the economy slowed and inflation eased, short-term rates fell more than 700 basis points and were about 3 percentage points below long-term rates in august 1992. from already low levels in 1988, growth of the narrow monetary aggregate m1 declined further during 1989 and turned negative during 1990. in contrast, growth of the broad monetary aggregate picked up over the course of 1988–89, reached a peak for the decade at the end of 1989, and remained high through 1990. since early 1991, growth of the broad aggregate has declined somewhat, whereas the growth of the narrow aggregate has picked up. the evolution of real output growth, which began to slow in late 1989 and turned negative in mid-1990, confirms the assessment of monetary policy indicated by the behavior of interest rates and the narrow aggregate. the behavior of the broad aggregate, in contrast, has been less useful as a guide to the impact of policy.
in australia, determined efforts to combat inflation were clearly under way during 1989 as interest rates on short-term treasury bills were pushed to nearly 18 percent, 4 percentage points above long-term rates. the twelve-month growth of the narrow monetary aggregate m1 declined sharply from 36 percent at the beginning of 1989 to slightly below zero in early 1990. in contrast, the twelve-month growth of the broad monetary aggregate m3 rose to a peak of over 30 percent in mid-1989, ran above 20 percent by year-end, and was above 10 percent throughout 1990. growth began to slow late in 1989; by mid-1990 a recession had begun, and inflation was falling. again, the narrow aggregate appears to have reflected the stance of monetary policy more accurately than has the broad aggregate. the recovery that began in late 1991 is consistent with the sharp pickup in growth of the narrow aggregate, the persistent declines in short-term interest rates, and the increasingly positive slope of the yield curve since early 1991. at the same time, the broad aggregate has grown only slowly.
september 1990 staff studies for the world economic outlook, by the research department of the international monetary fund.
october 1990 world economic outlook: a survey by the staff of the international monetary fund.
november 1990 multilateral official debt rescheduling: recent experience, by michael g. kuhn with jorge p. guzman.
may 1991 international capital markets: developments and prospects, by a staff team from the exchange and trade relations and research departments.
may 1991 world economic outlook: a survey by the staff of the international monetary fund.
october 1991 world economic outlook: a survey by the staff of the international monetary fund.
december 1991 private market financing for developing countries, by a staff team from the exchange and trade relations department.
may 1992 world economic outlook: a survey by the staff of the international monetary fund.
may 1992 developments in international exchange and payments systems, by a staff team from the exchange and trade relations department.
august 1992 issues and developments in international trade policy, by a staff team led by margaret kelly and anne kenny mcguirk.
september 1992 international capital markets: developments, prospects, and policy issues, by morris goldstein, david folkerts-landau, mohamed el-erian, steven fries, and liliana rojas-suarez.
october 1992 world economic outlook: a survey by the staff of the international monetary fund.
december 1992 private market financing for developing countries, by a staff team from the policy development and review department led by charles collyns.
january 1993 world economic outlook—interim assessment: a survey by the staff of the international monetary fund.
this annex was prepared by robert p. ford.
m1 comprises demand deposits at commercial banks and currency. m2 comprises m1, savings deposits, overnight repurchases and eurodollars, small time deposits, and money market mutual shares. the recent slowdown in m2 growth has been concentrated in small time deposits, which are interest-bearing, nonliquid instruments issued in denominations of less than $100,000. see the analysis in john wenninger and john partlan, “small time deposits and the recent weakness of m2,” federal reserve bank of new york quarterly review, vol. 17 (spring 1992), pp. 21–35.
for econometric evidence, see arturo estrella and gikas a. hardouvelis, “the term structure as a predictor of real economic activity,” journal of finance, vol. 46 (june 1991), pp. 555–76. they find that the term structure is a better predictor of real output than the short-term real interest rate and the index of leading indicators.
m1 comprises currency and demand deposits. m2 + cd comprises m1, all other deposits with financial institutions, and certificates of deposit (cds).
m1 comprises “sight” deposits and currency. m3 comprises m1, time deposits, funds borrowed for a period of less than four years, and savings deposits. the bundesbank’s target range is based on an estimate of potential output growth and on the medium-term target of price stability.
one sign of potential instability in money demand is the clear break in the relationship between monetary aggregates and nominal income. the steady decline in m3 velocity has been reversed since sometime in 1989, even after adjusting money stocks for the once-and-for-all change associated with unification.
on the first point, see jeroen j.m. kremers and timothy d. lane, “economic and monetary integration and the aggregate demand for money in the ems,” staff papers (imf), vol. 27 (december 1990), pp. 777–805, and the references contained therein. on the second point, see tamim a. bayoumi and peter b. kenen, “using an ec-wide monetary aggregate in stage two of emu, “imf working paper 92/56 (july 1992). the issue of an ec monetary aggregate is far from settled, however, as is indicated by the comment on kremers and lane by david barr, “the demand for money in europe,” staff papers (imf), vol. 39 (september 1992), pp. 718–29.


text:
Cover your GMC Yukon Denali with the premium protection of the impressive Grey Weathertech DigitalFit Floorliner.
The WeatherTech 46066-1-2 has not yet been reviewed. You can be the first to Create an Online Review for this product and share your experiences with other customers!
This page contains information (descriptions, images, and specifications) obtained by KEENZO from manufacturers and other industry sources believed to be reliable. KEENZO makes no warranties or representations with respect to the performance of the products or accuracy of the information. Any and all warranties, whether written or oral, expressed or implied, are hereby expressly disclaimed by KEENZO, including, but not limited to, warranties of merchantability and fitness for a particular purpose and liability arising from errors and omissions in the information. It is your sole responsibility to evaluate the accuracy of, completeness, and usefulness of the information. If you feel the information for WeatherTech 46066-1-2 may be incorrect, please click here to let us know (The page will simply refresh).

lowercased:
cover your gmc yukon denali with the premium protection of the impressive grey weathertech digitalfit floorliner.
the weathertech 46066-1-2 has not yet been reviewed. you can be the first to create an online review for this product and share your experiences with other customers!
this page contains information (descriptions, images, and specifications) obtained by keenzo from manufacturers and other industry sources believed to be reliable. keenzo makes no warranties or representations with respect to the performance of the products or accuracy of the information. any and all warranties, whether written or oral, expressed or implied, are hereby expressly disclaimed by keenzo, including, but not limited to, warranties of merchantability and fitness for a particular purpose and liability arising from errors and omissions in the information. it is your sole responsibility to evaluate the accuracy of, completeness, and usefulness of the information. if you feel the information for weathertech 46066-1-2 may be incorrect, please click here to let us know (the page will simply refresh).


text:
It may be noted that Air India's was the only service that plied between Madurai and Mumbai.
Some passengers pointed out that all the tickets used to be sold out during the festive season and summer.
Chennai: Much to the chagrin of air passengers and traders of Madurai, Air India announced the temporary cancellation of its Mumbai to Madurai flight via Chennai from July 12 to July 31, citing low patronage to the service that has been catering to passengers of the southern districts for almost 42 years.
Although the announcement of cancelling AI671 (Mumbai to Madurai) and AI672 (Madurai to Mumbai) said that the cancellation has been done on a temporary basis, Air India sources said that the operation of the service from August 1 would be decided in the coming days. AI671 was taking off from Mumbai and reaching Chennai at 10.45 am every day from 1976.
The flight would leave for Madurai at 11.30 am. It was taking off from Madurai to reach Chennai at 2.15 pm. The decision was taken at a time when local passengers are demanding a direct service from Madurai to Mumbai.
“Private airlines are operating as many as 16 services between Chennai and Madurai. But Air India claims that the flight has low patronage. How can a private player operate flights without patronage? Air India is making way for private airlines,” a regular passenger alleged.
It may be noted that Air India's was the only service that plied between Madurai and Mumbai. “Many traders were using the Air India flight to send their jasmines, vegetables and other agricultural products to Mumbai for years. Withdrawing the flight service will hurt traders and farmers of the southern districts,” the passenger added.
Some passengers pointed out that all the tickets used to be sold out during the festive season and summer. “On normal days too, nearly 80 percent tickets were sold for the Air India flight. The claims of poor patronage made by the authorities are misleading,” they alleged.
Meanwhile, union minister Pon. Radhakrishnan said that he would talk to the Civil Aviation Minister to operate the existing flight service and an additional flight between Madurai and Mumbai.

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it may be noted that air india's was the only service that plied between madurai and mumbai.
some passengers pointed out that all the tickets used to be sold out during the festive season and summer.
chennai: much to the chagrin of air passengers and traders of madurai, air india announced the temporary cancellation of its mumbai to madurai flight via chennai from july 12 to july 31, citing low patronage to the service that has been catering to passengers of the southern districts for almost 42 years.
although the announcement of cancelling ai671 (mumbai to madurai) and ai672 (madurai to mumbai) said that the cancellation has been done on a temporary basis, air india sources said that the operation of the service from august 1 would be decided in the coming days. ai671 was taking off from mumbai and reaching chennai at 10.45 am every day from 1976.
the flight would leave for madurai at 11.30 am. it was taking off from madurai to reach chennai at 2.15 pm. the decision was taken at a time when local passengers are demanding a direct service from madurai to mumbai.
“private airlines are operating as many as 16 services between chennai and madurai. but air india claims that the flight has low patronage. how can a private player operate flights without patronage? air india is making way for private airlines,” a regular passenger alleged.
it may be noted that air india's was the only service that plied between madurai and mumbai. “many traders were using the air india flight to send their jasmines, vegetables and other agricultural products to mumbai for years. withdrawing the flight service will hurt traders and farmers of the southern districts,” the passenger added.
some passengers pointed out that all the tickets used to be sold out during the festive season and summer. “on normal days too, nearly 80 percent tickets were sold for the air india flight. the claims of poor patronage made by the authorities are misleading,” they alleged.
meanwhile, union minister pon. radhakrishnan said that he would talk to the civil aviation minister to operate the existing flight service and an additional flight between madurai and mumbai.


text:
217 N. St. Mary's St.
The 73rd Annual Fall Conference of the Texas Association of County Auditors is designed to keep members informed of issues that are important to you and your constituents. This four-day conference in San Antonio will be a convenient way to earn up to 20:50 hours of continuing education credits at education sessions and to enjoy networking with your peers.
Room Rate: $124 per night plus occupancy tax.
For reservations, (210) 224-2500. Ask for the Texas Association of County Auditors room block.
For hotel reservations, call the Holiday Inn San Antonio Riverwalk at (210) 224-2500 and request space in the "Texas Association of County Auditors" or reference the "XPS" code to receive the group room rate of $124 per night, plus tax.
The deadline to reserve rooms at the special rate is Sept. 20, or until the block is full. We encourage you to make reservations early. Group rates are available for the nights of Oct. 15-20.
Self-parking in hotel garage: $10 a day.
Valet parking: $30 a day.
207 N. St. Mary's St.
Ask for Texas Association of County Auditors room block.
Sponsored by: McCreary, Veselka, Bragg & Allen P.C.
The conference offers 20:50 hours of continuing education for county auditors.
Interested in sponsorship or exhibitor opportunities for this conference?
Please contact Loretta Key, Eastland County Auditor, at (254) 629-1082.
Please click on the Agenda Tab to view the schedule of events for the conference.
Exhibitors at the TACA conference can set up Tuesday, Oct. 16, at 8 a.m. They can tear down Friday, Oct. 19, at 10 a.m.
The busiest time for the exhibit hall will be before and after conference sessions and during the scheduled conference breaks.
5. Recognition in County Auditor’s Comments (quarterly newsletter).
4. Name recognition as Platinum Sponsor, including an announcement at scheduled social events.
4. Name recognition as Gold Sponsor.
4. Name recognition as Silver Sponsor.
4. Name recognition as Bronze Sponsor.

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217 n. st. mary's st.
the 73rd annual fall conference of the texas association of county auditors is designed to keep members informed of issues that are important to you and your constituents. this four-day conference in san antonio will be a convenient way to earn up to 20:50 hours of continuing education credits at education sessions and to enjoy networking with your peers.
room rate: $124 per night plus occupancy tax.
for reservations, (210) 224-2500. ask for the texas association of county auditors room block.
for hotel reservations, call the holiday inn san antonio riverwalk at (210) 224-2500 and request space in the "texas association of county auditors" or reference the "xps" code to receive the group room rate of $124 per night, plus tax.
the deadline to reserve rooms at the special rate is sept. 20, or until the block is full. we encourage you to make reservations early. group rates are available for the nights of oct. 15-20.
self-parking in hotel garage: $10 a day.
valet parking: $30 a day.
207 n. st. mary's st.
ask for texas association of county auditors room block.
sponsored by: mccreary, veselka, bragg & allen p.c.
the conference offers 20:50 hours of continuing education for county auditors.
interested in sponsorship or exhibitor opportunities for this conference?
please contact loretta key, eastland county auditor, at (254) 629-1082.
please click on the agenda tab to view the schedule of events for the conference.
exhibitors at the taca conference can set up tuesday, oct. 16, at 8 a.m. they can tear down friday, oct. 19, at 10 a.m.
the busiest time for the exhibit hall will be before and after conference sessions and during the scheduled conference breaks.
5. recognition in county auditor’s comments (quarterly newsletter).
4. name recognition as platinum sponsor, including an announcement at scheduled social events.
4. name recognition as gold sponsor.
4. name recognition as silver sponsor.
4. name recognition as bronze sponsor.


text:
Worst girl, not caring about all these chains. Commissioned by the duke of tightness.
Not enough chains. Also needs a weight somewhere too.
Ah, no. I am not. Just a random one making a comment.

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worst girl, not caring about all these chains. commissioned by the duke of tightness.
not enough chains. also needs a weight somewhere too.
ah, no. i am not. just a random one making a comment.


text: The Model D-4B 4-Channel, 4-Button Handheld Transmitter is a four-channel transmitter that can initiate four separate functions. It is used in many remote switching applications where a portable four-channel transmitter is required. The first two digits of the digital code sent will be off or on depending on which transmitter button is pressed. Each transmission causes the red LED indicator on the front of the transmitter to light, showing that the transmitter is sending a signal and that the battery is in good condition.

lowercased: the model d-4b 4-channel, 4-button handheld transmitter is a four-channel transmitter that can initiate four separate functions. it is used in many remote switching applications where a portable four-channel transmitter is required. the first two digits of the digital code sent will be off or on depending on which transmitter button is pressed. each transmission causes the red led indicator on the front of the transmitter to light, showing that the transmitter is sending a signal and that the battery is in good condition.


text:
Everyone wanting to subdivide land in Peachland must get approval from the District of Peachland.
The Land Title Act requires all subdivision plans to be reviewed and either approved or rejected by the Approving Officer. This requirement is set out by the Municipal Act and the Land Titles Act.
In Peachland the Subdivision & Development Servicing Bylaw identifies a senior staff member to act as the Approving Officer and make all decisions regarding land subdivision. The intent of the review process is to ensure that your subdivision is a positive contribution to Peachland, as well as a benefit to you.
Applications for Subdivision Development Agreements and statutory right-of-way documents also require the approval of Council.

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everyone wanting to subdivide land in peachland must get approval from the district of peachland.
the land title act requires all subdivision plans to be reviewed and either approved or rejected by the approving officer. this requirement is set out by the municipal act and the land titles act.
in peachland the subdivision & development servicing bylaw identifies a senior staff member to act as the approving officer and make all decisions regarding land subdivision. the intent of the review process is to ensure that your subdivision is a positive contribution to peachland, as well as a benefit to you.
applications for subdivision development agreements and statutory right-of-way documents also require the approval of council.


text:
I was in class, when this happened. I remember getting into my van to go and grab something to eat and run home for a bit before my next class. The radio kept saying something about the pentagon. I didn't understand because the announcer was not forthcoming with any information. All I understood was that there was a fire. My thoughts turned to getting home and hopefully finding out what was going on.
Then I reached home and saw the unthinkable right there on my television.
I had made it home just 2 minutes before the first tower fell. I just remembered feeling lost. Should I go and get my children from school and daycare? Should I go back to class? Oh My God, what about my husband? Does he even know?
Then it happened again...Soon before I left to go back to class, the second tower fell.
I did continue my day. And as it went on, I saw more and more anger and sorrow among my classmates and even my instructors. Classes turned into full-blown discussions of what was happening to our nation. I remember seeing crowds around offices and classroom televisions, struggling to hear the latest news.
When I went to get my two smallest children from daycare, is when I think it finally hit home. I walked into my daycare provider�s home. It was quiet, as usual, because it was naptime. When I approached my provider�s living room, there she was just sobbing. It was then it hit. We just stood there, sobbing together�not saying a word.
Now that the anniversary grows closer and the TV replays those horrible images and the radio play those beautiful songs in remembrance, I will stop and thank God, again, for giving me my family, my friends, and my life. I will give my boys an extra hug and tell them for the ten-millionth time I love them. I will kiss and hold my husband a little longer before he goes to work. But most importantly I will go on, because if I let it get to me, they will win�and this American is not about to let them.
My wife and I were both at work on 9/11. Although our office was closed that afternoon for security reasons, we stayed at work to finish up various tasks. We both feel that the response of the public and the news media needs to be tempered by some reality. First, we kill many more people from auto accidents, alcohol and tobacco in this country than we ever lost on 9/11. Second, terrorism of this kind is endemic around the world and has killed many more than we lost on 9/11 and the US is just lucky it hadn't struck here more often. Third, we have enough home grown nuts who use terrorism to advance their agenda (think OK City, abortion clinics, militia's) that could just as easily have been the terrorists as muslims. Fourth, it is very apparent to us that the current generation of Americans has grown very soft and fails to account for the world outside our borders. Get over it. In our part of the US, life was normal on 9/10, 9/11 and 9/12 and ever since that time. We flew to a conference on 9/23 for a week and have flown many times since then. Traffic at our local airport dropped just 4% over the last 6 months.
As a veteran, I am proud of the NYC firefighters and policemen and our military response and glad to see returning serviceman acknowledged for their service as opposed to being heckled and spit on like my own experience during Vietnam.

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i was in class, when this happened. i remember getting into my van to go and grab something to eat and run home for a bit before my next class. the radio kept saying something about the pentagon. i didn't understand because the announcer was not forthcoming with any information. all i understood was that there was a fire. my thoughts turned to getting home and hopefully finding out what was going on.
then i reached home and saw the unthinkable right there on my television.
i had made it home just 2 minutes before the first tower fell. i just remembered feeling lost. should i go and get my children from school and daycare? should i go back to class? oh my god, what about my husband? does he even know?
then it happened again...soon before i left to go back to class, the second tower fell.
i did continue my day. and as it went on, i saw more and more anger and sorrow among my classmates and even my instructors. classes turned into full-blown discussions of what was happening to our nation. i remember seeing crowds around offices and classroom televisions, struggling to hear the latest news.
when i went to get my two smallest children from daycare, is when i think it finally hit home. i walked into my daycare provider�s home. it was quiet, as usual, because it was naptime. when i approached my provider�s living room, there she was just sobbing. it was then it hit. we just stood there, sobbing together�not saying a word.
now that the anniversary grows closer and the tv replays those horrible images and the radio play those beautiful songs in remembrance, i will stop and thank god, again, for giving me my family, my friends, and my life. i will give my boys an extra hug and tell them for the ten-millionth time i love them. i will kiss and hold my husband a little longer before he goes to work. but most importantly i will go on, because if i let it get to me, they will win�and this american is not about to let them.
my wife and i were both at work on 9/11. although our office was closed that afternoon for security reasons, we stayed at work to finish up various tasks. we both feel that the response of the public and the news media needs to be tempered by some reality. first, we kill many more people from auto accidents, alcohol and tobacco in this country than we ever lost on 9/11. second, terrorism of this kind is endemic around the world and has killed many more than we lost on 9/11 and the us is just lucky it hadn't struck here more often. third, we have enough home grown nuts who use terrorism to advance their agenda (think ok city, abortion clinics, militia's) that could just as easily have been the terrorists as muslims. fourth, it is very apparent to us that the current generation of americans has grown very soft and fails to account for the world outside our borders. get over it. in our part of the us, life was normal on 9/10, 9/11 and 9/12 and ever since that time. we flew to a conference on 9/23 for a week and have flown many times since then. traffic at our local airport dropped just 4% over the last 6 months.
as a veteran, i am proud of the nyc firefighters and policemen and our military response and glad to see returning serviceman acknowledged for their service as opposed to being heckled and spit on like my own experience during vietnam.


text:
The personal "cloud" is the first step towards a virtual office | grreporter.info- News from Greece - Breaking News, Business, Sport, Multimedia and Video.
I often see people carrying large pads with them, their desks are piled with paper and the screen of computer is littered by sticky notes. On the other hand we are all mobile - literally and figuratively speaking – we are constantly in motion, our work is pursuing us even at home, we have computers from our work, mobile computers (laptop / notebook) we have smartphones, netbooks, tablets ... But we just do not have time to figure out how to make the most use of them!
I have been planning for a long time to write this article, through which I can show you how using a few free programs we can create a "virtual office". Recently, people talk a lot about the so-called "cloud computing". I promise it will not rain! Cloud computing enable us only through an Internet connection to use them wherever we are. In this way you will not have to call a colleague and ask him for a number of a client which we have written on a note, but we forgot the desk in the office. The programs that we will use and their application do not fully meet the definition of "cloud computing", but with a pure heart, we can say that will make our own, personal cloud.
When we download and install the program, it creates a folder on our computer, in which, whatever we place, is immediately synchronized with another computer where the program is also installed. Files are stored on the server of Dropbox and we can see them on their site, even without having installed on our computer the program, and for this purpose we must create an account. The free version gives us relatively little space of 2 GB, which however is enough for the purposes of this article and our personal cloud through which we will create a virtual office.
REMEMBER: For the tricks described below, to work, you must install Dropbox on every computer on which you wantto use them! It is mandatory to use the same account / registration / on each computer so as to see the same content that you synchronize.
I will not describe in detail how to install Dropbox, because they have prepared a wonderful presentation of how to use their service, which you can view at the end of the installation of the program.
We have already installed our cloud service and we are ready to synchronize ... what? I will offer you a small but very useful program that I have been using for years and serves me as my calendar, reminder and a list of tasks (To Do). I deliberately write the names in brackets because some of you may have used similar programs and can make a connection with them, as some users use the programs in English, others in Bulgarian. Rainlendar combines all these useful features and has one very big advantage: it can be seen directly on the desktop of your computer, allowing you to always see it in front of your eyes.
The program and more about its many useful features, you can find on the website of its author and you can also download it from there: http://www.rainlendar.net/. For many users, the free Lite version will be absolutely enough as well as for the purposes of this article. How to synchronize events and tasks that we input in our small Rainlendar calendar between all computers that we use, let’s say the one at home, in the office and the laptop? Of course, using Dropbox, which we have already installed on each computer and have created our Dropbox user account i.e. username and password.
IMPORTANT: Save the backup file in a folder of your choice, you may also do it in the folder of Dropbox. Do however mandatorily unzip the file into the folder of Dropbox! Dropbox will automatically synchronize it between all computers on which it is installed.
You can rename the extracted file. I've named min "Internet", and the downloaded calendar for the purpose of the article I named "PROBA". Now we have to ask for the Rainlendar calendar to use the shared calendar. It is very easy, here is how we do it: right click and press "Options"

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the personal "cloud" is the first step towards a virtual office | grreporter.info- news from greece - breaking news, business, sport, multimedia and video.
i often see people carrying large pads with them, their desks are piled with paper and the screen of computer is littered by sticky notes. on the other hand we are all mobile - literally and figuratively speaking – we are constantly in motion, our work is pursuing us even at home, we have computers from our work, mobile computers (laptop / notebook) we have smartphones, netbooks, tablets ... but we just do not have time to figure out how to make the most use of them!
i have been planning for a long time to write this article, through which i can show you how using a few free programs we can create a "virtual office". recently, people talk a lot about the so-called "cloud computing". i promise it will not rain! cloud computing enable us only through an internet connection to use them wherever we are. in this way you will not have to call a colleague and ask him for a number of a client which we have written on a note, but we forgot the desk in the office. the programs that we will use and their application do not fully meet the definition of "cloud computing", but with a pure heart, we can say that will make our own, personal cloud.
when we download and install the program, it creates a folder on our computer, in which, whatever we place, is immediately synchronized with another computer where the program is also installed. files are stored on the server of dropbox and we can see them on their site, even without having installed on our computer the program, and for this purpose we must create an account. the free version gives us relatively little space of 2 gb, which however is enough for the purposes of this article and our personal cloud through which we will create a virtual office.
remember: for the tricks described below, to work, you must install dropbox on every computer on which you wantto use them! it is mandatory to use the same account / registration / on each computer so as to see the same content that you synchronize.
i will not describe in detail how to install dropbox, because they have prepared a wonderful presentation of how to use their service, which you can view at the end of the installation of the program.
we have already installed our cloud service and we are ready to synchronize ... what? i will offer you a small but very useful program that i have been using for years and serves me as my calendar, reminder and a list of tasks (to do). i deliberately write the names in brackets because some of you may have used similar programs and can make a connection with them, as some users use the programs in english, others in bulgarian. rainlendar combines all these useful features and has one very big advantage: it can be seen directly on the desktop of your computer, allowing you to always see it in front of your eyes.
the program and more about its many useful features, you can find on the website of its author and you can also download it from there: http://www.rainlendar.net/. for many users, the free lite version will be absolutely enough as well as for the purposes of this article. how to synchronize events and tasks that we input in our small rainlendar calendar between all computers that we use, let’s say the one at home, in the office and the laptop? of course, using dropbox, which we have already installed on each computer and have created our dropbox user account i.e. username and password.
important: save the backup file in a folder of your choice, you may also do it in the folder of dropbox. do however mandatorily unzip the file into the folder of dropbox! dropbox will automatically synchronize it between all computers on which it is installed.
you can rename the extracted file. i've named min "internet", and the downloaded calendar for the purpose of the article i named "proba". now we have to ask for the rainlendar calendar to use the shared calendar. it is very easy, here is how we do it: right click and press "options"


text:
Number of ads: 253. Displaying ads 1 to 20.
I Take Jobs As The..

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number of ads: 253. displaying ads 1 to 20.
i take jobs as the..


text:
In this study, the reinforcement of wooden beams with fiber-reinforced plastics (FRP) for restorative and constructive purposes was investigated. Two application-oriented processes were developed and evaluated for the production of static as well as dynamic highly stressed fiber reinforced wood composites (FRWC). For that purpose, spruce wood (Picea abies Karst.) was reinforced with carbon fiber and basalt fiber rovings and the static short-run behavior was tested by a four-point bending test. The results show a significant increase in bending stiffness (66%) and bending strength (54%) even for a small degree of reinforcement (3% and 6% by cross section). A parametric simulation model of the four-point bending test was established to predict the bending stiffness as well as to simulate both material and geometry parameters. The simulated and experimental results show good correlations.
Bergner, K. ; Tosch, M. ; Zauer, M. ; Spickenheuer, A. ; Wagenführ, A. ; Heinrich, G.

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in this study, the reinforcement of wooden beams with fiber-reinforced plastics (frp) for restorative and constructive purposes was investigated. two application-oriented processes were developed and evaluated for the production of static as well as dynamic highly stressed fiber reinforced wood composites (frwc). for that purpose, spruce wood (picea abies karst.) was reinforced with carbon fiber and basalt fiber rovings and the static short-run behavior was tested by a four-point bending test. the results show a significant increase in bending stiffness (66%) and bending strength (54%) even for a small degree of reinforcement (3% and 6% by cross section). a parametric simulation model of the four-point bending test was established to predict the bending stiffness as well as to simulate both material and geometry parameters. the simulated and experimental results show good correlations.
bergner, k. ; tosch, m. ; zauer, m. ; spickenheuer, a. ; wagenführ, a. ; heinrich, g.


text:
In a lage pan heat oil over med high heat add onions and cook until soft, add garlic and peppercorns and cook 1 more minute. Deglaze pan by adding brandy while still over med high heat. Add beef broth and bring to a simmer. Combine cold cream with cornstarch in a small bowl. Whisk into pan with broth and cook over low until sauce thickens, add mustard . Serve over sliced meat.
Add 1 T paprika, flour, salt and pepper to a large bowl or plastic bag. add meat and toss or shake to coat. Heat olive oil in a large pan add beef and onion and cook until browned. add garlic and caraway seeds and cook 1 minute more. add beef broth (enough to cover meat), remaining paprika, tomato paste and vinegar, bring to a boil and then reduce heat to simmer. Cook over low heat for 45 minutes-1 hr, sauce with thicken and meat will become tender. Add peppers and cook 20 minutes more over low heat or until peppers are soft. Serve over buttered noodles or mashed potatoes.
Think of this as a Greek Bolognese Sauce, it is a hearty and comforting dish. I served it with a salad of lettuce, radishes and beets and toasted pita with garlic.
in a large skillet saute ground turkey until no longer pink, add 1 T greek seasoning, garlic, and spinach, cook over med until spinach is wilted and add tomatoes and vinegar.
Mix together with drained pasta and add to a large 9×12 baking dish. Add cream and feta and mozzarella cheese and remaining Greek Seasoning.
Cover with foil and bake at 350 for 20 minutes, stirring occasionally so pasta on top doesn’t get dry. Sauce will thicken and cheese will melt.

lowercased:
in a lage pan heat oil over med high heat add onions and cook until soft, add garlic and peppercorns and cook 1 more minute. deglaze pan by adding brandy while still over med high heat. add beef broth and bring to a simmer. combine cold cream with cornstarch in a small bowl. whisk into pan with broth and cook over low until sauce thickens, add mustard . serve over sliced meat.
add 1 t paprika, flour, salt and pepper to a large bowl or plastic bag. add meat and toss or shake to coat. heat olive oil in a large pan add beef and onion and cook until browned. add garlic and caraway seeds and cook 1 minute more. add beef broth (enough to cover meat), remaining paprika, tomato paste and vinegar, bring to a boil and then reduce heat to simmer. cook over low heat for 45 minutes-1 hr, sauce with thicken and meat will become tender. add peppers and cook 20 minutes more over low heat or until peppers are soft. serve over buttered noodles or mashed potatoes.
think of this as a greek bolognese sauce, it is a hearty and comforting dish. i served it with a salad of lettuce, radishes and beets and toasted pita with garlic.
in a large skillet saute ground turkey until no longer pink, add 1 t greek seasoning, garlic, and spinach, cook over med until spinach is wilted and add tomatoes and vinegar.
mix together with drained pasta and add to a large 9×12 baking dish. add cream and feta and mozzarella cheese and remaining greek seasoning.
cover with foil and bake at 350 for 20 minutes, stirring occasionally so pasta on top doesn’t get dry. sauce will thicken and cheese will melt.


text: A KENSTAR washing machine (laundry machine, clothes washer, or washer) is a machine to wash laundry, such as clothing and sheets. The term is mostly applied only to machines that use water as opposed to dry cleaning (which uses alternative cleaning fluids, and is performed by specialist businesses) or ultrasonic cleaners. KENSTAR washing entails immersing, dipping, rubbing, or scrubbing in water usually accompanied by detergent, or bleach. The simplest machines may simply agitate clothes in water while switched on; automatic machines may fill, empty, wash, spin, and heat in a cycle. Most KENSTAR washing machines remove substantial amounts of water from the laundry at the end of a wash cycle, but do not completely dry it.

lowercased: a kenstar washing machine (laundry machine, clothes washer, or washer) is a machine to wash laundry, such as clothing and sheets. the term is mostly applied only to machines that use water as opposed to dry cleaning (which uses alternative cleaning fluids, and is performed by specialist businesses) or ultrasonic cleaners. kenstar washing entails immersing, dipping, rubbing, or scrubbing in water usually accompanied by detergent, or bleach. the simplest machines may simply agitate clothes in water while switched on; automatic machines may fill, empty, wash, spin, and heat in a cycle. most kenstar washing machines remove substantial amounts of water from the laundry at the end of a wash cycle, but do not completely dry it.


text:
In today’s lifestyle, we tend to do almost everything indoors if possible, even exercising.
From indoor tracks to treadmills we seem to be trying to limit our outdoors activities more and more.
With that being said, there will always be some great things that running outdoors will be able to offer us that we just can’t do indoors.
So for this article, I’ll be covering some of my favorite outdoor running perks for you.
There’s nothing like go for a run when it feels great outdoors.
Yes, even better than watching your show on a treadmill.
There is something freeing about just being able to start running and venture into new territory or just taking in nature itself.
Indoor tracks can be great for those rainy days or during winter but let’s face it, seeing the same walls round after round gets old pretty quick.
I challenge you to go out for a run, especially now that the weather is starting to get nice and see if you don’t enjoy it much more than being stuck indoors.
When running outdoors you’re most likely not staying on an exact flat surface the entire time. There are usually dips, hills and just a variety of landscapes you’ll be growing throughout there.
This helps keep the body guessing and also increases the overall difficulty of the run which causes your body to burn more calories.
I’m not saying go out and do a tough mudder type of difficulty run but just running up a hill going up a few feet can cause this.
This technically can be done on a treadmill nowadays with all of their different settings but for those who don’t prefer treadmills then you’d be out of luck because indoor tracks are usually just flat services.
As we mentioned in our first point about enjoying outdoor running more, well there have been studies to show that this actually results in a better overall mindset boost.
Here is a good quote from an article that goes over some of these benefits I mentioned.
Of course, this may not be for everyone, especially for those who don’t live in the safest of places but this is something to keep a thought on for if you’re trying to decide between indoor or outdoor running.
If you’re mainly one who just prefers to do cardio then you can save money from not having to pay for a gym membership for around 75% of the year.
I’m not a huge fan of running or actually doing anything in cold weather so if you don’t mind going out for a jog in January then more power to you.
What a lot of people will do is either buy themselves a treadmill for in their house to use during those cold and rainy days or just join a gym for a few months.
Either way is a great way to find yourself saving some money that you would be spending on a gym membership.
Another great thing about getting out for a run is the chance to meet new people.
I have found that when I meet people out running they are more eager to strike up a conversation with you compared to those doing cardio inside the gym.
Most of the time I’ve got my headphones in and don’t look to chat but every once in a while I’ll run into someone who is catching their breath around the same time as me, which we strike up a quick conversation.
I’ve met some pretty cool people during my runs and even gotten a few dates.
If you prefer to be left alone during your run, then I completely get it, so just throw on your music and keep trucking away.
For a lot of folks to take pride in being in shape, they also enjoy having a good overall tan.
This tends to lean more for the ladies but I myself try to take off my shirt and get a little tan as well when I’m running.
Other than just getting a tan, you’re also getting Vitamin D from the sunlight which can go with what we’re talking about above on the mental benefits of running outside.
This can also lead to saving, even more, money if you’re one to go to the tanning beds to get your tan on.
As you can see there is a good amount of benefits to trading in the indoors for the outdoors for your run.
I only covered a few of the benefits and there are plenty more on top of the ones I mentioned.
Even though there are lots of positive things about outdoor running there is still plenty of reasons why one would choose doing their cardio indoors.
In the end, it all comes down to figuring out which is better for you, so just try to outweigh the pros and cons of each to see which you like better.
You also don’t have to choose 100% between the two. It can be nice to mix things up which is what I find myself doing depending on my mood or how the weather is acting.
I hope this article has helped give you some insight into outdoor running in general. If you have any thoughts on which is better or why you prefer indoor over outdoor, vice versa then let me know in the comments.
I always like to see others opinions on why they prefer certain types of fitness over others.
Sterling is a writer, fitness junkie and loves all things technology. Sterling is the owner of ChainsToGains.com or over on his Tumblr, which is where you can get in touch with him if you have any questions/comments.
Treadmill Vs. Jogging—What’s Better for Cardio Workouts?
How Does Running Improve Heart Health?

lowercased:
in today’s lifestyle, we tend to do almost everything indoors if possible, even exercising.
from indoor tracks to treadmills we seem to be trying to limit our outdoors activities more and more.
with that being said, there will always be some great things that running outdoors will be able to offer us that we just can’t do indoors.
so for this article, i’ll be covering some of my favorite outdoor running perks for you.
there’s nothing like go for a run when it feels great outdoors.
yes, even better than watching your show on a treadmill.
there is something freeing about just being able to start running and venture into new territory or just taking in nature itself.
indoor tracks can be great for those rainy days or during winter but let’s face it, seeing the same walls round after round gets old pretty quick.
i challenge you to go out for a run, especially now that the weather is starting to get nice and see if you don’t enjoy it much more than being stuck indoors.
when running outdoors you’re most likely not staying on an exact flat surface the entire time. there are usually dips, hills and just a variety of landscapes you’ll be growing throughout there.
this helps keep the body guessing and also increases the overall difficulty of the run which causes your body to burn more calories.
i’m not saying go out and do a tough mudder type of difficulty run but just running up a hill going up a few feet can cause this.
this technically can be done on a treadmill nowadays with all of their different settings but for those who don’t prefer treadmills then you’d be out of luck because indoor tracks are usually just flat services.
as we mentioned in our first point about enjoying outdoor running more, well there have been studies to show that this actually results in a better overall mindset boost.
here is a good quote from an article that goes over some of these benefits i mentioned.
of course, this may not be for everyone, especially for those who don’t live in the safest of places but this is something to keep a thought on for if you’re trying to decide between indoor or outdoor running.
if you’re mainly one who just prefers to do cardio then you can save money from not having to pay for a gym membership for around 75% of the year.
i’m not a huge fan of running or actually doing anything in cold weather so if you don’t mind going out for a jog in january then more power to you.
what a lot of people will do is either buy themselves a treadmill for in their house to use during those cold and rainy days or just join a gym for a few months.
either way is a great way to find yourself saving some money that you would be spending on a gym membership.
another great thing about getting out for a run is the chance to meet new people.
i have found that when i meet people out running they are more eager to strike up a conversation with you compared to those doing cardio inside the gym.
most of the time i’ve got my headphones in and don’t look to chat but every once in a while i’ll run into someone who is catching their breath around the same time as me, which we strike up a quick conversation.
i’ve met some pretty cool people during my runs and even gotten a few dates.
if you prefer to be left alone during your run, then i completely get it, so just throw on your music and keep trucking away.
for a lot of folks to take pride in being in shape, they also enjoy having a good overall tan.
this tends to lean more for the ladies but i myself try to take off my shirt and get a little tan as well when i’m running.
other than just getting a tan, you’re also getting vitamin d from the sunlight which can go with what we’re talking about above on the mental benefits of running outside.
this can also lead to saving, even more, money if you’re one to go to the tanning beds to get your tan on.
as you can see there is a good amount of benefits to trading in the indoors for the outdoors for your run.
i only covered a few of the benefits and there are plenty more on top of the ones i mentioned.
even though there are lots of positive things about outdoor running there is still plenty of reasons why one would choose doing their cardio indoors.
in the end, it all comes down to figuring out which is better for you, so just try to outweigh the pros and cons of each to see which you like better.
you also don’t have to choose 100% between the two. it can be nice to mix things up which is what i find myself doing depending on my mood or how the weather is acting.
i hope this article has helped give you some insight into outdoor running in general. if you have any thoughts on which is better or why you prefer indoor over outdoor, vice versa then let me know in the comments.
i always like to see others opinions on why they prefer certain types of fitness over others.
sterling is a writer, fitness junkie and loves all things technology. sterling is the owner of chainstogains.com or over on his tumblr, which is where you can get in touch with him if you have any questions/comments.
treadmill vs. jogging—what’s better for cardio workouts?
how does running improve heart health?


text:
Shanty2Chic on Instagram: “Easy and inexpensive wall art! We took a photo and had it turned into a $5 engineer print from Staples.
paint color: walls are Homestead Resort Parlor Taupe by Valspar, trim is Ivory Lace by Valspar.
Idea maybe, It could work, laundry room wall. Larger hooks and paint 2 colors in the blocks.
Shanty 2 Chic - Modern, rustic style for your budget.
Shanty2Chic on Instagram: “One of my favorite builds yet... 🙌🏻👯❤ 🔨 # shanty2chic #kitchen Free plans coming for the vent hood soon!
Very EASY DIY Distressed Plank Wall! Love this!!!
... Shanty 2 Chic. LOVE this $80 Pottery Barn inspired console table behind the couch! I want one!

lowercased:
shanty2chic on instagram: “easy and inexpensive wall art! we took a photo and had it turned into a $5 engineer print from staples.
paint color: walls are homestead resort parlor taupe by valspar, trim is ivory lace by valspar.
idea maybe, it could work, laundry room wall. larger hooks and paint 2 colors in the blocks.
shanty 2 chic - modern, rustic style for your budget.
shanty2chic on instagram: “one of my favorite builds yet... 🙌🏻👯❤ 🔨 # shanty2chic #kitchen free plans coming for the vent hood soon!
very easy diy distressed plank wall! love this!!!
... shanty 2 chic. love this $80 pottery barn inspired console table behind the couch! i want one!


text:
Have you got a goal that you want to achieve but it seems so out of your reach? You keep thinking about it but don't seem to be getting closer. Whether is going Paleo, running a marathon, lifting heavier, or making sales, here are some tips for identifying your goal and making it happen.
When we set goal we need to identify a big goal with purpose, focus on our goal and build the belief around it, set smaller goals that help us to work towards our big goal, and remind ourselves daily of what we are pursuing and why.

lowercased:
have you got a goal that you want to achieve but it seems so out of your reach? you keep thinking about it but don't seem to be getting closer. whether is going paleo, running a marathon, lifting heavier, or making sales, here are some tips for identifying your goal and making it happen.
when we set goal we need to identify a big goal with purpose, focus on our goal and build the belief around it, set smaller goals that help us to work towards our big goal, and remind ourselves daily of what we are pursuing and why.


text:
Know the different types of structural supports.
Understand the different types of structural systems.
Apply the different types of loads.
Determine the stability and determinacy of structures.
Determine internal forces at different sections of structure.
The course introduces an overview of Types of structures and supports. Types of loads. Condition of static stability calculations of reactions. Definition of internal forces (normal force, shear forces, bending moments and twisting moments). internal forces in the horizontal beams (cantilevers, simple beams, overhanging beams, Compound beams), Frames and Trusses.
• El-Dakkakhni, “Theory of Structures, Dar Al-Maaref, Cairo, 2000.
• W. F. Chen and E. M. Lui, \”Handbook of Structural Engineering,\” 2nd Ed, CRC Press, 2005.

lowercased:
know the different types of structural supports.
understand the different types of structural systems.
apply the different types of loads.
determine the stability and determinacy of structures.
determine internal forces at different sections of structure.
the course introduces an overview of types of structures and supports. types of loads. condition of static stability calculations of reactions. definition of internal forces (normal force, shear forces, bending moments and twisting moments). internal forces in the horizontal beams (cantilevers, simple beams, overhanging beams, compound beams), frames and trusses.
• el-dakkakhni, “theory of structures, dar al-maaref, cairo, 2000.
• w. f. chen and e. m. lui, \”handbook of structural engineering,\” 2nd ed, crc press, 2005.


text:
Fill a very large pot three-quarters full with water and bring to a boil. Add the collard greens to the water and make sure they are all well submerged. Return the water to a boil and simmer until the greens are tender and bright green, 10 to 15 minutes. Drain the greens and run under cold water to stop the cooking. Drain the greens well, squeezing out excess water with your hands or by placing in a kitchen towel and squeezing. Chop the greens finely and set aside.
Melt the butter in a skillet or Dutch oven large enough to hold all of the greens. Add the garlic and shallots and cook over medium heat until softened but not browned, 4 to 6 minutes. Add the cream and bring to a simmer, stirring occasionally. Cook until reduced by half, about 25 minutes - watch carefully as the cream can quickly boil over! Add the greens and toss until warmed through. Season generously with nutmeg, salt and pepper. Add to a serving dish and sprinkle with the Parmesan.

lowercased:
fill a very large pot three-quarters full with water and bring to a boil. add the collard greens to the water and make sure they are all well submerged. return the water to a boil and simmer until the greens are tender and bright green, 10 to 15 minutes. drain the greens and run under cold water to stop the cooking. drain the greens well, squeezing out excess water with your hands or by placing in a kitchen towel and squeezing. chop the greens finely and set aside.
melt the butter in a skillet or dutch oven large enough to hold all of the greens. add the garlic and shallots and cook over medium heat until softened but not browned, 4 to 6 minutes. add the cream and bring to a simmer, stirring occasionally. cook until reduced by half, about 25 minutes - watch carefully as the cream can quickly boil over! add the greens and toss until warmed through. season generously with nutmeg, salt and pepper. add to a serving dish and sprinkle with the parmesan.