Showing papers on "Boom published in 2004"

Oil and the Macroeconomy Since the 1970s

Abstract: Economists have long been intrigued by empirical evidence that suggests that oil price shocks may be closely related to macroeconomic performance. This interest dates back to the 1970s. The 1970s were a period of growing dependence on imported oil, unprecedented disruptions in the global oil market and poor macroeconomic performance in the United States. Thus, it was natural to suspect a causal relationship from oil prices to U.S. macroeconomic aggregates. Since then, a large body of work has accumulated that purports to establish this link on theoretical grounds and to provide empirical evidence in its support. We do not attempt a comprehensive survey of this literature, but rather provide an idiosyncratic synthesis of what we view as the key issues in this debate and the insights gained over the last 30 years. The timing seems right for such an account. Although the experience of the 1970s continues to play an important role in discussions of the link between oil and the macroeconomy, there have been a number of new “oil price shocks” since the 1970s, notably the 1986 collapse of oil prices and the 2000 boom in oil prices as well as the oil price increases associated with the 1990 –1991 Gulf war and the 2003 Iraq war. Given this richer case history, we are arguably in a better position than two decades ago to distinguish the idiosyncratic features of each oil crisis from the systematic effects. Increases in oil prices have been held responsible for recessions, periods of excessive inflation, reduced productivity and lower economic growth. In this paper, we review the arguments supporting such views. First, we highlight some of the conceptual difficulties in assigning a central role to oil price shocks in explaining

Oil Wealth and Regime Survival in the Developing World, 1960–1999

Abstract: The global oil market and its associated booms and busts have generated a large literature in political science. One contention in this literature is that political instability is a near-certain, long-term outcome of oil wealth. Another line of argument maintains just the opposite, that oil makes authoritarian regimes stronger by funding patronage and repressive apparatuses. In this article, I conduct the first cross-national tests of these arguments and investigate the effects of oil wealth and the oil booms and busts on political stability. Drawing on data from 107 developing countries between 1960 and 1999, I estimate the effects of oil wealth on regime failure, antistate social protest, and domestic armed conflict. Thus, as a first goal this article addresses an analytic shortcoming in previous studies by separating regime survival empirically from both economic policy and regime type (democratic or authoritarian) and by focusing on the direct effects of oil wealth on several measures of political stability. I address the relationship between oil wealth and these outcomes both by comparing exporters to the rest of the developing world and by comparing oil-rich states across pre-boom, boom, and bust periods. The results indicate that oil wealth is robustly associated with more durable regimes and significantly related to lower levels of protest and civil war. Moreover,

Asset price booms and monetary policy

Abstract: The paper aims at deriving some stylised facts for financial, real, and monetary policy developments during asset price booms by means of aggregating information contained in 38 boom periods since the 1970s for 18 OECD countries. We observe 26 macroeconomic variables in a pre-boom, boom and post-boom phase. Not all booms lead to large output losses. We divide our sample in high-cost and low-cost booms and analyse the differences. High-cost booms are clearly those in which real estate prices and investment crash in the post-boom periods. In general it is difficult to distinguish a high-cost from a low-cost boom at an early stage. However, high-cost booms seem to follow very rapid growth in the real money and real credit stocks just before the boom and at the early stages of a boom. During high-cost booms, rates of change of real estate prices and consumption growth are significantly higher and the investment (especially housing) GDP ratio deviation from trend rises faster over the whole boom period. There is also evidence that high-cost booms are associated with significantly looser monetary policy conditions over the boom period, especially towards the late stage of a boom. We finally discuss the results with regard to the theoretical literature. The looser monetary policy at the later stage of high-cost booms could be interpreted in different ways. It could be that excessively loose monetary policy contributes to extending the boom and exacerbating the real and financial imbalances. Alternatively, observed monetary policy could reflect a desirable, pre-emptive loosening in anticipation of an asset price crash to come. JEL Classification: E44, E52, E58

Using Strategy to Change Your Business Model

Abstract: Business models rose to prominence in the dot-com boom. Their usefulness may not have ended with the dot-com bust. George S. Yip believes that business models may shed important light on how we understand and practise strategy. Business academics and consultants have been writing about strategy for over 40 years. Yet there is still great confusion as to what strategy is. The Internet boom and bust introduced a new term, "business model", that may go a long way to clearing up the confusion.

Asset Price Booms and Monetary Policy

Abstract: The paper aims at deriving some stylised facts for financial, real, and monetary policy developments during asset price booms. We observe various macroeconomic variables in a pre-boom, boom and post-boom phase. Not all booms lead to large output losses. We analyse the differences between highcost and low-cost booms. High-cost booms are clearly those in which real estate prices and investment crash in the post-boom periods. In general it is difficult to distinguish a high-cost from a low-cost boom at an early stage. However, high-cost booms seem to follow very rapid growth in the real money and real credit stocks just before the boom and at the early stages of a boom. There is also evidence that high-cost booms are associated with significantly looser monetary policy conditions over the boom period, especially towards the late stage of a boom. We finally discuss the results with regard to the theoretical literature.

Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms

Abstract: This paper examines the economic environments in which past US stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms We identify several episodes of sustained rapid rise in equity prices in the 19th and 20th Centuries, and then assess the growth of real output, productivity, the price level, money and credit stocks during each episode Two booms stand out in terms of their length and rate of increase in market prices -- the booms of 1923-29 and 1994-2000 In general, we find that booms occurred in periods of rapid real growth and productivity advance, suggesting that booms are driven at least partly by fundamentals We find no consistent relationship between inflation and stock market booms, though booms have typically occurred when money and credit growth were above average

Boom utilizing composite material construction

Abstract: The present invention is a boom system comprising a first boom section having a distal end and a proximal end. A second boom section includes a distal end and a proximal end, wherein the proximal end of the second boom section is rotatably coupled to the distal end of the first boom section. At least one of the boom sections is substantially formed from composite materials.

Multi-fidelity Design Optimization of Low-boom Supersonic Business Jets

Abstract: The practical use of high-fidelity multidisciplinary optimization techniques in low-boom supersonic business jet designs has been limited because of the high computational cost associated with CFD-based evaluations of both the performance and the loudness of the ground boom of the aircraft. This is particularly true of designs that involve the sonic boom loudness as either a cost function or a constraint because gradient-free optimization techniques may become necessary, leading to even larger numbers of function evaluations. If, in addition, the objective of the design method is to account for the performance of the aircraft throughout its mission (T/O and landing, climb, acceleration , etc.) while including important multidisciplinary trade-offs between the relevant disciplines (performance, boom, structures, stability and control, propulsion, etc.) the situation only worsens. In order to overcome these limitations, we propose a hierarchical multi-fidelity design approach where high-fidelity models are only used where and when they are needed to correct the shortcomings of the low-fidelity models. Our design approach consists of two basic components: a multidisciplinary aircraft synthesis tool (PASS) that uses highly-tuned low-fidelity models of all of the relevant disciplines and computes the complete mission profile of the aircraft, and a hierarchical, multi-fidelity environment for the creation of response surfaces for aerodynamic performance and sonic boom loudness (BOOM-UA) that attempts to achieve the accuracy of an Euler-based design strategy. This procedure is used to create three design alternatives for a Mach 1.6, 6-8 passenger supersonic business jet configuration with a range of 4,500 nmi and with a T/O field length that is shorter than 6,000 ft. Optimized results are obtained with much lower computational cost than the direct, high-fidelity design alternative. The validation of these design results using the high-fidelity model show very good agreement for the aircraft performance and highlights the need for improved response surface fitting techniques for the boom loudness approximations.

Monetary Policy and Asset Prices: A Look Back at Past U.S. Stock Market Booms

Abstract: This paper examines the economic environments in which past U.S. stock market booms occurred as a first step toward understanding how asset price booms come about and whether monetary policy should be used to defuse booms. We identify several episodes of sustained rapid rise in equity prices in the 19th and 20th Centuries, and then assess the growth of real output, productivity, the price level, money and credit stocks during each episode. Two booms stand out in terms of their length and rate of increase in market prices -- the booms of 1923-29 and 1994-2000. In general, we find that booms occurred in periods of rapid real growth and productivity advance, suggesting that booms are driven at least partly by fundamentals. We find no consistent relationship between inflation and stock market booms, though booms have typically occurred when money and credit growth were above average.

Lightweight deployable booms: design, manufacture, verification, and smart materials application

Abstract: Large and ultra-light space structures on base of deployable components will gain in importance for a row of future mission applications. The DLR Institute of Structural Mechanics is developing deployment concepts for ultra-light carbon-fibre reinforced struts (CFRP booms), which can be coiled around a hub for stowage within a very tight transportation volume. The development of cost-efficient and qualified production technologies for considerably long booms as well as the design verification including on-ground deployment tests are further tasks currently being worked out. Adaptive materials are efficient means to reduce the oscillations of the very large and flexible structures. They were successfully development tested and demonstrated in the framework of a boom test campaign on shortened samples. The deployable CFRP boom design is applied to a joint ESA/DLR Solar Sail in-orbit demonstration project. Four 14 meter long booms are designed, manufactured, verified, and finally integrated. The specific mass of the booms amounts to only 100 grams per meter for this application.

Automatic hydraulic load leveling system for a work vehicle

Abstract: A machine has a boom, that is pivotally raised and lowered by a first cylinder, and has a load carrier that is pivoted at the end of the boom by a second cylinder. As a machine operator commands movement of the boom, the position of the load carrier is automatically altered by a controller to prevent a load from falling off the load carrier. The load carrier position with respect to the boom is altered in response to the amount of boom motion to maintain a constant position relationship between the load carrier and a chassis of the machine. Although the boom and load carrier move through different angular positions, the machine control is expressed in terms of the linear motion of the first and second cylinders.

Methods and apparatuses for capturing and recovering unmanned aircraft, including extendable capture devices

Abstract: Methods and apparatuses for capturing and recovering unmanned aircraft and other flight devices or projectiles are described. In one embodiment, the aircraft can be captured at an extendable boom. The boom can be extended to deploy a recovery line to retrieve the aircraft in flight. The boom can be retracted when not in use to reduce the volume it occupies. A tension device coupled to the recovery line can absorb forces associated with the impact of the aircraft and the recovery line.

Methods and apparatuses for launching and capturing unmanned aircraft, including a combined launch and recovery system

Abstract: Methods and apparatuses for launching and capturing unmanned aircraft and other flight devices or projectiles are described. In one embodiment, the aircraft can be launched from an apparatus that includes an extendable boom. The boom can be extended to deploy a recovery line to retrieve the aircraft in flight. The aircraft can then be retrieved from the recovery line. The boom can be retracted when not in use to reduce the volume it occupies.

Sprayer boom instrumentation for field use

Abstract: Sprayer on-board instrumentation was developed to measure vibration inputs to the boom, boom acceleration response, boom end height response, and sprayer position along a field track with an aim of relating boom dynamics to field spray deposits. Vibration responses included tires, chassis suspension, boom suspension, and any flexure in components (including boom). Twelve accelerometers measured responses in longitudinal (x), vertical (y), and transverse (z) directions at the chassis center rear, boom center, and at each boom end. Accelerometer rating of ±10 g with a manufacturer-rated accuracy of 1% produced satisfactory system responses. An ultrasonic distance sensor operated satisfactorily as a boom height sensor over mown grass with an accuracy of ±0.03 m. A photoelectric-based position-along-track sensor operated satisfactorily with a 23 cm wide target to block the beam with an accuracy of ±6 cm. This position sensor was developed to assist in locating the sprayer and boom dynamics relative to spray deposit samplers in a follow-on study. A PC-based data acquisition system polled sensors at 2.5 kHz. Signal noise was reduced using bandpass (0.1 to 15 Hz) software filtering. Y-accelerations at the boom center ranged from 1.5 to -0.8 g. Response frequencies of the sprayer vehicle and boom ranged from 4 to 7 Hz in x, y, and z directions on a smooth track. A 20 cm track bump resulted in sprayer and boom response frequencies of 1 to 2 Hz in the y direction and 5 to 6 Hz in x and z directions. The bump increased the peak acceleration power up to a factor of 19 for the y direction at both boom ends compared with a smooth track. A 20 cm dip and an opposing 20 cm bump in the sprayer track had an insignificant effect in shifting primary response frequencies in the y direction. However, the dip/bump reduced the response frequency (<5 Hz) in the x and z directions at the boom center. A one-half sprayer tank load of water (1514 L) dampened vehicle vibration so that the water load changed the main response frequency (<4.5 Hz) and reduced power levels (~55%) in the y direction at the boom center. The developed instrumentation system may be useful in the design of future sprayers and spray booms and assist decisions on sprayer suspensions and operating speeds, boom design length, and use of active boom suspensions.

Development of a Deployable Boom for Microsatellites Using Elastic Memory Composite Material

Abstract: Rationale for the inclusion of deployable structures onboard small satellites is ever increasing. For example, replacing traditional mass-expulsion control thrusters with micropropulsion ion thrusters on extendible booms can significantly reduce fuel mass requirements for attitude control systems. However, current flight-heritage booms are rendered inadequate when held to the stringent mass and mechanical requirements necessary to justify such a change. To address the deficiencies of existing boom technologies, a new generation of deployable structures must be developed. Paramount in this endeavor will be the ability to incorporate new materials into the design of next-generation deployable space structures. One promising new material technology for longeron members of deployable booms is TEMBO™ Elastic Memory Composite (EMC). EMC retains the structural properties of traditional fiber reinforced composites, i.e. high stiffness-to-mass ratio, while possessing the ability to behave as a shape memory material. These characteristics enable the primary structural component of a boom to additionally function as the primary deployment mechanism. This paper will focus on the developmental efforts encountered while advancing EMC from a material concept to a viable boom technology. In particular, this paper will introduce a family of deployable EMC booms and then outline the down select process employed during the development of the baseline United States Air Force Academy FalconSat-3 microsat boom.

Inflatable Structure for a Three-Meter Reflectarray Antenna

Abstract: The application of inflatable/rigidizable structures technology has become feasible for near-term large space antennas. The development of one of such application of a 3-m Ka-band reflectarray antenna is discussed. This antenna employs the beam scanning and circular polarization technology that allows the use of a flat surface instead of a parabolic antenna surface. Structurally, a flat surface is comparatively easier to fabricate, package, and maintain than a curved parabolic surface. The development of this antenna was also supported by an innovative inflatable/self-rigidizable boom technology, namely spring tape reinforced aluminum laminate boom. A spring tape reinforced aluminum laminate boom automatically rigidizes after it is deployed by inflation pressure. The rigidization of this boom requires no space power, curing agent, or other added-on rigidization devices. Small damage caused by micrometeoroid impacts will not affect structural performance of the boom, and inflation air is no longer needed after the boom is deployed. Detailed mechanical design, dynamic analysis, and deployment demonstration of the antenna are discussed.

Transportation cart primarily for use in an animal barn

Abstract: A transportation cart primarily for transporting deceased animals through the alleyways of a barn has a swivelling mast and boom mounted on the front section of a frame driven by powered wheels with a slide panel attached to the mast below the boom over which the object can slide as it is pulled by actuating a winch to be carried. A coupling is provided between the front frame section and a rear frame section with castor wheels for providing side to side movement of the rear frame section relative to the front frame section transverse to a longitudinal center line to provide ballast when the lifting is to one side and to provide manoeuvrability. The boom has an inner end mounted on the mast for pivotal movement about a transverse axis such that an outer end of the boom can be raised and lowered and the slide panel is movable from its inclined slide position below the boom to a raised stored position attached to an underside of the boom.

Managing Oil Wealth: The Case of Azerbaijan

Abstract: Azerbaijan has substantial reserves of oil and gas deposits, estimated to be the third largest in the Caspian region. This paper considers issues relating to the management of the country's oil resources, drawing lessons from the experiences of other countries. Topics include: the economic theory of natural resource booms; common characteristics of mismanaged natural resource wealth; institutional arrangements; oil and gas revenue prospects. It then goes on to outline a long-term strategy for oil wealth management in Azerbaijan, building on the lessons discussed.

The Structuralist Perspective on Real Exchange Rate, Share Price Level and Employment Path: What Role Is Left for Money?

Abstract: The current sluggish performance of the US economy follows one of the more remarkable booms in modern history. The late 1990s was a period of simultaneous output and productivity growth, low unemployment and stable inflation, culminating in an unemployment rate of only 3.9% in the fourth quarter of the year 2000. The absence of rising inflation during this period came as a surprise to many since the level of the natural rate of unemployment was commonly estimated to be in the range of 5-6% by the mid 1990s. The non-inflationary boom, however, reminds one of another episode where non-monetary forces were strongly at work, namely, the non-deflationary slump in Europe and elsewhere in the 1980s and 90s, which appeared to signal a move to a higher natural rate of unemployment. The modeling of such structural slumps and booms is the task that we have tackled in a number of papers in recent years, the book Structural Slumps being a major milestone.

Pipe-handling boom and method of use thereof

Abstract: A pipe-handling boom, and method of use thereof, adapted to mount onto an excavator boom, wherein an excavator operator may utilize the pipe-handling boom while the excavator is disposed atop the bridge deck The pipe-handling boom generally comprises a multi-directional and fully rotational grapple in cooperative communication with a telescopically-adjustable boom arm, wherein the grapple mimics human hand and wrist movements, thereby providing the operator with the ability to grasp and lift a selected length of pipe, and, to further maneuver, cant, tilt, rotate or otherwise positionally-manipulate the pipe relative to the telescopically-adjustable boom arm The boom arm, in cooperation with the grapple, enables the excavator/boom operator to guide the pipe over the side of the bridge deck, positionally extend the pipe therebeneath, and thus, lay the pipe within and between selected girders, T-beams, or other areas, disposed on the underside of the bridge deck

Self leveling boom system with rotatable working assembly

Abstract: A fire fighting vehicle having a boom system includes a working assembly attached to an end portion of the boom system. The working assembly comprises a frame pivotally mounted at a midpoint of the frame to the end portion of the boom. The frame carries a mechanical actuator that is connected to a tool capable of piercing an exterior of a structure when the mechanical actuator is actuated.

Movable concrete pump comprising a distribution boom

Abstract: A movable concrete pump comprising a structural frame ( 14 ) that is mounted on a truck undercarriage ( 10 ) of a truck chassis ( 12 ), a boom stand ( 22 ) which is disposed on the structural frame ( 14 ) and can be rotated about a vertical axis ( 20 ), and a concrete distribution boom ( 24 ) embodied as a multi-member articulated boom. In order to be able to use a distribution boom having a great range, a trailer ( 34 ) is provided that has its own undercarriage ( 34 ) and is connected to the truck undercarriage ( 10 ) via a coupling member ( 36 ). The trailer ( 32 ) comprises a prop ( 40 ) which is rotatable about a vertical axis ( 38 ) and accommodates the set of arms that protrude from the rear end of the truck undercarriage ( 10 ) while driving on the road. The set of arms forms the coupling member ( 36 ) and encompasses a first boom arm ( 1 ) and additional boom arms ( 2 to 4 ) that are in a folded position relative to the first boom arm.

Boom device for presentation appliances

Abstract: The present invention is a boom device or support stand designed to provide an all-in-one mobile presentation station, accommodating an interactive board or viewing screen, a computer, and a projector. In one embodiment, the stand includes a base, two sets of upright support members, one set to support the board and the second set to support the projector through attachment to an intermediary boom arm. A weight can also be attached to the boom arm to counterbalance the projector about the second set of uprights or to minimize energy transferred to the projector through movement or vibration of the boom device, usually via operator interaction with the board. A dampening device can be positioned between the first and second uprights to further absorb this energy. The boom device can also include a shelf to house a computer and other presentation devices.

Hydraulic boom stabilization device

Abstract: A boom assembly includes a frame, a boom, a boom stabilization cylinder, and a feedback cylinder The boom is rotatably mounted to the frame to rotate about a first axis The boom stabilization cylinder is coupled to the boom to resist rotational deflection of the boom about the first axis The feedback cylinder is coupled to a counterbalancing weight The feedback cylinder is hydraulically coupled to the boom stabilization cylinder Movement of the boom stabilization cylinder to resist deflection of the boom causes corresponding movement of the feedback cylinder to lift the counterbalancing weight

Wind Tunnel Testing of a So nic Boom Minimized Tail -Braced Wing Transport Configuration

Abstract: A supersonic transport configuration was designed for reduced ground sonic boom loudness by Sonic Boom Minimization, as defined in NASA TP-1348. An inverted V-tail braces the wing and nacelle (US patents D417,184 and 6,729,577). A 1/100 scale model was tested in February 2000 at the NASA Langley 4’ x 4’ Unitary Tunnel at Mach numbers of 2.0 and 1.6, and in April 2001 at the NASA Glenn 10’ x 10’ at Mach 2.0. Pressures below the model were measured for comparison with design predictions and for input into modified-linear ground sonic boom propagation methodology. The measured boom levels achieved the predicted <0.5 psf shock strengths when propagated to the ground. Several challenges getting sonic boom measurements are described, and recommendations are made for improving supersonic test results in the future.