• Korean Management Science Review
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• v.30 no.1
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• pp.167-181
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• 2013

We investigate the dynamic asset allocation problem under inflation risk when the wealth of an investor is constrained with minimum requirements. To capture the investor's risk preference, the CRRA utility function is considered and he maximizes his expected utility at predetermined date of the refund by participation in the financial market. The financial market is supposed to consist of three kinds of financial instruments which are a risk free asset, a risky asset, and an index bond. The role of an index bond is managing inflation risk represented by price process. The optimal wealth and the optimal asset allocation are derived explicitly by using the method to get the European call option pricing formula. From the numerical results, it is confirmed that the investments on index bond is high when the investor's wealth level is low. However, as his wealth increases, the investments on index bond decreases and he invests on risky asset more. Furthermore, the minimum wealth constraint induces lower investment on risky asset but the effect of the constraints is reduced as the wealth level increases.

• East Asian Economic Review
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• v.18 no.3
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• pp.301-335
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• 2014

In this paper, we consider a small open economy under the New Keynesian model with unemployment of Gal$\acute{i}$ (2011a, b) to discuss the design of the monetary policy. Our findings can be summarized in three parts. First, even with the existence of unemployment, the optimal policy is to minimize variance of domestic price inflation, wage inflation, and the output gap when both domestic price and wage are sticky. Second, stabilizing unemployment rate is important in reducing the welfare loss incurred by both technology and labor supply shocks. Therefore, introducing the unemployment rate as an another argument into the Taylor-rule type interest rate rule will be welfare-enhancing. Lastly, controlling CPI inflation is the best option when the policy is not allowed to respond to unemployment rate. Once the unemployment rate is controlled, however, stabilizing power of CPI inflation-based Taylor rule is diminished.

• Journal of Biosystems Engineering
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• v.26 no.5
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• pp.409-414
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• 2001

This paper reports a technique for measuring a three-dimensional soil deformation and a simplified method to determine the three-dimensional contact area of agricultural tires in a soil bin. A Pirelli 12.4R28 radial-ply tire was used on soft soil. Effects of dynamic load and inflation pressure were determined using the equipment for measuring soil deformation on the soil surface. Soil deformation measurements were made under three conditions of over-load (59kPa-14.2kN), rated-load (108kPa-11.8kN) and under-load (157kPa-9.3kN) in the combinations of the inflation pressures (kPa) and the tire load (kN). The results from three conditions were shown that the contact area of the over-load increased considerably bigger than those of the rated-load and the under-load. Therefore, to regulate soil deformation, the inflation pressure and the tire load should be set according to the soil conditions.

• East Asian Economic Review
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• v.22 no.4
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• pp.507-529
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• 2018

This paper evaluates the whole impact of quantitative easing on inflation in Korea implemented by the central banks in four major advanced economies, the U.S., Euro Area, U.K. and Japan. According to the analysis employing a VAR-X model with the security holdings of those central banks an exogenous variable, quantitative easing is estimated to exert downward pressures on inflation in Korea. Considering the impulse responses of Korean macroeconomic variables to a quantitative easing shock, the spillover effect is transmitted through exchange rate channel while trade channel turns out to be ineffective. In an additional analysis assessing the impact of each quantitative easing program of the central banks, only those of the Fed and European Central Bank are estimated to be significant. The empirical results prove to be robust even if using long-term interest rates as an alternative indicator of quantitative easing.

• Journal of Biomedical Engineering Research
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• v.4 no.1
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• pp.3-8
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• 1983

Characteristics of the lung inflation and deflation reflexes were measured at various temperatures on the cervical vagi in five anesthetized mongrel dogs. Nerve temperature was maintained at the body temperature, and 2-14˚C with 2˚C apart using a specially designed automated vagal cooling apparatus with an accuracy to within $\pm$ 0.1˚c at each temperature. The inflation reflex was blocked abruptly at 8-10˚C. The deflation reflex started weakened at 14˚C, thereafter showed a gradual blockade with the temperature decreased with a substantial variance among the animals.It was approximately 75% blocked at 2-5˚C. These differences in temperature characteristics made it hard to differentiate the deflation reflex from the inflation reflex. In one animal, however, the inflation reflex was completely blocked with the deflation reflex almost alive at 6-8˚C. This suggests that differential cold blockade of the vagal reflexes can be done only in selected subjects. Furthermore, the fact that these two reflexes were blocked at different temperatures may be due to the differences in the nerve fiber size and the changes in the conduction velocity with temperature.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.153-166
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• 2022

The study estimates the Structured VAR and the Dynamic Stochastic General Equilibrium Model for the Vietnamese economy based on the new Keynesian model for small and open economies, with the output gap, inflation, policy interest rate, the Vietnamese exchange rate, and the inflation and interest rate in the United States. The paper aims to clarify the impulse response of the macro variables through their shocks. It offers to model the SVAR and DSGE processes, as well as describe why and how interest rate policy is important in the impulse response of macro variables like the output gap and inflation process. The study supports the central role of monetary policy by giving empirical evidence for the new Keynesian theory, according to which an interest rate shock causes the output gap to widen and inflation to decrease. Finally, the application of the DSGE model is becoming more and more popular in the State Bank of Viet Nam to improve its policy planning, analyzing, and forecasting policy towards sustainable and stable growth.

• Journal of Biosystems Engineering
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• v.29 no.5 s.106
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• pp.419-424
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• 2004

In this study, a series of soil bin experiment was carried out to investigate experimentally the effect of the tire inflation pressure and axle load of tire on the steering torque for the off-road condition. The experiment was performed at the three levels of off-road conditions(ground I, ground II and ground III) and on-road condition(ground IV), four levels of tire inflation pressure(120 kPa, 170 kPa, 220 kPa and 270 kPa), and four levels of axle load(1470N, 1960N, 2450N and 2940N). The results of this study are summarized as follows: 1. Steering torque at the off-road conditions were higher than that on the on-road conditions for all levels of tire inflation pressure and axle load. 2. As the axle load increased, steering torque also increased f3r all experimental ground conditions. 3. For the axle load of 1470N the biggest steering torque was measured on the ground condition I, but as the axle load increased to the value of 2940N the biggest steering torque was measured on the ground condition III. From the above results, it was found that for the low axle load, steering torque gets higher on the soft ground condition, but for the high axle load, steering torque gets higher on hard ground condition for whole range of experimental conditions. 4. As the tire inflation pressure decreased, steering torque increased on the on-road condition, but no specific trend was not found at the off-road conditions.

• Journal of Biosystems Engineering
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• v.35 no.4
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• pp.231-238
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• 2010

The purpose of this paper was to investigate experimentally the steering torque characteristics of a tractor operated in various ground conditions. The experiments were conducted with the tractor reconstructed for steering torque test of the tractor at two different off-road conditions (ground-I and ground-II) and a on-road condition (ground-III), three different levels of tire inflation pressures (69 kPa, 138 kPa and 207 kPa), and four different levels of axle loads (4120 N, 4730 N, 5340 N and 5950 N). The results of this study are summarized as follows: 1) The steering torque was increased with the increase in steering angle for all experimental levels of ground conditions, axle loads and inflation pressures of tire. 2) As the axle load increased, the steering torque of the tractor increased for all ground conditions, and the increasing rate of the steering torque with the increase of axle load was greater at on-road than at off-road. 3) As the tire inflation pressure decreased, the steering torque increased. Also the increasing tendency of the steering torque with decreasing the tire inflation pressure showed that the harder the ground was, the larger the effect was. But for the soft ground condition, ground-I, no specific trend with inflation pressures was found. 4) Steering angle-steering torque relationship with ground conditions showed that the increasing rate of the steering torque was greater at on-road than off-road for small steering angle under 10 degree, and was greater at off-road than on-road for large steering angles over 10 degree.

• Journal of Biosystems Engineering
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• v.36 no.5
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• pp.303-313
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• 2011

This study was conducted to investigate the effects of axle weight distribution and inflation pressure of tire on the fuel economy of tractors as well as operational range of tractor engine in terms of engine speed and power when a 4WD tractor of 38.2 kW rated power at 2500 rpm is used for plowing and flooded-field rotavating in paddy fields. (1) Plowing operation required an average engine power of 9.6~13.5 kW which equals 25~35% of rated PTO power. Engine speed ranged from 1,320.4 to 1,737.4 rpm, work velocity from 3.4 to 4.8 km/h, and fuel consumption from 3.2 to 4.2 L/h, respectively. (2) Flooded-field rotavating required an average engine power of 11.5~18.5 kW which equals 30~48.4% of rated PTO power. Out of this 6.2~12.2 kW was used for PTO power. Engine speed ranged from 1,557 to 2,067 rpm, work velocity from 2.5~5.4 km/h and fuel consumption from 3.2~5.5 L/h, respectively. (3) Axle weight distribution, inflation pressure of tire and moisture content of soil did not affect significantly the specific volumetric fuel consumption but affected significantly the fuel consumption per unit area of operation. Fuel savings amounted to 65% in plowing operation and 20% in flooded-field rotavating when the axle weight distribution and inflation pressure of tire were optimally adjusted. (4) Optimal adjustment of axle weight distribution and inflation pressure of tire are expected to save fuel consumption by 10~65% per unit area of operation in plowing and 10~20% in flooded-field rotavating.

• The Korean Journal of Physiology
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• v.3 no.2
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• pp.25-31
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• 1969

Effects of graded increase of positive lung inflation upon heart rates and arterial blood pressure were observed in the anesthetized dogs to analyze the mechanical and neural regulatory factor in response to the positive inflation of the lung. The results obtained were summarized as followings: 1) When the low grade of positive lung inflation was employed under the mild to moderate anesthesia, central venous pressure was linearly increased while heart rate was decreased. After bilateral vagotomy, central venous pressure was obviously increased while heart rate was constant. 2) When the high degree of positive lung inflation was employed, changes of central venous pressure and heart rate were not significant. 3) The low grade of intrapulmonary pressure increase caused reflex tachycardia in phase 2 and overshooting in phase 4 in response to the systemic arterial blood pressure change. 4) On the other hand, the high degree of intrapulmonary pressure increase caused paradoxical bradycardia in phase 2 and lack of overshooting in phase 4 in response to the systemic arterial blood pressure change. 5) It may be noted that the experimental model employed in the present study is a useful tool to evaluate and analyze the neural and mechanical regulatory factor in response to the graded increase of the positive lung inflation.