Anchoring

One of our most popular titles, Anchoring presents New Yorkarchitect Steven Holl's projects from 1975 to the present. Among the worksfeatured are Void Space/Hinged Space Housing, Fukuoka; School ofArchitecture, University of Minnesota; Pace Showroom, New York; StrettoHouse, Dallas; and the Berkowitz House, Martha's Vineyard.

Understanding the sources of inflation persistence is crucial for monetary policy. This paper provides an empirical assessment of the influence of inflation expectations' anchoring on the persistence of inflation. We construct a novel index of inflation expectations' anchoring using survey-based inflation forecasts for 45 economies starting in 1989. We then study the response of consumer prices to terms-of-trade shocks for countries with flexible exchange rates. We find that these shocks have a significant and persistent effect on consumer price inflation when expectations are poorly anchored. By contrast, inflation reacts by less and returns quickly to its pre-shock level when expectations are strongly anchored.

A key element of any modern video codec is the efficient exploitation of temporal redundancy via motion-compensated prediction. In this book, a novel paradigm of representing and employing motion information in a video compression system is described that has several advantages over existing approaches. Traditionally, motion is estimated, modelled, and coded as a vector field at the target frame it predicts. While this “prediction-centric” approach is convenient, the fact that the motion is “attached” to a specific target frame implies that it cannot easily be re-purposed to predict or synthesize other frames, which severely hampers temporal scalability. In light of this, the present book explores the possibility of anchoring motion at reference frames instead. Key to the success of the proposed “reference-based” anchoring schemes is high quality motion inference, which is enabled by the use of a more “physical” motion representation than the traditionally employed “block” motion fields. The resulting compression system can support computationally efficient, high-quality temporal motion inference, which requires half as many coded motion fields as conventional codecs. Furthermore, “features” beyond compressibility — including high scalability, accessibility, and “intrinsic” framerate upsampling — can be seamlessly supported. These features are becoming ever more relevant as the way video is consumed continues shifting from the traditional broadcast scenario to interactive browsing of video content over heterogeneous networks. This book is of interest to researchers and professionals working in multimedia signal processing, in particular those who are interested in next-generation video compression. Two comprehensive background chapters on scalable video compression and temporal frame interpolation make the book accessible for students and newcomers to the field.

Central bankers often assert that low inflation and anchoring of inflation expectations are good for economic growth (Bernanke 2007, Plosser 2007). We test this claim using panel data on sectoral growth for 22 manufacturing industries for 36 advanced and emerging market economies over the period 1990-2014. Inflation anchoring in each country is measured as the response of inflation expectations to inflation surprises (Levin et al., 2004). We find that credit constrained industries—those characterized by high external financial dependence and R&D intensity and low asset tangibility—tend to grow faster in countries with well-anchored inflation expectations. The results are robust to controlling for the interaction between these characteristics and a broad set of macroeconomic variables over the sample period, such as financial development, inflation, the size of government, overall economic growth, monetary policy counter-cyclicality and the level of inflation. Importantly, the results suggest that it is inflation anchoring and not the level of inflation per se that has a significant effect on average industry growth. Finally, the results are robust to IV techniques, using as instruments indicators of monetary policy transparency and independence.

The Complete Book of Anchoring and Mooring addresses anchoring systems, techniques, and permanent moorings for boats from twelve feet to eighty feet in length. It covers monohulls, multihulls, light displacement sailboats, cruisers, sportfishers, passagemakers, and workboats. In short, it is for all recreational and working boats in this size range. Since the last printing of this book a number of revolutionary anchor concepts have appeared on the boating scene. These unique designs have shown exceptional performance when compared by a renowned testing agency with their contemporaries. Changes made to this revised second edition ensure its continued role as the state-of-the-art source book for the boating world.

Many argue that improvements in monetary policy frameworks in emerging market economies over the past few decades, have made them more resilient to external shocks. This paper exploits the May 2013 taper tantrum in the United States to study the reaction of 18 large emerging markets to an external shock, conditioning on their degree of inflation expectations' anchoring. We find that while the tapering announcement negatively affected growth prospects regardless of the level of anchoring, countries with weakly anchored inflation expectations experienced larger exchange rate pass-through to consumer prices, hence comparatively higher inflation. We conclude that efforts to improve the extent of anchoring of inflation expectations in emerging markets pay off, as they ease the trade-off that central banks face when external shocks weaken growth prospects and trigger currency depreciations.

Inflation forecasts are modelled as monotonically diverging from an estimated long-run anchor point, or “implicit anchor”, towards actual inflation as the forecast horizon shortens. Fitting the model with forecasts by analysts, businesses and trade unions for South Africa, we find that inflation expectations have become increasingly strongly anchored. That is, the degree to which the estimated implicit anchor pins down inflation expectations at longer horizons has generally increased. Estimated inflation anchors of analysts lie within the 3–6 percent inflation target range of the central bank. However, the implicit anchors of businesses and trade unions, who are directly involved in the setting of wages and prices that drive the inflation process, have remained above the top end of the official target range. Possible explanations for these phenomena are discussed.

Happy Hooking - The Art of Anchoring is a very readable book on boat anchoring. It is loaded with valuable information on anchoring tackle, anchoring technique, tying up and rafting, anchoring etiquette, as well as the occasional anecdote - simply stated a must have for any boater or sailor! The second expanded edition of Happy Hooking - the Art of Anchoring features: More gear More photos More illustrations More independent reviews Experience from both sides of the Atlantic Personal anecdotes based on many thousands of miles of sailing and countless times anchoring Unless you are far offshore, at some point or another you are going to need to 'park' your boat. Just like knowing how to stop your car before you start is perhaps the most important part of driving, we feel that anchoring is perhaps the most important skill you can and should acquire in boating. Anchoring a boat can be a lovely dance in a harbor, or a painful and often embarrassing display of Homo sapiens' inability to plan or communicate. We will endeavor to help you find a combination of tackle and technique best suited for your circumstances when anchoring your vessel. By outlining how different anchors work, the pluses and minuses of different adjunctive pieces of equipment, the current thinking about how to deploy this equipment, and how to select an anchorage, we hope you will be armed with enough information to make some informed decisions about what might work best for you. If you could take only one piece of advice from these pages with you on your travels, perhaps you will remember what Tommy Moran, an old salt in the West of Ireland, advised time and again: "Anchor as though you plan to stay for weeks, even if you intend to leave in an hour." Happy Hooking! EDITORIAL REVIEWS: Ocean Cruising Club The definitive textbook on the subject. Cruising Club of America "Happy Hooking" is well organized, well illustrated, and easy to read. It should be mandatory reading for novice sailors and charter operators would do well to place copies throughout their fleet. This would be an excellent gift to up-and-coming boaters. Captain John Jamieson, Author of Skipper Tips and Seamanship Secrets The single most important guide to anchoring for the modern sailor of the 21st century. Easy to read and filled with super clear illustrations and drawings. Add "Happy Hooking-The Art of Anchoring" to your onboard list of "must have guides" for safe anchoring-wherever in the world you choose to cruise! SailWorld.com Might be compulsory reading for the new sailor. Even the most experienced will find much new material here. Latitudes & Attitudes Seafaring This is the bible for all things anchoring. Irish Cruising Club It is hard to imagine a more comprensive study of the topic. This is a remarkably easy book to read.