Graham Kendall
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Professor Graham Kendall

Professor Graham Kendall is the Provost and CEO of The University of Nottingham Malaysia Campus (UNMC). He is also a Pro-Vice Chancellor of the University of Nottingham.

He is a Director of MyResearch Sdn Bhd, Crops for the Future Sdn Bhd. and Nottingham Green Technologies Sdn Bhd. He is a Fellow of the British Computer Society (FBCS) and a Fellow of the Operational Research Society (FORS).

He has published over 230 peer reviewed papers. He is an Associate Editor of 10 journals and the Editor-in-Chief of the IEEE Transactions of Computational Intelligence and AI in Games.

News

Help solve Santa's logistics problems
http://bit.ly/1DXreuW
I have published a few papers on Sports Scheduling.
http://bit.ly/gVaUqT

Latest Blog Post

How Isaac Newton could help you beat the casino at roulette

Random Blog Post

Research Assessment in the UK

Publication(s)

Enumerating knight's tours using an ant colony algorithm
http://bit.ly/fMCY7C
Barriers to implementation of IT in educational institutions
http://bit.ly/1zUkd8s
Iterated Local Search Using an Add and Delete Hyper-heuristic for University Course Timetabling
http://bit.ly/1mlRZo4
An Adaptive Length Chromosome Hyperheuristic Genetic Algorithm for a Trainer Scheduling Problem
http://bit.ly/ezw9NR

Graham Kendall: Details of Requested Publication


Citation

Kendall, G; Binner, J and Gazely, A.M Evolutionary Strategies vs. Neural Networks; New Evidence from Taiwan on the Divisia Index Debate. In Proceeding of the 7th International Conference of the Society for Computational Economics, 28-30 June 2001, Yale University, USA, 2001.


Abstract

In recent years the relationship between ‘money’ and the macroeconomy has assumed prominence in the academic literature and in Central Banks circles. Although some Central Bankers have stated that they have formally abandoned the notion of using monetary aggregates as indicators of the impact of their policies on the economy, research into the link between some kind of monetary aggregate and the price level is still prevalent. Attention is increasingly turning to the method of aggregation employed in the construction of monetary indices. The most sophisticated index number used thus far relies upon the formulation devised by Divisia (1925). The construction has it roots firmly based in microeconomic aggregation theory and statistical index number theory. Our hypothesis is that measures of money constructed using the Divisia index number formulation are superior indicators of monetary conditions when compared to their simple sum counterparts. Our hypothesis is reinforced by a growing body of evidence from empirical studies around the world which demonstrate that weighted index number measures may be able to overcome the drawbacks of the simple sum, provided the underlying economic weak separability and linear homogeneity assumptions are satisfied. Ultimately, such evidence could reinstate monetary targeting as an acceptable method of macroeconomic control, including price regulation. We offer an exploratory study of the relevance of the Divisia monetary aggregate for Taiwan over the period 1978 to date. In this way, we begin with a banking system that was heavily regulated by the Central Bank and the Ministry of Finance until 1989, which saw the introduction of the revised Banking Law in July. At the beginning of the 1980s, drastic economic, social and political changes took place creating a long-term macroeconomic imbalance. Rising oil prices caused consumer prices to rise by 16.3 per cent in 1981, followed by a period of near zero inflation in the mid eighties. From the nineties onwards, inflation has been fluctuating around the 5 per cent mark and hence the control of inflation has not been the mainstay of recent economic policy in Taiwan, unlike the experience of the western world. Rather, policy has focused more on achieving balanced economic and social development.


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Bibtex

@INPROCEEDINGS{kbg2001b, author = {G. Kendall and J. Binner and A.M. Gazely},
title = {Evolutionary Strategies vs. Neural Networks; New Evidence from Taiwan on the Divisia Index Debate},
booktitle = {Proceeding of the 7th International Conference of the Society for Computational Economics},
year = {2001},
address = {28-30 June 2001, Yale University, USA},
abstract = {In recent years the relationship between ‘money’ and the macroeconomy has assumed prominence in the academic literature and in Central Banks circles. Although some Central Bankers have stated that they have formally abandoned the notion of using monetary aggregates as indicators of the impact of their policies on the economy, research into the link between some kind of monetary aggregate and the price level is still prevalent. Attention is increasingly turning to the method of aggregation employed in the construction of monetary indices. The most sophisticated index number used thus far relies upon the formulation devised by Divisia (1925). The construction has it roots firmly based in microeconomic aggregation theory and statistical index number theory. Our hypothesis is that measures of money constructed using the Divisia index number formulation are superior indicators of monetary conditions when compared to their simple sum counterparts. Our hypothesis is reinforced by a growing body of evidence from empirical studies around the world which demonstrate that weighted index number measures may be able to overcome the drawbacks of the simple sum, provided the underlying economic weak separability and linear homogeneity assumptions are satisfied. Ultimately, such evidence could reinstate monetary targeting as an acceptable method of macroeconomic control, including price regulation. We offer an exploratory study of the relevance of the Divisia monetary aggregate for Taiwan over the period 1978 to date. In this way, we begin with a banking system that was heavily regulated by the Central Bank and the Ministry of Finance until 1989, which saw the introduction of the revised Banking Law in July. At the beginning of the 1980s, drastic economic, social and political changes took place creating a long-term macroeconomic imbalance. Rising oil prices caused consumer prices to rise by 16.3 per cent in 1981, followed by a period of near zero inflation in the mid eighties. From the nineties onwards, inflation has been fluctuating around the 5 per cent mark and hence the control of inflation has not been the mainstay of recent economic policy in Taiwan, unlike the experience of the western world. Rather, policy has focused more on achieving balanced economic and social development.},
keywords = {forcasting, prediction, neural networks, artificial neural network, evolution strategies, divisia, inflation},
timestamp = {2007.03.29},
webpdf = {http://www.graham-kendall.com/papers/kbg2001b.pdf} }