Surface finishing

Debate on: Is the inflation surge over and what are the lessons for monetary policy?

Retrieved on:

Wednesday, April 3, 2024

Consensus, Momentum, Angelini, Tax, MIR, Exercise, Consensus Economics, BIS, DFR, Interest, APP, Labour, Policy, Bank of Greece, PEPP, BSI, ECB, Observation, Aes, Evolution, Refinitiv, Cargo, GDP, T2, Watcher, T3, Deutsche Bundesbank, LHS, Electricity, Projection, MMR, Real, T+2, Disinflation, Bank of France, SMA, Food, OIS, MFI, Perception, CES, Economics, Persistent, Bank for International Settlements, SVAR, Growth, MPE, Common, Consensus decision-making, Bank, XXIV, ILS, HICP, Bloomberg, RHS, BVAR, Elasticity, Unit, Lombard, Surface finishing

Shocks to the shortages variable are constructed as deviations in the values from the sample mean.

Key Points:

Shocks to the shortages variable are constructed as deviations in the values from the sample mean.
Shocks to the vacancy-to-unemployment ratio (labour market variable) are constructed
as the actual value minus the value in the fourth quarter of 2019.
?Indirect impact of energy prices on non-energy inflation? is the sum of the indirect effects of oil,
gas and electricity prices.
3
Historical
Rubric comparison of inflation episodes in the euro area ? headline and core
Headline

Core

(percentage points)

(percentage points)
Current euro area episode
Past global episodes

Current euro area episode
Past global episodes
2

2

0

0

-2
-4

-2

-6
-8

-4

-10
-12

-24

-18

-12

-6

0

6

12

18

-6

24

Months around inflation peak

-24

-18

-12
-6
0
6
12
Months around inflation peak

18

Sources: BIS, Eurostat and ECB calculations.
The dark blue line represents the latest developments in headline and core inflation for the euro area, relative to the October
2022 peak.
Non-energy industrial goods inflation refers to a panel of all euro area countries, while services inflation refers to
a panel of 30 AEs and 28 EMEs.
Month = 0 is when the headline inflation value is at the highest during that particular episode.
The dark blue line represents the latest developments
in non-energy industrial goods and services inflation for the euro area, relative to the October 2022 peak.
unprocessed
food and energy
HICPX

8
3.0

3.0

2.5

2.5

2.0

2.0
1.5

1.5
1.0
Feb-24

Jul-24

1.0
Dec-24 Feb-24

Jul-24

8

7

7

6

6

5

5

4

4

3

3

2

2

1

1

Adjusted
measures

Difference
4

3

2

1

0
0
0
Feb-24 Jan-23 Jul-23 Jan-24
Jan-23 Jul-23 Jan-24
Feb-24 Jan-23 Jul-23 Jan-24
Feb-24

Dec-24

Sources: Eurostat, March 2024 ECB staff short-term inflation outlook, Consensus
Economics, Bloomberg and ECB calculations.
The ?adjusted?
measures abstract from energy and supply-bottleneck shocks using a large SVAR, see
Ba?bura, Bobeica and Mart?nez-Hern?ndez (2023), ?What drives core inflation?
Notes: 5-days moving average risk-neutral
probabilities of inflation implied by five-year and tenyear zero-coupon inflation options.
16
8

12
Quarters

16

20

Policy
Rubriccounterfactuals
Interest rate under alternative
counterfactuals

Counterfactual impacts on
Inflation

(percentages per annum)

(annual percentage change)

Baseline
Earlier and longer
Earlier, longer and higher

8

Baseline

7
6
5
4
3
2
1
0
-1
2021Q4

2022Q4

2023Q4

2024Q4

Earlier, longer and higher

10

2

8

0

6

-2

4

-4

2

-6

0

-8

-2

2025Q4

Earlier and longer

Output gap

(p.p.
The RHS chart displays the impact on inflation (first panel) and output gap (second panel) for each of the hypothetical alternative paths of the interest
rate.
As a caveat, financial feedback loops as well as feedback loops between inflation expectations and inflation are not activated.

Deposit market concentration and monetary transmission: evidence from the euro area

Retrieved on:

Sunday, February 4, 2024

Neumark, American Economic Journal, Paper, A18, A21, Money, A4, Financial crisis, International, A5, A1, Exercise, Timothy, A14, Monetary policy, IRF, Interest rate, Economy, Quarterly Journal of Economics, NII, A8, Policy, HICP, MMF, Control, Statistics, Series, ECB, DNB, Index (economics), Finance, Section 3, GDP, History, American Economic Review, De Nederlandsche Bank, Rigidity, XB, Habit, Website, Federal funds, Social science, A11, 95.1 FM, IMF, MPS, A9, Credit, University of Amsterdam, Wang, A26, HHI, European Economic Review, Reproduction, Shock, University, Journal of Political Economy, Central bank, A30, Journal of Monetary Economics, Interval (mathematics), A25, G21, Politics, Auerbach, Silvana Tenreyro, XT, Research Papers in Economics, Causality, Deposit, Yb, A27, Time series, Dynamics, Literature, Hey, SSI, Interpolation, O'Driscoll (surname), BSI, A23, United, Domestic, European Central Bank, VAR, A28, Rigid transformation, A6, OIS, Role, PDF, Research, Feedback, The Journal of Finance, A15, A17, NFC, A22, E43, DSGE, Quarterly Journal, E52, MIR, Appendix, A10, Information, Surface finishing

Abstract

Key Points:

Abstract
I study the transmission of monetary policy to deposit rates in the euro area with a
focus on asymmetries and the role of banking sector concentration.
Moreover, the
gap between deposit rates across euro area member states - despite being exposed to the same
key ECB interest rates - has widened.
This begs the question whether deposit rates are more
sluggish in response to both policy rate increases and cuts, and what factors might influence the
transmission of monetary policy to deposit rates.
Whether banks are indeed able to adjust deposit rates asymmetrically to positive and
negative changes in policy rates could thus well depend on how much market power they hold
in the deposit market.
Arguing that market power increases in the degree of market concentration,
I further consider whether more concentrated banking sectors set rates (more) asymmetrically.
The response of deposit rates in banking sectors with an average degree of concentration does
not appear asymmetric.
The degree of market concentration is often pointed at, but recent evidence
for the euro area is scarce.
In this paper, I provide empirical evidence on the asymmetric response of deposit rates to
monetary policy, and relate this to the degree of concentration within a country?s banking sector.
Both papers
provide empirical evidence based on US deposit markets showing that deposit rates respond
more rigidly to upward changes in market rates than downward changes, especially so in more
concentrated markets.
Recent research on euro area deposit markets,
instead, has focused more on the transmission of negative policy rates (see e.g.
Whether banks are able to set deposit rates that materially differ from policy rates is affected
ECB Working Paper Series No 2896

4

by market concentration: market power is assumed to increase in the degree of concentration in
the banking sector.
Concentration thus appears to matter for how quickly ECB monetary policy has
been transmitted to deposit rates across the euro area.
Banks thus have a motive to be
rigid in adjusting deposit rates to a ?positive? monetary policy shock.
While customers are generally (and potentially rationally) inattentive, swift and substantial
nominal deposit rate declines may trigger deposit outflows.
relative deposit rate = deposit rate - short term rate
The inverse of the wedge, the relative deposit rate will allow us to see more clearly how
the deposit rate evolves in comparison to the short-term rate.
This then translates to (more
pronounced) effects on the transmission of policy to the deposit wedge, reinforcing the asymmetry discussed before.
More concentration would mean more rigid deposit rates (and thus an
increase in the deposit wedge) in case of positive surprises, and more flexible deposit rates (and
thus a decrease in the deposit wedge) in case of negative surprises (see also e.g.
I add an identical
altered-linex adjustment cost for deposit rates, to capture the upward rigidity and downward
flexibility of deposit rates as well.
As discussed
previously, the deposit rate is particularly rigid in case of a positive shock, illustrating the dividend smoothing motive and bank market power.
Without the asymmetric adjustment cost,
the response of the deposit rates to positive and negative changes in policy would have been
symmetric.
This appears a reasonable assumption
in general, as market concentration or market shares are slow-moving concepts.
3
Methods and data

I study the dynamic response to an unexpected change in monetary policy on deposit rates
in different countries in the euro area.
deposit rate - short-term rate), which for the sake of
brevity I will refer to as the ?relative deposit rate?.
Positive IRFs for the relative deposit rate imply that
the deposit rate has increased by more than the short-term rate, narrowing the wedge between
the short-term rate and the deposit rate.
0
?2
?2
?4
?6

?4
4

8

12

4

Months

8

12

Months

Figure 9: NFC rate response - linear combination of ?0 and ?1

Relative deposit rate at 1 month

Relative deposit rate at 4 months

0.0

0
?1

p.p.
0
0
?2
?1
?4
4

8

12

4

8

Months

12

Months

Figure 12: NFC rate response - linear combination of ?0 and ?1

Relative deposit rate at 1 month

Relative deposit rate at 4 months
2.0

1.5

p.p.
And, (2) how quickly
households and NFCs learn about changes in monetary policy, via the deposit rate, may vary
across the monetary union.
?0 , ?1 )
Figure A16: NFC overnight deposits, small member states
Relative deposit rate (average)

Relative deposit rate (interaction)

2

10
5

p.p.
?0 , ?1 )
Figure A19: NFC overnight deposits, four lags
Relative deposit rate (average)

Relative deposit rate (interaction)
5

0

p.p.
?0 , ?1 )
Figure A28: NFC overnight deposits, small member states
Relative deposit rate (average)

Relative deposit rate (interaction)

3

5.0

2

2.5

p.p.
?0 , ?1 )
Figure A31: NFC overnight deposits, four lags
Relative deposit rate (average)

Relative deposit rate (interaction)

3
2

p.p.

CMP Pads Market Size to Grow USD 1412.2 Million by 2029 at a CAGR of 7.7 | Valuates Reports

Retrieved on:

Monday, January 8, 2024

CMP, Zbigniew, Nanotechnology, Electronics, USD, Miniaturization, Tablet, Longevity, Growth, Hardness, Employment, Surface finishing

The Global CMP Pads Market Size is expected to reach USD 1412.2 Million by 2029, growing at a CAGR of 7.7% from 2023 to 2029.

Key Points:

The Global CMP Pads Market Size is expected to reach USD 1412.2 Million by 2029, growing at a CAGR of 7.7% from 2023 to 2029.
Claim Your Free Sample Now: https://reports.valuates.com/request/sample/QYRE-Auto-37A8929/Global_CMP...
Because of their complementary qualities, hard pads (classified by type) and 300mm wafers (classified by application) are highly favored in the CMP Pads market.
The Chemical Mechanical Planarization (CMP) Pads market uses hard pads a lot because of their consistency in material removal throughout the semiconductor manufacturing process and their longevity.
The CMP pads market is expanding as a result of semiconductor foundries' global development, especially in emerging economies.

CMP Pads Market Size to Grow USD 1412.2 Million by 2029 at a CAGR of 7.7 | Valuates Reports

Retrieved on:

Monday, January 8, 2024

CMP, Zbigniew, Nanotechnology, Electronics, USD, Miniaturization, Tablet, Longevity, Growth, Hardness, Employment, Surface finishing

The Global CMP Pads Market Size is expected to reach USD 1412.2 Million by 2029, growing at a CAGR of 7.7% from 2023 to 2029.

Key Points:

The Global CMP Pads Market Size is expected to reach USD 1412.2 Million by 2029, growing at a CAGR of 7.7% from 2023 to 2029.
Claim Your Free Sample Now: https://reports.valuates.com/request/sample/QYRE-Auto-37A8929/Global_CMP...
Because of their complementary qualities, hard pads (classified by type) and 300mm wafers (classified by application) are highly favored in the CMP Pads market.
The Chemical Mechanical Planarization (CMP) Pads market uses hard pads a lot because of their consistency in material removal throughout the semiconductor manufacturing process and their longevity.
The CMP pads market is expanding as a result of semiconductor foundries' global development, especially in emerging economies.

H&M Plating Company Expands Its Presence with Multiple Strategic Acquisitions in the Specialized Plating Industry

Retrieved on:

Wednesday, November 15, 2023

Food, ISO 9001:2015, F. Schumacher & Co., Acquisition, ISO, HVOF, Surface finishing, Dixie, Plasma

HOUSTON, Nov. 15, 2023 /PRNewswire/ -- H&M Plating Company, a renowned leader on the Gulf Coast in hard chrome and HVOF since its establishment in 1971, proudly announces the successful completion of a series of strategic acquisitions in the plating and precision grinding sectors over the past five years. H&M Plating Co., Inc. has been at the forefront of delivering reconditioning processes, employing electroplated hard industrial chrome, sulfamate nickel, HVOF, Plasma, Electric Wire Arc thermal spray coatings, cylindrical grinding & honing, phosphate coating, and media blasting services to industries spanning oil, petrochemical, marine, hydraulic, food, and manufacturing.

Key Points:

HOUSTON, Nov. 15, 2023 /PRNewswire/ -- H&M Plating Company, a renowned leader on the Gulf Coast in hard chrome and HVOF since its establishment in 1971, proudly announces the successful completion of a series of strategic acquisitions in the plating and precision grinding sectors over the past five years.
With the acquisition of Schumacher Co., Dixie Electroplating, Mirror Industries, and Southcoast Grinding, H&M Plating Company now boasts a remarkable 170,000-square-foot facility encompassing precision grinding machinery and industrial hard chrome, electroless nickel capabilities, offering an all-encompassing turnkey service for its esteemed clients.
All divisions are ISO 9001:2015 certified and the Schumacher and Dixie locations are ISO 14001:2015.
We firmly believe that the future in this sector holds great promise."

ECB publishes indicative operational calendars for 2024

Retrieved on:

Friday, September 29, 2023

- PRESS RELEASE

Key Points:

- PRESS RELEASE
ECB publishes indicative operational calendars for 2024
15 September 2023
- ECB publishes indicative calendars for Eurosystem’s 2024 regular tender operations and reserve maintenance periods
- ECB aligns allotment and settlement dates of regular three-month longer-term refinancing operations with dates of main refinancing operations
- ECB amends end date of eighth maintenance period of 2023
The European Central Bank (ECB) today published the indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods in 2024.
The change is effective as of the LTRO to be allotted on 30 January 2024.
The indicative calendar for the Eurosystem’s reserve maintenance periods takes into account both the calendar for Governing Council meetings in 2024 and the calendar for regular tender operations.
Specifically, the end of the eighth maintenance period of 2023 has been brought forward by one week, from 6 February 2024 to 30 January 2024.

Vapor Deposition Market worth $66.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

Retrieved on:

Wednesday, September 6, 2023

ASM International, Electronics, IHI Corporation, Lam Research, Samsung, Research, CVD, Aixtron, Plasma, Miniaturization, Investment, Tokyo Electron, Atmospheric pressure, Growth, LG, Surface finishing, Semiconductor industry

The vapor deposition industry has been segmented based on technology as physical vapor deposition and chemical vapor deposition, which is further segmented into electron beam evaporation, magnetron sputtering, cathodic arc deposition, atmospheric pressure CVD, low pressure CVD, metal organic CVD, and plasma enhanced CVD, and others.

Key Points:

The vapor deposition industry has been segmented based on technology as physical vapor deposition and chemical vapor deposition, which is further segmented into electron beam evaporation, magnetron sputtering, cathodic arc deposition, atmospheric pressure CVD, low pressure CVD, metal organic CVD, and plasma enhanced CVD, and others.
The vapor deposition market is witnessing a surge in demand for complex, multi-functional coatings that offer enhanced performance characteristics.
The electronics and semiconductor segment has emerged as a key driver in the market for vapor deposition market.
The relentless pursuit of miniaturization and precision within electronics necessitates cutting-edge techniques, making vapor deposition processes like chemical vapor deposition (CVD) indispensable.

Vapor Deposition Market worth $66.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

Retrieved on:

Wednesday, September 6, 2023

The vapor deposition industry has been segmented based on technology as physical vapor deposition and chemical vapor deposition, which is further segmented into electron beam evaporation, magnetron sputtering, cathodic arc deposition, atmospheric pressure CVD, low pressure CVD, metal organic CVD, and plasma enhanced CVD, and others.

Key Points:

The vapor deposition industry has been segmented based on technology as physical vapor deposition and chemical vapor deposition, which is further segmented into electron beam evaporation, magnetron sputtering, cathodic arc deposition, atmospheric pressure CVD, low pressure CVD, metal organic CVD, and plasma enhanced CVD, and others.
The vapor deposition market is witnessing a surge in demand for complex, multi-functional coatings that offer enhanced performance characteristics.
The electronics and semiconductor segment has emerged as a key driver in the market for vapor deposition market.
The relentless pursuit of miniaturization and precision within electronics necessitates cutting-edge techniques, making vapor deposition processes like chemical vapor deposition (CVD) indispensable.

Juniper Landscaping Acquires Flawless Lawncare & Landscaping

Retrieved on:

Wednesday, August 9, 2023

Professional Services, Small Business, Other Construction & Property, Finance, Construction & Property, Landscape, Maintenance, Flawless, Surface finishing, Juniper

Juniper Landscaping (“Juniper”) announced today it has acquired Flawless Lawncare & Landscaping (“Flawless"), expanding Juniper’s footprint on the east coast of Florida.

Key Points:

Juniper Landscaping (“Juniper”) announced today it has acquired Flawless Lawncare & Landscaping (“Flawless"), expanding Juniper’s footprint on the east coast of Florida.
The addition of Flawless brings Juniper to 25 branch locations throughout Florida.
Flawless has been serving Brevard County since 2005, providing landscape maintenance services to HOA’s and commercial properties.
“Partnering with Flawless gives Juniper an excellent opportunity to build its presence on Florida’s Space Coast,” said Brandon Duke, CEO of Juniper.

Global Aluminum Alloy Wheels Market Analysis Report 2023-2031: A Fragmented Market with Thyssenkrupp, Superior Industries, Enkei Wheels, and HRE Wheels Leading - ResearchAndMarkets.com

Retrieved on:

Wednesday, July 5, 2023

The automotive alloy wheels market outlook research focuses on key industry drivers, market potential, leading regions, etc.

Key Points:

The automotive alloy wheels market outlook research focuses on key industry drivers, market potential, leading regions, etc.
What are the key micro and macro environmental factors that are impacting the growth of Aluminum Alloy Wheels market?
Which is the largest regional market for Aluminum Alloy Wheels market?
Who are the key competitors and what are their key strategies to enhance their market presence in the Aluminum Alloy Wheels market worldwide?