Novel Clockwise Task Migration in Many-Core Chip

Novel Clockwise Task Migration in Many-Core Chip A Novel Clockwise Task Migration in Many-Core Chip Multiprocessors   Abstract-The industry trend for Chip Multiprocessors (CMPs) moves from multi-core to many-core to obtain higher computing performance, flexibility, and scalability systems. Moreover, the transistors size is constantly shrinking, and more and more transistors are integrated in a single chip that allows to design more powerful and complicated systems. However, obtaining higher computing performance needs to increase the consuming of power consumption which results in increasing the on-chip hotspots and the overall chip temperature. The peak temperature causes performance degradation, reducing reliability, decreasing the chip life spam, and eventually, damaging the system. Therefore, Runtime Thermal Management (RTM) for CMPs has become crucial to minimize temperature without any performance degradation. In this paper, a new clockwise task migration technique is proposed on many-core CMPs. The proposed technique migrates the heavy loaded tasks which are placed in a central cores away from the central cores to the surrounding cores. The proposed technique performs a clockwise task migrations to distribute the variations hotspots that are placed in the central core of the chip. Moreover, the proposed migration algorithm gathers cores temperature by using performance-counters and proposed equations which shows efficient results instead of using thermal sensors. Simulation results indicate up to 15% reduction in the maximum temperature value of the whole many-core CMPs. The efficiency of the proposed technique is shown by temperature values of many-core CMPs that are below the maximum temperature limit. Keywords- chip multiprocessors; many-core; task migration; performance counter; runtime thermal management. The chip multiprocessors (CMPs) is continued to increase the number of transistors to face the increased demand of the maintaining reliability and high computing performance. In the same time, transistors size are constantly shrinking, and more and more transistors are integrated in a single chip that allows to design more powerful and complicated CMPs architectures [1]. These advantages lead to increase cores number on the CMPs, therefore CMPs are shifting from multicore to many-core era where tens or hundreds of cores are integrated on a single chip connected via network-on-chip (NoC) [4-5]. In fact, many-core CMPs provide higher computing performance because of executing heavy loaded tasks which consume more power consumption. However, heavy loaded tasks lead to increase the overall chip temperature and on-chip hotspots. Hotspots are the main driving obstacle for wide adoption of many core CMPs architectures which lead to performance degradation, reduced reliability, increased coo ling costs, shorter chip life span, and eventually the system frailer. Therefore, to achieve better computing performance with higher scalability and maintaining reliability, efficient Runtime Thermal Management (RTM) techniques become very imperative [3],[6-8]. In fact, RTM not only aims to balance and distribute the temperature of the chip but also enables many-core CMPs to operate at a favorable performance while working below a temperature threshold [1-2]. Therefore, in order to maintain efficient performance on the many core CMPs, authors propose a clockwise task migration technique that is served as an alternative to control the many core CMPs cores temperature. The proposed migration technique migrates the heavy loaded tasks which are placed in the central cores away from the central part to the surrounding part on the core layer. In other word, the proposed method performs the clockwise task migrations to distribute the variations hotspots that are placed in the central cores of the chip. The proposed method aims to maximize the throughput on many core CMPs while satisfying the peak temperature constraint [5-6],[9]. With the development of many-core CMPs, using high overhead expensive thermal sensors to measure cores temperature becomes not effective nor improper to encounter thermal challenges [3],[12]. Therefore, in this work, a new technique have been provided to measure cores temperature instead of using thermal sensors. The proposed migration algorithm obtains the core temperature by using performance-counters which are placed in each core. In this context, cores with high temperature are distributed on the chip without any performance degradation [1-3],[11-13]. In this paper, they are some contributions are achieved as following: It develops a novel runtime task migration technique in many-core systems to balance hotspots. Instead of using high overheads expensive sensors to majeure cores temperature, the proposed task migration technique is using performance-counters. Experimental results show that the proposed algorithm can signià ¯Ã‚ ¬Ã‚ cantly outperform the conventional approach. The rest of the paper is organized as follows. First of all in Section II, a summary of related works is given. The proposed technique is introduced in Section III. In Section IV, experimental evaluation is presented. Finally, the conclusion is given in Section V. While the industry trends of CMPs is to increase transistors numbers redundant exponentially as Ohms low, its help to achieve more powerful and better computing performance by executing heavy loaded tasks [1-3]. However, heavy loaded tasks lead to increase on-chip thermal hotspots and the overall CMPs peak temperature. Thus, in case of having hundreds of processors are integrated on a single chip as many-core CMPs, off-line methods are not efficient. Therefore, RTM becomes crucial to balance on-chip thermal hot-spots and the overall CMPs peak temperature [1-3],[8-10]. To this end, many theoretical works have been carried out to dissipation and elimination thermal hot-spots by different techniques. For instance, Dynamic Voltage and Frequency Scaling (DVFS) technique in [7] aims to control the temperature by dynamically adjusting the processor speed based on the workload. However, DVFS techniques dynamically adjusting the processor speed based on the workload which sacrià ¯Ã‚ ¬Ã‚ ce the performance to cool down the chip temperature. Another technique called task migration technique which aims to manage the on-chip temperature by balancing the tasks loads among CMPs tiles without slowing down the processing. In [1-3],[8],[10-11] the proposed algorithms in some cases is unable to find a proper destination core due to the thermal constraints, therefore, authors have used DVFS which had proved to be inefficient as far as performance is concerned. In [2], authors had implemented many thermal-aware algorithms to migrate tasks between processor cores to reduce thermal variation in 3D architecture with stacked DRAM memory. However, the authors are used some techniques that proceed static task migration which in some cases can migrate a task from cold core to a hotspot core. Also, the authors proposed another techniques which are providing high overheads expensive thermal sensors to detect the on-chip hotspot. Moreover, in [2-3], authors proposed other techniques which always assigns the new job to the coolest core for balancing the thermal hotspots across the chip, however it increases hotspots in the system rapidly. Therefore, in case of having hundreds of processors are integrated on a single chip as many-core CMPs, off-line methods are not efficient to distribute and balance the thermal hotspots. In this work, a novel runtime task migration technique is proposed which offers an effective solution to face thermal challenges in many-core CMPs. Furthermore, instead of using high overhead expensive sensors to measure cores temperature, the proposed migration technique is using performance-counters to measure many-core CMPs tiles temperature. Fig. 1: Many-core CMPs with 64 cores and the TCU connection with a tile on many core CMPs. Fig. 2: A tile components in 64 cores many-core CMPs. Nowadays, the CMPs industry trend moves from multi-core to many-core architectures to achieve better computing performance, and more maintaining reliability. Therefore, many-core CMPs architectures provide heavy loaded tasks to allow the system operating at high computing performance. However, heavy tasks lead to increase peak temperature of chip and on-chip hotspots. Thus, RTM is crucial to achieve balanced systems temperature threshold with efficient task execution performance. As shown in Figure 1, a many-core CMPs with 64 tiles is presented. Each tile includes a core, a private L1 cache bank, and a shared cache L2 bank as shown in Figure 2. The proposed technique in this work aims to balance thermal distribution to combat thermal issues and temperature related reliability. The proposed technique provides task migration between cores while it is done at runtime and repeated periodically at a predefined time interval. Each time interval in this work is 100ms. Each core considers instruction per cycle (IPC) for calculating power consumption at the end of each interval. IPC is a critical factor in power consumption calculation. It is notable that, cores with higher power consumption lead to execute tasks with higher performance which create higher temperature in compared with the cores with lower power consumption [8]. The power consumption for each core is calculated based on Equation 1. Where P is the core power consumption, IPC is the instruction per cycle which is the core activity, f is the core frequency, CL is the average capacitance, and VDD is supply voltage. Since the frequency of each core in the many-core CMPs is constant and the DVFS technique is expensive and inappropriate because of performance degradation, dynamically change in the frequency of each core is not assumed in the system. As can be seen in Equation 1, the IPC has a key role for calculating and predicting the power consumption of each core in system. For calculating IPC, performance counters are used which are very applicable in the modern processors. Each core has a performance counter for IPC counting. At the end of each time interval, IPC is achieved by the performance counter for each core and then power consumption is calculated based on Equation 1. According to the calculated power consumption, a look up table in the Thermal Control Unit (TCU) will be filled. An example of look up tabl e is illustrated in Figure 3. In the target many core system, the TCU is assumed to be placed near to all of the cores as shown in Figure 1. Based on the filled table in the TCU, we divide the many core floor plan into two parts, the central part with one region, and the surrounding part with four regions as shown in Figure 4. Based on the thermal distribution of central part and surrounding part, we try to balance the temperature in the system. As before mentioned, the look up table is illustrated in Figure 3, based on each core activity, hot and cold cores are determined based on the related thresholds shown in Figure 5 ,where th1=5, th2=10, th3=15, and th4=20. Fig. 3: A sample of a look up table in the PCU used at the end of each time interval. Fig. 4: The central part and the surrounding part of 64 tile of many core CMPs. Based on the plan of hot and cold cores, the proposed technique sorts the cores both in the central part and surrounding part from the hottest to coldest cores. Then the proposed technique exchanges the hottest core in the central part with the coldest core in the surrounding part. Based on this trend, the heavy load tasks are migrated to the edges of the chip and light load tasks are migrated to the central part. It is notable that the edges of the chip is a better choice for placement of the hot cores in compared with the central part because neighbor cores have a big effect on each temperature. Since the number of cores in the surrounding part is three times of the central part, the hot cores in the central part have more options for migration with a cold core. At the end of each time interval, each core sends IPC information (cores activity) which calculated based on performance counter to the TCU. Then, the TCU based on cores activities from the look up table calculates two sets of activities which are in central part and surrounding part. Therefore, the TCU sorts the activities related to central part and surrounding part from the hottest to the coldest cores, separately. In this part, as shown in Figure 1, TCU exchanges the hottest core in the central part with the coldest core in surrounding part region by region as will be explained in the next subsection. It is notable that the TCU can migrate the hot cores in the central part with the cold cores in the surrounding part in the clockwise manner. Fig.5: The used thresholds for determining the ranges of temperature of the cores. Fig. 6: The proposed clockwise task migration algorithm. A. Clockwise Migration Algorithm For avoiding the gathering of all of the hot cores in a one region of surrounding part instead of divide it the whole surrounding part regions, a novel clockwise algorithm is proposed. This clockwise migration algorithm divides the surrounding part into four regions as shown in Figure 4. After sorting the cores from high temperature to low temperature both in of central part and surrounding part by the TCU, the proposed clockwise algorithm exchanges the hottest core in the central part with a coldest core in the surrounding part region one. After that, the proposed clockwise algorithm exchanges the hottest core in the central part with a coldest core in the surrounding part region two etc. The system repeats this procedure periodically at the end of each time interval to migrate the hot cores in the central part with the cold cores on four regions in surrounding part. The summary of Phase 1 and Phase 2 of the proposed clockwise task migration technique is shown in Figures 6. As shows in Figure 1, a 64 tiles many-core CMPs architecture with multithreaded workloads is used to proceed the proposed clockwise task migration technique. a) Platform Setup In order to validate the efficiency the many-core CMPs architecture in this paper, authors use the traffic traces extracted from GEM5 [15] full-system simulator to setup the basic system platform. The area of cores and cache banks are estimated by CACTI [21] and McPAT [20]. We use multithread applications from PARSEC benchmarks [14] in our experimental evaluation. The detailed system configuration are given in Table 1. For this benchmarks, one billion instructions are executed for the simlarge input set starting from the Region of Interest (ROI). HotSpot [17] version 5.0 is employed as a grid-based thermal modeling tool for chip temperature estimation. For experimental evaluation, maximum temperature limit and dark silicon peak power budget, Tmax and Pbudget is assumed to be 80à ¢Ã¢â‚¬Å¾Ã†â€™ and 100 W, respectively. Table 1. Specification of the target CMP architecture. Component Description Number of Cores 64, 8-8 mesh Core Configuration Alpha21164, 3GHz, 65nm Private Cache per each Core SRAM, 4 way, 32 line, size 32KB per core On-chip Memory Baseline: Static random mapping Proposed: Proposed migration technique b) Experimental Results In this sub-section, we evaluate a many core CMPs in two different cases. First, the many core CMPs without any migration policy (Baseline), and the many core CMPs with the proposed clockwise migration policy (Proposed). Figure 7 shows the results of normalized throughput for PARSEC and SPEC workloads, where throughput is the number of executed instructions per second (IPS). As shown in Figure 7, the Proposed architecture yields on average 31% throughput improvement compared with the Baseline. Moreover, Figure 8 illustrates the results of normalized energy consumption for PARSEC and SPEC workloads. As shown in Figure 8, the Proposed architecture yields on average 69% energy consumption improvement compared with the Baseline. In addition, Figure 9 (a) and (b) show the results of temperature distribution for canneal from PARSEC workloads for Baseline and Proposed architecture, respectively. Also, as shown in figure 9 (a), after applying the proposed clockwise task migration technique (Proposed), it ensures that all cores on the many core CMPs are below the maximum temperature of 80 . While the Baseline spends up to 19% of time above the maximum temperature which presences hotspots   as shown in figure 9 (b). In other words, by applying the proposed clockwise task migration technique on the proposed many core CMPs architecture, it distributes the temperature and without appearance of hotspots. Fig.7. Comparison results of IPC. Fig.8. Comparison results of energy consumption. The many-core CMPs provide higher system performance, more flexibility and scalability. Since these advantages require increased power consumption in the system, peak temperature issues become disquieting. Thus, Runtime Thermal Management (RTM) of many-core CMPs becomes crucial in minimizing thermal hotspots without any performance degradation. In this paper, the proposed clockwise task migration technique migrates the heavy loaded task from central cores part to the surrounding cores part. Thy system gathers cores temperature by using performance-counters that are placed in each core instead of use thermal sensors. Since cores with higher power consumption lead to execute higher tasks performance, therefore creates higher temperature. Experimental results of the 64 tiles many-core CMPs have shown signià ¯Ã‚ ¬Ã‚ cant improvement of the average for normalized IPC throughput and energy consumption. While the many-core CMPs architecture yields on average 31% throughput improvement com pared without preceding the using technique. Moreover, the Proposed architecture yields on average 69% energy consumption improvement compared without using the proposed technique. Furthermore, results also have clarified that up to 15% signià ¯Ã‚ ¬Ã‚ cant reduction of temperature threshold, and all tiles are below the maximum temperature limit which is 80 à ¢Ã¢â‚¬Å¾Ã†â€™ on the 64 tiles many-core CMPs (a) (b) Fig.9. Comparison results of temperature.

Macroeconomics Policy and Sustainable Development in Nigeria

MACROECONOMICS POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA INTRODUCTION In normal economic condition, macroeconomic policy drivessustainable development of anation. The two main branches of macroeconomics policies are based on monetary and fiscal economics. Central Bank, the nationalapex bank controls the monetary policy while the Ministry of Financeplays major role in national fiscal policy. However, most economists concur that, synergy exists between micro-and macro-economics variables and two policy agents of government: the CBN and Ministry of Finance determine the success or the degree of sustainability of macroeconomic development.In support of theimportance of central bank in macroeconomic policy, Ampong(2005) posits that non-artificial central bank independency has beena source of great success for the management and stabilisation of macroeconomic variables in countries like Norway, Sweden, Israel, Iceland, Denmark, New Zealand, United Kingdom, etc. In essence, there is the ory gap among economists onthe level of central bank’s independence, especially in developing economy such as Nigeria where there have been constant agitating for curtailing of the CBN’s autonomy. Nigeria economy has passed many phases since the introduction of SAP by Babangida Government in 1986.The Abacha Government came up with Vision 2010, the Obasanjo with NEEDS, the Yar’dua with Nigeria Vision 20:2020 and presently, the Jonathan’s Transformation Agenda. From 1986, Nigeria had total of four CBN Governors plus the incumbent, MallamSanusiLamidoSanusi. CBN Bulletin (2011) enumerated policy contents of SAP with major objectives to remove the controls of interest rates, enhance the institutional structure and supervision. Most importantly, to strengthen the money and capital markets through policy changes and distress resolution measuresand to improve the linkages between formal and informal financial sectors.The removal of the control of interest rate th rough inflation targeting is somewhat the main focus of SAP. The concernsof the financial operators, the real sectors managers, the economists, and the policy analysts are the effectiveness of macroeconomic policy instruments of the CBN and the Ministry of Finance. Then, the impact in GDP growth rate,the stability of macroeconomic variables and the economic growth policy sustainability. In essence, citizens want to see how growth in GDP results to increase in employment, equal distribution of wealth, enabling business nvironment, and improvements in Human Development Index(HDI). National Bureau of Statistics, NBS (2013) data presents positive outlook of the annual macroeconomic variables in Nigeria as reported by CBN. From 1980 to 2012, the data depicts constant increase in GDP Growth Rate,stable money supply, controlled inflation Rate, favourable interest Rate, etc. The Monetary Policy Committee(MPC) has maintained interest rate at double digits since 2009. Many economists and poli cy analysts question the integrity of NBS macroeconomic data and the CBN reports on the state of the economy.Ojomaikre(2012) questions the rationale of a statement he accredited to Nigeria’s Finance Minister,NgoziOkonjo-Iweala that Nigeria is one of the fastest growing economies in the world. Ojomaikre argues that Nigeria is not growing but broke. He asserts that government survey found out that, unemployment had increased across the country and was higher in rural than in urban areas. Similarly,he argues that the absolute poverty level had leapt from 54 per cent in 2006 to 70 per cent in 2010. The contradictions and argumentsregarding the growth of Nigeria economy and sustainability continue unabated.Obafemi(2013) supports some policies already implemented by the CBN in the last few years. He, however,questions the effectiveness of these policies in achieving the desired results and their sustainability. Sustainability in his opinion is about policy reversals when the presen t CBN Governor leaves office. Hoover(1988), posits that policy ineffectiveness theorem of New Classical school can be used to describe the current economic quagmire in Nigeria. PROBLEMS OF MACROECONOMIC POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA Nigeria’s financial sector witnessed seemly tremendous innovations preceding the SAP  in 1986.Objectives of SAP are to provide a liberalised and level playing field for the emergency of effective and efficient institutions that would serve as an engine of economic growth. As part of the reforms, CBN liberated the operating licenses of commercial banks. Their number rose from 40 in 1986 to 120 banks in 1992. The reforms led to the emergences of other financial institution such as discount houses and bureaux de changes which were non-existence prior to 1986. Importantly, CBN data (2012)depicts the increases in the capital base of banks since the introduction of reforms.The capital base of all bank and financial institutions was rai sed in 1998, from 10 million to 500 million. Presently, after recapitalization in 2005, the capital base rose to 25 Billion Naira. However, the major negative economic effects of reform were excess liquidity, unstable exchange rate, high inflation and volatile interest rates. According to IndexMundi publication on Nigeria economy, inflation increased from 6. 26% in 1986 to about 49% in 1989, and reached the peak of 72% in 1995, depicting the highest rates recorded in Nigeria economy since 1986.CBN statistical data depicts macroeconomic indicators of money supply, inflation, and interest rates from 1986 when SAP was introduced. Money supply increased from about 24 Billion Naira in 1986 to 370 Billion Naira in 1996, and by 2006 money supply rose to four trillion Naira. The extreme volatility of inflation data within these periods demonstrate the instability of Nigerian economy which monetarists refer as monetary policy trap. On interest rates, CBN data shows that interest rate which w as 12% in 1986 jumped to 24% as of 1989.Since late 1990s to 2004, interest rates in Nigeria have remained above 20% and even reached 30% in 2002. What is the cause of interest rate variability and what is the determinant of interest rate in economy? Blanchard(2003) examines domestic factors such as inflation, money supply, GDP growth rate and exchange rates as key factors. Factors that distinguish developed and developing countries in interest rate regime are efficiency of macroeconomic policy, its operation and implementation strategy. Some weaknesses associated with developing economies are weak institutional and weak legal frameworks.In developing economy, there is always the problem of high interest rate spread because of excess risk taken by commercial banks. Excessive risk has potential to stall economic activities and GDP growth. In the case of Nigeria, combined with these characteristics of developing countries, has also problem of systemic corruption which tends to reduce t he efficiency of macroeconomic policy QUESTIONS OF MACROECONOMICS POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA This study will seek to provide the answer to the following questions. . What are the institutional frameworks for implementation ofmacroeconomic policy in Nigeria? b. What macroeconomic variables are the determinants of interest rate? c. What is the linkage between macroeconomic policy and macroeconomic variables? d. What are the challenges of macroeconomic policy and sustainable development in Nigerian? e. What policy recommendations and implementation strategies are required for macroeconomic policy and sustainabledevelopment in Nigeria? AIM, OBJECTIVE, SCOPE, AND LIMITATIONS OF THIS STUDYThe aim of this study is to identify and examine the two essential elements of Macroeconomics: the fiscalandmonetary policy. Different macroeconomics variables will also be surveyed and their impact on sustainable development in Nigeria. The broad objective of this study will beto asse ss the macroeconomic policy and sustainable development in Nigeria. The specific objectives are: a. To examine the institutional frameworks and implementation ofmacroeconomic policy in Nigeria. b. To identify the macroeconomic variablesthat are the determinants of interest rate in Nigeria c.To determine the linkage between macroeconomic policy and macroeconomic variables. d. To evaluate the challenges of the macroeconomic policy and sustainable development in Nigeria. e. To recommend and proffer implementation strategies for effective macroeconomic policy and sustainable development in Nigeria? The scope covers the process of assessing the macroeconomic policy and sustainable development in Nigeria from 1980 to 2012. This involves the evaluation of institutional framework and monetary policy of CBN.The following variables will be analysed: interest rate, real interest rate, inflation rate, exchange rate, risk premium, to determine their relationships with GDP growth rate and sustain able development in Nigeria. The limitations will be encountered as the study progresses. There might be some difficulties in assessing some documents from CBN and to compare CBN data with that World Bank and IMF. These  problems can be solved through the availability of reliable secondary data in the internet.THE SIGNIFICANCE, POLICY RELEVANCE, THEORETICAL FRAMEWORK OF THIS STUDY Major concern of policy makers and monetary authorities regarding macroeconomic variables are not about the existence of these variables themselves but their sizes, which fluctuate in response to volatility of other variables. The result of this study will add to the theory of interest rate and existing body of knowledge in macroeconomic policy by assisting the CBN to conduct effective monetary policy that can drive sustainable development in Nigeria.The policy-maker will be well-informed to make appropriate macroeconomic policy. Technical language of macroeconomics will be simplified for the benefits of individuals in their financial transactions. The knowledge of financial operators and their entrepreneur acumen will beenriched with the introduction of risk premium as a macroeconomic analysing tool. Proper Information is necessary to create Macroeconomic awareness. This research will survey different theories of macroeconomics with special focus on macroeconomic policy of CBN.The survey of various definitions of macroeconomic variables will be carried out. The classical theory Adam Smith(1776),  author of the Wealth of Nations and his follwers; also the Keynesian theory of, Keynes(1936),and the new classical theory of Hoover(1988). These theories have differing views on which institution or policy instruments thatare more effective than the other. However, Blanchard(2003) will be helpful in definition of interest rate theory which includes how inflation rate, expected inflation rate, money supply, and exchange raterelate to macroeconomic growth and stability.Barro(2008) will co mpare term structure of interest rate. Ackley(1971)will establish investment theory with emphasis in real interest rates. Very important in this research is risk premium which will be defined with Perloff(2007) theory on federal and capital market bonds. To compare relationship among monetary economic variables and complementary policy instruments of CBN, Udaba(2002) identifies Open Market Operations(OMO), Nigerian Inter-Bank Rate(NIBOR), Reserve Requirement(RR), Moral Suction, Special Deposit, and the activities of Monetary Policy Committee(MPC).There is also the Anyanwu and Oaikhenan(1995)model used to analyse the macroeconomic policy sustainability in Nigeria. Finally, for this study, Blanchard (2003) model will be used to analyse the institutional frameworks, macroeconomic variables and macroeconomic policies. METHODOLOGY This research work will be analysed through the combination of quantitative and qualitative research methodologies. It will apply both the primary and secondar y sources of data collection. For estimation procedure, the study will employ Vector Autoregressive Model(VAR) and Autoregressive Conditional Heteroscedasticity(GARCH).The VAR model was developed by Sims(1980) and will be usedto capture the second objective while GARCH method by (Engle, 1982; Bollerslev, 1986) will be applied to capture third objectives. VAR model is theory-free model because some countries exhibit particular characteristics that sometimes are devoid of any economic theory. The choice of this model was because of its unique feature to bring out dynamic behaviour of macroeconomic variables. In the model, every variable is seen as endogenous variable that can be explained by its lagged value and lagged values of all other variables in the model.The GARCH model is a popular method in financial literatures used as reliable model for volatility. The model takes the form of a univariateAutoregressive (AR) process of variables in question and the variance as a function of squared innovations from this AR process. Unit Root Test and Co-Integration Test will be conducted to know the stationary position of the macroeconomic variables, their order of integrations, and to identify the number of equations that exist in the model. The Augmented Dickey Fuller(ADF) and Johnasen Method, Gujaranti and Porter(2009)are current statistical method for this research.Primary sources of data will be collected through pre-arranged oral interviews and solicitation for filling of questionnaires to knowledgeable individuals and experts in the field of monetary policy and financial institutions. There are needs to visit the headquarter of CBN, some banks,interact with policy makers and Nigerians from all walks of life. The secondary data will come from CBN Statistical Bulletin, NBS, World Bank and IMF Economic Outlook, economic journals, internet and electronic media.The NIPSS library will facilitate assess to some books and unpublished researchers. A sample size primary d ata source which will not be less than 50 respondents and willbe random collected from relevant offices and institutions. To conduct oral interviews and serve questionnaires, there are needs to visit the headquarter of CBN, some banks, interact with policy makers, Nigerians from all walks of life. The computer application will be E-view 3. 1 or above. This application handles Time-series data more efficiently.DEFINITION OF TERMS/CONCEPTUAL CLASSIFICATIONS Generalised Autoregressive Conditional Heterscedasticity(GARCH) Generalised Autoregressive conditional heterscedasticity used in measuring volatility in macroeconomic Time Series. Limited to more of financial time series. Vector Autoregression(var) Vector Autoregressive, used to estimate the lagged value of a variables and its lagged value to other variables. Helps in solving multiple equations problems among macroeconomic variables and to identify bilateral causality between variable: e. g. nterest rate effect inflation and inflat ion effects interest rate. United Root Test A statistical instrument used to test the stationarity (or non-stationarity) of time series variables. United Root Test resulthelps to reject or accept the null hypothesis. Co-integration Test If two variables have long term or equilibrium relationship between them, they co-integrated e. g. Fisher’s quantity theory of money. In its application, the parameter of estimated variables is compare with its critical significance. Policy Ineffectiveness Theorem(PIT)The theorem based on New Classical economics that money is neutrality on money in macroeconomic policies. Conclusions This work is organised into five sections. Section One present the Backgrounds, Problems of Macroeconomic Policy and Sustainable Development in Nigeria, Research QuestionsAims of Study and Objectives of Study, the Scope of the Study, Limitations, the Significance of the Study/Policy Relevance, Theoretical Framework, Hypotheses of the Study and Methodology. Section Three, discusses the historical development of macroeconomic policy and sustainable development in Nigeria.The focus here will be Monetary Policy of Central Bank of Nigeria, with specific study in interest rate determinant. Section Four will present data, content analysis and interpretations. Section five will display the overview of the research work include summary of findings, conclusions, recommendation and implementation strategies. References Ackley, G. (1971), Macroeconomics. UK: Macmillian Adam Smith, (1776). â€Å"Masterpiece:An Inquiry into the Nature and Causes of the Wealth of Nations. †Edited by Edwin Cannan. Chicago: University  of  Chicago  Press,  1976.Available  online  at: http://www. econlib. org/library/Smith/smWN. html, 14/3/2013 Ampomg, K. O. (2005), â€Å"Inflation Targeting Monetary Policy-the Way Forward†,www. ghanaweb. com/ghanahomepage/features/artikel. phd? ID=80363. 12/3/2013 Anyanwu, J. C and H. E. Oaikhenan(1995),Modern Macro economics:Theory and Application in Nigeria. Onitsha:Joanee Educational Publishers Ltd. Blanchard, O. (2003), Macroeconomics. New Jersey: Prentice Hall. Bollerslev, T. (1986), â€Å"Generalised Autoregressive Condition Heteroscedasticity. †Journal of Econometrics, 31, 307-327.Barro,R. J. (2008), Macroeconomics. New Jersey: Prentice Hall. CBN, (2011), â€Å"Monetary Policy Reform. † www. cenbank. org/monetarypolicy reforms. asp. 13/3/2013. Engle, R. F. (1982), â€Å"Autoregressive Condition Heterscedasticity with Estimates of the Variance of United Kingdom. †Econometrical, 50, 987-1000. Gujarati, D. N. And Porter, D. C. (2009), â€Å"Basic Econometrics†. New York: McGraw-Hill Education. Hoover, Kevin D. (1988), The New Classical Macroeconomics: A Sceptical Inquiry. Oxford: Blackwell IndexMundi, (2011), â€Å"Consumer Price†, www. indexmudi. om/nigeria/inflation rate%28consumerprice%29. html. 12/3/2013. Keynes, John M. (1935). The General Theory of E mployment, Interest, and Money. London: Macmillan. Obafemi,O. Thisday, â€Å"CBN and Financial Policy Implementation. †16 February, 2013. Ojomaikre, A. Guardian, â€Å"Nigeria is not Growing and Broke(1). † 25 June, 2012. Perloff, J. M. (2007), Microeconomics. New York: Pearson/Addison Wesley. Sims, A. A. (1980), â€Å"Macroeconomics and Reality. †Econometrical, 48, 10. Udaba, S. I. (2002), An Introduction to Nigerian Public Finance. Enugu:Linco Press. Macroeconomics Policy and Sustainable Development in Nigeria MACROECONOMICS POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA INTRODUCTION In normal economic condition, macroeconomic policy drivessustainable development of anation. The two main branches of macroeconomics policies are based on monetary and fiscal economics. Central Bank, the nationalapex bank controls the monetary policy while the Ministry of Financeplays major role in national fiscal policy. However, most economists concur that, synergy exists between micro-and macro-economics variables and two policy agents of government: the CBN and Ministry of Finance determine the success or the degree of sustainability of macroeconomic development.In support of theimportance of central bank in macroeconomic policy, Ampong(2005) posits that non-artificial central bank independency has beena source of great success for the management and stabilisation of macroeconomic variables in countries like Norway, Sweden, Israel, Iceland, Denmark, New Zealand, United Kingdom, etc. In essence, there is the ory gap among economists onthe level of central bank’s independence, especially in developing economy such as Nigeria where there have been constant agitating for curtailing of the CBN’s autonomy. Nigeria economy has passed many phases since the introduction of SAP by Babangida Government in 1986.The Abacha Government came up with Vision 2010, the Obasanjo with NEEDS, the Yar’dua with Nigeria Vision 20:2020 and presently, the Jonathan’s Transformation Agenda. From 1986, Nigeria had total of four CBN Governors plus the incumbent, MallamSanusiLamidoSanusi. CBN Bulletin (2011) enumerated policy contents of SAP with major objectives to remove the controls of interest rates, enhance the institutional structure and supervision. Most importantly, to strengthen the money and capital markets through policy changes and distress resolution measuresand to improve the linkages between formal and informal financial sectors.The removal of the control of interest rate th rough inflation targeting is somewhat the main focus of SAP. The concernsof the financial operators, the real sectors managers, the economists, and the policy analysts are the effectiveness of macroeconomic policy instruments of the CBN and the Ministry of Finance. Then, the impact in GDP growth rate,the stability of macroeconomic variables and the economic growth policy sustainability. In essence, citizens want to see how growth in GDP results to increase in employment, equal distribution of wealth, enabling business nvironment, and improvements in Human Development Index(HDI). National Bureau of Statistics, NBS (2013) data presents positive outlook of the annual macroeconomic variables in Nigeria as reported by CBN. From 1980 to 2012, the data depicts constant increase in GDP Growth Rate,stable money supply, controlled inflation Rate, favourable interest Rate, etc. The Monetary Policy Committee(MPC) has maintained interest rate at double digits since 2009. Many economists and poli cy analysts question the integrity of NBS macroeconomic data and the CBN reports on the state of the economy.Ojomaikre(2012) questions the rationale of a statement he accredited to Nigeria’s Finance Minister,NgoziOkonjo-Iweala that Nigeria is one of the fastest growing economies in the world. Ojomaikre argues that Nigeria is not growing but broke. He asserts that government survey found out that, unemployment had increased across the country and was higher in rural than in urban areas. Similarly,he argues that the absolute poverty level had leapt from 54 per cent in 2006 to 70 per cent in 2010. The contradictions and argumentsregarding the growth of Nigeria economy and sustainability continue unabated.Obafemi(2013) supports some policies already implemented by the CBN in the last few years. He, however,questions the effectiveness of these policies in achieving the desired results and their sustainability. Sustainability in his opinion is about policy reversals when the presen t CBN Governor leaves office. Hoover(1988), posits that policy ineffectiveness theorem of New Classical school can be used to describe the current economic quagmire in Nigeria. PROBLEMS OF MACROECONOMIC POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA Nigeria’s financial sector witnessed seemly tremendous innovations preceding the SAP  in 1986.Objectives of SAP are to provide a liberalised and level playing field for the emergency of effective and efficient institutions that would serve as an engine of economic growth. As part of the reforms, CBN liberated the operating licenses of commercial banks. Their number rose from 40 in 1986 to 120 banks in 1992. The reforms led to the emergences of other financial institution such as discount houses and bureaux de changes which were non-existence prior to 1986. Importantly, CBN data (2012)depicts the increases in the capital base of banks since the introduction of reforms.The capital base of all bank and financial institutions was rai sed in 1998, from 10 million to 500 million. Presently, after recapitalization in 2005, the capital base rose to 25 Billion Naira. However, the major negative economic effects of reform were excess liquidity, unstable exchange rate, high inflation and volatile interest rates. According to IndexMundi publication on Nigeria economy, inflation increased from 6. 26% in 1986 to about 49% in 1989, and reached the peak of 72% in 1995, depicting the highest rates recorded in Nigeria economy since 1986.CBN statistical data depicts macroeconomic indicators of money supply, inflation, and interest rates from 1986 when SAP was introduced. Money supply increased from about 24 Billion Naira in 1986 to 370 Billion Naira in 1996, and by 2006 money supply rose to four trillion Naira. The extreme volatility of inflation data within these periods demonstrate the instability of Nigerian economy which monetarists refer as monetary policy trap. On interest rates, CBN data shows that interest rate which w as 12% in 1986 jumped to 24% as of 1989.Since late 1990s to 2004, interest rates in Nigeria have remained above 20% and even reached 30% in 2002. What is the cause of interest rate variability and what is the determinant of interest rate in economy? Blanchard(2003) examines domestic factors such as inflation, money supply, GDP growth rate and exchange rates as key factors. Factors that distinguish developed and developing countries in interest rate regime are efficiency of macroeconomic policy, its operation and implementation strategy. Some weaknesses associated with developing economies are weak institutional and weak legal frameworks.In developing economy, there is always the problem of high interest rate spread because of excess risk taken by commercial banks. Excessive risk has potential to stall economic activities and GDP growth. In the case of Nigeria, combined with these characteristics of developing countries, has also problem of systemic corruption which tends to reduce t he efficiency of macroeconomic policy QUESTIONS OF MACROECONOMICS POLICY AND SUSTAINABLE DEVELOPMENT IN NIGERIA This study will seek to provide the answer to the following questions. . What are the institutional frameworks for implementation ofmacroeconomic policy in Nigeria? b. What macroeconomic variables are the determinants of interest rate? c. What is the linkage between macroeconomic policy and macroeconomic variables? d. What are the challenges of macroeconomic policy and sustainable development in Nigerian? e. What policy recommendations and implementation strategies are required for macroeconomic policy and sustainabledevelopment in Nigeria? AIM, OBJECTIVE, SCOPE, AND LIMITATIONS OF THIS STUDYThe aim of this study is to identify and examine the two essential elements of Macroeconomics: the fiscalandmonetary policy. Different macroeconomics variables will also be surveyed and their impact on sustainable development in Nigeria. The broad objective of this study will beto asse ss the macroeconomic policy and sustainable development in Nigeria. The specific objectives are: a. To examine the institutional frameworks and implementation ofmacroeconomic policy in Nigeria. b. To identify the macroeconomic variablesthat are the determinants of interest rate in Nigeria c.To determine the linkage between macroeconomic policy and macroeconomic variables. d. To evaluate the challenges of the macroeconomic policy and sustainable development in Nigeria. e. To recommend and proffer implementation strategies for effective macroeconomic policy and sustainable development in Nigeria? The scope covers the process of assessing the macroeconomic policy and sustainable development in Nigeria from 1980 to 2012. This involves the evaluation of institutional framework and monetary policy of CBN.The following variables will be analysed: interest rate, real interest rate, inflation rate, exchange rate, risk premium, to determine their relationships with GDP growth rate and sustain able development in Nigeria. The limitations will be encountered as the study progresses. There might be some difficulties in assessing some documents from CBN and to compare CBN data with that World Bank and IMF. These  problems can be solved through the availability of reliable secondary data in the internet.THE SIGNIFICANCE, POLICY RELEVANCE, THEORETICAL FRAMEWORK OF THIS STUDY Major concern of policy makers and monetary authorities regarding macroeconomic variables are not about the existence of these variables themselves but their sizes, which fluctuate in response to volatility of other variables. The result of this study will add to the theory of interest rate and existing body of knowledge in macroeconomic policy by assisting the CBN to conduct effective monetary policy that can drive sustainable development in Nigeria.The policy-maker will be well-informed to make appropriate macroeconomic policy. Technical language of macroeconomics will be simplified for the benefits of individuals in their financial transactions. The knowledge of financial operators and their entrepreneur acumen will beenriched with the introduction of risk premium as a macroeconomic analysing tool. Proper Information is necessary to create Macroeconomic awareness. This research will survey different theories of macroeconomics with special focus on macroeconomic policy of CBN.The survey of various definitions of macroeconomic variables will be carried out. The classical theory Adam Smith(1776),  author of the Wealth of Nations and his follwers; also the Keynesian theory of, Keynes(1936),and the new classical theory of Hoover(1988). These theories have differing views on which institution or policy instruments thatare more effective than the other. However, Blanchard(2003) will be helpful in definition of interest rate theory which includes how inflation rate, expected inflation rate, money supply, and exchange raterelate to macroeconomic growth and stability.Barro(2008) will co mpare term structure of interest rate. Ackley(1971)will establish investment theory with emphasis in real interest rates. Very important in this research is risk premium which will be defined with Perloff(2007) theory on federal and capital market bonds. To compare relationship among monetary economic variables and complementary policy instruments of CBN, Udaba(2002) identifies Open Market Operations(OMO), Nigerian Inter-Bank Rate(NIBOR), Reserve Requirement(RR), Moral Suction, Special Deposit, and the activities of Monetary Policy Committee(MPC).There is also the Anyanwu and Oaikhenan(1995)model used to analyse the macroeconomic policy sustainability in Nigeria. Finally, for this study, Blanchard (2003) model will be used to analyse the institutional frameworks, macroeconomic variables and macroeconomic policies. METHODOLOGY This research work will be analysed through the combination of quantitative and qualitative research methodologies. It will apply both the primary and secondar y sources of data collection. For estimation procedure, the study will employ Vector Autoregressive Model(VAR) and Autoregressive Conditional Heteroscedasticity(GARCH).The VAR model was developed by Sims(1980) and will be usedto capture the second objective while GARCH method by (Engle, 1982; Bollerslev, 1986) will be applied to capture third objectives. VAR model is theory-free model because some countries exhibit particular characteristics that sometimes are devoid of any economic theory. The choice of this model was because of its unique feature to bring out dynamic behaviour of macroeconomic variables. In the model, every variable is seen as endogenous variable that can be explained by its lagged value and lagged values of all other variables in the model.The GARCH model is a popular method in financial literatures used as reliable model for volatility. The model takes the form of a univariateAutoregressive (AR) process of variables in question and the variance as a function of squared innovations from this AR process. Unit Root Test and Co-Integration Test will be conducted to know the stationary position of the macroeconomic variables, their order of integrations, and to identify the number of equations that exist in the model. The Augmented Dickey Fuller(ADF) and Johnasen Method, Gujaranti and Porter(2009)are current statistical method for this research.Primary sources of data will be collected through pre-arranged oral interviews and solicitation for filling of questionnaires to knowledgeable individuals and experts in the field of monetary policy and financial institutions. There are needs to visit the headquarter of CBN, some banks,interact with policy makers and Nigerians from all walks of life. The secondary data will come from CBN Statistical Bulletin, NBS, World Bank and IMF Economic Outlook, economic journals, internet and electronic media.The NIPSS library will facilitate assess to some books and unpublished researchers. A sample size primary d ata source which will not be less than 50 respondents and willbe random collected from relevant offices and institutions. To conduct oral interviews and serve questionnaires, there are needs to visit the headquarter of CBN, some banks, interact with policy makers, Nigerians from all walks of life. The computer application will be E-view 3. 1 or above. This application handles Time-series data more efficiently.DEFINITION OF TERMS/CONCEPTUAL CLASSIFICATIONS Generalised Autoregressive Conditional Heterscedasticity(GARCH) Generalised Autoregressive conditional heterscedasticity used in measuring volatility in macroeconomic Time Series. Limited to more of financial time series. Vector Autoregression(var) Vector Autoregressive, used to estimate the lagged value of a variables and its lagged value to other variables. Helps in solving multiple equations problems among macroeconomic variables and to identify bilateral causality between variable: e. g. nterest rate effect inflation and inflat ion effects interest rate. United Root Test A statistical instrument used to test the stationarity (or non-stationarity) of time series variables. United Root Test resulthelps to reject or accept the null hypothesis. Co-integration Test If two variables have long term or equilibrium relationship between them, they co-integrated e. g. Fisher’s quantity theory of money. In its application, the parameter of estimated variables is compare with its critical significance. Policy Ineffectiveness Theorem(PIT)The theorem based on New Classical economics that money is neutrality on money in macroeconomic policies. Conclusions This work is organised into five sections. Section One present the Backgrounds, Problems of Macroeconomic Policy and Sustainable Development in Nigeria, Research QuestionsAims of Study and Objectives of Study, the Scope of the Study, Limitations, the Significance of the Study/Policy Relevance, Theoretical Framework, Hypotheses of the Study and Methodology. Section Three, discusses the historical development of macroeconomic policy and sustainable development in Nigeria.The focus here will be Monetary Policy of Central Bank of Nigeria, with specific study in interest rate determinant. Section Four will present data, content analysis and interpretations. Section five will display the overview of the research work include summary of findings, conclusions, recommendation and implementation strategies. References Ackley, G. (1971), Macroeconomics. UK: Macmillian Adam Smith, (1776). â€Å"Masterpiece:An Inquiry into the Nature and Causes of the Wealth of Nations. †Edited by Edwin Cannan. Chicago: University  of  Chicago  Press,  1976.Available  online  at: http://www. econlib. org/library/Smith/smWN. html, 14/3/2013 Ampomg, K. O. (2005), â€Å"Inflation Targeting Monetary Policy-the Way Forward†,www. ghanaweb. com/ghanahomepage/features/artikel. phd? ID=80363. 12/3/2013 Anyanwu, J. C and H. E. Oaikhenan(1995),Modern Macro economics:Theory and Application in Nigeria. Onitsha:Joanee Educational Publishers Ltd. Blanchard, O. (2003), Macroeconomics. New Jersey: Prentice Hall. Bollerslev, T. (1986), â€Å"Generalised Autoregressive Condition Heteroscedasticity. †Journal of Econometrics, 31, 307-327.Barro,R. J. (2008), Macroeconomics. New Jersey: Prentice Hall. CBN, (2011), â€Å"Monetary Policy Reform. † www. cenbank. org/monetarypolicy reforms. asp. 13/3/2013. Engle, R. F. (1982), â€Å"Autoregressive Condition Heterscedasticity with Estimates of the Variance of United Kingdom. †Econometrical, 50, 987-1000. Gujarati, D. N. And Porter, D. C. (2009), â€Å"Basic Econometrics†. New York: McGraw-Hill Education. Hoover, Kevin D. (1988), The New Classical Macroeconomics: A Sceptical Inquiry. Oxford: Blackwell IndexMundi, (2011), â€Å"Consumer Price†, www. indexmudi. om/nigeria/inflation rate%28consumerprice%29. html. 12/3/2013. Keynes, John M. (1935). The General Theory of E mployment, Interest, and Money. London: Macmillan. Obafemi,O. Thisday, â€Å"CBN and Financial Policy Implementation. †16 February, 2013. Ojomaikre, A. Guardian, â€Å"Nigeria is not Growing and Broke(1). † 25 June, 2012. Perloff, J. M. (2007), Microeconomics. New York: Pearson/Addison Wesley. Sims, A. A. (1980), â€Å"Macroeconomics and Reality. †Econometrical, 48, 10. Udaba, S. I. (2002), An Introduction to Nigerian Public Finance. Enugu:Linco Press.

Private and Public Spheres in Sociology

Within sociology, public and private spheres are thought of as two distinct realms in which people operate on a daily basis. The basic distinction between them is that the public sphere is the realm of politics where strangers come together to engage in the free exchange of ideas, and is open to everyone, whereas the private sphere is a smaller, typically enclosed realm (like a home) that is only open to those who have permission to enter it. Key Takeaways: Public and Private Spheres The distinction between public and private spheres dates back thousands of years, but the key contemporary text on the topic is a 1962 book by Jà ¼rgen Habermas.The public sphere is where the free discussion and debate of ideas occurs, and the private sphere is the realm of family life.Historically, women and people of color have often been excluded from participation in the public sphere in the United States. Origins of the Concept The concept of distinct public and private spheres can be traced back to the ancient Greeks, who defined the public as the political realm where the direction of society and its rules and laws were debated and decided upon. The private sphere was defined as the realm of the family. However, how we define this distinction within sociology has changed over time. Sociologists’ definition of the public and private spheres is largely a result of the work of  the German sociologist Jà ¼rgen Habermas, a student of  critical theory  and  the Frankfurt School. His 1962 book,  The Structural Transformation of the Public Sphere, is considered the key text on the matter. Public Sphere According to Habermas, the public sphere, as a place where the free exchange of ideas and debate happens, is the cornerstone of democracy. It is, he wrote, made up of private people gathered together as a public and articulating the needs of society with the state. From this public sphere grows a public authority that dictates the values, ideals, and goals of a given society. The will of the people is expressed within it and emerges out of it. As such, a public sphere must have no regard for the social status  of the participants, be focused on common concerns, and be inclusive—all can participate. In his book, Habermas argues that the public sphere actually took shape within the private sphere, as the practice of discussing literature, philosophy, and politics among family and guests became a common practice. As men started engaging in these debates outside of the home, these practices then left the private sphere and effectively created a public sphere. In 18th century Europe, the spread of coffeehouses across the continent and Britain created a place where the Western public sphere first took shape in modern time. There, men engaged in discussions of politics and markets, and much of what we know today as laws of property, trade, and the ideals of democracy were crafted in those spaces. Private Sphere On the flip side, the private sphere is the realm of family and home life that is, in theory, free of the influence of government and other social institutions. In this realm, ones responsibility is to oneself and the other members of ones household, and work and exchange can take place within the home in a way that is separate from the economy of the greater society. However, the boundary between the public and private sphere is not fixed; instead, it is flexible and permeable, and is always fluctuating and evolving. Gender, Race, and the Public Sphere Its important to note that women were almost uniformly excluded from participating in the public sphere when it first emerged, and so the private sphere, the home, was considered the womans realm. This distinction between the public and private spheres can help to explain why, historically, women had to fight for the right to vote in order to participate in politics, and why gender stereotypes about women belonging in the home linger today. In the United States, people of color have been excluded from participating in the public sphere as well. Though progress in terms of inclusion has been made over time, we see the lingering effects of historical exclusion in the over-representation of white men in the U.S. congress. Bibliography: Habermas, Jà ¼rgen. The Structural Transformation of the Public Sphere: An Inquiry into a Category of Bourgeois Society. Translated by Thomas Burger and Frederick Lawrence, MIT Press, 1989.Nordquist, Richard. â€Å"Public Sphere (Rhetoric).† ThoughtCo, 7 Mar. 2017. https://www.thoughtco.com/public-sphere-rhetoric-1691701Wigington, Patti. â€Å"The Cult of Domesticity: Definition and History.† ThoughtCo, 14 Aug. 2019. https://www.thoughtco.com/cult-of-domesticity-4694493 Updated  by Nicki Lisa Cole, Ph.D.

Easy Jey and Ryan Air Financial Analysis - 12707 Words

Avation Executive Committee | Easy Jet And Ryan Air | Analyzing the financial performance of 2 of Europe’s Largest Low Cost Carriers across 3 Financial Years (2012 – 2010) | | | | Vs | Table of Contents Executive Summary 2 Introduction 4 Profitability 5 Easy Jet 6 Ryan Air 8 Comparing Profitability of Easy Jet amp; Ryan Air 10 Efficiency 13 Easy Jet 14 Ryan Air 15 Comparing Efficiency of Easy Jet amp; Ryan Air 16 Liquidity 19 Easy Jet 19 Ryan Air 21 Comparing Liquidity of Easy Jet amp; Ryan Air 22 Gearing 23 Easy Jet 24 Ryan Air 25 Comparing Gearing of Easy Jet amp; Ryan Air 26 Horizontal Analysis 27 Easy Jet 28 Ryan Air 29 Comparing Easy Jet and Ryan Air†¦show more content†¦However from an investment perspective one should think twice before investing in Ryan Air just because it’s profitable, because of its financial gearing it is possible that given an unfavorable turn of events in the European economy Ryan Air may not do soShow MoreRelatedGp Essay Mainpoints24643 Words   |  99 PagesConnections to a wider spectrum of professionals ( greater insight into issue at hand †¢ E.g. 2008 U.S. Presidential Elections (bloggers provide personal opinions about who was likely to win but New York Times invited experts to do a state-by-state analysis presenting results in a full-page spread, culminating in a detailed map showing states Democrats were likely to win) †¢ Anonymity: given free rein to publish any thought that comes to mind †¢ E.g. For every worthwhile video present on the site