In 1988 Basil Moore published his book Horizontalists and Verticalists: The Macroeconomics of Credit Money, which this year celebrates its 25th birthday. We discuss this book from today's perspective, and in particular whether Moore's main assertions have been validated or rejected by the development of central bank practice and academic monetary economics. We find that the book has impressively stood the test of time and, despite part of textbook economics still insisting on the money multiplier as an explanation for the money supply, it is not much of an exaggeration to say that we have all become 'Horizontalists' in the last 25 years.
In this work, local mesh adaptivity for the time harmonic Maxwell equations is studied. The main purpose is to apply a known a posteriori residual‐based error estimator from the literature and to investigate its performance for a Y‐beam splitter setting. This configuration is an important prototype for the design of optical systems within the excellence cluster PhoenixD. Specifically, the branching region is of interest and requires a high accuracy of the numerical simulation. One numerical example shows the performance of our approach.
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