Academic literature on the topic 'ART-Too'

“Dicebat Bernardus Carnotensis nos esse quasi nanos, gigantium humeris insidentes, ut possimus plura eis et remotiora videre non utique proprii visus acumine, aut eminentia corporis, sed quia in altum subvehimur et extollimur magnitudine gigantica.” 1

The concept of the work of art has been criticized and sometimes even rejected in relation to the study of theatre and performance art. For the critics the concept is too bound to literature and causal logic, too dependent on sender/receiver models of communication and on romantic ideas about organic wholes, and too permeated with economic reason concerning ownership and distribution to describe the dynamics of the performative event. This article counters this critique and suggests a more dynamic conception of the work of art in order to sharpen the analytical perspective instead of founding a new ontology of the theatre. The suggestion is evolved through and supported by an analysis of an interactive performance for children by Corona la Balance (2007).

A writer, arts enthusiast, and online ambassador for visual storytelling has a modest proposal for K-12 education: Let’s stop teaching art. The arts are too often marginalized and too easily targeted for elimination by budget-conscious school administrators. Creativity, on the other hand, is central to every part of life, work, and citizenship.


 
 
 On November 28, 2019, a group of sixty or so people gathered in a sunny room at the University of Regina for the Disability Artivism in the Flyover Provinces symposium. The purpose of the event was to gather artists, students, and community members and arts organization representatives for collaborative reflection on the state of disability, deaf, and mad arts in the prairie provinces.
 
 

Abstract. Fundamental art studies in the field of land art are not yet available in Ukraine, and individual articles in periodicals do not reveal the principles of the formation of the actual Ukrainian art of the environment, its features and differences from abroad land art. To date, the phenomenon of Ukrainian land art has not received its own term and for thirty years in a row uses the borrowed foreign name «land art», while the uniqueness of domestic environmental art is an indisputable fact. The article considers the peculiarities of the formation of land art abroad and in the system of Ukrainian contemporary art. The analysis and clarification of terminology related to land art in Ukraine has been carried out. The author's term for the phenomenon of the Ukrainian land art is offered. The study found that the application of the foreign term «land art» to the domestic art of interaction with the environment is not exhaustive, because it does not reveal the full range of creative communication of artists with the environment and is too narrow in relation to it. At that time, the term «mystectvo dovkillja» («art of the environment»), introduced by P. Bevza, is too wide a range of artistic creativity, where «environment» is used in the sense of «environment» as one that contains the entire surrounding space. Therefore, it isn't inexpedient to apply the foreign term «land art» to the creative practices of Ukrainian artists. At the same time, «art of the environment» is too abstract a concept for the term «land art», which aims at a specific creative interaction with the earth. Environmental art aims to decorate and equip a person's place of residence, which expresses his utilitarianism and may include: both landscape art and landscape design and monumental art, site-specific art, ecological art, as preservation and repair of the Earth's resources, etc. Domestic artists work with natural materials in the natural environment in order to create a new art product. Accordingly, instead of the term «Ukrainian land art» it is appropriate to use the term «pryrodotvorche mystectvo» («natural creative art»), because the context of the Ukrainian art form is characterized by creative interaction with the natural environment and materials as a way to create a new art product. Theoretical research of the work is the basis for further in-depth scientific development of the problem, namely, the phenomenon of land art in the system of contemporary art of Ukraine.

My dissertation is concerned with two central issues: analysis of theory-practice gaps in aesthetic theories applied to avant-garde musics, and problems of visibility and respect in theorizing across cultures. In the first chapter, I examine a case study, John Coltrane's successive improvisations on "My Favorite Things," under two different theories in order to show how theories shape our view of the practices we are trying to explain. In the second chapter, I take up Coltrane's practices and their relations to theories once again but, in a reversal of the previous chapter's focus, I show how examining theories through practices can reveal these theory-practice gaps and problematic assumptions. I move, from there, to an analysis, informed by feminist standpoint epistemology, of the extent to which political values influence our theory choices and thus help construct our metaphysical views. Out of this discussion, my third chapter argues that attempts to universalize a culturally-situated notion of 'the musical work' (one drawn from Western classical music) do violence to works and artists situated in other cultural traditions. Thus I construct an alternative view of the musical work that I call 'contextualized nominalism' which has the merit of being sensitive to these issues of cultural situation. The fourth chapter explores connections between avant-garde jazz practices and oppositional politics which can be made visible when performances of works are accorded priority over composition. Here I construct a performative notion of community which, in addition to making the most sense of improvisational musical practices, can also be the ground of an 'ethos of improvisation' extendable into other social contexts. Finally I turn to the need for a pluralistic framework in aesthetic evaluation of polycultural artistic processes and products, through a critical examination of universal notions of aesthetic value. I argue, from this and all of the preceding chapters, that where we cross cultures, or mix them, in aesthetic evaluations, we must do so as respectful pluralists and within a pluralist framework.

The American Royalties Too (ART) Act of 2014 is the most recent attempt to create a resale royalty, or droit de suite, for visual artists in America. This would entitle visual artists to collect a royalty payment for sales of their work in the secondary market, specifically sales occurring at public auctions. The droit de suite was created in France in 1920, and is now part of the Berne Convention for the Protection of Literary and Artistic Works, which protects copyrights internationally. The purpose of this paper is to examine the history of droit de suite rights in the United States and abroad, and to analyze the currently proposed ART Act, its limitations, and its potential to create financial benefits for artists.

The blurred lines between the domains of art, education and art education create tensions that impact how art educators negotiate their identities (Baxter, Ortega López, Serig & Sullivan, 2008) within themselves and through a myriad of complex relationships with society and the natural world. I reflect upon the profound transformations of my theoretical and methodological framework of pedagogy emerging from my academic, artistic and professional experiences, particularly my exposure to twentieth century philosophy, post-modernism, critical pedagogy, democratic education, feminist theory and queer studies, each through the lens of social justice. I draw from the ideas of thinkers—Goodman, Lorde, Deleuze, Freire and Zolla, amongst many—who, in one way or another, embraced an integrative dialectic of difference rather than fearing or rejecting conflict, opposites and contradictions. In the twenty-first century, this exploration of the interspace has resulted in arts-based theoretical and methodological approaches to inquiry (Rolling, 2013) such as studio art as research practice (Sullivan, 2004), a/r/tography (Springgay, Irwin & Kind, 2005), and productive ambiguity (Shipe, 2015). This thesis is an arts-based autoethnography, intended to embody the dual nature of the identities and practices of artists/teachers through the creation of an artistic product. Carolyn Ellis and Arthur P. Bochner pointed to the three axes of autoethnography: the self (auto), culture (ethno) and the research process (graphy); modes of autoethnography fall along different places within these continua (Ellis & Bochner, 2000). While I place the strongest focus on my experience and culture, I also stress the relevance and rigor of the research process. Drawing inspiration from the amazing work of Nick Sousanis and Rachel Branham, I include extensive notes and references at the end of the thesis. The prologue is formatted as an illustrated novel—a blueprint for a full graphic novel version of this thesis. The rest of the manuscript is a literary autoethnography, by which I assume the identity of an autobiographical writer foremost.

This dissertation, working in concert with a parallel studio-based investigation culminating in an exhibition of expanded painting outcomes, aims to provide a historical context, theoretical framework and experiential aesthetic vehicle for renegotiating the problem of style. In framing ‘style’ as an open question that bears no singular destination, it seeks to instantiate a dialogue between individually circumscribed notions of subjectivity and the broader contextual markers of space, place and time. Across our present, the sheer multiplicity of contemporaneous artistic activity can sometimes seem like an orgy of competing histories and possibilities all vying for attention. Navigating through this pluralist carnival of possible options, in which all manner of media and disciplinary configuration are noisily meeting and mating, is an activity that can often defy meaningful aesthetic experience. Consequently, this dissertation presents various strategies for making meaningful connections within this ‘all out fuck fest’ of artistic possibilities. To this end, it examines the question as to why many contemporary artists, myself included, are revisiting and renegotiating the ‘modernist repository’ in a manner that is no longer effectively described within the now redundant postmodern paradigm. No longer entombed within ironic nostalgia or melancholic longing, many contemporary artists are instead retooling and recalibrating the many great incomplete and unfinished trajectories within modernism as part of a multiplicitous and speculative forward momentum.

This thesis is an investigation of the complex processes and relationships between the physical human performer and the technologically manufactured cyber-human counterpart. I acted as both researcher and the physical human performer, deeply engaged in the moment-to-moment creation of events unfolding within a shared virtual reality environment. As the primary instigator and activator of the cyber-human partner, I maintained a balance between the live and technological performance elements, prioritizing the production of content and meaning. By way of using practice as research, this thesis argues that in considering interactions between cyber-human and human performers, it is crucial to move beyond discussions of technology when considering interactions between cyber-humans and human performers to an analysis of emotional content, the powers of poetic imagery, the trust that is developed through sensory perception and the evocation of complex relationships. A theoretical model is constructed to describe the relationship between a cyber-human and a human performer in the five works created specifically for this thesis, which is not substantially different from that between human performers. Technological exploration allows for the observation and analysis of various relationships, furthering an expanded understanding of ‘movement as content’ beyond the electronic connection. Each of the works created for this research used new and innovative technologies, including virtual reality, multiple interactive systems, six generations of wearable computers, motion capture technology, high-end digital lighting projectors, various projection screens, smart electronically charged fabrics, multiple sensory sensitive devices and intelligent sensory charged alternative performance spaces. They were most often collaboratively created in order to augment all aspects of the performance and create the sense of community found in digital live dance performances/events. These works are identified as one continuous line of energy and discovery, each representing a slight variation on the premise that a working, caring, visceral and poetic content occurs beyond the technological tools. Consequently, a shift in the physical human’s psyche overwhelms the act of performance. Scholarship and reflection on the works have been integral to my creative process throughout. The goals of this thesis, the works created and the resulting methodologies are to investigate performance to heighten the multiple ways we experience and interact with the world. This maximizes connection and results in a highly interactive, improvisational, dynamic, non-linear, immediate, accessible, agential, reciprocal, emotional, visceral and transformative experience without boundaries between the virtual and physical for physical humans, cyborgs and cyber-humans alike.

The purpose of my research is to disrupt the all-too-human body through art in early childhood education and care. This study begins by constructing the problem of the all-too-human body as it is practiced in the classroom and through art. With this study, I attempt to disrupt this way of reading the body through an art encounter. This involves rethinking/rewriting how we come to practice art making. To do this, I turn to the philosophy of Deleuze and Guattari (1987) and employ three concepts: the Body without Organs (BwO), assemblage, and becoming. With these concepts, this thesis is inspired by an immanent relational materialist onto-epistemology.<br>Graduate

This paper details the process of art therapy with a latency-aged boy experiencing mild to moderate adjustment difficulties and negotiating conflicts associated with the Oedipal complex. A discussion of Freud's Oedipus complex (as cited in Ellenberger, 1970) and associated theories is provided. The case study format, which includes descriptions of the client's sessions and artworks, is used to elucidate the use of art therapy in addressing developmental issues. The literature review explores potential links between Oedipal conflicts, object relations, and a related application of psychodynamic art therapy. While current literature emphasizes the use of art therapy with children facing more severe, pathological difficulties, it is contended that art therapy can provide an excellent means of addressing and supporting challenges and transitions associated with children's normative psychosexual development. It is proposed that three theoretical constructs, a Neo-Freudian approach, attachment theory, and object relations theory, may be used complimentarily to inform and enhance psychodynamic art therapy practice. Discussion of the client's therapeutic process focuses on his movement towards self-definition as he redefines his object world through creative expression and increased agency, facilitated by art therapy. His process points to the efficacy of a psychodynamic, developmentally oriented art therapy approach.

Kinetic and programmed art has been a trend of contemporary arts that flourished in the 1950s and 1960s. Kinetic artworks often incorporated technology, at that time still immature, and involved the audience in the production of visual, sound, and somatic effects. Gruppo T was the pioneering group at the forefront of this groundbreaking vision of art as reproducible, participatory, and interactive. Through an action research project and the methodological tool of reenactment, a group of researchers, designers, and artists has proposed an alternative way to conserve Gruppo T artworks. The project ‘Re-programmed Art: An Open Manifesto’ originated from the ephemeral and experimental features, as well as fragility, of the works by Gruppo T — that is, from the difficulties of practice, conservation, technology, and market that have confined them for far too long to the margins of mainstream art history. We conceive reenactment not just a mere restaging but as re-designing, re-thinking, updating, and re-programming a series of works by Gruppo T.

Abstract Justification for using specific classical equations, used herein, to obtain state-of-the-art cathodic protection designs is presented. Also, selected sacrificial anodes and their galvanic properties are briefly discussed, including deration methods. A personal computer is used to optimize anode geometries for some offshore platform members where the required anode congestion creates mutual interference problems too complex to readily solve without a computer. A computer flow chart showing the optimization process, some practical offshore cathodic protection examples via computer printouts, and some practical uses are given for each of five design options. Depending on the design requirements, remote or non-remote equations are used in this computer approach. Typical offshore tension leg and Cook's Inlet type platform parameters are used in some of the design examples. Some possible on-shore cathodic protection applications are discussed.

Existing planning action domain model acquisition approaches consider different types of state traces from which they learn. The differences in state traces refer to the level of observability of state changes (from full to none) and whether the observations have some noise (the state changes might be inaccurately logged). However, to the best of our knowledge, all the existing approaches consider state traces in which each state change corresponds to an action specified by its name and all its parameters (all objects that are relevant to the action). Furthermore, the names and types of all the parameters of the actions to be learned are given. These assumptions are too strong. In this paper, we propose a method that learns action schema from state traces with fully observable state changes but without the parameters of actions responsible for the state changes (only action names are part of the state traces). Although we can easily deduce the number (and names) of the actions that will be in the learned domain model, we still need to deduce the number and types of the parameters of each action alongside its precondition and effects. We show that this task is at least as hard as graph isomorphism. However, our experimental evaluation on a large collection of IPC benchmarks shows that our approach is still practical as the number of required parameters is usually small. Compared to the state-of-the-art learning tools SAM and Extended SAM our new algorithm can provide better results in terms of learning action models more similar to reference models, even though it uses less information and has fewer restrictions on the input traces.

Abstract Aspects of car corrosion, as assessed during and immediately after a 1975-6 survey in England, show trends that are not too different from present day findings. The results here presented are based on the results of a survey of approximately 1200 vehicles, including input from fleet users, and from automobile manufacturers and publications of that era. The types of corrosion damage, location and cause are briefly reviewed, particularly with regard to user habits and opinions germane to the period. Aspects of exhaust (muffler) corrosion are also included; such damage is predominantly a function of dewpoint corrosion.

Counting integer solutions of linear constraints has found interesting applications in various fields. It is equivalent to the problem of counting integer points inside a polytope. However, state-of-the-art algorithms for this problem become too slow for even a modest number of variables. In this paper, we propose new decomposition techniques which target both the elimination of variables as well as inequalities using structural properties of counting problems. Experiments on extensive benchmarks show that our algorithm improves the performance of state-of-the-art counting algorithms, while the overhead is usually negligible compared to the running time of integer counting.

Word Sense Disambiguation (WSD) is an important task for Biomedicine text-mining. Supervised WSD methods have the best results but they are complex and their cost for testing is too high. This work presents an experiment on WSD using graph-based approaches (unsupervised methods). Three algorithms were tested and compared to the state of the art. Results indicate that similar performance could be reached with different levels of complexity, what may point to a new approach to this problem.

Algorithm selection (AS) techniques -- which involve choosing from a set of algorithms the one expected to solve a given problem instance most efficiently -- have substantially improved the state of the art in solving many prominent AI problems, such as SAT, CSP, ASP, MAXSAT and QBF. Although several AS procedures have been introduced, not too surprisingly, none of them dominates all others across all AS scenarios. Furthermore, these procedures have parameters whose optimal values vary across AS scenarios. In this extended abstract of our 2015 JAIR article of the same title, we summarize AutoFolio, which uses an algorithm configuration procedure to automatically select an AS approach and optimize its parameters for a given AS scenario. AutoFolio allows researchers and practitioners across a broad range of applications to exploit the combined power of many different AS methods and to automatically construct high-performance algorithm selectors. We demonstrate that AutoFolio was able to produce new state-of-the-art algorithm selectors for 7 well-studied AS scenarios and matches state-of-the-art performance statistically on all other scenarios. Compared to the best single algorithm for each AS scenario, AutoFolio achieved average speedup factors between 1.3 and 15.4.

Bipartite b-matching is fundamental in algorithm design, and has been widely applied into diverse applications, such as economic markets, labor markets, etc. These practical problems usually exhibit two distinct features: large-scale and dynamic, which requires the matching algorithm to be repeatedly executed at regular intervals. However, existing exact and approximate algorithms usually fail in such settings due to either requiring intolerable running time or too much computation resource. To address this issue, based on a key observation that the matching instances vary not too much, we propose NeuSearcher which leverage the knowledge learned from previously instances to solve new problem instances. Specifically, we design a multichannel graph neural network to predict the threshold of the matched edges, by which the search region could be significantly reduced. We further propose a parallel heuristic search algorithm to iteratively improve the solution quality until convergence. Experiments on both open and industrial datasets demonstrate that NeuSearcher can speed up 2 to 3 times while achieving exactly the same matching solution compared with the state-of-the-art approximation approaches.

All too often statistics are characterized as lies. But statistics are more likely to be half truths than lies. This paper studies statistical prevarication – the art of strad- dling both sides of an issue or idea – involving a statistic. This paper studies statis- tical prevarications in everyday use and in statistics education. If statistics educa- tors are to avoid a charge of statistical negligence, they should focus more on iden- tifying and eliminating sources of statistical prevarication in their teaching and textbooks. And statistical educators should do more to help students become statis- tically literate in detecting statistical prevarication.

Abstract It is well known that the total pressure ratio and the turbine inlet temperature need to be increased to raise the thermal efficiency of a turbine stage. Therefore, a high exit gas temperature of the combustion chamber is essential to increase the thermal efficiency of aero engines. Consequently, the fluid temperature at the inlet of the Turbine Rear Frame (TRF) rises, too. Without any countermeasures, too hot fluid can enter the cavities between stationary and rotating parts through axial gaps causing damage to structural parts. To prevent such ingression of hot fluid, cold purge air is blown out of the cavities and hence interacts with the main flow of the low-pressure turbine. The present paper investigates the effect of purge air on the aerodynamic performance of a state-of-the-art Turbine Exit Guide-Vane (TEGV) design. For this purpose, five-hole-probe data for three different purge-air flow rates are compared at the inlet and the exit plane of a scaled full annular TEGV cascade. It was found that purge air migrates along the hub end wall toward one TEGV suction side, corresponding to the cross-flow pressure gradient, where it accumulates. The accumulated purge air curls into one vortex. The influence of three TEGV incidence angles, high-negative and high-positive values, is discussed for the nominal purge condition. The investigation was conducted at the Institute of Thermal Turbomachinery and Machine Dynamics of the Graz University of Technology.

This SAE EDGE™ Research Report builds a comprehensive picture of the current state-of-the-art of human-robot applications, identifying key issues to unlock the technology’s potential. It brings together views of recognized thought leaders to understand and deconstruct the myths and realities of human- robot collaboration, and how it could eventually have the impact envisaged by many. Current thinking suggests that the emerging technology of human-robot collaboration provides an ideal solution, combining the flexibility and skill of human operators with the precision, repeatability, and reliability of robots. Yet, the topic tends to generate intense reactions ranging from a “brave new future” for aircraft manufacturing and assembly, to workers living in fear of a robot invasion and lost jobs. It is widely acknowledged that the application of robotics and automation in aerospace manufacturing is significantly lower than might be expected. Reasons include product variability, size, design philosophy, and relatively low volumes. Also, the occasional reticence due to a history of past false starts plays a role too. Unsettled Issues on Human-Robot Collaboration and Automation in Aerospace Manufacturing goes deep into the core questions that really matter so the necessary step changes can move the industry forward.

Electric and natural gas utilities often find it advantageous to share rights-of-way. Available methods for evaluating electrical effects on gas pipelines have been difficult to use at best, and at worst, incorrect. A generalized approach that addresses inductive and conductive interferences has not been available. Initiated to fill that need, this work is part of a research effort cosponsored by EPRI and the Pipe Line Research Council International, Inc. (PRCI) �A generalized approach to the analysis of the effects of transmission line faults on natural gas transmission pipelines has been developed and is presented in this report. A state of the art user-friendly computational tool has been developed and verified for the analysis of interference between electrical power lines and nearby buried or aboveground pipelines. This computer program, ECCAPP, is distinguished by its ability to model and analyze accurately complex, realistic interactions between pipelines and power lines, using easily obtained input data. The final report consists of three volumes. An independent fourth volume was also developed to simplify the installation of the ECCAPP software.Volume 1 contains the theory upon which the ECCAPP computer program is based. A parametric analysis and graphical charts have been formulated using ECCAPP to permit estimates to be made in the field or during preliminary analyses for situations that are not too complex. A discussion of various useful mitigation methods is included. The discussion is based on previous research work and on the results of the parametric analysis.Volume 2 is a detailed user's manual which describes not only how to use the program itself, but also which engineering data must be sought during an analysis and how to assimilate it into a computer model. A detailed sample problem is included. A detailed \Glossary of Terms\" used by ECCAPP as well as suitable input data forms to be filled by power line and pipeline engineers are provided in the appendices.Volume 3 discusses the modeling and performance of pipeline insulation or coating.

Banco de la República is celebrating its 100th anniversary in 2023. This is a very significant anniversary and one that provides an opportunity to highlight the contribution the Bank has made to the country’s development. Its track record as guarantor of monetary stability has established it as the one independent state institution that generates the greatest confidence among Colombians due to its transparency, management capabilities, and effective compliance with the central banking and cultural responsibilities entrusted to it by the Constitution and the Law. On a date as important as this, the Board of Directors of Banco de la República (BDBR) pays tribute to the generations of governors and officers whose commitment and dedication have contributed to the growth of this institution.1 Banco de la República’s mandate was confirmed in the National Constitutional Assembly of 1991 where the citizens had the opportunity to elect the seventy people who would have the task of drafting a new constitution. The leaders of the three political movements with the most votes were elected as chairs to the Assembly, and this tripartite presidency reflected the plurality and the need for consensus among the different political groups to move the reform forward. Among the issues considered, the National Constitutional Assembly gave special importance to monetary stability. That is why they decided to include central banking and to provide Banco de la República with the necessary autonomy to use the instruments for which they are responsible without interference from other authorities. The constituent members understood that ensuring price stability is a state duty and that the entity responsible for this task must be enshrined in the Constitution and have the technical capability and institutional autonomy necessary to adopt the decisions they deem appropriate to achieve this fundamental objective in coordination with the general economic policy. In particular, Article 373 established that “the State, through Banco de la República, shall ensure the maintenance of the purchasing power of the currency,” a provision that coincided with the central banking system adopted by countries that have been successful in controlling inflation. In 1999, in Ruling 481, the Constitutional Court stated that “the duty to maintain the purchasing power of the currency applies to not only the monetary, credit, and exchange authority, i.e., the Board of Banco de la República, but also those who have responsibilities in the formulation and implementation of the general economic policy of the country” and that “the basic constitutional purpose of Banco de la República is the protection of a sound currency. However, this authority must take the other economic objectives of state intervention such as full employment into consideration in their decisions since these functions must be coordinated with the general economic policy.” The reforms to Banco de la República agreed upon in the Constitutional Assembly of 1991 and in Act 31/1992 can be summarized in the following aspects: i) the Bank was assigned a specific mandate: to maintain the purchasing power of the currency in coordination with the general economic policy; ii) the BDBR was designatedas the monetary, foreign exchange, and credit authority; iii) the Bank and its Board of Directors were granted a significant degree of independence from the government; iv) the Bank was prohibited from granting credit to the private sector except in the case of the financial sector; v) established that in order to grant credit to the government, the unanimous vote of its Board of Directors was required except in the case of open market transactions; vi) determined that the legislature may, in no case, order credit quotas in favor of the State or individuals; vii) Congress was appointed, on behalf of society, as the main addressee of the Bank’s reporting exercise; and viii) the responsibility for inspection, surveillance, and control over Banco de la República was delegated to the President of the Republic. The members of the National Constitutional Assembly clearly understood that the benefits of low and stable inflation extend to the whole of society and contribute mto the smooth functioning of the economic system. Among the most important of these is that low inflation promotes the efficient use of productive resources by allowing relative prices to better guide the allocation of resources since this promotes economic growth and increases the welfare of the population. Likewise, low inflation reduces uncertainty about the expected return on investment and future asset prices. This increases the confidence of economic agents, facilitates long-term financing, and stimulates investment. Since the low-income population is unable to protect itself from inflation by diversifying its assets, and a high proportion of its income is concentrated in the purchase of food and other basic goods that are generally the most affected by inflationary shocks, low inflation avoids arbitrary redistribution of income and wealth.2 Moreover, low inflation facilitates wage negotiations, creates a good labor climate, and reduces the volatility of employment levels. Finally, low inflation helps to make the tax system more transparent and equitable by avoiding the distortions that inflation introduces into the value of assets and income that make up the tax base. From the monetary authority’s point of view, one of the most relevant benefits of low inflation is the credibility that economic agents acquire in inflation targeting, which turns it into an effective nominal anchor on price levels. Upon receiving its mandate, and using its autonomy, Banco de la República began to announce specific annual inflation targets as of 1992. Although the proposed inflation targets were not met precisely during this first stage, a downward trend in inflation was achieved that took it from 32.4% in 1990 to 16.7% in 1998. At that time, the exchange rate was kept within a band. This limited the effectiveness of monetary policy, which simultaneously sought to meet an inflation target and an exchange rate target. The Asian crisis spread to emerging economies and significantly affected the Colombian economy. The exchange rate came under strong pressure to depreciate as access to foreign financing was cut off under conditions of a high foreign imbalance. This, together with the lack of exchange rate flexibility, prevented a countercyclical monetary policy and led to a 4.2% contraction in GDP that year. In this context of economic slowdown, annual inflation fell to 9.2% at the end of 1999, thus falling below the 15% target set for that year. This episode fully revealed how costly it could be, in terms of economic activity, to have inflation and exchange rate targets simultaneously. Towards the end of 1999, Banco de la República announced the adoption of a new monetary policy regime called the Inflation Targeting Plan. This regime, known internationally as ‘Inflation Targeting,’ has been gaining increasing acceptance in developed countries, having been adopted in 1991 by New Zealand, Canada, and England, among others, and has achieved significant advances in the management of inflation without incurring costs in terms of economic activity. In Latin America, Brazil and Chile also adopted it in 1999. In the case of Colombia, the last remaining requirement to be fulfilled in order to adopt said policy was exchange rate flexibility. This was realized around September 1999, when the BDBR decided to abandon the exchange-rate bands to allow the exchange rate to be freely determined in the market.Consistent with the constitutional mandate, the fundamental objective of this new policy approach was “the achievement of an inflation target that contributes to maintaining output growth around its potential.”3 This potential capacity was understood as the GDP growth that the economy can obtain if it fully utilizes its productive resources. To meet this objective, monetary policy must of necessity play a countercyclical role in the economy. This is because when economic activity is below its potential and there are idle resources, the monetary authority can reduce the interest rate in the absence of inflationary pressure to stimulate the economy and, when output exceeds its potential capacity, raise it. This policy principle, which is immersed in the models for guiding the monetary policy stance, makes the following two objectives fully compatible in the medium term: meeting the inflation target and achieving a level of economic activity that is consistent with its productive capacity. To achieve this purpose, the inflation targeting system uses the money market interest rate (at which the central bank supplies primary liquidity to commercial banks) as the primary policy instrument. This replaced the quantity of money as an intermediate monetary policy target that Banco de la República, like several other central banks, had used for a long time. In the case of Colombia, the objective of the new monetary policy approach implied, in practical terms, that the recovery of the economy after the 1999 contraction should be achieved while complying with the decreasing inflation targets established by the BDBR. The accomplishment of this purpose was remarkable. In the first half of the first decade of the 2000s, economic activity recovered significantly and reached a growth rate of 6.8% in 2006. Meanwhile, inflation gradually declined in line with inflation targets. That was how the inflation rate went from 9.2% in 1999 to 4.5% in 2006, thus meeting the inflation target established for that year while GDP reached its potential level. After this balance was achieved in 2006, inflation rebounded to 5.7% in 2007, above the 4.0% target for that year due to the fact that the 7.5% GDP growth exceeded the potential capacity of the economy.4 After proving the effectiveness of the inflation targeting system in its first years of operation, this policy regime continued to consolidate as the BDBR and the technical staff gained experience in its management and state-of-the-art economic models were incorporated to diagnose the present and future state of the economy and to assess the persistence of inflation deviations and expectations with respect to the inflation target. Beginning in 2010, the BDBR established the long-term 3.0% annual inflation target, which remains in effect today. Lower inflation has contributed to making the macroeconomic environment more stable, and this has favored sustained economic growth, financial stability, capital market development, and the functioning of payment systems. As a result, reductions in the inflationary risk premia and lower TES and credit interest rates were achieved. At the same time, the duration of public domestic debt increased significantly going from 2.27 years in December 2002 to 5.86 years in December 2022, and financial deepening, measured as the level of the portfolio as a percentage of GDP, went from around 20% in the mid-1990s to values above 45% in recent years in a healthy context for credit institutions.Having been granted autonomy by the Constitution to fulfill the mandate of preserving the purchasing power of the currency, the tangible achievements made by Banco de la República in managing inflation together with the significant benefits derived from the process of bringing inflation to its long-term target, make the BDBR’s current challenge to return inflation to the 3.0% target even more demanding and pressing. As is well known, starting in 2021, and especially in 2022, inflation in Colombia once again became a serious economic problem with high welfare costs. The inflationary phenomenon has not been exclusive to Colombia and many other developed and emerging countries have seen their inflation rates move away from the targets proposed by their central banks.5 The reasons for this phenomenon have been analyzed in recent Reports to Congress, and this new edition delves deeper into the subject with updated information. The solid institutional and technical base that supports the inflation targeting approach under which the monetary policy strategy operates gives the BDBR the necessary elements to face this difficult challenge with confidence. In this regard, the BDBR reiterated its commitment to the 3.0% inflation target in its November 25 communiqué and expects it to be reached by the end of 2024.6 Monetary policy will continue to focus on meeting this objective while ensuring the sustainability of economic activity, as mandated by the Constitution. Analyst surveys done in March showed a significant increase (from 32.3% in January to 48.5% in March) in the percentage of responses placing inflation expectations two years or more ahead in a range between 3.0% and 4.0%. This is a clear indication of the recovery of credibility in the medium-term inflation target and is consistent with the BDBR’s announcement made in November 2022. The moderation of the upward trend in inflation seen in January, and especially in February, will help to reinforce this revision of inflation expectations and will help to meet the proposed targets. After reaching 5.6% at the end of 2021, inflation maintained an upward trend throughout 2022 due to inflationary pressures from both external sources, associated with the aftermath of the pandemic and the consequences of the war in Ukraine, and domestic sources, resulting from: strengthening of local demand; price indexation processes stimulated by the increase in inflation expectations; the impact on food production caused by the mid-2021 strike; and the pass-through of depreciation to prices. The 10% increase in the minimum wage in 2021 and the 16% increase in 2022, both of which exceeded the actual inflation and the increase in productivity, accentuated the indexation processes by establishing a high nominal adjustment benchmark. Thus, total inflation went to 13.1% by the end of 2022. The annual change in food prices, which went from 17.2% to 27.8% between those two years, was the most influential factor in the surge in the Consumer Price Index (CPI). Another segment that contributed significantly to price increases was regulated products, which saw the annual change go from 7.1% in December 2021 to 11.8% by the end of 2022. The measure of core inflation excluding food and regulated items, in turn, went from 2.5% to 9.5% between the end of 2021 and the end of 2022. The substantial increase in core inflation shows that inflationary pressure has spread to most of the items in the household basket, which is characteristic of inflationary processes with generalized price indexation as is the case in Colombia. Monetary policy began to react early to this inflationary pressure. Thus, starting with its September 2021 session, the BDBR began a progressive change in the monetary policy stance moving away from the historical low of a 1.75% policy rate that had intended to stimulate the recovery of the economy. This adjustment process continued without interruption throughout 2022 and into the beginning of 2023 when the monetary policy rate reached 12.75% last January, thus accumulating an increase of 11 percentage points (pp). The public and the markets have been surprised that inflation continued to rise despite significant interest rate increases. However, as the BDBR has explained in its various communiqués, monetary policy works with a lag. Just as in 2022 economic activity recovered to a level above the pre-pandemic level, driven, along with other factors, by the monetary stimulus granted during the pandemic period and subsequent months, so too the effects of the current restrictive monetary policy will gradually take effect. This will allow us to expect the inflation rate to converge to 3.0% by the end of 2024 as is the BDBR’s purpose.Inflation results for January and February of this year showed declining marginal increases (13 bp and 3 bp respectively) compared to the change seen in December (59 bp). This suggests that a turning point in the inflation trend is approaching. In other Latin American countries such as Chile, Brazil, Perú, and Mexico, inflation has peaked and has begun to decline slowly, albeit with some ups and downs. It is to be expected that a similar process will take place in Colombia in the coming months. The expected decline in inflation in 2023 will be due, along with other factors, to lower cost pressure from abroad as a result of the gradual normalization of supply chains, the overcoming of supply shocks caused by the weather, and road blockades in previous years. This will be reflected in lower adjustments in food prices, as has already been seen in the first two months of the year and, of course, the lagged effect of monetary policy. The process of inflation convergence to the target will be gradual and will extend beyond 2023. This process will be facilitated if devaluation pressure is reversed. To this end, it is essential to continue consolidating fiscal sustainability and avoid messages on different public policy fronts that generate uncertainty and distrust. 1 This Report to Congress includes Box 1, which summarizes the trajectory of Banco de la República over the past 100 years. In addition, under the Bank’s auspices, several books that delve into various aspects of the history of this institution have been published in recent years. See, for example: Historia del Banco de la República 1923-2015; Tres banqueros centrales; Junta Directiva del Banco de la República: grandes episodios en 30 años de historia; Banco de la República: 90 años de la banca central en Colombia. 2 This is why lower inflation has been reflected in a reduction of income inequality as measured by the Gini coefficient that went from 58.7 in 1998 to 51.3 in the year prior to the pandemic. 3 See Gómez Javier, Uribe José Darío, Vargas Hernando (2002). “The Implementation of Inflation Targeting in Colombia”. Borradores de Economía, No. 202, March, available at: https://repositorio.banrep.gov.co/handle/20.500.12134/5220 4 See López-Enciso Enrique A.; Vargas-Herrera Hernando and Rodríguez-Niño Norberto (2016). “The inflation targeting strategy in Colombia. An historical view.” Borradores de Economía, No. 952. https://repositorio.banrep.gov.co/handle/20.500.12134/6263 5 According to the IMF, the percentage change in consumer prices between 2021 and 2022 went from 3.1% to 7.3% for advanced economies, and from 5.9% to 9.9% for emerging market and developing economies. 6 https://www.banrep.gov.co/es/noticias/junta-directiva-banco-republica-reitera-meta-inflacion-3