Advances in the application of spray drying in relation to the cheese industry are discussed. The technology of producing cheese powder is briefly covered, together with the production of skim milk powder suitable for subsequent conversion into cheese and the technology of processing whey into various dry products. A new process, called TIXOTHERM™, is described. TIXOTHERM™ is suitable for the processing of permeate, produced Nike Basket Blazer Mid Femme as a by-product from the ultrafiltration of whey or milk, into a non-hygroscopic powder. After evaporation to 60% total solids (TS), the permeate concentrate is subjected to a three-step process comprising concentration to 86% in the Rosinaire™ paddle dryer; holding, stabilization and curing in a screw conveyor with two augers; and finally drying and cooling in a combined back-mix/plug-flow fluid bed drier. In comparison with the traditional processes, TIXOTHERM™ provides significant savings in both energy (about 30%) and building costs (up to Blazer Nike Leopard 75%).
It is well known that in a small open economy with full capital mobility and a fixed exchange rate, monetary policy is ineffective in influencing real output (e.g. the works of Fleming [Int. Monetary Fund Staff Pap. 9 (1962) 369.] and Mundell [Can. J. Econ. Polit. Sci. 29 (1963) 475.]). However, Wu [Int. Rev. Econ. Finance 8 (1999) 223.] finds that when the credit channel is added to Blazer Noir this model, monetary policy can have real effects under a fixed exchange rate system. This conclusion hinges on the assumption that open market operations have no effect on foreign exchange reserves of the central bank when evaluating how a change in monetary policy affects the loan market. This assumption is incorrect because under a fixed exchange rate regime, the quantity of foreign reserves becomes endogenous in the model. It is shown that when this assumption is relaxed, monetary policy is still ineffective in influencing output under a fixed exchange regime, even with an operative credit channel.
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