RB34-71 Effects of Inflation and Deflation Upon Nebraska Agriculture, 1914 to 1932

Nebraska farmers prospered during the period which followed the depression of the nineties and preceded the beginning of the World War. To be sure the prosperity was not uniformly distributed either by years or by areas. The corn crop was unusually short in a large portion of the state in 1901 and an almost total failure in many of the southern counties in 1913. Chinch bugs did considerable injury in 1901 and the Hessian fly in 1905 and 1914. There was noticeable damage from insects in some areas in other years. No part of the state, however, suffered from long-continued drouth or repeated ravages of insect pests. The depression of 1907 affected credit and prices very severly for a few months, but recovery was rapid and within less than a year business was again moving forward. This 1934 research bulletin covers the problems of inflation and deflation; changes in the prices of various commodities during inflation and deflation; prices and purchasing power of Nebraska farm products, 1914 to 1932; adjustments during inflation and deflation; the effect of wages on Nebraska agriculture; taxes; Nebraska farm income; changes in types of farming in Nebraska, 1914 to 1932; the banking situation; Nebraska farm land prices; and the effects of inflation and deflation upon Nebraska businesses.

A Response to Seth H. Giertz

There are two aspects of Seth Giertz's excellent chapter that I want to talk about. One is slightly technical; I want to try to provide some explanation for why estimating elasticity of taxable income (ETI) is so difficult. I think this difficulty is unappreciated by nonspecialists, who are quick to latch onto a favorite estimate without understanding the weaknesses in the estimation. The other aspect is a bit more philosophical and addresses the different functions of the partial equilibrium analysis done here and the general equilibrium work done a few years back in the macro group at the Congressional Budget Office (CBO). Perhaps surprisingly, I strongly endorse the partial equilibrium approach taken here for the comparison of tax reforms.

A macroscopic kinetic model for DNA polymerase elongation and high-fidelity nucleotide election

The enzymatically catalyzed template-directed extension of ssDNA/primer complex is an impor-tant reaction of extraordinary complexity. The DNA polymerase does not merely facilitate the insertion of dNMP, but it also performs rapid screening of substrates to ensure a high degree of fidelity. Several kinetic studies have determined rate constants and equilibrium constants for the elementary steps that make up the overall pathway. The information is used to develop a macro-scopic kinetic model, using an approach described by Ninio [Ninio J., 1987. Alternative to the steady-state method: derivation of reaction rates from first-passage times and pathway probabili-ties. Proc. Natl. Acad. Sci. U.S.A. 84, 663–667]. The principle idea of the Ninio approach is to track a single template/primer complex over time and to identify the expected behavior. The average time to insert a single nucleotide is a weighted sum of several terms, in-cluding the actual time to insert a nucleotide plus delays due to polymerase detachment from ei-ther the ternary (template-primer-polymerase) or quaternary (+nucleotide) complexes and time delays associated with the identification and ultimate rejection of an incorrect nucleotide from the binding site. The passage times of all events and their probability of occurrence are ex-pressed in terms of the rate constants of the elementary steps of the reaction pathway. The model accounts for variations in the average insertion time with different nucleotides as well as the in-fluence of G+C content of the sequence in the vicinity of the insertion site. Furthermore the model provides estimates of error frequencies. If nucleotide extension is recognized as a compe-tition between successful insertions and time delaying events, it can be described as a binomial process with a probability distribution. The distribution gives the probability to extend a primer/template complex with a certain number of base pairs and in general it maps annealed complexes into extension products.