The effects of employment uncertainty and wealth shocks on the labor supply and claiming behavior of older American workers

Unemployment rates in developed countries have recently reached levels not seenin a generation, and workers of all ages are facing increasing probabilities of losingtheir jobs and considerable losses in accumulated assets. These events likely increasethe reliance that most older workers will have on public social insurance programs,exactly at a time that public finances are suffering from a large drop in contributions.Our paper explicitly accounts for employment uncertainty and unexpectedwealth shocks, something that has been relatively overlooked in the literature, butthat has grown in importance in recent years. Using administrative and householdlevel data we empirically characterize a life-cycle model of retirement and claimingdecisions in terms of the employment, wage, health, and mortality uncertainty facedby individuals. Our benchmark model explains with great accuracy the strikinglyhigh proportion of individuals who claim benefits exactly at the Early RetirementAge, while still explaining the increased claiming hazard at the Normal RetirementAge. We also discuss some policy experiments and their interplay with employmentuncertainty. Additionally, we analyze the effects of negative wealth shocks on thelabor supply and claiming decisions of older Americans. Our results can explainwhy early claiming has remained very high in the last years even as the early retirementpenalties have increased substantially compared with previous periods, andwhy labor force participation has remained quite high for older workers even in themidst of the worse employment crisis in decades.

Protectionist but globalised? Latin American custom duties and trade during the pre-1914 belle époque

While it is true that Latin American republics had no rival on maximising revenues from custom collection during the belle époque, this paper shows that Latin American countries were also generous importers, only behind the larger commercial countries of Western Europe in terms of imports per capita. Latin American citizens were much more linked to international trade than citizens of most regions of the world. Their relation to the world economy was tighter both via their imports and their exports relative to their population and income levels. This paper comes to show that there is no contradiction between the high custom collection by the Latin American republics and their high level of interaction with the global economy in the pre-1914 belle époque, although large country differences can be observed when descending from the regional to the national level.

Equilibrium unemployment insurance

In this paper, we incorporate a positive theory of unemployment insuranceinto a dynamic overlapping generations model with search-matching frictionsand on-the-job learning-by-doing. The model shows that societies populatedby identical rational agents, but differing in the initial distributionof human capital across agents, may choose very different unemploymentinsurance levels in a politico-economic equilibrium. The interactionbetween the political decision about the level of the unemployment insuranceand the optimal search behavior of the unemployed gives rise to aself-reinforcing mechanism whichmay generate multiple steady-stateequilibria. In particular, a European-type steady-state with highunemployment, low employment turnover and high insurance can co-exist withan American-type steady-state with low unemployment, high employment turnoverand low unemployment insurance. A calibrated version of the model featurestwo distinct steady-state equilibria with unemployment levels and durationrates resembling those of the U.S. and Europe, respectively.

Geographical deviations in foreign trade statistics: A study into European trade with Latin American Countries, 1925

We have analyzed the spatial accuracy of European foreign trade statistics compared to Latin American. We have also included USA s data because of the importance of this country in Latin American trade. We have developed a method for mapping discrepancies between exporters and importers, trying to isolate systematic spatial deviations. Although our results don t allow a unique explanation, they present some interesting clues to the distribution channels in the Latin American Continent as well as some spatial deviations for statistics in individual countries. Connecting our results with the literature specialized in the accuracy of foreign trade statistics; we can revisit Morgernstern (1963) as well as Federico and Tena (1991). Morgernstern had had a really pessimistic view on the reliability of this statistic source, but his main alert was focused on the trade balances, not in gross export or import values. Federico and Tena (1991) have demonstrated howaccuracy increases by aggregation, geographical and of product at the same time. But they still have a pessimistic view with relation to distribution questions, remarking that perhaps it will be more accurate to use import sources in this latest case. We have stated that the data set coming from foreign trade statistics for a sample in 1925, being it exporters or importers, it s a valuable tool for geography of trade patterns, although in some specific cases it needs some spatial adjustments.

On the robustness of least-squares Monte Carlo (LSM) for pricing American derivatives

This paper analyses the robustness of Least-Squares Monte Carlo, a techniquerecently proposed by Longstaff and Schwartz (2001) for pricing Americanoptions. This method is based on least-squares regressions in which theexplanatory variables are certain polynomial functions. We analyze theimpact of different basis functions on option prices. Numerical resultsfor American put options provide evidence that a) this approach is veryrobust to the choice of different alternative polynomials and b) few basisfunctions are required. However, these conclusions are not reached whenanalyzing more complex derivatives.

On the accuracy of Latin American trade statistics: A nonparametric test for 1925

This paper proposes a nonparametric test in order to establish the level of accuracy of theforeign trade statistics of 17 Latin American countries when contrasted with the trade statistics of the main partners in 1925. The Wilcoxon Matched-Pairs Ranks test is used to determine whether the differences between the data registered by exporters and importers are meaningful, and if so, whether the differences are systematic in any direction. The paper tests for the reliability of the data registered for two homogeneous products, petroleum and coal, both in volume and value. The conclusion of the several exercises performed is that we cannot accept the existence of statistically significant differences between the data provided by the exporters and the registered by the importing countries in most cases. The qualitative historiography of Latin American describes its foreign trade statistics as mostly unusable. Our quantitative results contest this view.

Sports and journalism ethics: the coverage of 2012 London Olympics in the British, North-American and Spanish press

Sports and journalism ethics: the coverage of 2012 London Olympics in the British, North-American and Spanish press is a research focused on analysing the treatment that the quality press of three countries (United Kingdom, United States of America and Spain) will carry out in the London Olympic Games. Through a solid methodological approach based on the combination of the qualitative content analysis and qualitative indepth interviews, the investigation will study if the media provide a quality coverage,that is, if they adequate their pieces to the fundamental principles of journalistic deontology (truth, justice, freedom and social responsibility). Furthermore, the research will assess if the selected media comply with the prescriptions established in the ethical codes, stylebooks, newsroom statutes and national and international recommendations about journalism ethics, ranging from each media’s guidelines to key transnational codes established by the UNESCO, the International Federation of Journalists (IFJ) orthe Council of Europe.

Chagas Disease among the Latin American Adult population attending in a primary care center in Barcelona, Spain

Background/Aims: The epidemiology of Chagas disease, until recently confined to areas of continental Latin America, has undergone considerable changes in recent decades due to migration to other parts of the world, including Spain. We studied the prevalence of Chagas disease in Latin American patients treated at a health center in Barcelona and evaluated its clinical phase. We make some recommendations for screening for the disease. Methodology/Principal Findings: We performed an observational, cross-sectional prevalence study by means of an immunochromatographic test screening of all continental Latin American patients over the age of 14 years visiting the health centre from October 2007 to October 2009. The diagnosis was confirmed by serological methods: conventional in-house ELISA (cELISA), a commercial kit (rELISA) and ELISA using T cruzi lysate (Ortho-Clinical Diagnostics) (oELISA). Of 766 patients studied, 22 were diagnosed with T. cruzi infection, showing a prevalence of 2.87% (95% CI, 1.6-4.12%). Of the infected patients, 45.45% men and 54.55% women, 21 were from Bolivia, showing a prevalence in the Bolivian subgroup (n = 127) of 16.53% (95% CI, 9.6-23.39%). All the infected patients were in a chronic phase of Chagas disease: 81% with the indeterminate form, 9.5% with the cardiac form and 9.5% with the cardiodigestive form. All patients infected with T. cruzi had heard of Chagas disease in their country of origin, 82% knew someone affected, and 77% had a significant history of living in adobe houses in rural areas. Conclusions: We found a high prevalence of T. cruzi infection in immigrants from Bolivia. Detection of T. cruzi¿infected persons by screening programs in non-endemic countries would control non-vectorial transmission and would benefit the persons affected, public health and national health systems.

People on the Edge See More. A conversation with the cuban-american writer Cristina García

L'entrevista amb l'escriptora cubano-americana Cristina García explora el tema de la identitat cubanoamericana i desvetlla la riquesa literària que sorgeix de la fusió de dues cultures, la cubana i la nord-americana, i com aquesta fusió innova la literatura nord-americana tradicional. En la seva novel·la, Dreaming in Cuban (1992), l'escriptora explora els efectes de la Revolució castrista des de la perspectiva de les dones cubanes que van quedar-se a l'illa, així com de les dones que emigraren als Estats Units. The conversation with Cuban-American writer Cristina García explores what it means to be Cuban-American, and reveals how to grow bicultural enriches mainstream American literature. In her novel Dreaming in Cuban (1992), the writer explores the effects of the Castro Revolution from the perspective of Cuban women who remained in Cuba, as well as from the experience of women who emigrated to the United States.

Children left behind during immigration: repercussions on the mental health of Latin-American mothers and fathers

Emigrating and having to leave children behind may be a risk factor for the mental health of immigrants. This study aimed to compare the psychological symptoms reported by immigrants mothers and fathers who took their children with them with those who left their children behind. The sample comprised 213 Latin American immigrants (123 women and 90 men). The results showed that mothers who did not have children with them reported more psychological symptoms than those who did. Few differences were observed in the case of fathers, except that those who had their children with them reported more symptoms related with somatization. After controlling for possible confounding variables ('time since immigration', ·having a job', 'legal status', and social support') it is concluded that for mothers not being accompanied by own's children explains the largest proportion of the psychological synptoms analyzed, although the time since immigration also accounts for some of the variance in the case of depressive sympthomatology and general distress. It is likely that the despair and frustation felt by mothers grows as time goes on and they remain unable to reunite the family. These results may be useful in terms of designing prevention and intervention programs with immigrants mothers.

«Conocimientos situados»: reflexión sobre las geografías de la Geografía (Crónica de un viaje al 100 Congreso de la Association of American Geographers)

Dolido por la escasa repercusión y el nulo interés de la geografía (crítica) estadounidense ante los atentados de Al Qaeda en Madrid, el cuaderno de viaje de Margarita del Vez (participante en el 100 Congreso de la Association of American Geographers) reprocha no sólo que el conocimiento geográfico sigue siendo mercantilizado y puesto al servicio del poder, sino que, descontextualizado y desideologizado, a menudo se convierte en una nueva forma de «saber ignorante». Con la deconstrucción formal de la narrativa «científica», el texto pretende ser también una denuncia al hecho de que la institución académica, por guardar las formas, llegue al extremo de dar la espalda a la realidad.

People on the Edge See More. A conversation with the cuban-american writer Cristina García

L'entrevista amb l'escriptora cubano-americana Cristina García explora el tema de la identitat cubanoamericana i desvetlla la riquesa literària que sorgeix de la fusió de dues cultures, la cubana i la nord-americana, i com aquesta fusió innova la literatura nord-americana tradicional. En la seva novel·la, Dreaming in Cuban (1992), l'escriptora explora els efectes de la Revolució castrista des de la perspectiva de les dones cubanes que van quedar-se a l'illa, així com de les dones que emigraren als Estats Units. The conversation with Cuban-American writer Cristina García explores what it means to be Cuban-American, and reveals how to grow bicultural enriches mainstream American literature. In her novel Dreaming in Cuban (1992), the writer explores the effects of the Castro Revolution from the perspective of Cuban women who remained in Cuba, as well as from the experience of women who emigrated to the United States.

Changes in the foraging strategy of female South American sea lions (Carnivora: Pinnipedia) after parturition.

This study tests the hypothesis that female South American sea lions shift from off-shore, pelagic prey to coastal, benthic prey after parturition in order to reduce the foraging trip duration and hence the time pups remain unattended on the beach during early lactation. The δ13C and δ15N values of the serum and blood cells of 26 South American sea lion suckling pups from northern Patagonia were used to track the dietary changes of their mothers from late pregnancy to early lactation, after correction for differential isotopic fractionation between tissues. Primary producers and potential prey species were also analysed to establish a baseline for interpreting the stable isotope concentration of serum and blood cells. Isotopic ratios revealed a generalized increase in the consumption of coastal-benthic prey after parturition. Such a generalized post-partum shift will allow females to spend more time on land and look after their pups. The effects of this foraging strategy on the nutritional quality of the female"s diet are discussed.

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