Man-bites-dog business cycles

The newsworthiness of an event is partly determined by how unusual it isand this paper investigates the business cycle implications of this fact. In particular, weanalyze the consequences of information structures in which some types of signals are morelikely to be observed after unusual events. Such signals may increase both uncertainty anddisagreement among agents and when embedded in a simple business cycle model, can helpus understand why we observe (i) occasional large changes in macro economic aggregatevariables without a correspondingly large change in underlying fundamentals (ii) persistentperiods of high macroeconomic volatility and (iii) a positive correlation between absolutechanges in macro variables and the cross-sectional dispersion of expectations as measuredby survey data. These results are consequences of optimal updating by agents when theavailability of some signals is positively correlated with tail-events. The model is estimatedby likelihood based methods using individual survey responses and a quarterly time seriesof total factor productivity along with standard aggregate time series. The estimated modelsuggests that there have been episodes in recent US history when the impact on outputof innovations to productivity of a given magnitude was more than eight times as largecompared to other times.

Summer ozone cycles in the Lisbon metropolitan area and its relation to some meteorological variables

The aim of this work is to study the tropospheric ozone concentrations and daily peak cycles in the Lisbon MetropolitanArea (LMA) during the summer season (June, July and August, JJA) covering the 4-yr study period 2002-2005. Theresults show that all the stations have the same pattern: a minimum in the early morning followed by an increase at 1000UTC reaching to a peak at 1300-1400 UTC, dropped again to minimum values 1800 UTC but with different concentrationsdue to regional and local wind circulations and complex dynamic interactions. We identified in Lisbon city the ozone “weekendeffect”. Finally, we studied an episode of very high levels of tropospheric ozone and related daily ozone concentrationswith some meteorological variables.

Spectral analysis and limit behaviours in a spring-mass system

We consider a model for a damped spring-mass system that is a strongly damped wave equation with dynamic boundary conditions. In a previous paper we showed that for some values of the parameters of the model, the large time behaviour of the solutions is the same as for a classical spring-mass damper ODE. Here we use spectral analysis to show that for other values of the parameters, still of physical relevance and related to the effect of the spring inner viscosity, the limit behaviours are very different from that classical ODE

Speed limit laws in America: economics, politics and geography

The regulation of speed limits in the US had been centralized at the federal level since 1974, until decisions were devolved to the states in 1995. However, the centralization debate has reemerged in recent years. Here, we conduct the first econometric analysis of the determinants of speed limit laws. By using economic, geographic and political variables, our results suggest that geography -which affects private mobility needs and preferences- is the main factor influencing speed limit laws. We also highlight the role played by political ideology, with Republican constituencies being associated with higher speed limits. Furthermore, we identify the presence of regional and time dependence effects. By contrast, poor road safety outcomes do not impede the enactment of high speed limits. Overall, we present the first evidence of the role played by geographical, ideological and regional characteristics, which provide us with a better understanding of the formulation of speed limit policies.

Sur le théorème locale des cycles invariants

Si on considère une famille de variétés projectives complexes non singulières, c"est un fait aujourd'hui bien connu que les possibles variétés singulières vers lesquelles peut dégénerer cette famille doivent vérifier certaines contraintes, parmi lesquelles une importante relation entre la cohomologie de la fibre singulière, la cohomologie de la fibre générique et la monodromie de la famille, qui est precise par le théorème local des cycles invariants prouvé par Clemens, Deligne et Steenbrink ([1], [4], [13]) : tous les cocycles de la fibre générique qui sont invariants par la monodromie autour d¡une fibre singulière proviennent par spécialisation de la cohomologie de cette fibre singulière.

20 Myr of eccentricity paced lacustrine cycles in the Cenozoic Ebro Basin

Long-period orbital forcing is a crucial component of the major global climate shifts during the Cenozoic as revealed in marine pelagic records. A complementary regional perspective of climate change can be assessed from internally drained lake basins, which are directly affected by insolation and precipitation balance. The Ebro Basin in northeastern Iberia embraces a 20 Myr long continuous sedimentary record where recurrent expansions and retractions of the central lacustrine system suggest periodic shifts of water balance due to orbital oscillations. In order to test climatic (orbital) forcing a key-piece of the basin, the Los Monegros lacustrine system, has been analyzed in detail. The cyclostratigraphic analysis points to orbital eccentricity as pacemaker of short to long-term lacustrine sequences, and reveals a correlation of maxima of the 100-kyr, 400-kyr and 2.4-Myr eccentricity cycles with periods of lake expansion. A magnetostratigraphy-based chronostratigraphy of the complete continental record allows further assessing long-period orbital forcing at basin scale, a view that challenges alternate scenarios where the stratigraphic architecture in foreland systems is preferably associated to tectonic processes. We conclude that while the location of lacustrine depocenters reacted to the long-term tectonic-driven accommodation changes, shorter wavelenght oscillations of lake environments, still million-year scale, claims for a dominance of orbital forcing. We suggest a decoupling between (tectonic) supply-driven clastic sequences fed from basin margins and (climatic) base level-driven lacustrine sequences in active settings with medium to large sediment transfer systems.