On the welfare costs of business-cycle fluctuations and economic-growth variation in the 20th century and beyond

The main objective of this paper is to propose a novel setup that allows estimating separately the welfare costs of the uncertainty stemming from business-cycle uctuations and from economic-growth variation, when the two types of shocks associated with them (respectively,transitory and permanent shocks) hit consumption simultaneously. Separating these welfare costs requires dealing with degenerate bivariate distributions. Levis Continuity Theorem and the Disintegration Theorem allow us to adequately de ne the one-dimensional limiting marginal distributions. Under Normality, we show that the parameters of the original marginal distributions are not afected, providing the means for calculating separately the welfare costs of business-cycle uctuations and of economic-growth variation. Our empirical results show that, if we consider only transitory shocks, the welfare cost of business cycles is much smaller than previously thought. Indeed, we found it to be negative - -0:03% of per-capita consumption! On the other hand, we found that the welfare cost of economic-growth variation is relatively large. Our estimate for reasonable preference-parameter values shows that it is 0:71% of consumption US$ 208:98 per person, per year.

The American empire in the new century: Hegemony or domination?

This chapter analyzes the current position of United States supremacy, in light of the debate on hegemony and domination that acquires greater relevance after the formulation of the 'Bush Doctrine', which is systematized in the document 'The National Security Strategy of the United States of America'. Our approach will emphasize the following aspects: establishment of a parallel between the transition from the 19th to the 20th centuries, from studies that point out the characteristics of imperialism at different times; an analysis of the current foreign policies of the United States, focusing on the debate between unilateralism and multilateralism, emphasizing the reactions caused by the intervention in Iraq; a critical argument about the approaches that highlight in the security agenda of the Bush administration an indicator of a loss of hegemony, which would impose open domination over the search for consensus. Copyright © 2005 SAGE Publications.

The economic development of Latin America in the twentieth century

Includes bibliography

Brazilian external sector so far in the XXIst century

Policies towards the external sector have maintained their basic characteristics since the beginning of the present decade, although emphasis has been given to some specific aspects. Little doubt remains that the positive outcome - at least until recently – has been clearly a result of the country having profited from very favorable circumstances in the international scenario. This article discusses the main features of the external sector of the Brazilian economy, regarding trade flows, foreign investment, the internationalization of Brazilian entrepreneurial groups and the short-term financial requirements in foreign currencies.

Development cycles, political regimes and international migration: Argentina in the 20th century

Includes bibliography

Returning to an external debate: the terms of trade for commodities in the twentieth century

Includes bibliography

The terms of trade for commodities in the twentieth century

Includes bibliography

Transportation in the 21st century: a vision for integration

The Third Western Hemisphere Transportation Ministerial meeting was held in New Orleans, Lousiana, United States, from 14 to 16 December 1998, under the theme Transportation in the 21st Century: A Vision for Integration. The meeting was attended by Ministers and heads of delegations from 33 countries of the Americas, representatives of various international organizations and business sector of the Continent. The current issue of the Bulletin provides the complete text of the Ministerial Declaration. For additional information, contact José María Rubiato: e-mail jrubiato@eclac.cl

Review of Global Warming in the 21st Century. Volume 1: Our Evolving Climate Crisis; Volume 2: Melting Ice and Warming Seas; Volume 3: Plants and Animals in Peril by Bruce E. Johansen

There is compelling evidence that Planet Earth is on the path to an era of global warming that has serious implications for the well-being of both people and nature. This three-volume synthesis of literature will be a marvelous place for both the public and new scholars interested in global warming to begin their pursuit of the subject. The author captures the best of the scientific literature and press materials appearing in recent years. The utility of these volumes as a resource for gaining a broad background or pursuing a particular aspect of global warming is enhanced by Johansen's talent for explaining with clarity a vast and rapidly growing subject.

Effective Communication and Smooth Administration of Academic Libraries in the 21st Century: a New Paradigm in Nigeria

Effective communication is the soul of any institution. New opportunities are presented by Information and Communication Technology (ICTS). Library managers must adopt a more critical and communication plan that will enhance their skills and allow for further training, as well as allowing stakeholders to have input into decision-making.

The Importance of Affirmative Action in the 21st Century: Building Transformational Alliances with Constituencies Across the Power Structure for Scholars, Students and Staff of Color at Predominantly European American Institutions.

The purpose of this session is to reject the notion that proactive Affirmative Action strategic plans are no longer needed at predominantly European American Institutions. Data reveal an inverse relationship between creating successful strategic plans for inclusion and negative reactions from the power structure.