Micro-based evidence of EU competitiveness: The CompNet Database. National Bank of Belgium Working Paper No. 253, March 2014

Drawing from confidential firm-level balance sheets in 11 European countries, the paper presents a novel sectoral database of comparable productivity indicators built by members of the Competitiveness Research Network (CompNet) using a newly developed research infrastructure. Beyond aggregate information available from industry statistics of Eurostat or EU KLEMS, the paper provides information on the distribution of firms across several dimensions related to competitiveness, e.g. productivity and size. The database comprises so far 11 countries, with information for 58 sectors over the period 1995-2011. The paper documents the development of the new research infrastructure, the construction of the database, and shows some preliminary results. Among them, it shows that there is large heterogeneity in terms of firm productivity or size within narrowly defined industries in all countries. Productivity, and above all, size distribution are very skewed across countries, with a thick left-tail of low productive firms. Moreover, firms at both ends of the distribution show very different dynamics in terms of productivity and unit labour costs. Within-sector heterogeneity and productivity dispersion are positively correlated to aggregate productivity given the possibility of reallocating resources from less to more productive firms. To this extent, we show how allocative efficiency varies across countries, and more interestingly, over different periods of time. Finally, we apply the new database to illustrate the importance of productivity dispersion to explain aggregate trade results.

A macro-financial analysis of the euro area sovereign bond market. National Bank of Belgium Working Paper No. 259, June 2014

We estimate the 'fundamental' component of euro area sovereign bond yield spreads, i.e. the part of bond spreads that can be justified by country-specific economic factors, euro area economic fundamentals, and international influences. The yield spread decomposition is achieved using a multi-market, no-arbitrage affine term structure model with a unique pricing kernel. More specifically, we use the canonical representation proposed by Joslin, Singleton, and Zhu (2011) and introduce next to standard spanned factors a set of unspanned macro factors, as in Joslin, Priebsch, and Singleton (2013). The model is applied to yield curve data from Belgium, France, Germany, Italy, and Spain over the period 2005-2013. Overall, our results show that economic fundamentals are the dominant drivers behind sovereign bond spreads. Nevertheless, shocks unrelated to the fundamental component of the spread have played an important role in the dynamics of bond spreads since the intensification of the sovereign debt crisis in the summer of 2011

Effectiveness and transmission of the ECB’s balance sheet policies. National Bank of Belgium Working Paper No. 275, December 2014

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity and prices. The effects on bank lending and output turn out to be smaller in the member countries that have been more affected by the financial crisis, in particular those countries where the banking system is less well-capitalized.

Comparing fiscal multipliers across models and countries in Europe. National Bank of Belgium Working Paper No. 278, March 2015

This paper employs fifteen dynamic macroeconomic models maintained within the European System of Central Banks to assess the size of fiscal multipliers in European countries. Using a set of common simulations, we consider transitory and permanent shocks to government expenditures and different taxes. We investigate how the baseline multipliers change when monetary policy is transitorily constrained by the zero nominal interest rate bound, certain crisis-related structural features of the economy such as the share of liquidity-constrained households change, and the endogenous fiscal rule that ensures fiscal sustainability in the long run is specified in terms of labour income taxes instead of lump-sum taxes.

(Table 2) Isotopic composition of pyrite sulfur in bottom sediments and carbonate nodules from the Gulf of California at Station DM9-666

New data on phosphorites collected by dredging and trawling at depths from 2700 to 520 m in the open Atlantic Ocean (i.e. outside of the shelf and the continental slope) are reported. Aphanitic, granular, brecciated, and conglomerate-like types are distinguished among the phosphorites. A comparison of the studied phosphorites with ones from the Atlantic shelf of Africa and from seamounts of other oceans is made.

(Table 3) Carbon isotopic composition in bottom sediments and carbonate nodules from the Gulf of California at Station DM9-666

New data on phosphorites collected by dredging and trawling at depths from 2700 to 520 m in the open Atlantic Ocean (i.e. outside of the shelf and the continental slope) are reported. Aphanitic, granular, brecciated, and conglomerate-like types are distinguished among the phosphorites. A comparison of the studied phosphorites with ones from the Atlantic shelf of Africa and from seamounts of other oceans is made.

(Table 1) Abundance of diagenetic carbonate nodules in bottom sediments from the Gulf of California at Station DM9-666

New data on phosphorites collected by dredging and trawling at depths from 2700 to 520 m in the open Atlantic Ocean (i.e. outside of the shelf and the continental slope) are reported. Aphanitic, granular, brecciated, and conglomerate-like types are distinguished among the phosphorites. A comparison of the studied phosphorites with ones from the Atlantic shelf of Africa and from seamounts of other oceans is made.

Benthic foraminiferal assemblage counts from the Gulf of California

Extensive CO2 vents have been discovered in the Wagner Basin, northern Gulf of California, where they create large areas with lowered seawater pH. Such areas are suitable for investigations of long-term biological effects of ocean acidification and effects of CO2 leakage from subsea carbon capture storage. Here, we show responses of benthic foraminifera to seawater pH gradients at 74-207 m water depth. Living (rose Bengal stained) benthic foraminifera included Nonionella basispinata, Epistominella bradyana and Bulimina marginata. Studies on foraminifera at CO2 vents in the Mediterranean and off Papua New Guinea have shown dramatic long-term effects of acidified seawater. We found living calcareous benthic foraminifera in low pH conditions in the northern Gulf of California, although there was an impoverished species assemblage and evidence of post-mortem test dissolution.

Register of the University of California

Description based on: 1871

Rensis Likert standing near bank of filing cabinets containing 2,000,000 punched cards, December 1961

bottom negative on strip

Shlaudeman nomination : hearings before the Committee on Foreign Relations, United States Senate, Ninety-fourth Congress, second session, on the nomination of Harry W. Shlaudeman, of California, a Foreign Service officer of class 1, to be Assistant Secretary of State for Inter-American Affairs, May 25, and June 10 and 11, 1976.

Includes bibliographical references.

University of California publications in history.

Mode of access: Internet.

San Diego region historic wave and sea level data report : Coast of California Storm and Tidal Waves Study /

Mode of access: Internet.