On optimal monetary and fiscal policy interactions in open economies

This paper studies monetary and fiscal policy interactions in a two country model, where taxes on firms sales are optimally chosen and the monetary policy is set cooperatively.It turns out that in a two country setting non-cooperative fiscal policy makers have an incentive to change taxes on sales depending on shocks realizations in order to reduce output production. Therefore whether the fiscal policy is set cooperatively or not matters for optimal monetary policy decisions. Indeed, as already shown in the literature, the cooperative monetary policy maker implements the flexible price allocation only when special conditions on the value of the distortions underlying the economy are met. However, if non-cooperative fiscal policy makers set the taxes on firms sales depending on shocks realizations, these conditions cannot be satisfied; conversely, when fiscal policy is cooperative, these conditions are fulfilled. We conclude that whether implementing the flexible price allocation is optimal or not depends on the fiscal policy regime.

Financing constraints, irreversibility and investment dynamics

We develop a model of an industry with many heterogeneous firms that face both financingconstraints and irreversibility constraints. The financing constraint implies that firmscannot borrow unless the debt is secured by collateral; the irreversibility constraint thatthey can only sell their fixed capital by selling their business. We use this model to examinethe cyclical behavior of aggregate fixed investment, variable capital investment, and outputin the presence of persistent idiosyncratic and aggregate shocks. Our model yields threemain results. First, the effect of the irreversibility constraint on fixed capital investmentis reinforced by the financing constraint. Second, the effect of the financing constraint onvariable capital investment is reinforced by the irreversibility constraint. Finally, the interactionbetween the two constraints is key for explaining why input inventories and materialdeliveries of US manufacturing firms are so volatile and procyclical, and also why they arehighly asymmetrical over the business cycle.

Measuring intangibles' productivity. Empirical evidence from Spanish firms

As companies and shareholders begin to note the potential repercussions of intangible assets uponbusiness results, the inability of the traditional financial statement model to reflect these new waysof creating business value has become evident. Companies have widely adopted newmanagement tools, covering in this way the inability of the traditional financial statement model toreflect these new ways of creating business value.However, there are few prior studies measuring on a quantifiable manner the level of productivityunexplained in the financial statements. In this study, we measure the effect of intangible assets onproductivity using data from Spanish firms selected randomly by size and sector over a ten-yearperiod, from 1995 to 2004. Through a sample of more than 10,000 Spanish firms we analyse towhat extent labour productivity can be explained by physical capital deepening, by quantifiedintangible capital deepening and by firm s economic efficiency (or total factor productivity PTF).Our results confirm the hypothesis that PTF weigh has increased during the period studied,especially on those firms that have experienced a significant raise in quantified intangible capital,evidencing that there are some important complementary effects between capital investment andintangible resources in the explanation of productivity growth. These results have significantdifferences considering economic sector and firm s dimension.

On the performance of small-area estimators: Fixed vs. random area parameters

Most methods for small-area estimation are based on composite estimators derived from design- or model-based methods. A composite estimator is a linear combination of a direct and an indirect estimator with weights that usually depend on unknown parameters which need to be estimated. Although model-based small-area estimators are usually based on random-effects models, the assumption of fixed effects is at face value more appropriate.Model-based estimators are justified by the assumption of random (interchangeable) area effects; in practice, however, areas are not interchangeable. In the present paper we empirically assess the quality of several small-area estimators in the setting in which the area effects are treated as fixed. We consider two settings: one that draws samples from a theoretical population, and another that draws samples from an empirical population of a labor force register maintained by the National Institute of Social Security (NISS) of Catalonia. We distinguish two types of composite estimators: a) those that use weights that involve area specific estimates of bias and variance; and, b) those that use weights that involve a common variance and a common squared bias estimate for all the areas. We assess their precision and discuss alternatives to optimizing composite estimation in applications.

Spontaneous mirror symmetry breaking in the limited enantioselective autocatalysis model: abyssal hydrotermal vents as scenario for the emergence of chirality in prebiotic chemistry

The emergence of chirality in enantioselective autocatalysis for compounds unable to transform according to the Frank-like reaction network is discussed with respect to the controversial limited enantioselectivity (LES) model composed of coupled enantioselective and non-enantioselective autocatalyses. The LES model cannot lead to spontaneous mirror symmetry breaking (SMSB) either in closed systems with a homogeneous temperature distribution or in closed systems with a stationary non-uniform temperature distribution. However, simulations of chemical kinetics in a two-compartment model demonstrate that SMSB may occur if both autocatalytic reactions are spatially separated at different temperatures in different compartments but coupled under the action of a continuous internal flow. In such conditions, the system can evolve, for certain reaction and system parameters, toward a chiral stationary state; that is, the system is able to reach a bifurcation point leading to SMSB. Numerical simulations in which reasonable chemical parameters have been used suggest that an ade- quate scenario for such a SMSB would be that of abyssal hydrothermal vents, by virtue of the typical temper- ature gradients found there and the role of inorganic solids mediating chemical reactions in an enzyme-like role. Key Words: Homochirality Prebiotic chemistry.

Measurements of glial metabolic fluxes with C-11-acetate using positron emission and an adapted NMR-based metabolic modeling approach

Objectives: Acetate brain metabolism has the particularity to occur specifically in glial cells. Labeling studies, using acetate labeled either with 13C (NMR) or 11C (PET), are governed by the same biochemical reactions and thus follow the same mathematical principles. In this study, the objective was to adapt an NMR acetate brain metabolism model to analyse [1-11C]acetate infusion in rats. Methods: Brain acetate infusion experiments were modeled using a two-compartment model approach used in NMR.1-3 The [1-11C]acetate labeling study was done using a beta scintillator.4 The measured radioactive signal represents the time evolution of the sum of all labeled metabolites in the brain. Using a coincidence counter in parallel, an arterial input curve was measured. The 11C at position C-1 of acetate is metabolized in the first turn of the TCA cycle to the position 5 of glutamate (Figure 1A). Through the neurotransmission process, it is further transported to the position 5 of glutamine and the position 5 of neuronal glutamate. After the second turn of the TCA cycle, tracer from [1-11C]acetate (and also a part from glial [5-11C]glutamate) is transferred to glial [1-11C]glutamate and further to [1-11C]glutamine and neuronal glutamate through the neurotransmission cycle. Brain poster session: oxidative mechanisms S460 Journal of Cerebral Blood Flow & Metabolism (2009) 29, S455-S466 Results: The standard acetate two-pool PET model describes the system by a plasma pool and a tissue pool linked by rate constants. Experimental data are not fully described with only one tissue compartment (Figure 1B). The modified NMR model was fitted successfully to tissue time-activity curves from 6 single animals, by varying the glial mitochondrial fluxes and the neurotransmission flux Vnt. A glial composite rate constant Kgtg=Vgtg/[Ace]plasma was extracted. Considering an average acetate concentration in plasma of 1 mmol/g5 and the negligible additional amount injected, we found an average Vgtg = 0.08±0.02 (n = 6), in agreement with previous NMR measurements.1 The tissue time-activity curve is dominated by glial glutamate and later by glutamine (Figure 1B). Labeling of neuronal pools has a low influence, at least for the 20 mins of beta-probe acquisition. Based on the high diffusivity of CO2 across the blood-brain barrier; 11CO2 is not predominant in the total tissue curve, even if the brain CO2 pool is big compared with other metabolites, due to its strong dilution through unlabeled CO2 from neuronal metabolism and diffusion from plasma. Conclusion: The two-compartment model presented here is also able to fit data of positron emission experiments and to extract specific glial metabolic fluxes. 11C-labeled acetate presents an alternative for faster measurements of glial oxidative metabolism compared to NMR, potentially applicable to human PET imaging. However, to quantify the relative value of the TCA cycle flux compared to the transmitochondrial flux, the chemical sensitivity of NMR is required. PET and NMR are thus complementary.

Mass movement characterization using a reflexion and refraction seismic survey with the sloping local base level concept

This study proposes a new concept for upscaling local information on failure surfaces derived from geophysical data, in order to develop the spatial information and quickly estimate the magnitude and intensity of a landslide. A new vision of seismic interpretation on landslides is also demonstrated by taking into account basic geomorphic information with a numeric method based on the Sloping Local Base Level (SLBL). The SLBL is a generalization of the base level defined in geomorphology applied to landslides, and allows the calculation of the potential geometry of the landslide failure surface. This approach was applied to a large scale landslide formed mainly in gypsum and situated in a former glacial valley along the Rhone within the Western European Alps. Previous studies identified the existence of two sliding surfaces that may continue below the level of the valley. In this study. seismic refraction-reflexion surveys were carried out to verify the existence of these failure surfaces. The analysis of the seismic data provides a four-layer model where three velocity layers (<1000 ms(-1), 1500 ms(-1) and 3000 ms(-1)) are interpreted as the mobilized mass at different weathering levels and compaction. The highest velocity layer (>4000 ms(-1)) with a maximum depth of similar to 58 m is interpreted as the stable anhydrite bedrock. Two failure surfaces were interpreted from the seismic surveys: an upper failure and a much deeper one (respectively 25 and 50 m deep). The upper failure surface depth deduced from geophysics is slightly different from the results obtained using the SLBL, and the deeper failure surface depth calculated with the SLBL method is underestimated in comparison with the geophysical interpretations. Optimal results were therefore obtained by including the seismic data in the SLBL calculations according to the geomorphic limits of the landslide (maximal volume of mobilized mass = 7.5 x 10(6) m(3)).

Dense Concrete Layer as Top Course of Bridge Deck Construction, HR-502, 1990

The use of deicing salts in this part of the country is a necessity to remove ice from our bridges. The use of these salts has always been a problem since the chloride-ions penetrate the concrete and reach the steel and cause corrosion which eventually cause deterioration of both the steel and concrete. One method used to try to prevent this from happening was to apply a waterproof membrane to the concrete after it was placed. This method did help, but was not cost effective as the longevity of the membrane system was of relatively short duration. For this reason, this research project was initiated. After the original deck was placed a second layer of concrete about 1 1/2" thick was placed on top. Biennial evaluation of the decks included testing for delaminations and steel corrosion. Cores were also obtained for a chloride analysis. Testing and observations showed the two-layer bridge deck to be effective in preventing corrosion. Since the time this project was initiated, epoxy steel has been introduced and is a cost effective way to protect the steel from corrosion.

Evaluation of a computer model to simulate water table response to subirrigation

The objective of this work was to evaluate the water flow computer model, WATABLE, using experimental field observations on water table management plots from a site located near Hastings, FL, USA. The experimental field had scale drainage systems with provisions for subirrigation with buried microirrigation and conventional seepage irrigation systems. Potato (Solanum tuberosum L.) growing seasons from years 1996 and 1997 were used to simulate the hydrology of the area. Water table levels, precipitation, irrigation and runoff volumes were continuously monitored. The model simulated the water movement from a buried microirrigation line source and the response of the water table to irrigation, precipitation, evapotranspiration, and deep percolation. The model was calibrated and verified by comparing simulated results with experimental field observations. The model performed very well in simulating seasonal runoff, irrigation volumes, and water table levels during crop growth. The two-dimensional model can be used to investigate different irrigation strategies involving water table management control. Applications of the model include optimization of the water table depth for each growth stage, and duration, frequency, and rate of irrigation.

How the West "invented" fertility restriction

We analyze the rise of the first socio-economic institution in history that limited fertility ? long before theDemographic Transition. The "European Marriage Pattern" (EMP) raised the marriage age of women andensured that many remained celibate, thereby reducing childbirths by up to one third between the 14thand 18th century. To explain the rise of EMP we build a two-sector model of agricultural production ?grain and livestock. Women have a comparative advantage in the latter because plow agriculture requiresphysical strength. After the Black Death in 1348-50, land abundance triggered a shift towards the landintensivepastoral sector, improving female employment prospects. Because women working in animalhusbandry had to remain unmarried, more farm service spelled later marriages. The resulting reductionin fertility led to a new Malthusian steady state with lower population pressure and higher wages. Themodel can thus help to explain the divergence in income per capita between Europe and Asia long beforethe Industrial Revolution. Using detailed data from England after 1290, we provide strong evidence forour mechanism. Where pastoral agriculture dominated, more women worked as servants, and marriageoccurred markedly later. Overall, we estimate that pastoral farming raised female ages at first marriage bymore than 4 years.

Innovation Process Management and System Modelling

Työn tavoitteena oli perehtyä innovaatiojohtamisen ja järjestelmän soveltamiseen prosessiteollisuuden toimintaympäristöön. Kirjallisuuslähteitä apuna käyttäen perehdyttiin liiketoimintaympäristön innovaatiojohtamiselle asettamiin vaatimuksiin ja erilaisiin innovaatiojärjestelmiin. Olennaisena osana innovaatiojohtamiseen liittyy sidosryhmien tarpeiden ja niiden tarjoamien resurssien huomioiminen toiminnassa. Myöskin tuotekehityksen menetelmät ja työkalut ovat omalta osaltaan merkittävässä asemassa toiminnan tehokkuutta arvioitaessa. Innovaatiojärjestelmä tulee sopeuttaa yrityksen toimintoihin ja sen erityispiirteet huomioonottaen siten, että toiminnan johtaminen prosessina tuo yritykselle ja sen sidosryhmille lisäarvoa. Innovaatiojärjestelmän luominen yritykselle on ainayksilöllinen prosessi ja siihen ei ole olemassa yleispätevää menetelmää, joka voitaisiin ottaa käyttöön sellaisenaan. Yritys, jonka liiketoiminta keskittyy kuitupohjaisten pakkausmateriaalien valmistamiseen, joutuu täyttämään toiminnassaan materiaalintoimittajien, omien tuotantoprosessiensa ja asiakkaiden sekä jopa loppukäyttäjien uusille tuotteille luomat odotukset. Innovaatiojohtamista sävyttää toiminnan tulosten suuri epävarmuus ja sen vaativien aineellisten ja henkisten resurssien mittavuus. Innovaatiotoiminnan johtaminen prosessina, käyttäen hyväksi järjestelmämallia, tavoittelee systemaattista ja asetettujen kriteerien täyttämää lähestymistapaa tuotekehityksen ja uusien liiketoimintainnovaatioiden alueella. Kehitetyn mallin tulee palvella monimutkaista liiketoimintaympäristöä, jokatoisaalta perustuu tehokkaaseen massatuotantoon ja toisaalta pyrkii erilaistumaan palvelemalla sekä huomioimalla asiakkaidensa tuotteille asettamat vaatimukset.

Motives, Challenges and Success Factors in the Business Partner Network

Tässä työssä käsitellään niitä motiiveja, haasteita ja menestystekijöitä, jotka vaikuttavat lisäarvoatuottavassa liiketoimintaverkostossa. Työssä on selvitetty sitä, miten partneriverkostot syntyvät sekä mitkä seikat vaikuttavat siihen jatkuuko yhteistyö vai ei. Motiiveja partneruuteen on tutkittu kirjallisuudesta sekä analysoimalla työssä esitettyä tapausta. Tässä työssä käydään keskustelua myös partneruuden elinkaaresta, jota ei ole käsitellyssä kirjallisuudessa tuotu esille. Työssä esitettyä tapausta arvioitiin lähettämällä siihen liittyneille henkilöille kysely. Kyselyiden lähettämisen jälkeen järjestettiin haastattelu kyselyyn vastanneiden kanssa. Lopputulokset perustuvat pitkälti haastateltujen henkilöiden kanssa käytyihin keskusteluihin. Kävi ilmi, että arvoa tuottavan partneriverkoston yksi tärkeimpiä tavoitteita on saavuttaa jatkuvuutta liiketoiminnallaan. Ainoastaan pitkäaikaisella partneruudella voidaan saavuttaa merkittäviä etuja markkinoilla. Siksi on tärkeätä, jo partnerin valinnassa, kiinnittää huomiota partneruuden jatkuvuuteen pitkällä tähtäimellä. Liiketoimintaverkostossa partneruudesta syntyvät tuotot ja niiden jakaminen on tärkein yksittäinen osaalue. Oleellista partneruuden jatkuvuudelle pitkällä tähtäimellä on jo partneria valittaessa se, että kyetään arvioimaan miten partneruudesta syntyvät tuotot jaetaan tasapuolisesti ja onko partneruudesta syntyvälle liiketoiminnalle jatkuvuutta. Jotta partneriverkostolle asetetut tavoitteet voitaisiin saavuttaa, on tärkeää suunnitella partneriverkoston hallintaa myös operatiivisella tasolla. Lisäksi tärkeää on jakaa verkostolle asetetut yhteiset tavoitteet organisaatioiden sisällä. Jos ylemmänja operatiivisen tason johdon yhteistyö on riittämätöntä, se vaikeuttaa oleellisesti asetettujen tavoitteiden saavuttamista. Tiedon jakaminen aikaisessa vaiheessa sitouttaa eri sidosryhmät paremmin yhteisiin tavoitteisiin.

Tietopääomaresurssit ja riskienhallinta

Työn tavoitteena oli selventää tietopääomaresurssien merkitys liiketoiminnassa riskien hallinnan kohteina. Tarkoitus oli määrittää eri tietopääomaresurssit ja niihin liittyviä riskejä. Tutkimus on kirjallisuustutkimus. Tutkimuksen tuloksena oli, että tietopääomaresursseihin kohdistuu erilaisia riskejä ja, että liiketoiminnalle tärkeät ja kriittiset tietopääomaresurssit ovat riskienhallinnan kohteita. Tutkimuksessa syntyi tietopääomaresurssien hallintamalli,jossa 1) toimintatapa yhdistää 2) osaamisen, 3) tiedot ja tietovarannot sekä 4) aineettomat oikeudet yhteneväiseksi kokonaisuudeksi. Tutkimuksessa kuvattiin kuhunkin resurssiin mahdollisesti liittyviä riskejä. Tutkimus osoitti, että liiketoiminnan tietopääomaresurssit voidaan tunnistaa ja niiden liiketoiminnallinen merkitys ja suojaustarve arvioida. Tietopääomaresurssien suojauskeinoja ovat yhteistyösopimukset, toimintatavat ja ohjeet sekä tietotekniset ja fyysiset suojausratkaisut.

Dilaton quantum cosmology in two dimensions

We consider a renormalizable two-dimensional model of dilaton gravity coupled to a set of conformal fields as a toy model for quantum cosmology. We discuss the cosmological solutions of the model and study the effect of including the back reaction due to quantum corrections. As a result, when the matter density is below some threshold new singularities form in a weak-coupling region, which suggests that they will not be removed in the full quantum theory. We also solve the Wheeler-DeWitt equation. Depending on the quantum state of the Universe, the singularities may appear in a quantum region where the wave function is not oscillatory, i.e., when there is not a well-defined notion of classical spacetime.

Spontaneous Emergence of Chirality in the Limited Enantioselectivity Model: Autocatalytic Cycle Driven by an External Reagent

The emergence of chirality in enantioselective autocatalysis for compounds unable to transform according to the Frank-like reaction network is discussed with respect to the controversial limited enantioselectivity (LES) model composed of coupled enantioselective and non-enantioselective autocatalyses. The LES model cannot lead to spontaneous mirror symmetry breaking (SMSB) either in closed systems with a homogeneous temperature distribution or in closed systems with a stationary non-uniform temperature distribution. However, simulations of chemical kinetics in a two-compartment model demonstrate that SMSB may occur if both autocatalytic reactions are spatially separated at different temperatures in different compartments but coupled under the action of a continuous internal flow. In such conditions, the system can evolve, for certain reaction and system parameters, toward a chiral stationary state; that is, the system is able to reach a bifurcation point leading to SMSB. Numerical simulations in which reasonable chemical parameters have been used suggest that an adequate scenario for such a SMSB would be that of abyssal hydrothermal vents, by virtue of the typical temperature gradients found there and the role of inorganic solids mediating chemical reactions in an enzyme-like role.