The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Markov Switching Risk Premium and the term structure of interest rates. Empirical evidence from US post-war interest rates

This paper considers the basic present value model of interest rates under rational expectations with two additional features. First, following McCallum (1994), the model assumes a policy reaction function where changes in the short-term interest rate are determined by the long-short spread. Second, the short-term interest rate and the risk premium processes are characterized by a Markov regime-switching model. Using US post-war interest rate data, this paper finds evidence that a two-regime switching model fits the data better than the basic model. The estimation results also show the presence of two alternative states displaying quite different features.

The changing behaviour of the term structure of post-war US

Using U.S. interest rate data covering the period 1950:1-1992:7, this paper tests the rational expectations model of the term structure of interest rates. We show evidence that the rational expectations model of the term structure is supported by the data during the seventies and a period lasting from the mid-eighties to the end of the sample. However, during the …fties, sixties and a period that covers most of the Volcker’s office term (from September 1979 to April 1986) the term structure model is rejected by the data. Moreover, wefind evidence of regime changes in the short-term rate process and the term structure of interest rates. These regime switches roughly coincide with changes in the Federal Reserve chairman. The switches in monetary policy taking place when the chairmanship of the Federal Reserve changes therefore seem to play an important role in characterizing the term structure of interest rates.

Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?

Published as an article in: Studies in Nonlinear Dynamics & Econometrics, 2004, vol. 8, issue 1, pages 5.

Collecção das Leis da Republica dos Estados Unidos do Brazil de 1897

Parte 1 - Atos do Poder Legislativo

Voyages and travels into Brasil and east-Indies : containing an exact description of the dutch Brasil and divers parts of the east-Indies, their provinces, cities, living creatures, and products, the manners, customs, habits and religion the inhabitants : with a particular account of all the remarkable passages that happened during the author's stay of nine years in Brasil, especially in relation to the revolt of the portugueses, and the intestine war carried on there from 1640 to 1649 : as also a most ample description of the most famous city of batavia in the east-Indies

Joan Nieuhoff, viajante alemão, nasceu em Usen, Vesfália, em 1618, e morreu em Madagascar, em 1672. Trabalhou na Companhia das Índias Orientais, foi nomeado agente em Batávia, em 1654. Em 1655, foi à China tratar da abertura dos portos daquele país ao comércio holandês. Governou o Ceilão de 1662 a 1667. Em 1672, desembarcando em Madagascar, foi morto pelos nativos.

Second mémoire présenté par les Etats Unis du Brésil au gouvernement de la Confédération Suisse, arbitre choisi selon les stipulations du Traité conclu a Rio de Janeiro, le 10 Avril 1897, entre le Brésil et la France : frontières entre le Brésil et la Guyane Française

Nota de conteúdo : V.1. Memoire en reponse aux allegations de la France, accompagne de quelques cartes -- V. 2-3. Documents accompagnes de notes explicatives ou rectificatives, 1. ptie, 1536-1713 ; 2. ptie, 1713-1896 -- V. 4. Texte original de documents traduits dans les tomes 2 et 3 -- V. 5. Album : fac-simile de quelques documents reproduits aux tomes 2, 3 et 4 -- V. 6. Atlas : contenant 86 cartes.

Relatorio e synopse dos trabalhos da Camara dos Srs. Deputados : relativos ao anno de 1897 : acompanhados de differentes documentos : organisados na Secretaria da mesma Camara

Sinopse dos trabalhos da Câmara dos Deputados, em 1887.

A photographic record of a pre- and post-lake creation event from World War II at Valley, Isle of Anglesey, UK

The article compares a recent aerial photograph of the lowlands of the Isle of Anglesey area with a German surveillance photograph from 1941. The authors aim to infer the environmental changes made to this sand dune and lake system as a direct consequence of constructing the airfield. Part of Tywyn Trewan, the extensive sand dune system, was completely destroyed in order to create runways and the technical and domestic accommodation to house a strategic airfield. As part of the dredging, six new water bodies with a combined surface area of approximately 6 ha were created.

O herói e o inimigo no imaginário do jacobinismo brasileiro 1894/1897

Esta dissertação tem como objetivo compreender e analisar o jacobinismo brasileiro tendo como foco os anos de 1894 até 1897. Pretende-se perceber como esse grupo conseguiu construir um projeto de personalização do poder em torno do Marechal Floriano Peixoto em momentos críticos da história República brasileira: durante a Revolta da Armada de 1894; no momento de transição do governo militar para o governo civil de Prudente de Moraes em 1894/95; e na ocasião da morte do Marechal Floriano Peixoto em 1895. Para tanto, o estudo propõe uma reflexão sobre a utilização do discurso jornalístico como instrumento na fabricação da imagem dos revoltosos da Marinha como restauradores monarquistas e de Floriano como herói da República, buscando assim, perceber igualmente a dinâmica de sua elaboração e as suas repercussões na sociedade brasileira. Chegaremos a conclusão que as forças jacobinas enfraqueceram no momento do atentado a Prudente de Morais em 1897, mas seus discursos ainda tiveram eco na primeira metade do século XX na República brasileira.

Humanism after the Spanish Civil War: Gernika (1945-53), a Humanities and Social Sciencesbasque magazine

Espainiako Gerra Zibilaren eta II. Mundu Gerrarren ostean Gerra Hotza heldu zen. Testuinguru larri horretan humanismoan ikusi zuten hainbatek zibilizazio-krisiari irtenbidea topatzeko bidea. Gernika aldizkariak (1945-53) bere burua humanistatzat zeukan. Bertako idazleek gai horren inguruan zer adierazi zuten jasotzen saiatu gara, euskarazko zein erdarazko artikuluetan agertzen diren iritziak sailkatuz.

Hermenéutica de la astrología greco-romana

[ES] La astrología grecorromana es un código lingüístico con signos (planetas, signos del Zodíaco), y con leyes de interconexión entre ellos (eclíptica, aspectos, casas, límites), y ha de ser valorada no sólo desde la perspectiva de su cientificidad, sino desde la de sus funciones para el individuo y la sociedad: es un conocimiento del futuro singular que afecta a la totalidad de lo implicado, y en la totalidad de sus dimensiones. Suple así el conocimiento de la ciencia antigua, que no fue capaz de incluir ni lo futuro ni lo singular. La astrología integra al individuo en la comunidad, integrándolo previamente en su universo semántico. Cosmos, mundo humano y mundo natural se armonizan totalmente.