Europe on the Road to the Third Stage of EMU: Recent Evidence. CES Germany & Europe Working Papers, No. 07.2, 1996

The paper deals with Europe's effort to proceed to the thud stage of EMU and establish a common currency. It is argued that the success of the common currency experiment will greatly depend on the fulfillment of the Optimum Currency Area (OCA) criteria, on the adoption of the proper adjustment policies as well as on the political desirability of the project. The paper is organized as follows: Section 1 deals briefly with the index of criteria that define an OCA. Section 2 examines the extent to which Europe experiences common demand disturbances, while sections 3 and 4 focus on evidence about the mobility of factors of production across Europe, namely labor and capital. Section 5 examines the possibility of an increase in trade volume across the EU under fixed exchange rates or a common currency regime. Section 6 sheds light on the possibility of the EURO (the ex-ECU} to become a vehicle currency in the international financial system, and Section 7 is concerned with the benefits and costs of the establishment of a European Central Bank (ECB), paying special attention to seigniorage revenues. Section 8 deals with the necessity of establishing an EU federal mechanism facilitating adjustment. Section 9 sketches out a proper role for a hegemonic power in a common currency regime. Finally, section 10 examines EMU prospects during the transitional period. The paper closes with some concluding remarks, where the role of politics and coordination of economic policies are particularly emphasized as of cardinal importance on the road to the third stage of EMU.

Adolescent Illicit Drug Use and Subsequent Academic and Psychosocial Adjustment : an Examination of Socially-Mediated Pathways

Background: Questions remain regarding the consequences of illicit drug use on adolescent adjustment and the nature of mechanisms that may explain these consequences. In this study, we examined whether early-onset illicit drug use predicts subsequent academic and psychosocial adjustment and whether associations are socially-mediated by decreased school engagement and increased peer deviancy. Method: 4885 adolescents were followed throughout secondary school. We used regressions to determine whether illicit drug use in grade 7 predicted academic achievement, school dropout, depressive symptoms, and conduct problems in grades 10–11, adjusting for potential confounders. We used path analysis to test whether significant associations were mediated by school engagement and peer deviancy in grade 8. Results: Illicit drug use predicted conduct problems and school dropout, but not academic achievement and depressive symptoms. The association between illicit drug use and conduct problems was fully mediated by increased peer deviancy. The association between illicit drug use and school dropout was partially mediated by increased peer deviancy, but remained mostly direct. No indirect association via decreased school engagement was found. Examination of reverse pathways revealed that conduct problems and academic achievement in grade 7 predicted drug use in grades 10–11. These associations were mediated by peer deviancy and school engagement (conduct problems only). Conclusion: Adolescent illicit drug use influences the risk of school dropout and conduct problems in part by contributing to deviant peer affiliation. Reciprocal social mediation characterizes the association between drug use and conduct problems. A reverse mechanism best explains the association with academic achievement.

Stage of University Hall

Jenison, Edward S., architect. University Hall was built in 1872; the auditorium completed in 1873. Prior to this time there was no place on campus where students and faculty could assemble. New opera seats were put in during Christmas 1896 at the same time the new dome was installed. Photographer's stamp on verso: Randall ' 76, 220 Woodward Avenue, Detroit, Mich.

Livestock health encyclopedia; the control of diseases and parasites in cattle, sheep and goats, swine, horses and mules. /

Bibliography: p. 605-613.

Letters to a young student, in the first stage of a liberal education.

Mode of access: Internet.

The practical planter, or, A treatise on forest planting : comprehending the culture and management of planted and natural timber, in every stage of its growth : also on the culture and management of hedge fences, and the construction of stone walls, &c /

Goldsmiths'-Kress no. 18632.

Angelo's pic nic, or, Table talk : including numerous recollections of public characters, who have figured in some part or another of the stage of life for the last fifty years : forming an endless variety of talent, amusement, and interest, calculated to please every person fond of biographical sketches and anecdotes /

Title-page vignette and colored frontispiece by George Cruikshank.

Theoretical mechanics : a class book for the elementary stage of the science and art department.

Mode of access: Internet.

Variation in coumestrol content of alfalfa as related to location, variety, cutting, year, stage of growth, and disease /

Caption title.

The influence of the stage of lactation on the composition and properties of milk /

"January 10, 1913."