Does the Term Spread play a role in the FED's reaction function? An Empirical Investigation

Using US data for the period 1967:5-2002:4, this paper empirically investigates the performance of a Fed’s reaction function (FRF) that (i) allows for the presence of switching regimes, (ii) considers the long-short term spread in addition to the typical variables, (iii) uses an alternative monthly indicator of general economic activity suggested by Stock and Watson (1999), and (iv) considers interest rate smoothing. The estimation results show the existence of three switching regimes, two characterized by low volatility and the remaining regime by high volatility. Moreover, the scale of the responses of the Federal funds rate to movements in the rate of inflation and the economic activity index depends on the regime. The estimation results also show robust empirical evidence that the importance of the term spread in the FRF has increased over the sample period and the FRF has been more stable during the term of office of Chairman Greenspan than in the pre-Greenspan period.

Gestión comercial de una emisora comarcal. El caso de radio Sobrarbe

[ES] Radio Sobrarbe es una emisora radiofónica comarcal perteneciente a la mancomunidad de Sobrarbe (Huesca). La plantilla de la misma está formada por dos personas, si bien cuenta para la realización y emisión de programas con colaboradores que trabajan para ella de forma totalmente altruista.

Knowledge Exchange study: How Research Tools are of Value to Research: Use Cases and Recommendations

Research tools that are freely available and accessible via the Internet cover an emergent field in the worldwide research infrastructure. Clearly, research tools have increasing value for researchers in their research activities. Knowledge Exchange recently commissioned a project to explore use case studies to show research tools’ potential and relevance for the present research landscape. Makers of successful research tools have been asked questions such as: How are these research tools developed? What are their possibilities? How many researchers use them? What does this new phenomenon mean for the research infrastructure? Additional to the Use Cases, the authors offer observations and recommendations to contribute to effective development of a research infrastructure that can optimally benefit from research tools. the Use Cases are: •Averroes Goes Digital: Transformation, Translation, Transmission and Edition •BRIDGE: Tools for Media Studies Researchers •Multiple Researchers, Single Platform: A Virtual Tool for the 21st Century •The Fabric of Life •Games with A Purpose: How Games Are Turning Image Tagging into Child’s Play •Elmer: Modelling a Future •Molecular Modelling With SOMA2 •An Online Renaissance for Music: Making Early Modern Music Readable •Radio Recordings for Research: How A Million Hours of Danish Broadcasts Were Made Accessible •Salt Rot: A Central Space for Essential Research •Cosmos: Opening Up Social Media for Social Science A brief analysis by the authors can be found: •Some Observations Based on the Case Studies of Research Tools

Income Taxation and Growth in an OLG Economy: Does Aggregate Uncertainty Play any Role?

We analyze the effects of capital income taxation on long-run growth in a stochastic, two-period overlapping generations economy. Endogenous growth is driven by a positive externality of physical capital in the production sector that makes firms exhibit an aggregate technology in equilibrium. We distinguish between capital income and labor income, and between attitudes towards risk and intertemporal substitution of consumption. We show necessary and sufficient conditions such that i) increments in the capital income taxation lead to higher equilibrium growth rates, and ii) the effect of changes in the capital income tax rate on the equilibrium growth may be of opposite signs in stochastic and in deterministic economies. Such a sign reversal is shown to be more likely depending on i) how the intertemporal elasticity of substitution compares to one, and ii) the size of second- period labor supply. Numerical simulations show that for reasonable values of the intertemporal elasticity of substitution, a sign reversal shows up only for implausibly high values of the second- period’s labor supply. The conclusion is that deterministic OLG economies are a good approximation of the effect of taxes on the equilibrium growth rate as in Smith (1996).

Design, analysis and implementation of a versatile low level radio frequency system for accelerating cavities

179 p.

Radio broadcasting for fisheries development in Nigeria: Kainji Lake experience

The impact of radio as a medium of communication in all human endeavours cannot be over emphasized. It is the cheapest means of reaching large number of people in illiterate society. Thus, the Kainji Lake Fisheries Promotion Project used radio in reaching fishers around Kainji Lake basin (Nigeria). Two radio stations namely Radio Niger (Koro station in New Bussa) and Federal Radio Corporation (FRCN), Kaduna were used. Open broadcast using Hausa language, which is commonly spoken among the target group, was used for the broadcast.A total of 152 programmes were produced and broadcasted 720 times.After five years of broadcast, impact assessment studies were carried out using focus group discussion method in 25 randomly selected fishing villages out of 309 villages. The paper reports the result of the impact of the radio broadcast on fishing and related activities and how this affects management strategies adopted by the Project