Potential output in Latin America: a standard approach for the 1950-2002 period

Includes bibliography

Foreign investment in Mexico after economic reform

Includes bibliography

Session report: Non-textbook type geomaterials

An abstract of all the papers presented in the Conference Section where the geotechnical material is considered non-conventional to classical Soil Mechanics is presented. Thirteen papers submitted to this Conference were considered as a non-textbook type geomaterial. The papers were grouped in four groups: tropical soils, tailings, cementation and heterogeneous soils. The objective is to present a report with the major contributions of the each paper to encourage the reader to read the original papers. © 2013 Taylor & Francis Group.

Integrazione di tecnologie non distruttive per la caratterizzazione di rocce ornamentali

ABSTRACT: The dimension stone qualification through the use of non-destructive tests (NDT) is a relevant research topic for the industrial characterisation of finite products, because the competition of low-costs products can be sustained by an offer of highqualification and a top-guarantee products. The synthesis of potentialities offered by the NDT is the qualification and guarantee similar to the well known agro-industrial PDO, Protected Denomination of Origin. In fact it is possible to guarantee both, the origin and the quality of each stone product element, even through a Factory Production Control on line. A specific disciplinary is needed. A research developed at DICMA-Univ. Bologna in the frame of the “OSMATER” INTERREG project, allowed identifying good correlations between destructive and non-destructive tests for some types of materials from Verbano-Cusio-Ossola region. For example non conventional ultrasonic tests, image analysis parameters, water absorption and other measurements showed to be well correlated with the bending resistance, by relationships varying for each product. In conclusion it has been demonstrated that a nondestructive approach allows reaching several goals, among the most important: 1) the identification of materials; 2) the selection of products; 3) the substitution of DT by NDT. Now it is necessary to move from a research phase to the industrial implementation, as well as to develop new ND technologies focused on specific aims.

Il risparmio delle risorse alla scala abitativa e di insediamento. Tecnologie non convenzionali e valutazione ambientale attraverso metodologia LCA.

Nel corso del mio lavoro di ricerca mi sono occupata di identificare strategie che permettano il risparmio delle risorse a livello edilizio e di approfondire un metodo per la valutazione ambientale di tali strategie. La convinzione di fondo è che bisogna uscire da una visione antropocentrica in cui tutto ciò che ci circonda è merce e materiale a disposizione dell’uomo, per entrare in una nuova era di equilibrio tra le risorse della terra e le attività che l’uomo esercita sul pianeta. Ho quindi affrontato il tema dell’edilizia responsabile approfondendo l’ambito delle costruzioni in balle di paglia e terra. Sono convinta che l’edilizia industriale abbia un futuro molto breve davanti a sé e lascerà inevitabilmente spazio a tecniche non convenzionali che coinvolgono materiali di semplice reperimento e posa in opera. Sono altresì convinta che il solo utilizzo di materiali naturali non sia garanzia di danni ridotti sull’ecosistema. Allo stesso tempo ritengo che una mera certificazione energetica non sia sinonimo di sostenibilità. Per questo motivo ho valutato le tecnologie non convenzionali con approccio LCA (Life Cycle Assessment), approfondendo gli impatti legati alla produzione, ai trasporti degli stessi, alla tipologia di messa in opera, e ai loro possibili scenari di fine vita. Inoltre ho approfondito il metodo di calcolo dei danni IMPACT, identificando una carenza nel sistema, che non prevede una categoria di danno legata alle modifiche delle condizioni idrogeologiche del terreno. La ricerca si è svolta attraverso attività pratiche e sperimentali in cantieri di edilizia non convenzionale e attività di ricerca e studio sull’LCA presso l’Enea di Bologna (Ing. Paolo Neri).

Daily monetary impulses and security prices

This paper uses Swiss data to study the real long-run effects of monetary policy. Daily unexpected changes in the monetary base are found to be negatively correlated with security price changes. This result is unaffected when, implicitly following Geske and Roll (1983), we try to measure the autonomous component of monetary policy by taking into account a reaction function of monetary policy to changes in real variables.

A General Schema for Optimal Monetary Policymaking: Objectives and Rules

This paper examines four equivalent methods of optimal monetary policymaking, committing to the social loss function, using discretion with the central bank long-run and short-run loss functions, and following monetary policy rules. All lead to optimal economic performance. The same performance emerges from these different policymaking methods because the central bank actually follows the same (similar) policy rules. These objectives (the social loss function, the central bank long-run and short-run loss functions) and monetary policy rules imply a complete regime for optimal policy making. The central bank long-run and short-run loss functions that produce the optimal policy with discretion differ from the social loss function. Moreover, the optimal policy rule emerges from the optimization of these different central bank loss functions.

Exchange Rate Stabilization and IMF High Interest Rate Policy: A Critical Reconsideration Using a Dynamic Model

This paper examines whether the IMF high interest rate policy was suitable for crisis-ridden East Asian economies. Using an "overshoot" model similar to that of Dornbusch's (1976), it shows that this sort of policy might cause an unnecessary deflationary adjusting process and have no effect on containing the real depreciation of exchange rates in the long run. The study also demonstrates that Thai economic data coincides quite well with the model presented here. Finally, it points out that the high interest policy itself might provoke high risk-premium, the existence of which, in turn, justifies the policy. This means that the policy has a self-fulfilling property. In conclusion, a "one-size-fits-all" adaptation of high interest rate policy in a currency crisis is very dangerous in general, and was inappropriate for East Asia. The desirable policy would have been to let currencies depreciate and keep interest rates stable.

Monetary Systems in Developing Countries: An Unorthodox View

This paper analyzes some recent theoretical and practical evidence in terms of economic results of different exchange rate systems. It begins with a historical review and a summary of fixed versus flexible exchange rate systems. Then it compares the experiences of recent currency unions, mostly unilateral, and their relative economic performance during the past currency crises in Latin America, East Asia and Eastern Europe. A set of issues is discussed in order to weigh the overall costs and benefits for several economies. These issues include exchange rates, GDP performance, inflation rates and foreign reserves. The case of Argentina is also considered separately, comparing mostly seigniorage costs and interest-rate savings. The benefits and costs of the producers (central banks/governments) and the consumers (citizens) of money are discussed separately. Free banking is also considered in a fast-changing world where there will probably be fewer but better currencies. Not just the euro is a reality now, but maybe the "amero" and the "worldo" or the "mondo" very soon.

Low workforce participation of educated female and the role of work organizations in post-war Sri Lanka

Sri Lanka as a developing economy that achieved gender equity in education and a higher literacy rate (both adult and youth) in the South Asian region still records a low labor force participation and high unemployment rate of females when compared to their male counterparts. With the suggestion of existing literature on the non-conventional models of careers those adopted by young and female populations at the working age, this paper discusses the role of work organizations in absorbing more females (and even minority groups) into the workforce. It mainly focuses on the need of designing appropriate human resource strategies and reforming the existing organizational structures in order for contributing to the national development in the post-war Sri Lanka economy.

Non uniform embedding based on relevance analysis with reduced computational complexity: application to the detection of pathologies from biosignal recordings

Nonlinear analysis tools for studying and characterizing the dynamics of physiological signals have gained popularity, mainly because tracking sudden alterations of the inherent complexity of biological processes might be an indicator of altered physiological states. Typically, in order to perform an analysis with such tools, the physiological variables that describe the biological process under study are used to reconstruct the underlying dynamics of the biological processes. For that goal, a procedure called time-delay or uniform embedding is usually employed. Nonetheless, there is evidence of its inability for dealing with non-stationary signals, as those recorded from many physiological processes. To handle with such a drawback, this paper evaluates the utility of non-conventional time series reconstruction procedures based on non uniform embedding, applying them to automatic pattern recognition tasks. The paper compares a state of the art non uniform approach with a novel scheme which fuses embedding and feature selection at once, searching for better reconstructions of the dynamics of the system. Moreover, results are also compared with two classic uniform embedding techniques. Thus, the goal is comparing uniform and non uniform reconstruction techniques, including the one proposed in this work, for pattern recognition in biomedical signal processing tasks. Once the state space is reconstructed, the scheme followed characterizes with three classic nonlinear dynamic features (Largest Lyapunov Exponent, Correlation Dimension and Recurrence Period Density Entropy), while classification is carried out by means of a simple k-nn classifier. In order to test its generalization capabilities, the approach was tested with three different physiological databases (Speech Pathologies, Epilepsy and Heart Murmurs). In terms of the accuracy obtained to automatically detect the presence of pathologies, and for the three types of biosignals analyzed, the non uniform techniques used in this work lightly outperformed the results obtained using the uniform methods, suggesting their usefulness to characterize non-stationary biomedical signals in pattern recognition applications. On the other hand, in view of the results obtained and its low computational load, the proposed technique suggests its applicability for the applications under study.

Some recent applications of non-linear models to the engineering practice

The Department of Structural Analysis of the University of Santander has been for a longtime involved in the solution of the country´s practical engineering problems. Some of these have required the use of non-conventional methods of analysis, in order to achieve adequate engineering answers. As an example of the increasing application of non-linear computer codes in the nowadays engineering practice, some cases will be briefly presented. In each case, only the main features of the problem involved and the solution used to solve it will be shown

Greece and the European Agenda: EU Enlargement and European Monetary Union. Program for the Study of Germany & Europe Working Paper 8.2

In the decade to come, the European Union will embark on two new projects, each destined to transform it in fundamental ways: (i) Eastern enlargement, and (ii) economic and monetary union. Neither of these projects will affect all members equally or in the same way. But Greece will, for two reasons, be affected in a manner qualitatively different to all other member states. First, Greece is the only country physically affected by the Luxembourg Summit's decision to begin accession negotiations with some, but not all, Central and Eastern European applicant countries: as a result of this decision, she will continue, for at least another eight to ten years, to be the only member country not to share a common border with another member state, with all the consequent implications in economic and geostrategic tenns. Second, when the European Council meets in early May to select those member states that are deemed to have met the convergence criteria, it will find that Greece is the only member state falling short of those criteria. This development may create additional difficulties for her economy during the transitional period of derogation. It will also pose new risks to Greece, insofar as she will be absent during the initial-and crucial-years of establishing a common monetary policy.

Central bank cooperation during the great recession. Bruegel Policy Contribution. Bruegel Policy Contribution 2013/08, 20 June 2013

During the Great Recession, central banks went well beyond their normal operations and provided liquidity in unlimited amounts, in foreign currency and to foreign banks. Central bank cooperation took the form of a swap network, and amounted to an episode of global monetary policy. However, though bank cooperation will continue to contribute to global governance, the swap network should not be made permanent and given an institutional basis to provide international lending of last resort. Swaps are a monetary policy tool and should continue to be decided on by central banks like all other monetary policy tools,to avoid impinging on their independence, which a difficult historical process has shown to be the best basis for price stability.

The EU’s Economic Policy Architecture after Ratification of the Fiscal Stability Treaty. CEPS Commentary, 30 August 2013

In his presentation of the new Fiscal Stability Treaty, which came into force in January 2013, Jørgen Mortensen questions the extent to which the new inter-governmental agreement can be expected to solve the fundamental problem of consistency between budgetary and monetary policy.