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.

Beach monitoring project Sand Key Phase II Beach nourishment program (North Redington Beach and Redington Shores) Post-Nourishment Report Part II Offshore Profiles and Wave Data

This study presents the third post-nourishment survey (January 1989) results for the Sand Key Phase II beach nourishment project carried out in June, 1988. The monitoring program to this beach nourishment project is a joint effort between the University of South Florida and University of Florida. The field surveys include a total of 26 profiles, encompassing approximately 3 miles of shoreline extending from DNR R-96 to R-1ll. The total calculated volume loss of sand in the nourished segment (from R-99G to R-107) between the July 88 and January 89 surveys is 51,113 cubic yards, which is a loss about 9.7 percent of 529,150 cubic yards actually placed in the nourishment project. The total loss of sand computed in the entire survey area is 26,796 cubic yards, which is only 5.1 percent of the sand placed in the nourishment project. It is stressed that a part of these net volume reductions is due to the background erosion and not due to spreading losses induced by the nourishment project. (PDF contains 168 pages.)

Aquatic Vegetation, Largemouth Bass and Water Quality Responses to Low-Dose Fluridone Two Years Post Treatment

Whole-lake techniques are increasingly being used to selectively remove exotic plants, including Eurasian watermilfoil ( Myriophyllum spicatum L.). Fluridone (1-methyl-3-phenyl- 5-[3-(trifluoromethyl)phenyl]-4(1 H )-pyridinone), a systemic whole-lake herbicide, is selective for Eurasian watermilfoil within a narrow low concentration range. Because fluridone applications have the potential for large effects on plant assemblages and lake food webs, they should be evaluated at the whole-lake scale. We examined effects of low-dose (5 to 8 ppb) fluridone applications by comparing submersed plant assemblages, water quality and largemouth bass ( Micropterus salmoides ) growth rates and diets between three reference lakes and three treatment lakes one- and two-years post treatment. In the treatment lakes, fluridone reduced Eurasian watermilfoil cover without reducing native plant cover, although the duration of Eurasian watermilfoil reduction varied among treatment lakes. (PDF has 11 pages.)

Impacto de las políticas crediticias de la banca en los resultados ex post : una aproximación desde las teorías económicas del ciclo crediticio

[ES]Este trabajo se centra en el análisis de la relación entre las políticas crediticias de las entidades de crédito y el comportamiento de las mismas ex post. Se hace una revisión de la teoría que justifica que los mercados crediticios pueden estar sujetos, en determinadas circunstancias, a un componente endógeno más elevado de lo que, en general, se atribuye. Se plantea como hipótesis de trabajo la existencia de una relación entre la intensidad en el crecimiento de la cartera crediticia de los bancos en las fases de expansión crediticia y su comportamiento ex post. Los resultados preliminares presentados confirman la hipótesis de que las entidades que más desvían su crecimiento crediticio respecto del crecimiento del PIB nominal, están sujetas a un peor comportamiento en cuanto a la evolución posterior de sus beneficios, rentabilidades e insolvencias.

Explorando la relación entre políticas crediticias y resultados de la banca española ex-post

© Este trabajo está licenciado bajo la licencia Creative Commons Attribution 3.0.

Itzulpen automatikorako tresnen egokitzapena euskararako: post-edizioa, ebaluazioa eta aurre-edizioa

Proiektu honetan zehar Itzulpen Automatikoa eta horren inguruko tresnen inguruan jorratu da. Lengoaia Naturalaren Prozesamendua eta itzulpen automatikoa ikasi eta aztertu egin dira ikuspuntu zabal batetik. Itzulpen automatiko orokorraz eta horren aplikazio mota desberdinetatik gain, bestelako kontzeptuak ere tratatu dira, hala nola, itzulpenean laguntzeko tresnak, itzulpen automatikoaren ebaluazioa eta itzulpen automatikorako testuen aurre-edizioa eta post-edizioa. Ikasketa- eta aztertze-prozesu horretaz gain, erlazionatuta dauden tresnak erabili edota moldatu egin dira euskararako itzulpen automatikoan barne. Hiru atal nagusi nabarmendu daitezke: Lehenengo, OmegaT, itzulpenean laguntzeko softwarea, moldatu da Matxin euskararako itzultzaile automatikoa gehituz. Gainera, IXA Taldearen eta Euskal Wikipediaren arteko kolaborazio-lanean, Wikipediako artikuluak eskuratu, itzuli eta igotzeko aukera egokitu zaio OmegaT-ri eta horren erabilera sustatu da Euskal Wikipediako komunitatean eta UPV/EHUko Informatikako ikasle eta irakaslegoaren artean. Bestalde, lan honetaz baliatuz, OmegaT-k sortzen dituen itzulpen-memoriak, Matxin-en itzulpenen gaineko post-edizioan oinarrituak, eskuratzeko modu bat egin da, horiekin Matxin-en funtzionamendua hobetu ahal izateko. Ondoren, Asiya programan integratu egin da euskara. Asiya-k itzulpen automatikoaren ebaluazio eta meta-ebaluazioak egin ditzakeen aplikazioa da. Hainbat metrika aztertu dira euskara aztertzeko balio ote duten begiratzeko. Besteen artean, lau metrikari euskara gehitzeko saiakera egin nahi izan da IXA Taldeko euskarazko testuen analizatzaile batek eskainitako informazio sintaktikoa gehituz, baina bi metrika soilik egokitu ahal izan dira. Azkenik, DiSeg esaldi-segmentatzailea erabili egin da gaztelerazko corpus baten gainean esaldi luzeak banatzeko. Aurre-edizio hori eta gero itzuli egin dira eta Asiya erabiliz emaitzen ebaluazioa eta konparazioa egin dira, esaldi laburragoekin itzulpen automatiko eraginkorragoa lortzen oten den aztertzeko.

Post-cyclic Strength Degradation of Undisturbed and Remolded Marine Silty Clay

A series of static and cyclic-static tri-axial compression tests under consolidated-undrained conditions are carried out to study the characteristics of post-cyclic strength of the undisturbed and the remolded samples of marine silty clay. It is found that the post-cyclic monotonic strength decreases if the cyclic strain or pore pressure is over a certain value. The maximum degradation is 10% for undisturbed samples while 70% for remolded ones. The relationship between normalized undrained shear strength and apparent overconsolidation ratio, which is determined by the excess pore pressure induced by cyclic loading, is also established. Static consolidated-undrained tests on overconsolidated remolded samples are also performed. It is proposed that the static consolidated-undrained tests may be substituted for the cyclic-static consolidated-undrained tests if the post-cyclic strength degradation of remolded silty clay is needed to be evaluated simply.

Das M74-Syndrom des Ostseelachses (Salmo salar): Symptome, Verbreitung und Ursachen

An overview is presented on the M74-Syndrome of Baltic salmon which is known since 1974 and which, since 1992, has caused considerable losses of artificially produced yolk-sac larvae in Swedish and Finnish hatcheries responsible for compensatory salmon stocking programmes. The syndrome only affects offspring of wild salmon ascending the rivers for spawning and not offspring derived from salmon broodstocks permanently kept in hatcheries. The syndrome seems to be restricted to the Baltic Sea where it has been recorded in all of the remaining Swedish (except the west coast) and Finnish salmon rivers as well as in populations of Estonian rivers and the Russian River Neva. In Sweden and in Finland, the syndrome has been recorded in recent years in offspring of up to 80 % of female salmon used for spawning and resulted in a larval mortality of up to 90 %. A nutrition-associated thiamine (vitamin B1) deficiency is considered as primary cause. However, other environmental factors seem to be involved in addition. There is concern that the syndrome constitutes a major threat with respect to the survival of the few still naturally reproducing populations of Baltic salmon.

Vergleichende Texturuntersuchungen an Filets von Kliesche (Limanda limanda) und Scholle (Pleuronectes platessa) in Abhängigkeit von Eislagerzeit post mortem, TK-Lagerung und Erhitzen

Instrumental investigations of texture have been performed using texture profile analysis. The following textural parameters have been assessed: hardness, gumminess, chewiness, springiness, cohesiveness and adhesiveness. The fillets of both species have been prepared from deep frozen headed and gutted raw material without fins after frozen storage of 0, 23 and 34 weeks, respectively. Deep freezing of fishes has been performed on board immediately after hauling or after 6 day’s storage in ice. Before texture measurement the raw material has been thawed and the measurement was carriedout on both thawed and microwave-heated fillets. In general, it can be concluded that both fish species are comparable in their texture parameters. The hardness of heated dab has been slightly higher comparing with that one of plaice. All other texture parameters showed a fairly good conformity between both species. While the hardness of dab increased during heating, it was decreasing in plaice. This was the only one significant difference between both fishes during heating. Adhesiveness as well as cohesiveness increased remarkably during heating. Changes effected by ice storage were only slight. Frozen storage, in contrast, caused a significant decrease of adhesiveness measured after heating the fillets of both species.

Post-larval feeding of Clarias gariepinus (Burchell, 1802) on cultured zooplankton and artemia diets

The findings are presented of a study undertaken to provide baseline information that may be employed to develop a simplified hatchery technique for postlarval feeding of Clarias gariepinus on zooplankton cultured indoors in small aquaria. Three series of experiments were undertaken to identify the type and quantity of organic manure that would produce maximum densities of zooplankton in the shortest time in indoor cultures. Results suggest the possibility of the culture of natural zooplankton populations for use in larval feeding of C. gariepinus fry. Its effective hatchery application would bring about reduction in the unit cost per fingerling and ensure continuous hatchery operations even in the absence of Artemia cysts

Assessment of post-harvest losses in Nigeria fishery: the Kainji Lake model

The paper provides a description of a methodology used for quantitative assessment of post harvest losses in the Kainji Lake Fishery (Nigeria). The sample population was made up of 314 fisherfolk, 115 processors, 125 fish buyers and 111 fish sellers. For the determination of handling losses, 24,839 fishes weighing 2,389.31 kg belonging to 43 species were examined of which 10% by number and 9% by weight deteriorated at checking and 4% by number and 3% by weight at landing. Processing losses recorded 22% by number and 16% by weight deteriorated prior to and during smoking with the traditional 'Banda' kiln. During marketing, 16% of fish sold had deteriorated and 6% by weight of fish bought also deteriorated, mainly due to insect infestation during storage. Based on the 1995 yield estimate for Kainji Lake fishery, approximately 1000 tons of fish estimated at 80 million Naira were lost during handling alone. This figure would be much higher if the level of losses during processing and marketing are included. This assessment technique is recommended for use in obtaining quantifiable data on post harvest losses from other water bodies in Nigeria