Nomenclatural notes in Membracidae (Homoptera): new combination and new synonymies in Amastris Stål, 1862

The following nomenclatural changes are made: Amastris convoluta (Fabricius, 1781) comb. nov. (formerly Darnis; Hebetica); Amastris maculata Funkhouser, 1922 = Amastris fasciata Broomfield, 1976 syn. nov. = Amastris pseudomaculata Broomfield, 1976 syn. nov. = Amastris inermis Broomfield, 1976 syn. nov. = Amastris sakakibarai Broomfield, 1976 syn. nov.; Amastris elevata Funkhouser, 1922 = Amastris vismiae Haviland, 1925 syn. nov. = Amastris flavifolia Funkhouser, 1927 syn. nov.

Theoretical notes on bubbles and the current crisis

We explore a view of the crisis as a shock to investor sentiment that led to the collapse of abubble or pyramid scheme in financial markets. We embed this view in a standard model of thefinancial accelerator and explore its empirical and policy implications. In particular, we show howthe model can account for: (i) a gradual and protracted expansionary phase followed by a suddenand sharp recession; (ii) the connection (or lack of connection!) between financial and real economicactivity and; (iii) a fast and strong transmission of shocks across countries. We also use the modelto explore the role of fiscal policy.

Macroprudential policy, countercyclical bank capital buffers and credit supply: Evidence from the Spanish dynamic provisioning experiments

We analyze the impact of countercyclical capital buffers held by banks on the supplyof credit to firms and their subsequent performance. Spain introduced dynamicprovisioning unrelated to specific bank loan losses in 2000 and modified its formulaparameters in 2005 and 2008. In each case, individual banks were impacteddifferently. The resultant bank-specific shocks to capital buffers, coupled withcomprehensive bank-, firm-, loan-, and loan application-level data, allow us toidentify its impact on the supply of credit and on real activity. Our estimates showthat countercyclical dynamic provisioning smooths cycles in the supply of credit andin bad times upholds firm financing and performance.

What do outside experts bring to a committee? Evidence from the Bank of England

We test whether outside experts have information not available to insiders by usingthe voting record of the Bank of England's Monetary Policy Committee. Memberswith more private information should vote more often against conventional wisdom,which we measure as the average belief of market economists about future interest rates. We find evidence that external members indeed have information notavailable to internals, but also use a quasi-natural experiment to show they mayexaggerate their expertise to obtain reappointment. This implies that an optimalcommittee, even outside monetary policy, should potentially include outsiders, butneeds to manage career concerns.

Notes for a new guide to Keynes (I): Wages, aggregate demand, and employment

I revisit the General Theory's discussion of the role of wages inemployment determination through the lens of the New Keynesianmodel. The analysis points to the key role played by the monetarypolicy rule in shaping the link between wages and employment, andin determining the welfare impact of enhanced wage flexibility. I showthat the latter is not always welfare improving.

Notes and descriptions of Neotropical Macrotomini (Coleoptera, Cerambycidae, Prioninae)

Mallodon vermiculatus sp. nov. (from Panama) and Nothopleurus santacruzensis sp. nov. (from Bolivia) are described and illustrated. Mallodon dasystomus dasystomus (Say, 1824) = M. mandibularis Lackerbeck, 1998 syn. nov.

The species of Aspona Stål and nomenclatural notes (Hemiptera, Cicadomorpha, Membracidae)

The genus Aspona Stål contains now only two species: A. bullata Stål, 1862 (= Aspona gibosa Fonseca & Diringshofen, 1969 syn. nov. = Taunaya gibbosa Remes-Lenicov, 1973 syn. nov.) and A. quadrinodosa (Fonseca & Diringshofen, 1969) comb. nov. (formerly in Cyphotes Burmeister).