Path to eurobonds. Bruegel Working Paper 2012/10, July 2012

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic governance framework through enhanced fiscal discipline and risk-sharing. Many questions remain onwhether financial instruments can ever accomplish such goals without bold institutional and political decisions, and,whether, in the absence of such decisions, they can create new distortions. The proposals discussed are also not necessarily competing substitutes; rather, they can be complements to be sequenced along alternative paths that possibly culminate in a fully-fledged Eurobond. The specific path chosen by policymakers should allow for learning and secure the necessary evolution of institutional infrastructures and political safeguards.

Density dependence and phenological mismatch: consequences for growth and survival of sub-arctic nesting Canada Geese

The extent to which species are plastic in the timing of their reproductive events relative to phenology suggests how climate change might affect their demography. An ecological mismatch between the timing of hatch for avian species and the peak availability in quality and quantity of forage for rapidly growing offspring might ultimately affect recruitment to the breeding population unless individuals can adjust the timing of breeding to adapt to changing phenology. We evaluated effects of goose density, hatch timing relative to forage plant phenology, and weather indices on annual growth of pre-fledging Canada geese (Branta canadensis) from 1993-2010 at Akimiski Island, Nunavut. We found effects of both density and hatch timing relative to forage plant phenology; the earlier that eggs hatched relative to forage plant phenology, the larger the mean gosling size near fledging. Goslings were smallest in years when hatch was latest relative to forage plant phenology, and when local abundance of breeding adults was highest. We found no evidence for a trend in relative hatch timing, but it was apparent that in early springs, Canada geese tended to hatch later relative to vegetation phenology, suggesting that geese were not always able to adjust the timing of nesting as rapidly as vegetation phenology was advanced. Analyses using forage biomass information revealed a positive relationship between gosling size and per capita biomass availability, suggesting a causal mechanism for the density effect. The effects of weather parameters explained additional variation in mean annual gosling size, although total June and July rainfall had a small additive effect on gosling size. Modelling of annual first-year survival probability using mean annual gosling size as an annual covariate revealed a positive relationship, suggesting that reduced gosling growth negatively impacts recruitment.

On the dependence of boundary-layer ventilation on frontal type

Case study simulations with idealized tracers have been used to determine the relationship between the dynamics and conceptual representations of different midlatitude frontal systems and the amount, distribution, and time scale of boundary layer ventilation by these systems. The key features of ventilation by a kata– and ana–cold frontal system are found to be quantitatively and also often qualitatively similar to the main ventilation pathways, which are the conveyor belts, cloud head, and other convection. The conveyor belts and cloud head occur within cloud, implying that they can be identified using satellite imagery. Differences in the transport by the two systems can be related to their conceptual representations and include a sensitive dependence on the diurnal cycle for the kata- but not the ana-cold frontal case.