The New Keynesian Monetary Model: Does it Show the Comovement Between Output and Inflation in the U.S.?

Published as article in: Journal of Economic Dynamics and Control (2008), 32(May), pp. 1466-1488.

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.

The Relationship between Risk and Expected Return in Europe

Revised: 2006-07

Wage differentials between Permanent and Temporal Contracts: Further Evidence

The main objective of this paper is to estimate wage differentials between permanent and temporal workers for different qualification levels and decompose such differentials to see which factors contribute more to explain them. The data we use is the "Encuesta de Estructura Salarial", a survey carried out in 1995 in all countries of the European Union, which contains very detailed information on wages and other characteristics for about 180.000 workers. The empirical results indicate that (a) the wage gap between permanent and temporal workers increases with qualification and it is smaller for females than for males, (b) when decomposing average wage differentials for each qualification level, we observe that the vast majority of such differential is explainedby differences in characteristics, and in particular by differences in tenure and occupation. With respect to differences in returns, our results indicate that the returns to tenure are higher for temporal workres relative to permanent workers for both males and females and for every qualification level. Returns to occupation are higher for permanent than for temporal workers, and the differenceis particularly high for females.

Wage differentials between permanent and temporary workers: Firm and occupational segregation

Published as an article in: Moneda y Crédito (2004), 219, pp.: 43-68.

‘Neptune’ between ‘Hesperus’ and ‘Vulcan’: On descriptive names and non-existence

[EN]This work will focus on some aspects of descriptive names. The New Theory of Reference, in line with Kripke, takes descriptive names to be proper names. I will argue in this paper that descriptive names and certain theory in reference to them, even when it disagrees with the New Theory of Reference, can shed light on our understanding of (some) non-existence statements. I define the concept of descriptive name for hypothesised object (DNHO). My thesis being that DNHOs are, as I will specify, descriptions: a proposition expressed by the utterance ‘n is F’, where ‘n’ is a DNHO, is not singular at all; it is a descriptive proposition. To sum up, concerning proper names, the truth lies closer to the New Theory of Reference, but descriptivism is not altogether false. As for DNHOs descriptivism is, in some cases, the right fit.

Changes in the chloride content of ground water in Pinellas County, Florida between 1947 and 1956

In December 1956 the U. S. Geological Survey, in cooperation with the Florida Geological Survey and the Board of County Commissioners of Pinellas County, collected waterlevel and chloride content of water in 94 wells in Pinellas County. First sampled in 1947, resampling and reanalyzing the water from these wells was used to determine the change in the chloride content of the ground water from 1947 to 1956. The chloride content of ground water is generally a reliable indication of the contamination of ground water by sea water, as 90 percent of the dissolved solids of sea water are chloride salts. (PDF contains 15 pages.)

Study of Interaction Force between Antigen and Antibody Using Flow Chamber Method

A parallel plate flow chamber was used to study the interaction force between human IgG (immobilized on a chip surface as ligand) and goat anti-human IgG (immobilized on microspheres surface as receptor). First, it was demonstrated that the binding force between the microspheres and the chip surface came from the bio-specific interaction between the antigen and the antibody. Secondly, it was obtained that the critical shear rate to detach microspheres from the chip surface increases with the ligand surface concentration. Finally, two models to estimate the antigen-antibody bond strength considering bonds' positions were proposed and analyzed.

Visualization of molecule interaction between antigen and antibody - One of ellipsometric imaging applications

It is to investigate molecule interactions between antigen and antibody with ellipsometric imaging technique and demonstrate some features and possibilities offered by applications of the technique. Molecule interaction is an important interest for molecule biologist and immunologist. They have used some established methods such as immufluorcence, radioimmunoassay and surface plasma resonance, etc, to study the molecule interaction. At the same time, experimentalists hope to use some updated technique with more direct visual results. Ellipsometric imaging is non-destructive and exhibits a high sensitivity to phase transitions with thin layers. It is capable of imaging local variations in the optical properties such as thickness due to the presence of different surface concentration of molecule or different deposited molecules. If a molecular mono-layer (such as antigen) with bio-activity were deposited on a surface to form a sensing surface and then incubated in a solution with other molecules (such as antibody), a variation of the layer thickness when the molecules on the sensing surface reacted with the others in the solution could be observed with ellipsometric imaging. Every point on the surface was measured at the same time with a high sensitivity to distinguish the variation between mono-layer and molecular complexes. Ellipsometric imaging is based on conventional ellipsometry with charge coupled device (CCD) as detector and images are caught with computer with image processing technique. It has advantages of high sensitivity to thickness variation (resolution in the order of angstrom), big field of view (in square centimeter), high sampling speed (a picture taken within one second), and high lateral resolution (in the order of micrometer). Here it has just shown one application in study of antigen-antibody interaction, and it is possible to observe molecule interaction process with an in-situ technique.

Transition Between Detonation and Deflagration in a Tube with a Cavity

In this paper, the transition of a detonation from deflagration was investigated numerically while a detonation wave propagates in a tube with a sudden change in cross section, referred to as the expansion cavity. The dispersion-controlled scheme was adopted to solve Euler equations of axis-symmetric flows implemented with detailed chemical reaction kinetics of hydrogen-oxygen (or hydrogen-air) mixture. The fractional step method was applied to treat the stiff problems of chemical reaction flow. It is observed that phenomena of detonation quenching and reigniting appear when the planar detonation front diffracts at the vertex of the expansion cavity entrance. Numerical results show that detonation front in mixture of higher sensitivity keeps its substantial coupled structure when it propagates into the expansion cavity. However, the leading shock wave decouples with the combustion zone if mixture of lower sensitivity was set as the initial gas.

Relationships between Larval and Juvenile Abundance of Winter-Spawned Fishes in North Carolina, USA

We analyzed the relationships between the larval and juvenile abundances of selected estuarine-dependent fishes that spawn during the winter in continental shelf waters of the U.S. Atlantic coast. Six species were included in the analysis based on their ecological and economic importance and relative abundance in available surveys: spot Leiostomus xanthurus, pinfish Lagodon rhomboides, southern flounder Paralichthys lethostigma, summer flounder Paralichthys dentatus, Atlantic croaker Micropogonias undulatus, and Atlantic menhaden Brevoortia tyrannus. Cross-correlation analysis was used to examine the relationships between the larval and juvenile abundances within species. Tests of synchrony across species were used to find similarities in recruitment dynamics for species with similar winter shelf-spawning life-history strategies. Positive correlations were found between the larval and juvenile abundances for three of the six selected species (spot, pinfish, and southern flounder). These three species have similar geographic ranges that primarily lie south of Cape Hatteras. There were no significant correlations between the larval and juvenile abundances for the other three species (summer flounder, Atlantic croaker, and Atlantic menhaden); we suggest several factors that could account for the lack of a relationship. Synchrony was found among the three southern species within both the larval and juvenile abundance time series. These results provide support for using larval ingress measures as indices of abundance for these and other species with similar geographic ranges and winter shelf-spawning life-history strategies.

The relationships between length and weight of yellowfin tuna (Neothunnus macropterus) and skipjack tuna (Katsuwonus pelamis) from the Eastern Tropical Pacific Ocean

ENGLISH: The purposes of the Convention which established the Inter-American Tropical Tuna Commission have been discussed in the Commission's Annual Report for 1950-51 (Schaefer, 1952) and in subsequent Annual Reports. One of its functions is to gather and report on biological information for the tunas of the Eastern Tropical Pacific, the yellowfin tuna (Neothunnus macropterus) and skipjack tuna (Katsuwonus pelamis). This report gives the results of a study of the relationships between the length and the weight of individuals of each of these species, derived from samples of fish of commercial sizes captured during the course of regular fishing operations in several areas of the Eastern Tropical Pacific Ocean SPANISH: Los propósitos de la Convención que estableció la Comisión Interamericana del Atún Tropical han sido expuestos en el Informe Anual de dicho organismo correspondiente a 1950-51 (Schaefer, 1952), y en los siguientes informes anuales. Una de sus funciones es la de recoger información biológica sobre los atunes del Pacífico Oriental Tropical, es decir, el aleta amarilla (Neothunnus macropterus) y el barrilete (Katsuwonus pelamis) y darla a conocer a las partes interesadas. El presente trabajo informativo proporciona los resultados de un estudio de las relaciones entre la longitud y el peso tomados en individuos de cada una de estas especies, mediante muestreo en pescados de tamaños comerciales capturados en el curso de operaciones regulares de pesca, en diversas área del Océano Pacífico Oriental Tropical.

Statement submitted by the United States of Brazil to the President of the United States of America as arbitrator : under the provisions of the treaty concluded september 7, 1889, between Brazil and the Argentine Republic

Exposição que os Estados Unidos do Brazil apresentam ao Presidente dos Estados Unidos da América como árbitro seguindo as estipulações no Tratado de 7 de setembro de 1889, concluído entre o Brazil e a Republica Argentina.