Inflationary expectations during Germany's great slump

Was the German slump inevitable? This paper argues that -despite thespeed and depth of Germany's deflation in the early 1930s - fear ofinflation is evident in the bond, foreign exchange, and commodity marketsat certain critical junctures of the Great Depression. Therefore, policyoptions were more limited than many subsequent critics of Brüning'spolicies have been prepared to admit. Using a rational expectationsframework, we find strong evidence from the bondmarket to suggest fearof inflation. Futures prices also reveal that market participants werebetting on price increases. These findings are discussed in the contextof reparations and related to the need for a regime shift to overcomethe crisis.

Mineralogical, petrographic and geochemical characterisation of white and coloured Iberian marbles in the context of the provenancing of some artefacts from Thamusida (Kenitra, Morocco)

A multi-analytical study has been carried out on a collection of white and coloured Iberian marbles. A total of 135 marble specimens were collected in Spain and Portugal from the Betic chain (Alhaurin de la Torre, Mijas, Macael), Ossa Morena (Alconera, Almaden de la Plata and Viana do Alentejo), and the Estremoz Anticline (Bencatel, Borba and Estremoz) areas. X-ray diffractometry and carbon and oxygen stable isotope analysis were carried out on these samples; 38 samples were also investigated by optical and scanning electron microscopy. The results provide a set of diagnostic parameters that allow discriminating the sampled marble quarries. The carbonate minerals composition is distinctive for the Mijas and Alhaurin de la Torre marbles; the isotopic analysis allows discriminating also between these two dolomitic marble quarries. The Ossa Morena and Estremoz Anticline marbles share a similar stable isotope composition; the accessory mineral content, the maximum grain size (MGS) and the fabric are particularly useful in the distinction between them. In the framework of archaeometric provenance studies on Thamusida (Kenitra, Morocco) Roman marble artefacts, a specific comparison between this new Iberian database and archaeological findings has been carried out. The hypothesis of commercial exchanges between the Iberian regions and Roman Morocco is supported by the results of the provenance study, which suggested the Almaden de la Plata and Mijas quarries as possible sources of raw materials for the production of archaeological artefacts.

Fiat money, intrinsic properties and government transaction policy

Why do people coordinate on the use of valueless piecesof paper as generally accepted money? A possible answeris that these objects have intrinsic properties that make them better candidates to be used as media of exchange. Another answer stresses the fact that unconvertible fiat money will not easily appear unless there is a centralized institution that favors its use.The main objective of the paper is to analyze these questions. In order to do this, we take a model of commodity money in which fiat money does not play any significant role and modify it to examine under which circumstances fiat money might come to circulate as medium of exchange. Some of the results obtained from the model differ in a rather substantial way from previous related literature.

A model of market-making

The two essential features of a decentralized economy taken intoaccount are, first, that individual agents need some informationabout other agents in order to meet potential trading partners,which requires some communication or interaction between theseagents, and second, that in general agents will face tradinguncertainty. We consider trade in a homogeneous commodity. Firmsdecide upon their effective supplies, and may create their ownmarkets by sending information signals communicating theirwillingness to sell. Meeting of potential trading partners isarranged in the form of shopping by consumers. The questions to beconsidered are: How do firms compete in such markets? And what arethe properties of an equilibrium? We establish existenceconditions for a symmetric Nash equilibrium in the firms'strategies, and analyze its characteristics. The developedframework appears to lend itself well to study many typicalphenomena of decentralized economies, such as the emergence ofcentral markets, the role of middlemen, and price-making.

Dyadic pulsations as a signature of sustainability in correspondence networks

In this paper, we introduce the concept of dyadic pulsations as a measure of sustainability in online discussion groups. Dyadic pulsations correspond to new communication exchanges occurring between two participants in a discussion group. A group that continuously integrates new participants in the on-going conversation is characterized by a steady dyadic pulsation rhythm. On the contrary, groups that either pursue close conversation or unilateral communication have no or very little dyadic pulsations. We show on two examples taken from Usenet discussion groups, that dyadic pulsations permit to anticipate future bursts in response delay time which are signs of group discussion collapses. We discuss ways of making this measure resilient to spam and other common algorithmic production that pollutes real discussions

Effects of lactate infusion on hepatic gluconeogenesis and glycogenolysis.

Endogenous glucose production rate (EGPR) remains constant when lactate is infused in healthy humans. A decrease of glycogenolysis or of gluconeogenesis from endogenous precursors or a stimulation of glycogen synthesis, may all be involved; This autoregulation does not depend on changes in glucoregulatory hormones. It may be speculated that alterations in basal sympathetic tone may be involved. To gain insights into the mechanisms responsible for autoregulation of EGPR, glycogenolysis and gluconeogenesis were measured, with a novel method (based on the prelabelling of endogenous glycogen with 13C glucose, and determination of hepatic 13C glycogen enrichment from breath 13CO2 and respiratory gas exchanges) in healthy humans infused with lactate or saline. These measurements were performed with or without beta-adrenergic receptor blockade (propranolol). Infusion of lactate increased energy expenditure, but did not increase EGPR; the relative contributions of gluconeogenesis and glycogenolysis to EGPR were also unaltered. This indicates that autoregulation is attained, at least in part, by inhibition of gluconeogenesis from endogenous precursors. beta-adrenergic receptor blockade alone (with propranolol) did not alter EGPR, glycogenolysis or gluconeogenesis. During infusion of lactate, propranolol decreased the thermic effect of lactate but EGPR remained constant. This indicates that alterations of beta-adrenergic activity is not required for autoregulation of EGPR.

Determinants of Corporate Disclosure : A Multicountry, Multilevel Model

Abstract The complexity of the current business world is making corporate disclosure more and more important for information users. These users, including investors, financial analysts, and government authorities rely on the disclosed information to make their investment decisions, analyze and recommend shares, and to draft regulation policies. Moreover, the globalization of capital markets has raised difficulties for information users in understanding the differences incorporate disclosure across countries and across firms. Using a sample of 797 firms from 34 countries, this thesis advances the literature on disclosure by illustrating comprehensively the disclosure determinants originating at firm systems and national systems based on the multilevel latent variable approach. Under this approach, the overall variation associated with the firm-specific variables is decomposed into two parts, the within-country and the between-country part. Accordingly, the model estimates the latent association between corporate disclosure and information demand at two levels, the within-country and the between-country level. The results indicate that the variables originating from corporate systems are hierarchically correlated with those from the country environment. The information demand factor indicated by the number of exchanges listed and the number of analyst recommendations can significantly explain the variation of corporate disclosure for both "within" and "between" countries. The exogenous influences of firm fundamentals-firm size and performance-are exerted indirectly through the information demand factor. Specifically, if the between-country variation in firm variables is taken into account, only the variables of legal systems and economic growth keep significance in explaining the disclosure differences across countries. These findings strongly support the hypothesis that disclosure is a response to both corporate systems and national systems, but the influence of the latter on disclosure reflected significantly through that of the former. In addition, the results based on ADR (American Depositary Receipt) firms suggest that the globalization of capital markets is harmonizing the disclosure behavior of cross-boundary listed firms, but it cannot entirely eliminate the national features in disclosure and other firm-specific characteristics.

Estudi edàfic dels boscos joves de pi negre del Parc Nacional d'Aigüestortes i Sant Maurici

Estudiem les característiques edàfiques del sòl dels boscos joves de pi negre (Pinus uncinata) de l’estatge subalpí del Parc Nacional d’Aigüestortes i Estany de Sant Maurici corresponents a àrees de reforestació entre els anys 1956 i 2008. Aquest estudi s’ha fet de 29 parcel•les d’aquesta zona situades sobre diferents tipus de substrat, orientació i pendent. S’ha caracteritzat el sòl a partir de l’anàlisi de textura, matèria orgànica, nitrogen total, fòsfor, sodi, potassi, magnesi, calci, capacitat d’intercanvi catiònic, acidesa del sòl, relació C/N. Els resultats confirmen que es tracta de sòls àcids amb un elevat contingut de matèria orgànica a l’horitzó superficial (0-5 cm) i majoritàriament tenen humus de tipus moder. Això fa que aquest tingui valors de nitrogen total elevats. Gràcies al pH àcid i els continguts de potassi, calci i magnesi tindrem una bona fertilitat ja que la solubilitat i assimilació dels nutrients del sòl serà bona. Tots els valors obtinguts disminueixen en profunditat i mostren una gran variabilitat entre les parcel•les estudiades.

Identidad nacional, lengua y escuela = National identity, language and school

La globalización cuestiona la existencia de una relación mimética entre ciudadanía y Estado-nación. Las identidades homogéneas, sustentadas ideológicamente en nociones como «lengua nacional», plantean problemas en sociedades en las que ha crecido espectacularmente la diversidad lingüística e identitaria. Cataluña es un territorio en el que una parte de la población afirma una identidad catalana distinta a la española y viceversa. Además, se ha teorizado que la identidad catalana y la lengua catalana coexisten mutuamente. Por eso, se suceden voces que defienden la presencia del catalán en la educación escolar como fuente de la identidad nacional catalana, mientras que otras voces defienden su presencia simplemente como una buena manera de aprender el catalán cuando no se puede aprender en el medio social y familiar. En los últimos años, Cataluña ha recibido casi un millón de personas extranjeras que han modificado notablemente su situación sociolingüística. Las últimas encuestas manifiestan que un 6,3% de la población utiliza habitualmente una lengua distinta del catalán y del castellano. En este marco, mostramos las construcciones identitarias de un grupo de adolescentes de origen extranjero que están en el segundo ciclo de la ESO. Los datos fueron recogidos mediante dos grupos de discusión de seis-siete estudiantes de distinto origen, lengua propia y tiempo de residencia en Cataluña. Los resultados muestran la importancia del lugar de origen en la construcción de la identidad. Además, los participantes que afirman sentimientos catalanes o españoles no los relacionan con la lengua sino con los intercambios sociales que han establecido con sus iguales de origen naciona. Las intervenciones muestran también las dificultades para promover identidades múltiples desde el contexto escolar que eviten actitudes racistas y xenófobas y sirvan para promover proyectos colectivos de futuro en los que se pueda vivir desde una cierta diferencia

Disposition of oral valganciclovir during continuous renal replacement therapy in two lung transplant recipients

Background: Oral valganciclovir (VGC) is hydrolysed into active ganciclovir (GCV) which is eliminated in the kidney by filtration and secretion. VGC dosage has to be adapted in renal failure with continuous renal replacement therapy (CRRT), a condition sometimes encountered early after solid organ transplantation. This investigation aimed to determine whether VGC 450 mg every 48 hours provides appropriate GCV exposure for cytomegalovirus (CMV) prophylaxis during CRRT. Methods: GCV pharmacokinetics were extensively studied during CRRT in two lung transplant recipients with acute renal failure receiving VGC 450 mg every 48 hours trough a nasogastric tube. In vitro experiments using blank whole blood spiked with GCV further investigated exchanges between plasma and erythrocytes. Results: GCV disposition was characterised by an area under the curve (AUC) of 98.0 and 55.4 mg h/L, resulting in trough concentrations of 0.7 and 0.2 mg/L, an apparent total body clearance of 3.3 and 5.8 L/h, a terminal half-life of 16.9 and 14.1 h, and an apparent volume of distribution of 60.3 and 104.9 L. The observed sieving coefficient (filtrate/plasma) was 1.05 and 0.96, and the hemofiltration clearance 3.3 and 3.1 L/h, respectively. High sieving values could be explained by an efflux of GCV from erythrocytes. In vitro experiments confirmed that erythrocytes are loaded with significant GCV amount and release it quickly into plasma, thus contributing to the apparent efficacy of hemofiltration. Conclusion: These results indicate that a VGC dosage of 450 mg every 48 hours was adequate for CMV prophylaxis during CRRT, providing GCV levels similar to those reported using 900 mg qd in transplant recipients with normal renal function.

Foreign migrations and new couples in Spain. Nuptiality and Gender Imbalance in the new century

Nuptiality is not a central item in Migration Research now. In the past, especially for American countries, many scholars were really interested in marriages of immigrants, specially knowing the exchanges between different communities; that is, mixed marriages. Here is the Spanish case in nuptiality between foreign and local people.

Vertical Syndication-Proof Competitive Prices in Multilateral Markets

[eng] A multi-sided Böhm-Bawerk assignment game (Tejada, to appear) is a model for a multilateral market with a finite number of perfectly complementary indivisible commodities owned by different sellers, and inflexible demand and support functions. We show that for each such market game there is a unique vector of competitive prices for the commodities that is vertical syndication-proof, in the sense that, at those prices, syndication of sellers each owning a different commodity is neither beneficial nor detrimental for the buyers. Since, moreover, the benefits obtained by the agents at those prices correspond to the nucleolus of the market game, we provide a syndication-based foundation for the nucleolus as an appropriate solution concept for market games. For different solution concepts a syndicate can be disadvantageous and there is no escape to Aumman’s paradox (Aumann, 1973). We further show that vertical syndicationproofness and horizontal syndication-proofness – in which sellers of the same commodity collude – are incompatible requirements under some mild assumptions. Our results build on a self-interesting link between multi-sided Böhm-Bawerk assignment games and bankruptcy games (O’Neill, 1982). We identify a particular subset of Böhm-Bawerk assignment games and we show that it is isomorphic to the whole class of bankruptcy games. This isomorphism enables us to show the uniqueness of the vector of vertical syndication-proof prices for the whole class of Böhm-Bawerk assignment market using well-known results of bankruptcy problems.

Monte Carlo study of the relation between vacancy diffusion and domain growth in two-dimensional binary alloys

Domain growth in a two-dimensional binary alloy is studied by means of Monte Carlo simulation of an ABV model. The dynamics consists of exchanges of particles with a small concentration of vacancies. The influence of changing the vacancy concentration and finite-size effects has been analyzed. Features of the vacancy diffusion during domain growth are also studied. The anomalous character of the diffusion due to its correlation with local order is responsible for the obtained fast-growth behavior.

Monte Carlo simulation of interface alloying

An Ising-like model, with interactions ranging up to next-nearest-neighbor pairs, is used to simulate the process of interface alloying. Interactions are chosen to stabilize an intermediate "antiferromagnetic" ordered structure. The dynamics proceeds exclusively by atom-vacancy exchanges. In order to characterize the process, the time evolution of the width of the intermediate ordered region and the diffusion length is studied. Both lengths are found to follow a power-law evolution with exponents depending on the characteristic features of the model.