Inflation-Targeting, Flexible Exchange Rates and Macroeconomic Performance since the Great Recession. CEPS Working Document No. 394, March 2014

Has inflation targeting (IT) conferred benefits in terms of economic growth on countries that followed this particular monetary policy strategy during the crisis period 2007-12? This paper answers this question in the affirmative. Countries with an IT monetary regime with flexible exchange rates weathered the crisis much better than countries with other monetary regimes, predominantly countries with fixed exchange rates. Part of this difference in growth performance reflects differences in export performance during the initial years of the crisis, which in turn can be explained by real exchange rate depreciations. However, IT seems also to confer other benefits on the countries above and beyond the effects from currency depreciation.

Sedimentation rates and geochemistry of three cores from eastern tropical Pacific

We have generated approx. 300 Kyr records of biogenic opal, calcite, and organic carbon (Corg) for three cores in the eastern and central equatorial Pacific Ocean and have compared the records to determine whether common periods of biogenic sedimentation have occurred throughout the region. We find that Corg has been deposited in common pulses throughout the area, while opal has a much more local pattern of variation. Calcite varies regionally, but the record is shaped by superimposed dissolution and productivity processes. The most intense Corg peak occurs at 18 ka and can have greater than 2 times the Holocene Corg content. Other major Corg peaks occur 150 ka and perhaps at 280 ka. We have compared the Corg record in one of the cores, V19-28, to a model deepwater oxygen record developed from d13C data in the nearby V19-30 to test whether the Corg record has been mostly shaped by degradation or by the rain of organic matter from the euphotic zone. We found no coherence between the two records, implying that the Corg record is primarily a measure of productivity. By comparing the opal, calcite, and Corg records in V19-28, a core which is at or above the lysocline, we found that both increased calcite and opal deposition matches high Corg accumulation. We also found, however, that the calcite and opal records were uncorrelated, so that episodes of high opal deposition do not necessarily accumulate calcite rapidly. We hypothesize that at least two different plankton communities have been dominant in the waters above this site, one rich in opal-secreting plankton and one more dominated by calcite producers. The opal-rich plankton community was dominant during the intervals 10-15 ka and 35-60 ka.

(Table1) Sedimentation rates and age-control points form ODP Hole 152-919A

Planktic d18O and d13C records and point count records of biogenic, volcanic, and nonvolcanic terrigenous [ice-rafted debris (IRD)] sediment components from Hole 919A in the Irminger basin, northern North Atlantic provide a comprehensive dataset from which a paleoceanographic reconstruction for the last 630 kyr has been developed. The paleoceanographic evolution of the Irminger basin during this time contains both long-term patterns and significant developmental steps. One long-term pattern observed is the persistent deposition of hematite-stained ice-rafted debris. This record suggests that the modern and late Pleistocene discharges of icebergs from northern redbed regions to the Irminger Sea lie in the low end of the range observed over the last 630 kyr. In addition, Arctic front fluctuations appear to have been the main controlling factor on the long-term accumulation patterns of IRD and planktic biogenic groups. The Hole 919A sediment record also contains a long-term association between felsic volcanic ash abundances and light d18O excursions in both interglacial and glacial stages, which suggests a causal link between deglaciations and explosive Icelandic eruptions. A significant developmental step in the paleoceanographic reconstruction based on benthic evidence was for diminished supply of Denmark Strait Overflow Water (DSOW) beginning at ~380 ka, possibly initiated by the influx of meltwater from broad-scale iceberg discharges along the east Greenland coast. There is also planktic evidence of a two-step cooling of sea surface conditions in the Irminger basin, first at ~338-309 ka and later at ~211-190 ka, after which both glacials and interglacials were colder as the Arctic front migrated southeast of Site 919. In addition to offering these findings, this reconstruction provides a longer-term geologic context for the interpretation of more recent paleoceanographic events and patterns of deposition from this region.

Eolian mass-accumulation rates and grain size at DSDP Sites 86-576 and 86-578

The mass-accumulation rate and grain size of the total eolian component of North Pacific pelagic clays at Deep Sea Drilling Project Sites 576 and 578 have been used to evaluate changes in eolian sedimentation and the intensity of atmospheric circulation that have occurred during the past 70 m.y. Eolian deposition, an indicator of source area aridity, was low in the Paleocene, Eocene, and Oligocene, apparently reflecting the humid environments of that time as well as the lack of glacial erosion products. A general increase in eoiian accumulation in the Miocene apparently reflects the relative increase in global aridity during the latter part of the Cenozoic. A dramatic increase in eolian accumulation rates in the Pliocene reflects the increased aridity and availability of glacial erosion products associated with Northern Hemisphere glaciation 2.5 m.y. ago. Eolian grain size, an indicator of wind intensity, suggests that Late Cretaceous wind strength was comparable to present-day wind strength. A sharp decrease in eolian grain size across the Paleocene/Eocene boundary is not readily interpreted, but may indicate a significant reduction in the intensity of atmospheric circulation at that time. Fine eolian grain size and low accumulation rates in the Eocene and early Oligocene are in agreement with low early Tertiary thermal gradients and less vigorous atmospheric circulation. Large increases in grain size during the Oligocene, mid-to-late Miocene, and Pliocene appear to be a response to steepening thermal gradients resulting from increasing polar isolation.

Radiocarbon datings of mollusk shells, sedimentation rates and accumulation rates of sediment matter in core PS2718-6

A bottom sediment core about 8 m long sampled in the eastern Kara Sea near the entrance to the Vil'kitsky Strait was studied. An age model was constructed based on four 14C datings obtained from by thy accelerating mass spectrometry method. Results of grain size, chemical, mineralogical, and foraminiferal analyses were adjusted to the model. A paleoceanological interpretation of these data together with paleoclimatic data on the Bol'shevik Island located in the neighborhood was performed.

(Table 1) Grain size, sedimentation rates and accumulation rates of ODP Hole 152-919A coarse-sand ice-rafted debris

At mid- to high-latitude marine sites, ice-rafted debris (IRD) is commonly recognized as anomalously coarse-grained terrigenous material contained within a fine-grained hemipelagic or pelagic matrix (e.g., Conolly and Ewing, 1970; Ruddiman, 1977, doi:10.1130/0016-7606(1977)88<1813:LQDOIS>2.0.CO;2; Krissek, 1989, doi:10.2973/odp.proc.sr.104.114.1989; Jansen et al., 1990; Bond et al., doi:10.1038/360245a0, 1992; Krissek, 1995, doi:10.2973/odp.proc.sr.145.118.1995). The presence of such ice-rafted material is a valuable indicator of the presence of glacial ice at sea level on an adjacent continent, whereas the composition of the IRD can often be used to identify the location of the source area (e.g., Goldschmidt, 1995, doi:10.1016/0025-3227(95)00098-J). Because the amount of core recovered during Leg 163 was very limited, this shore-based, postcruise study focuses on materials recovered at a nearby site during Leg 152. In particular, this study examines sediments recovered at Site 919; these sediments were described as containing a significant ice-rafted component in the Leg 152 Initial Reports volume (Larsen, Saunders, Clift, et al., 1994, doi:10.2973/odp.proc.ir.152.1994). In this study, the sedimentary section from Site 919 has been examined with the goal of providing a detailed history of glaciations on Greenland and other landmasses adjacent to the Norwegian-Greenland Sea; this history ultimately will be calibrated using an oxygen isotope stratigraphy (Flower, 1998, doi:10.2973/odp.proc.sr.152.219.1998), although that calibration has not been completed at this time. Because ice-core studies of the Greenland Ice Sheet (GIS) have shown that the GIS changed dramatically, and in some cases extremely rapidly, during at least the last interglacial stage (GRIP Members, 1993, doi:10.1038/364203a0), a detailed IRD record from the Southeast Greenland margin should provide insight into the longer term behavior of this sensitive component of the Northern Hemisphere climate system.

Accumulation rates and composition of organic matter in sediments off Peru

Deep-sea sediment samples from three Ocean Drilling Program (ODP) Leg 112 sites on the Peru continental margin were investigated, using a number of organic geochemical and organic petrographic techniques, for amounts and compositions of the organic matter preserved. Preliminary results include mass accumulation rates of organic carbon at Site 679 and characteristics of the organic facies for sediments from Sites 679, 681, and 684. Organic-carbon contents are high, with few exceptions. Particularly high values were determined in the Pliocene interval at Site 684 (4%-7.5%) and in the early Pliocene to Quaternary section of Hole 679D (2%-9%). Older sediments at this site have distinctively lower organic-carbon contents (0.2%-2.5%). Mass accumulation rates of organic matter at Site 679 are 0.02 to 0.07 g carbon/cm**2/k.y. for late Miocene to early Pliocene sediments and higher by a factor of 5 to 10 in the Quaternary sediments. The organic matter in all samples has a predominantly marine planktonic and bacterial origin, with minor terrigenous contribution. Organic particle sizes are strikingly small, so that only a minor portion is covered by visual maceral analysis. Molecular organic-geochemical data were obtained for nonaromatic hydrocarbons, aromatic hydrocarbons (including sulfur compounds), alcohols, ketones, esters, and carboxylic acids. Among the total extractable lipids, long-chain unsaturated ketones from Prymnesiophyte algae strongly predominate among the gas chromatography (GC) amenable components. Steroids are major constituents of the ketone and free- and bound-alcohol fractions. Perylene is the most abundant aromatic hydrocarbon, whereas in the nonaromatic hydrocarbon fractions, long-chain n-alkanes from higher land plants predominate, although the total terrigenous organic matter proportion in the sediments is small.

Rates and the housing question in London : an argument for the rating of site values /

Reprinted by permission from the final volume of "Life and labour of the people of London."

Relationships between off-road fixed-object accident rates and roadway elements of urban highways. Final report.

National Highway Traffic Safety Administration, Washington, D.C.

List of Markets and Fairs now and formerly held in Scotland. With notes as to the charters, acts of Parliament, and other documents by which the right to hold them has been conferred. Prepared for the Royal Commissioners of Market Rights and Tolls ;

Mode of access: Internet.