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.

Understanding the effects of government spending on consumption

Recent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending.

Executive Order Number Ten, December 22, 2008

This Executive Order aids the Governor to meet his Constitutional obligation to balance the state budget, announcing that he would order a 1.5 percent across-the-board reduction in state expenditures for the current fiscal year.

Government consumption and private consumption correlations

This paper examines whether the introduction of government consumptionexpenditure in a standard one good model of the international real businesscycle is sufficient to reconcile the theory with the existing pattern ofinternational consumption and output correlations. I calibrate the model totwo different pairs of countries and generate the simulated distribution ofconsumption and output correlations implied by several specifications of themodel. It is shown that the model can account for existing internationalconsumption correlations only under very specific assumptions about the sizeof effect of government expenditure on agents' utility or the variabilityof government expenditure shocks. Crucial parameters are identified and thesensitivity of the results discussed.

Banks, government bonds, and default: what do the data say?

We use data from Bankscope to analyze the holdings of public bonds by over 18,000 banks located in 185 countries and the role of these bonds in 18 sovereign debt crises over the period 1998-2012. We find that: (i) banks hold a sizeable share of their assets in government bonds (about 9% on average), particularly in less financially developed countries; (ii) during sovereign crises, banks on average increase their bondholdings by 1% of their assets, but this increase is concentrated among larger and more profitable banks, and; (iii) the correlation between a bank's holdings of public bonds and its future loans is positive in normal times, but turns negative during defaults. A 10% increase in bank bond-holdings during default is associated with a 3.2% reduction in future loans, and bonds bought in normal times account for 75% of this effect. Our results are consistent with the view that there is a liquidity benefit for banks to hold public bonds in normal times, which is critical for understanding bank fragility during sovereign crises.

Business Advantages, September 27, 2008

Iowa’s business climate has never been more favorable. With the second lowest cost of doing business, companies operating in Iowa benefi t from a business-friendly state government, technology transfer from world-renowned research universities, a skilled and productive labor pool and a centralized geographical location. Following is a brief description of the many business advantages companies enjoy in Iowa.

State Government E85 Use Plan, December 31, 2007

Governor Culver issued Executive Order 3 on June 21st, 2007. The Executive Order directs that at least 60 percent of fuel purchases in state flexible fuel vehicles be E85 by June 30, 2009. The Order also directed “the Director of the Office of Energy Independence, in consultation with the Director of Administrative Services, shall submit a State Government E85 Use Plan.” The following recommendations are immediate actions that can be taken to ensure that the state reaches the Governor’s goal of 60 percent E85 fuel use by June 30, 2009

Intralesional adenovirus-mediated interleukin-2 gene transfer for advanced solid cancers and melanoma.

Numerous preclinical and clinical studies have shown that interleukin-2 (IL-2) induces regression of metastatic tumors. We have conducted a phase I/II, multicenter, open-label, dose-escalating study to evaluate the safety, efficacy, and biological effects of repeated intratumoral injections of adenovirus-IL-2 (TG1024) in patients with advanced solid tumors and melanoma. Thirty five patients (twenty-five with metastatic melanoma and ten with other solid tumors) were treated in eight successive cohorts at dose levels ranging from 3 x 10(8) to 3 x 10(11) viral particles (vp). Intratumoral TG1024 injections in combination with dacarbazine (DTIC) were tested in metastatic melanoma in one cohort. No clinical responses were observed at doses below 3 x 10(11) vp. Six local objective responses were recorded in patients receiving 3 x 10(11) vp per treatment [five in metastatic melanoma and one in metastatic squamous cell carcinoma (SCC) of the skin], of which two were complete responses (CRs). Most of the common side effects were injection site reactions and flu-like syndrome. TG1024 dose intensification across cohorts resulted in increased serum IL-2 levels after the injection. Intratumoral TG1024 injection induced pronounced inflammation of the treated lesion, with predominant CD8(+), TIA+ lymphocytic infiltrate. Our results show that intratumoral injections of TG1024 are safe and well tolerated. The clinical activity of TG1024 observed in this study warrants further investigations.

O Sistema Semi-Presidencialista Cabo-verdiano: A Relação entre os Poderes Executivo e Legislativo

O artigo procura analisar a relação que se estabelece entre o poder executivo e legislativo no sistema de governo cabo-verdiano, onde Investigadores buscam compreendê-lo, tendo em conta a sua configuração prática, teórica e constitucional. Há que realçar a proeminência do debate e dos estudos realizados no sentido de compreender como é que a academia científica procura debelar esta problemática. Duas questões são pertinentes neste debate: a primeira refere-se à configuração teórico-constitucional do sistema de governo cabo-verdiano e a outra à prática política e legislativa.

The semi-presidential system of Cape Verde: the relationship between the executive and the legislative powers = O sistema semi-presidencialista caboverdiano: a relação entre os poderes executivo e legislativo

e article analyses the relationship established between the executive and legislative powers in the Cape Verdean government system where researchers seek to understand it, taking into account their theoretical and constitutional setting practice. It should be noted the prominence of the debate and studies undertaken to understand how the scienti c academy seeks to eradicate this problem. Two issues are relevant in this debate: the rst reporting to the theoretical and constitutional con guration of Cape Verdean government system and the other to its policy and legislative practice. Keywords: Cape Verde. Semi-presidential System. Systems of Government. Legislative and Executive Powers.

Governor's Task Force on Efficiencies and Cost-Effectiveness in Iowa State Government,Final Report, December 1983

A special task force was formed and worked through its various committees to uncover and investigate possible areas for cutting costs and saving money in State Government operations. A total of 81 recommendations are made in this report, with potential savings of over $32 million during the next several years.

A Report on the Restructuring and Downsizing of Iowa State Government, prepared by Peat, Marwick, Mitchell & Co., 1985.

This report investigates the structure, form, and financial situation of the Executive branch of the State of Iowa. And makes suggestions on how to reduce infrastructure in order to reach the goal of saving money and balancing the budget.