Endogenous Financing and the Long Run Impact of Money Growth on Output and Prices

Most monetary models make use of the quantity theory of money along with a Phillips curve. This implies a strong correlation between money growth and output in the short run (with little or no correlation between money and prices) and a strong long run correlation between money growth and inflation and inflation (with little or no correlation between money growth and output). The empirical evidence between money and inflation is very robust, but the long run money/output relationship is ambiguous at best. This paper attempts to explain this by looking at the impact of money growth on firm financing.

Equity Markets, the Money Market, and Long-Run Monetary Neutrality

This paper outlines a process for teaching long-run neutrality of money, drawing an analogy between equity markets and the money market. The key points in the discussion include the following: (1) What is the price of money? (2) Why does the long-run demand for money trace out a rectangular hyperbola? (3) Why does the slow adjustment of goods and service prices to changes in the stock of money lead to a different short-run demand for money? and (4) Why does a successful currency reform generate similar short-run movements in the price of money as movements in equity share prices after a change in the supply of shares? I have used this approach successfully for over 30 years at all levels, wherever I need to discuss the money market in a macroeconomic model.

All Alone, Without Money, No Language--Just Yiddish": An Immigrant's Letters from Missouri to Galicia

In June 1891, Shimshon Gerye, a Jewish immigrant from Galicia (a region that now falls across the border of Ukraine and Poland) living in Sedalia, Missouri, received a letter from a cousin back home. The content of the letter was probably rather mundane (a request to send money, inquiries about health), but its timing was somewhat unusual: in the thirty-five years that Shimshon had been living in America, this was apparently the first he had heard from his family in Europe. What survives of the ensuing correspondence, written in Yiddish and spanning a one-year period, provides an interesting view of the situation of the immigrant and the pressures of assimilation, as well as the Yiddish language in America at the end of the nineteenth century.

International Money and Finance

We discuss the effectiveness of pegged exchange rate regimes from an historical perspective, drawing conclusions for their effectiveness today. Starting with the classical gold standard period, we point out that a succession of pegged regimes have ended in failure; except for the first, which was ended by the outbreak of World War I, all of the others we discuss have been ended by adverse economic developments for which the regimes themselves were partly responsible. Prior to World War II the main problem was a shortage of monetary gold that we argue is implicated as a cause of the Great Depression. After World War II, more particularly from the late-1960s, the main problem has been a surfeit of the main international reserve asset, the US dollar. This has led to generalized inflation in the 1970s and into the 1980s. Today, excessive dollar international base money creation is again a problem that could have serious consequences for world economic stability.

History of Jewish coinage, and of money in the Old and New Testament

by Frederic W. Madden

Black Degradable Plastic Mulch Evaluation

Black polyethylene plastic mulch provides many benefits to fruit and vegetable producers. It increases earliness by increasing spring soil temperatures, conserves soil moisture, and reduces pesticide usage by decreasing weed and disease pressure. Furthermore, during seasons of high precipitation, it protects fertilizer from leaching below the root zone. Unfortunately, polyethylene mulches do not degrade and must be removed from the field and discarded each season. This is a labor-intensive process whether it is done mechanically or by hand. Several degradable plastic mulches have been developed that are designed to be incorporated into the soil profile, eliminating the need for removal, with no negative impact on soil quality or health. However, these degradable plastics often do not meet degradation expectations (either degrade too quickly or degrade incompletely and require manual removal). The objective of this project was to evaluate several degradable mulches for storage life, ease of use, and influence on tomato production.

Epistemología sexual en tiempos post-Money-ístas

Fil: Campagnoli, Mabel Alicia. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.

Epistemología sexual en tiempos post-Money-ístas

Fil: Campagnoli, Mabel Alicia. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.

Epistemología sexual en tiempos post-Money-ístas

Fil: Campagnoli, Mabel Alicia. Universidad Nacional de La Plata. Facultad de Humanidades y Ciencias de la Educación. Instituto de Investigaciones en Humanidades y Ciencias Sociales (UNLP-CONICET); Argentina.

A numerical discrete element study on the influence of an embedded viscoelastic-plastic layer at different viscosity values

The major aim of this study was to examine the influence of an embedded viscoelastic-plastic layer at different viscosity values on accretionary wedges at subduction zones. To quantify the effects of the layer viscosity, we analysed the wedge geometry, accretion mode, thrust systems and mass transport pattern. Therefore, we developed a numerical 2D 'sandbox' model utilising the Discrete Element Method. Starting with a simple pure Mohr Coulomb sequence, we added an embedded viscoelastic-plastic layer within the brittle, undeformed 'sediment' package. This layer followed Burger's rheology, which simulates the creep behaviour of natural rocks, such as evaporites. This layer got thrusted and folded during the subduction process. The testing of different bulk viscosity values, from 1 × 10**13 to 1 × 10**14 (Pa s), revealed a certain range where an active detachment evolved within the viscoelastic-plastic layer that decoupled the over- and the underlying brittle strata. This mid-level detachment caused the evolution of a frontally accreted wedge above it and a long underthrusted and subsequently basally accreted sequence beneath it. Both sequences were characterised by specific mass transport patterns depending on the used viscosity value. With decreasing bulk viscosities, thrust systems above this weak mid-level detachment became increasingly symmetrical and the particle uplift was reduced, as would be expected for a salt controlled forearc in nature. Simultaneously, antiformal stacking was favoured over hinterland dipping in the lower brittle layer and overturning of the uplifted material increased. Hence, we validated that the viscosity of an embedded detachment strongly influences the whole wedge mechanics, both the respective lower slope and the upper slope duplex, shown by e.g. the mass transport pattern.

Concentrations of floating plastic debris in the Mediterranean Sea measured during MedSeA-2013 cruise

Floating plastic debris sampled in surface waters of the Mediterranean Sea in May 2013 on board the Spanish R/V Angeles Alvariño. Geographical coordinates and dates of sampling are available in the dataset. Surface plastic concentrations derived from net tows were adjusted in relation to wind speed following the vertical-distribution model proposed by Kukulta et al. (2012, doi:10.1029/2012GL051116).

The number of plastic particles found in estuarine sediment and water samples of five estuaries, Durban, KwaZulu-Natal, South Africa

Widespread disposal of plastics negatively affects biotic and abiotic components of marine systems. Monitoring plastics transitioning through estuaries is vital in assessing terrestrial inputs to oceanic environments. Data on microplastics (particles <= 5mm) in estuaries are scant. This study determined microplastic levels within five estuaries along the Durban coastline and on intervening beaches. Plastics were isolated from estuarine sediment, beach sediment and the surface water of each estuary and characterised. Sediment at the Bayhead area of Durban Harbour was found to contain the highest average plastic concentrations (745.40 ± 129.72 particles per 500ml). Overall an attenuating concentration trend away from the city center was found. Fragments composed the largest percent of plastics (59 %) found in Bayhead, whereas fibers dominated other estuaries (Mdloti - 66 %, uMgeni - 38 %, Isipingo - 45 % and iLovu - 53 %). Plastic particle concentration in estuarine sediment generally increased from larger to smaller size classes. If high input and high retention in the harbour is coupled with high organic and metal pollutant loads, this area can become (if not already) a major environmental hazard.

Wave-induced changes in seaweed toughness entail plastic modifications in snail traits maintaining consumption efficacy, link to supplementary material

1. Environmental stress can influence species traits and performance considerably. Using a seaweed-snail system from NW (Nova Scotia) and NE (Helgoland) Atlantic rocky shores, we examined how physical stress (wave exposure) modulates traits in the seaweed Fucus vesiculosus and indirectly in its main consumer, the periwinkle Littorina obtusata. 2. In both regions, algal tissue toughness increased with wave exposure. Reciprocal-transplant experiments showed that tissue toughness adjusts plastically to the prevailing level of wave exposure. 3. Choice experiments tested the feeding preference of snails from sheltered, exposed, and very exposed habitats for algae from such wave exposures. Snails from exposed and very exposed habitats consumed algal tissues at similar rates irrespective of the exposure of origin of the algae. However, snails from sheltered habitats consumed less algal tissues from very exposed habitats than tissues from sheltered and exposed habitats. Choice assays using reconstituted algal food (triturated during preparation) identified high thallus toughness as the explanation for the low preference of snails from sheltered habitats for algae from very exposed habitats. 4. Ultrastructural analyses of radulae indicated that rachidian teeth were longest and the number of cusps in lateral teeth (grazing-relevant traits) was highest in snails from very exposed habitats, suggesting that radulae are best suited to rupture tough algal tissues in such snails. 5. No-choice feeding experiments revealed that these radular traits are also phenotypically plastic, as they adjust to the toughness of the algal food. 6. Synthesis. This study indicates that the observed plasticity in the feeding ability of snails is mediated by wave exposure through phenotypic plasticity in the tissue toughness of algae. Thus, plasticity in consumers and their resource species may reduce the potential effects of physical stress on their interaction.