Level shifts in a panel data based unit root test : an application to the rate of unemployment

Several unit root tests in panel data have recently been proposed. The test developed by Harris and Tzavalis (1999 JoE) performs particularly well when the time dimension is moderate in relation to the cross-section dimension. However, in common with the traditional tests designed for the unidimensional case, it was found to perform poorly when there is a structural break in the time series under the alternative. Here we derive the asymptotic distribution of the test allowing for a shift in the mean, and assess the small sample performance. We apply this new test to show how the hypothesis of (perfect) hysteresis in Spanish unemployment is rejected in favour of the alternative of the natural unemployment rate, when the possibility of a change in the latter is considered.

New evidence of the real interest rate parity for OECD countries using panel unit root tests with breaks

This paper tests for real interest parity (RIRP) among the nineteen major OECD countries over the period 1978:Q2-1998:Q4. The econometric methods applied consist of combining the use of several unit root or stationarity tests designed for panels valid under cross-section dependence and presence of multiple structural breaks. Our results strongly support the fulfilment of the weak version of the RIRP for the studied period once dependence and structural breaks are accounted for.

Aggregate stability as affected by short and long-term tillage systems and nutrient sources of a hapludox in southern Brazil

The ability of a soil to keep its structure under the erosive action of water is usually high in natural conditions and decreases under frequent and intensive cultivation. The effect of five tillage systems (NT = no-till; CP = chisel plowing and one secondary disking; CT = primary and two secondary distings; CTb = CT with crop residue burning; and CTr = CT with removal of crop residues from the field), combined with five nutrient sources (C = control, no nutrient application; MF = mineral fertilizers according to technical recommendations for each crop; PL = 5 Mg ha-1 y-1 fresh matter of poultry litter; CM = 60 m³ ha-1 y-1 slurry cattle manure; and SM = 40 m³ ha-1 y-1 slurry swine manure) on wet-aggregate stability was determined after nine years (four sampled soil layers) and on five sampling dates in the 10th year (two sampled soil layers) of the experiment. The size distribution of the air-dried aggregates was strongly affected by soil bulk density, and greater values of geometric mean diameter (GMD AD) found in some soil tillage or layer may be partly due to the higher compaction degree. After nine years, the GMD AD on the surface was greater in NT and CP compared to conventional tillage systems (CT, CTb and CTr), due to the higher organic matter content, as well as less soil mobilization. Aggregate stability in water, on the other hand, was affected by the low variation in previous gravimetric moisture of aggregates, which contributed to a high coefficient of variation of this attribute. The geometric mean diameter of water-stable aggregates (GMD WS) was highest in the 0.00-0.05 m layer in the NT system, in the layers 0.05-0.10 and 0.12-0.17 m in the CT, and values were intermediate in CP. The stability index (SI) in the surface layers was greater in treatments where crop residues were kept in the field (NT, CP and CT), which is associated with soil organic matter content. No differences were found in the layer 0.27-0.32 m. The effect of nutrient sources on GMD AD and GMD WS was small and did not affect SI.

Boron extraction and vertical mobility in Paraná State oxisol, Brazil

The deficiency or excess of micronutrients has been determined by analyses of soil and plant tissue. In Brazil, the lack of studies that would define and standardize extraction and determination methods, as well as lack of correlation and calibration studies, makes it difficult to establish limits of concentration classes for analysis interpretation and fertilizer recommendations for crops. A specific extractor for soil analysis is sometimes chosen due to the ease of use in the laboratory and not in view of its efficiency in determining a bioavailable nutrient. The objectives of this study were to: (a) evaluate B concentrations in the soil as related to the fertilizer rate, soil depth and extractor; (b) verify the nutrient movement in the soil profile; (c) evaluate efficiency of Hot Water, Mehlich-1 and Mehlich-3 as available B extractors, using sunflower as test plant. The experimental design consisted of complete randomized blocks with four replications and treatments of five B rates (0, 2, 4, 6, and 8 kg ha-1) applied to the soil surface and evaluated at six depths (0-0.05, 0.05-0.10, 0.10-0.15, 0.15-0.20, 0.20-0.30, and 0.30-0.40 m). Boron concentrations in the soil extracted by Hot Water, Mehlich-1 and Mehlich-3 extractors increased linearly in relation to B rates at all depths evaluated, indicating B mobility in the profile. The extractors had different B extraction capacities, but were all efficient to evaluate bioavailability of the nutrient to sunflower. Mehlich-1 and Mehlich-3 can therefore be used to analyze B as well as Hot Water.

New evidence of the real interest rate parity for OECD countries using panel unit root tests with breaks

This paper tests for real interest parity (RIRP) among the nineteen major OECD countries over the period 1978:Q2-1998:Q4. The econometric methods applied consist of combining the use of several unit root or stationarity tests designed for panels valid under cross-section dependence and presence of multiple structural breaks. Our results strongly support the fulfilment of the weak version of the RIRP for the studied period once dependence and structural breaks are accounted for.

An eclectic third generation model of financial and exchange rate crises

[cat] En aquest treball es presenta un model eclèctic que sistematitza la dinàmica de les crisis que s’autoconfimen, usant els principals aspectes de les tres tipologies dels models de crisis canviàries de tercera generació, amb la finalitat de descriure els fets que precipiten la renúncia al manteniment d’una paritat fixada. Les contribucions més notables són les implicacions per a la política econòmica, així com la pèrdua del paper del tipus de canvi com instrument d’ajust macroeconòmic, quan els efectes de balanç són una possibilitat real.

Nutrient supply by mass flow and diffusion to maize plants in response to soil aggregate size and water potential

Nutrients are basically transported to the roots by mass flow and diffusion. The aim of this study was to quantify the contribution of these two mechanisms to the acquisition of macronutrients (N, P, K, Ca, Mg, and S) and cationic micronutrients (Fe, Mn, Zn, and Cu) by maize plants as well as xylem exudate volume and composition in response to soil aggregate size and water availability. The experiment was conducted in a greenhouse with samples of an Oxisol, from under two management systems: a region of natural savanna-like vegetation (Cerradão, CER) and continuous maize under conventional management for over 30 years (CCM). The treatments were arranged in a factorial [2 x (1 + 2) x 2] design, with two management systems (CER and CCM), (1 + 2) soil sifted through a 4 mm sieve and two aggregate classes (< 0.5 mm and 0.5 - 4.0 mm) and two soil matric potentials (-40 and -10 kPa). These were evaluated in a randomized block design with four replications. The experiment was conducted for 70 days after sowing. The influence of soil aggregate size and water potential on the nutrient transport mechanisms was highest in soil samples with higher nutrient concentrations in solution, in the CER system; diffusion became more relevant when water availability was higher and in aggregates < 0.5 mm. The volume of xylem exudate collected from maize plants increased with the decrease in aggregate size and the increased availability of soil water in the CER system. The highest Ca and Mg concentrations in the xylem exudate of plants grown on samples from the CER system were related to the high concentrations of these nutrients in the soil solution of this management system.

Level shifts in a panel data based unit root test : an application to the rate of unemployment

Several unit root tests in panel data have recently been proposed. The test developed by Harris and Tzavalis (1999 JoE) performs particularly well when the time dimension is moderate in relation to the cross-section dimension. However, in common with the traditional tests designed for the unidimensional case, it was found to perform poorly when there is a structural break in the time series under the alternative. Here we derive the asymptotic distribution of the test allowing for a shift in the mean, and assess the small sample performance. We apply this new test to show how the hypothesis of (perfect) hysteresis in Spanish unemployment is rejected in favour of the alternative of the natural unemployment rate, when the possibility of a change in the latter is considered.

Dry matter production and nutrient accumulation after successive crops of lettuce, tomato, rice, and andropogongrass in a substrate with zeolite

Zeolites are hydrated crystalline aluminosilicate minerals of natural occurrence, structured in rigid third dimension net that can be used as slow release plant-nutrient source. The main objective of this study was to evaluate the effects of plant growth substrate under zeolite application, enriched with N, P and K, on dry matter yield and on nutrient contents in consecutive crops of lettuce, tomato, rice, and andropogon grass. The experiment was carried out in a greenhouse, with 3 kg pots with an inert substrate, evaluated in a randomized block design with three replications. Treatments consisted of four types of enrichment of concentrated natural zeolite: concentrated zeolite (Z) only, zeolite + KNO3 (ZNK), zeolite + K2HPO4 (ZPK) and zeolite + H3PO4 + apatite (ZP), and a control grown in substrate fertilized with a zeolite-free nutrient solution. Four levels of enriched zeolite were tested: 20, 40, 80, and 160 g/pot. Four successive crops were grown on the same substrate in each pot: lettuce, tomato, rice, and andropogon grass. Results indicated that N, P and K enriched zeolite was an adequate slow-release nutrient source for plants. The total dry matter production of above-ground biomass of four successive crops followed a descending order: ZP > ZPK > ZNK > Z.

Interiority of the optimal population growth rate with endogenous fertility

This paper analyzes the issue of the interiority of the optimal population growth rate in a two-period overlapping generations model with endogenous fertility. Using Cobb-Douglas utility and production functions, we show that the introduction of a cost of raising children allows for the possibility of the existence of an interior global maximum in the planner¿s problem, contrary to the exogenous fertility case

Resting heart rate and the risk of heart failure in healthy adults: the rotterdam study.

Background- An elevated resting heart rate is associated with rehospitalization for heart failure and is a modifiable risk factor in heart failure patients. We aimed to examine the association between resting heart rate and incident heart failure in a population-based cohort study of healthy adults without pre-existing overt heart disease. Methods and Results- We studied 4768 men and women aged ≥55 years from the population-based Rotterdam Study. We excluded participants with prevalent heart failure, coronary heart disease, pacemaker, atrial fibrillation, atrioventricular block, and those using β-blockers or calcium channel blockers. We used extended Cox models allowing for time-dependent variation of resting heart rate along follow-up. During a median of 14.6 years of follow-up, 656 participants developed heart failure. The risk of heart failure was higher in men with higher resting heart rate. For each increment of 10 beats per minute, the multivariable adjusted hazard ratios in men were 1.16 (95% confidence interval, 1.05-1.28; P=0.005) in the time-fixed heart rate model and 1.13 (95% confidence interval, 1.02-1.25; P=0.017) in the time-dependent heart rate model. The association could not be demonstrated in women (P for interaction=0.004). Censoring participants for incident coronary heart disease or using time-dependent models to account for the use of β-blockers or calcium channel blockers during follow-up did not alter the results. Conclusions- Baseline or persistent higher resting heart rate is an independent risk factor for the development of heart failure in healthy older men in the general population.

Response of Epidendrum Ibaguense (orchidaceae) to the application of lime rates to the pot

In the best cultivation methods of orchids, in particular of the genus Phalaenopsis, liming is a common practice. The objective of this study was to evaluate the influence of lime rates (0.0; 1.0; 2.0; 3.0; 4.0; and 5.0 g dm-3 of substrate) applied to the cultivation substrate (xaxim) on the growth of Epidendrum ibaguense seedlings. In a greenhouse, 1-L plastic pots filled with 0.8 dm³ of xaxim were irrigated such that no leachate was lost during the experiment. N, P, K, Ca, Mg, S, Fe, Zn, B, and Mn contents in roots, stems and leaves were measured. Leachate was collected by applying a sufficient water volume to obtain 25 mL from each pot. Fourteen days after lime application of 3 g dm-3, the pH of the collected leachate reached values above 7 and a value of 6.29 with the highest lime rate at the end of the experiment. The lime rate did not influence plant height, probably due to a Zn deficiency at high pH levels and a Ca deficiency in the control. Nevertheless, there was a large increase in leaf production, for number as well as for dry matter mass. There was no statistical difference between treatments in root dry matter production. Maximum dry matter production was obtained at a lime rate of 4.09 g dm-3. Zinc concentrations diminished linearly with increasing lime rates; the concentrations in all treatments were below the levels suggested as adequate in the literature (25-200 mg kg-1). Nutrient concentrations in leaves indicated deficiency of N, S, and B at the highest lime rates (4.0 and 5.0 g dm-3), and of Ca in the treatment without liming.

Soil and nutrient losses in erosion gullies at different degrees of restoration

The most advanced stage of water erosion, the gully, represents severe problems in different contexts, both in rural and urban environments. In the search for a stabilization of the process in a viable manner it is of utmost importance to assess the efficiency of evaluation methodologies. For this purpose, the efficiency of low-cost conservation practices were tested for the reduction of soil and nutrient losses caused by erosion from gullies in Pinheiral, state of Rio de Janeiro. The following areas were studied: gully recovered by means of physical and biological strategies; gullies in recovering stage, by means of physical strategies only, and gullies under no restoration treatment. During the summer of 2005/2006, the following data sets were collected for this study: soil classification of each of the eroded gully areas; planimetric and altimetric survey; determination of rain erosivity indexes; determination of amount of soil sediment; sediment grain size characteristics; natural amounts of nutrients Ca, Mg, K and P, as well as total C and N concentrations. The results for the three first measurements were 52.5, 20.5, and 29.0 Mg in the sediments from the gully without intervention, and of 1.0, 1.7 and 1.8 Mg from the gully with physical interventions, indicating an average reduction of 95 %. The fully recovered gully produced no sediment during the period. The data of total nutrient loss from the three gullies under investigation showed reductions of 98 % for the recovering gully, and 99 % for the fully recovered one. As for the loss of nutrients, the data indicate a nutrient loss of 1,811 kg from for the non-treated gully. The use of physical and biological interventions made it possible to reduce overall nutrient loss by more than 96 %, over the entire rainy season, as compared to the non-treated gully. Results show that the methods used were effective in reducing soil and nutrient losses from gullies.

Prices of medicines: a case-study on the impact of the rate-of-return regulation in the United Kingdom

This work carries out an empirical evaluation of the impact of the main mechanism for regulating the prices of medicines in the UK on a variety ofpharmaceutical price indices. The empirical evidence shows that the overall impact of the rate of return cap appears to have been slight or even null, and in any case that the impact would differ across therapeutic areas. These empiricalfindings suggest that the price regulation has managed to encourage UK-based firms¿ diversification in many therapeutic areas