Term Structure and the Estimated Monetary Policy Rule in the Eurozone

Published as an article in: Spanish Economic Review, 2008, vol. 10, issue 4, pages 251-277.

The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Tidal oscillations at the head of Monterey Submarine Canyon and their relation to oceanographic sampling and the circulation of water in Monterey Bay. Annual report, Part 6, September 1972

During a 25-hour hydrographic times series at two stations near the head of Monterey Submarine Canyon, an internal tide was observed with an amplitude of 80 to 115 m in water depths of 120 and 220 m respectively. These large oscillations produced daily variations in hydrographic and chemical parameters that were of the same magnitude as seasonal variations in Monterey Bay. Computed velocities associated with the internal tide were on the order of 10 em/sec, and this tidally induced circulation may have a significant role in the exchange of deep water between Monterey Submarine Canyon and the open ocean. (PDF contains 49 pages)

Modelling of the Subarctic North Pacific Circulation (Report of Working Group 7)

This review focuses on modelling ocean circulation and its variability in the subarctic North Pacific; it addresses issues specific to that region, and not the subject of ocean modelling in general. The performance of existing models is assessed in relation to observations in the upper ocean, intermediate waters and deep/abyssal waters. (PDF contains 87 pages)

Time Variation in an Optimal Asymmetric Preference Monetary Policy Model

This paper considers a time varying parameter extension of the Ruge-Murcia (2003, 2004) model to explore whether some of the variation in parameter estimates seen in the literature could arise from this source. A time varying value for the unemployment volatility parameter can be motivated through several means including variation in the slope of the Phillips curve or variation in the preferences of the monetary authority.We show that allowing time variation for the coefficient on the unemployment volatility parameter improves the model fit and it helps to provide an explanation of inflation bias based on asymmetric central banker preferences, which is consistent across subsamples.

Optimal Monetary Policy with Asymmetric Preferences for Output

Using a model of an optimizing monetary authority which has preferences that weigh inflation and unemployment, Ruge-Murcia (2003, 2004) finds empirical evidence that the authority has asymmetric preferences for unemployment. We extend this model to weigh inflation and output and show that the empirical evidence using these series also supports an asymmetric preference hypothesis, only in our case, preferences are asymmetric for output. We also find evidence that the monetary authority targets potential output rather than some higher output level as would be the case in an extended Barro and Gordon (1983) model.

The Circulation of Monterey Bay and Related Processes

(PDF contains 114 pages)

Physical circulation measurements in Pamlico Sound, used to locate new oyster sanctuaries

The population of eastern oyster, C. virginica, has declined over the last century on most areas of the east and gulf coasts. North Carolina’s restoration efforts depend on the construction of subtidal oyster reefs to be used as broodstock sanctuaries in Pamlico Sound, NC. Successful restoration of the oyster population requires several thriving reefs connected as a meta-population. C. virginica has a 2-3 week larval stage, during which it gradually settles through the water column. Larvae that can travel from one reef to another during that stage form the basis of a meta-population. (PDF contains 3 pages)

Flood circulation in oligomictic lakes: an undervalued reason for restriction of zooplankton production [Translation from: Memorie dell'Istituto Italiano di Idrobiologia Dott.Marco de Marchi 22 9-52, 1967]

Dormancy has been observed in several species of Cyclops. Animals in dormancy are characterised by almost complete inactivity of the main appendages and sluggish intestinal peristalsis. In Cyclops vicinus dormancy can take place in copepod stages III (19%), IV (78%) and V (3%) but one and the same animal only in one developmental stage. The author gives his own results between frequency of dormancy and photoperiod (20 C, 1000 lux). He concludes that dormancy in C. vicinus can be influenced by day length and can be ended prematurely by short day length.

Incidences de la modification de la circulation des eaux sur l'hydrochimie et le degré de contamination bacterienne d'un estuaire eutrophe tropical

In order to control the proliferation of floating aquatic vegetation in Côte d'Ivoire, a coastal inlet, allowing a direct communication between the Comoe river and the ocean, was created in September 1987. The impact of this operation on the hydrochemistry (salinity, nutrients, algal biomass) and the bacterial contamination level was studied in the area close to the Vridi canal.

Gold Standard and Reforms of The International Monetary System

This academic work is based on the study of the gold standard, its evolution over the years, their periods of boom and crisis. We will also discuss the arguments that some economists back the return to this monetary system.

La circulation superficielle dans la partie occidentale du Golfe de Guinée

Direct current measurements carried out for 10 years in the Gulf of Guinea clearly show the importance of transverse circulation. The general pattern of currents is characterized by an anticyclonic gyre. The seasonal variations of this circulation are calculated through the study of the 3-monthly averaged geostrophic currents. The biological consequences of such a circulation are outlined.

Circulation dans la partie orientale de l'Atlantique sud

The authors studied the circulation in the South Tropical Atlantic from hydrology and current measurements made during a cruise of the N.O. Capricorne in Nov 1971. Direct current measurements confirm the existence of the eastwards South Equatorial Counter-Current. The authors discuss the counter-current as confirmed by current measurements and high salinity core.

Variabilité, circulation et chlorophylle dans la région du Dôme d'Angola en février-mars 1971

In February-March 1971 the hydrological conditions off Angola did not display the thermal dome mapped by Mazeika's averages (1967). Cold water cells observed are connected at the surface to a sinuous boundary between low-salinity coastal waters and high-salinity tropical oceanic waters. That boundary coincides rather regularly with an area where trades and SW winds alternate; photosynthesis growths rapidly in a thermoclinal layer that rises until 10 m of the surface but never outcrops. Below a poor and permanent homogeneous surface layer, chlorophyll concentrations show a distribution which is typical of divergence areas. Geostrophical and measured currents show off a transient process in horizontal and vertical movements, however the general curvature of the circulation is propitious to upwelling. Oxygen oversaturations of about 110%, suggest a moderate potential primary production which confirms slowness and alternation of movements. Also, the regular range of the various chemical and biological levels and moderate chlorophyll concentrations suggest an ecosystem where nutrients supply rapidly equilibrate phytoplankton consumption and not at all a 'phytoplankton bloom' area as that which exists in coastal upwelling. Values of Richardson's number show that instability becomes visible at the bottom of the euphotic layer. An evaluation of the vertical motion is inferred by the peculiar distribution and diurnal alternance of the winds shows that 'doming' structures may be sustained by local meteorological events.