A General Schema for Optimal Monetary Policymaking: Objectives and Rules

This paper examines four equivalent methods of optimal monetary policymaking, committing to the social loss function, using discretion with the central bank long-run and short-run loss functions, and following monetary policy rules. All lead to optimal economic performance. The same performance emerges from these different policymaking methods because the central bank actually follows the same (similar) policy rules. These objectives (the social loss function, the central bank long-run and short-run loss functions) and monetary policy rules imply a complete regime for optimal policy making. The central bank long-run and short-run loss functions that produce the optimal policy with discretion differ from the social loss function. Moreover, the optimal policy rule emerges from the optimization of these different central bank loss functions.

Stagnation and Change in Islamic History

There appear to be two seemingly contradictory images of economic change in the Islamic World and mixed evidence on whether Islamic societies have been open or conservative against modern ideas, technological advancements, and legal developments. Whereas a conservative attitude has been dominant in some societies and time periods, Muslims were at the forefront of scientific, technological, and legal developments in others. Rather than rely on ad hoc assumptions about the attitudes and characteristics of societies or the inherent qualities of new developments, this paper explains attitudes towards change by studying the political economy of the relationship between the rulers and the legal community. I extend recent theories of endogenous institutional change to develop a framework based on how rulers and legal community reacted to new developments immediately and how their strategic interaction unleashed an endogenous process toward change in the long run. Using this framework, I identify conditions under which new ideas, technologies, and legal developments have resulted in immediate change in Islamic societies. I also examine the process of change in the long run, whether and how immediate outcomes could be sustained over time as strategic interaction continued repeatedly.

The local safety net, health insurance, preventable hospitalizations and costs: Harris County (Houston), Texas

The aim of this study was to examine the association between determinants of access to healthcare and preventable hospitalizations, based on Davidson et al.'s framework for evaluating the effects of individual and community determinants on access to healthcare. The study population consisted of the low income, non-elderly, hospitalized adults residing in Harris County, Texas in 2004. The objectives of this study were to examine the proportion of the variance in preventable hospitalizations at the ZIP-code level, to analyze the association between the proximity to the nearest safety net clinic and preventable hospitalizations, to examine how the safety net capacity relates to preventable hospitalizations, to compare the relative strength of the associations of health insurance and the proximity to the nearest safety net clinic with preventable hospitalizations, and to estimate and compare the costs of preventable hospitalizations in Harris County with the average cost in the literature. The data were collected from Texas Health Care Information Collection (2004), Census 2000, and Project Safety Net (2004). A total of 61,841 eligible individuals were included in the final data analysis. A random-intercept multi-level model was constructed with two different levels of data: the individual level and the ZIP-code level. The results of this study suggest that ZIP-code characteristics explain about two percent of the variance in preventable hospitalizations and safety net capacity was marginally significantly associated with preventable hospitalizations (p= 0.062). Proximity to the nearest safety net clinic was not related to preventable hospitalizations; however, health insurance was significantly associated with a decreased risk of preventable hospitalization. The average direct cost was $6,466 per preventable hospitalization, which is significantly different from reports in the literature. ^

Identification of essential apoptotic genes in Drosophila

Apoptosis is a normal physiological cell suicide process which is essential for tissue homeostasis and normal development of metazoans. Misregulation of apoptosis is associated with many developmental defects and human diseases. The genes involved in the regulation and execution of apoptosis are highly conserved in humans and flies. Caspases are the executioners of cell suicide. Because of the unavailability of specific fly mutants, the developmental function of many caspase genes and genetic relationship between caspases and apoptotic components were undefined in Drosophila. We isolated several mutant alleles of the initiator caspase gene dronc, the effector casase drICE, and the Mediator component Cyclin C from the GMR-hid eyFLP/FRT screens which is designed to isolate mutants of recessive cell death genes in Drosophila melanogaster. Characterization of these mutants defined that they are essential for developmental cell death in Drosophila. dronc is required for most, but not all, cell death in Drosophila. drICE is required for apoptosis in many cells and it shares redundancy with another effector caspase gene, dcp-1, in a subset of cells in Drosophila. The genetic relationship between caspases and other apoptotic components was established through mutant analysis. We found that the pro-apoptotic protein Hid induces transcription of the initiator caspase gene dronc and the GMR-induced dronc transcripts are dependent on activated effector casapses, revealing a novel regulatory mechanism to promote caspase activity in Drosophila. Cyclin C and its kinase partner Cdk8 are required for prompt transcriptional induction of dronc in cell killing contexts. In short, we define the essential pro-apoptoic function of dronc, drICE, and Cyclin C in Drosophila and reveal a novel mechanism for regulation of dronc transcription. In the long run, these studies will help us decipher the complicated regulatory mechanism of cell death in humans. ^

Performance in healthcare organizations: The quality dimension

In the context of a healthcare organization, such as a hospital that provides medical care to its community, performance cannot be measured without special attention to quality. Indeed, quality is as important as finance not only in measuring performance for the organization, but also in securing the organization's viability and competitiveness in the long run.^ Yet quality today is not adequately understood and managed. An inductive framework for integrating finance and quality for purposes of organizational performance measurement as well as strategic planning is proposed in this dissertation. Future areas of research are discussed.^

Weather and Growing Season Summary

Precipitation for 2011 was less than the longterm climate average. Early in the year, precipitation lagged behind normal, but then tracked close to the normal accumulation rate from mid-April through mid-August. After that time, precipitation amounts greatly lagged behind normal, and the year ended almost 7 in. behind the long-term average. (Figure 1). Overall, 2011 will be remembered for good moisture early, but ending the season with almost no rainfall.

The Chilean wheat market and its price support mechanism : a spatial market integration analysis

This research investigates the spatial market integration of the Chilean wheat market in relation with its most representative international markets by using a vector error correction model (VECM) and how a price support policy, as a price band, affect it. The international market was characterized by two relevant wheat prices: PAN from Argentina and Hard Red Winter from the United States. The spatial market integration level, expressed in the error correction term (ECT), allowed concluding that there is a high integration degree among these markets with a variable influence of the price band mechanism mainly related with its estimation methodology. Moreover, this paper showed that Chile can be seen as price taker as long as the speed of its adjustment to international shocks, being these reactions faster than in the United States and Argentina. Finally, the results validated the "Law of the One Price", which assumes price equalization across all local markets in the long run.

Evolución de precios agrarios percibidos y pagados por el agricultor en España (2000-2009)

La evolución de los precios de los alimentos en años recientes se ha evaluado en numerosos estudios considerando: el análisis de los márgenes comerciales y la evolución temporal de los precios, si bien, la mayoría de ellos centrados en la óptica del consumidor. En este artículo se analizó la evolución temporal de los precios de los alimentos en España en el período 2000-2009 desde el punto de vista del agricultor y ganadero. Concretamente se utilizó información relacionada con los precios percibidos, precios pagados y el índice de precios de consumo (IPC), y con técnicas de análisis de series temporales se analizó la existencia de relaciones de equilibrio a largo plazo entre las series. Los resultados reflejan una relación de equilibrio a largo plazo entre: los precios percibidos y pagados; el IPC y los precios percibidos. Las principales conclusiones muestran que, a pesar de los desequilibrios existentes a corto plazo, a largo plazo los precios percibidos y pagados tienden a una situación de equilibrio. Un elemento importante en la evolución del IPC lo constituyen los precios percibidos por los productos en el sector primario. Sin embargo, la fijación de los precios de los insumos (pagados) en el sector primario; lejos de regirse en el largo plazo por la evolución del IPC; no muestra una relación significativa con dicho indicador.

Villas y aldeas en el Antiguo Régimen : Conflicto y consenso en el marco local castellano

Las villas y aldeas de Castilla recorrieron juntas un largo y difícil camino desde los siglos medievales, cuando se fueron conformando como cuerpos políticos, basados en servicios recíprocos que aspiraban a alcanzar el bien común del conjunto. La naturaleza jerárquicamente desigual de dicho cuerpo fue acentuándose y las cabezas jurisdiccionales llevaron a la práctica unas relaciones de dominio cada vez más acusado frente a las aldeas. En estas comunidades rurales, linajes en ascenso aspiraban, no obstante, a ampliar sus propias cotas de autogobierno. La armonía que debía presidir el cuerpo común de villas y aldeas fue desapareciendo, y la política regia de ventas de villazgos con fines hacendísticos, iniciada por Carlos V, respondió a una demanda de segregación que solucionaba al mismo tiempo las aspiraciones jurisdiccionales de las comunidades rurales y de sus nuevas oligarquías así como las necesidades de ingresos extraordinarios de la real hacienda

Villas y aldeas en el Antiguo Régimen : Conflicto y consenso en el marco local castellano

Las villas y aldeas de Castilla recorrieron juntas un largo y difícil camino desde los siglos medievales, cuando se fueron conformando como cuerpos políticos, basados en servicios recíprocos que aspiraban a alcanzar el bien común del conjunto. La naturaleza jerárquicamente desigual de dicho cuerpo fue acentuándose y las cabezas jurisdiccionales llevaron a la práctica unas relaciones de dominio cada vez más acusado frente a las aldeas. En estas comunidades rurales, linajes en ascenso aspiraban, no obstante, a ampliar sus propias cotas de autogobierno. La armonía que debía presidir el cuerpo común de villas y aldeas fue desapareciendo, y la política regia de ventas de villazgos con fines hacendísticos, iniciada por Carlos V, respondió a una demanda de segregación que solucionaba al mismo tiempo las aspiraciones jurisdiccionales de las comunidades rurales y de sus nuevas oligarquías así como las necesidades de ingresos extraordinarios de la real hacienda

Villas y aldeas en el Antiguo Régimen : Conflicto y consenso en el marco local castellano

Las villas y aldeas de Castilla recorrieron juntas un largo y difícil camino desde los siglos medievales, cuando se fueron conformando como cuerpos políticos, basados en servicios recíprocos que aspiraban a alcanzar el bien común del conjunto. La naturaleza jerárquicamente desigual de dicho cuerpo fue acentuándose y las cabezas jurisdiccionales llevaron a la práctica unas relaciones de dominio cada vez más acusado frente a las aldeas. En estas comunidades rurales, linajes en ascenso aspiraban, no obstante, a ampliar sus propias cotas de autogobierno. La armonía que debía presidir el cuerpo común de villas y aldeas fue desapareciendo, y la política regia de ventas de villazgos con fines hacendísticos, iniciada por Carlos V, respondió a una demanda de segregación que solucionaba al mismo tiempo las aspiraciones jurisdiccionales de las comunidades rurales y de sus nuevas oligarquías así como las necesidades de ingresos extraordinarios de la real hacienda

Age determination and stable carbon isotope ratios of Cassidulina laevigata of sediment core Svanic90_9004

A well-dated high-resolution d13C record of the last 2400 a, based on the benthic foraminifera Cassidulina laevigata, is presented for Gullmar Fjord, Sweden. The time interval covers die Roman Warm Period (RWP), the Viking Age/Medieval Warm Period (VA/MWP), the little Ice Age (LIA) and the most recent warming. There is little variation in the d13C record until the early Viking Age (AD 800), when the d13C signal becomes significantly more negative and continues to decrease throughout the VA/MWP, The d13C signal increases both at the beginning and at the end of the LIA but is marked by more negative values during the larger part of the period. Since about 1970, the d13C values are more negative than the long-term average. This general negativity of the record may result from a higher flux of organic matter, possibly of terrestrial origin due to land-use changes together with moderate changes in stagnation periods since the VA/MWP. In most recent times, the oceanic Suess effect together with increased number of extended stagnation periods are probably the main causes of the shift towards more negative d13C values.

Sedimentology and Nd isotope ratios of sediment core PS72/410-1

The freshwater budget of the Arctic Ocean is a key component governing the deep water formation in the North Atlantic and the global climate system. We analyzed the isotopic composition of neodymium (epsilon-Nd) in authigenic phases of marine sediments on the Mendeleev Ridge in the western Arctic Ocean spanning an estimated time interval from present to about 75 ka BP. This continuous record was used to reconstruct the epsilon-Nd of the polar deep water (PDW) and changes in freshwater sources to the PDW through time. Three deviations in epsilon-Nd from a long term average of -10.2 were identified at estimated 46-51, 35-39 and 13-21 ka BP. The estimated 46-51 ka BP event can be traced to bursting of ice-dammed lakes accompanying the collapse of the Barents-Kara Ice Sheet, which would have released radiogenic Nd to the eastern Arctic Ocean. The cyclonic surface circulation in the eastern Arctic Ocean must have been stronger than at present for the event to be recorded on the Mendeleev Ridge. For the 35-39 and 13-21 ka BP events, it is likely that the Laurentide Ice Sheet (LIS) supplied the unradiogenic freshwater. The configuration of the anticyclonic circulation in the western Arctic was probably similar to today or expanded eastward. Our simple mass balance calculations suggest that large amounts of freshwater were released but due to significant deep water formation within the Arctic Ocean, the effect on the formation of NADW was probably minor.

Exchange Rate Stabilization and IMF High Interest Rate Policy: A Critical Reconsideration Using a Dynamic Model

This paper examines whether the IMF high interest rate policy was suitable for crisis-ridden East Asian economies. Using an "overshoot" model similar to that of Dornbusch's (1976), it shows that this sort of policy might cause an unnecessary deflationary adjusting process and have no effect on containing the real depreciation of exchange rates in the long run. The study also demonstrates that Thai economic data coincides quite well with the model presented here. Finally, it points out that the high interest policy itself might provoke high risk-premium, the existence of which, in turn, justifies the policy. This means that the policy has a self-fulfilling property. In conclusion, a "one-size-fits-all" adaptation of high interest rate policy in a currency crisis is very dangerous in general, and was inappropriate for East Asia. The desirable policy would have been to let currencies depreciate and keep interest rates stable.

Human Capital Investment and Poverty Reduction over Generations: A Case from the Rural Philippines, 1979-2003

This paper attempts to identify a pathway out of poverty over generations in the rural Philippines, based on long-term panel data spanning for nearly a quarter of a century. Specifically, it sequentially examines the determinants of schooling, subsequent occupational choices, and current non-farm earnings for the same individuals. We found that an initial rise in parental income, brought about by the land reform and the Green Revolution, among other things, improves the schooling of children, which later allows them to obtain remunerative non-farm jobs. These results suggest that the increased agricultural income, improved human capital through schooling and the development of non-farm sectors are the keys to reducing poverty in the long run. It must be also pointed out that the recent development of the rural non-farm sector offers ample employment opportunities for the less educated, which also significantly contributed to the poverty reduction.