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.

Second-best tax policy in a growing economy with externalities

This paper investigates the exploitation of environmental resources in a growing economy within a second-best scal policy framework. Agents derive utility from two types of consumption goods one which relies on an environmental input and one which does not as well as from leisure and from environmental amenity values. Property rights for the environmental resource are potentially incomplete. We connect second best policy to essential components of utility by considering the elasticity of substitution among each of the four utility arguments. The results illustrate potentially important relationships between environmental amentity values and leisure. When amenity values are complementary with leisure, for instance when environmental amenities are used for recreation, taxes on extractive goods generally increase over time. On the other hand, optimal taxes on extractive goods generally decrease over time when leisure and environmental amenity values are substitutes. Unders some parameterizations, complex dynamics leading to nonmonotonic time paths for the state variables can emerge.

The changing behaviour of the term structure of post-war US

Using U.S. interest rate data covering the period 1950:1-1992:7, this paper tests the rational expectations model of the term structure of interest rates. We show evidence that the rational expectations model of the term structure is supported by the data during the seventies and a period lasting from the mid-eighties to the end of the sample. However, during the …fties, sixties and a period that covers most of the Volcker’s office term (from September 1979 to April 1986) the term structure model is rejected by the data. Moreover, wefind evidence of regime changes in the short-term rate process and the term structure of interest rates. These regime switches roughly coincide with changes in the Federal Reserve chairman. The switches in monetary policy taking place when the chairmanship of the Federal Reserve changes therefore seem to play an important role in characterizing the term structure of interest rates.

Switching Regimes in the Term Structure of Interest Rates During U.S. Post-War: A case for the Lucas proof equilibrium?

Published as an article in: Studies in Nonlinear Dynamics & Econometrics, 2004, vol. 8, issue 1, pages 5.

Annual report 1993 - North Pacific Marine Science Organization (PICES). Second meeting, Seattle, WA, U.S.A., October 25-30, 1993

Report of Opening Session Report of Governing Council Meetings Reports of Science Board and Committees: Science Board Biological Oceanography Committee Fishery Science Committee Marine Environmental Quality Committee Physical Oceanography and Climate Committee Finance and Administration: Report of the Finance and Administration Committee Assets on 31st of December, 1992 Income and Expenditures for 1992 Budget for 1994 Composition of the Organization List of Participants (Document has 78 pages.)

Proceedings of the Second PICES Workshop on the Okhotsk Sea and Adjacent Areas [Nemuro, Japan, November 9-12, 1998]

Table of Contents [pdf, 0.01 Mb] Preface [pdf, 0.01 Mb] Masaaki Aota Long-term tendencies of sea ice concentration and air temperature in the Okhotsk Sea coast of Hokkaido [pdf, 0.05 Mb] Hajime Ito & Miki Yoshioka Geography of the seasonally ice covered seas [pdf, 0.5 Mb] George V. Shevchenko & Victor F. Putov On wind and tide induced sea-ice drift on the northeastern shelf of Sakhalin Island (analysis of radar data) [pdf, 0.96 Mb] Boris S. Dyakov, A.A. Nikitin, L. S. Muktepavel & T.A. Shatilina Variability of the Japan and Okhotsk Seas ice cover depending on geopotential field H500 over the Far-Eastern region [pdf, 0.10 Mb] Aleksandr G. Petrov & Nikolay A. Rykov Intermediate cold layer and ice cover in the Sea of Okhotsk [pdf, 0.37 Mb] Vladimir Ponomarev, Olga Trusenkova, Elena Ustinova & Dmitry Kaplunenko Interannual variations of oceanographic and meteorological characteristics in the Sea of Okhotsk [pdf, 0.16 Mb] George V. Shevchenko & Akie Kato Seasonal and interannual changes of atmospheric pressure, air and water temperature in the area of the Kuril Ridge [pdf, 0.13 Mb] George V. Shevchenko & Vladimir Yu. Saveliev Spatial variability of the wind field in the area of the Kuril Islands [pdf, 0.15 Mb] Alexander L. Figurkin & Igor A. Zhigalov Seasonal variability and specifity of the oceanological conditions in the northern Okhotsk Sea in 1997 [pdf, 1.04 Mb] Igor A. Zhabin Ventilation of the upper portion of the intermediate water in the Okhotsk Sea [pdf, 0.80 Mb] Vladimir A. Luchin & Alexander L. Figurkin Oceanographic conditions over the Kashevarov Bank [pdf, 0.61 Mb] Toshiyuki Awaji, Tomohiro Nakamura, Takaki Hatayama, Kazunori Akimoto & Takatoshi Takizawa Tidal exchange through the Kuril Straits [pdf, 2.01 Mb] Tomohiro Nakamura, Toshiyuki Awaji, Takaki Hatayama, Kazunori Akimoto, Takatoshi Takizawa & Masao Fukasawa Vertical mixing induced by tidally generated internal waves in the Kuril Straits [pdf, 0.83 Mb] Katsuro Katsumata & Ichiro Yasuda Water exchange between the Okhotsk Sea and the North Pacific Ocean estimated by simple models [pdf, 0.97 Mb] Konstantin A. Rogachev Oyashio west path culmination as the consequence of a rapid thermohaline transition in the Pacific Subarctic [pdf, 0.22 Mb] Yasuhiro Kawasaki On the year-to-year change in subarctic water characteristics around the Kuril Islands [pdf, 0.39 Mb] Alexander L. Figurkin & Evgeniy E. Ovsyannikov Influence of oceanological conditions of the West Kamchatka shelf waters on spawning grounds and on pollock egg distribution [pdf, 0.97 Mb] Igor E. Kochergin & Alexander A. Bogdanovsky Transport and turbulence characteristics for the northeastern Sakhalin shelf conditions [pdf, 0.08 Mb] Igor E. Kochergin, Alexander A. Bogdanovsky, Valentina D. Budaeva, Vyacheslav G. Makarov, Vasily F. Mishukov, S.N. Ovsienko, Victor F. Putov, L.A. Reitsema, J.W. Sciallabba, O.O. Sergucheva & P.V. Yarosh Modeling of oil spills for the shelf conditions of northeastern Sakhalin [pdf, 0.32 Mb] Valentina D. Budaeva & Vyacheslav G. Makarov A peculiar water regime of currents in the area of eastern Sakhalin shelf [pdf, 0.66 Mb] Nikolay A. Rykov The oceanographic databases on the Sakhalin shelf [pdf, 0.27 Mb] Akifumi Nakata, Iori Tanaka, Hiroki Yagi, Tomomi Watanabe, Gennady A. Kantakov & Andrew D. Samatov Formation of high-density water (over 26.8 sigma-t) near the La Perouse Strait (the Soya Strait) [pdf, 0.09 Mb] Minoru Odamaki & Kouji Iwamoto Currents and tidal observations by Hydrographic Department of Maritime Safety Agency, off the Okhotsk coast of Hokkaido [pdf, 0.16 Mb] Yasushi Fukamachi, Genta Mizuta, Kay I. Ohshima, Motoyo Itoh, Masaaki Wakatsuchi & Masaaki Aota Mooring measurements off Shiretoko Peninsula, Hokkaido in 1997-1998 [pdf, 0.19 Mb] Mikhail A. Danchenkov, David Aubrey & Stephen C. Riser Oceanographic features of the La Perouse Strait [pdf, 0.91 Mb] Iori Tanaka & Akifumi Nakata Results of direct current measurements in the La Perouse Strait (the Soya Strait), 1995-1998 [pdf, 0.06 Mb] Gennady A. Kantakov & George V. Shevchenko In situ observations of Tsushima and West-Sakhalin currents near La Perouse (Soya) Strait [pdf, 0.79 Mb] Irina Y. Bragina Geographical and biological characteristics of the net zooplankton in the southwestern part of the Sea of Okhotsk during 1987-1996 [pdf, 0.27 Mb] List of corresponding authors [pdf, 0.01 Mb] (Document pdf contains 193 pages)

Proceedings of the Twenty-second Annual Symposium on Sea Turtle Biology and Conservation, 4-7 April, 2002, Miami, Florida

The 22nd Annual Symposium on Sea Turtle Biology and Conservation was held April 4-7, 2002 in Miami, Florida and hosted by the U.S. Fish and Wildlife Service. The 22nd symposium was the most globally diverse ever with 839 individuals from 73 countries attending the symposium and associated regional meetings. One third of the attendees were from outside the United States. This diverse attendance was made possible in large part because of substantial donations from The Packard Foundation, National Fish and Wildlife Foundation, National Marine Fisheries Service, U.S. Fish and Wildlife Service, Convention on Migratory Species, Oceanic Research Foundation, and International Sea Turtle Society which supported travel grants for 170 international travelers. (PDF contains 336 pages)

Second-to-Fourth Digit Ratio Has a Non-Monotonic Impact on Altruism

Gene-culture co-evolution emphasizes the joint role of culture and genes for the emergence of altruistic and cooperative behaviors and behavioral genetics provides estimates of their relative importance. However, these approaches cannot assess which biological traits determine altruism or how. We analyze the association between altruism in adults and the exposure to prenatal sex hormones, using the second-to-fourth digit ratio. We find an inverted U-shaped relation for left and right hands, which is very consistent for men and less systematic for women. Subjects with both high and low digit ratios give less than individuals with intermediate digit ratios. We repeat the exercise with the same subjects seven months later and find a similar association, even though subjects' behavior differs the second time they play the game. We then construct proxies of the median digit ratio in the population (using more than 1000 different subjects), show that subjects' altruism decreases with the distance of their ratio to these proxies. These results provide direct evidence that prenatal events contribute to the variation of altruistic behavior and that the exposure to fetal hormones is one of the relevant biological factors. In addition, the findings suggest that there might be an optimal level of exposure to these hormones from social perspective.

Voyages and travels into Brasil and east-Indies : containing an exact description of the dutch Brasil and divers parts of the east-Indies, their provinces, cities, living creatures, and products, the manners, customs, habits and religion the inhabitants : with a particular account of all the remarkable passages that happened during the author's stay of nine years in Brasil, especially in relation to the revolt of the portugueses, and the intestine war carried on there from 1640 to 1649 : as also a most ample description of the most famous city of batavia in the east-Indies

Joan Nieuhoff, viajante alemão, nasceu em Usen, Vesfália, em 1618, e morreu em Madagascar, em 1672. Trabalhou na Companhia das Índias Orientais, foi nomeado agente em Batávia, em 1654. Em 1655, foi à China tratar da abertura dos portos daquele país ao comércio holandês. Governou o Ceilão de 1662 a 1667. Em 1672, desembarcando em Madagascar, foi morto pelos nativos.

Second SPARK-STREAM Workshop on livelihoods and languages

The Second SPARK-STREAM Workshop on Livelihoods and Languages took place in Tagaytay City, Philippines, from 12-14 June 2003. Outputs were intended to be: Drafts of language-specific “Guide to Learning and Communicating about Livelihoods”. Drafts of articles for STREAM Journal and SPARK Newsletter. Priorities and practical follow-up for capacity-building in carrying out participatory livelihoods analysis Follow-up plans. [PDF contains 30 pages]