The daily market for funds in Europe: what has changed with the EMU?

This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after the start of the EMU. The analysis of the German experience is useful because it allows to isolate the effects on the overnight rate of these particular instruments of monetary policy. To show that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management which is able to reproduce our empirical findings.

Growth, habit formation, and catching-up\ with the Joneses

When habits are introduced multiplicatively in a capital accumulation model, the consumers' objective function might fail to be concave. In this paper we provide conditions aimed at guaranteeing the existence of interior solutions to the consumers' problem. We also characterize the equilibrium path of two growth models with multiplicative habits: the internal habit formation model, where individual habits coincide with own past consumption, and the external habit formation (or catching-up with the Joneses) model, where habits arise from the average past consumption in the economy. We show that the introduction of external habits makes the equilibrium path inefficient during the transition towards the balanced growth path. We characterize in this context the optimal tax policy.

Brazilian strepsiptera (Insecta) parasitizing vespidae, with the description of three new species of Xenos rossius, 1793 (Stylopidae)

Num lote de 10 vespas, estilopizadas, gentilmente cedidas para estudo pelo Dr. R. L. Araujo, de S. Paulo, os A. A., identificaram 5 espécies do gênero Xenos Rossius (Família Stylopidae): Xenos bohlsi Hoffmann, descrita do Paraguai e Xenos bonairensis Brèthes, descrita da Argentina, e 3 consideradas novas, que são aqui descritas.

Vaccination of Callithrix jacchus (Linné, 1758) marmosets with the PF strain of Trypanosoma cruzi

Callithrix jacchus marmosets, vaccinated more than once with high doses of the PF strain of Trypanosoma cruzi, showed a certain degree of parasitemia related to the number of parasites injected. Thirty days after vaccination, all animals were alive and showed no apparent morbid symptoms. The relationship between the dose of injected trypanosomes and the observed parasitemias is discussed and analysed as well as the immunologic incompetence of the experimental animals used.

Notes on Amazonian Bittacidae (Mecoptera) with the descriptions of two new species

New species of Issikiella and Nannobittacus are described and notes are presented on other Amazonian species of Mecoptera.

Assessment of current anglo-saxon proposals about criminal justice and the justification of legal punishment: Moore, Duff and Finnis on retribution, and the challenging compatibility with the up-and-coming Restorative Justice

Pendent