Firm-Specific Investment, Sticky Prices, and the Taylor Principle

According to the Taylor principle a central bank should adjust the nominal interest rate by more than one-for-one in response to changes in current inflation. Most of the existing literature supports the view that by following this simple recommendation a central bank can avoid being a source of unnecessary fluctuations in economic activity. The present paper shows that this conclusion is not robust with respect to the modelling of capital accumulation. We use our insights to discuss the desirability of alternative interest rate rules. Our results suggest a reinterpretation of monetary policy under Volcker and Greenspan: The empirically plausible characterization of monetary policy can explain the stabilization of macroeconomic outcomes observed in the early eighties for the US economy. The Taylor principle in itself cannot.

Alternative life-histories in a socially polymorphic ant

Social organisms vary greatly in the number of breeders per group; yet, the causes and consequences of this variation remain poorly known. Here, we show that variation in social structure is tightly linked with changes in several fundamental life-history traits within one population of ants. Multiple-queen colonies of Formica selysi were much more populous than single-queen ones. They also occurred in areas of higher nest density, had longer colony lifespan, produced smaller queens that presumably disperse less, and invested less in reproductive individuals relative to workers. These multiple changes in life histories are consistent with a shift in the mode of colony foundation and the degree of philopatry of queens. They may also provide various fitness benefits to members of multiple-queen colonies and are likely to play a central role in the evolution and maintenance of polymorphic social structures.

Economic growth and investment in the Arab world

This paper analyses the economic growth performance in the Arab world overthe last forty years. The Arab world has managed to reduce povertyperformance despite its relatively disappointing growth performance. Werelate this poor performance of both oil and non-oil producers toinvestment. Contrary to widespread belief, we do not find evidence that lowquantity of investment is the main of low growth. The decline in theinvestment rate followed rather than preceded the reduction in the aggregategrowth rate. We conclude that the low quality of investment projects is thekey determinant of growth. The excessive reliance on public investment, thelow quality of financial institutions, the bad business environment (due topolitical and social instability and to excessive public intervention andoverregulation) and the low quality of human capital are importantdeterminants of systematically unproductive investment decisions and, thus,low economic growth.

Firm-specific investment, sticky prices and the Taylor principle

According to the Taylor principle a central bank should adjust the nominal interest rate by more than one-for-one in response to changes in current inflation. Most of the existing literature supports the view that by following this simple recommendation a central bank can avoid being a source of unnecessary fluctuations in economic activity. The present paper shows that this conclusion is not robust with respect to the modelling of capital accumulation. We use our insights to discuss the desirability of alternative interest raterules. Our results suggest a reinterpretation of monetary policy under Volcker and Greenspan: The empirically plausible characterization of monetary policy can explain the stabilization of macroeconomic outcomes observed in the early eighties for the US economy. The Taylor principle in itself cannot.

Signalling, mating success and paternal investment in sticklebacks (Gasterosteus aculeatus): A theoretical model

I present an optimisation model that links paternal investment, male display and female choice. Although deviced for sticklebacks, it readily applies to other fish with male guarding behaviour. It relies on a few basic assumptions on the ways hatching success depends on paternal investment and clutch size, and male survival on paternal investment and signaling. Paternal investment is here a state-dependent decision, and signal a condition-dependent handicap by which males inform females of how much they are willing to invest. Series of predictions are derived on female and male breeding strategies, including optimal levels of signaling and paternal investment as functions of clutch size, own condition, and residual reproductive value, as well as alternative strategies such as egg kleptoparasitism. Some predictions already have empirical support, for which the present model provides new interpretations. Other might readily be tested, e.g. by simple clutch-size manipulations.

A Importância do Ecoturismo no Património Arquitectónico de Cabo Verde das Potencialidades à Prática

Desde a última década do séc. XX, o turismo em Cabo Verde tem sido um dos sectores que mais cresce, atraindo maior investimento directo estrangeiro. Contudo, este crescimento gerou também maior pressão sobre os recursos existentes, com impactes negativos a vários níveis. Tem-se reflectido e discutido a sustentabilidade do turismo em território nacional, com objectivos claros de valorização do destino turístico cabo-verdiano, através da conservação e melhoria do ambiente natural, social e cultural. A aposta das autoridades cabo-verdianas no incremento do turismo para o séc. XXI levou a eleição do ecoturismo como a actividade de futuro, com o objectivo de melhorar a competitividade da oferta turística, ser uma alternativa no sector. Uma actividade que pode ser implementada em qualquer ilha, desde que bem aproveitada a vasta oferta de produtos existentes, envolva e forme a população da importância da conservação da biodiversidade e contribua para a erradicação da pobreza ao gerar recursos económicos para as comunidades locais. Deste modo, se requer pensar que arquitectura para o planeamento e realização de infra- estruturas físicas para o adequado desenvolvimento do ecoturismo em Cabo Verde. Os actores directos como os arquitectos, engenheiros civis e planeadores têm uma enorme responsabilidade ao desenhar e executar obras para o turismo, sobre tudo em ecossistemas de grande fragilidade como os que caracterizam as áreas naturais. Sendo um assunto relativamente recente no país, ainda não se criaram normas, regras, directivas claras para o desenvolvimento deste tipo de infra-estruturas turísticas. Em muitos casos, são os próprios desenhadores e construtores, bem como aos seus clientes, quando demonstram alguma sensibilidade na conservação e preservação de áreas de significação ecológica, estabelecem os seus próprios critérios de desenho e códigos éticos que garantam o mínimo de impacte ambiental e uma interacção harmoniosa e sustentável entre a obra física e os espaços circundantes. O presente trabalho tem como objectivo discutir e analisar qual a importância do ecoturismo no panorama arquitectónico cabo-verdiano e se este turismo sustentável será apenas uma ideia teórica, um modelo ideal de actividade ou passível de ser aplicável, de se observar na prática.

DIGITAL LIBRARY FOR DIGITAL DIVIDE AND ENVIRONMENT OF SCARCE ACCESS TO PRINTED MATERIALS: THE CASE OF UNIVERSITY JEAN PIAGET OF CAPE VERDE

With the failure of the traditional mechanisms of distributing bibliographic materials into developing countries, digital libraries show up as a strong alternative in accomplishing such job, despite the challenges of the digital divide. This paper discusses the challenges of building a digital library (DL) in a developing country. The case of Cape Verde as a digital divide country is analyzed, in terms of current digital library usage and its potentiality for fighting the difficulties in accessing bibliographic resources in the country. The paper also introduces an undergoing project of building a digital library at the University Jean Piaget of Cape Verde.

Office of Location and Environment Manual, August 2009

This manual captures the experience of practitioners in the Iowa Department of Transportation’s (Iowa DOT’s) Office of Location and Environment (OLE). It also documents the need for coordinated project development efforts during the highway project planning, or location study phase and engineering design. The location study phase establishes: * The definition of, and need for, the highway improvement project * The range of alternatives and many key attributes of the project’s design * The recommended alternative, its impacts, and the agreed-to conditions for project approval The location study process involves developing engineering alternatives, collecting engineering and environmental data, and completing design refinements to accomplish functional designs. The items above also embody the basic content required for projects compliant with the National Environmental Policy Act (NEPA) of 19691, which directs federal agencies to use a systematic, interdisciplinary approach during the planning process whenever proposed actions (or “projects”) have the potential for environmental impacts. In doing so, NEPA requires coordination with stakeholders, review, comment, and public disclosure. Are location studies and environmental studies more about the process or the documents? If properly conducted, they concern both—unbiased and reasonable processes with quality and timely documents. In essence, every project is a story that needs to be told. Engineering and environmental regulations and guidance, as documented in this manual, will help project staff and managers become better storytellers.

Social Investment Policies in Times of Permanent Austerity

The objective of this paper is to identify the political conditions that are most likely to be conducive to the development of social investment policies. It starts from the view put forward by theorists of welfare retrenchment that in the current context of permanent austerity, policy is likely to be dominated by retrenchment and implemented in a way that allows governments to minimise the risk of electoral punishment (blame avoidance). It is argued that this view is inconsistent with developments observed in several European countries, were some welfare state expansion has taken place mostly in the fields of childcare and active labour market policy. An alternative model is put forward, that emphasises the notion of "affordable credit claiming". It is argued that even under strong budgetary pressures, governments maintain a preference for policies that allow them to claim credit for their actions. Since the traditional redistributive policies tend to be off the menu for cost reasons, governments have tended to favour investments in childcare and active labour market policy as credit claiming tools. Policies developed in this way while they have a social investment flavour, tend to be rather limited in the extent to which they genuinely improve prospects of disadvantaged people by investing in their human capital. A more ambitious strategy of social investment sees unlikely to develop on the basis of affordable credit claiming. The paper starts by presenting the theoretical argument, which is then illustrated with examples taken from European countries both in the pre-crisis and in the post-crisis years.

DEA does not like positive discrimination : a comparison of alternative models based on empirical data

Due to the existence of free software and pedagogical guides, the use of data envelopment analysis (DEA) has been further democratized in recent years. Nowadays, it is quite usual for practitioners and decision makers with no or little knowledge in operational research to run themselves their own efficiency analysis. Within DEA, several alternative models allow for an environment adjustment. Five alternative models, each of them easily accessible to and achievable by practitioners and decision makers, are performed using the empirical case of the 90 primary schools of the State of Geneva, Switzerland. As the State of Geneva practices an upstream positive discrimination policy towards schools, this empirical case is particularly appropriate for an environment adjustment. The alternative of the majority of DEA models deliver divergent results. It is a matter of concern for applied researchers and a matter of confusion for practitioners and decision makers. From a political standpoint, these diverging results could lead to potentially opposite decisions. Grâce à l'existence de logiciels en libre accès et de guides pédagogiques, la méthode data envelopment analysis (DEA) s'est démocratisée ces dernières années. Aujourd'hui, il n'est pas rare que les décideurs avec peu ou pas de connaissances en recherche opérationnelle réalisent eux-mêmes leur propre analyse d'efficience. A l'intérieur de la méthode DEA, plusieurs modèles permettent de tenir compte des conditions plus ou moins favorables de l'environnement. Cinq de ces modèles, facilement accessibles et applicables par les décideurs, sont utilisés pour mesurer l'efficience des 90 écoles primaires du canton de Genève, Suisse. Le canton de Genève pratiquant une politique de discrimination positive envers les écoles défavorisées, ce cas pratique est particulièrement adapté pour un ajustement à l'environnement. La majorité des modèles DEA génèrent des résultats divergents. Ce constat est préoccupant pour les chercheurs appliqués et perturbant pour les décideurs. D'un point de vue politique, ces résultats divergents conduisent à des prises de décision différentes selon le modèle sur lequel elles sont fondées.

Parental investment and its sensitivity to corticosterone is linked to melanin-based coloration in barn owls.

Behavioral and physiological responses to unpredictable changes in environmental conditions are, in part, mediated by glucocorticoids (corticosterone in birds). In polymorphic species, individuals of the same sex and age display different heritable melanin-based color morphs, associated with physiological and reproductive parameters and possibly alternative strategies to cope with variation in environmental conditions. We examined whether the role of corticosterone in resolving the trade-off between self-maintenance and reproductive activities covaries with the size of melanin-based spots displayed on the ventral body side of male barn owls. Administration of corticosterone to simulate physiological stress in males revealed pronounced changes in their food-provisioning rates to nestlings compared to control males. Corticosterone-treated males with small eumelanic spots reduced nestling provisioning rates as compared to controls, and also to a greater degree than did corticosterone-treated males with large spots. Large-spotted males generally exhibited lower parental provisioning and appear insensitive to exogenous corticosterone suggesting that the size of the black spots on the breast feathers predicts the ability to cope with stressful situations. The reduced provisioning rate of corticosterone-treated males caused a temporary reduction in nestling growth rates but, did not affect fledgling success. This suggests that moderately elevated corticosterone levels are not inhibitory to current reproduction but rather trigger behavioral responses to maximize lifetime reproductive success.

Genotype and environment interaction on soybean yield in Mato Grosso State, Brazil

The objective of this work was to investigate the genotype-environment interaction in Mato Grosso State, MT. The relative importance of locations, years, sowing dates and cultivars and their interactions was analyzed from data collected in regional yield trials performed in a randomized complete block design with four replications, from 1994-1995 through 1999-2000, in nine locations and two sowing dates. Individual and pooled analyses of variance over years and locations were performed. Complementary analyses of variances partitioned MT State in two main and five smaller regions, respectively: North and South of Cuiabá; and MT-South-A (Pedra Preta area), MT-South-B (Rondonópolis and Itiquira), MT-East (Primavera do Leste and Campo Verde), MT-Central (Nova Mutum, Lucas do Rio Verde and Sorriso) and MT-Parecis (Campo Novo dos Parecis and Sapezal). Locations are relatively more important than years for yield testing soybeans in the MT State, therefore, investment should be made in increasing locations rather than years to improve experimental precision. Partitioning the MT State into regions has little impact on soybean yield testing results and, consequently, on the efficiency of the soybean breeding program in the State. Breeding genotypes with broad adaptation for the MT State is an efficient strategy for cultivar development.

Dynamic models of energy allocation and investment

In dynamic models of energy allocation, assimilated energy is allocated to reproduction, somatic growth, maintenance or storage, and the allocation pattern can change with age. The expected evolutionary outcome is an optimal allocation pattern, but this depends on the environment experienced during the evolutionary process and on the fitness costs and benefits incurred by allocating resources in different ways. Here we review existing treatments which encompass some of the possibilities as regards constant or variable environments and their predictability or unpredictability, and the ways in which production rates and mortality rates depend on body size and composition and age and on the pattern of energy allocation. The optimal policy is to allocate resources where selection pressures are highest, and simultaneous allocation to several body subsystems and reproduction can be optimal if these pressures are equal. This may explain balanced growth commonly observed during ontogeny. Growth ceases at maturity in many models; factors favouring growth after maturity include non-linear trade-offs, variable season length, and production and mortality rates both increasing (or decreasing) functions of body size. We cannot yet say whether these are sufficient to account for the many known cases of growth after maturity and not all reasonable models have yet been explored. Factors favouring storage are also reviewed.

Genes, environment and sex : perspectives from ectothermic vertebrates

RESUMELes modèles classiques sur l'évolution des chromosomes sexuels supposent que des gènes sexe- antagonistes s'accumulent sur les chromosomes sexuels, entraînant ainsi l'apparition d'une région non- recombinante, qui se répand progressivement en favorisant l'accumulation de mutations délétères. En accord avec cette théorie, les chromosomes sexuels que l'on observe aujourd'hui chez les mammifères et les oiseaux sont considérablement différenciés. En revanche, chez la plupart des vertébrés ectothermes, les chromosomes sexuels sont indifférenciés et il existe une impressionnante diversité de mécanismes de détermination du sexe. Au cours de cette thèse, j'ai étudié l'évolution des chromosomes sexuels chez les vertébrés ectothermes, en outre pour mieux comprendre ce contraste avec les vertébrés endothermes. L'hypothèse « high-turnover » postule que les chromosomes sexuels sont remplacés régulièrement à partir d'autosomes afin d'éviter leur dégénérescence. L'hypothèse « fountain-of-youth » propose que la recombinaison entre le chromosome X et le chromosome Y au sein de femelles XY empêche la dégénérescence. Les résultats de ma thèse, basés sur des études théoriques et empiriques, suggèrent que les deux processus peuvent être entraînés par l'environnement et ainsi jouent un rôle important dans l'évolution des chromosomes sexuels chez les vertébrés ectothermes.SUMMARYClassical models of sex-chromosome evolution assume that sexually antagonistic genes accumulate on sex chromosomes leading to a non-recombining region, which progressively expands and favors the accumulation of deleterious mutations. Concordant with this theory, sex chromosomes in extant mammals and birds are considerably differentiated. In most ectothermic vertebrates, such as frogs, however, sex chromosomes are undifferentiated and a striking diversity of sex determination systems is observed. This thesis was aimed to investigate this apparent contrast of sex chromosome evolution between endothermic and ectothermic vertebrates. The "high-turnover" hypothesis holds that sex chromosomes arose regularly from autosomes preventing decay. The "fountain-of-youth" hypothesis posits that sex chromosomes undergo episodic X-Y recombination in sex-reversed XY females, thereby purging ("rejuvenating") the Y chromosome. We suggest that both processes likely played an important role in sex chromosome evolution of ectothermic vertebrates. The literature largely views sex determination as a dichotomous process: individual sex is assumed to be determined either by genetic (genotypic sex determination, GSD) or by environmental factors (environmental sex determination, ESD), most often temperature (temperature sex determination, TSD). We endorsed an alternative view, which sees GSD and TSD as the ends of a continuum. The conservatism of molecular processes among different systems of sex determination strongly supports the continuum view. We proposed to define sex as a threshold trait underlain by a liability factor, and reaction norms allowing modeling interactions between genotypic and temperature effects. We showed that temperature changes (due to e.g., climatic changes or range expansions) are expected to provoke turnovers in sex-determination mechanisms maintaining homomorphic sex chromosomes. The balanced lethal system of crested newts might be the result of such a sex determination turnover, originating from two variants of ancient Y-chromosomes. Observations from a group of tree frogs, on the other hand, supported the 'fountain of youth' hypothesis. We then showed that low rates of sex- reversals in species with GSD might actually be adaptive considering joint effects of deleterious mutation purging and sexually antagonistic selection. Ongoing climatic changes are expected to threaten species with TSD by biasing population sex ratios. In contrast, species with GSD are implicitly assumed immune against such changes, because genetic systems are thought to necessarily produce even sex ratios. We showed that this assumption may be wrong and that sex-ratio biases by climatic changes may represent a previously unrecognized extinction threat for some GSD species.

Correlations between Vocal Input and Visual Response Apparently Enhance Presence in a Virtual Environment

This work investigates novel alternative means of interaction in a virtual environment (VE).We analyze whether humans can remap established body functions to learn to interact with digital information in an environment that is cross-sensory by nature and uses vocal utterances in order to influence (abstract) virtual objects. We thus establish a correlation among learning, control of the interface, and the perceived sense of presence in the VE. The application enables intuitive interaction by mapping actions (the prosodic aspects of the human voice) to a certain response (i.e., visualization). A series of single-user and multiuser studies shows that users can gain control of the intuitive interface and learn to adapt to new and previously unseen tasks in VEs. Despite the abstract nature of the presented environment, presence scores were generally very high.