A stronger, growth-oriented surveillance for EMU. EuropEos Commentary No. 1, 19 April 2010

This Commentary finds that the recent adjustment measures taken by the Greek government in combination with the financial support proffered by the Eurogroup may not be sufficient to deal with the risk of instability in EMU in the longer term. The author argues that other imbalances, most notably the current account imbalances within EMU, need to be addressed to avoid a deflation spiral that would aggravate sustainability problems in highly indebted countries. The Greek crisis highlights the need to take steps to strengthen the economic governance of the euro area. A key component of these steps would be a stronger, growth-oriented, surveillance.

Filling the gap: open economy considerations for more reliable potential output estimates. Bruegel Working Paper 2015/11, October 2015

This paper argues that the Phillips curve relationship is not sufficient to trace back the output gap, because the effect of excess demand is not symmetric across tradeable and non-tradeable sectors. In the non-tradeable sector, excess demand creates excess employment and inflation via the Phillips curve, while in the tradeable sector much of the excess demand is absorbed by the trade balance. We set up an unobserved-components model including both a Phillips curve and a current account equation to estimate ‘sustainable output’ for 45 countries. Our estimates for many countries differ substantially from the potential output estimates of the European Commission, IMF and OECD. We assemble a comprehensive real-time dataset to estimate our model on data which was available in each year from 2004-15. Our model was able to identify correctly the sign of pre-crisis output gaps using real time data for countries such as the United States, Spain and Ireland, in contrast to the estimates of the three institutions, which estimated negative output gaps real-time, while their current estimates for the pre-crisis period suggest positive gaps. In the past five years the annual output gap estimate revisions of our model, the European Commission, IMF, OECD and the Hodrick-Prescott filter were broadly similar in the range of 0.5-1.0 percent of GDP for advanced countries. Such large revisions are worrisome, because the European fiscal framework can translate the imprecision in output gap estimates into poorly grounded fiscal policymaking in the EU.

Are Germans wasting their savings abroad? CEPS Commentary, 7 April 2016

Germany is running a current account surplus of about 8% of GDP, which means that about one-third of all German savings (equal to 24% of GDP) has to be invested abroad every year. It has become by now almost a cliché that these huge excess savings are being wasted abroad. But this is a popular misconception based on the divergence between the available data on the (cumulated) current account balance (cCAB) of Germany and its net international investment position (NIIP). A closer look at the data actually suggests that the NIIP is probably not measured correctly and that the observed returns on German investment abroad have remained above most domestic returns.

UMA ANÁLISE DA RELAÇÃO ENTRE VARIÁVEIS MACROECONÔMICAS E O COMPORTAMENTO DAS AÇÕES DE MAIOR LIQUIDEZ DO ÍNDICE IBOVESPA

As ações de maior liquidez do índice IBOVESPA, refletem o comportamento das ações de um modo geral, bem como a relação das variáveis macroeconômicas em seu comportamento e estão entre as mais negociadas no mercado de capitais brasileiro. Desta forma, pode-se entender que há reflexos de fatores que impactam as empresas de maior liquidez que definem o comportamento das variáveis macroeconômicas e que o inverso também é uma verdade, oscilações nos fatores macroeconômicos também afetam as ações de maior liquidez, como IPCA, PIB, SELIC e Taxa de Câmbio. O estudo propõe uma análise da relação existente entre variáveis macroeconômicas e o comportamento das ações de maior liquidez do índice IBOVESPA, corroborando com estudos que buscam entender a influência de fatores macroeconômicos sobre o preço de ações e contribuindo empiricamente com a formação de portfólios de investimento. O trabalho abrangeu o período de 2008 a 2014. Os resultados concluíram que a formação de carteiras, visando a proteção do capital investido, deve conter ativos com correlação negativa em relação às variáveis estudadas, o que torna possível a composição de uma carteira com risco reduzido.

Exchange Rate Policy and Economic Growth after the Financial Crisis in Central and Eastern Europe

In a paper on the effects of the global financial crisis in Central and Eastern Europe (CEE), the author reacts to a paper of Åslund (2011) published in the same issue of Eurasian Geography and Economics on the influence of exchange rate policies on the region’s recovery. The author argues that post-crisis corrections in current account deficits in CEE countries do not in themselves signal a return to steady economic growth. Disagreeing with Åslund over the role of loose monetary policy in fostering the region’s economic problems, he outlines a number of competitiveness problems that remain to be addressed in the 10 new EU member states of CEE, along with improvements in framework conditions supporting future macroeconomic growth.

Análise da fluência em vigas de concreto armado simplesmente apoiadas usando o método dos elementos finitos

Reinforced concrete creep is a phenomenon of great importance. Despite being appointed as the main cause of several pathologies, its effects are yet considered in a simplified way by the structural designers. In addition to studying the phenomenon in reinforced concrete structures and its current account used in the structural analysis, this paper compares creep strains at simply supported reinforced concrete beams in analytical and in experimental forms with the finite element method (FEM) simulation results. The strains and deflections obtained through the analytical form were calculated with the Brazilian code NBR 6118 (2014) recommendations and the simplified method from CEB-FIP 90 and the experimental results were extracted from tests available in the literature. Finite element simulations are performed using ANSYS Workbench software, using its 3D SOLID 186 elements and the structure symmetry. Analyzes of convergence using 2D PLANE 183 elements are held as well. At the end, it is concluded that FEM analyses are quantitative and qualitative efficient for the estimation of this non-linearity and that the method utilized to obtain the creep coefficients values is sufficiently accurate.

Self-rating scales in the assessment of current and childhood symptoms of attention deficit hyperactivity disorder in adults

Objective: Attention deficit hyperactivity disorder (ADHD) is a life-long condition, but because of its historical status as a self-remitting disorder of childhood, empirically validated and reliable methods for the assessment of adults are scarce. In this study, the validity and reliability of the Wender Utah Rating Scale (WURS) and the Adult Problem Questionnaire (APQ), which survey childhood and current symptoms of ADHD, respectively, were studied in a Finnish sample. Methods: The self-rating scales were administered to adults with an ADHD diagnosis (n = 38), healthy control participants (n = 41), and adults diagnosed with dyslexia (n = 37). Items of the self-rating scales were subjected to factor analyses, after which the reliability and discriminatory power of the subscales, derived from the factors, were examined. The effects of group and gender on the subscales of both rating scales were studied. Additionally, the effect of age on the subscales of the WURS was investigated. Finally, the diagnostic accuracy of the total scores was studied. Results: On the basis of the factor analyses, a four-factor structure for the WURS and five-factor structure for the APQ had the best fit to the data. All of the subscales of the APQ and three of the WURS achieved sufficient reliability. The ADHD group had the highest scores on all of the subscales of the APQ, whereas two of the subscales of the WURS did not statistically differ between the ADHD and the Dyslexia group. None of the subscales of the WURS or the APQ was associated with the participant's gender. However, one subscale of the WURS describing dysthymia was positively correlated with the participant's age. With the WURS, the probability of a correct positive classification was .59 in the current sample and .21 when the relatively low prevalence of adult ADHD was taken into account. The probabilities of correct positive classifications with the APQ were .71 and .23, respectively. Conclusions: The WURS and the APQ can provide accurate and reliable information of childhood and adult ADHD symptoms, given some important constraints. Classifications made on the basis of the total scores are reliable predictors of ADHD diagnosis only in populations with a high proportion of ADHD and a low proportion of other similar disorders. The subscale scores can provide detailed information of an individual's symptoms if the characteristics and limitations of each domain are taken into account. Improvements are suggested for two subscales of the WURS.

A generalised deficit can account for problems in facial emotion recognition in schizophrenia

Neuroimaging research has shown localised brain activation to different facial expressions. This, along with the finding that schizophrenia patients perform poorly in their recognition of negative emotions, has raised the suggestion that patients display an emotion specific impairment. We propose that this asymmetry in performance reflects task difficulty gradations, rather than aberrant processing in neural pathways subserving recognition of specific emotions. A neural network model is presented, which classifies facial expressions on the basis of measurements derived from human faces. After training, the network showed an accuracy pattern closely resembling that of healthy subjects. Lesioning of the network led to an overall decrease in the network’s discriminant capacity, with the greatest accuracy decrease to fear, disgust and anger stimuli. This implies that the differential pattern of impairment in schizophrenia patients can be explained without having to postulate impairment of specific processing modules for negative emotion recognition.

Suckers (Fish, Catostomidae) from the Eocene of China account for the family's current disjunct distributions

Unequivocal Eocene suckers from China are for the first time reported here. This discovery demonstrates that catostomids of the Eocene Epoch (some 55-35 Ma ago) are scattered widely on mainland Asia as well as western North America. The present day disjunct distribution pattern of catostomids, with 68 extant species widespread in North America and the northern part of Middle America and only two in the restricted areas of Asia, is the result of their post-Eocene decline in Asia due to the competitive pressure from cyprinids, their Late Cenozoic radiation in North America, and the vicariant and dispersal events triggered by the changed biogeographic landscape. All of these prove to be a historical product of the geological, biological, and climatic changes throughout the Cenozoic.

Proyecto de informe del Octavo Período de Sesiones del CEGAN: evaluación de la instrumentación de la Estrategia Internacional del Desarrollo para América Latina y el Caribe, teniendo en cuenta la crisis económica internacional = Draft report of the Eighth Session of CEGAN: appraisal of the implementation of the International Development Strategy for Latin America and the Caribbean, taking into account the current international economic crisis

Incluye Bibliografía

Informe sobre la evaluación de la instrumentación de la Estrategia Internacional del Desarrollo para América Latina y el Caribe teniendo en cuenta la crisis económica actual = Report on the appraisal of the implementation of the International Development Strategy for Latin America and the Caribbean, taking into account the current economic crisis

Contiene la primera evaluacion de la nueva estrategia internacional para el desarrollo correspondiente al Tercer Decenio de las Naciones Unidas para el Desarrollo hecha por los paises de America Latina y el Caribe, y el resumen de los debates en torno a dicho tema.

Informe del Octavo Período de Sesiones del Comité de Expertos Gubernamentales de Alto Nivel: evaluación de la instrumentación de la Estrategia Internacional del Desarrollo para América Latina y el Caribe teniendo en cuenta la crisis económica internacional = Report of the Eighth Session of the Committee of High-Level Government Experts: appraisal of the implementation of the International Development Strategy for Latin America and the Caribbean, taking into account the current international economic crisis

Presenta la organizacion de los trabajos y el resumen de los debates de la reunion que tuvo como objetivo evaluar la actual situacion economica y social de America Latina y el Caribe, y el cumplimiento de las politicas y medidas del programa de accion regional.

Note of monies received of Mr. J. Codman, John Codman Esq. in account current with William Tudor, Jr.,

Accounts of payment received by John Codman and other firms, as well as expenses incurred by Tudor while he was traveling in Europe as Codman’s agent.