Inflation Persistance and Credibility in Turkey During the Nineties

This study assesses the credibility of disinflation programs in Turkey during the nineties, where several programs of reform took place. We investigate the credibility of these policies building on a previous research made by Agenor and Taylor (1993). The model is based on two assumptions: (i) inflation is a serially correlated process; (ii) the definition of a proxy that is able to measure the degree of credibility of a programme. The empirical results show that there was a sharp loss of credibility at the end of the 1991 and at the beginning of the 1994 and during the Asian crisis. The Program that the Central Bank implemented after the crisis was able to increase the level of credibility of the CBRT policies. Loss of credibility is registered during the end of the 1995, while various political events took place and during the 1997 following the world economic conditions and the outflow of capitals

Three-dimensional implicit lambda methods

This paper derives the three dimensional lambda-formulation equations for a general orthogonal curvilinear coordinate system and provides various block-explicit and block-implicit methods for solving them, numerically. Three model problems, characterized by subsonic, supersonic and transonic flow conditions, are used to assess the reliability and compare the efficiency of the proposed methods

The role and nature of market sentiment in the 1992 ERM crisis.

This paper attempts to explain the importance of the role of the speculators in determining the 1992 ERM crisis, and the effects that the policy of maintaining external parity had on internal growth. We focus on a different way through which expectations are formed about the macroeconomic fundamentals independently of the behaviour of the monetary policy. In the present model, agents’ rational beliefs do not emerge from arbitrary circumstances but only when the value of the exchange rate, kept under control by the central bank, did not correspond to the expected value and to the current wide-spread beliefs in the market

Colour gradients of high-redshift Early-Type Galaxies from hydrodynamical monolithic models

We analyze the evolution of colour gradients predicted by the hydrodynamical models of early type galaxies (ETGs) in Pipino et al. (2008), which reproduce fairly well the chemical abundance pattern and the metallicity gradients of local ETGs. We convert the star formation (SF) and metal content into colours by means of stellar population synthetic model and investigate the role of different physical ingredients, as the initial gas distribution and content, and eps_SF, i.e. the normalization of SF rate. From the comparison with high redshift data, a full agreement with optical rest-frame observations at z < 1 is found, for models with low eps_SF, whereas some discrepancies emerge at 1 < z < 2, despite our models reproduce quite well the data scatter at these redshifts. To reconcile the prediction of these high eps_SF systems with the shallower colour gradients observed at lower z we suggest intervention of 1-2 dry mergers. We suggest that future studies should explore the impact of wet galaxy mergings, interactions with environment, dust content and a variation of the Initial Mass Function from the galactic centers to the peripheries.Comment: 13 pages, 7 figures, 1 table, accepted for publication on MNRA

Sustainability and welfare of Podolian cattle

The aim of the present study was to evaluate the sustainability and welfare of extensively farmed Podolian cattle. A trained interviewer visited 50 farms and filled in a checklist which included four cards corresponding to the following animal categories: calves, replacements, feeders and adults. The analysis of the farming system showed that animals were able to express their main behavioural patterns. In addition, recorded animal-related variables indicated that Podolian cattle could benefit from high standards of welfare. Sustainability of the Podolian farming system in terms of human edible returns was evaluated for two production systems producing 10-month-old calves (10 month) and 18-month-old young bulls (18 month), respectively. Edible returns for humans were low when all animal intakes were considered for both production systems. However, if returns were computed using not only the amount of food used by the animals but also consumable by humans, yields were much higher for 18-month systems [103% crude protein (CP) and 37.1% gross energy (GE)] and so high that they could not be computed for 10-month systems. These results indicate either a low degree of competition (18-month system) or no competition (10-month system) between humans and Podolian cattle. Perceptions of sustainability and welfare of Podolian cattle may promote a favourable positioning of products in premium-price markets and help preserving this breed and the related traditional farming system

Central dark matter content of early-type galaxies: scaling relations and connections with star formation histories

We examine correlations between masses, sizes and star formation histories for a large sample of low-redshift early-type galaxies, using a simple suite of dynamical and stellar population models. We confirm an anticorrelation between the size and stellar age and go on to survey for trends with the central content of dark matter (DM). An average relation between the central DM density and galaxy size of 〈ρDM〉∝R−2eff provides the first clear indication of cuspy DM haloes in these galaxies – akin to standard Λ cold dark matter haloes that have undergone adiabatic contraction. The DM density scales with galaxy mass as expected, deviating from suggestions of a universal halo profile for dwarf and late-type galaxies. We introduce a new fundamental constraint on galaxy formation by finding that the central DM fraction decreases with stellar age. This result is only partially explained by the size–age dependencies, and the residual trend is in the opposite direction to basic DM halo expectations. Therefore, we suggest that there may be a connection between age and halo contraction and that galaxies forming earlier had stronger baryonic feedback, which expanded their haloes, or lumpier baryonic accretion, which avoided halo contraction. An alternative explanation is a lighter initial mass function for older stellar populations

Effect of information about organic production on beef liking and consumer willingness to pay

The present study was aimed to assess the effect of information about organic production on beef liking and consumer willingness to pay. Mean scores of perceived liking were higher for organic beef (OB) as compared to conventional beef (CB). Expected liking scores were higher for OB than for CB. For OB the expected liking was significantly higher than the perceived liking expressed in blind conditions (negative disconfirmation), whereas for CB no difference was observed. Consumers completely assimilated their liking for OB in the direction of expectations. Consumers showed a willingness to pay for OB higher than the suggested price (P < 0.001), the latter corresponding to the local commercial value for organic beef. We conclude that the information about organic farming can be a major determinant of beef liking, thus providing a potential tool for meat differentiation to traditional farms