How OECD policies affected Latin America in the 1980s

The authors assess the effects of OECD monetary and fiscal policies on Latin America by means of simulation studies using the LBS/NIESR Global Econometric Model and a new empirical model of Latin America. The Latin American model pays special attention to the supply-side determination of natural rate of output and to the effects of asset accumulation. The Latin American model and its properties are presented by both empirical simulations and by means of a simple analytical representation. This model of Latin America is used in conjunction with the Global Econometric Model to study the macroeconomic interactions between Latin America and the rest of the world. The assumption in policy simulations is that G-3 exchange rates are forward-looking while Latin America pegs its currency to the U.S. dollar. It is postulated that Latin American fiscal policy adjustments target a baseline current account balance, in the face of external shocks. The simulation results reflect a number of important international links, which can be quantified as multiplier properties of the linked system of models. A permanent 5 percent contraction in the U.S. money supply induces a contraction of about the same order in Latin American GDP and capital stock. This is caused by higher U.S. interest rates and diminished Latin American competitiveness in third markets, reinforcing the fall in U.S. demand. Similarly, a combined monetary contraction in G-3 countries on a permanent footing - a contraction like the one in 1978-80 (U.S., 5.2 percent, German, 11.9 percent, and Japanese, 1.7 percent) hurts Latin America. Latin American GDP remains depressed by 4 percent and capital stock by 5 percent even after 10 years. The effects of negative income and interest rates emanating from G-3 countries are mutually reinforcing. U.S. fiscal expansion equal to 1 percent of baseline GDP, sustained over five years, transmits negatively to Latin America, where GDP falls 0.6 percent in the short run and remains depressed by 0.3 percent even after 10 years. The negative effects of higher interest rates and diminished competitiveness dominate the positive effects (which are short-lived) of expanded U.S. demand for Latin American exports. Similarly, G-3 fiscal spending shocks, which aregradually built up over five years, then reversed the next two years, have a mild negative effect on Latin American GDP. The G-3 fiscal shocks administered were set to their actual magnitudes relative to baseline GDP, as observed in 1980-85 (U.S. expansion of 3.5 percent but contraction in German and Japanese spending of 4.4 percent and 3.5 percent, respectively). Latin American GDP is lower than baseline GDP by 0.5 percent when the shocks peak at the end of five years, but continues to remain depressed 0.3 percent by the end of 10 years. The simulated effects of G-3 monetary and fiscal policies, with the shocks constructed to reflect their actual sizes in the early 1980s, suggest that Latin America's adjustment problems in that period cannot be attributed to G-3 fiscal imbalances that arose because of failures of G-3 fiscal policy coordination. But concerted G-3 monetary contraction in response to the second oil shock imposed heavy costs on Latin America; without it, Latin American GDP would have been 5 percent higher in the 1980s.Fiscal&Monetary Policy,Macroeconomic Management,Economic Theory&Research,Environmental Economics&Policies,Economic Stabilization

Investigation of wheat coleoptile response to phototropic stimulations

This report provides a summary of the preparations for, and the conduct and post-flight data analysis of, the Spacelab flight investigation FOTRAN, which flew on the IML-1 mission (STS-42) in January, 1992. The investigation was designed to provide data on the responses of wheat seedlings to various blue-light stimuli given while the plants were exposed to orbital microgravity conditions. Before the flight, a number of hypotheses were established which were to be tested by the data from the flight and parallel ground studies. A description of the experiment protocol developed for the mission is provided, and an account of the activities supported during preparations for and support of the flight experiment is given. Details of the methods used to reduce and analyze the data from the flight are outlined

Sources of Financial Stress in Agricultural Cooperatives

Financial stress in agricultural cooperatives may be due to a combination of three factors: inadequate profitability, excessive debt, or high interest rates. This paper uses an analytical technique to determine the relative degree of financial stress in agricultural cooperatives attributable to each factor. Roughly 30 percent of agricultural cooperatives in our sample suffered financial stress from 1987 through 1992. The analysis indicates that the greatest portion of financial stress, 54 percent, originated from low earnings. High interest rates accounted for roughly 24 percent of the financial stress while leverage accounts for the remaining 22 percent. The results also indicate that smaller cooperatives are more than twice as likely to face financial stress than larger cooperatives. Small cooperatives are more likely to face profitability problems whereas large cooperatives are more likely to face debt and interest rate problems.Agribusiness, Agricultural Finance,

Optimal Capital Structure in Centralized Agricultural Cooperatives

Agribusiness,

An Analysis of Efficiency of Midwestern Agricultural Cooperatives

Agribusiness,

A Proposed Method of Calibration and Correlation of Weigh-in-Motion Systems

There are various types of weigh-in-motion systems currently in use by agencies that collect weight data. These include load cells, bending plate, capacitance pads, piezoelectric cables, and bridge WIM\u27s. The response and behavior of these systems differs from one type to another. Most states calibrate these systems by one of two methods. The first is to calibrate by running a truck or trucks of known weights across the scales a number of times. The second is to use a sample of trucks from the traffic stream. This report details a field calibration and correlation test site between a slow-speed WIM at a permanent weigh station and five other WIM systems. These other systems were a capacitance pad, a piezoelectric cable installed in a rigid slab, a piezoelectric cable installed in a flexible pavement, abridge WIM installed on a simple span, and a bridge WIM installed on a continuous span. From this test site, a method of calibrating WIM systems was developed that uses the accumulative distribution functions of the vehicle gross weights from the traffic stream. By developing a distribution function for a standard scale (in this case, the permanent weigh station) and also for the WIM system being calibrated, a continuous calibration function can be developed between the two systems. Any weights obtained by the calibrated scale in the future can then be corrected to the standard scale by application of the continuous calibration function. This report details a recommended calibration procedure tor correlating all scales in the state by use of calibration distribution functions. A computer program ( WIMBOTH ) was developed to calculate the distribution functions and the calibration functions

We are friends but are we family? Organizational identification and nonfamily employee turnover

Retaining talented employees continues to be a challenge for organizations. This challenge is especially difficult for family businesses because the family-centric priorities of these firms often disadvantage nonfamily employees and make retaining them problematic. Our study posits organizational identification, or internalizing the firm’s identity as one’s own, as a key factor in overcoming this challenge. Fostering organizational identification in family businesses is complicated by the presence of both family and nonfamily employees, and research is needed to understand the ways in which these complex social dynamics operate. To gain this understanding, we adopt a social network perspective to examine the differential impact of friendships with family and nonfamily members on nonfamily employees’ organizational identification and turnover. Results from a study of the nonfamily employees of a family-owned service company show that centrality in both family and nonfamily friendship networks reduces turnover, but that friendships with family members have a stronger effect. Results also show that various forms of embeddedness in social networks have indirect effects on turnover through organizational identification, highlighting identification’s importance for retaining nonfamily employees. Implications for turnover theory and nonfamily employees are also discussed

Flatness optimization of micro-injection moulded parts: The case of a PMMA microfluidic component

Micro-injection moulding (µ-IM) has attracted a lot of interest because of its potential for the production of low-cost, miniaturized parts in high-volume. Applications of this technology are, amongst others, microfluidic components for lab-on-a-chip devices and micro-optical components. In both cases, the control of the part flatness is a key aspect to maintaining the component's functionality. The objective of this work is to determine the factors affecting the flatness of a polymer part manufactured by µ-IM and to control the manufacturing process with the aim of minimizing the in-process part deformation. As a case study, a PMMA microfluidic substrate with overall dimensions of 10 mm diameter and 1 mm thickness was investigated by designing a µ-IM experiment having flatness as the experimental response. The part flatness was measured using a micro-coordinate measuring machine. Finite elements analysis was also carried out to study the optimal ejection pin configuration. The results of this work show that the control of the µ-IM process conditions can improve the flatness of the polymer part up to about 15 µm. Part flatness as low as 4 µm can be achieved by modifying the design of the ejection system according to suggested guideline

Coarse-grained simulation of amphiphilic self-assembly

We present a computer simulation study of amphiphilic self assembly performed using a computationally efficient single-site model based on Gay-Berne and Lennard-Jones particles. Molecular dynamics simulations of these systems show that free self-assembly of micellar, bilayer and inverse micelle arrangements can be readily achieved for a single model parameterisation. This self-assembly is predominantly driven by the anisotropy of the amphiphile-solvent interaction, amphiphile-amphiphile interactions being found to be of secondary importance. While amphiphile concentration is the main determinant of phase stability, molecular parameters such as headgroup size and interaction strength also have measurable affects on system properties. </p