The Inflation-Output Volatility Tradeoff and Exchange Rate Shocks in Mexico and Turkey

Using a standard Vector Autorregresion with Autocorrelated Time Varying Covariances this paper finds evidence of a vertical inflation-output volatility tradeoff in Mexico and Turkey. It is found, contrary to common economic wisdom, that there is no tradeoff between output and inflation so that monetary policy affects only prices. In addition, it is observed that the exchange rate crucially affects the dynamics of prices, inflation and output. The pass-through from exchange rate to inflation is high and significant in both economies and periods of high exchange rate volatility are associated with unstable rates of inflation. Also, in agreement with many other studies, it is shown here that nominal depreciations are contractionary.Inflation-output Tradeoff, Exchange Rates, BEKK Models

Magnetic catalysis in flavored ABJM

We study the magnetic catalysis of chiral symmetry breaking in the ABJM Chern-Simons matter theory with unquenched flavors in the Veneziano limit. We consider a magnetized D6-brane probe in the background of a flavored black hole which includes the backreaction of massless smeared flavors in the ABJM geometry. We find a holographic realization for the running of the quark mass due to the dynamical flavors. We compute several thermodynamic quantities of the brane probe and analyze the effects of the dynamical quarks on the fundamental condensate and on the phase diagram of the model. The dynamical flavors have an interesting effect on the magnetic catalysis. At zero temperature and fixed magnetic field, the magnetic catalysis is suppressed for small bare quark masses whereas it is enhanced for large values of the mass. When the temperature is non-zero there is a critical magnetic field, above which the magnetic catalysis takes place. This critical magnetic field decreases with the number of flavors, which we interpret as an enhancement of the catalysis.Comment: 33 pages, 11 figures; v2: refs added; v3: revised version, new subsection on running mass added, discussion clarifie

The Effect of Pension Generosity on Early Retirement: A Microdata Analysis for Europe from 1967 to 2004

Using pseudo-panel microdata we show that pension generosity affects early retirement decisions. The changes in the average replacement rate and decreases in wealth accrual between 1967 and 2004 have caused an increase in early retirement probabilities from 16% to 63%.Early Retirement; Pension Systems; Pension Neutrality; Pension Generosity; SHARE

Does Job Satisfaction Improve the Health of Workers?: New Evidence Using Panel Data and Objective Measures of Health

This paper evaluates the relationship between job satisfaction and measures of health of workers using the German Socio-Economic Panel (GSOEP). Methodologically, it addresses two important design problems encountered frequently in the literature: (a) cross-sectional causality problems and (b) absence of objective measures of physical health that complement self-reported measures of health status. Not only does using the panel structure with individual fixed effects mitigate the bias from omitting unobservable personal psycho-social characteristics, but employing more objective health measures such as health-system contacts and disability addresses such measurement problems relating to self-report assessments of health status. We find a positive link between job satisfaction (and changes over time therein) and subjective health measures (and changes therein); that is, employees with higher or improved job satisfaction levels feel healthier and are more satisfied with their health. This observation also holds true for more objective measures of health. Particularly, improvements in job satisfaction over time appear to prevent workers from (further) health deterioration.Job satisfaction, well-being, health, panel data analysis

Crystal structure of the N-benzyloxycarbonyl-Alanyl-Phenylalanyl-methyl ester: the importance of the H-bonding pattern

Large crystals of the methyl ester of the N-a-benzyloxycarbonyl protected Ala-Phe dipeptide (Z-AF-OMe) were obtained after the very slow evaporation of a solution of the corresponding carboxylic acid (Z-AF-OH) in methanol containing an excess of HCl. The structure was confirmed by single crystal X-ray diffraction data. It crystallizes in the orthorhombic space group P212121 with unit cell dimensions a = 5.0655(6) Å, b = 8.4614(8) Å, c = 46.856(5) Å, V = 2008.3(4) Å3, Z = 4. In the crystal, the molecules form hydrogen bonded chains running along the a axis of the unit cell. Other secondary interactions are also discussed