Violence and growth in colombia: a review of the quantitative literature

ABSTRACTThis is a critical review of the empirical literature on the relationship between violence and economic growth in Colombia: an interesting case study for social scientists studying violence, conflict, crime and development. We argue that, despite the rapid development of this literature and the increasing use of new techniques, there is still much room for research. After assessing the contribution of the most influential papers on the subject, we suggest directions for future research.Colombia, Violence, Economic Growth

Corporate ethical policies: evidence from large firms in Chile

This study explores the current status of corporate ethical policies in the large-size firms currently operating in Chile and focus on the edition of formal documents on corporate ethics by means of a survey sent to the companies whose manning table exceeds 350 employees (460 firms), using for this selection the 2005 Directorio ITV de Empresas en Chile (ITV Directory of Corporations in Chile). The results obtained from the 116 responses received reveal that almost 60% of the firms possess ethics corporate documents; that in general there is consensus about the need to bear in mind the ethical conduct in the personnel selection, promotion and bonuses; and that generally a greater proportion of foreign firms have documents on ethics, as compared with the domestic firms. Likewise, a statistical verification was performed –whose results are only extrapolated to the large-size firms– on the correlation between possession of formal ethics documents and performance (measured as the value of 2005 sales), which had positive results and was statistically significant; at the same time, evidence was found, although somewhat weaker, to support the hypothesis of statistically positive correlation between such documents possession and the number of employees.Corporate ethical documents; Business ethics policy; Codes of conduct; Chile

Macroeconomic Volatility Trade-off and Monetary Policy Regime in the Euro Area

This research uncovers a well-defined monetary policy regime starting in 1986 in the aggregate Euro Area. Both alternative solution-estimation methods employed - optimal control cum GMM, and dynamic programming cum FIML - identify a regime of strict inflation targeting with interest rate smoothing. The unemployment gap, properly estimated as quasi real-time information, is a relevant element in the information set of the monetary authority, despite not being included in its preferences. The emergence of the regime relates to the improvement of the volatility trade-off between inflation and unemployment gap since the mid-80s. Additional improving factors have been milder supply shocks and better ability of policymakers to set the interest rate closer to optimum.Monetary Policy Regime, Euro Area, Optimal Control, Dynamic Programming, GMM, FIML.

Testing for Asymmetries in the Preferences of the Euro-Area Monetary Policymaker

This paper tests for asymmetries in the preferences of the Euro-Area monetary policymaker with 1995:I-2004:III data from the last update of the ECB's Area-wide database. Following the relevant literature, we distinguish between three types of asymmetry: precautionary demand for expansions, precautionary demand for price stability and interest rate smoothing asymmetry. Based on the joint GMM estimation of the Euler equation of optimal policy and the AS-AD structure of the macroeconomy, we find evidence of precautionary demand for price stability in the preferences revealed by the monetary policymaker. This type of asymmetry is consistent with the ECB’s definition of price stability and with the priority of credibility-building by a recently created monetary authority.Central Bank Preferences, Asymmetry, Euro Area, Optimal Control, GMM.

Disk masses in the Orion Molecular Cloud-2: distinguishing time and environment

The mass evolution of protoplanetary disks is driven by both internal processes and external factors, such as photoevaporation. Disentangling these two effects, however, has remained difficult. We measure the dust masses of a sample of 132 disks in the Orion Molecular Cloud (OMC)-2 region, and compare them to (i) externally photoevaporated disks in the Trapezium cluster, and (ii) disks in nearby low-mass star forming regions (SFRs). This allows us to test if initial disk properties are the same in high- and low-mass SFRs, and enables a direct measurement of the effect of external photoevaporation on disks. A ~ $20' \times 4'$ mosaic of 3 mm continuum observations from the Atacama Large Millimeter/submillimeter Array (ALMA) was used to measure the fluxes of 132 disks and 35 protostars >0.5 pc away from the Trapezium. We identify and characterize a sample of 34 point sources not included in the Spitzer catalog on which the sample is based. Of the disks, 37 (28%) are detected, with masses ranging from 7-270 M_e. The detection rate for protostars is higher at 69%. Disks near the Trapezium are found to be less massive by a factor $0.18^{+0.18}_{-0.11}$, implying a mass loss rate of $8\times10^{-8}$ M_sun/yr. Our observations allow us to distinguish the impact of time and environment on disk evolution in a single SFR. The disk mass distribution in OMC-2 is statistically indistinguishable from that in nearby low-mass SFRs, like Lupus and Taurus. We conclude that age is the main factor determining the evolution of these disks. This result is robust with respect to assumptions of dust temperature, sample incompleteness and biases. The difference between the OMC-2 and Trapezium cluster samples is consistent with mass loss driven by far-ultraviolet radiation near the Trapezium. Together, this implies that in isolation, disk formation and evolution proceed similarly, regardless of cloud mass.Comment: Accepted for publication in A&A. 16 pages, 6 figure

A Minimalist Model of Characteristic Earthquakes

In a spirit akin to the sandpile model of self-organized criticality, we present a simple statistical model of the cellular-automaton type which produces an avalanche spectrum similar to the characteristic-earthquake behavior of some seismic faults. This model, that has no parameter, is amenable to an algebraic description as a Markov Chain. This possibility illuminates some important results, obtained by Monte Carlo simulations, such as the earthquake size-frequency relation and the recurrence time of the characteristic earthquake.Comment: 9 pages, 4 figure