Efficient Monetary Allocations and the Illiquidity of Bonds

We construct a monetary economy with heterogeneity in discounting and consumption risk. Agents can insure against this risk with money and nominal government bonds, but all trades must be monetary. We demonstrate that a deflationary policy a la Friedman cannot sustain the constrained-efficient allocation as no-arbitrage imposes too stringent a bound on the return money can pay. The constrained-efficient allocation can be sustained when bonds have positive yields and, under certain conditions, only if they are illiquid. Illiquidity, meaning that bonds cannot be transformed into consumption as easily as cash, is necessary to eliminate arbitrage opportunities due to disparities in shadow interest rates

Financial Sophistication and the Distribution of the Welfare Cost of Inflation

The welfare cost of anticipated inflation is quantified in a calibrated model of the U.S. economy that exhibits tractable equilibrium dispersion in wealth and earnings. inflation does not generate large losses in societal welfare, yet its impact varies noticeably across segments of society depending also on the financial sophistication of the economy. If money is the only asset, then inflation mostly hurts the wealthier and more productive agents, while those poorer and less productive may even benefit from inflation. The converse holds in a more sophisticated financial environment where agents can insure against consumption risk with assets other than money

The Welfare Cost of Inflation in OECD Countries

The welfare cost of anticipated inflation is quantified in a matching model of money calibrated to twenty-three different OECD countries for several sample periods. In most economies, given the common period 1978-1998, a representative agent would give up only a fraction of 1% of consumption to avoid 10% inflation. The welfare cost of inflation varies across countries, from a fraction of 0.1% in Japan, to more than 2% in Australia, reaching 6% with bargaining. The model fits poorly money demand data of several countries, however. The fit generally improves with longer sample periods. The results are fairly robust to variations in choice of calibrated parameters and calibration targets

Implementasi Otonomi Desa dalam Mewujudkan Pemberdayaan Aparatur Pemerintah Desa Dodaga di Kecamatan Wasile Timur Kabupaten Halmahera Timur

The purpose of this study was to determine the ability of government officials in the village of EastHalmahera desa.Penelitian implementation of autonomy affairs is using qualitative methods. The government'sability village visits dar three indicators namely; education, training, and experience. Informants were takenfrom the village government elements Dodaga (village head and village secretary), in the village, the communityleaders / religious / cultural. The total number of informants who were interviewed are as many as 8 people.Collecting data using interview techniques, while the data were analyzed using qualitative analysis interactivemodel of Miles and Hubernann.The results showed: (1) Ability apratur village government Dodaga seen from indicators of education is quitegood, but not optimally. (2) The ability of the government apparatus village seen from the indicators of trainingis not maximized because not breathing is done either from the village administration or support you e heGovernment area . (3) The ability of the government apparatus Dodaga seen from the village of indicatorexperience thus even this is not too maximal.Based on these results ditarikkesimpulan that the capacity of Government officials in the implementation of theaffairs of the village of village autonomy in general has been running well but not maximum Deagan seen fromindicators of education, training, and experience.Based on the results of the research, put forward some suggestions to improve the government's ability toimplement urusan otonomi Dodaga Rural villages, as follows: (1) The village government should be allocatedsufficient budget to finance programs and activities. (2) The provision and improvement of infrastructure andfacilities Dodaga village government work needs to be done; and (3) Employee / village government officialsDodagaperluditambah, andquality SD officials / employees also need to be improved through education,training and experience relevant / program pemberdayaan

Voorstel bouwstenen nieuwe weidevogelpakketten agrarisch natuurbeheer in een notendop : wat regelen we in Nederland, wat in Brussel?

In opdracht van directie Kennis van het ministerie van LNV is een voorstel ontwikkeld voor bouwstenen voor nieuwe pakketten weidevogelbeheer. De doelstellingen worden per gebiedsplan vastgesteld. De verantwoordelijkheid hiervoor ligt bij provincies en Rijk, die daarvoor desgewenst een gebiedscommissie in het leven kunnen roepen. Het minimum dat altijd (in alle gebiedsplannen) geldt is: 35 bp /100 ha, bestaande uit één of meer van de volgende soorten: Grutto, Tureluur, Watersnip, Kemphaan, Slobeend, Zomertaling, Veldleeuwerik, Wulp, Kluut, Krakeend, Kuifeend, Wintertaling, Graspieper, Gele kwikstaart, Kievit, Scholekster. Per gebied kan deze doelstelling nader worden gefocust op één of meerdere van bovengenoemde soorten en/of naar boven worden bijgestel

The First Plasmodium vivax Relapses of Life Are Usually Genetically Homologous

In a prospective infant cohort, 21 infants developed Plasmodium vivax malaria during their first year. Twelve of their mothers also had vivax malaria in the corresponding pregnancies or postpartum period. The genotypes of the maternal and infant infections were all different. Eight of the 12 mothers and 9 of the 21 infants had recurrent infections. Relapse parasite genotypes were different to the initial infection in 13 of 20 (65%) mothers compared with 5 of 24 (21%) infants (P = .02). The first P. vivax relapses of life are usually genetically homologous, whereas relapse in adults may result from activation of heterologous latent hypnozoites acquired from previous inoculations

Comparison of clinical features between patients with anti-synthetase syndrome and dermatomyositis: Results from the MYONET registry.

OBJECTIVES To compare clinical characteristics, including the frequency of cutaneous, extramuscular manifestations, and malignancy, between adults with anti-synthetase syndrome (ASyS) and dermatomyositis (DM). METHODS Using data regarding adults from the MYONET registry, a cohort of DM patients with anti-Mi2/-TIF1ɣ/-NXP2/-SAE/-MDA5 autoantibodies, and a cohort of ASyS patients with anti-tRNA synthetase autoantibodies (anti-Jo1/-PL7/-PL12/-OJ/-EJ/-Zo/-KS) were identified. Patients with DM sine dermatitis or with discordant dual autoantibody specificities were excluded. Sub-cohorts of patients with ASyS with or without skin involvement were defined based on presence of DM-type rashes (heliotrope rash, Gottron's papules/sign, violaceous rash, shawl sign, V sign, erythroderma, and/or periorbital rash). RESULTS In total 1,054 patients were included (DM, n = 405; ASyS, n = 649). In ASyS cohort, 31% (n = 203) had DM-type skin involvement (ASyS-DMskin). A higher frequency of extramuscular manifestations, including Mechanic's hands, Raynaud's phenomenon, arthritis, interstitial lung disease, and cardiac involvement differentiated ASyS-DMskin from DM (all p< 0.001), whereas higher frequency of any of four DM-type rashes: heliotrope rash (n = 248, 61% vs n = 90, 44%), violaceous rash (n = 166, 41% vs n = 57, 9%), V sign (n = 124, 31% vs n = 28, 4%), and shawl sign (n = 133, 33% vs n = 18, 3%) differentiated DM from ASyS-DMskin (all p< 0.005). Cancer-associated myositis (CAM) was more frequent in DM (n = 67, 17%) compared with ASyS (n = 21, 3%) and ASyS-DMskin (n = 7, 3%) cohorts (both p< 0.001). CONCLUSION DM-type rashes are frequent in patients with ASyS; however, distinct clinical manifestations differentiate these patients from classical DM. Skin involvement in ASyS does not necessitate increased malignancy surveillance. These findings will inform future ASyS classification criteria and patient management