Economic reactions to public finance consolidation - a survey of the literature

The paper reviews the theoretical and empirical literature that has investigated the conditions under which a contractionary fiscal policy is effective in reducing debt and deficit, but does not have a negative effect on growth. The issue is central to macroeconomics and policy making, given that many countries are currently facing increasing fiscal imbalances, with additional pressure coming in the medium term from population ageing. The paper concludes that the theoretical impact of fiscal policy on aggregate demand and economic activity depends largely on the conceptual framework considered and its assumptions about the world. Empirical studies based on macro-econometric model simulations find evidence that fiscal consolidations lead initially to production losses, while they can result in a higher output in the medium term. Empirical studies focusing on episodes of changes in fiscal policies provide in turn evidence that under certain circumstances austerity measures may have an expansionary impact on the economy.fiscal multiplier, fiscal consolidation, non-Keynesian effects, government spending and taxing.

Influence of the number of trials and the exercise to rest ratio in repeated sprint ability, with changes of direction and orientation

The purpose of this investigation was to determine if there were different trends in physical fatigue observed in 3 different sets, of 7 trials each, in repeated sprint training, performed in 3 different modes: straight sprinting over 30 m, shuttle sprinting over 15 + 15 m, and sprinting over 30 m with changes of direction. Recovery time among trials in the sets was administered according to the 1:5 exercise to rest ratio. The sets were performed on 3 different days, with at least 48 hours between each set. The study involved 17 trained male soccer players (height, 177.33 +/- 6.21 cm; body mass, 71.63 +/- 9.58 kg; body mass index, 23 +/- 2.39 kg<bold>m(</bold>-2); age, 21.94 +/- 3.58 years). To compare the different values of the time recorded, an index of fatigue was used. Significant differences among trials within each set (repeated measures analysis of variance; p < 0.05) and between the sets (factorial analysis of variance; p < 0.001) were found. Significant correlations between each test and countermovement jump and stiffness values recorded pre exercise were found (p < 0.05). Significant differences between countermovement jump and stiffness values recorded pre and post exercise were also found (p < 0.05). This study suggests that training sessions aimed at increasing the capacity of repeated sprint ability in nonlinear and multidirectional sprints (shuttle and change of direction), which might imply a different number of trials within the set or different exercise to rest ratios from the ones usually adopted for straight sprinting, to induce similar trends of fatigue. As practical applications, the estimated numbers of necessary trials in the different sets and the possible exercise to rest ratios, resulting from mathematical modeling, are provided for each investigated sprinting mode

Uncertain fiscal consolidations

The paper explores the macroeconomic consequences of fiscal consolidations whose timing and composition are uncertain. Drawing on the evidence in Alesina and Ardagna (2010), we emphasize whether or not the fiscal consolidation is driven by tax rises or expenditure cuts. We find that the composition of the fiscal consolidation, its duration, the monetary policy stance, the level of government debt and expectations over the likelihood and composition of fiscal consolidations all matter in determining the extent to which a given consolidation is expansionary and/or successful in stabilizing government debt

Expenditure Reform in Industrialised Countries: A Case Study Approach

This study examines reforms of public expenditure in industrialised countries over the past two decades. We distinguish ambitious and timid reformers and analyse in detail reform experiences in eight case studies of ambitious reform episodes. We find that ambitious reform countries reduce spending on transfers, subsidies and public consumption while largely sparing education spending. Such expenditure retrenchment is also typically part of a comprehensive reform package that includes improvements in fiscal institutions as well as structural and other macroeconomic reforms. The study finds that ambitious expenditure retrenchment and reform coincides with large improvements in fiscal and economic growth indicators

Ultrasonic technique for the evaluation of delaminations on CFRP, GFRP, KFRP composite materials

In the present paper an ultrasonic NDI technique for the delaminations evaluation on several composite materials is described. The methodology, based on an ultrasonic test apparatus in the form of reflection, allows us to determine the position along the thickness and extension of delaminations on several CFRP, GFRP and KFRP laminates subjected to low-velocity impact test. The experiments have been performed in two distinct phases. During the first phase typical aerospace materials such as thermoset and thermoplastic CFRP thin laminates and sandwich were inspected, in order to validate the ultrasonic NDI system and the original test methodology. Then, in the second phase, tests have been performed on glass fiber and polyester resin systems, where the fiber was in the form of woven fabric or woven roving, and Kevlar and polyester resin system, where the Kevlar is in the form of woven fabric. All the specimens are made by RTM technology and the thickness are comprised between 5 and 6 mm. Moreover, the NDI analysis was performed using two different probes (5 and 15 MHz), in order to evaluate the importance of the probe frequency for the reliable evaluation of delaminations on composite materials. The results show the NDI system capabilities in terms of damage detection, location and evaluation. (C) 2000 Elsevier Science Ltd. All rights reserved