Essential spectrum of local multi-trace boundary integral operators

Considering pure transmission scattering problems in piecewise constant media, we derive an exact analytic formula for the spectrum of the corresponding local multi-trace boundary integral operators in the case where the geometrical configuration does not involve any junction point and all wave numbers equal. We deduce from this the essential spectrum in the case where wave numbers vary. Numerical evidences of these theoretical results are also presented

Overview on a selection of recent works in asymptotic analysis for wave propagation problems

We give a brief survey of some recent advances of asymptotic analysis methods applied to wave propagation problem

If you want me to stay, pay

Devolution of political power is constantly on the political agenda in both Italy and Spain. Fiscal policy in these countries has granted specific privileges to some regions. Valle d’Aosta/Vallée d’Aoste (VdA) and País Vasco/Euskadi (PV) have an extensive say over spending decisions, and receive nearly all regional tax revenues. Although both VdA and PV are among the richest regions in each country, both are net beneficiaries of the fiscal equalisation system. This preferential treatment is the outcome of a fiscal system with limits on taxing power and debt issuance, and is meant as a compensation for the lack of autonomy. It so prevents calls for more fiscal autonomy, or even outright secession. The economic effects of this asymmetric federalism are negative. Although partial equalisation reduces excessive redistribution built in the fiscal equalisation system, more autonomy could pay off with more efficient government. Asymmetric federalism moreover creates a political impasse in the negotiation of a more efficient tax system and financing arrangement.fiscal federalism, equalisation, secession, Valle d’Aosta, País Vasco. JEL classification:H70, H73, H77

Estimating the effects of fiscal policy under the budget constraint

I reconsider the short-term effects of fiscal policy when both government spending and taxes are allowed to respond to the level of public debt. I embed the long-term government budget constraint in a VAR, and apply this common trends model to US quarterly data. The main finding is that fiscal consolidation has expansionary effects on output and inflation. Non-Keynesian effects also dominate when debt expands. The expectation of policy adjustments to guarantee fiscal sustainability by future tax rises or spending cuts contracts output today.Fiscal policy, sustainability, spending, taxes, common trends, SVAR

Policy Mix and Debt Sustainability: Evidence from Fiscal Policy Rules

This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of monetary policy setting. Our results qualify existing evidence on systematic fiscal policy in two respects. First, fiscal policy usually stabilises public debt. And there is indeed substantial interaction between fiscal and monetary policy via the debt channel. Second, sustainability is achieved with a “stop-go” cycle of consolidation. Consolidation does not come at the cost of less cyclical stabilisation unless debt ratios are high.monetary policy, fiscal policy, policy interaction and policy rules, debt sustainability

Sustainability of EU fiscal policies, a panel test

The fiscal policy rule implicit in the Stability and Growth Pact, has been rationalised as a way to ensure that national fiscal policies remain sustainable within the EU, thereby endorsing the independence of the ECB. We empirically examine the sustainability of European fiscal policies over the period 1970-2001. The intertemporal government budget constraint provides a test based on the cointegration relation between government revenues, expenditures and interest payments. Sustainability is analysed at both the national level and for a European panel. Results show that European fiscal policy has been sustainable overall, yet national experiences differ considerably.Fiscal policy, debt sustainability, panel unit root test, panel cointegration test, EMU.

Optimal regulatory design for the Central Bank of Russia

The Central Bank of Russia (CBR) assumes a wide range of functions not raditional to a central bank. In addition to the daily conduct of monetary policy, it acts as a regulator and supervisor of the banking sector. It is currently overssing the implementation of a deposit insurance scheme and is the main owner of Russia's largest commercial bank, Sberbank. As this additional functions may conflict with the CBR policy objectives, I review how the current design of the CBR deviates from the optimal allocation of regulatory powers within a central bank prescribed in the literature. I then empirically investigate the need for a supervisory body within the CBR. Using a simple Taylor rule framework I find that the CBR does not use its "hands-on" supervisory information to maintain financial stability, but rather to accomodate state-owned banks' balances.Central Bank; Prudential Regulation and Supervision; Monetary Policy Rules; Russia

Problems and Opportunities of Interdisciplinary Work involving Users in Speculative Research for Innovation of Novel ICT Applications

In this article we focus upon some challenges of multidisciplinary teams working interdisciplinary in research for innovation of novel ICT applications. We start by defining some general challenges of especially social scientists when working interdisciplinary. The formulated challenges are grounded in our personal experiences. In the next part of the article we focus upon research methods that are used when involving users in the research of novel ICT applications. We shortly describe the different methods and the value they have for social scientists, designers, marketing people and engineers. In the latest part of the article we argument why, from our opinion, using this speculative research methods involving users can help facilitating interdisciplinary work