AGROINDUSTRIALIZATION IN EMERGING MARKETS: OVERVIEW AND STRATEGIC CONTEXT

This article offers an overview for a special issue on agroindustrialization. It reviews eleven articles analyzing the agroindustrialization process in Latin America and Asia. It sets out a conceptual framework from the organizational economics and strategic management literature to enhance the understanding of the process of agroindustrialization from a competitive strategy point of view.Agribusiness, Industrial Organization,

Exotic Meson Decay Widths using Lattice QCD

A decay width calculation for a hybrid exotic meson h, with JPC=1-+, is presented for the channel h->pi+a1. This quenched lattice QCD simulation employs Luescher's finite box method. Operators coupling to the h and pi+a1 states are used at various levels of smearing and fuzzing, and at four quark masses. Eigenvalues of the corresponding correlation matrices yield energy spectra that determine scattering phase shifts for a discrete set of relative pi+a1 momenta. Although the phase shift data is sparse, fits to a Breit-Wigner model are attempted, resulting in a decay width of about 60 MeV when averaged over two lattice sizes.Comment: 9 pages, 8 figures, RevTex4, minor change to Fig.

Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap

With integrated trade and financial markets, a collapse in aggregate demand in a large country can cause ‘natural real interest rates’ to fall below zero in all countries, giving rise to a global ‘liquidity trap’. This paper explores the policy choices that maximize the joint welfare of all countries following such a shock, when governments cooperate on both fiscal and monetary policy. Adjusting to a large negative demand shock requires raising world aggregate demand, as well as redirecting demand towards the source (home) country. The key feature of demand shocks in a liquidity trap is that relative prices respond perversely. A negative shock causes an appreciation of the home terms of trade, exacerbating the slump in the home country. At the zero bound, the home country cannot counter this shock. Because of this, it may be optimal for the foreign policy-maker to raise interest rates. Strikingly, the foreign country may choose to have a positive policy interest rate, even though its ‘natural real interest rate’ is below zero. A combination of relatively tight monetary policy in the foreign country combined with substantial fiscal expansion in the home country achieves the level and composition of world expenditure that maximizes the joint welfare of the home and foreign country. Thus, in response to conditions generating a global liquidity trap, there is a critical mutual interaction between monetary and fiscal policy.

The Interface between Intellectual Property Law and Competition Law in the North American Context

intellectual property and competition law in North Americ

High-accuracy comparison of numerical relativity simulations with post-Newtonian expansions

Numerical simulations of 15 orbits of an equal-mass binary black hole system are presented. Gravitational waveforms from these simulations, covering more than 30 cycles and ending about 1.5 cycles before merger, are compared with those from quasi-circular zero-spin post-Newtonian (PN) formulae. The cumulative phase uncertainty of these comparisons is about 0.05 radians, dominated by effects arising from the small residual spins of the black holes and the small residual orbital eccentricity in the simulations. Matching numerical results to PN waveforms early in the run yields excellent agreement (within 0.05 radians) over the first $\sim 15$ cycles, thus validating the numerical simulation and establishing a regime where PN theory is accurate. In the last 15 cycles to merger, however, {\em generic} time-domain Taylor approximants build up phase differences of several radians. But, apparently by coincidence, one specific post-Newtonian approximant, TaylorT4 at 3.5PN order, agrees much better with the numerical simulations, with accumulated phase differences of less than 0.05 radians over the 30-cycle waveform. Gravitational-wave amplitude comparisons are also done between numerical simulations and post-Newtonian, and the agreement depends on the post-Newtonian order of the amplitude expansion: the amplitude difference is about 6--7% for zeroth order and becomes smaller for increasing order. A newly derived 3.0PN amplitude correction improves agreement significantly ($<1$ amplitude difference throughout most of the run, increasing to 4% near merger) over the previously known 2.5PN amplitude terms.Comment: Updated to agree with published version (various minor clarifications; added description of AH finder in Sec IIB; added discussion of tidal heating in Sec VC

Global vs. Local Liquidity Traps

This paper examines demand spillovers in a two country open economy model to a demand shock newline (emanating from a single, source country) sufficiently large to push one or both countries into a liquidity trap. The zero lower bound on nominal interest rates keeps the central bank in the source country from fully adjusting monetary policy. We describe a two country New Keynesian model with sufficient home bias so as to exclude symmetric movements in response to demand shocks. We study conditions under which a liquidity trap in one country might spillover to a trading partner. We study, under which conditions, a liquidity trap in one country will lead to a liquidity trap in another country. We also show conditions under which a liquidity trap in another country can spillover into an output expansion in a trading partner.Devereux thanks SSHRC, the Bank of Canada, and the Royal Bank of Canada for financial support. Cook thanks the Hong Kong Research Grants Council (UST08/09 640908)