The Effects of Monetary Policy: A Meta-Analysis

In this paper we perform a meta-analysis of the effects of monetary policies on output and prices. We use a sample of published papers on the effects of monetary policies in different countries. There is a large variation in the estimated effects of monetary policies on output and prices. We find that the use of different econometric methodologies is an important variable explaining these differences. In addition, we analyze the importance of macroeconomic variables. Thus we find that in countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the estimated effects of monetary policies remains unexplained. More research will have to be done to understand these large differences.

The effects of monetary policy: A meta-analysis.

Effects; Policy; Working;

Is Monetary Policy in the Eurozone less Effective than in the US?

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB’s monetary policies. In order to test this “ECB-handicap” hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries. This consists in collecting the estimated transmission coefficients obtained from published econometric studies. Meta-analysis then allows us to control for a number of factors that can affect these estimated coefficients. We conclude that there is no evidence for the hypothesis that the ECB is handicapped in using monetary policies for the purpose of stabilizing output compared to the US.

Is monetary policy in the Eurozone less effective than in the US?.

Policy; Working;

Globalization and the Price Decline of Illicit Drugs

Retail prices of major drugs like cocaine and heroin have declined dramatically during the last two decades. This price decline has tended to offset the effects of drug policies aimed at reducing drug use in major industrial countries. The main finding of this paper is that the decline in the retail prices of drugs is related to the strong decline in the intermediation margin (the difference between the retail and producer prices) in the drug business. We develop the hypothesis, and give some evidence, that globalization has been an important factor behind the decline of the intermediation margin. We conclude with some thoughts about the effects of globalization on the effectiveness of drug policies and argue that globalization may have increased the relative effectiveness of policies aiming at reducing the demand of drugs.

Universal Scaling Laws for Dense Particle Suspensions in Turbulent Wall-Bounded Flows

The macroscopic behavior of dense suspensions of neutrally-buoyant spheres in turbulent plane channel flow is examined. We show that particles larger than the smallest turbulence scales cause the suspension to deviate from the continuum limit in which its dynamics is well described by an effective suspension viscosity. This deviation is caused by the formation of a particle layer close to the wall with significant slip velocity. By assuming two distinct transport mechanisms in the near-wall layer and the turbulence in the bulk, we define an effective wall location such that the flow in the bulk can still be accurately described by an effective suspension viscosity. We thus propose scaling laws for the mean velocity profile of the suspension flow, together with a master equation able to predict the increase in drag as function of the particle size and volume fraction.Comment: Accepted for publication in PRL. Supplemental material include

Effects of the finite particle size in turbulent wall-bounded flows of dense suspensions

We use interface-resolved simulations to study finite-size effects in turbulent channel flow of neutrally-buoyant spheres. Two cases with particle sizes differing by a factor of 2, at the same solid volume fraction of 20% and bulk Reynolds number are considered. These are complemented with two reference single-phase flows: the unladen case, and the flow of a Newtonian fluid with the effective suspension viscosity of the same mixture in the laminar regime. As recently highlighted in Costa et al. (PRL 117, 134501), a particle-wall layer is responsible for deviations of the statistics from what is observed in the continuum limit where the suspension is modeled as a Newtonian fluid with an effective viscosity. Here we investigate the fluid and particle dynamics in this layer and in the bulk. In the particle-wall layer, the near wall inhomogeneity has an influence on the suspension micro-structure over a distance proportional to the particle size. In this layer, particles have a significant (apparent) slip velocity that is reflected in the distribution of wall shear stresses. This is characterized by extreme events (both much higher and much lower than the mean). Based on these observations we provide a scaling for the particle-to-fluid apparent slip velocity as a function of the flow parameters. We also extend the flow scaling laws in to second-order Eulerian statistics in the homogeneous suspension region away from the wall. Finite-size effects in the bulk of the channel become important for larger particles, while negligible for lower-order statistics and smaller particles. Finally, we study the particle dynamics along the wall-normal direction. Our results suggest that 1-point dispersion is dominated by particle-turbulence (and not particle-particle) interactions, while differences in 2-point dispersion and collisional dynamics are consistent with a picture of shear-driven interactions

The emergence of sex differences in personality traits in early adolescence: a cross-sectional, cross-cultural study

Although large international studies have found consistent patterns of sex differences in personality traits among adults (i.e., women scoring higher on most facets), less is known about cross-cultural sex differences in adolescent personality and the role of culture and age in shaping them. The present study examines the NEO Personality Inventory-3 (McCrae, Costa, & Martin, 2005) informant ratings of adolescents from 23 cultures (N = 4,850), and investigates culture and age as sources of variability in sex differences of adolescents' personality. The effect for Neuroticism (with females scoring higher than males) begins to take on its adult form around age 14. Girls score higher on Openness to Experience and Conscientiousness at all ages between 12 and 17 years. A more complex pattern emerges for Extraversion and Agreeableness, although by age 17, sex differences for these traits are highly similar to those observed in adulthood. Cross-sectional data suggest that (a) with advancing age, sex differences found in adolescents increasingly converge toward adult patterns with respect to both direction and magnitude; (b) girls display sex-typed personality traits at an earlier age than boys; and (c) the emergence of sex differences was similar across cultures. Practical implications of the present findings are discussed

The Relationship Between Lower Extremity Strength, Mobility, Movement Quality, and Pain in Collegiate Synchronized Swimmers

Synchronized swimming is a physically demanding sport that exposes the lower extremity to unusual forces. Currently, limited information exists that outlines the modifiable factors associated with knee pain experienced by synchronized swimmers. PURPOSE: This study\u27s aim was to identify the relationship between strength, mobility, movement quality, and pain in collegiate synchronized swimmers. METHODS: Sixteen collegiate synchronized swimmers (mean ± SD, 20.5 ± l.8y; 165.8 ± 5.1cm; 63.8 ± 5.8kg) were tested. Hip musculature isometric strength was measured using an external force transducer. Hip mobility and Q-angle was assessed using a goniometer. Movement quality was deternined using the Functional Movement Screen (FMS). Lower extremity pain was assessed using the Knee Outcome Survey - Activities of Dai ly Living (KOS-ADL). Pearson correlation coefficients were used to deternine relationships among the measured variables. independent T-tests were used to assess differences in scores when comparing pain versus no pain. RESULTS: Hip strength (ADDR) was negatively correlated with KOS-AOL (r = 0.488, p = 0.055). FMS score in the knee pain group was greater than the no pain group (p \u3c 0.05). Hip mobility was greater in the pain group (p \u3c 0.05), while hip strength was lower in the pain group (p \u3c 0.05). Q-angle was not significantly different between groups (p \u3e 0.05). Synchronized swimmers demonstrated above normal hip strength, while mobility and Q-angle values were found to be within normal ranges. CONCLUSION: Synchronized swimming seems to demand above average hip musculature strength while favoring non hypermobile athletes. Knee pain is a multifactorial condition prevalent among synchronized swimmers. Future studies should investigate optimal mobility and movement quality as it relates to injury risk

Renal Function in Suckling and Fasting Pups of the Northern Elephant Seal

Elephant seals fast for prolonged periods without access to water. This is made possible, in part, by reductions in urine production. However, the mechanisms involved in reducing urine production are not understood. In this study, glomerular filtration rate (GFR) was measured in five northern elephant seal pups (Mirounga angustirostris) via the inulin clearance technique. Measurements were made during day 9 and day 18–22 of nursing and the second and eighth week of the postweaning fast. Plasma aldosterone and cortisol concentrations, quantified by radioimmunoassay, were measured in eight other weanlings during the second and eighth week of the fast. Mean GFR was 79.3±29.3 ml/min during the early suckling period and 78.2±17.1, 89.8±52.7, and 80.4±12.2 ml/min during the late suckling, early fasting and late fasting periods, respectively. Differences between nursing and fasting were insignificant, possibly because reduced protein oxidation during suckling and rapid recruitment of protein for tissue synthesis obviated the need for postprandial hyperfiltration. Alternatively, maintenance of GFR during fasting may facilitate urea concentration by compensating for reductions in the fractional excretion of urea. It is further hypothesized that aldosterone is primarily responsible for mediating renal water reabsorption in this system