Monetary policy as equilibrium selection

Can monetary policy guide expectations toward desirable outcomes when equilibrium and welfare are sensitive to alternative, commonly held rational beliefs? This paper studies this question in an exchange economy with endogenous debt limits in which dynamic complementarities between dated debt limits support two Pareto-ranked steady states: a suboptimal, locally stable autarkic state and a constrained optimal, locally unstable trading state. The authors identify feedback policies that reverse the stability properties of the two steady states and ensure rapid convergence to the constrained optimal state.Monetary policy ; Equilibrium (Economics)

The optimal inflation target in an economy with limited enforcement

We formulate the central bank's problem of selecting an optimal long-run inflation rate as the choice of a distorting tax by a planner who wishes to maximize discounted utility for a heterogeneous population of infinitely-lived households in an economy with constant aggregate income. Households are divided into cash agents, who store value in currency alone, and credit agents who have access to both currency and loans. The planner's problem is equivalent to choosing inflation and nominal rates consistent with a resource constraint along with an incentive constraint that ensures credit agents prefer the superior consumption-smoothing power of loans to that of currency. We show that the optimum rate of inflation is positive, and the optimum nominal interest rate is higher than the inflation rate, if the social welfare function weighs credit agents no more than their population fraction.Inflation (Finance) ; Deflation (Finance) ; Monetary policy - United States

H.W. Lack with D.J. Mabberley, The Flora Graeca Story

No abstract

H.W. Lack with D.J. Mabberley, The Flora Graeca Story

No abstract

Surficial sediment texture database for the south-western Iberian Atlantic margin

Assessing the impact of changes on the environment driven by natural or anthropogenic forcers includes the comparison between antecedent and post-event conditions. The latter is particularly relevant in order to better understand to which extent those changes actually impact or alter a particular environment and associated services and to determine the resilience of a system. In this regard, it becomes essential to create or provide databases to inform about baseline conditions. Here, we present a database that integrates surficial sediment samples collected and analysed for textural characterization within the framework of a series of research projects over circa 20 years. Collected samples along the south-western Atlantic margin of the Iberian Peninsula extend from estuaries and beaches to the adjacent continental shelf. For the case of the more dynamic environments, namely coastal sandy barriers, samples were repeated over time in order to capture the intrinsic variability of the system. Examples of the utility of this data set for a variety of purposes and environments are also included within this paper through three examples. Therefore, here we show the added value of the database as it can be used to assess the impact of a particular event or activity at an estuary by providing baseline conditions, evaluate the continental shelf sediment suitability for nourishment activities, or contribute to the understanding of the morphodynamics and classification of beaches. Finally, it is worth stating the importance of such databases to analyse medium- to long-term variability as the one induced by sea level rise, changes in storminess, or human activities.FCT Investigator programme [IF/01047/2014]info:eu-repo/semantics/publishedVersio

O VI and Multicomponent H I Absorption Associated with a Galaxy Group in the Direction of PG0953+415: Physical Conditions and Baryonic Content

We report the discovery of an O VI absorption system at z(abs) = 0.14232 in a high resolution FUV spectrum of PG0953+415 obtained with the Space Telescope Imaging Spectrograph (STIS). Both lines of the O VI 1032, 1038 doublet and multicomponent H I Lya absorption are detected, but the N V doublet and the strong lines of C II and Si III are not apparent. We examine the ionization mechanism of the O VI absorber and find that while theoretical considerations favor collisional ionization, it is difficult to observationally rule out photoionization. If the absorber is collisionally ionized, it may not be in equilibrium due to the rapid cooling of gas in the appropriate temperature range. Non-equilibrium collisionally ionized models are shown to be consistent with the observations. A WIYN survey of galaxy redshifts near the sight line has revealed a galaxy at a projected distance of 395 kpc separated by ~130 km/s from this absorber, and three additional galaxies are found within 130 km/s of this redshift with projected separations ranging from 1.0 Mpc to 3.0 Mpc. Combining the STIS observations of PG0953+415 with previous high S/N GHRS observations of H1821+643, we derive a large number of O VI absorbers per unit redshift, dN/dz ~20. We use this sample to obtain a first estimate of the cosmological mass density of the O VI systems at z ~ 0. If further observations confirm the large dN/dz derived for the O VI systems, then these absorbers trace a significant reservoir of baryonic matter at low redshift.Comment: Accepted for publication in Ap.J., vol. 542 (Oct. 10, 2000

Effect of biocomposite edible coatings based on pea starch and guar gum on nutritional quality of ‘Valencia’ orange during storage

Application of environmentally friendly components is an approach for substitution of synthetic substances in commercial waxes applied to citrus. In this study, the effect of biocomposite edible coatings based on pea starch and guar gum (PSGG) on total vitamin C, phenolic, flavonoid, anthocyanins, and carotenoid content, and antioxidant capacity of ‘Valencia’ orange stored at 5 °C and 20 °C for four weeks were evaluated. The fruits were coated by a single layer PSGG coating, blended composite PSGG coating containing shellac (Sh) and oleic acid as hydrophobic compounds (PSGG-Sh), and a layer-by-layer (LBL) coating (PSGG as an internal layer and Sh as an external layer). The results showed no significant differences in changes of bioactive compounds between coating treatments after first week storage at both temperatures. The PSGG coatings incorporated with hydrophobic compounds (PSGG-Sh) better preserved the nutritional value and the antioxidant potential of oranges during storage compared with other treatments. The single layer PSGG coating was almost similar to bilayer coating in preserving nutritional value of fruit during storage and less effective than the blended composite PSGG-Sh coating