[my]-Bis(diphenylphosphanyl)borato-[kappa]2P:P'-bis[dicarbonyl([eta]5-cyclopentadienyl)iron(II)] tetrachloridoferrate(III) chloroform solvate

The title compound, [Fe2(C5H5)2(C24H22BP2)(CO)4][FeCl4]·CHCl3, is an oxidation product of CpFe(CO)2PPh2BH3. One pair of phenyl rings attached to the two different P atoms are almost parallel, as are the other pair [dihedral angles = 8.7 (5) and 8.9 (5)°]. The planes of the two cyclopentadienyl rings are inclined by 26.8 (7)° with respect to each other. The carbonyl groups at each Fe atom are almost perpendicular [C-Fe-C = 92.6 (6) and 94.3 (5)°]. Key indicators: single-crystal X-ray study; T = 173 K; mean σ(C–C) = 0.019 Å; R factor = 0.112; wR factor = 0.177; data-to-parameter ratio = 16.8

Bargaining with endogenous disagreement: the extended Kalai-Smorodinsky solution

Following Vartiainen (2007) we consider bargaining problems in which no exogenous disagreement outcome is given. A bargaining solution assigns a pair of outcomes to such a problem, namely a compromise outcome as well as a disagreement outcome: the interpretation is that the latter results if the compromise outcome is not accepted. For this framework we propose and study an extension of the classical Kalai-Smorodinsky bargaining solution. We present a characterization with an axiom of Independence ofNon-Utopia Information as the main condition.mathematical economics;

OPTIONS OF FINANCING THE CAP – CONSEQUENCES FOR THE DISTRIBUTION OF FARM PAYMENTS

The introduction of decoupled direct payments in the EU was a substantial change of the Common Agricultural Policy (CAP) in 2003. After decoupling direct payments from production, it has become evident, that distributional objectives are the major justification of farm payments. There are three facets: the distribution of payments among farmers within member states, the distribution of payments among member states, and the distribution of household incomes within member states. All of them will be affected if the volume and allocation of funds for the CAP will be changed in the new financial framework of the EU. The paper addresses the first distributional aspects. We provide an overview of the development of past and present research and findings on the distributional aspects of direct payments. We use the theory of federal fiscal relations to identify the policy agendas that should be handled at the EU level, at national levels, and at sub-national levels. We analyse how measures of concentration are affected if the criteria of direct payments are changed (e.g. a modified modulation scheme). This allows us to identify potential consequences after changing the way direct payments are distributed within EU member states. The summary of the paper discusses the distributional consequences of scenarios of the coming financial framework as far as agriculture is concerned.Direct Payments, Distribution, Common Agricultural Policy., Agricultural and Food Policy, Political Economy, Q18,

Forecasting real GDP: what role for narrow money?

JEL Classification: E41, E52, E58business cycle, forecast comparison, Money, VAR models

Narrow Money and the Business Cycle: Theoretical aspects and euro area evdence

This paper analyses the information content of M1 for euro area real GDP since the beginning of the 1980s. After a literature review on the empirical results in individual euro area countries we review some theoretical arguments why real narrow money growth might be an important determinant of cyclical developments in real GDP beyond effects already captured by short-term interest rates. In the empirical part we first present some preliminary evidence on the M1-GDP connection against the background of the situation in the US, based on an approach developed by Hamilton and Kim 2002. This test suggests that compared with the U.S., in the euro area, M1 has better and more robust forecasting properties than the term spread. These properties are also maintained when looking at a broader set of non-monetary indicator variables. Narrow money therefore seems crucial for cyclical developments. We also evaluate the relative out-of-sample forecasting performance of different classes of VAR models comprising real M1, GDP and further potential leading indicator variables against a univariate benchmark model. As a result, once the information from narrow money is taken into account, what matters more for the forecast performance, is the model class rather than the selection of additional indicators. While within the class of VARs in levels, Bayesian VARs are the best performing models, they are not capable of outperforming the benchmark. Specifically, only VARs in first differences are able to outperform the benchmark model.Money; business cycle; forecast comparison; VAR models