Convergence in an open-economy growth model

What does recent work on neoclassical growth models have to say about the time taken to reap the benefits of economic reform? Recent empirical research has seen the emergence of the stylised fact that economies converge to their steady-state growth path at a rate of 2 per cent per annum - a result which is often taken to imply that the payoff period is quite long. Consistency with this stylised fact has been one criterion for inclusion of human capital and for imposing credit constraints on international borrowing in theoretical growth models. By contrast, data-consistent models of the kind routinely used for forecasting and policy analysis do not include human capital, often assume perfect capital mobility, and converge at a much faster rate than 2 per cent per annum. This paper reviews the origins of the 2 per cent rule, arguing that existing evidence for the rule is weak and that in any case it can be a misleading guide to the payoff period in policy applications. We then analyse the convergence properties of the NZM model of the New Zealand Treasury, which has an open-economy Solow-Swan model as its steady state.

Role of trehalose biosynthesis in environmental survival and virulence of Salmonella enterica serovar typhimurium.

The otsA and otsB genes, encoding trehalose-6-phosphate synthase and trehalose-6-phosphate phosphatase respectively, have been isolated from Salmonella enterica serovar typhimurium and nucleotide-sequenced. Induction of trehalose biosynthesis by exposure of bacteria to high osmotic strength resulted in the intracellular accumulation of trehalose. An otsA mutant of S. enterica serovar typhimurium was more susceptible to killing by heat, and grew poorly under conditions of high osmolarity. The wild-type and otsA mutant strains showed similar abilities to colonise spleen tissues after oral dosing of mice. These findings suggest that the otsBA gene products play a role in environmental survival, but not in virulence, of S. enterica serovar typhimurium

Triple activity of lamivudine releasing sulfonated polymers against HIV-1

In this article a library of polymeric therapeutic agents against the human immunodeficiency virus (HIV) is presented. The library of statistical copolymers of varied molar mass was synthesized by reversible addition-fragmentation chain transfer (RAFT) polymerization. The synthesized polymers comprise pendent hydroxyl and sulfonated side chains as well as the reverse transcriptase prodrug lamivudine (3TC) attached via a disulfide self-immolative linker. The glutathione mediated release of 3TC is demonstrated as well as the antiviral efficacy against HIV entry and polymerase activity. Although a high degree of polymer sulfonation is required for effective HIV entry inhibition, polymers with approximately ∼50% sulfonated monomer demonstrated potent kinase independent reverse transcriptase inhibition. In addition, the sulfonated polymers demonstrate activity against DNA-DNA polymerase, which suggests that these polymers may exhibit activity against a broad spectrum of viruses. In summary, the polymers described provide a triple-active arsenal against HIV with extracellular activity via entry inhibition and intracellular activity by kinase-dependent lamivudine-based and kinase-independent sulfonated polymer based inhibition. Since these sulfonated copolymers are easily formulated into gels, we envision them to be particularly suited for topical application to prevent the mucosal transmission of viruses, particularly HIV