Optimal Monetary Policy Rules for the Euro Area: An analysis using the Area Wide Model

In this article, we analyse the conduct of optimal monetary policy for the new euro area. The aggregate euro area economy is modelled to have relatively sluggish adjustment properties and a private sector with mainly backward-looking expectations. In this economy, we assume that the central bank searches for its best-performing monetary policy rule, e.g. for the optimal weight to give to inflation stabilization compared to that of output and for the optimal degree of forward-looking in the planning horizon. We first find that the optimal degree of gradualism in interest rate-setting needs only be relatively mild and that the central bank should incorporate new information quickly into policy-making. Second, there is substantial gain from implementing and communicating quite forward-looking policies. The optimal forecast horizon for inflation ranges around six quarters. In contrast to deliberately simple rule-based policy recommendations, fully optimal policy is a complicated response to many different economic indicators. With regard to this we find, third, that optimal policy should be based on a broad information set, even if the resulting policy framework is hard to communicate to the outside world. Thus, the article contributes to the debate on optimal monetary policy for the euro area, as well as to the conduct of monetary policy in face of substantial persistence in the transmission mechanis

Disponibilidade, acúmulo e toxidez de cádmio e zinco em milho cultivado em solo contaminado Cadmium and zinc availability, accumulation and toxicity in maize grown in a contaminated soil

O crescente acúmulo de metais pesados em solos, como conseqüência de atividades antrópicas, tem causado grande interesse nos estudos de extratores destes elementos, bem como no estabelecimento de seus níveis tóxicos críticos em solos. Um experimento foi realizado em casa de vegetação com os objetivos de: (a) estudar a eficiência de diferentes extratores (DTPA, EDTA, Mehlich-1 e Mehlich-3) na avaliação da disponibilidade de Cd e Zn para plantas de milho cultivadas em solo corrigido e não corrigido com calcário; (b) avaliar o efeito da aplicação de Cd e Zn no crescimento e acúmulo desses metais em plantas de milho, e (c) identificar sintomas visuais de toxidez e alterações anatômicas em folhas e raízes de milho expostas a esses metais. Para tanto, plantas de milho foram cultivadas durante 30 dias em um Argissolo Vermelho-Amarelo que recebeu doses crescentes de Cd (0, 1, 3, 5, 10 e 20 mg kg-1) ou de Zn (0, 10, 30, 50, 100 e 150 mg kg-1) com ou sem uma dose de calcário necessária à elevação do pH a 6,0. Ao final do período de cultivo, as plantas foram analisadas quanto aos teores de Cd e Zn, os quais foram correlacionados com os teores desses no solo por ocasião do plantio. Correlações altamente significativas foram encontradas entre todos os extratores testados e os teores de metais absorvidos pelas plantas. O aumento das doses de metais promoveu redução da produção de biomassa, além de aumentar o conteúdo destes metais nas plantas. Os níveis críticos tóxicos de Cd para o Argissolo variaram de 8,7 a 13,1 mg kg-1, enquanto para Zn esses valores situaram-se entre 74,1 e 110,7 mg kg-1, respectivamente, para solos com e sem calagem, dependendo do extrator considerado. Os sintomas visuais de toxidez de Cd foram clorose, encarquilhamento e enrolamento de folhas. Para Zn, os sintomas tóxicos mais comuns foram clorose internerval e marginal, associada à necrose no ápice e margens das folhas. O aumento da lignificação das paredes celulares da epiderme e colênquima, do tecido vascular e da endoderme foi associado a níveis críticos tóxicos de Cd e de Zn no solo.<br>A greenhouse experiment was carried out to evaluate: (a) the soil Cd and Zn availability to maize plants with and without liming, using the DTPA, EDTA, Mehlich-1, and Mehlich-3 extractants; (b) The effect of Cd and Zn doses on plant growth and metal accumulation in maize; and (c) toxicity symptoms and anatomical changes in leaves and roots exposed to Cd and zinc. Maize was grown for 30 days in soil contaminated with either Cd (0, 1, 3, 5, 10, 20 mg kg-1) or Zn (0, 10, 30, 50, 100, 150 mg kg-1). Highly significant correlations were found between all extractants tested and metal plant contents. The metal addition to soil reduced biomass production and increased Cd and Zn plant contents. The critical toxicity value for Cd in soil varied from 8.7 to 13.1 mg kg-1, whereas for Zn this value lied between 74.1 to 110.7 mg kg-1, depending on liming and extractant type. Interveinal and marginal chlorosis together with necrosis in the leaf apex and along the margins were observed for Zn treatments. On the other hand, leaf chlorosis, shriveling and curling were the most common symptoms in cadmium-damaged plants. Increased cell wall lignification in vascular tissues, epidermis, collenchyma, and endoderm cells were associated to critical toxicity values of Cd and Zn in soil