Current Account Imbalances Coming Back

This paper finds statistically robust and economically important effects of fiscal policy, external financial policy, net foreign assets, and oil prices on current account balances. The statistical model builds upon and improves previous explanations of current account balances in the academic literature. A key advance is that the model captures the effect of external financial policies, including exchange rate policies, through data on net official financial flows. Based on current and expected future policies, current account imbalances in major G-20 economies are likely to widen much more in the next five years than projected by the International Monetary Fund (IMF). This paper concludes with a discussion of appropriate policies to prevent widening imbalances.exchange rate, G-20, official financial flows, sterilized intervention

The World Needs Further Monetary Ease, Not an Early Exit

Governments and central banks around the world eased macroeconomic policies aggressively in response to the 2008 financial crisis, arguably forestalling a second Great Depression. More recently, however, policymakers have been talking about when to withdraw the stimulus. This focus on exit is misguided. Current forecasts show an extended period of economic stagnation in the developed world. We need additional stimulus now, argues Joseph Gagnon. In particular, central banks in the main developed economies should push long-term interest rates 75 basis points below the levels they would otherwise be by purchasing a combined $6 trillion in long-term public and private debt securities. Relative to current forecasts, this policy action is expected to boost GDP 3 percent or more over the next eight quarters and to reduce unemployment rates by between 1 and 3 percent. Without additional stimulus, unemployment rates are likely to remain above equilibrium levels for many years at great cost to the world economy in terms of lost income and personal hardship. Moreover, with inflation rates already below desired levels, excess unemployment threatens to cause a fall in prices that would further damp recovery and retard the necessary process of deleveraging. In light of high and rising levels of public debt, additional monetary stimulus is preferable to additional fiscal stimulus. Indeed, monetary stimulus reduces the ratio of public debt to GDP by reducing interest expenses, increasing GDP, expanding tax revenues, and enabling an earlier start to fiscal consolidation.

Inflation regimes and inflation expectations

This paper examines the formation of expectations about future inflation over long horizons. A key issue that agents must confront is the possibility that the economic policy framework— especially the monetary policy regime—could change at some future date. Agents are likely to base inferences about possible future regimes on experience over many years and decades past. This aspect of expectations formation may explain why inflation premiums in long-term bond yields are higher in countries with a long history of high inflation.Inflation (Finance)

U.S. international transactions in 2000

The U.S. current account deficit widened to $435 billion in 2000, a record 4.4 percent of gross domestic product, as the lagged effect of strong growth in the U.S. economy in late 1999 and early 2000 continued to drive up imports of goods and services faster than exports increased. To a lesser extent, a decline in U.S. price competitiveness also contributed to the expansion in the deficit. The$104 billion increase in the current account deficit was entirely accounted for by an equal-sized increase in the goods and services deficit. Other components of the current account moved in small and offsetting directions. The current account deficit represents an excess of U.S. investment over U.S. saving of more than $400 billion. In addition, almost$300 billion of U.S. saving flowed abroad in the form of a continued increase in foreign direct and portfolio investment by U.S. residents. To finance the current account deficit and the capital outflow, the foreign private sector purchased a record amount--more than $700 billion--of U.S. securities and direct investment assets. The sharp slowdown in U.S. economic growth in late 2000 and early 2001 should reduce the rate of increase of the current account deficit in 2001 through a slowing of the rate of growth of goods and services imports.International trade ; Exports ; Imports

Undulatory swimming in fluids with polymer networks

The motility behavior of the nematode Caenorhabditis elegans in polymeric solutions of varying concentrations is systematically investigated in experiments using tracking and velocimetry methods. As the polymer concentration is increased, the solution undergoes a transition from the semi-dilute to the concentrated regime, where these rod-like polymers entangle, align, and form networks. Remarkably, we find an enhancement in the nematode's swimming speed of approximately 65% in concentrated solutions compared to semi-dilute solutions. Using velocimetry methods, we show that the undulatory swimming motion of the nematode induces an anisotropic mechanical response in the fluid. This anisotropy, which arises from the fluid micro-structure, is responsible for the observed increase in swimming speed.Comment: Published 1 November 2013 in Europhysics Letter

Undulatory swimming in shear-thinning fluids: Experiments with C. elegans

The swimming behaviour of microorganisms can be strongly influenced by the rheology of their fluid environment. In this manuscript, we experimentally investigate the effects of shear-thinning viscosity on the swimming behaviour of an undulatory swimmer, the nematode Caenorhabditis elegans. Tracking methods are used to measure the swimmer's kinematic data (including propulsion speed) and velocity fields. We find that shear-thinning viscosity modifies the velocity fields produced by the swimming nematode but does not modify the nematode's speed and beating kinematics. Velocimetry data show significant enhancement in local vorticity and circulation and an increase in fluid velocity near the nematode's tail compared to Newtonian fluids of similar effective viscosity. These findings are compared to recent theoretical and numerical results

A New Pseudopolymorph of Hexakis-(4-cynaophenyl)benzene

The title compound (systematic name: benzene-4,4′,4′′,4′′′,-4′′′′,4′′′′′-hexaylhexabenzonitrile dichloromethane disolvate), C48H24N6•2CH2Cl2, crystallizes as an inclusion compound during the slow diffusion of methanol into a solution of hexakis(4-cyanophenyl)benzene in CH2Cl2. The hexakis(4- cyanophenyl)benzene molecule lies on an axis of twofold rotation in the space group Pbcn. Weak C—H•••N interactions between hexakis(4-cyanophenyl)benzene molecules define an open network with space for including guests. The resulting structure is a new pseudopolymorph of hexakis-(4-cyanophenyl)benzene. The eight known pseudopolymorphs have few shared architectural features, in part because none of the intermolecular interactions that are present plays a dominant role or forces neighboring molecules to assume particular relative orientations

Taxation of Preferred Stock in Corporate Reorganizations

Among the sections added to the revised version of the Internal Revenue Code of 1954 was section 306, designed to close a gaping loophole which might have permitted many taxpayers to withdraw earnings and profits from a corporation through the distribution and sale of preferred stock and to receive capital gains treatment at the shareholder level rather than the dividend treatment ordinarily applicable to such distributions. In this article, Professor Gagnon argues that, as applied to corporate reorganizations, section 306 falls far from its mark. After discussing the purpose and operation of section 306 and related sections, the author suggests a number of problem areas involved in the application of section 306 to the use of preferred stock in acquisition type corporate reorganizations

Alien Registration- Gagnon, Lionel E. (Gorham, Cumberland County)

https://digitalmaine.com/alien_docs/31699/thumbnail.jp

A Convenient Synthetic Route to Partial-Cone p-Carboxylatocalix[4]arenes.

p-Carboxylatocalix[n]arenes have emerged as useful building blocks for the construction of a diverse range of supramolecular assemblies. A convenient route to a p-carboxylatocalix[4]arene that is locked in a partial-cone conformation is presented. The conformation gives the molecule markedly different topological directionality relative to those previously used in self- and metal-directed assembly studies