On the composition of government spending, optimal fiscal policy, and endogenous growth: Theory and evidence

In an endogenous growth model with two public services with differing productivities, this paper analytically characterises optimal fiscal policy for a decentralised economy, whereby the optimal values of the growth rate, tax rate and expenditure shares on the two public goods are linked directly to their productivity parameters. Using panel data for 15 developing countries over 28 years, we show using GMM techniques, that current (capital) spending has positive (negative) and significant effects on the growth rate, contrary to commonly held views. Our theoretical results extend, and our empirical results modify those obtained by Devarajan et al. (1996)

The impact of government expenditure on growth: Empirical evidence from a heterogeneous panel

This paper investigates the impact of government expenditure on growth, in a heterogeneous panel for 15 developing countries. Using GMM techniques, we show that countries with substantial government expenditure have strong growth effects, which vary considerably across the nations

Is democracy beneficial for growth in countries with low ethnic diversity?

We study the impact of democracy on economic growth for a panel of the most and least ethnically diverse nations as documented by Easterly and Levine (1997). Using a GMM system to capture endogeneity and simultaneity, we find that democracy exerts a direct positive impact on growth, in addition to ameliorating the adverse effects of ethnic diversity on growth, unlike some of the results of the previous empirical literature

The composition of government spending and growth: Is current or capital spending better?

This article is available open access through the publisher’s website at the link below. Copyright @ 2008 Oxford University Press.In an endogenous growth framework with two public goods with differing productivities, this paper analytically characterizes optimal fiscal policy for a decentralized economy, whereby the optimal values of the growth rate, tax rate and expenditure shares on the two public goods are linked directly to their productivity parameters. Using panel data for 15 developing countries over 28 years, we show using GMM techniques, that current (capital) spending has positive (negative) and significant effects on the growth rate, contrary to commonly held views. For instance, spending on operations and maintenance has a stronger impact on growth than both health and education spending. We consider the various components on the revenue side of the government budget constraint to take into account possible omitted variable bias that could arise if tax revenue alone was considered

Dose-controlled tDCS reduces electric field intensity variability at a cortical target site

Background: Variable effects limit the efficacy of transcranial direct current stimulation (tDCS) as a research and therapeutic tool. Conventional application of a fixed-dose of tDCS does not account for inter-individual differences in anatomy (e.g. skull thickness), which varies the amount of current reaching the brain. Individualised dose-control may reduce the variable effects of tDCS by reducing variability in electric field (E-field) intensities at a cortical target site. / Objective: To characterise the variability in E-field intensity at a cortical site (left primary motor cortex; M1) and throughout the brain for conventional fixed-dose tDCS, and individualised dose-controlled tDCS. / Methods: The intensity and distribution of the E-field during tDCS was estimated using Realistic Volumetric Approach to Simulate Transcranial Electric Stimulation (ROAST) in 50 individual brain scans taken from the Human Connectome Project, for fixed-dose tDCS (1 mA & 2 mA) and individualised dose-controlled tDCS targeting left M1. / Results: With a fixed-dose (1 mA & 2 mA), E-field intensity in left M1 varied by more than 100% across individuals, with substantial variation observed throughout the brain as well. Individualised dose-control ensured the same E-field intensity was delivered to left M1 in all individuals. Its variance in other regions of interest (right M1 and area underneath the electrodes) was comparable with fixed- and individualised-dose. / Conclusions: Individualised dose-control can eliminate the variance in E-field intensities at a cortical target site. Assuming that the current delivered to the brain directly determines its physiological and behavioural consequences, this approach may allow for reducing the known variability of tDCS effect

Stock Liquidity and Return Distribution : Evidence from the London Stock Exchange

We investigate the relationship between liquidity and the distribution of returns, for all listed firms on the London Stock Exchange between 2002-2018. We find a strong relationship between the distribution of returns, as measured by skewness and kurtosis, and liquidity

Operational Implementation of the Healthy Communities Study How Communities Shape Children’s Health

The Healthy Communities Study (HCS) is examining how characteristics of community programs and policies targeting childhood obesity are related to childhood diet, physical activity, and obesity outcomes. The study involves selected districts and public schools in 130 communities; families recruited through schools; and data collected at the community, school, household, and child levels. Data collection took place in two waves—Wave 1 in Spring 2012 and Wave 2 from 2013 to 2015—with analysis to be completed by August 2016. This paper describes operational elements of the HCS, including recruitment activities, field operations, training of data collectors, human subjects protection, and quality assurance and quality control procedures. Experienced trainers oversaw and conducted all training, including training of: (1) district and school recruitment staff; (2) telephone interviewers for household screening and recruitment; (3) field data collectors for conducting household data collection; and (4) community liaisons for conducting key informant interviews, document abstraction, and community observations. The study team developed quality assurance and quality control procedures that were implemented for all aspects of the study. Planning and operationalizing a study of this complexity and magnitude, with multiple functional teams, required frequent communication and strong collaboration among all study partners to ensure timely and effective decision making

Highly Efficient Solid-State Near-infrared Organic Light-Emitting Diodes incorporating A-D-A Dyes based on alpha,beta-unsubstituted "BODIPY" Moieties

We take advantage of a recent breakthrough in the synthesis of α,β-unfunctionalised 4,4-difluoro-4-bora-3a,4a-diaza-s-indacene (BODIPY) moieties, which we symmetrically conjugate with oligothienyls in an unexpectedly stable form, and produce a “metal-free” A-D-A (acceptor-donor-acceptor) oligomer emitting in the near-infrared (NIR) thanks to delocalisation of the BODIPY low-lying lowest unoccupied molecular orbital (LUMO) over the oligothienyl moieties, as confirmed by density functional theory (DFT). We are able to retain a PL efficiency of 20% in the solid state (vs. 30% in dilute solutions) by incorporating such a dye in a wider gap polyfluorene matrix and demonstrate organic light-emitting diodes (OLEDs) emitting at 720 nm. We achieve external quantum efficiencies (EQEs) up to 1.1%, the highest value achieved so far by a “metal-free” NIR-OLED not intentionally benefitting from triplet-triplet annihilation. Our work demonstrates for the first time the promise of A-D-A type dyes for NIR OLEDs applications thereby paving the way for further optimisation