Does inflation targeting matter?

This paper studies the inflation and interest rate performances since the late 1970s for six former highinflation countries that adopted inflation targeting (IT) in the early 1990’s. Using Germany, Switzerland and the US for comparison, we look at various aspects of central bank performance in a pre-IT period (1978-92) and a post-IT period (1993-01). The results of all types of evidence considered uniformly lead to the general conclusion that IT has proven a useful strategy for reducing the level and volatility of inflation. However, IT central banks did not outperform the central banks used as reference cases during the second period. We then present an event study of monetary policy comparing inflation and interest rate developments after the 1978 and the 1998 oil price shocks. Here we find that IT central banks realized significantly larger gains in credibility than the central banks in the reference group. . This result corroborates the conclusion that IT is a useful framework for communicating a monetary policy strategy aiming at low inflation rates. --

A Dual-Mode Surface Acoustic Wave Delay Line for the Detection of Ice on 64°-Rotated Y-Cut Lithium Niobate

Ice accumulation on infrastructure poses severe safety risks and economic losses, necessitating effective detection and monitoring solutions. This study introduces a novel approach employing surface acoustic wave (SAW) sensors, known for their small size, wireless operation, energy self-sufficiency, and retrofit capability. Utilizing a SAW dual-mode delay line device on a 64°-rotated Y-cut lithium niobate substrate, we demonstrate a solution for combined ice detection and temperature measurement. In addition to the shear-horizontal polarized leaky SAW, our findings reveal an electrically excitable Rayleigh-type wave in the X+90° direction on the same cut. Experimental results in a temperature chamber confirm capability for reliable differentiation between liquid water and ice loading and simultaneous temperature measurements. This research presents a promising advancement in addressing safety concerns and economic losses associated with ice accretion

Comment on 'Nonreciprocal light propagation in a silicon photonic circuit'

We show that the structure demonstrated by Feng et al. (Reports, 5 August 2011, p. 729) cannot enable optical isolation because it possesses a symmetric scattering matrix. Moreover, one cannot construct an optical isolator by incorporating this structure into any system as long as the system is linear and time-independent and is described by materials with a scalar dielectric function

Forest Fragmentation and Selective Logging Have Inconsistent Effects on Multiple Animal-Mediated Ecosystem Processes in a Tropical Forest

Forest fragmentation and selective logging are two main drivers of global environmental change and modify biodiversity and environmental conditions in many tropical forests. The consequences of these changes for the functioning of tropical forest ecosystems have rarely been explored in a comprehensive approach. In a Kenyan rainforest, we studied six animal-mediated ecosystem processes and recorded species richness and community composition of all animal taxa involved in these processes. We used linear models and a formal meta-analysis to test whether forest fragmentation and selective logging affected ecosystem processes and biodiversity and used structural equation models to disentangle direct from biodiversity-related indirect effects of human disturbance on multiple ecosystem processes. Fragmentation increased decomposition and reduced antbird predation, while selective logging consistently increased pollination, seed dispersal and army-ant raiding. Fragmentation modified species richness or community composition of five taxa, whereas selective logging did not affect any component of biodiversity. Changes in the abundance of functionally important species were related to lower predation by antbirds and higher decomposition rates in small forest fragments. The positive effects of selective logging on bee pollination, bird seed dispersal and army-ant raiding were direct, i.e. not related to changes in biodiversity, and were probably due to behavioural changes of these highly mobile animal taxa. We conclude that animal-mediated ecosystem processes respond in distinct ways to different types of human disturbance in Kakamega Forest. Our findings suggest that forest fragmentation affects ecosystem processes indirectly by changes in biodiversity, whereas selective logging influences processes directly by modifying local environmental conditions and resource distributions. The positive to neutral effects of selective logging on ecosystem processes show that the functionality of tropical forests can be maintained in moderately disturbed forest fragments. Conservation concepts for tropical forests should thus include not only remaining pristine forests but also functionally viable forest remnants