Government expenditures and equilibrium real exchange rates

Economists have long investigated theoretically and empirically the relationship between government spending and equilibrium real exchange rates. As Frenkel and Razin (1996) summarize for a small open economy, government expenditures (financed by lump-sum taxes) influence real exchange rates via a resource-withdrawal channel and a consumption-tilting channel. Recent theoretical and empirical studies, such as Froot and Rogoff (1991), Rogoff (1992), De Gregorio, Giovannini, and Krueger (1994), De Gregorio, Giovannini, and Wolf (1994), De Gregorio and Wolf (1994), and Chinn and Johnston (1996), have focused only upon the effects of government spending through the resource-withdrawal channel. Extending Frenkel and Razin (1996), this paper generates closed-form theoretical solutions for the relationships among the real exchange rate, relative per capita private consumption, relative per capita government consumption, and relative per capita tradables and nontradables production in a two-country general equilibrium model. Using relative price level, private and government per capita consumption, and relative productivity data from the Summers and Heston (1991) Penn World Tables and OECD (1 996) data for a sample of OECD countries relative to the United States, we estimate the model\u27 s structural equations. The results suggest that government expenditures influence equilibrium real exchange rates approximately equally via the resource-withdrawal and consumption-tilting channels. Moreover, the results imply that government spending and private consumption are complements in utility

Subcellular distribution of dolichol phosphate

originalFil: Dallner, Gustav. Instituto de Investigaciones Bioquímicas Fundación Campomar; ArgentinaFil: Behrens, Nicolás H.. Instituto de Investigaciones Bioquímicas Fundación Campomar; ArgentinaFil: Parodi, Armando José A.. Instituto de Investigaciones Bioquímicas Fundación Campomar; ArgentinaFil: Leloir, Luis Federico. Instituto de Investigaciones Bioquímicas Fundación Campomar; ArgentinaBlanco y negro3 páginas en pdfLFL-PI-O-ART. Artículos científicosUnidad documental simpleAR-HYL-201

Relativistic nature of a magnetoelectric modulus of Cr_2O_3-crystals: a new 4-dimensional pseudoscalar and its measurement

Earlier, the magnetoelectric effect of chromium sesquioxide Cr_2O_3 has been determined experimentally as a function of temperature. One measures the electric field-induced magnetization on Cr_2O_3 crystals or the magnetic field-induced polarization. From the magnetoelectric moduli of Cr_2O_3 we extract a 4-dimensional relativistic invariant pseudoscalar $\widetilde{\alpha}$. It is temperature dependent and of the order of 10^{-4}/Z_0, with Z_0 as vacuum impedance. We show that the new pseudoscalar is odd under parity transformation and odd under time inversion. Moreover, $\widetilde{\alpha}$ is for Cr_2O_3 what Tellegen's gyrator is for two port theory, the axion field for axion electrodynamics, and the PEMC (perfect electromagnetic conductor) for electrical engineering.Comment: Revtex, 36 pages, 9 figures (submitted in low resolution, better quality figures are available from the authors

Strategies for Deeper Integration: Case Study of the Baltics

When we talk about international integration, trade and investment, the it’s-all-about-geographic-proximity is a tempting argument to make. While the importance of geographic closeness cannot be denied, empirical evidence suggests existence of other, perhaps equally significant factors that bring countries closer together. The aim of this paper is to sketch some light on an often overlooked aspect of international integration, recently introduced as the ‘new regionalism’ paradigm. Based on the proposed ‘mentoring’ and ‘the training ground’ concepts we analyze such integration within the Baltic Sea region, suggesting an alternative approach to international economic convergence

Measuring the Effect of Revealed Cultural Preferences on Tourism Exports

The aim of this article is to propose a novel method for measuring the effect of cultural preference on bilateral tourism receipts. The method applied is inspired from Disdier et al. (2010). Using the UNESCO classification and data on bilateral trade in cultural product, a proxy for cultural preferences is constructed. The variable is used in a gravity model for tourism export, which is estimated using a two-step procedure to avoid issues related to endogeneity. The data set used is a panel of 12 OECD countries for a period of 11 years. The variable for cultural preferences eliminates the problems with traditional methods, which by using dummy variables to account for cultural preferences, assume that the latter are time-invariant and symmetrical. The cultural variable constructed is found to be significant in explaining bilateral tourism exports with an elasticity of 0.39. © The Author(s) 2018

Measurement of gauge blocks by interferometry

The key comparison EURAMET.L-K1.2011 on gauge blocks was carried out in the framework of a EURAMET project starting in 2012 and ending in 2015. It involved the participation of 24 National Metrology Institutes from Europe and Egypt, respectively. 38 gauge blocks of steel and ceramic with nominal central lengths between 0.5 mm and 500 mm were circulated. The comparison was conducted in two loops with two sets of artifacts. A statistical technique for linking the reference values was applied. As a consequence the reference value of one loop is influenced by the measurements of the other loop although they did not even see the artifacts of the others. This influence comes solely from three "linking laboratories" which measure both sets of artifacts. In total there were 44 results were not fully consistent with the reference values. This represents 10% of the full set of 420 results which is a considerable high number. At least 12 of them are clearly outliers where the participants have been informed by the pilot as soon as possible. The comparison results help to support the calibration and measurement capabilities (CMCs) of the laboratories involved in the CIPM MRA