Monetary Policy and Multiple Equilibria

In this paper, we characterize conditions under which interest rate feedback rules wherby the nominal interest rate is set as an increasing function of the inflation rate generate multiple equilibria. We show that these conditions depend not only on the fiscal regime (as emphasized in the fiscal theory of the price level) but also on the way in which money is assumed to enter preferences and technology. We analyze this issue in flexible and sticky price environments.MONETARY POLICY ; PRICES ; INTEREST RATE

Avoiding Liquidity Traps

Once the zero bound on nominal interest rates is taken into account, Taylor-type interest-rate feedback rules give rise to unintended self-fulfilling decelerating inflation paths and aggregate fluctuations driven by arbitrary revisions in expectations. These undesirable equilibria exhibit the essential features of liquidity traps, as monetary policy is ineffective in bringing about the government's goals regarding the stability of output and prices. This paper proposes several fiscal and monetary policies that preserve the appealing features of Taylor rules, such as local uniqueness of equilibrium near the inflation target, and at the same time rule out the deflationary expectations that can lead an economy into a liquidity trap.TAYLOR RULES; LIQUIDITY TRAPS; ZERO BOUND ON NOMINAL INTEREST RATES.

Corruption and entrepreneurship: A bibliometric analysis

The impact of corruption on entrepreneurial dynamics became an attractive topic for scholars after the appearance of public scandals that led to the delegitimization of many governments in the last 40 years. The research that explored the relationship between corruption and entrepreneurship has produced controversial results. It appears that the interaction of these two constructs is influenced by contextual factors both at an individual and national level of analysis. By using a bibliometric methodology and a fractional counting method to analyse the scientific literature on corruption and entrepreneurship, this paper identifies and analyses 180 articles recorded in the Scopus database. It represents a contribution by showing the state of the art of research on corruption and entrepreneurship and proposes future lines of research. Important results have been found about the evolution of the volume of articles and citations on this topic over time. Significant academic interest in this field commenced in the 21st century, and more specifically in the last ten years. This work also provides findings about the most prolific journals, institutions and authors, as well as the most relevant countries, with the United States and United Kingdom leading in terms of the number of publications. In addition, an in-depth analysis of authors' keywords has identified different trends, such as institutions, economic growth, shadow economy, regulation, Africa, culture, economic development, business environment, and informal economy. Finally, some future research lines are proposed, such as institutional theory, tax morale, corruption perceptions, European regions, risk aversion and institutional entrepreneurship

An Investigation and Analysis of the Vestibulo-Ocular Reflex in a Vibration Environment

Forty years of innovations have greatly improved Helmet-Mounted Displays (HMDs) and their integration into military systems. However, a significant issue with HMDs is the effect of vibration and the associated Vestibulo-Ocular Reflex (VOR). When a human’s head is subject to low-frequency vibration, the VOR stabilizes the eye with respect to objects in the external environment. However, this response is inappropriate in HMDs as the display moves with the user’s head and the VOR blurs the image as it is projected on the human retina. Current compensation techniques suggest increasing the size of displayed graphics or text to compensate for the loss of perceived resolution, which reduces the benefit of advanced high-definition HMDs. While limited research has been done on the VOR in real world settings, this research sought to understand and describe the VOR in the presence of head slued imagery as a function of whole body low-frequency vibration. An experimental HMD was designed and developed to allow a user to perform visual tasks, while also recording and tracking eye movements via video recording and EOG. A human subject experiment was executed to collect initial data on the effect of vibration on eye movements while performing simple tasks chosen to isolate specific eye motions. The results indicate that when fixating on a stationary target, the magnitude of eye movement was greatest at 4-6 Hz of, before steadily decreasing beyond this range. The addition of motion to this target increased the magnitude at 4-6 Hz. The findings are consistent with previous research, which has found a decline in visual performance in this frequency range

Expanding School Enrollment by Subsidizing Private Schools: Lessons from Bogotá

Many countries use tax revenues to subsidize private schools. Whether these policies meet social objectives depends, in part, on the relative quality of education provided by the two types of schools. We use data on elementary school students and their teachers in Bogotá, Colombia to examine difference in resource mixes and differences in the relative effectiveness of public and private schools. We find that, on average, the schools in the two sectors are equally effective. However, they produce education using very different resource combinations. Moreover, there are large differences in the effectiveness of schools in both sectors, especially in the private sector. The results of our analysis shed light on the quantity-quality tradeoff that governments in many developing countries face in deciding how to use scarce educational resources.

Huertos, diversidad y alimentación en una zona de transición ecológica del estado de México

The study of the home gardens in Mexico is important. It represents an alternative food supplement of the families in rural and urban zones. In the zone ecological transitional State of Mexico the diversity of vegetal species in the home gardens is wide, due to the interaction of geographic, climatic, soil, environmental and ecological conditions. The products obtained have diverse uses: nutritional, social, ritual and commercial, being the most important that for subsistence and the social relation