Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary shocks if it ties the hands of policy makers. But any decision to forsake exchange-rate flexibility might compromise shock absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard did absorb shocks, but the interwar gold standard did not, and this historical pattern suggests that the interwar gold standard was a poor regime choice.

Trade Booms, Trade Busts, and Trade Costs

What has driven trade booms and trade busts in the past and present? We derive a micro-founded measure of trade frictions from leading trade theories and use it to gauge the importance of bilateral trade costs in determining international trade flows. We construct a new balanced sample of bilateral trade flows for 130 country pairs across the Americas, Asia, Europe, and Oceania for the period from 1870 to 2000 and demonstrate an overriding role for declining trade costs in the pre-World War I trade boom. In contrast, for the post-World War II trade boom we identify changes in output as the dominant force. Finally, the entirety of the interwar trade bust is explained by increases in trade costs.

Trade costs, 1870–2000

What has driven trade booms and trade busts in the past century and a half? Was it changes in global output or in the costs of international trade? To address this question, we derive a micro-founded measure of aggregate bilateral trade costs based on a standard model of trade in differentiated goods. These trade costs gauge the difference between observed bilateral trade and frictionless trade in terms of an implied markup on retail prices of foreign goods. Thus, we are able to estimate the combined magnitude of tariffs, transportation costs, and all other macroeconomic frictions that impede international trade but that are inherently difficult to observe. We use this measure to examine the growth of global trade between 1870 and 1913, its retreat from 1921 to 1939, and its subsequent rise from 1950 to 2000. We find that trade cost declines explain roughly 55 percent of the pre–World War I trade boom and 33 percent of the post–World War II trade boom, while a precipitous rise in trade costs explains the entire interwar trade bust

Trade booms, trade busts and trade costs

What has driven trade booms and trade busts in the past and present? We derive a micro-founded measure of trade frictions from leading trade theories and use it to gauge the importance of bilateral trade costs in determining international trade flows. We construct a new balanced sample of bilateral trade flows for 130 country pairs across the Americas, Asia, Europe, and Oceania for the period from 1870 to 2000 and demonstrate an overriding role for declining trade costs in the pre-World War I trade boom. In contrast, for the post-World War II trade boom we identify changes in output as the dominant force. Finally, the entirety of the interwar trade bust is explained by increases in trade costs

Trade costs in the first wave of Globalization

What drives globalization today and in the past? We employ a new micro-founded measure of bilateral trade costs based on a standard model of trade in differentiated goods to address this question. These trade costs gauge the difference between observed bilateral trade and frictionless trade. They comprise tariffs, transportation costs and all other factors that impede international trade but which are inherently difficult to observe. Trade costs fell on average by ten to Þfteen percent between 1870 and 1913. We also use this measure to decompose the growth of global trade over that period and Þnd that roughly 44 percent of the global trade boom can be explained by reductions in trade costs; the remaining 56 percent is attributable to economic expansion

Comparison of the Effects of Ice and 3.5% Menthol Gel on Blood Flow and Muscle Strength of the Lower Arm

Context: Soft-tissue injuries are commonly treated with ice or menthol gels. Few studies have compared the effects of these treatments on blood flow and muscle strength. Objective: To compare blood flow and muscle strength in the forearm after an application of ice or menthol gel or no treatment. Design: Repeated measures design in which blood-flow and muscle-strength data were collected from subjects under 3 treatment conditions. Setting: Exercise physiology laboratory. Participants: 17 healthy adults with no impediment to the blood flow or strength in their right arm, recruited through word of mouth. Intervention: Three separate treatment conditions were randomly applied topically to the right forearm: no treatment, 0.5 kg of ice, or 3.5 mL of 3.5% menthol gel. To avoid injury ice was only applied for 20 min. Main Outcome Measures: At each data-collection session blood flow (mL/min) of the right radial artery was determined at baseline before any treatment and then at 5, 10, 15, and 20 min after treatment using Doppler ultrasound. Muscle strength was assessed as maximum isokinetic flexion and extension of the wrist at 30°/s 20, 25, and 30 min after treatment. Results: The menthol gel reduced (–42%, P \u3c .05) blood flow in the radial artery 5 min after application but not at 10, 15, or 20 min after application. Ice reduced (–48%, P \u3c .05) blood flow in the radial artery only after 20 min of application. After 15 min of the control condition blood flow increased (83%, P \u3c .05) from baseline measures. After the removal of ice, wrist-extension strength did not increase per repeated strength assessment as it did during the control condition (9–11%, P \u3c .05) and menthol-gel intervention (8%, P \u3c .05). Conclusions: Menthol has a fast-acting, short-lived effect of reducing blood flow. Ice reduces blood flow after a prolonged duration. Muscle strength appears to be inhibited after ice application

Fit Into College II: Physical Activity and Nutrition Behavior Effectiveness and Programming Recommendations

Purpose: To determine whether residency (living on campus versus off campus) was related to the effects of Fit into College on students’ health behaviors, and to understand interns’ perceptions of their roles in mentoring their trainees. Design: Pre-experimental, one-group, pretest-posttest design and a posttest focus group interview. Setting: University-offered health and internship courses. Subjects: Twenty-four students (trainees) participated in the intervention, nine of whom lived on campus. Five student-interns served as their mentors. Intervention: Fit into College was a 14-week intervention in which trainees teamed up with an intern to improve and/or maintain healthy nutrition and physical activity behaviors. Measures: Trainees’ nutrition and physical activity behaviors and perceptions were quantitatively assessed through surveys at preintervention and postintervention. Interns’ mentoring perceptions were qualitatively assessed through a focus group interview after the intervention. Analysis: Two-factor repeated measure ANOVAs and qualitative theme identification. Results: Regardless of their residency location, the trainees’ perceptions of the health benefits of eating fruits and vegetables improved during the intervention. However, for trainees living on campus, the intervention was not effective in increasing the number of fruits and vegetables consumed or the planning for food preparation. The interns perceived that they did not have adequate access to healthy foods, the knowledge or skills to prepare healthy foods, or the competency to teach food preparation strategies to their trainees. For trainees living on campus, the intervention was more effective in decreasing perceived exercise barriers than trainees living off campus. Conclusion: Future iterations of Fit into College may focus on 1) improving college students’ planning and preparation of healthy foods, 2) segmenting trainees into more homogeneous groups for the interns to tailor their areas of expertise (campus vs. off-campus and/or freshman vs. upperclass students), and 3) collaborating with university-partners to improve environmental conditions to promote physical activity and healthy nutrition

In Vivo Delivery of Lenti-Cre or Adeno-Cre into Mice Using Intranasal Instillation

Lung cancer remains the leading cause of cancer deaths among both men and women, with a lower rate of survival than both breast and prostate cancer. Development of the Cre/lox system and improved mouse models have allowed researchers to gain a better understanding of human disease, including lung cancer. Through the viral delivery of Cre, gene function in adult mice can be precisely studied at a specific developmental stage or in a specific cell/tissue type of choice. This protocol describes how to produce adenovirus-Cre precipitate. Using this adeno-Cre (or lentivirus-Cre), Cre can be expressed in mouse lungs. The virus is delivered by intranasal instillation

Strategies to Achieve Conditional Gene Mutation in Mice

The laboratory mouse is an ideal model organism for studying disease because it is physiologically similar to human and also because its genome is readily manipulated. Genetic engineering allows researchers to introduce specific loss-of-function or gain-of-function mutations into genes and then to study the resulting phenotypes in an in vivo context. One drawback of using traditional transgenic and knockout mice to study human diseases is that many mutations passed through the germline can profoundly affect development, thus impeding the study of disease phenotypes in adults. New technology has made it possible to generate conditional mutations that can be introduced in a spatially and/ or temporally restricted manner. Mouse strains carrying conditional mutations represent valuable experimental models for the study of human diseases and they can be used to develop strategies for prevention and treatment of these diseases. In this article, we will describe the most widely used DNA recombinase systems used to achieve conditional gene mutation in mouse models and discuss how these systems can be employed in vivo