Complex Remanence vs. Simple Persistence: Are Hysteresis and Unit-Root Processes observationally equivalent?

The hysteresis terminology has mainly been used in two fields of economics, unemplyment and international trade, with a different meaning however, involving either linear autoregressive macro behaviour or non- linear heterogenous mico behaviour. There may nonetheless be observational equivalence between the 'persistence' characterising unit- root processes and the 'remanence' created by the aggregation of non- linear dynamics. Stochastic simulations are employed to analyse the properties of the output of an hysteretic system, subject to white noise and random walk inputs. Non-linear hysteretic systems are found to generate a sizeable proportion - two-thirds - of stationary output from stationary input, and to possibly generate an output cointegrated with the corresponding input. Such processes therefore appear significantly different from an integrated process. This stresses the specific relevance of a non-linear approach to hysteresis.hysteresis, non-linearity, aggregation, heterogeneity, experimental economics

The short-term impact of government budgets on prices; evidence from macroeconometric models

This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses it against new results from harmonised simulations, conducted with six well-established econometric models used by the ECB and five national central banks (NCBs) of the Eurosystem. The outcome is also compared with results from the European Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government budget items in the euro area. In all cases, changes in government demand and in direct taxes paid by households have a limited impact on prices in the first year while, in contrast, changes in indirect taxes and employersÂ’ social security contributions have a relatively large impact. The second year results show that the effects on prices usually take some time to materialise fully; in particular, they often become large for the public consumption shock.Euro area, model simulations, fiscal policy, prices

The short-term impact of government budgets on prices Evidence from macroeconometric models

This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses it against new results from harmonised simulations, conducted with six well-established econometric models used by the ECB and five national central banks (NCBs) of the Eurosystem. The outcome is also compared with results from the European Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government budget items in the euro area. In all cases, changes in government demand and in direct taxes paid by households have a limited impact on prices in the first year while, in contrast, changes in indirect taxes and employers’ social security contributions have a relatively large impact. The second year results show that the effects on prices usually take some time to materialise fully; in particular, they often become large for the public consumption shock.euro area, model simulations, fiscal policy, prices

Effects on Commercial Broiler Chicks of Constant Exposure to Ultraviolet Light from Insect Traps

Constant exposure of newly hatched Avian x Avian broilers to ultraviolet light from insect traps for 42 d resulted in no significant differences in mortality, weight gain, feed consumption, or feed conversion. Birds were exposed to greater intensities of ultraviolet light for longer periods than could be expected under commercial conditions. Although house flies are rarely a problem in broiler houses, our results indicate that insect traps with ultraviolet light as an attractant would not be detrimental to production of broilers. The need for additional testing of light traps for nuisance fly control in commercial broiler houses is discussed

There\u27s Something That I Like About You

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Book Reviews

The problem discussed by Professor Stumpf in his book Morality and the Law can be summarized by these questions: Do we have two kinds of prescribed conduct, one prescribed by morality independent of the government, the other prescribed by government independent of morality? Or is prescription by government necessarily moral because government is necessarily moral by reason of being the government? If not, under what conditions, if any, does prescription by government become a moral prescription? Under what conditions, if any, is government, by law, a matter of expedience, not to be confused with morality? reviewer: Henry Nelson Wieman ============================== The critical notes in this review are not to be taken as a lack of appreciation of Professor Stumpf\u27s contribution to legal philosophy. The problems he has formulated, even though not solved, focus attention on some of the shortcomings in the recurrent polemics on natural law and legal positivism. The progress of jurisprudence in this important area requires moral philosophers to study the position of legal positivists who claim to be interested in the morality of positive law. This study should include an examination of the underlying metaphysical and epistemological bases of natural law philosophy and of the relevance of deontological and teleological ethics as well as that of cognitivism. Current moral philosophy has much to contribute to the solution of these problems and thus to the progress of jurisprudence. Despite the problematic character of this book, Professor Stumpf has shown great sensitivity to current jurisprudential difficulties. One hopes he will turn his attention to some of the ethical problems suggested here, and relate his analysis of them to the philosophy of law. reviewer: Jerome Hal

On The Shore At Le Lei Wi

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