The globalization of U.S. business investment

This paper documents some key facts about foreign direct investment flows by U.S. businesses overseas and foreign businesses in the United States. We show how the pattern of flows has evolved, examine the sources and destination of these flows, document associated employment and productivity gains, and show how investment-related sales compare with traditional exports. While the United States is a net debtor to the rest of the world, direct investment overseas by U.S. businesses exceeds direct investment in the U.S. by foreign businesses. Furthermore, U.S. businesses seem to earn more on their foreign investments than foreign firms earn on their U.S. investments. The globalization of business investment is a long-standing phenomenon, but it has accelerated in recent years and become a source of concern for some, as it is intimately related to the debate on offshore outsourcing. Yet contrary to what some think, the bulk of U.S. investment overseas is in other high-income countries. And foreign investment in the U.S. has been an important source of employment growth in recent years.Investments, Foreign - United States

Openness and inflation

This paper reviews the evidence on the relationship between openness and inflation. There is a robust negative relationship across countries, first documented by Romer (1993), between a country's openness to trade and its long-run inflation rate. However, a key part of the standard explanation for this relationship—that central banks have a smaller incentive to engineer surprise inflations in more-open economies because the Phillips curve is steeper—seems at odds with the facts. While the United States is still not a very open economy by conventional measures, there are channels through which global developments may influence the nation's inflation. We document evidence that global resource utilization may play a role in U.S. inflation and suggest avenues for future research.Inflation (Finance) ; Trade ; Phillips curve

Criticality for branching processes in random environment

We study branching processes in an i.i.d. random environment, where the associated random walk is of the oscillating type. This class of processes generalizes the classical notion of criticality. The main properties of such branching processes are developed under a general assumption, known as Spitzer's condition in fluctuation theory of random walks, and some additional moment condition. We determine the exact asymptotic behavior of the survival probability and prove conditional functional limit theorems for the generation size process and the associated random walk. The results rely on a stimulating interplay between branching process theory and fluctuation theory of random walks.Comment: Published at http://dx.doi.org/10.1214/009117904000000928 in the Annals of Probability (http://www.imstat.org/aop/) by the Institute of Mathematical Statistics (http://www.imstat.org

Sensory acceptance of organic and conventional food by children in the age of 2 to 7 years

This study is initialized to find out which sensory factors might influence the acceptance of organic food by young children. 138 children aged from 2 to 7 years were recruited at the German Research Institute of Child Nutrition in Dortmund. All these children are participating in the DONALD-Study. Detailed nutrition records are available about breastfeeding and feeding of these children from birth to the age of one and further on. In a 2-year testing-period children tasted organic and conventional food in two-sided Paired Comparison Tests. In both years parents were asked a number of questions, mainly about the nutrition behaviour of their children. Sensory tests were analyzed and connected in different ways: with data of sensory profiles, nutrition records and different questionnaires

Enhancement of the ferromagnetic order of graphite after sulphuric acid treatment

We have studied the changes in the ferromagnetic behavior of graphite powder and graphite flakes after treatment with diluted sulphuric acid. We show that this kind of acid treatment enhances substantially the ferromagnetic magnetization of virgin graphite micrometer size powder as well as in graphite flakes. The anisotropic magnetoresistance (AMR) amplitude at 300 K measured in a micrometer size thin graphite flake after acid treatment reaches values comparable to polycrystalline cobalt.Comment: 3.2 pages, 4 figure

Biogeographic Differences in the Microbiome and Pathobiome of the Coral Cladocora caespitosa in the Western Mediterranean Sea.

The endemic Mediterranean zooxanthellate scleractinian reef-builder Cladocora caespitosa is among the organisms most affected by warming-related mass mortality events in the Mediterranean Sea. Corals are known to contain a diverse microbiota that plays a key role in their physiology and health. Here we report the first study that examines the microbiome and pathobiome associated with C. caespitosa in three different Mediterranean locations (i.e., Genova, Columbretes Islands, and Tabarca Island). The microbial communities associated with this species showed biogeographical differences, but shared a common core microbiome that probably plays a key role in the coral holobiont. The putatively pathogenic microbial assemblage (i.e., pathobiome) of C. caespitosa also seemed to depend on geographic location and the human footprint. In locations near the coast and with higher human influence, the pathobiome was entirely constituted by Vibrio species, including the well-known coral pathogens Vibrio coralliilyticus and V. mediterranei. However, in the Columbretes Islands, located off the coast and the most pristine of the analyzed locations, no changes among microbial communities associated to healthy and necrosed samples were detected. Hence, our results provide new insights into the microbiome of the temperate corals and its role in coral health status, highlighting its dependence on the local environmental conditions and the human footprint