Optimal Monetary Policy Response to Distortionary Tax Changes

We analyze the trade-offs faced by a monetary policy authority when a value added tax rate is increased. In the short run, such an increase acts as a cost push shock from the perspective of a central bank that is concerned with stabilizing the welfare relevant output gap. We develop a New Keynesian monetary model with real wage rigidity and consider the effects that obtain under a simple interest rate rule, on the one hand, and those that obtain under an optimal monetary policy from a timeless perspective (in the terminology of Woodford, 2003). The implications for the dynamic response of the economy differ in the presence of real wage rigidity. While under a rule inflation is higher for about eight quarters, the optimal policy involves an adjustment that is about half as long, and is followed by a slight deflation. The reason is that this policy can be shown to include a commitment to target a certain price-level, which helps contain inflation expectations. We treat the tax shock as permanent, so that the central bank does not fully revert the price level to its orginal level.Nominal and real rigidities, distortionary taxation, optimal monetary policy

How Does EU Enlargement Affect Social Cohesion?

The enlargement of the European Union in May 2004 by ten new member states bear increasing challenges in creating social cohesion among its citizens and regions. Social cohesion is understood here in a broad sense as a coalescence of European societies in such a way that living conditions and quality of life of its citizens converge. This paper's empirical focus is on the two core life domains that are currently taking center stage in EU policy debates: (1) employment and working conditions and (2) economic resources and social exclusion. The analyses show that the 15 former member states are converging in terms of lliving and work-ing conditions and the situation has improved in all of these countries during the 1990s. With the enlargement the situation becomes more diverse in the enlarged EU. In particular the post-socialist countries have to make great efforts to catch up with their EU counterparts. We can identify three emerging clusters of countries that share empirically very similar living stan-dards. The first, wealthy cluster consists of the old northern European member states. The second, intermediary country group contains the most well-off accession countries and the old Mediterranean member countries with a lower living standard. The third, less developed clus-ter embraces new member states that were former post-communist countries.

Homogenization methods and macro-strength of composites

A multi-phase periodic composite subjected to inhomogeneous shrinkage or temperature deformation and prescribed mechanical loads is considered. The asymptotic homogenisation is applied for calculation of homogenized macrostresses. A non-local approximate macro-strength condition, defined on homogenised stress-field, is derived from the micro-strength conditions and their convergence to the approximate macro-strength condition, as the structure period tends to zero, is proved

How Does EU Enlargement Affect Social Cohesion?

The enlargement of the European Union in May 2004 by ten new member states bear increasing challenges in creating social cohesion among its citizens and regions. Social cohesion is understood here in a broad sense as a coalescence of European societies in such a way that living conditions and quality of life of its citizens converge. This paper?s empirical focus is on the two core life domains that are currently taking center stage in EU policy debates: (1) employment and working conditions and (2) economic resources and social exclusion. The analyses show that the 15 former member states are converging in terms of lliving and working conditions and the situation has improved in all of these countries during the 1990s. With the enlargement the situation becomes more diverse in the enlarged EU. In particular the postsocialist countries have to make great efforts to catch up with their EU counterparts. We can identify three emerging clusters of countries that share empirically very similar living standards. The first, wealthy cluster consists of the old northern European member states. The second, intermediary country group contains the most well-off accession countries and the old Mediterranean member countries with a lower living standard. The third, less developed cluster embraces new member states that were former post-communist countries

Substrate effects on surface magetetism of Fe/W(110) from first principles

Surface magnetic properties of the pseudomorphic Fe(110) monolayer on a W(110) substrate are investigated from first principles as a function of the substrate thickness (up to eight layers). Analyzing the magnetocrystalline anisotropy energies, we find stable (with respect to the number of substrate layers) in-plane easy and hard axes of magnetization along the [1[overline 1]0] and [001] directions, respectively, reaching a value in good agreement with experiment for thick substrates. Additionally, the changes to the magnetic spin moments and the density of the Fe d states are analyzed with respect to the number of substrate layers as well as with respect to the direction of magnetization. With respect to the number of W(110) substrate layers beneath the Fe(110) surface, we find that the first four substrate layers have a large influence on the electronic and magnetic properties of the surface. Beyond the fourth layer, the substrate has only marginal influence on the surface properties.Comment: 8 Pages, 3 Figures, 3 Table

Spatial decoupling of agricultural production and consumption: Quantifying dependences of countries on food imports due to domestic land and water constraints

In our globalizing world, the geographical locations of food production and consumption are becoming increasingly disconnected, which increases reliance on external resources and their trade. We quantified to what extent water and land constraints limit countries' capacities, at present and by 2050, to produce on their own territory the crop products that they currently import from other countries. Scenarios of increased crop productivity and water use, cropland expansion (excluding areas prioritized for other uses) and population change are accounted for. We found that currently 16% of the world population use the opportunities of international trade to cover their demand for agricultural products. Population change may strongly increase the number of people depending on ex situ land and water resources up to about 5.2 billion (51% of world population) in the SRES A2r scenario. International trade will thus have to intensify if population growth is not accompanied by dietary change towards less resource-intensive products, by cropland expansion, or by productivity improvements, mainly in Africa and the Middle East. Up to 1.3 billion people may be at risk of food insecurity in 2050 in present low-income economies (mainly in Africa), if their economic development does not allow them to afford productivity increases, cropland expansion and/or imports from other countries

To share or not to share vector registers?

Query execution techniques in database systems constantly adapt to novel hardware features to achieve high query performance, in particular for analytical queries. In recent years, vectorization based on the Single Instruction Multiple Data parallel paradigm has been established as a state-of-the-art approach to increase single-query performance. However, since concurrent analytical queries running in parallel often access the same columns and perform a same set of vectorized operations, data accesses and computations among different queries may be executed redundantly. Various techniques have already been proposed to avoid such redundancy, ranging from concurrent scans via the construction of materialized views to applying multiple query optimization techniques. Continuing this line of research, we investigate the opportunity of sharing vector registers for concurrently running queries in analytical scenarios in this paper. In particular, our novel sharing approach relies on processing data elements of different queries together within a single vector register. As we are going to show, sharing vector registers to optimize the execution of concurrent analytical queries can be very beneficial in single-threaded as well as multi-thread environments. Therefore, we demonstrate the feasibility and applicability of such a novel work sharing strategy and thus open up a wide spectrum of future research opportunities

New insights into the petrogenesis of the Jameson Range layered intrusion and associated Fe-Ti-P-V-PGE-Au mineralisation, West Musgrave Province, Western Australia

The Mesoproterozoic Jameson Range intrusion forms part of the Giles Complex, Musgrave Province, Western Australia. It is predominantly mafic in composition comprising olivine-bearing gabbroic lithologies with variable amounts of magnetite and ilmenite. Lithologies containing more than 50 vol% magnetite and ilmenite are classified as magnetitites. The Jameson Range hosts several of these magnetitites forming laterally extensive layers, which can be traced for at least 19 km as continuous magnetic anomalies. Similar occurrences of magnetitites are known from the upper parts of other layered intrusions, such as the Bushveld Complex. In addition, the intrusion hosts several P-rich zones, one of which is at least 59 m in thickness containing 1.0 wt% P2O5. The P-rich zones are not directly associated with the magnetitites, but they mostly occur slightly above them. The mineral chemistry of the Jameson Range cumulates is relatively evolved with olivine compositions ranging from Fo44 to Fo60 and plagioclase compositions varying between An56 and An59. The Mg# (100 × Mg / (Mg + Fe)) of ortho- and clinopyroxene ranges from 60 to 61 and from 70 to 75, respectively. Magnetite compositions are characterised by low TiO2 concentrations varying from 0.39 to 3.04 wt% representing near end-member magnetite with up to 1.2 wt% Cr and 1.3 wt% V, respectively. The basal magnetite layer reaches up to 68.8 wt% Fe2O3(t) and 24.2 wt% TiO2, and it is also markedly enriched in Cu (up to 0.3 wt% Cu), V (up to 1.05 wt% V2O5) and platinum-group elements (PGE) (up to 2 ppm Pt + Pd). Sulphide minerals comprising bornite, chalcopyrite and minor pentlandite occur finely disseminated in the magnetitite and account for the elevated base metal and PGE concentrations. Modelling indicates that the PGE mineralisation was formed at very high R factors of up to 100,000, which is typical for PGE reefs in layered intrusions. Whole rock geochemical and mineralogical data of the magnetite layers and their host rocks further allow for a refinement of current formation models of layered igneous sequences. Several lines of evidence suggest that the magnetite layers formed in response to primarily density-controlled mineral sorting within crystal slurries, although the grain size also affects the sorting process

Functional analysis of human and chimpanzee promoters

BACKGROUND: It has long been argued that changes in gene expression may provide an additional and crucial perspective on the evolutionary differences between humans and chimpanzees. To investigate how often expression differences seen in tissues are caused by sequence differences in the proximal promoters, we tested the expression activity in cultured cells of human and chimpanzee promoters from genes that differ in mRNA expression between human and chimpanzee tissues. RESULTS: Twelve promoters for which the corresponding gene had been shown to be differentially expressed between humans and chimpanzees in liver or brain were tested. Seven showed a significant difference in activity between the human promoter and the orthologous chimpanzee promoter in at least one of the two cell lines used. However, only three of them showed a difference in the same direction as in the tissues. CONCLUSION: Differences in proximal promoter activity are likely to be common between humans and chimpanzees, but are not linked in a simple fashion to gene-expression levels in tissues. This suggests that several genetic differences between humans and chimpanzees might be responsible for a single expression difference and thus that relevant expression differences between humans and chimpanzees will be difficult to predict from cell culture experiments or DNA sequences