Government spending shocks and labor productivity

A central question in the empirical fiscal policy literature is the magnitude, in fact even the sign, of the fiscal multiplier. Standard identification schemes for fiscal VAR models typically imply positive output as well as labor productivity responses to expansionary government spending shocks. The standard macro assumption of decreasing returns to labor, however, implies that expansionary government spending shocks should lead to increasing output and hours, but to decreasing labor productivity. To potentially reconcile theory and empirical analysis we impose, amongst other sign restrictions, opposite signs of the impulse responses of output and labor productivity to government spending shocks in eight- to ten-variable VAR models, estimated on quarterly US data. Doing so leads to contractionary effects of positive government spending shocks. This potentially surprising finding is robust to the inclusion of variable capital utilization rates and total factor productivity

Inherited arc signature in Ediacaran and Early Cambrian basins of

Geochemical data from clastic rocks of the Ossa-Morena Zone (Iberian Massif) show that the main source for the Ediacaran and the Early Cambrian sediments was a recycled Cadomian magmatic arc along the northern Gondwana margin. The geodynamic scenario for this segment of the Avalonian-Cadomian active margin is considered in terms of three main stages: (1) The 570–540 Ma evolution of an active continental margin evolving oblique collision with accretion of oceanic crust, a continental magmatic arc and the development of related marginal basins; (2) the Ediacaran–Early Cambrian transition (540–520 Ma) coeval with important orogenic magmatism and the formation of transtensional basins with detritus derived from remnants of the magmatic arc; and (3) Gondwana fragmentation with the formation of Early Cambrian (520–510 Ma) shallow-water platforms in transtensional grabens accompanied by rift-related magmatism. These processes are comparable to similar Cadomian successions in other regions of Gondwanan Europe and Northwest Africa. Ediacaran and Early Cambrian basins preserved in the Ossa-Morena Zone (Portugal and Spain), the North Armorican Cadomian Belt (France), the Saxo-Thuringian Zone (Germany), the Western Meseta and the Western High-Atlas (Morocco) share a similar geotectonic evolution, probably situated in the same paleogeographic West African peri-Gondwanan region of the Avalonian-Cadomian active margin

The provenance of Late Ediacaran and Early Ordovician siliciclastic rocks in the

U–Pb geochronology of detrital zircon from Late Ediacaran (Beiras Group greywackes) and Early Ordovician (Sarnelhas arkosic quartzites and Armorican quartzites of Penacova) sedimentary rocks of the southwest Central Iberian Zone (SW CIZ) constrain the evolution of northern Gondwana active-passive margin transition. The LA-ICP-MS U–Pb data set (375 detrital zircons with 90–110% concordant ages) is dominated by Neoproterozoic ages (75% for the greywakes and 60% for the quartzites), among which the main age cluster (more significant for Beiras Group greywackes) is Cryogenian (c.840–750 Ma), while a few Mesoproterozoic and Tonian ages are also present (percentages <8%). These two features, and the predominance of Cryogenian ages over Ediacaran ages, distinguish the Beiras Group greywackes (SW CIZ) from the time-equivalent Serie Negra (Ossa-Morena Zone – OMZ), with which they are in inferred contact. The age spectra of the Beiras Group greywackes also reveal three major episodes of zircon crystallisation in the source area during the Neoproterozoic that are probably associated with a long-lived system of magmatism that developed either along or in the vicinity of the northern Gondwana margin at: (1) c. 850–700 Ma – Pan-African suture (not well represented in OMZ); (2) c. 700–635 Ma – early Cadomian arc; and (3) c. 635–545 Ma – late Cadomian arc. Comparison of Neoproterozoic ages and those of the Paleoproterozoic (c. 2–1.8 Ga) and Archean (mainly Neoarchean – 2.8–2.6 Ga, but also older) in the Beiras Group greywackes with U–Pb ages of Cadomian correlatives shows that: (1) SW CIZ, OMZ, Saxo- Thuringian Zone, North Armorican Cadomian Belt and Anti-Atlas) evolved together during the formation of back-arc basins on the northern Gondwana active margin and (2) all recorded synorogenic basins that were filled during the Ediacaran by detritus resulting from erosion of the West African craton, the Pan- African suture and a long-lived Cadomian magmatic arc. Differences in detrital zircon age populations in the greywackes of the Beiras Group (SW CIZ Cadomian basement) and the Serie Negra (OMZ Cadomian basement) are also observed in their respective overlying Early Ordovician quartzites. Since both these SW Iberia Cadomian basements evolved together along the active margin of Gondwana (but sufficiently separated to account for the differences in their detrital zircon content), this continuation of differing zircon populations into the Early Ordovician suggests that the inferred contact presently juxtaposing the Beiras Group and the Serie Negra is not pre-Early Ordovician and so is unlikely to demonstrate a Cadomian suture

Evidence formulti-cycle sedimentation and provenance constraints from

Laser ablation ICP-MS U–Pb analyses were conducted on detrital zircons of Triassic sandstone and conglomerate from the Lusitanian basin in order to: i) document the age spectra of detrital zircon; ii) compare U–Pb detrital zircon ages with previous published data obtained from Upper Carboniferous, Ordovician, Cambrian and Ediacaran sedimentary rocks of the pre-Mesozoic basement of western Iberia; iii) discuss potential sources; and iv) test the hypothesis of sedimentary recycling. U–Pb dating of zircons established a maximum depositional age for this deposit as Permian (ca. 296Ma),which is about sixty million years older compared to the fossil content recognized in previous studies (Upper Triassic). The distribution of detrital zircon ages obtained points to common source areas: the Ossa–Morena and Central Iberian zones that outcrop in and close to the Porto–Tomar fault zone. The high degree of immaturity and evidence of little transport of the Triassic sediment suggests that granite may constitute primary crystalline sources. The Carboniferous age of ca. 330 Ma for the best estimate of crystallization for a granite pebble in a Triassic conglomerate and the Permian–Carboniferous ages (ca. 315Ma) found in detrital zircons provide evidence of the denudation of Variscan and Cimmerian granites during the infilling of continental rift basins in western Iberia. The zircon age spectra found in Triassic strata are also the result of recycling from the Upper Carboniferous Buçaco basin,which probably acted as an intermediate sediment repository.U–Pb data in this study suggest that the detritus from the Triassic sandstone and conglomerate of the Lusitanian basin is derived fromlocal source areas with features typical of Gondwana,with no sediment from external sources from Laurussia or southwestern Iberia

TeV Gamma-Ray Sources from a Survey of the Galactic Plane with Milagro

A survey of Galactic gamma-ray sources at a median energy of ~20 TeV has been performed using the Milagro Gamma Ray Observatory. Eight candidate sources of TeV emission are detected with pre-trials significance $>4.5\sigma$ in the region of Galactic longitude $l\in[30^\circ,220^\circ]$ and latitude $b\in[-10^\circ,10^\circ]$. Four of these sources, including the Crab nebula and the recently published MGRO J2019+37, are observed with significances $>4\sigma$ after accounting for the trials involved in searching the 3800 square degree region. All four of these sources are also coincident with EGRET sources. Two of the lower significance sources are coincident with EGRET sources and one of these sources is Geminga. The other two candidates are in the Cygnus region of the Galaxy. Several of the sources appear to be spatially extended. The fluxes of the sources at 20 TeV range from ~25% of the Crab flux to nearly as bright as the Crab.Comment: Submitted to Ap