Walt Whitman and Thomas Mann

Details Thomas Mann\u27s evolving fascination with Whitman, emphasizing the impact of the 1922 Reisiger translation of Leaves of Grass and arguing that Mann\u27s reading of the translation "establishes the missing link between Betrachtungen eines Unpolitischen of 1918 and Von deutscher Republik of 1922 and contributes to the final form of Der Zauberberg (1922)"; goes on to demonstrate that Whitman "made it possible for (Mann) to imagine a love that was based in the body and yet holy, that was fundamentally homosexual and yet moved through sexuality to social responsibility, that affirmed life rather than death.

International portfolios, capital accumulation and foreign assets dynamics

Despite the liberalisation of capital flows among OECD countries, equity home bias remains sizable. We depart from the two familiar explanation of equity home bias: transaction costs that impede international diversification, and terms of trade responses to supply shocks that provide risk sharing, so that there is little incentive to hold diversified portfolios. We show that the interaction of the following ingredients generates a realistic equity home bias: capital accumulation, shocks to the efficiency of physical investment, as well as international trade in stocks and bonds. In our model, domestic stocks are used to hedge fluctuation in local wage income. Terms of trade risk is hedged using bonds denominated in local goods and in foreign goods. In contrast to related models, the low level of international diversification does not depend on strongly countercyclical terms of trade. The model also reproduces the cyclical dynamics of foreign asset positions and of international capital flows. --capital accumulation,international equity and bond portfolios,capital flows,current account,valuation effects,terms of trade

A DYNAMIC GENERAL EQUILIBRIUM ANALYSIS OF U.S. BIOFUELS PRODUCTION

With the rising global interest in energy security and climate change mitigation, biofuels have gained the prominent attention of researchers and policy makers. The U.S. has emerged as the leading producer of biofuels and is aiming for achieving a target of 36 billion gallons of renewable fuels by 2022 under its updated renewable fuels standard (RFS2) policy. In this paper, we study the longer-term global implications of large-scale renewable fuels production in the U.S. We utilize the GTAP v7.1 data base and introduce a detailed breakdown of agricultural crops, first and second generation biofuels and by-products. We update this fully disaggregated data base to reflect the 2010 global economy, based on secondary data for the sectors and regions included. We adapt the Applied Dynamic Analysis of Global Economy (ADAGE) model developed by Ross (2009) into a recursive dynamic framework and introduce agriculture, biofuels, and land use linkages. We construct a dynamic baseline from 2010 through 2050 in five-year time steps. The dynamics in the model comes from growth in GDP, population, capital accumulation, labor productivity, growth in natural resource stocks, and technological changes in the energy intensive and agricultural sectors. We implement a representative RFS2 policy scenario in the U.S for 2025, using two alternative approaches: (i) RFS permits approach – which assumes biofuels and petroleum fuels are perfect substitutes after adjusting for energy content, and (ii) Target share of biofuels in transportation fuels approach – which treats biofuels and petroleum fuels as imperfect substitutes. Both approaches offer insights regarding potential policy impacts, particularly on the international market and indirect land use change. Because the share approach keeps the biofuels share fixed in the regions outside the U.S., it does not result in dramatic changes in the rest of the world. In the permits approach, however, the regions without a specific policy requiring a given level of biofuels tend to reduce biofuels consumption. This is a result of the reduction in relative price of petroleum products as U.S. policy increases demand for biofuels and reduces global demand for petroleum, making renewable fuels less cost-competitive in the rest of the world.ADAGE, Biofuels, Computable General Equilibrium, Recursive Dynamic, Resource /Energy Economics and Policy,