The global crisis and the Peruvian labor market: impact and policy options

After almost 20 years of prudent macro policies, Peru seems in better shape than before to withstand the effects of a financial crisis. Progress, however, has left some policy areas unscathed and the labor market is one of them. In this paper we analyze the potential effects of the crisis on labor market outcomes, and discuss policy options to address short run and structural considerations. We review stylized facts from this and previous crisis to account for potential transmission mechanisms, review policy options and results from past and existing labor market interventions, and build a DSGE model to provide further insight regarding labor market outcomes and the effects of transitory and permanent policy measures. On the countercyclical front, our analysis reveals that the main risk that the policymaker should aim to mitigate is a surge in informality and underemployment. For this, job protection alternatives (as temporary payroll tax holidays already implemented) have to be accompanied by a strengthened and better focalized reemployment service, especially if the shock transpires into the nontradable sector. On the more structural side, policy should aim at the prime drivers of informality in our country: low productivity and high formal labor costs. For the latter, progressive access to labor benefits for small firms (already introduced via a special labor regime) could be complemented by introducing different minimum wage levels according to firm size and a generalized reduction in firing costs. Low productivity issues, on the other hand, can be addressed by strengthening and integrating existing training programs and information networks which have already proven successful in terms of formal job creation. Simulations reveal that permanent non-wage cost reductions (like those introduced via the special labor regime) can increase formal employment and formal GDP participation by 2 percentage points. Structural policy interventions also exhibit a large countercyclical potential due to their permanent nature. This implies that we should not wait for the crisis to be over to start their implementation.Global crisis; labor markets; Peru

Assessing Financial Vulnerability in Partially Dollarized Economies

The reduction of macroeconomic vulnerability in emerging markets is at the core of the research agenda. In this context, liability dollarization plays a vital role and its implications have been addressed in the literature via a “financial accelerator” mechanism. After allowing for different degrees of liability dollarization in a general equilibrium framework, this analysis uncovers some important implications about the role of the asset price channel and central bank’s commitment with the exchange rate, when assessing financial vulnerability. If we asses vulnerability in terms of the evolution of investment, we claim that, in absence of an asset price channel, departures from a pure float will not only help mitigate vulnerability but will also be welfare improving. On the other hand, and with an active asset price channel, a tighter exchange rate policy will only have marginal effects on welfare and vulnerability when compared to that associated to a reduction in liability dollarization.Liability dollarization, financial vulnerability, fear of floating, monetary policy

Tapered-amplified AR-coated laser diodes for Potassium and Rubidium atomic-physics experiments

We present a system of room-temperature extended-cavity grating-diode lasers (ECDL) for production of light in the range 760-790nm. The extension of the tuning range towards the blue is permitted by the weak feedback in the cavity: the diodes are anti-reflection coated, and the grating has just 10% reflectance. The light is then amplified using semiconductor tapered amplifiers to give more than 400mW of power. The outputs are shown to be suitable for atomic physics experiments with potassium (767nm), rubidium (780nm) or both, of particular relevance to doubly-degenerate boson-fermion mixtures

Coherent beam combining of high power quasi continuous wave tapered amplifiers

International audienceWe demonstrate coherent beam combining of four high brightness tapered amplifiers in pulsed, quasi continuous wave (QCW) operation, seeded by a 976 nm laser diode. The maximum power of 22.7 W was achieved with > 64 % combining efficiency in a close to diffraction limited beam. We discuss turn-on dynamics of tapered amplifiers operated in pulsed mode in detail

The global crisis and the Peruvian labor market: impact and policy options

After almost 20 years of prudent macro policies, Peru seems in better shape than before to withstand the effects of a financial crisis. Progress, however, has left some policy areas unscathed and the labor market is one of them. In this paper we analyze the potential effects of the crisis on labor market outcomes, and discuss policy options to address short run and structural considerations. We review stylized facts from this and previous crisis to account for potential transmission mechanisms, review policy options and results from past and existing labor market interventions, and build a DSGE model to provide further insight regarding labor market outcomes and the effects of transitory and permanent policy measures. On the countercyclical front, our analysis reveals that the main risk that the policymaker should aim to mitigate is a surge in informality and underemployment. For this, job protection alternatives (as temporary payroll tax holidays already implemented) have to be accompanied by a strengthened and better focalized reemployment service, especially if the shock transpires into the nontradable sector. On the more structural side, policy should aim at the prime drivers of informality in our country: low productivity and high formal labor costs. For the latter, progressive access to labor benefits for small firms (already introduced via a special labor regime) could be complemented by introducing different minimum wage levels according to firm size and a generalized reduction in firing costs. Low productivity issues, on the other hand, can be addressed by strengthening and integrating existing training programs and information networks which have already proven successful in terms of formal job creation. Simulations reveal that permanent non-wage cost reductions (like those introduced via the special labor regime) can increase formal employment and formal GDP participation by 2 percentage points. Structural policy interventions also exhibit a large countercyclical potential due to their permanent nature. This implies that we should not wait for the crisis to be over to start their implementation

La brucellose bovine en Côte-d'Ivoire. Epidémiologie

Une vaste enquête épidémiologique effectuée dans pratiquement toutes les régions géographiques de la Côte-d'Ivoire a confirmé l'existence de la brucellose bovine dans l'ensemble du pays, avec 10,8 p. 100 des douze mille trois cent quarante-trois échantillons de sérum de positifs. Une enquête sérologique parallèle, menée dans la région Nord, où se situe la majorité du cheptel, a montré que 38 p. 100 des huit cent cinquante-neuf vaches examinées ont eu au moins un avortement imputable à B. abortus - ce qui représente 3,2 p. 100 du total du cheptel soumis à notre enquête. Dans les troupeaux examinés, la présence d'hygromas est variable. Des liquides de ponction recueillis, il a été possible d'isoler dix-sept souches de B. abortus appartenant aux biotypes I et V

Antenatal corticosteroid treatment for the prevention of peri-intraventricular haemorrhage in preterm newborns: a retrospective cohort study using transfontanelle ultrasonography

Objective: The objective of this study was to assess the correlation between antenatal corticosteroids and peri-intraventricular haemorrhage (PIVH) using transfontanelle ultrasonography, as well as to evaluate the risk factors for its incidence. Methods: We performed a retrospective cohort study using medical records of preterm newborns. The protocol for maternal corticoid administration for foetal lung maturation included dexamethasone 4 mg (intramuscular) 8/8 hours per 48 hours, with one cycle per week. The diagnosis of periintraventricular haemorrhage was based on transfontanelle ultrasonography, using the Papile's classification. The following risk factors for peri-intraventricular haemorrhage were assessed: birth weight, gestational age at delivery, type of delivery, newborn's sex, surfactant administration, premature rupture of membranes and previous history of infection during the current pregnancy. The student's t-test and chi-square test were used for statistical analysis. Results: Our sample population included 184 preterm newborns. Transfontanelle ultrasonography revealed peri-intraventricular haemorrhage in 32 (74.4%) and periventricular leukomalacia in 11 (25.6%) newborns. Grade I haemorrhage was found in 20 (62.5%), grade II in five (15.6%), and grade III in seven (21.8%) newborns, as in accordance with Papile's classification. Vaginal delivery (p = 0.010), birth weight <1500 g (p = 0.024), gestational age at delivery ≤32 weeks (p = 0.018), and previous history of infection during pregnancy (p = 0.013) were considered risk factors for peri-intraventricular haemorrhage in preterm newborns. Conclusion: Maternal corticoid administration for foetal lung maturation showed a protective effect against peri-intraventricular haemorrhage in preterm newborns. The risk factors for peri-intraventricular haemorrhage were determined

MAD@VLT: Deep into the Madding Crowd of Omega Centauri

We present deep and accurate Near-Infrared (NIR) photometry of the Galactic Globular Cluster (GC) Omega Cen. Data were collected using the Multi-Conjugate Adaptive Optics Demonstrator (MAD) on VLT (ESO). The unprecedented quality of the images provided the opportunity to perform accurate photometry in the central crowded regions. Preliminary results indicate that the spread in age among the different stellar populations in Omega Cen is limited.Comment: 6 pages, 3 figures, to appear in the Springer Astrophysics and Space Science Proceedings, "Science with the VLT in the ELT era", ed. A. Moorwoo