Stabilization policy in world context

Economic stabilization ; International economic relations ; Econometric models

Sectoral Shocks and Structural Unemployment

When current employers rave more information about worker quality than to potential employers, sectoral shocks cause structural unemployment. That is, some workers laid off from an injured sector remain unemployed despite the fact that trey are of sufficient quality to be productively employed in an expanding sector at toe prevailing wage, Moreover, sectoral unemployment rates are not monotonic in one severity of sectoral shocks due to one interaction of layoff activity and hiring activity. Finally, equilibrium employment decisions are not constrained Pareto efficient, and can be improved by a policy of adjustment assistance.

Effects of Spin on High-Energy Radiation from Accreting Black Holes

Observations of jets in X-ray binaries show a correlation between radio power and black hole spin. This correlation, if confirmed, points towards the idea that relativistic jets may be powered by the rotational energy of black holes. In order to examine this further, we perform general-relativistic radiative transport calculations on magnetically arrested accretion flows, which are known to produce powerful jets via the Blandford-Znajek (BZ) mechanism. We find that the X-ray and gamma-ray emission strongly depend on spin and inclination angle. Surprisingly, the high-energy power does not show the same dependence on spin as the BZ jet power, but instead can be understood as a redshift effect. In particular, photons observed perpendicular to the spin axis suffer little net redshift until originating from close to the horizon. Such observers see deeper into the hot, dense, highly-magnetized inner disk region. This effect is largest for rapidly rotating black holes due to a combination of frame dragging and decreasing horizon radius. While the X-ray emission is dominated by the near horizon region, the near-infrared radiation originates at larger radii. Therefore, the ratio of X-ray to near-infrared power is an observational signature of black hole spin.Comment: 15 pages, 13 figures, added panel in Figure 4 showing viewing angle dependence and extended the discussion in Section 4, accepted for publication in Ap

Medicine: An Apt Preparation for Public Office

How compatible is a medical training with a future role in public office? Potentially very compatible and advantageous, particularly with regard to public policy issues, argues Dr Michael L Riordan

Using a Firearm during and in Relation to a Drug Trafficking Crime: Defining the Elements of the Mandatory Sentencing Provision of 18 USC § 924(c)(1)

Since 18 USC § 924(c)(1) was revised in 1986, it has been subject to varying interpretations by courts seeking to determine under what circumstances a person during and in relation to a drug trafficking crime uses or carries a firearm. This article provides guidance to the federal courts and practitioners in applying the mandatory five year sentencing provision of section 924(c)(1) as it relates to narcotic crimes

Low-Income Demand for Local Telephone Service: Effects of Lifeline and Linkup

This study evaluates the effect of the “Lifeline” and “Linkup” subsidy programs on telephone penetration rates of low-income households. It is the first to estimate low-income telephone demand across demographic groups using location-specific Lifeline and Linkup prices. The demand specifications use a discrete choice model aggregated across demographic groups. GMM estimators correct for the possible endogeneity of subsidized prices. A simulation predicts low-income telephone penetration would be 4.1 percentage points lower without Lifeline and Linkup. Results suggest that Linkup is more cost-effective than Lifeline, and that automatic enrollment in the programs increases penetration.telephone subsidies, low-income telephone usuers

Measuring the Relative Performance of Providers of a Health Service

A methodology is developed and applied to compare the performance of publicly funded agencies providing treatment for alcohol abuse in Maine. The methodology estimates a Wiener process that determines the duration of completed treatments, while allowing for agency differences in the effectiveness of treatment, standards for completion of treatment, patient attrition, and the characteristics of patient populations. Notably, the Wiener process model separately identifies agency fixed effects that describe differences in the effectiveness of treatment ('treatment effects'), and effects that describe differences in the unobservable characteristics of patients ('population effects'). The estimated model enables hypothetical comparisons of how different agencies would treat the same populations. The policy experiment of transferring the treatment practices of more cost-effective agencies suggests that Maine could have significantly reduced treatment costs without compromising health outcomes by identifying and transferring best practices.

Branch accounting: Evidence from the accounting records of the North American Moravians

Europeans transported continental accounting practices during the period of worldwide colonization. This paper describes the transportation of branch accounting by members of the Moravian Church. Physical records maintained in the Archives for the Southern Province of the Moravian Church at Salem, North Carolina, and for the Northern Province at Bethlehem, Pennsylvania, contain a complex, two-tiered system of branch accounting for the enterprises within the settlements and the settlements within the worldwide Church. This paper traces recorded activity for 1775 from an enterprise to its diacony (business organization of a church) and from the diacony to the European Church headquarters. Reporting practices in both North American diaconies reflect a similar practice of branch accounting, each culminating in formal financial statements to the European home office of the Moravian Church