91 research outputs found

    The (In)stability of Money Demand in the Euro Area: Lessons from a Cross-Country Analysis

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    The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for money demand but constant across member countries.Money demand, cross-country analysis, panel error correction model, euro area

    lessons from a cross-country analysis

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    The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for money demand but constant across member countries

    Dutch Disease: ökonomische Prozesse und Implikationen für die Entwicklungszusammenarbeit

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    "Wenn die Regierungen der Industrieländer ihre Versprechen einhalten, werden die staatlichen Entwicklungsleistungen (Official Development Assistance - ODA) in den nächsten Jahren erheblich ansteigen. Hiervon sollen vor allem die am wenigsten entwickelten Länder Sub-Sahara Afrikas profitieren. Die zusätzlichen Finanztransfers erhöhen die Chancen für Entwicklungsländer, nachhaltige sozio-ökonomische Entwicklungsprozesse in Gang zu setzen und durch positive Wachstums- und Wohlstandseffekte die Armut zu reduzieren. Doch es gibt auch ernstzunehmende Kritik an der Ausweitung der Hilfe, und zwar aus drei Richtungen: Aus mikroökonomischer Sicht wird argumentiert, dass es für das zusätzliche Kapital nicht genügend durchführungsreife Projekte gibt (mangelnde Absorptionskapazität) und dass die Organisation des 'Aid-Business' den Empfängerländern übermäßige Transaktionskosten aufbürdet. Aus Sicht der politischen Ökonomie wird befürchtet (und empirisch belegt), dass ODA zu einer Reduzierung der Eigenanstrengungen führt. Dieser Beitrag beschäftigt sich mit der dritten Kritikrichtung, den möglichen unerwünschten makroökonomischen Nebenwirkungen von ODA, die primär unter dem Stichwort 'Holländische Krankheit' (Dutch Disease) diskutiert werden. Als Holländische Krankheit bezeichnet man das volkswirtschaftliche Phänomen, dass es durch eine reale Aufwertung der Währung zu einem Rückgang des Wachstums der produktiven Exportsektoren und damit zu einer Beeinträchtigung des langfristigen Wachstums der Volkswirtschaft insgesamt kommen kann. Der eigentlich positiven Tatsache, dass mehr Geld in die Volkswirtschaft fließt und Investitionen und Konsum steigen können, steht gegenüber, dass sich die Wettbewerbsbedingungen für den heimischen Exportsektor und für Sektoren, die mit Importen konkurrieren, durch eine reale Aufwertung verschlechtern. Dieser Beitrag erläutert die ökonomischen Prozesse, die im Kontext einer holländischen Krankheit ablaufen, um das Bewusstsein für entwicklungspolitisch angemessene Reaktionen zu schärfen. Ziel ist es weniger, einen umfassenden Literaturüberblick zu geben, als die mit Finanztransfers verbundenen ökonomischen Anpassungsprozesse auch für Nicht-Ökonom(inn)en verständlich darzustellen." (Textauszug

    Monitoring the movements of a critical marine resource: tracking a forage fish in Puget Sound

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    Forage fish are small, schooling, pelagic fish that form a critical link in marine food webs between plankton and larger fish, marine mammals, and seabirds. In Puget Sound, the forage fish assemblage includes Pacific herring, Pacific sand lance, surf smelt, and northern anchovy. There are significant information gaps on basic life history, distribution, movements, and stock abundances for these species, making management of this resource challenging. To begin addressing some of these gaps, we initiated a study of the movements of surf smelt during their spawning period in November 2012. We captured fish near a well-documented spawning beach in Sinclair Inlet (Ross Point), implanted them with acoustic transmitters, and monitored their movements around central Puget Sound. Inasmuch as telemetry studies have not previously been conducted for surf smelt, the goals of this initial effort were to: 1) assess methods to handle, anesthetize, and surgically implant acoustic transmitters into surf smelt, 2) describe the movements of tagged fish in Sinclair Inlet and Central Puget Sound, and 3) document the risk of recapture by recreational or commercial fishing effort in Sinclair Inlet. We collected, tagged, and released 12 adult smelt (mean 167 mm FL, 43 g) at Ross Point and implanted them with acoustic transmitters that had an expected battery life of 73 days. Study fish were given a secondary mark for easy visual identification, and we established a reward for the return of tagged fish captured through recreational or commercial fishing effort. We deployed 13 acoustic telemetry monitoring stations including near the spawning beach at Ross Point, Port Washington Narrows, Port Orchard, Rich Passage, Agate Passage, Liberty Bay and Eagle Harbor. In addition to these sites the tagged fish could have been detected by compatible acoustic telemetry stations deployed in Puget Sound by other agencies, for example, at Admiralty Inlet, the Strait of Juan de Fuca, and in the San Juan Islands. All study fish were detected within a few days of their release, suggesting that the fish handling, anesthesia, and tagging procedures that were developed for this species did not result in significant short-term mortality. Study fish were only detected at Ross Point (all individuals) and at the Port Washington Narrows (one individual). Although the reward program was well advertised and recreational fishing pressure at Ross Point was consistent throughout the study period, none of the tagged fish were returned through recreational or commercial fishers. More intensive monitoring of surf smelt movements in Sinclair Inlet is planned for 2014 to build upon this initial work

    The Persistence and Characteristics of Chinook Salmon Migrations to the Upper Klamath River Prior to Exclusion by Dams

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    In this research article, John Hamilton and his co-authors present extensive new research and information gathered since a 2005 publication on the historical evidence of anadromomous fish distribution in the Upper Klamath River watershed. Using historical accounts from early explorers and ethnographers to early-twentieth-century photographs, newspaper accounts, and government reports, the authors provide a more complete record of past salmon migrations. The updated record “substantiate[s] the historical persistence of salmon, their migration characteristics, and the broad population baseline that will be key to future commercial, recreational, and Tribal fisheries in the Klamath River and beyond.” During a time when salmon restoration plans are being considered in the region, the historical record can serve as guidance to once again establish diverse and thriving populations

    The (in)stability of money demand in the euro area: lessons from a cross-country analysis

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    The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for money demand but constant across member countries
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