Unemployment and Debt Dynamics in a Highly Indebted Small Open Economy

The paper analyzes the dynamic effects of a total factor productivity shock and an interest rate risk premium shock in a highly indebted open economy. In contrast to the standard open economy framework, search unemployment and wage bargaining are introduced. We find that a negative total factor productivity shock primarily has effects on the economy’s production side and on welfare, but not on its stock of foreign debt and the country specific risk premium, and large part of the adjustment happens in the short run. In contrast, a pure increase in the country specific risk premium causes substantial dynamics and a considerable reduction in foreign debt, allowing higher consumption in the long run and creating an intertemporal welfare gain, even though unemployment increases strongly in the short run. A 50% haircut of foreign debt significantly reduces the initial response of the unemployment rate. In case of a temporary productivity shock, sticky wages imply smaller employment, but generate higher welfare than flexible wages.unemployment, debt, interest rate premium, haircut, sticky wages

Static feed water electrolysis subsystem development

This disclosure is directed to an electrolysis cell forming hydrogen and oxygen at spaced terminals. The anode terminal is porous and able to form oxygen within the cell and permit escape of the gaseous oxygen through the anode and out through a flow line in the presence of backpressure. Hydrogen is liberated in the cell at the opposing solid metal cathode which is permeable to hydrogen but not oxygen so that the migratory hydrogen formed in the cell is able to escape from the cell. The cell is maintained at an elevated pressure so that oxygen liberated by the cell is delivered at elevated pressure without pumping to raise the pressure of the oxygen

Ave Maria

Franz Schubert\u27s Ave Maria, arranged for mezzo-soprano or baritone voice with piano accompaniment.https://ecommons.udayton.edu/imri_sheetmusic/1100/thumbnail.jp

The Dynamic Effects of Subsidizing the Tourism Sector

The paper studies the short run and long run effects of a production subsidy to the tourism sector of a small open economy, which can also be thought as a region within a country. We introduce a two-sector dynamic general equilibrium model where the tourism sector is considered to be labor-intensive and produces traded services. The other sector is capital-intensive and produces a nontraded good, which is also used for capital accumulation. Labor and capital can freely move between sectors. Economic decisions are made by forward-looking representative agents, which optimize their intertemporal welfare by choosing consumption of both the nontraded good and tourism services, the sectoral allocation of labor, and the rate of wealth accumulation. We discuss the short run, dynamic and long run effects of a production subsidy to the tourism sector. In the short run, the introduction of a subsidy to tourism production leads to a boom in that sector. As time passes, the economy-wide capital stock is decumulated, and production of tourism is falling. In the long run, compared to the situation before the subsidy was implemented, tourism production remains on a higher level, whereas output of the nontraded good drops.dynamic open economy two-sector model; tourism; subsidies; deindustrialization

THE ECONOMIC EFFECTS OF ADVERTISING ON TOURISM DEMAND

In this paper we introduce a dynamic model to study the macroeconomic effects of advertising activities in tourism. The agents of the model are a representative consumer which optimize their intertemporal welfare, a representative firm that produces tourism services, an authority which organizes tourism advertising abroad and foreigner tourists. We show that in the short run, an increase in marketing expenditures raises foreigner's tourism demand, leads to an increase in the relative price of tourism services, makes tourism production more attractive and stimulates capital investment. As time passes, the capital stock increases and tourism production expands, leading to a falling price of tourism. In the long run, the increase in marketing activities results in a higher rate of tourism production, a higher capital stock, a lower relative price of tourism services and a reduction of net foreign assets.

Metrological research into the foot measurement found in the celtic oppidum of Manching

Sin resume

A Dynamic Model of Economic Growth in a Small Tourism Driven Economy

The paper studies the dynamics of economic growth caused by an increase in the growth rate of tourism demand. We develop a simple dynamic model of a small open economy, which is completely specialized in the production of tourism services (island economy model), populated by a large number of intertemporally optimizing agents, deriving utility from consuming an imported good. Tourism services are produced by means of a simple AK technology by using imported capital, its accumulation associated with adjustment costs. Moreover, the economy can lend or borrow at the international financial markets at the given world interest rate. Adjustments in the relative price of tourism services ensure market clearance for tourism services. The long-run growth rate of the economy is tied to the growth rate in tourism demand. An increase in the latter increases thus the economy’s long-run balanced growth rate. In contrast to the standard one-good small open economy endogenous growth model, where the economy is always on its balanced growth path, we show that there are transitional dynamics after an increase in the growth rate of tourism demand. In particular, the short-run growth rate of output rises gradually towards its higher long-run level, and the market price of tourism increases during transition. Thus, an increase in the growth of tourism demand, say, caused by higher economic growth abroad, leads to a boom in the small open economy and increasing terms of trade. Adjustments of the relative price of tourism services (i. e. the real exchange rate) can therefore not protect the economy from demand disturbances.tourism demand; growth; economic dynamics

The CAMP-binding Ectoprotein from Saccharomyces cereuisiae Is Membrane-anchored by Glycosyl-Phosphatidylinositol

Saccharomyces cerevisiae contains an amphiphilic CAMP-binding glycoprotein at the outer face of the plasma membrane (M, = 54,000). It is converted to a hydrophilic form byt reatment withg lycosyl-phosphatidylinositol- specific phospholipases C and D (GPIPLC/ D), suggesting membrane anchorage by a covalently bound glycolipid. Determination of the constituents of the purified anchor by gas-liquid chromatography and amino acid analysis reveals the presence of glycerol, myo-inositol, glucosamine, galactose, mannose, ethanolamine, and asparagine (as the carboxylterminal amino acido f the Pronase-digested proteitno which the anchor is attached). Complementary results are obtained by metabolic labeling, indicating that fatty acids and phosphorus are additional anchor constituents. The phosphoruiss resistant to alkalinep hosphatase, whereas approximately half is lost from the protein after treatment with GPI-PLD or nitroaucisd , and all is removed by aqueous HF indicating the presence of two phosphodiester bonds. Inhibition of Nglycosylation by tunicamycin or removal of proteinbound glycan chains by N-glycanase or Pronase does not abolish radiolabeling of the anchor structure by any of the above compounds. Analysis of the products obtained after sequential enzymic and chemical degradation of the anchor agrees with the arrangemoefn t constitutents in GPIs from higher eucaryotes. Evidence for anchorage of the yeast CAMP-binding protein by a GPI anchoris strengthened additionallyb y the reactivity of the GPI-PLC-cleaved anchor with antibodies directed against the cross-reacting determinoaf nttr ypanosomal variant surface glycoproteins

Last Greeting

Adieu! \u27tis love\u27s last greetingThe parting hour is come!And fast thy soul is fleetingto seek it\u27s starry home!Yet dare I mourn when heavenhas bid thy soul be freea fresher life has givenfor all eternity! Yet dare I mourn when heaven has bid thy soul be free a fresher life has given for all eternity! Adieu! go thou before meto join the Seraph throng!A secret sense comes o\u27er meI tarry here not long!Adieu! there comes a morrowTo ev\u27ry day of pain!On earth we part in sorrowto meet in bliss again! Adieu! there comes a morrow To ev\u27ry day of pain! On earth we part in sorrow to meet in bliss again! Voici l\u27instant supremeL\u27instant de nos a dieux!O toi! seul bien que j\u27aimesans mois retourne aux cieux!La morte est une amieQui rend la liberteAu Ciel recois la vieEt pour l\u27eternitie!La morte est une amie Qui rend la liberte Au Ciel recois la vieEt pour l\u27eternitie! Adieu! tu vas matendreBientot je dois partirMon coeur fidele tendre Te garde un souvenir.Adieu! jussqu\u27a l\u27auroreDu jour en qui j\u27ai foi.Du jour qui doit encoreMe reunir a toi.Adieu! jussqu\u27a l\u27aurore Du jour en qui j\u27ai foi. Du jour qui doit encore Me reunir a toi