Endogenous time preference and public policy: Growth and fiscal implications

Copyright @ 2010 Cambridge University Press. This is the author's accepted manuscript. The final published article is available from the link below.This article has been made available through the Brunel Open Access Publishing Fund.This paper studies the growth and fiscal policy implications of the assumption that public policy generates an externality in the individual rate of time preference through the aggregate public capital stock. We examine the competitive equilibrium properties and we solve for endogenous growth–maximizing fiscal policy. We investigate the behavior of the government size and the growth rate to the sensitivity of time preference to public capital and the magnitude of public capital externality on production. We find that the Barro taxation rule [Barro, Robert J., Journal of Political Economy 98 (1990), 103–125], which states that the elasticity of public capital in the production function should equal the government size, is suboptimal. We show that the government does not necessarily have to increase income taxation following a rise in public capital intensity because of the externality of public capital on time preference and, in turn, on growth and the tax base of the economy

Survey of Material for an Infrared-Opaque Coating

More than 40 reflectance spectra in the range from 20 to 500 microns have been obtained for a variety of coatings, binders, and additives to identify promising components of an infrared-opaque coating for the Space Infrared Telescope Facility. Certain combinations of materials showed a specular reflectance below 0.1 throughout the spectral range measured. In addition to estimating the optical constants of several combination coatings, this survey also supports three qualitative conclusions: (1) promising off-the-shelf binders of different additives are Chemglaze Z-306, ECP-2200, and De Soto Black; (2) carbon black is very effective in reducing far-infrared reflectance; (3) the far-infrared reflectance from coatings containing 80 SiC grit is consistently lower than that from similar coatings containing TiBr powder

Improved Healing of Pressure Ulcers Using Dermapulse, A New Electrical Stimulation Device

A double-blind, clinical study of pulsed electrical stimulation using the Dermapulse® device was carried out on 40 pressure ulcers, randomized to receive either active (stim) or sham treatment. Electrodes were placed over saline-moistened gauze on the ulcers. An electrical current of 35mA was delivered to the wound tissues at a frequency of 128 pulses per second. Polarity was negative until the wound debrided, then alternated from .positive to negative every three days. Ulcers were treated for 30 minutes twice daily for four weeks, after which sham patients could cross over to active treatment, and stim patients could continue active treatment. Ulcer healing was determined by measuring the length and width of the ulcer and calculating the L x W product. The same clinicians measured the ulcers each week, were kept blinded to treatment group, and were not the same persons who applied the treatment. Nine centers treated 40 ulcers (19 sham and 21 stim). Analysis of the characteristics of the patients, the ulcers, and concomitant wound care by both univariate and multivariate analyses showed comparability of the groups. After four weeks, the stim ulcers healed more than twice as much as the sham ulcers (49.8% vs. 23.4%; (p = 0.042). The stim ulcers healed 12.5% per week compared to 5.8% for the sham group. In the 15 crossover patients, four weeks of active stimulation caused nearly four times as much healing as their four weeks of sham treatment (47.9% vs. 13.4%; p = 0.012). By the last week of-active stimulation they had healed an average of 64%, and complete healing occurred in 40% of these ulcers after an average of nine weeks. Seventeen of the active treatment ulcers had extended therapy, and by their last week of treatment had healed an average of 75%. Forty-one percent of these ulcers healed completely after an average of 11.8 weeks. There were no significant safety problems identified

Evaluation of the implementation of the alert issued by the UK National Patient Safety Agency on the storage and handling of potassium chloride concentrate solution

Objectives: To assess the effectiveness of the response of NHS hospital trusts to an alert issued by the National Patient Safety Agency designed to limit the availability of concentrated potassium chloride in hospitals in England and Wales, and to determine the nature of any unintended consequences. Design: Multi-method study involving interviews and a physical inspection of clinical areas. Setting: 207 clinical areas in 20 randomly selected acute NHS trusts in England and Wales between 31 October 2002 and 31 January 2003. Participants: Senior managers and ward based medical and nursing staff. Main outcome measures: Degree of staff awareness of and compliance with the requirements of the national alert, withdrawal of concentrated potassium chloride solutions from non-critical areas, provision of pre-diluted alternatives, storage and recording in accordance with controlled drug legislation. Results: All trusts required that potassium chloride concentrate be stored in a separate locked cupboard from common injectable diluents (100% compliance). Unauthorised stocks of potassium chloride were found in five clinical areas not authorised by the trust (98% compliance). All trusts required documentation control of potassium chloride concentrate in clinical areas, but errors were recorded in 20 of the 207 clinical areas visited (90% compliance). Of those interviewed, 78% of nurses and 30% of junior doctors were aware of the alert. Conclusions: The NPSA alert was effective and resulted in rapid development and implementation of local policies to reduce the availability of concentrated potassium chloride solutions. The success is likely to be partly due to the nature of the proposed changes and it cannot be assumed that future alerts will be equally effective. Continued vigilance will be necessary to help sustain the changes

Models for protein deficiency

Analysis of existing N balance data in adult man has shown that when body weight is constant protein requirements are regulated, much like energy. Data relating to daily N balance on fixed intakes have been examined for the nature and degree of intra-individual variation. It has been shown that for intakes in the range of 3.5 to 12 g N/day, the day-to-day fluctuations in N balance are not random but are serially correlated in an autoregression process. This implies that the daily N balance, like energy balance, is regulated. This regulation is produced by a probabilistic generating mechanism which remains constant through time. At very high or negligible N intakes this regulation is shown to break down, i.e., homeostasis can no longer be maintained. At high levels of protein, metabolism is altered, becoming more rapid than before, body weight increases, and the frequency and amplitude of oscillations become larger and irregular. At low levels of protein, body weight decreases, and the frequency and amplitude of the oscillations increase and decrease, respectively. In either case, the organism is under stress. The interpretation of the autoregression model is that the daily requirements for man in health will be distributed around a constant mean with stationary variance. It has been shown that the magnitude of this variance is comparable with the variation between individuals. The result is found to hold even when the daily requirement is averaged over several days. We conclude that protein deficiency must be defined as a failure of the process to be in statistical control, and not defined in the manner that assumes requirements to be fixed whereby if an individual consumes protein below this level, he suffers from protein deficiency. Based on the autoregression model, a method has been indicated for estimating the incidence of protein deficiency in the population