Seigniorage and Distortionary Taxation in a Model with Heterogeneous Agents and Idiosyncratic Uncertainty

In this paper we study the optimal monetary and fiscal policy mix in a model in which agents are subject to idiosyncratic uninsurable shocks to their labor productivity. We identify two main effects of anticipated inflation absent in representative agent frameworks. First, inflation stimulates saving for precautionary reasons. Hence, a higher level of anticipated inflation implies a higher capital stock in steady state, which translates into higher wages and lower taxes on labor income. This benefits poor, less productive agents. Second, inflation acts as a regressive consumption tax, which favors rich and productive agents. We calibrate our model economy to the U.S. economy and compute the optimal policy mix. We find that, for a utilitarian government, the Friedman rule is optimal even when we allow for the presence of heterogeneity and uninsurable idiosyncratic risk. Although the aggregate welfare costs of inflation are small, individual costs and benefits are large. Net winners from inflation are poor, less productive agents, while middle-class and rich households are always net losers.

A Multigrid Optimization Algorithm for the Numerical Solution of Quasilinear Variational Inequalities Involving the pp-Laplacian

In this paper we propose a multigrid optimization algorithm (MG/OPT) for the numerical solution of a class of quasilinear variational inequalities of the second kind. This approach is enabled by the fact that the solution of the variational inequality is given by the minimizer of a nonsmooth energy functional, involving the $p$-Laplace operator. We propose a Huber regularization of the functional and a finite element discretization for the problem. Further, we analyze the regularity of the discretized energy functional, and we are able to prove that its Jacobian is slantly differentiable. This regularity property is useful to analyze the convergence of the MG/OPT algorithm. In fact, we demostrate that the algorithm is globally convergent by using a mean value theorem for semismooth functions. Finally, we apply the MG/OPT algorithm to the numerical simulation of the viscoplastic flow of Bingham, Casson and Herschel-Bulkley fluids in a pipe. Several experiments are carried out to show the efficiency of the proposed algorithm when solving this kind of fluid mechanics problems

Arhythmorhynchus comptus (Acanthocephala: Polymorphidae) from shorebirds in Patagonia, Argentina, with some comments on a species of profilicollis

Adult and immature Arhythmorhynchus comptus (Acanthocephala: Polymorphidae) were found parasitizing the Baird’s Sandpiper, Calidris bairdii, and the White-rumped Sandpiper, Calidris fuscicollis (Aves: Scolopacidae), from several locations in Patagonia, Argentina. This is the first record of A. comptus in the southern part of South America and from C. fuscicollis and C. bairdii, expanding both its geographical and host distribution. Additionally, immature specimens belonging to the genus Profilicollis were found in both bird species.Fil: Capasso, Sofía Carolina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Centro de Estudios Parasitológicos y de Vectores. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. Centro de Estudios Parasitológicos y de Vectores; ArgentinaFil: Diaz, Julia Inés. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata. Centro de Estudios Parasitológicos y de Vectores. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo. Centro de Estudios Parasitológicos y de Vectores; Argentin

Price Level Targeting and Inflation Targeting: a Review

In this paper we discuss the arguments for and against the adoption of price-level targeting. We review recent theoretical contributions, and illustrate the main differences between price-level targeting and inflation targeting in a simple New Keynesian model. We conclude that, contrary to conventional wisdom, price-level targeting can, in some circumstances, deliver better outcomes than inflation targeting. Its main advantage lies on the fact that it acts as a commitment device when the Central Bank is unable to commit to its future actions. However, even in the circumstances under which price-level targeting performs better, there are three caveats to be considered. First, a higher proportion of backward-looking price setters reduces the effectiveness of price-level targeting, because it weakens the expectational channel through which price-level targeting operates. Second, communicating a price-level target may be a difficult task for the Central Bank. Finally, price-level targeting itself is not immune to considerations of time-inconsistency.

Draft genome sequence of Pseudomonas aeruginosa strain Hex1T isolated from soils contaminated with used lubricating oil in Argentina

Pseudomonas aeruginosa Hex1T was isolated from soils contaminated with used lubricating oil from a garage in Córdoba, Argentina. This strain is capable of utilizing this pollutant as the sole carbon and energy source. Here, we present the 6.9-Mb draft genome sequence of Hex1T, which contains many heavy metalresistance genes.Fil: Lujan, Adela Maria. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro de Investigaciones en Química Biológica de Córdoba. Universidad Nacional de Córdoba. Facultad de Ciencias Químicas. Centro de Investigaciones en Química Biológica de Córdoba; ArgentinaFil: Feliziani, Sofía. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro de Investigaciones en Química Biológica de Córdoba. Universidad Nacional de Córdoba. Facultad de Ciencias Químicas. Centro de Investigaciones en Química Biológica de Córdoba; ArgentinaFil: Smania, Andrea. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Córdoba. Centro de Investigaciones en Química Biológica de Córdoba. Universidad Nacional de Córdoba. Facultad de Ciencias Químicas. Centro de Investigaciones en Química Biológica de Córdoba; Argentin

Adapting to change: Time for climate resilience and a new adaptation strategy. EPC Issue Paper 5 March 2020

The dramatic effects of climate change are being felt across the European continent and the world. Considering how sluggish and unsuccessful the world has been in reducing greenhouse gas (GHG) emissions, the impacts will become long-lasting scars. Even implementing radical climate mitigation now would be insufficient in addressing the economic, societal and environmental implications of climate change, which are expected to only intensify in the years to come. This means climate mitigation must go hand in hand with the adaptation efforts recognised in the Paris Agreement. And although the damages of climate change are usually localised and adaptation measures often depend on local specificities, given the interconnections between ecosystems, people and economies in a globalised world there are strong reasons for European Union (EU) member states to join forces, pool risk and cooperate across borders. Sharing information, good practices, experiences and resources to strengthen resilience and enhance adaptive capacity makes sense economically, environmentally and socially. The European Commission’s 2013 Adaptation Strategy is the first attempt to set EU-wide adaptation and climate resilience and could be considered novel in that it tried to mainstream adaptation goals into relevant legislation, instruments and funds. It was not very proactive, however. It also lacked long-term perspective, failed to put the adaptation file high on the political agenda, was under resourced, and suffered from knowledge gaps and silo thinking. The Commission’s European Green Deal proposal, which has been presented as a major step forward to the goal of Europe becoming the world’s first climate-neutral continent, suggests that the Commission will adopt a new EU strategy on adaptation to climate within the first two years of its mandate (2020-2021). In light of the risks climate change poses to ecosystems, societies and the economy (through inter alia the vulnerability of the supply chain to climate change and its potential failure to provide services to consumers), adaptation should take a prominent role alongside mitigation in the EU’s political climate agenda. Respecting the division of treaty competences, there are important areas where EU-wide action and support could foster the continent’s resilience to climate change. The European Policy Centre (EPC) project “Building a climate-resilient Europe”, which has culminated in this Issue Paper, has identified the following: (i) the ability to convert science-based knowledge into preventive action and responsible behaviour, thus filling the information gap; (ii) the need to close the protection gap through better risk management and risk sharing; (iii) the necessity to adopt nature-based infrastructural solutions widely and tackle the grey infrastructure bias; and (iv) the need to address the funding and investment gap. This Issue Paper aims to help inform the upcoming EU Adaptation Strategy and, by extension, strengthen the EU’s resilience to climate change. To that end, the authors make a call for the EU to mainstream adaptation and shift its focus from reacting to disasters to a more proactive approach that prioritises prevention, risk reduction and resilience building. In doing so, the EU must ensure fairness and distributive justice while striving for climate change mitigation and protecting the environment and biodiversity. To succeed, the new EU Adaptation Strategy will need to address specific challenges related to the information, protection, funding and investment gaps; and the grey infrastructure bias. To tackle and address those challenges, this Paper proposes 17 solutions outlined in Table 1 (see page 6)

Risk factors in oil and gas industry returns: international evidence

This paper analyzes the exposure of the oil and gas industry of 34 countries to oil prices. Using a multifactor panel model to estimate the oil and gas excess stock returns, our results strongly support the view that oil price is a globally priced factor for the oil industry. In particular, the response of the oil and gas sector to changes oil prices is positive and larger for developed countries than for emerging markets. The industry response is asymmetric, with positive oil price changes having a greater impact on the oil sector returns than negative changes. Furthermore, local market index returns, currency rates and oil price volatility also have a significant impact on oil industry's excess returns. Finally, industry local sensitivities seem to vary with stock market activity and with levels of appropriation of industry revenues by governments. Results are robust to a battery of tests.Multifactor asset pricing models, Panel Data, Oil industry

Asymmetric effects of oil price fluctuations in international stock markets

New evidence on the way oil price fluctuations affect international stock markets is provided in analysis of the exposure of 43 stock markets. Oil price spikes depress international stock markets, but oil price drops do not necessarily increase stock market returns. Moreover, the volatility of oil prices has a negative impact on international stock market returns. Both these effects apply only to stock markets of developed countries. Emerging market returns are not sensitive to oil price variations. In addition, the asymmetry of oil price changes impacts oil volatility; i.e., when oil prices soar, oil volatility also increases, while negative oil price changes dampen volatility. Finally, oil price fluctuations are a factor in creating downside risk for international country investment.Asymmetry, Multifactor asset pricing Models, Oil prices, Panel data, Quantile regression, Volatility

Pérdida pre-dispersiva de semillas de Ramorinoa girolae Speg. (Fabaceae) en el Parque Provincial Ischigualasto (San Juan, Argentina)

Ramorinoa girolae es una especie “vulnerable” endémica de Argentina, cuyas semillas son depredadas por Anypsipyla univitella durante la etapa pre-dispersiva. El objetivo de este estudio fue describir algunos parámetros reproductivos (tamaño y número de frutos y semillas) de R. girolae, cuantificar la pérdida de semillas por aborto y depredación durante la etapa predispersiva y evaluar el efecto que tienen factores como la producción de frutos (por árbol, de los vecinos co-específicos y la suma de ambos), tamaño del fruto, número de semillas por fruto y número de depredadores por fruto sobre la depredación pre-dispersiva. Además, se analizó la viabilidad de las semillas consumidas parcialmente. En el Parque Provincial Ischigualasto, se trabajó con 17 individuos adultos de tres subpoblaciones separadas 4 km. Para cada árbol focal, se cuantificó el número de vecinos co-específicos y la producción de frutos. Se colectaron diez frutos de la copa de cada árbol focal y se midió su longitud y el número y estado de las semillas (intactas, depredadas y abortadas). Se construyeron Modelos Lineales Generalizados Mixtos para evaluar cuáles son las variables que mejor explican la proporción de semillas depredadas. R. girolae sufre una importante pérdida de semillas durante la etapa pre-dispersiva, principalmente debido a la depredación por A. univitella (58%). La proporción de semillas depredadas se relaciona principalmente con el número de depredadores, el número de semillas por fruto y el tamaño del fruto. Las mayores proporciones de semillas depredadas se encontraron en frutos que contenían más depredadores, más semillas por fruto y frutos de menor tamaño. El aborto de semillas no representaría un importante factor de pérdida de semillas (6%).Ramorinoa girolae Speg. is a “vulnerable” tree endemic to Argentina. During the pre-dispersal stage, the seeds are predated by Anypsipyla univitella. The objectives of this study were to describe some reproductive parameters (size and number of fruits and seeds) of R. girolae, to quantify pre-dispersal seed loss by abortion and predation, and to test the effect on pre-dispersal seed predation of fruit production (per tree, of co-specific neighbors, and the sum of both), size of fruits, number of seeds per fruit, and number of predators per fruit. As seeds can be partially consumed by the predator, the viability of partially damaged seeds was assessed as well. At Ischigualasto Park, we sampled 17 adult trees from 3 stands spaced 4 km apart. For each focal tree, we quantified the number of co-specific neighbors and their fruits. We collected ten fruits from canopies and recorded their length and the number and states of seeds (intact, predated, and aborted). Generalized Linear Mixed Models were fitted to evaluate explanatory variables affecting the proportion of pre-dispersal predated seeds. R. girolae suffers great loss of seeds during the pre-dispersal stage, mainly by seed predation (58% of seeds). The proportion of predated seeds was most important relative to the number of predators, the number of seeds per fruit, and the size of fruits. Fruits containing more predators, more seeds, and smaller fruits had higher proportions of predated seeds. Seed abortion would not represent an important factor of seed loss (6% of seeds).Fil: Papú, Sofía. Universidad Nacional de Cuyo. Facultad de Ciencias Agrarias; ArgentinaFil: Lagos Silnik, Susana. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto Argentino de Investigaciones de las Zonas Áridas. Provincia de Mendoza. Instituto Argentino de Investigaciones de las Zonas Áridas. Universidad Nacional de Cuyo. Instituto Argentino de Investigaciones de las Zonas Áridas; ArgentinaFil: Campos, Claudia Monica. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto Argentino de Investigaciones de las Zonas Áridas. Provincia de Mendoza. Instituto Argentino de Investigaciones de las Zonas Áridas. Universidad Nacional de Cuyo. Instituto Argentino de Investigaciones de las Zonas Áridas; Argentin

Changes in dominant Escherichia coli and antimicrobial resistance after 24 hr in fecal matter.

Intestinal bacteria carry antimicrobial resistance (AMR) genes in mobile genetic elements which have the potential to spread to bacteria in other animal hosts including humans. In fecal matter, Escherichia coli can continue to multiply for 48 hr after being excreted, and in certain environments, E. coli survive long periods of time. It is unclear the extent to which AMR in E. coli changes in the environment outside of its host. In this study, we analyzed changes in the population structure, plasmid content, and AMR patterns of 30 E. coli isolates isolated from 6 chickens (cloacal swabs), and 30 E. coli isolates from fecal samples (from the same 6 chickens) after 24 hr of incubation. Clonality of isolates was screened using the fumC gene sequence and confirmed in a subset of isolates (n = 14) by multi-locus sequence typing. Major shifts in the population structure (i.e., sequence types) and antibiotic resistance patterns were observed among the numerically dominant E. coli isolates after 24 hr. Four E. coli clones isolated from the cloaca swabs and the corresponding fecal samples (after 24 hr incubation) showed different antibiotic resistance patterns. Our study reveals that fecal matter in the environment is an intermediate habitat where rapid and striking changes occur in E. coli populations and antibiotic resistance patterns