Fiscal policy in a depressed economy : was there a ‘free lunch’ in 1930s’ Britain?

We report estimates of the fiscal multiplier for interwar Britain based on quarterly data and timeseries econometrics. We find that the government-expenditure multiplier was in the range 0.3 to 0.9 even during the period that interest rates were at the lower bound. The scope for a ‘Keynesian solution’to recession was much less than is generally supposed. In the later 1930s but not before Britain’s exit from the gold standard, there was a ‘fiscal free lunch’in that deficit-financed government spending would have improved public finances enough to pay for the interest on the extra debt

Rearmament to the rescue? New estimates of the impact of ‘Keynesian’ policies in 1930s’ Britain

We report estimates of the fiscal multiplier for interwar Britain based on quarterly data, time-series econometrics, and ‘defense news’. We find that the government expenditure multiplier was in the range 0.3 to 0.8, much lower than previous estimates. The scope for a Keynesian solution to recession was less than is generally supposed. We find that rearmament gave a smaller boost to real GDP than previously claimed. Rearmament may, however, have had a larger impact than a temporary public works program of similar magnitude if private investment anticipated the need to add capacity to cope with future defense spending

FINANCING THE DISPOSAL OF UNWANTED AGRICULTURAL PESTICIDES

Since the mid 1980s, it has been recognized that significant quantities of unwanted pesticides are being retained by agricultural producers in barns and other out buildings throughout the United States. State governments have responded to the hazards posed by these pesticides by implementing programs to collect and dispose of them. This paper reviews issues related to costs and funding of pesticide collection and disposal programs. Primary and secondary information on states' approaches to and experiences with unwanted pesticide removal is presented. Differences in the theoretical impacts of various collection funding methods on reducing unwanted pesticide stocks and allocating disposal costs are discussed.Environmental Economics and Policy,

FINANCING THE DISPOSAL OF UNWANTED AGRICULTURAL PESTICIDES

The disposal of accumulated agricultural pesticides is an expensive proposition due to the hazardous nature of these materials. States have inititated unwanted pesticide collection efforts based on several funding options. Through an evaluation of regulations, funding options and comparison of amounts of pesticides collected to expenditures for pesticides, our paper offers some recommendations for future state collection efforts. It may be advantageous to give greater weight to efficiency considerations for the disposal of existing unwanted pesticide stocks, while equity considerations may be emphasized for the disposal of anticipated future stocks.Environmental Economics and Policy,

Distinct changes of genomic biases in nucleotide substitution at the time of mammalian radiation

Differences in the regional substitution patterns in the human genome created patterns of large-scale variation of base composition known as genomic isochores. To gain insight into the origin of the genomic isochores we develop a maximum likelihood approach to determine the history of substitution patterns in the human genome. This approach utilizes the vast amount of repetitive sequence deposited in the human genome over the past ~250 MYR. Using this approach we estimate the frequencies of seven types of substitutions: the four transversions, two transitions, and the methyl-assisted transition of cytosine in CpG. Comparing substitutional patterns in repetitive elements of various ages, we reconstruct the history of the base-substitutional process in the different isochores for the past 250 Myr. At around 90 Myr ago (around the time of the mammalian radiation), we find an abrupt 4- to 8-fold increase of the cytosine transition rate in CpG pairs compared to that of the reptilian ancestor. Further analysis of nucleotide substitutions in regions with different GC-content reveals concurrent changes in the substitutional patterns. While the substitutional pattern was dependent on the regional GC-content in such ways that it preserved the regional GC-content before the mammalian radiation, it lost this dependence afterwards. The substitutional pattern changed from an isochore-preserving to an isochore-degrading one. We conclude that isochores have been established before the radiation of the eutherian mammals and have been subject to the process of homogenization since then

Substantial regional variation in substitution rates in the human genome: importance of GC content, gene density and telomere-specific effects

This study presents the first global, 1 Mbp level analysis of patterns of nucleotide substitutions along the human lineage. The study is based on the analysis of a large amount of repetitive elements deposited into the human genome since the mammalian radiation, yielding a number of results that would have been difficult to obtain using the more conventional comparative method of analysis. This analysis revealed substantial and consistent variability of rates of substitution, with the variability ranging up to 2-fold among different regions. The rates of substitutions of C or G nucleotides with A or T nucleotides vary much more sharply than the reverse rates suggesting that much of that variation is due to differences in mutation rates rather than in the probabilities of fixation of C/G vs. A/T nucleotides across the genome. For all types of substitution we observe substantially more hotspots than coldspots, with hotspots showing substantial clustering over tens of Mbp's. Our analysis revealed that GC-content of surrounding sequences is the best predictor of the rates of substitution. The pattern of substitution appears very different near telomeres compared to the rest of the genome and cannot be explained by the genome-wide correlations of the substitution rates with GC content or exon density. The telomere pattern of substitution is consistent with natural selection or biased gene conversion acting to increase the GC-content of the sequences that are within 10-15 Mbp away from the telomere.Comment: 35 pages, 6 figure

A summary of existing and planned experiment hardware for low-gravity fluids research

An overview is presented of (1) existing ground-based, low gravity research facilities, with examples of hardware capabilities, and (2) existing and planned space-based research facilities, with examples of current and past flight hardware. Low-gravity, ground-based facilities, such as drop towers and aircraft, provide the experimenter with quick turnaround time, easy access to equipment, gravity levels ranging from 10(exp -2) to 10(exp -6) G, and low-gravity durations ranging from 2 to 30 sec. Currently, the only operational space-based facility is the Space Shuttle. The Shuttle's payload bay and middeck facilities are described. Existing and planned low-gravity fluids research facilities are also described with examples of experiments and hardware capabilities