Can Europe recover without credit?

Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in middle-income countries and 3.2 percent per year in high-income countries. However, the implications of these historical episodes for the current European situation are limited, for two main reasons. First, creditless recoveries are much less common in highincome countries, than in low-income countries which are financially undeveloped. European economies heavily depend on bank loans and research suggests that loan supply played a major role in the recent weak credit performance of Europe. There are reasons to believe that, despite various efforts, normal lending has not yet been restored. Limited loan supply could be disruptive for the European economic recovery and there has been only a minor substitution of bank loans with debt securities. Second, creditless recoveries were associated with significant real exchange rate depreciation, which has hardly occurred so far in most of Europe. This stylised fact suggests that it might be difficult to re-establish economic growth in the absence of sizeable real exchange rate depreciation, if credit growth does not return

How to Argue about Health Care

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/68919/2/10.1177_107755878704400102.pd

Precambrian non-marine stromatolites in alluvial fan deposits, the Copper Harbor Conglomerate, upper Michigan

Laminated cryptalgal carbonates occur in the Precambrian Copper Harbor Conglomerate of northern Michigan, which was deposited in the Keweenawan Trough, an aborted proto-oceanic rift. This unit is composed of three major facies deposited by braided streams on a large alluvial-fan complex. Coarse clastics were deposited in braided channels, predominantly as longitudinal bars, whereas cross-bedded sandstones were deposited by migrating dunes or linguoid bars. Fine-grained overbank deposits accumulated in abandoned channels. Gypsum moulds and carbonate-filled cracks suggest an arid climate during deposition. Stromatolites interstratified with these clastic facies occur as laterally linked drapes over cobbles, as laterally linked contorted beds in mudstone, as oncolites, and as poorly developed mats in coarse sandstones. Stromatolites also are interbedded with oolitic beds and intraclastic conglomerates. Stromatolitic microstructure consists of alternating detrital and carbonate laminae, and open-space structures. Radial-fibrous calcite fans are superimposed on the laminae. The laminae are interpreted as algal in origin, whereas the origin of the radial fibrous calcite is problematic. The stromatolites are inferred to have grown in lakes which occupied abandoned channels on the fan surface. Standing water on a permeable alluvial fan in an arid climate requires a high water table maintained by high precipitation, or local elevation of the water table, possibly due to the close proximity of a lake. Occurrence of stromatolites in the upper part of the Copper Harbor Conglomerate near the base of the lacustrine Nonesuch Shale suggests that these depositional sites may have been near the Nonesuch Lake.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/72022/1/j.1365-3091.1983.tb00713.x.pd

A connectome and analysis of the adult Drosophila central brain

The neural circuits responsible for animal behavior remain largely unknown. We summarize new methods and present the circuitry of a large fraction of the brain of the fruit fly Drosophila melanogaster. Improved methods include new procedures to prepare, image, align, segment, find synapses in, and proofread such large data sets. We define cell types, refine computational compartments, and provide an exhaustive atlas of cell examples and types, many of them novel. We provide detailed circuits consisting of neurons and their chemical synapses for most of the central brain. We make the data public and simplify access, reducing the effort needed to answer circuit questions, and provide procedures linking the neurons defined by our analysis with genetic reagents. Biologically, we examine distributions of connection strengths, neural motifs on different scales, electrical consequences of compartmentalization, and evidence that maximizing packing density is an important criterion in the evolution of the fly’s brain

A connectome and analysis of the adult Drosophila central brain

The neural circuits responsible for animal behavior remain largely unknown. We summarize new methods and present the circuitry of a large fraction of the brain of the fruit fly Drosophila melanogaster. Improved methods include new procedures to prepare, image, align, segment, find synapses in, and proofread such large data sets. We define cell types, refine computational compartments, and provide an exhaustive atlas of cell examples and types, many of them novel. We provide detailed circuits consisting of neurons and their chemical synapses for most of the central brain. We make the data public and simplify access, reducing the effort needed to answer circuit questions, and provide procedures linking the neurons defined by our analysis with genetic reagents. Biologically, we examine distributions of connection strengths, neural motifs on different scales, electrical consequences of compartmentalization, and evidence that maximizing packing density is an important criterion in the evolution of the fly's brain