Fiscal consolidation strategy: An update for the budget reform proposal of march 2013

Recently, we evaluated a fiscal consolidation strategy for the United States that would bring the government budget into balance by gradually reducing government spending relative to GDP to the ratio that prevailed prior to the crisis (Cogan et al, JEDC 2013). Specifically, we published an analysis of the macroeconomic consequences of the 2013 Budget Resolution that was passed by the U.S. House of Representatives in March 2012. In this note, we provide an update of our research that evaluates this year’s budget reform proposal that is to be discussed and voted on in the House of Representative in March 2013. Contrary to the views voiced by critics of fiscal consolidation, we show that such a reduction in government purchases and transfer payments can increase GDP immediately and permanently relative to a policy without spending restraint. Our research makes use of a modern structural model of the economy that incorporates the long-standing essential features of economics: opportunity costs, efficiency, foresight and incentives. GDP rises because households take into account that spending restraint helps avoid future increases in tax rates. Lower taxes imply less distorted incentives for work, investment and production relative to a scenario without fiscal consolidation and lead to higher growth

Fiscal consolidation strategy

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In this paper we consider a fiscal consolidation strategy that brings the budget to balance by gradually reducing this spending ratio over time to the level that prevailed prior to the crisis. A crucial issue is the impact of such a consolidation strategy on the economy. We use structural macroeconomic models to estimate this impact focussing primarily on a dynamic stochastic general equilibrium model with price and wage rigidities and adjustment costs. We separate out the impact of reductions in government purchases and transfers, and we allow for a reduction in both distortionary taxes and government debt relative to the baseline of no consolidation. According to the model simulations GDP rises in the short run upon announcement and implementation of this fiscal consolidation strategy and remains higher than the baseline in the long run. We explore the role of the mix of expenditure cuts and tax reductions as well as gradualism in achieving this policy outcome. Finally, we conduct sensitivity studies regarding the type of model used and its parameterization

Metal contacts to lowly doped Si and ultra thin SOI

We present our investigations on the fabrication of ohmic and Schottky contacts of several metals on lowly doped bulk Si and SOI wafers. Through this paper we evaluate the fabrication of rectifying devices in which no doping is intentionally introduced

Fabrication and characterization of the charge-plasma diode

We present a new lateral Schottky-based rectifier called the charge-plasma diode realized on ultrathin silicon-oninsulator. The device utilizes the workfunction difference between two metal contacts, palladium and erbium, and the silicon body. We demonstrate that the proposed device provides a low and constant reverse leakage-current density of about 1 fA/μm with ON/OFF current ratios of around 107 at 1-V forward bias and room temperature. In the forward mode, a current swing of 88 mV/dec is obtained, which is reduced to 68 mV/dec by back-gate biasing

Evaluating speech synthesis intelligibility using Amazon Mechanical Turk

Microtask platforms such as Amazon Mechanical Turk (AMT) are increasingly used to create speech and language resources. AMT in particular allows researchers to quickly recruit a large number of fairly demographically diverse participants. In this study, we investigated whether AMT can be used for comparing the intelligibility of speech synthesis systems. We conducted two experiments in the lab and via AMT, one comparing US English diphone to US English speaker-adaptive HTS synthesis and one comparing UK English unit selection to UK English speaker-dependent HTS synthesis. While AMT word error rates were worse than lab error rates, AMT results were more sensitive to relative differences between systems. This is mainly due to the larger number of listeners. Boxplots and multilevel modelling allowed us to identify listeners who performed particularly badly, while thresholding was sufficient to eliminate rogue workers. We conclude that AMT is a viable platform for synthetic speech intelligibility comparisons

Breeding of CMS-F1-Hybrids in \u3cem\u3eLolium Perenne\u3c/em\u3e With Improved Nitrogen Use Efficiency

The environmental pollution by nitrogen losses from dairy farms can be reduced by improving the nitrogen use efficiency (NUE) of grass varieties. The main goal is to develop varieties with a better nitrogen utilisation. These low input varieties can produce acceptable yields at a low level of N-fertilisation. High input varieties express their high yield potential only at high N-supply. These varieties are less preferable, because N- losses increase at higher levels of nitrogen application. The breeding of CMS-F1-Hybrids can be a successful strategy for developing varieties with a higher NUE. In F1-Hybrid varieties higher heterosis effects can be achieved than in populations or synthetic varieties

Stimulating situational interest and student questioning through three types of historical introductory texts

This study investigates questions students ask related to an introductory text about a new topic in the history classroom. The effects of a narrative, problematizing, and expository introductory text on the situational interest of students and the number and type of student-generated questions, are compared. Participants are 174 students in higher secondary education (16 years old). Student-generated questions are categorized in higher -and lower-order questions, in descriptive, explanative, comparative and evaluative questions, and in emotive and non-emotive questions. The type of introductory text had a significant effect on the level of situational interest and type of questions but not on the number of generated questions. Narrative and problematizing texts provoked more situational interest and more emotive questions than the expository text. We found a significant positive correlation between prior topic knowledge, interest in History, situational interest, and number of questions