6,733 research outputs found

    Fiscal Policy Design in Low-Income Countries

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    Fiscal policy, Macro-economic stabilization, Sub-Saharan Africa

    Aid versus trade revisited

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    This paper examines the (non) equivalance between aid flows and trade preferences as alternative forms of donor assistance in the presence of learning-by-doing externalities in recipient country export production. Using a two-period model based on vanWijnbergen (1985), in which the productivity externality consistitues the only (inter-temporal) distortion, we show that switching donor support on the margin from aid to trade preferences can increase recipient country welfare. To evaluate the size of this potential welfare gain to small African economies we simulate donor policy reforms using a dynamic CGE model where the productivity externality may also interact with private capital accumulation. We show that for reasonable values of key behavioural parameters, the potential growth and welfare gains from a (donor) revenue neutral re-orientation of assistance to developing countries could be substantial. The paper concludes by considering why these potential dynamic gains appear to be unexpoited by both donors and recipients.Foreign Aid, Trade Preferences, Africa.

    Changing an Unfavorable Employment Reputation: A Longitudinal Examination

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    Although a favorable employment reputation plays an important role in generating a large and qualified pool of job applicants for an organization (Rynes & Cable, 2003), little research has investigated whether organizations can improve applicants’ existing unfavorable employment reputation perceptions. Results from a four-week longitudinal experiment using 222 student job seekers revealed that participants’ employment reputation perceptions improved after exposure to recruitment practices and followed diminishing returns trajectories over time. High information recruitment practices (e.g., personal communication from a recruiter) from both single and multiple sources were more effective for changing unfavorable employment reputation perceptions than repeated mere exposure to the organization (i.e., exposure to only the company logo), and high information practices from multiple sources were the most effective overall. Finally, participants reporting less familiarity with the organization experienced greater reputation change across the four weeks, but only for participants in the mere exposure condition

    The Cosmic Microwave Background and the Stellar Initial Mass Function

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    We argue that an increased temperature in star-forming clouds alters the stellar initial mass function to be more bottom-light than in the Milky Way. At redshifts z≳6z \gtrsim 6, heating from the cosmic microwave background radiation produces this effect in all galaxies, and it is also present at lower redshifts in galaxies with very high star formation rates (SFRs). A failure to account for it means that at present, photometric template fitting likely overestimates stellar masses and star formation rates for the highest-redshift and highest-SFR galaxies. In addition this may resolve several outstanding problems in the chemical evolution of galactic halos.Comment: 9 pages, 5 figures. Published in MNRAS. Added further reference

    Monetary Policy Rules for Managing Aid Surges in Africa

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    We examine the properties of alternative monetary policy rules in response to large aid surges in low-income countries characterized by incomplete capital market integration and currency substitution. Using a dynamic stochastic general equilibrium model, we show that simple monetary rules that stabilize the path of expected future seigniorage for a given aid flow have attractive properties relative to a range of conventional alternatives, including those involving heavy reliance on bond sterilization or a commitment to a pure exchange rate float. These simple rules, which are shown to be robust across a range of fiscal responses to aid inflows, appear to be consistent with actual responses to recent aid surges in a range of post-stabilization countries in Sub-Saharan Africa.monetary policy, currency substitution, aid, Africa, DSGE models

    Probing the distance and morphology of the Large Magellanic Cloud with RR Lyrae stars

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    We present a Bayesian analysis of the distances to 15,040 Large Magellanic Cloud (LMC) RR Lyrae stars using VV- and II-band light curves from the Optical Gravitational Lensing Experiment, in combination with new zz-band observations from the Dark Energy Camera. Our median individual RR Lyrae distance statistical error is 1.89 kpc (fractional distance error of 3.76 per cent). We present three-dimensional contour plots of the number density of LMC RR Lyrae stars and measure a distance to the core LMC RR Lyrae centre of 50.2482±0.0546(statistical)±0.4628(systematic)kpc{50.2482\pm0.0546 {\rm(statistical)} \pm0.4628 {\rm(systematic)} {\rm kpc}}, equivalently μLMC=18.5056±0.0024(statistical)±0.02(systematic){\mu_{\rm LMC}=18.5056\pm0.0024 {\rm(statistical)} \pm0.02 {\rm(systematic)}}. This finding is statistically consistent with and four times more precise than the canonical value determined by a recent meta-analysis of 233 separate LMC distance determinations. We also measure a maximum tilt angle of 11.84∘±0.80∘11.84^{\circ}\pm0.80^{\circ} at a position angle of 62∘62^\circ, and report highly precise constraints on the VV, II, and zz RR Lyrae period--magnitude relations. The full dataset of observed mean-flux magnitudes, derived colour excess E(V−I){E(V-I)} values, and fitted distances for the 15,040 RR Lyrae stars produced through this work is made available through the publication's associated online data.Comment: 7 pages, 8 figure

    Foreign Sovereign Immunity and Comparative Institutional Competence

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