How cyclical do cyclically-adjusted balances remain? An EU study

Observed budget balances are an imperfect indicator of the fiscal policy stance, because fluctuations in economic activity induce automatic changes in the balance, hence the use of cyclically-adjusted balances (CAB). However, this paper shows that CABs (as measured through one of the two methods currently used by the Commission) tend to be systematically overestimated during downturns and underestimated during expansions. The dominant source of this distortion arises from the filtering of revenues deemed to be cyclical, possibly signalling a problem with the computation of elasticities. The effect of the items which are assumed not to move with the cycle is non significant, but this overall result conceals offseting effects: public investment turns to be significantly procyclical and interest payments and transfers to firms are countercyclical. Classification-JEL : H6, E6.. cyclically adjusted balances, fiscal policy, EU.

Propagation of time-truncated Airy-type pulses in media with quadratic and cubic dispersion

In this paper, we describe analytically the propagation of Airy-type pulses truncated by a finite-time aperture when second and third order dispersion effects are considered. The mathematical method presented here, based on the superposition of exponentially truncated Airy pulses, is very effective, allowing us to avoid the use of time-consuming numerical simulations. We analyze the behavior of the time truncated Ideal-Airy pulse and also the interesting case of a time truncated Airy pulse with a "defect" in its initial profile, which reveals the self-healing property of this kind of pulse solution.Comment: 9 pages. 5 figure

How to distinguish between a block cipher and a random permutation by lowering the input entropy

IEEE 35th International Carnahan Conference on Security Technology. Londres, 16-19 October 2001A novel cryptanalysis technique is presented, and its suitability for distinguishing a block cipher algorithm or a hash function from a random permutation is explained. Additionally, we propose a genetic algorithm based implementation and show some preliminary results of these ideas on reduced rounds versions of the block cipher TEA

Analysis of Moon impact flashes detected during the 2012 and 2013 Perseids

We present the results of our Moon impact flashes detection campaigns performed around the maximum activity period of the Perseid meteor shower in 2012 and 2013. Just one flash produced by a Perseid meteoroid was detected in 2012 because of very unfavourable geometric conditions, but 12 of these were confirmed in 2013. The visual magnitude of the flashes ranged between 6.6 and 9.3. A luminous efficiency of 1.8 $\times$ 10$^{-3}$ has been estimated for meteoroids from this stream. According to this value, impactor masses would range between 1.9 and 190 g. In addition, we propose a criterion to establish, from a statistical point of view, the likely origin of impact flashes recorded on the lunar surface.Comment: Accepted for publication in Astronomy and Astrophysics on March 11, 201

Acute Colchicine-induced Neuromyopathy in a Patient Treated With Atorvastatin and Clarithromycin

Neuromyopathy is a rare side effect of chronic colchicine therapy, especially without renal impairment. Drugs interacting with colchicine metabolism through CYP3A4 can accelerate accumulation and toxicity. We describe a case of an interaction between atorvastatin, clarithromycin and colchicine resulting in acute neuromyopathy. Learning points: Colchicine has a narrow therapeutic window, and therefore, often produces side effects.Special caution should be adopted if patients with renal disease and concomitant medications are given colchicine.Before prescribing colchicine, the clinical history, including previous medications and conditions, should be carefully considered