Monetary and fiscal policy interaction and government debt stabilization

In many developing and developed countries, government debt stabilization is an important policy issue. This paper models the strategic interaction between the monetary authorities who control monetization and the fiscal authorities who control primary fiscal deficits. Government debt dynamics are driven by the interest payments on outstanding debt and the part of the primary fiscal deficits that is not monetized. Modelling the interaction as a differential game, we compare the cooperative equilibrium and the non-cooperative Nash open-loop equilibrium. The well-known unpleasant monetarist arithmetic is reinterpreted in this differential game framework. We consider also the effects of making the Central Bank more independent.Game Theory;Central Banks;Monetary Policy;National Debt;Fiscal Policy;monetary economics

Theory of Spin Relaxation in Two-Electron Lateral Coupled Si/SiGe Quantum Dots

Highly accurate numerical results of phonon-induced two-electron spin relaxation in silicon double quantum dots are presented. The relaxation, enabled by spin-orbit coupling and the nuclei of $^{29}$Si (natural or purified abundance), are investigated for experimentally relevant parameters, the interdot coupling, the magnetic field magnitude and orientation, and the detuning. We calculate relaxation rates for zero and finite temperatures (100 mK), concluding that our findings for zero temperature remain qualitatively valid also for 100 mK. We confirm the same anisotropic switch of the axis of prolonged spin lifetime with varying detuning as recently predicted in GaAs. Conditions for possibly hyperfine-dominated relaxation are much more stringent in Si than in GaAs. For experimentally relevant regimes, the spin-orbit coupling, although weak, is the dominant contribution, yielding anisotropic relaxation rates of at least two order of magnitude lower than in GaAs.Comment: 11 pages, 10 figure

Characterization of fluids involved in the Gneiss-Charnockite transformation in Southern Kerala (India)

The characterization of fluids involved in the gneiss-charnockite transformation in southern Kerala are discussed. Using a variety of techniques, including microthermometry, Raman laser probe analysis, and mass spectrometry, it was concluded that the CO2-rich, N2-bearing metamorphic fluids in these rocks were internally-derived rather than having been introduced by CO2-streaming

Efficacy and Safety of Acupuncture in Preterm and Term Infants

The aim of the paper was to review the literature about safety and efficiency of acupuncture therapy in term and preterm infants. We searched Medline, EMBASE, and Cochrane Central Register of Controlled Trials using a predefined algorithm, reviewed abstracts from the Pediatric Academic Society annual meetings (2000–2012), and performed a manual search of references in narrative and systematic reviews. A total of 26 studies identified met our search criteria. Only 6 of these studies met our inclusion criteria; however, two studies had to be excluded because the manuscripts were published in Chinese. Hence, only four studies were included in our analysis. Three of the four studies evaluated the effects of acupuncture on infantile colic, and one assessed pain reduction during minor painful procedures in preterm babies. The limited data available suggests that acupuncture could be a safe nonpharmacologic treatment option for pain reduction in term and preterm infants and could also be a non-pharmacologic treatment option to treat infantile colic. Currently acupuncture in infants should be limited to clinical trials and studies evaluating short- and long-term effects and should be performed only by practitioners with adequate training and experience in neonatal/pediatric acupuncture

Money, Fiscal Defecits and Government Debt in a Monetary Union

The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We model debt stabilization in the EU as a differential game between fiscal authorities and the ECB.Three different equilibria are considered: the Nash open-loop equilibrium, the Stackelberg open-loop equilibrium with the ECB leading and the Stackelberg open-loop equilibrium with the fiscal authorities leading.Dynamics of the fiscal deficits, inflation and government debt in a monetary union are derived and compared with an EU with national monetary policies

Kabbaldurga-type charnockitization: A local phenomenon in the granulite to amphibolite grade transition zone

In the deeply eroded Precambrian crust of South India and Sri Lanka, a series of spectacular exposures shows progressive development of coarse-grained charnockite through dehydration of amphibolite grade gneisses in different arrested stages. At Kabbaldurga, charnockitization of Archaean grey biotite-hornblende gneisses occurred about 2.5 Ga ago and evidently was induced by the influx of external carbonic fluids along a system of ductile shears and the foliation planes. The results of oxygen isotope thermometry and of geothermobarometry in adjacent areas indicate a P-T regime of 700 to 750 C and 5 to 7 kb. The decrease of water activity in the fluid infiltrated zones caused an almost complete breakdown of hornblende and biotite and the new growth of hypersthene. Detailed petrographic and geochemical studies revealed marked changes in mineralogy and chemistry from granodioritic to granitic which document the metasomatic nature of the process

Equine recurrent uveitis - A spontaneous horse model of uveitis

Equine recurrent uveitis (ERU) is an autoimmune disease that occurs with a high prevalence (10%) in horses. ERU represents the only reliable spontaneous model for human autoimmune uveitis. We already identified and characterized novel autoantigens (malate dehydrogenase, recoverin, CRALBP) by analyzing the autoantibody-binding pattern of horses affected by spontaneous recurrent uveitis (ERU) to the retinal proteome. CRALBP also seems to be relevant to human autoimmune uveitis. Proteomic screening of vitreous and retinal samples from ERU diseased cases in comparison to healthy controls has led to the identification of a series of differentially regulated proteins, which are functionally linked to the immune system and the maintenance of the blood-retinal barrier. Copyright (c) 2008 S. Karger AG, Basel