Incomplete cost pass-through under deep habits

A number of empirical studies document that marginal cost shocks are not fully passed through to prices at the firm level and that prices are substantially less volatile than costs. We show that in the relative-deep-habits model of Ravn, Schmitt-Grohe, and Uribe (2006), firm-specific marginal cost shocks are not fully passed through to product prices. That is, in response to a firm-specific increase in marginal costs, prices rise, but by less than marginal costs leading to a decline in the firm-specific markup of prices over marginal costs. Pass-through is predicted to be even lower when shocks to marginal costs are anticipated by firms. In our model, unanticipated firm-specific cost shocks lead to incomplete pass-through (or a decline in markups) of about 20 percent and anticipated cost shocks are associated with incomplete pass-through of about 50 percent. The model predicts that cost pass-through is increasing in the persistence of marginal cost shocks and U-shaped in the strength of habits. The relative-deep-habits model implies that conditional on marginal cost disturbances, prices are less volatile than marginal costs

The macroeconomics of subsistence points

This paper explores the macroeconomic consequences of preferences displaying a subsistence point. It departs from the existing related literature by assuming that subsistence points are specific to each variety of goods rather than to the composite consumption good. We show that this simple feature makes the price elasticity of demand for individual goods procyclical. As a result, markups behave countercyclically in equilibrium. This implication is in line with the available empirical evidence

Monetary Policy and Multiple Equilibria

In this paper, we characterize conditions under which interest rate feedback rules wherby the nominal interest rate is set as an increasing function of the inflation rate generate multiple equilibria. We show that these conditions depend not only on the fiscal regime (as emphasized in the fiscal theory of the price level) but also on the way in which money is assumed to enter preferences and technology. We analyze this issue in flexible and sticky price environments.MONETARY POLICY ; PRICES ; INTEREST RATE

Avoiding Liquidity Traps

Once the zero bound on nominal interest rates is taken into account, Taylor-type interest-rate feedback rules give rise to unintended self-fulfilling decelerating inflation paths and aggregate fluctuations driven by arbitrary revisions in expectations. These undesirable equilibria exhibit the essential features of liquidity traps, as monetary policy is ineffective in bringing about the government's goals regarding the stability of output and prices. This paper proposes several fiscal and monetary policies that preserve the appealing features of Taylor rules, such as local uniqueness of equilibrium near the inflation target, and at the same time rule out the deflationary expectations that can lead an economy into a liquidity trap.TAYLOR RULES; LIQUIDITY TRAPS; ZERO BOUND ON NOMINAL INTEREST RATES.

Sulfur loss from subducted altered oceanic crust and implications for mantle oxidation

© The Author(s), [year]. This article is distributed under the terms of the Creative Commons Attribution License. The definitive version was published in Walters, J. B., Cruz-Uribe, A. M., & Marschall, H. R. Sulfur loss from subducted altered oceanic crust and implications for mantle oxidation. Geochemical Perspectives Letters, 13, (2020): 36-41, doi:10.7185/geochemlet.2011.Oxygen fugacity (fO2) is a controlling factor of the physics of Earth’s mantle; however, the mechanisms driving spatial and secular changes in fO2 associated with convergent margins are highly debated. We present new thermodynamic models and petrographic observations to predict that oxidised sulfur species are produced during the subduction of altered oceanic crust. Sulfur loss from the subducting slab is a function of the protolith Fe3+/ΣFe ratio and subduction zone thermal structure, with elevated sulfur fluxes predicted for oxidised slabs in cold subduction zones. We also predict bi-modal release of sulfur-bearing fluids, with a low volume shallow flux of reduced sulfur followed by an enhanced deep flux of sulfate and sulfite species, consistent with oxidised arc magmas and associated copper porphyry deposits. The variable SOx release predicted by our models both across and among active margins may introduce fO2 heterogeneity to the upper mantle.We thank James Connolly for modelling support and Peter van Keken for providing updated P–T paths for the Syracuse et al. (2010) models. The manuscript benefited from the editorial handling by Helen Williams and from constructive reviews of Maryjo Brounce, Katy Evans, and an anonymous reviewer. JBW acknowledges Fulbright and Chase Distinguished Research fellowships. This work was supported by NSF grant EAR1725301 awarded to AMC

Estudios en ejemplares tipo del género Frullania : 3., sobre F. meridana Steph. y F. setigera Steph. (Jubulaceae- Hepaticae)

Se discute la posición taxonómica de Frullania meridana Steph. y F. setigera Steph. y se concluye que pertenecen al subgénero Thyopsiella, y no al subgénero Meteoriopsis como ha sido sugerido en el pasado.The taxonomic position of Frullania meridana Steph and F. setigera Steph. is discussed. It is concluded that both species belongs to subgenus Thyopsiella and not to subgenus Meteoriopsis as has been suggested in the past

Annals Impact Factor 1.67. Welcome to the IF club: achievement and challenges

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La revista Miscel·lània Zoològica: apuntes para su historia

In a little over four decades the journal Miscel·lània Zoològica published some 900 papers. A simple review of the contents of these articles reveals several characteristics: the issues most commonly dealt with were faunistics and taxonomy, with insects making up the most frequently analyzed group. The geographical range was centred on the Iberian peninsula, mainly Catalonia. The intellectual heritage of Miscel·lània Zoològica has been continued since 2001 by the journal Animal Biodiversity and Conservation and by Arxius de Miscel·lània Zoològica as of this current volume. It is now time to start writing the history of Miscel·lània Zoològica.Durante más de cuatro décadas la revista Miscel·lània Zoològica ha publicado cerca de 900 artículos. Una simple revisión de los contenidos de estos artículos revela algunas características. La faunística y la taxonomía fueron las temáticas más tratadas y los insectos el grupo zoológico más estudiado. El ámbito geográfico se ha centrado en la península Ibérica, principalmente Cataluña. La herencia intelectual de Miscel·lània Zoològica la han recogido la revista Animal Biodiversity and Conservation, desde el año 2001, y Arxius de Miscel·lània Zoològica, a partir del presente volumen. Ha llegado el momento de empezar a escribir la historia de Miscel·lània Zoològica