The global crisis and the Peruvian labor market: impact and policy options

After almost 20 years of prudent macro policies, Peru seems in better shape than before to withstand the effects of a financial crisis. Progress, however, has left some policy areas unscathed and the labor market is one of them. In this paper we analyze the potential effects of the crisis on labor market outcomes, and discuss policy options to address short run and structural considerations. We review stylized facts from this and previous crisis to account for potential transmission mechanisms, review policy options and results from past and existing labor market interventions, and build a DSGE model to provide further insight regarding labor market outcomes and the effects of transitory and permanent policy measures. On the countercyclical front, our analysis reveals that the main risk that the policymaker should aim to mitigate is a surge in informality and underemployment. For this, job protection alternatives (as temporary payroll tax holidays already implemented) have to be accompanied by a strengthened and better focalized reemployment service, especially if the shock transpires into the nontradable sector. On the more structural side, policy should aim at the prime drivers of informality in our country: low productivity and high formal labor costs. For the latter, progressive access to labor benefits for small firms (already introduced via a special labor regime) could be complemented by introducing different minimum wage levels according to firm size and a generalized reduction in firing costs. Low productivity issues, on the other hand, can be addressed by strengthening and integrating existing training programs and information networks which have already proven successful in terms of formal job creation. Simulations reveal that permanent non-wage cost reductions (like those introduced via the special labor regime) can increase formal employment and formal GDP participation by 2 percentage points. Structural policy interventions also exhibit a large countercyclical potential due to their permanent nature. This implies that we should not wait for the crisis to be over to start their implementation.Global crisis; labor markets; Peru

Assessing Financial Vulnerability in Partially Dollarized Economies

The reduction of macroeconomic vulnerability in emerging markets is at the core of the research agenda. In this context, liability dollarization plays a vital role and its implications have been addressed in the literature via a “financial accelerator” mechanism. After allowing for different degrees of liability dollarization in a general equilibrium framework, this analysis uncovers some important implications about the role of the asset price channel and central bank’s commitment with the exchange rate, when assessing financial vulnerability. If we asses vulnerability in terms of the evolution of investment, we claim that, in absence of an asset price channel, departures from a pure float will not only help mitigate vulnerability but will also be welfare improving. On the other hand, and with an active asset price channel, a tighter exchange rate policy will only have marginal effects on welfare and vulnerability when compared to that associated to a reduction in liability dollarization.Liability dollarization, financial vulnerability, fear of floating, monetary policy

An oscillator circuit to produce a radio-frequency discharge and application to metastable helium saturated absorption spectroscopy

We present an rf gas discharge apparatus which provides an atomic frequency reference for laser manipulation of metastable helium. We discuss the biasing and operation of a Colpitts oscillator in which the discharge coil is part of the oscillator circuit. Radiofrequency radiation is reduced by placing the entire oscillator in a metal enclosure.Comment: 9 pages, 5 figure

Tapered-amplified AR-coated laser diodes for Potassium and Rubidium atomic-physics experiments

We present a system of room-temperature extended-cavity grating-diode lasers (ECDL) for production of light in the range 760-790nm. The extension of the tuning range towards the blue is permitted by the weak feedback in the cavity: the diodes are anti-reflection coated, and the grating has just 10% reflectance. The light is then amplified using semiconductor tapered amplifiers to give more than 400mW of power. The outputs are shown to be suitable for atomic physics experiments with potassium (767nm), rubidium (780nm) or both, of particular relevance to doubly-degenerate boson-fermion mixtures

MAD@VLT: Deep into the Madding Crowd of Omega Centauri

We present deep and accurate Near-Infrared (NIR) photometry of the Galactic Globular Cluster (GC) Omega Cen. Data were collected using the Multi-Conjugate Adaptive Optics Demonstrator (MAD) on VLT (ESO). The unprecedented quality of the images provided the opportunity to perform accurate photometry in the central crowded regions. Preliminary results indicate that the spread in age among the different stellar populations in Omega Cen is limited.Comment: 6 pages, 3 figures, to appear in the Springer Astrophysics and Space Science Proceedings, "Science with the VLT in the ELT era", ed. A. Moorwoo

Lipidomic Assessment of Plasma and Placenta of Women with Early-Onset Preeclampsia

Introduction: Adipose tissue is responsible for triggering chronic systemic inflammatory response and these changes may be involved in the pathophysiology of preeclampsia. Objective: To characterize the lipid profile in the placenta and plasma of patients with preeclampsia. Methodology Samples were collected from placenta and plasma of 10 pregnant women with preeclampsia and 10 controls. Lipids were extracted using the Bligh–Dyer protocol and were analysed by MALDI TOF-TOF mass spectrometry. Results: Approximately 200 lipid signals were quantified. The most prevalent lipid present in plasma of patients with preeclampsia was the main class Glycerophosphoserines-GP03 (PS) representing 52.30% of the total lipid composition, followed by the main classes Glycerophosphoethanolamines-GP02 (PEt), Glycerophosphocholines-GP01 (PC) and Flavanoids-PK12 (FLV), with 24.03%, 9.47% and 8.39% respectively. When compared to the control group, plasma samples of patients with preeclampsia showed an increase of PS (p<0.0001), PC (p<0.0001) and FLV (p<0.0001). Placental analysis of patients with preeclampsia, revealed the PS as the most prevalent lipid representing 56.28%, followed by the main class Macrolides/polyketides-PK04 with 32.77%, both with increased levels when compared with patients control group, PS (p<0.0001) and PK04 (p<0.0001). Conclusion: Lipids found in placenta and plasma from patients with preeclampsia differ from those of pregnant women in the control group. Further studies are needed to clarify if these changes are specific and a cause or consequence of preeclampsia

Differential branching fraction and angular analysis of Λb0→Λμ+μ−\Lambda^{0}_{b} \rightarrow \Lambda \mu^+\mu^- decays

The differential branching fraction of the rare decay $\Lambda^{0}_{b} \rightarrow \Lambda \mu^+\mu^-$ is measured as a function of $q^{2}$, the square of the dimuon invariant mass. The analysis is performed using proton-proton collision data, corresponding to an integrated luminosity of 3.0 \mbox{ fb}^{-1}, collected by the LHCb experiment. Evidence of signal is observed in the $q^2$ region below the square of the $J/\psi$ mass. Integrating over 15 < q^{2} < 20 \mbox{ GeV}^2/c^4 the branching fraction is measured as d\mathcal{B}(\Lambda^{0}_{b} \rightarrow \Lambda \mu^+\mu^-)/dq^2 = (1.18 ^{+ 0.09} _{-0.08} \pm 0.03 \pm 0.27) \times 10^{-7} ( \mbox{GeV}^{2}/c^{4})^{-1}, where the uncertainties are statistical, systematic and due to the normalisation mode, $\Lambda^{0}_{b} \rightarrow J/\psi \Lambda$, respectively. In the $q^2$ intervals where the signal is observed, angular distributions are studied and the forward-backward asymmetries in the dimuon ($A^{l}_{\rm FB}$) and hadron ($A^{h}_{\rm FB}$) systems are measured for the first time. In the range 15 < q^2 < 20 \mbox{ GeV}^2/c^4 they are found to be A^{l}_{\rm FB} = -0.05 \pm 0.09 \mbox{ (stat)} \pm 0.03 \mbox{ (syst)} and A^{h}_{\rm FB} = -0.29 \pm 0.07 \mbox{ (stat)} \pm 0.03 \mbox{ (syst)}.Comment: 27 pages, 10 figures, Erratum adde

Study of charmonium production in b -hadron decays and first evidence for the decay Bs0

Using decays to φ-meson pairs, the inclusive production of charmonium states in b-hadron decays is studied with pp collision data corresponding to an integrated luminosity of 3.0 fb−1, collected by the LHCb experiment at centre-of-mass energies of 7 and 8 TeV. Denoting byBC ≡ B(b → C X) × B(C → φφ) the inclusive branching fraction of a b hadron to a charmonium state C that decays into a pair of φ mesons, ratios RC1C2 ≡ BC1 /BC2 are determined as Rχc0ηc(1S) = 0.147 ± 0.023 ± 0.011, Rχc1ηc(1S) =0.073 ± 0.016 ± 0.006, Rχc2ηc(1S) = 0.081 ± 0.013 ± 0.005,Rχc1 χc0 = 0.50 ± 0.11 ± 0.01, Rχc2 χc0 = 0.56 ± 0.10 ± 0.01and Rηc(2S)ηc(1S) = 0.040 ± 0.011 ± 0.004. Here and below the first uncertainties are statistical and the second systematic.Upper limits at 90% confidence level for the inclusive production of X(3872), X(3915) and χc2(2P) states are obtained as RX(3872)χc1 < 0.34, RX(3915)χc0 < 0.12 andRχc2(2P)χc2 < 0.16. Differential cross-sections as a function of transverse momentum are measured for the ηc(1S) andχc states. The branching fraction of the decay B0s → φφφ is measured for the first time, B(B0s → φφφ) = (2.15±0.54±0.28±0.21B)×10−6. Here the third uncertainty is due to the branching fraction of the decay B0s → φφ, which is used for normalization. No evidence for intermediate resonances is seen. A preferentially transverse φ polarization is observed.The measurements allow the determination of the ratio of the branching fractions for the ηc(1S) decays to φφ and p p asB(ηc(1S)→ φφ)/B(ηc(1S)→ p p) = 1.79 ± 0.14 ± 0.32

A study of CPCP violation in B∓→Dh∓B^\mp \rightarrow Dh^\mp (h=K,πh=K,\pi) with the modes D→K∓π±π0D \rightarrow K^\mp \pi^\pm \pi^0, D→π+π−π0D \rightarrow \pi^+\pi^-\pi^0 and D→K+K−π0D \rightarrow K^+K^-\pi^0

An analysis of the decays of $B^\mp \rightarrow D K^\mp$ and $B^\mp \rightarrow D \pi^\mp$ is presented in which the $D$ meson is reconstructed in the three-body final states $K^\mp \pi^\pm \pi^0$, $\pi^+ \pi^- \pi^0$ and $K^+ K^- \pi^0$. Using data from LHCb corresponding to an integrated luminosity of 3.0 fb$^{-1}$ of $pp$ collisions, measurements of several $CP$ observables are performed. First observations are obtained of the suppressed ADS decay $B^\mp \rightarrow [\pi^\mp K^\pm \pi^0]_D \pi^\mp$ and the quasi-GLW decay $B^\mp \rightarrow [K^+ K^- \pi^0]_D \pi^\mp$. The results are interpreted in the context of the unitarity triangle angle $\gamma$ and related parameters

A model-independent confirmation of the Z(4430)−Z(4430)^- state

The decay $B^0\to \psi(2S) K^+\pi^-$ is analyzed using $\rm 3~fb^{-1}$ of $pp$ collision data collected with the LHCb detector. A model-independent description of the $\psi(2S) \pi$ mass spectrum is obtained, using as input the $K\pi$ mass spectrum and angular distribution derived directly from data, without requiring a theoretical description of resonance shapes or their interference. The hypothesis that the $\psi(2S)\pi$ mass spectrum can be described in terms of $K\pi$ reflections alone is rejected with more than 8$\sigma$ significance. This provides confirmation, in a model-independent way, of the need for an additional resonant component in the mass region of the $Z(4430)^-$ exotic state.Comment: All figures and tables, along with any supplementary material and additional information, are available at https://lhcbproject.web.cern.ch/lhcbproject/Publications/LHCbProjectPublic/LHCb-PAPER-2015-038.htm