A Survey of the Benthic Macrofauna and Fish Species Assemblages in a Mangrove Habitat in Ghana

In order to enhance ecological knowledge for coastal and mangrove  ecosystem conservation in Ghana, the study documents the taxonomic groups of benthic macrofauna and fish assemblages in an urban mangrove swamp as its fundamental objective with emphasis on their composition, richness and diversity. This is because benthic and fish fauna of mangrove habitats are amongst the least studied biota in Ghana. Fish and benthos sampling was undertaken from five randomly selected pools within a mangrove stand during the wet and dry seasons using pole-seine net (7 m long and 1.5 m depth, with stretched mesh size of 5 mm) and an Ekman grab (15 cm × 15 cm dimensions), respectively. All samples were  preserved in 10% formalin for laboratory analysis. The results indicated a more diverse macrozoobenthic community in the wet (H¹ = 1.8) than dry season (H¹ = 1.5) . Overall, five out of a total of 13 genera found are intolerant to pollution and four moderately tolerant, while four comprising polychaetes and the midge Chironomus, are pollution tolerant. This suggests that the mangrove habitat is less polluted. A grand total of 917 fish specimens, belonging to 15 species and nine families, were encountered for both seasons (371 and 546 specimens for wet and dry seasons, respectively). The black-chinned tilapia, Sarotherodon  melanotheron, was the dominant fish species in the wet season, accounting for 54.2% of the total fish caught, whilst the grey mullets, Mugil babanensis and Mugil curema, were the dominant species in the dry season, with a combined total of 51.4% of the fish population. However, over 70% of these dominant fish species from both seasons were juveniles providing a strong justification for the observation that the mangrove habitats are nursery grounds for fish inhabiting adjacent riverine, estuarine and inshore marine habitats. Considering this relevance of mangroves and the ongoing conversion attempts of mangrove habitats to other land uses, a concerted mangroves conservation effort is strongly advocated

Moral Hazard in the Oil Patch: The Effect of the Banking Crisis on RTC Hotel Appraisals in the American Southwest

This paper compares appraised hotel values of Resolution Trust Corporation (RTC) properties in the American Southwest ( Oil Patch states) with their respective market values. The RTC was given the task of having hotel properties appraised and subsequently auctioned for sale. However, RTC officials were aware they had limited time and funding for their operations. Consequently, RTC officials faced a significant amount of political pressure to sell non-performing assets quickly, particularly in the Oil Patch where banking problems were especially severe. Given these circumstances, the RTC may have been motivated to influence appraised hotel values downward to sell more assets faster. The results of this paper indicate appraised hotel values to be lower than their market values in the region. Moreover, the differences between appraised values and market values were significantly more negative in the Oil Patch than in other regions

Why are Prices Sticky? Evidence from Business Survey Data

This paper offers new insights on the price setting behaviour of German retail firms using a novel dataset that consists of a large panel of monthly business surveys from 1991-2006. The firm-level data allows matching changes in firms' prices to several other firm-characteristics. Moreover, information on price expectations allow analyzing the determinants of price updating. Using univariate and bivariate ordered probit specifications, empirical menu cost models are estimated relating the probability of price adjustment and price updating, respectively, to both time- and state- dependent variables. First, results suggest an important role for state-dependence; changes in the macroeconomic and institutional environment as well as firm-specific factors are significantly related to the timing of price adjustment. These findings imply that price setting models should endogenize the timing of price adjustment in order to generate realistic predictions concerning the transmission of monetary policy. Second, an analysis of price expectations yields similar results providing evidence in favour of state-dependent sticky plan models. Third, intermediate input cost changes are among the most important determinants of price adjustment suggesting that pricing models should explicitly incorporate price setting at different production stages. However, the results show that adjustment to input cost changes takes time indicating "additional stickiness" at the last stage of processing

Policy volatility and growth

The paper aims to examine how fiscal and monetary volatility might affect the balanced economic growth rate using a standard monetary growth model characterized by nominal wage rigidity and productive public spending. The model shows that any type of shock — monetary or fiscal — can generate either a negative or positive relationship between short-run volatility and long-run growth, critically de- pending on the size of government and the elasticity of output with respect to labor/ capital. In particular, given the labor income share, it shows that excessive government spending may cause the impact of fiscal volatility on long-run growth to turn from positive to negative. In addition, a rise in the volatility of the monetary shock is capable of generating either an increase or decrease in the mean of growth. With the range of the labor share values in reality, the model produces results consistent with the fact that the relationship between volatility and growth is generally found empirically to be more negative in developing than in developed countries. The model can be seen as a further explanation for the ambiguous empirical evidence in the existing literature.info:eu-repo/semantics/publishedVersio