Fiscal developments in the euro area beyond the crisis: some lessons drawn from fiscal reaction functions

In this paper, we examine whether the fact that governments incorporate an objective of sustainability in their budgetary decisions is an element likely to increase the likelihood of a decrease in their deficit and debt ratios beyond the crisis (over the years from 2010 to 2015). We estimate a fiscal reaction function for the Euro area countries and demonstrate that the discretionary policies seem to be pro cyclical in average, thereby influencing the budget balance in the opposite direction than the automatic stabilizers. Our simulations of these rules over the next five years lead us to conclude that two groups of countries could emerge as regards their respective budgetary situations. On the one hand, some “virtuous” countries whose structural deficits will diminish whatever the “exit crisis” scenario envisaged, whereas on the other side, others will not succeed in stabilizing their national debt ratio, because their discretionary fiscal policy is less pro cyclical.euro zone ; exit crisis scenario ; fiscal policy

Family memory and the Crusades

No abstract available

The refractive index and wave vector in passive or active media

Materials that exhibit loss or gain have a complex valued refractive index $n$. Nevertheless, when considering the propagation of optical pulses, using a complex $n$ is generally inconvenient -- hence the standard choice of real-valued refractive index, i.e. n_s = \RealPart (\sqrt{n^2}). However, an analysis of pulse propagation based on the second order wave equation shows that use of $n_s$ results in a wave vector \emph{different} to that actually exhibited by the propagating pulse. In contrast, an alternative definition n_c = \sqrt{\RealPart (n^2)}, always correctly provides the wave vector of the pulse. Although for small loss the difference between the two is negligible, in other cases it is significant; it follows that phase and group velocities are also altered. This result has implications for the description of pulse propagation in near resonant situations, such as those typical of metamaterials with negative (or otherwise exotic) refractive indices.Comment: Phys. Rev. A, to appear (2009

New methods and materials for molding and casting ice formations

This study was designed to find improved materials and techniques for molding and casting natural or simulated ice shapes that could replace the wax and plaster method. By utilizing modern molding and casting materials and techniques, a new methodology was developed that provides excellent reproduction, low-temperature capability, and reasonable turnaround time. The resulting casts are accurate and tough

Compensating Wage Differentials for Mandatory Overtime

Our paper estimates the extent to which employees are compensated for an unfavorable job characteristic, being required to accept mandatory assignment of overtime, by receiving higher straight-time wages. Our estimating equations are derived from a model in which wage rates and the existence of mandatory assignment of overtime are jointly determined in the market by the interaction of employee and employer preferences. While - on average, we do not observe the existence of a compensating wage differential for mandatory overtime, we do observe the existence of such differentials for unionized workers and workers with only a few years experience at a firm. Given any estimated compensating wage differential for an unfavorable working condition, one must decide whether its magnitude is sufficiently large to allow one to conclude that the differential fully compensates workers for the disutility of being subject to the unfavorable working condition. We develop and illustrate a methodology that can be used to answer this question, at least for the case of mandatory overtime provisions and other rules that restrict employees' choice of hours.

Compliance with the Overtime Pay Provisions of the Fair Labor Standards Act

Our paper presents a methodology that can be used to estimate the extent of noncompliance with the overtime pay provisions of the Fair Labor Standards Act (FLSA). The methodology is applied to data from the May 1978 Current Population Survey and the 1977 Michigan Quality of Employment Survey. These data suggest that the fraction of covered workers working overtime who fail to receive a premium of at least time and a half, as called for by the legislation, is in the range of 25 percent. They also suggest that the extent of noncompliance is greater in those industries in which size class exemptions to the legislation exist (retail trade and selected service industries). Finally, probit analyses of the determinants of noncompliance suggest that decisions about whether to comply with the overtime provisions of the FLSA are at least partially based on the associated benefits and costs.

Orthorhombic Phase of Crystalline Polyethylene: A Monte Carlo Study

In this paper we present a classical Monte Carlo simulation of the orthorhombic phase of crystalline polyethylene, using an explicit atom force field with unconstrained bond lengths and angles and periodic boundary conditions. We used a recently developed algorithm which apart from standard Metropolis local moves employs also global moves consisting of displacements of the center of mass of the whole chains in all three spatial directions as well as rotations of the chains around an axis parallel to the crystallographic c-direction. Our simulations are performed in the NpT ensemble, at zero pressure, and extend over the whole range of temperatures in which the orthorhombic phase is experimentally known to be stable (10 - 450 K). In order to investigate the finite-size effects in this extremely anisotropic crystal, we used different system sizes and different chain lengths, ranging from C_12 to C_96 chains, the total number of atoms in the super-cell being between 432 and 3456. We show here the results for structural parameters, such as the orthorhombic cell parameters a,b,c, and the setting angle of the chains, as well as internal parameters of the chains, such as the bond lengths and angles. Among thermodynamic quantities, we present results for thermal expansion coefficients, elastic constants and specific heat. We discuss the temperature dependence of the measured quantities as well as the related finite-size effects. In case of lattice parameters and thermal expansion coefficients, we compare our results to those obtained from other theoretical approaches as well as to some available experimental data. We also suggest some possible ways of extending this study.Comment: 27 pages, RevTex, 24 figures, submitted to Journal of Chemical Physic