Is monetary policy really neutral in the long-run? Evidence for some emerging and developed economies

The traditional economic theory suggests that changes in the money supply or in the interest rates can influence the business cycle, but not the long-run potential output. In other words, monetary policy is neutral over the long-run. In this paper we use some new developments in econometrics to test for the existence of a long-run relationship between the monetary policy instrument used by most Central Banks - short-term interest rates - and real output. Using annual data for 14 emerging and developed countries our results offer overall support for the traditional economic theory.Money neutrality, monetary policy, cointegration tests.

Inflation Targeting and Fear of Floating in Brazil, Mexico and South Korea

We present evidence on Fear of Floating (FF) practices before and after the adoption of Inflation Targeting (IT) for three emerging countries that faced important exchange rate crises in the 1990’s (Brazil, Mexico and South Korea). We start using the methodologies proposed by Calvo and Reinhart (2002) and Ball and Reyes (2008), and check the probabilities of observing small monthly exchange rate changes, combined with large movements in policy instruments (international reserves and interest rates), which should indicate some degree of exchange rate targeting. This initial exercise suggests a progress towards greater exchange rate flexibility after IT. We then use a VAR model to analyse the monetary policy response to exchange rate and inflation shocks, and detect a drastic reduction in direct intervention in the foreign exchange market after IT, accompanied by a stronger response to inflation. These findings are consistent with the IT framework, and suggest a reduced role for FF.Inflation Targeting, Fear of Floating

Phylogeny of the Nasutitermtinae and Revision of the Neotropical Genus Syntermes Holmgren (Isoptera: Termitidae)

The University of Kansas has long historical connections with Central America and the many Central Americans who have earned graduate degrees at KU. This work is part of the Central American Theses and Dissertations collection in KU ScholarWorks and is being made freely available with permission of the author through the efforts of Professor Emeritus Charles Stansifer of the History department and the staff of the Scholarly Communications program at the University of Kansas Libraries’ Center for Digital Scholarship.The Nasutitennitixiae are one of the most diverse subfamilies of termites, with more than 80 genera and 600 known species. Soldiers of most Nasutitermitinae have their heads modified for, chemical defense, with a long frontal tube connected to a reservoir of defensive secretions. These nasute soldiers are capable of squirting noxious substances on enemies and have vestigial mandibles. A group of 13 neotropical genera of Nasutitermitinae, the mandibulate nasutes, have soldiers with functional mandibles and various degrees of development of the frontal tube; they have been considered to represent intermediate stages toward the evolution of the nasute soldier, and would correspond to the basal branches of the Nasutitermitinae. This work investigates the phylogenetic relationships of the mandibulate nasutes. A cladistic analysis based on 35 morphological characters indicates that the traditional phylogenies are incorrect and that the mandibulate nasutes form a monophyletic group in which a long frontal tube evolved independently. The analysis of a fragment of the 16S rRNA gene provides some support for the same conclusion, but with lower resolution. The taxonomy of the genus Syntermes, traditionally considered the most primitive of the Nasutitermitinae, is revised, and 23 species are now recognized. Six species are described as new: S. barbatus, S. cearensis, 5. crassilabrum, S. longiceps, 5, nanus, and 5. tanygnathus; the imagoes of 5. aculeosus, S. chaquimayensis, and S. wheeleri are described for the first time; two species, S. bolivianus and 5. wheeleri, are revalidated; and six new synonyms are proposed: S, hageni (previously treated as a synonym of S. dims) and 5. lighti are junior synonyms of 5. granéis; and S. solidus, S. chaquimayensis parvinasus, 5. emersoni, and 5. robustus are junior synonyms of S. spinosus. A phylogenetic analysis of the species of Syntermes was based on 45 characters indicates that most characters of this genus that have been considered primitive are actually derived. Based on the cladistic analysis of the mandibulate Nasutitermitinae, Cahuallitermes, new genus, is described with two species from tropical North America, C. aduncus, new species, from southern Mexico and C intermedins, new combination, from Belize and Honduras

Work, workers and the social issue in the capitalist sociability

Este ensaio, por meio de revisão da literatura, analisa as transformações societárias em curso que afetam o mundo do trabalho e a vida em sociedade, provocando o acirramento da questão social, compreendida como resultante das contradições entre capital e trabalho. Em linhas gerais, tendo em vista o acúmulo de conhecimento produzido no campo das ciências sociais e humanas acerca do tema, são apresentados elementos acerca das alterações desencadeadas no mundo do trabalho e seus reflexos para os trabalhadores em tempos de crise do capital. Dentre as consequências dessas transformações estão a intensificação e a expansão de formas precárias de trabalho, o agravamento do pauperismo, o avanço do desemprego, a informalidade, as subcontratações, a miséria e a perda de direitos sociais. Tal quadro esboça, para o conjunto da classe trabalhadora, por meio de organizações e lutas coletivas, desafios com vistas à superação da sociabilidade capitalista. __________________________________________________________________________________________________________________ ABSTRACTThis essay, through literature review, analyzes ongoing societal transformations affecting the world of work and life in society, besides provoking the worsening of the social issue, understood as resulting from the contradictions between capital and labor. Generally, taking into account the accumulation of knowledge produced in the field of social and human sciences on this subject, it is presented elements about the changes triggered in the world of work and its reflections to the workers in times of crisis of the capital. One of the consequences of these transformations are the intensification and the expansion of precarious forms of work, the increase of pauperism, the advancement of unemployment, informality, subcontracting, poverty and the loss of social rights. This framework outlines, for the whole working class, through organizations and collective struggles, challenges aimed at overcoming the capitalist sociability

Estimating Global Termite Species Richness Using Extrapolation

Cumulative species description curves since 1758 are given for all termites of the world and for each biogeographical region (Australian, Ethiopian, Nearctic, Neotropical, Oriental, Palearctic, and Papuan). A cumulative description curve is also given for world genera. Estimation by maximum likelihood using the Michaelis-Menten model suggests a maximum of 5366 ± 175 species (p < 2.2E-16) and 704 ± 77 genera (p < 4.387E-13). Model fitting was poor for most individual biogeographical regions, with the exception of the Ethiopian region (estimate = 1295 ± 57 species, p < 2.2E-16). World War I and World War II had marked negative impacts on termite description rates. Data from China was treated separately due to the atypical rate of description of new termites in that country during the last two decades of the 20th century

Estimating Global Termite Species Richness Using Extrapolation

Cumulative species description curves since 1758 are given for all termites of the world and for each biogeographical region (Australian, Ethiopian, Nearctic, Neotropical, Oriental, Palearctic, and Papuan). A cumulative description curve is also given for world genera. Estimation by maximum likelihood using the Michaelis-Menten model suggests a maximum of 5366 ± 175 species (p < 2.2E-16) and 704 ± 77 genera (p < 4.387E-13). Model fitting was poor for most individual biogeographical regions, with the exception of the Ethiopian region (estimate = 1295 ± 57 species, p < 2.2E-16). World War I and World War II had marked negative impacts on termite description rates. Data from China was treated separately due to the atypical rate of description of new termites in that country during the last two decades of the 20th century