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This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative e...
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This paper investigates the dynamic effects of monetary and fiscal policy in a monetary union, which is characterized by asymmetric interest rate transmission. This asymmetry gives rise to intertemporal reversals in the relative effectiveness of policy on member country outputs. The direction and the number of these reversals depend on whether policies are unanticipated or anticipated. We also study the coordination between monetary and fiscal policy in a monetary union. Monetary policy may completely stabilize European output after unanticipated fiscal policy shocks. With anticipated fiscal policy shocks, complete stabilization throughout the overall adjustment process requires monetary policy to be time-inconsistent.
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This article examines the interactions between money, consumer prices and commodity prices at a global level from 1970 to 2008. Using aggregated data for major Organization for Economic Cooperation and Development (OECD) countries...
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This article examines the interactions between money, consumer prices and commodity prices at a global level from 1970 to 2008. Using aggregated data for major Organization for Economic Cooperation and Development (OECD) countries and a Cointegrating Vector Autoregression (CVAR) framework, we are able to establish long-run and short-run relationships among these variables while the process is mainly driven by global liquidity. According to our empirical findings, different price elasticities in commodity and consumer goods markets can explain the recently observed overshooting of commodity over consumer prices. Although the sample period is rather long, recursive tests corroborate that our CVAR fits the data very well.
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Numerous econometric studies fail to detect a significant and robust relationship between international aid and economic growth in the recipient countries. Dutch Disease effects might be responsible for this result. This paper exa...
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Numerous econometric studies fail to detect a significant and robust relationship between international aid and economic growth in the recipient countries. Dutch Disease effects might be responsible for this result. This paper examines the relation between aid and its effectiveness in a multi-sector multi-household Computable General Equilibrium (CGE)-framework. Given that international transfers to African countries increasingly take the form of general financial support to the government, different spending strategies and their macroeconomic, sectoral and distributional effects are evaluated in a two-stage simulation making a distinction between immediate direct effects and possible long-run effects from increased productivity. The presence of sector-specific factors weakens Dutch Disease effects and shifts the burden of adjustment primarily to other exporting sectors. While the model simulates the effects of additional aid in Zambia it can be used as a blueprint for other African countries.
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This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. Aggregated data for major OECD countries are therefore analysed in a cointe-grated VAR framework. Our empirical resu...
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This paper examines the interactions between money, interest rates, goods and commodity prices at a global level. Aggregated data for major OECD countries are therefore analysed in a cointe-grated VAR framework. Our empirical results for the period ranging from the 1970s to 2008 support the view that, when controlling for interest rate changes and thus different monetary policy stances, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity and goods prices movements.
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This paper applies ambidextrous management to entrepreneurial growth companies. Ambidexterity aims at overcoming organizational inertia that threatens organizational survival. The concept is typically applied to established corpor...
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This paper applies ambidextrous management to entrepreneurial growth companies. Ambidexterity aims at overcoming organizational inertia that threatens organizational survival. The concept is typically applied to established corporations in order to cure existing inertia. However, ambidextrous management may also help to avoid the emergence of inertia in entrepreneurial growth companies. We therefore discuss ambidexterity against the background of entrepreneurial growth companies and reveal how it can be used to build sustainable organizations. Our reasoning is based on organization science and entrepreneurship theory; in doing so we derive two groups of theoretical propositions explaining the antecedents of emergence and the antecedents of success of ambidextrous management in entrepreneurial growth companies.
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Chromosome aberration analysis in astronauts has been used to provide direct,biologically motivated estimates of equivalent doses and risk associated to cosmic radiation exposure during space flight.However,the past studies concen...
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Chromosome aberration analysis in astronauts has been used to provide direct,biologically motivated estimates of equivalent doses and risk associated to cosmic radiation exposure during space flight.However,the past studies concentrated on measurements of di-centrics and translocations,while chromosome intra-changes(inversions)have never been measured in astronauts'samples.Recent data reported in the literature suggest that densely ionizing radiation can induce a large fraction of intrachanges,thus leading to the suspicion that interchanges grossly underestimate the cosmic radiation-induced cytogenetic damage in astronauts.We have analyzed peripheral blood lymphocytes from 11 astronauts involved in short-or long-term space flights in low-Earth orbit using high-resolution multicolor banding to assess the frequency of intrachromosomal exchanges in both pre-and post-flight samples.We did not detect any inversions in chromosome 5 from a total of 2800 cells in astronauts'blood.In addition,no complex type exchanges were found in a total of 3590 astronauts'lymphocytes analyzed by multifluor fluorescence in situ hybridisation.We conclude that,within the statistical power of this study,the analysis of interchanges for biological dosimetry in astronauts does not significantly underestimate the space radiation-induced cytogenetic damage,and complex-type exchanges or intrachanges have limited practical use for biodosimetry at very low doses.
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We prove vanishing of the higher direct images of the structure (and the canon-ical) sheaf for a proper birational morphism with source a smooth variety and target the quotient of a smooth variety by a finite group of order prime ...
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We prove vanishing of the higher direct images of the structure (and the canon-ical) sheaf for a proper birational morphism with source a smooth variety and target the quotient of a smooth variety by a finite group of order prime to the characteristic of the ground field. We also show that for smooth projective vari-eties the cohomology of the structure sheaf is a birational invariant. These results are well known in characteristic zero.
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The dynamics of discrete mathematical systems can be related to the values of certain ordering parameters. Experiments with the total set of possible structures of a boolean network with six elements and extended sets of two-value...
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The dynamics of discrete mathematical systems can be related to the values of certain ordering parameters. Experiments with the total set of possible structures of a boolean network with six elements and extended sets of two-valued boolean functions show that three simple parameters describing the topology, the bias of boolean functions, and their canalyzing
potential yield necessary conditions for complex dynamics. The crucial factor determining dynamics turns out to be the topology. The impact on simulations of real systems is discussed.
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We have used warfarin as a local probe to investigate the orientation of paclitaxel and water soluble polymer conjugates of paxlitaxel in albumin. The relative orientation of warfarin and paclitaxel in a 1:1 complex in solution wa...
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We have used warfarin as a local probe to investigate the orientation of paclitaxel and water soluble polymer conjugates of paxlitaxel in albumin. The relative orientation of warfarin and paclitaxel in a 1:1 complex in solution was investigated by 1H-NMR-spektroskopy (NOESY) and the results are used for the interpretation of the steric situation of paclitaxel respectively the polymer conjugate in albumin.
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