Miracle-dz/UniFAR-FTUs huggingface dataset:
CENTRAL BANKING IN LATIN AMERICA: CHANGES, ACHIEVEMENTS, CHALLENGES Lecture prepared for the Fifth High-Level Seminar of the Eurosystem and Latin American Central Banks

Lecture. CENTRAL BANKING IN LATIN AMERICA: CHANGES, ACHIEVEMENTS, CHALLENGES by Klaus Schmidt-Hebbel Latin America’s central banks were strengthened in the 1990s by independence laws, adoption of new policy regimes (foremost inflation targeting), and more transparent policy decisions bound by ex-ante rules and ex-post accountability. Central bank modernization – supported by significant fiscal adjustment and financial-sector strengthening – led most Latin American countries to converge to one-digit inflation rates and contributed to higher and more stable growth than in the past. Yet the region’s new policy framework was put to severe testing by the global financial crisis and recession. Quick and innovative policy responses by the region’s central banks helped domestic financial systems and the real economy to resist well the massive financial and real consequences of the banking crisis and recession in industrial countries. Empirical evidence reported here shows that the central banks’ new policy framework and policy response during the crisis dampened significantly the amplitude of the recession. Having weathered well the global financial crisis and recession, now Latin America’s central banks face a large array of policy challenges, which are reviewed in this lecture. Some are common to central banks in industrial and emerging economies, derived from the crisis itself and the issues it poses for improving the role of central banks in attaining more effectively both monetary and financial stability. Other challenges are idiosyncratic to emerging economies in the region (and elsewhere) that are facing renewed growth, high commodity prices, large capital inflows, and real exchange-rate appreciation. JEL Classification: E52, E58, O54.
How Might Standard Units of Value Be Defined?

The research question of this article is how should the International Accounting Standards Board establish standard units of value? Economic value is a social construct that has no use if humans do not exist. The ability for humans to sustain themselves in perpetuity on our planet depends upon how well renewable and recyclable resources in each bioregion can support humanity. As each bioregion has different capacities different units of value are required if prices are to be useful for guiding the size and distribution of the global population between regions. As energy is fundamental for modern human wellbeing, and renewable sources vary by regions this provides a basis for creating sustainability indexes in each bioregion to tether bioregional currencies to promote circular economies. The Internet of Things provides a way to collect and calculate indexes automatically to establish a creditable stable and predicable relative index of value for all goods and services to remove the need for money to be a store of value or unit of account. Self-liquidating money would simplify money to only being a medium of exchange that could be created on a decentralised basis by users. Carbon trading and/or taxing could reduce, or be avoided.
Facilitation of holm oak recruitment through two contrasted shrubs species in Mediterranean grazed woodlands

Question Regeneration failure and gradual tree dieback are major threats for the persistence of savanna-like grazed oak woodlands. Current research has argued that the scarcity of ‘safe sites’, in particular shrubs, is the main cause of the lack of effective tree recruitment. But can different shrub species be considered as safe sites generally? Do two distinct shrub species, with contrasted life strategies, affect several life stages of tree regeneration in similar ways or do they specifically influence the recruitment process? Location Holm oak woodlands of SW Iberian Peninsula (40°02′ N, 06°06′ W). Methods We surveyed densities of recently emerged and surviving seedlings as well as small and large saplings over two consecutive years in 40 sites that were independently managed, comparing plots encroached by either Cistus ladanifer (a shallow-rooted shrub, forming dense populations, with reported allelopathic compounds) or Retama sphaerocarpa (a N2-fixing, deep-rooted shrub that forms scattered populations) vs their respective control plots (without shrubs). To assess the effect of mature trees and both shrub species on the performance and survival of recently emerged oak seedlings, we established an acorn sowing experiment in the same surveyed microhabitats (open spaces, shrub, tree and tree–shrub). Results The survey showed that both shrubs species had a positive effect at early recruitment stages. At later life stages, this effect weakened under Cistus whereas it strengthened under Retama. The acorn sowing experiment showed that both shrub species buffered abiotic conditions and enhanced seedling functioning similarly, but Retama enhanced seedling survival to a higher extent than Cistus. Conclusions The two shrub species impose a specific template that is able to affect the long-term dynamics of Mediterranean oak woodlands. Cistus shrubs are effective in protecting seedlings physically against herbivores and facilitate early survival, but may compete with older stages of oak regeneration. In contrast, Retama shrubs exert stronger biological facilitation and guarantee long-term persistence of surviving seedlings. We argue that improved understanding of the effectiveness of different nurse plants and their contrasting factors is of major interest for the conservation and restoration of degraded oak woodlands.
Heike Nolte

Strategic networks originate from the access to additional resources without purchasing them. But don’t these kinds of cooperation imply risks for the involved firms, esp. for those to whose resources cooperating firms have access? This article aims to show the limitations of integration of resources into a strategic network for competition reasons. This topic has gained importance due to the fact that revelation of internal business information is directly related to strategic networks and thereby might endanger the sustainability of the competitive position of an enterprise. Moreover, it is to question if each partner is interested in revealing its resources to the same extent. The analysis of this problem is based on the resource oriented approach of strategic management as well as on considerations of transaction costs. The issue is presented in three hypothesises which lead to the “Dilemma of Strategic Networks”. 1. Issues of competition and strategic networks Strategic networks originate from the access to additional resources without purchasing them. But don’t these kinds of cooperation imply risks for the involved firms, esp. for those to whose resources cooperating firms have access? This article aims to show the limitations of integration of resources into a strategic network for competition reasons. Recently this topic has gained importance due to the fact that revelation of internal business information is directly related to strategic networks and thereby might endanger the sustainability of the competitive position of an enterprise. Moreover, it is to question if each Heike Nolte, University of Puget Sound, Tacoma, WA, USA and University of Applied Sciences Emden-Leer, Germany, heike.nolte@fho-emden.de
Analytical Methods for Structural Dominance Analysis in System Dynamics

The link between system structure and dynamic behavior is one of the defining elements in the system dynamics paradigm, yet it is only recently that systematic, mathematically rigorous methods for exploring this link have started to become available. In a sense, a simulation model can be viewed as an explicit and consistent theory of the behavior it exhibits. Although this point of view has certain merits, not least the fact that it lifts the discussion from outcomes to causes of these outcomes and from events to underlying structure (Forrester 1961; Sterman 2000), we are concerned here with a more compact explanation of the system’s behavior. In fact, most system dynamics modeling projects report their results in terms of simpler explanations of the observed results, typically in terms of dominant feedback loops that produce the salient features of the behavior. Most often, dominant structure is thought of in terms of feedback loops and, occasionally, external driving forces to the system. For simple systems with relatively few variables, it is usually easy to use intuition and trial-and-error simulation experiments to explain the dynamic behavior as resulting from particular feedback loops. In larger systems, this method becomes increasingly difficult and the risk of incorrect explanations rises accordingly. There is a need, therefore, for analytical methods that provide some consistency and rigor to this process.
Substituição do Milho pela Farinha de Mandioca de Varredura em Dietas de Cabras em Lactação: Produção e Composição do Leite e Digestibilidade dos Nutrientes

The objectives of this work were to evaluate effects of replacing corn by cassava by-product meal, in diets of Saanen lactating goats, on milk production and composition (total solids and crude protein), nutrient apparent digestibility and total digestible nutrients (TDN) of diets. Four multiparous goats fitted with ruminal cannula, with 100 days of lactation, were used. The design was a 4 x 4 Latin square and treatments as following: 0, 33, 67 and 100% replacement of corn by cassava by-product meal. Treatments did not affect intake, fecal flow and dry matter (DM), organic matter (OM), crude protein (CP), neutral fiber detergent (NDF) and non-fiber carbohydrate (NFC) total digestion (AD) and total digestibility (DIG). There was a linear fecal flow decrease and a starch digestibility increase with cassava by-product meal inclusion. TDN did not differ among diets with an average of 71.59%. There was a positive correlation (r = 0.9472) between OMDIG and TDN, making possible TDN estimation from the equation: TDN (%) = 0.8897OMDIG (%) + 10.9940 (R2 = 0.8972). Cassava by-product inclusion did not affect milk production and composition (total solids and crude protein). These results permit to recommend inclusion of cassava by-product in goat lactating diets, in total replacement of corn without problems related to nutrient digestibility and milk production.
Impact of Environmental Factors on Product Quality of Greenhouse Vegetables for Fresh Consumption

Consumer interest worldwide in the quality of vegetable products has increased in recent years. Product quality is a complex issue. As well as visual characteristics, properties such as texture, the content of minerals and vitamins, flavor and other organoleptic characteristics must be considered. In addition, new knowledge shows that vegetables are appreciated for their beneficial health effects in humans and underlines the importance of nutraceutic properties. Many research studies have documented methods for achieving a high-quality vegetable product. Indoor production for fresh vegetables offers advantages compared to outdoor production with regard to quality assurance principally, because the products are not exposed directly to the rapid changes of climate conditions. On the other hand, vegetable cultivation in a greenhouse under artificially created conditions also affects the internal quality of the product. This is reflected in a different taste and flavor compared with field vegetables. Changes in external as well internal quality attributes of greenhouse vegetables subjected to light intensity, temperature, vapor pressure deficit (VPD), and CO2 enrichment of the atmosphere concentration are discussed in this paper. Referee: Dr. J. M. White, Vegetable Production Specialist, Mid-Florida Research and Education Center, UF/IFAS, 2725 Binion Road, Apopka, FL 32703, USA
Recent patents on experimental therapy for hepatitis C virus infection (1999 – 2002)

Despite encouraging progress, antiviral treatment is far from achieving eradication of hepatitis C virus (HCV) infection. Therefore, a large body of new patents concerning novel therapeutic concepts and agents is claimed every year. This review comprises information revealed about granted patents on experimental therapy for HCV infection from 1999 to 2002 but does not intend to be comprehensive. A great part of the inventions described represent peptidomimetic inhibitors of NS3/4–protease, but chemicals, nucleoside analogues or oligodeoxynucleotides are also discussed. The efficacy, specificity and toxicity for most of the claimed drugs are tested mainly in vitro and clinical trial data are rare. Most compounds are intended for combination therapy with well-known antivirals. Other claimed agents, such as recombinant adenoviruses or fusion proteins, are used to improve drug delivery into the cell. A new developing direction of research is the use of immunotherapeutic approaches for HCV therapy.
06 Williams (mh/k)

In the light of high unemployment in deprived neighbourhoods, this paper considers whether community exchange is being used as a coping strategy. Examining its current magnitude and character as well as the barriers to participation in a particular deprived neighbourhood, this paper finds that community exchange currently reinforces, rather than mitigates, the plight of the poorest in this deprived neighbourhood. In the absence of any likelihood of a return to full employment in such areas, this paper asserts that unless action is taken to re-build community exchange, these populations will continue to be unable to satisfy their basic
Energy Allocation during Lactation in Cotton Rats (Sigmodon hispidus) on a Restricted Diet

The effects of restricted food availability on lactating Sigmodon hispidus from Kansas (KSh) and Tennessee (TSh) populations were studied in the laboratory. Mothers received 75% of food intake required by nonreproductive females of similar body mass. KSh control and restricted females produced significantly larger litter sizes at birth (6.9 and 7.3) than TSh females (4.7 and 5.0). At weaning (12d), mean litter size of restricted KSh females (4.3) was similar to that of control (4.4) and restricted TSh females (4.5). Mean litter size for control KSh females (6.6) was significantly larger than for the other three groups. KSh females of smaller body mass suffered higher offspring mortality during lactation than did larger KSh females. Mean body mass of control KSh young (20.1 g) was significantly larger than of control TSh young (16.5 g) at age 12 d. Mean body masses of restricted KSh and TSh young (12.5 and 11.2 g) were not significantly different at 12 d of age, and young of both groups were smaller than controls. Smaller restricted KSh females produced young that grew more slowly than those of larger restricted KSh females. Variation in the growth of restricted TSh young, however, was dependent upon litter size, as was growth for both TSh and ksh controls. During lactation, restricted TSh and KSh females lost an average of 31% of parturition body mass; comparable values for control TSh and KSh were 13% (16 g) and 9% (17 g), respectively. In the nest, body temperature of young of restricted KSh and TSh females averaged °1°—2°C lower than body temperatures of control young. Development of the ability of pups to respond metabolically to cold, however, did not differ significantly between control and restriction treatments or between populations. Thus, under severe food restriction, females with larger litter size (KSh) lost young until litter sizes were similar to those for females with smaller original litters (TSh). Decreased growth and body temperatures of nestlings in food—restricted groups reduced the energy demands of lactation so that smaller litters could survive to weaning. Growth and survivorship of KSh young were largely determined by the body mass of the dam, indicating the potentially significant role of body size for small mammals that experienced periodic food shortages during lactation.
Crime and Unemployment in France

In this paper we examine the influence of unemployment on property crimes and on violent crimes in France for the period 1990 to 2000. This analysis is the first extensive study for this country. First, we construct a regional-level data set (for the 95 départements of metropolitan France) with measures of crimes as reported to the Ministry of Interior. To assess social conditions prevailing in the département in that year, we construct measures of the unemployment rate as well as other social, economic and demographic variables using multiple waves of the French Labor Survey. Second, we construct a city-level data source for all crimes reported to the Defense Ministry for year 2001. This city-level data source is matched to a wealth of city-level variables built from National Censuses, administrative and fiscal sources, and communal censuses. Third, we use a victimization survey conducted every year (starting in 1996) by the French statistical institute (INSEE). Since the city is also identified in the victimization data, we match each sampled individual with all available citylevel characteristics. Using these three data sources, we estimate a classic Becker type model in which unemployment is a measure of how potential criminals fare in the legitimate job market. First, our estimates show that in the cross-section dimension, crime and unemployment are positively associated. This holds both at the département and at the city-level. This result purely reflects an opposition between crime-free countryside and crime-prone cities. Second, we find that increases in youth unemployment induce increases in crime. Using an instrumentation strategy based on the politics of training programs, we show that this effect is causal for burglaries, thefts, and drug offences. To combat crime, it appears that all strategies designed to combat youth unemployment should be examined. Rewards for successes in education, higher pay for apprentices, reception of unemployment benefits are routes that must be considered. JEL classification: J19, K42, J64, J65
Increase in Invaginated Vacuolar Membrane Structure Caused by Plant Cell Expansion by Genotoxic Stress Induced by DNA Double-Strand Breaks

1 Department of Applied Biological Science, Faculty of Science and Technology Tokyo University of Science, 2641 Yamazaki, Noda, Chiba 278–8510, Japan 2 Department of Integrated Biosciences, Graduate School of Frontier Sciences, The University of Tokyo, Kashiwanoha, Kashiwa, Chiba 277–8568, Japan 3 Division of Biological Sciences, Graduate School of Science, Nagoya University, Furo-cho, Chikusa-ku, Nagoya, Aichi 464–8602, Japan 4 JST, ERATO, Higashiyama Live-Holonics Project, Nagoya University, Furo-cho, Chikusa-ku, Nagoya, Aichi 464–8602, Japan 5 Institute of Transformative Bio-Molecules (WPI-ITbM), Nagoya University, Furo-cho, Chikusa-ku, Nagoya, Aichi 464–8602, Japan
MITOSIS OF CHLAMYDOMONAS

SEVERAL SPECIES of the genus Chiamydomonas (Volvocales) have been studied genetically, and have proven to be interesting tools for this type of investigation (Moewus, 1940; Smith and Regnery, 1950; Lewin, 1953; Sager, 1954). In contrast, there are few studies on the nuclear cytology of these organisms. Only partial documentation is available concerning chromosome number, the pattern of mitosis and meiosis. Dangeard (1899) described the mitotic process and the chromosome number of several members of this genus. Belar (1926) published one drawing of a metaphase plate in an unidentified species, showing an acentric spindle. Kater (1929) described mitosis in C. nasuta by means of schematic drawings. No photographs were presented. Cave and Pocock (1951) studied the mitosis of 19 species of colonial Volvocales and found a range in the number of chromosomes from 5 for several Volvox species to 17 for Goniuwm pectorale. The present report deals with a study of mitosis in C. moewusii, C. eugametos, C. reinhardi and C. dysosmos. MATERIALS AND METHODS. -Cultures of C. moewusii, C. eugametos and C. dysosmos were obtained from Dr. R. A. Lewin, and cultures of C. reinhard'i from Dr. G. M. Smith and Dr. R. Sager. Cultivation. -All stock and experimental cultures were grown on Beijerinck's medium of the following composition:
Talent versus University Nurturing in the Productivity of Scientists

While knowledge production is central to economic growth, little is known about how differences in research environments across universities contribute to the differences in productivity of their faculty. We analyze the productivity of researchers employed at the top-20 (top-tier) research universities and compare it to those employed by universities ranked 50-100 (second-tier). We show that only half of the variation in productivity in the early career years can be attributed to the variation in the researchers’ abilities upon PhD completion. We further find that in later career years (10-20 years after attaining a faculty position at the university), the researcher’s ability upon PhD completion explains only 10% of the variability in productivity. The results show that although talent plays a sizeable role in initial career productivity, the majority of a researcher's productivity can be attributed to the better nurturing environment that exists in top-tier compared to second-tier universities. This implies that scholars whose first affiliation is at a top-tier university have a sizeable advantage in terms of producing scholarly work compared to those employed at second-tier universities. The implication of the study is that initial job placement in skilled-based occupations has a first-order effect on overall career productivity. JEL Classification: H41, I23, J24, J44
Aviary Systems and Conventional Cages for Laying Hens: Effects on Production, Egg Quality, Health and Bird Location in Three Hybrids

Abstract In two experiments, a total of 4346 laying hens housed in battery cages, with three hens per cage (C), and in two aviary systems, both with tiered wire floors and litter (Lovsta with two tiers (L) and Marielund with three tiers (M)), were used for studies on production, egg quality, health, plumage and foot condition, bone strength and bird location. Three hybrids were used: Lohmann Selected Leghorn (LSL) were kept in all three systems, Dekalb XL (DK) were kept in both aviaries and Lohmann Brown (LB) in M only. Production and feed conversion in M were inferior but not significantly different from C but significantly better than in L. Proportions of dirty eggs were significantly higher in the avaries. No significant differences were found in interior egg quality traits between keeping systems. LSL showed higher production and better feed conversion than the other hybrids and a tendency for a lower proportion of mislaid eggs. Mortality varied considerably between the aviary pens, reaching 35% in LB.
NBER WORKING PAPER SERIES WALL STREET AND SILICON VALLEY: A DELICATE INTERACTION George-Marios Angeletos

We thank Olivier Blanchard, Hyun Song Shin, Rob Townsend, Jaume Ventura, Ivan Werning and seminar participants at MIT, the Federal Reserve Board, the 2007 IESE Conference on Complementarities and Information (Barcelona), the 2007 Minnesota Workshop in Macroeconomic Theory, and the 2007 NBER Summer Institute for useful comments. Angeletos and Pavan thank the NSF for financial support. Email addresses: angelet@mit.edu; glorenzo@mit.edu; alepavan@northwestern.edu. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.
Th Study of Experts’ Forecasts of the Commercial Success of Early-Stage Ventures

We investigate the decision heuristics used by experts to forec stage ventures are subsequently commercialized. Experts evalua characteristics and subjectively combine data on all cues by e critical flaws as well as positi experts’ correct forecasts of 561 projects. The model correctly predicts of outcomes in out-of-sample, out-of-time tests. Results indicat reasonably simple decision heuristics can perform very well in a natu very difficult deci