This paper assesses the impact of different types of flexible fiscal rules on the procyclicality of fiscal policy with propensity scores-matching techniques, thus mitigating traditional self-selection problems. It finds that not all fiscal rules have the same impact: the design matters. Specifically, investment-friendly rules reduce the procyclicality of both overall and investment spending. The effect appears stronger in bad times and when the rule is enacted at the national level. The introduction of escape clauses in fiscal rules does not seem to affect the cyclical stance of public spending. The inclusion of cyclical adjustment features in spending rules yields broadly similar results. The results are mixed for cyclically-adjusted budget balance rules: enacting the latter is associated with countercyclical movements in overall spending, but with procyclical changes in investment spending. Structural factors, such as past debt, the level of development, the volatility of terms of trade, natural resources endowment, government stability, and the legal enforcement and monitoring arrangements backing the rule also influence the link between fiscal rules and countercyclicality. The results are robust to a wide set of alternative specifications.
This paper employs a meta-regression analysis of 473 estimates from 15 studies to take stock of the empirical literature on Chinese aid effectiveness. After accommodating publication selection bias, we find that, on average, Beijing’s foreign assistance has had a positive impact on economic and social outcomes in recipient countries but an opposite effect on governance, albeit negligible in size. We also show that (i) studies that fail to uncover statistically significant effects are less likely to be submitted to journals, or accepted for publication; and (ii) results are not driven by authors’ institutional affiliation. Differences in study characteristics such as the type of development outcome considered, how the Chinese aid variable is measured, the geographic region under study, and publication outlet explain the heterogeneity among Chinese aid effectiveness estimates reported in the literature.
This paper provides evidence of a strong relationship between the short-term dynamics of growth and inequality in developing economies. We find that reductions in inequality during growth upswings are largely reversed during growth slowdowns. Using a new methodology (mediation analysis), we identify unemployment, and youth unemployment especially, as the main channel through which fluctuations in growth affect future dynamics in inequality. These findings suggest that both the quality of jobs created and labor market policies are important to ensure that growth outcomes are conducive to inequality reduction.
Presents the State-of-the-Art in Fat Taste TransductionA bite of cheese, a few potato chips, a delectable piece of bacon - a small taste of high-fat foods often draws you back for more. But why are fatty foods so appealing? Why do we crave them? Fat Detection: Taste, Texture, and Post Ingestive Effects covers the many factors responsible for the se
The presentation of the life and work of any great thinker is a formidable task, even for a renowned scholar. This is all the more the case when such a historical figure is a saint and mystic, such as Friar Thomas Aquinas. In this volume, Fr. Jean-Pierre Torrell, OP, masterfully takes up the strenuous task of presenting such a biography, providing readers with a detailed, scholarly, and profound account of the thirteenth-century theologian whose works have not ceased to draw the attention of both friend and foe! In this volume, Fr. Torrell, an internationally renowned expert on St. Thomas, speaks to neophytes and experts alike: for those new to Thomas’s works, he paints an engaging human portrait of Friar Thomas in his historical context; for specialists, he provides a rigorous scholarly account of contemporary research concerning Thomas’s life and work. This new edition of Fr. Torrell’s widely-lauded text involved significant revision, expansion, and bibliographical updates in light of the latest scholarship. The Catholic University of America Press is pleased to present such an eminent specialist’s mature synthesis concerning Friar Thomas Aquinas.
This study explores the egalitarian policies pursued in the provinces during the radical phase of the French Revolution, but moves away from the habit of looking at such issues in terms of the Terror alone. It challenges revisionist readings of Jacobinism that dwell on its totalitarian potential or portray it as dangerously utopian. The mainstream Jacobin agenda emphasised 'fair shares' and equal opportunities for all in a private ownership market economy. It sought to achieve social justice without jeopardising human rights and tended thus to complement, rather than undermine, the liberal, individualist programme of the Revolution. The book stresses the relevance of the 'Enlightenment legacy', the close affinity between Girondins and Montagnards, the key role played by many lesser-known figures and the moral ascendancy of Robespierre. It reassesses the basic social and economic issues at stake in the Revolution, which cannot be understood solely in terms of political discourse.
A thorough grounding in Markov chains and martingales is essential in dealing with many problems in applied probability, and is a gateway to the more complex situations encountered in the study of stochastic processes. Exercises are a fundamental and valuable training tool that deepen students' understanding of theoretical principles and prepare them to tackle real problems. In addition to a quick but thorough exposition of the theory, Martingales and Markov Chains: Solved Exercises and Elements of Theory presents, more than 100 exercises related to martingales and Markov chains with a countable state space, each with a full and detailed solution. The authors begin with a review of the basic notions of conditional expectations and stochastic processes, then set the stage for each set of exercises by recalling the relevant elements of the theory. The exercises range in difficulty from the elementary, requiring use of the basic theory, to the more advanced, which challenge the reader's initiative. Each section also contains a set of problems that open the door to specific applications. Designed for senior undergraduate- and graduate level students, this text goes well beyond merely offering hints for solving the exercises, but it is much more than just a solutions manual. Within its solutions, it provides frequent references to the relevant theory, proposes alternative ways of approaching the problem, and discusses and compares the arguments involved.
This exciting new reference brings you information about the most controversial nephrology challenges you face in your practice. The book confidently tackles these subjects and gives seasoned advice on the latest diagnostic and treatment strategies using evidence-based medicine wherever possible. It gives you the latest information you need to keep pace with the fast-paced, dynamic environment of neonatology. Addresses controversial topics head on, so you can decide how to handle these difficult practice issues. Serves as the bridge between the latest cutting-edge research and its application to clinical practice. Assembles a world-class group of neonatologists, representing the true leaders of the specialty, to ensure the most authoritative content available.
Pluripotential theory is a very powerful tool in geometry, complex analysis and dynamics. This volume brings together the lectures held at the 2011 CIME session on "pluripotential theory" in Cetraro, Italy. This CIME course focused on complex Monge-Ampére equations, applications of pluripotential theory to Kahler geometry and algebraic geometry and to holomorphic dynamics. The contributions provide an extensive description of the theory and its very recent developments, starting from basic introductory materials and concluding with open questions in current research.
Main concepts of quasi-stationary distributions (QSDs) for killed processes are the focus of the present volume. For diffusions, the killing is at the boundary and for dynamical systems there is a trap. The authors present the QSDs as the ones that allow describing the long-term behavior conditioned to not being killed. Studies in this research area started with Kolmogorov and Yaglom and in the last few decades have received a great deal of attention. The authors provide the exponential distribution property of the killing time for QSDs, present the more general result on their existence and study the process of trajectories that survive forever. For birth-and-death chains and diffusions, the existence of a single or a continuum of QSDs is described. They study the convergence to the extremal QSD and give the classification of the survival process. In this monograph, the authors discuss Gibbs QSDs for symbolic systems and absolutely continuous QSDs for repellers. The findings described are relevant to researchers in the fields of Markov chains, diffusions, potential theory, dynamical systems, and in areas where extinction is a central concept. The theory is illustrated with numerous examples. The volume uniquely presents the distribution behavior of individuals who survive in a decaying population for a very long time. It also provides the background for applications in mathematical ecology, statistical physics, computer sciences, and economics.
Representation Theory of Symmetric Groups is the most up-to-date abstract algebra book on the subject of symmetric groups and representation theory. Utilizing new research and results, this book can be studied from a combinatorial, algorithmic or algebraic viewpoint. This book is an excellent way of introducing today’s students to representation theory of the symmetric groups, namely classical theory. From there, the book explains how the theory can be extended to other related combinatorial algebras like the Iwahori-Hecke algebra. In a clear and concise manner, the author presents the case that most calculations on symmetric group can be performed by utilizing appropriate algebras of functions. Thus, the book explains how some Hopf algebras (symmetric functions and generalizations) can be used to encode most of the combinatorial properties of the representations of symmetric groups. Overall, the book is an innovative introduction to representation theory of symmetric groups for graduate students and researchers seeking new ways of thought.
Modern research has demonstrated that many stars are surrounded by planets—some of which might contain the right conditions to harbor life. This has only reinforced a question that has been tormenting scientists, philosophers and priests since Antiquity: Are there other inhabited worlds beyond our own? This book analyzes the many ways that humans have argued for and depicted extraterrestrial life over the centuries. The first known texts about the subject date from as early as the 6th century BC. Since that time, countless well-known historical characters like Lucretius, Aristotle, Thomas Aquinas, Cusanus, Bruno, Kepler, Descartes, and Huygens contributed to the debate; here, their lesser known opinions on the subject are studied in detail. It is often difficult for the modern mind to follow the thinking of our ancestors, which can only be understood when placed in the relevant context. The book thus extends its scope to the evolution of ideas about cosmology in general, as well as the culture in which these great thinkers wrote. The research is presented with the author's insights and humor, making this an easy and enjoyable read.
This is the latest volume to appear in the successful Cambridge History of Modern France series, and is the most authoritative account available of the presidency of Georges Pompidou. Pompidou consolidated the constitutional changes made by de Gaulle, to the extent that he is now regarded as the Fifth Republic's second founding father, and continued his haughty attitudes to foreign policy. He also launched a programme of modernisation and industrialisation: under Pompidou France saw both the climax and the end of the post-war boom. Serge Berstein and Jean-Pierre Rioux analyse the politics of the period, and also give an overview of France's economy, culture and society. Their comprehensive study contains all the standard features, such as maps, chronology, and tables, which have helped this series to establish itself as the premier multi-volume account of modern France. Students, scholars and teachers in history and political studies will find this volume invaluable.
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