PRIORITIZING ECONOMIC GROWTH: ENHANCING MACROECONOMIC POLICY CHOICE

This paper spells out a logic for increasing macroeconomic policy space in order to prioritize the goals of growth, employment creation and poverty reduction. First, there is the need to create additional policy instruments so that a greater number of policy goals can be addressed. Frequently, real economy goals get partly crowded out by financial objectives because there are too few instruments for too many goals. Second, the calibrated use of policy tools by degrees of commitment, deployment and assignment can create space for different policy-mixes. Selective capital controls, intermediate exchange rate regimes, and some monetary policy autonomy create the policy space within which a variety of policy combinations and mixes are possible and a greater number of instruments are available. Prioritization of real economy goals becomes both more feasible and more likely with a broader range of policy alternatives. Third, along with selective use of capital controls, fiscal policy-based stabilization instead of exchange rate-based stabilization delinks the exchange rate from the goal of internal financial stability to which it is yoked in a regime of fixed exchange rates. This delinkage enables the use of intermediate exchange rate regimes (soft pegs and managed floating). The use of these regimes in “the missing middle” between fixed and flexible exchange rates creates policy space where different mixes are possible generating a greater range of policy alternatives. Fourth, prioritizing real economy goals is also facilitated by the design of a larger strategic framework for accelerated development including institutions, norms, behaviours and governance. The larger strategic framework mobilizes more assets and power toward a dynamic growth trajectory that creates a more favourable context for macroeconomic policy. The impact of macroeconomic policies on growth, employment creation and poverty reduction is likely to be stronger when they are part of a wider effort to marshal resources for accelerated development. The examples of the East Asian success stories provide the evidence for this conclusion. These four steps in the logic for increased macroeconomic policy choice – new policy tools, selective and pragmatic use of capital controls and exchange rate intervention, fiscal policy-based stabilization, and strategic frameworks – reinforce each other in their capacity to create more policy space.

Methyl 2-amino-5-iso­propyl-1,3-thia­zole-4-carboxyl­ate

The title compound, C8H12N2O2S, forms a supramolecular network based on N-HN hydrogen-bonded centrosymmetric dimers that are linked in turn by N-HO contacts

Anxiety Associated With Increased Risk for Emergency Department Recidivism in Patients With Low-Risk Chest Pain

Anxiety contributes to the chest pain symptom complex in 30% to 40% of patients with low-risk chest pain seen in the emergency department (ED). The validated Hospital Anxiety Depression Scale-Anxiety subscale (HADS-A) has been used as an anxiety screening tool in this population. The objective was to determine the prevalence of abnormal HADS-A scores in a cohort of low-risk chest pain patients and test the association of HADS-A score with subsequent healthcare utilization and symptom recurrence. In a single-center, prospective, observational cohort study of adult ED subjects with low-risk chest pain, the HADS-A was used to stratify participants into 2 groups: low anxiety (score <8) and high anxiety (score ≥8). At 45-day follow-up, chest pain recurrence was assessed by patient report, whereas ED utilization was assessed through chart review. Of the 167 subjects enrolled, 78 (47%) were stratified to high anxiety. The relative risk for high anxiety being associated with at least one 30-day ED return visit was 2.6 (95% confidence interval 1.4 to 4.7) and this relative risk increased to 9.1 (95% confidence interval 2.18 to 38.6) for 2 or more ED return visits. Occasional chest pain recurrence was reported by more subjects in the high anxiety group, 68% vs 47% (p = 0.029). In conclusion, 47% of low-risk chest pain cohort had abnormal levels of anxiety. These patients were more likely to have occasional recurrence of their chest pain and had an increased risk multiple ED return visits

Interplay between spin-relaxation and Andreev reflection in ferromagnetic wires with superconducting contacts

We analyze the change in the resistance of a junction between a diffusive ferromagnetic (F) wire and normal metal electrode, due to the onset of superconductivity (S) in the latter and a double Andreev scattering process leading to a complete internal reflection of a large fraction of the spin-polarized electrons back into the ferromagnet. The superconducting transition results in an additional contact resistance arising from the necessity to match spin-polarized current in F-wire to spin-less current in S-reservoir, which is comparable to the resistance of a piece of a F-wire with the length equal to the spin-relaxation length.Comment: 4 pages, 2 fig

Instability of fixed, low-thrust drag compensation

FORCED drag compensation using continuous low-thrustpropulsion has been considered for satellites in low Earth orbit. This simple, but nonoptimal, scheme merely requires that the thrust vector is directed opposite to the drag vector and that the magnitude of the two are equal. In principle, the drag force acting on the spacecraft could be determined onboard using accurate accelerometers. However, for small, low-cost spacecraft such sensors may beunavailable. An alternative strategy would be to Ž x the thrust magnitude equal to the expected air drag that would be experienced by the spacecraft. The thrust levelwould be periodically updated based on ground-based orbit determination. In this Engineering Note, it is shown that such a forced circular orbit with a Ž fixed thrust levelis exponentially unstable for all physically reasonable atmosphere models

Patterns of trade and structural change

노트 : Volume Title: Trade and structural change in Pacific Asia Chapter Tilte: Patterns of trade and structural chang