We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New ...

This paper uses a dynamic general equilibrium model i) to investigate how changes to different spending and revenue items of the budget affect economic activity and public finance; and ii) to evaluate the welfare costs of ...

This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. We find a sizeable negative effect of public spending--and in particular of its wage component--on profits and on business ...

As a result of years of research on the comparative biomechanics and physiology of moving through water, biologists and engineers have made considerable progress in understanding how animals moving underwater use their ...

As an example of life at high Reynolds number, we investigate the dynamics of the Fisher equation for the spreading of micro-organisms in one dimension subject to both turbulent convection and diffusion. We show that for ...

Background: The vertebrate craniofacial skeleton may exhibit anatomical complexity and diversity, but its genesis and evolution can be understood through careful dissection of developmental programs at cellular resolution. ...

In nature, cells must constantly sense their environment and respond appropriately. These cellular “decisions” are implemented by molecular components that can mutate and evolve. How do mutations lead to changes in cellular ...

We present a fitting function to describe the statistics of flux modulations caused by interstellar scintillation. The function models a very general quantity: the cross-correlation of the flux observed from a compact radio ...

Computational systems are now distributed by default, and designed, owned and used by multiple self-interested parties. In the face of this growing system complexity, we need a unifying design paradigm, that supports ...