Leave the volatility fund alone: Principles for managing oil wealth

Wealth and Volatility

Figure 1 documents a strong negative relation in the United States between wealth (household net worth, from the Federal Reserve Flow of Funds, as a fraction of GDP) and aggregate volatility, measured as standard deviation of real GDP growth rate. Periods when net worth is high, reflecting high prices for housing and/or stocks, tend to be periods of low volatility in aggregate output, employmen...

Foreskins: leave them alone.

Continuing with only clinically indicated circumcisions, I occasionally used the foreskin as a flap to cover degloved digits (anchoring the hand to the thigh with sutures and strapping it for a few days) and also as a free skin graft and in hypospadias repair. The foreskin was used most dramatically in scrotal elephantiasis. Here the mass is lifted by assistants and a tourniquet is wound severa...

A solution for financing the upstream oil and gas industry using the project fund

Financing is one of the most important challenges in launching new projects. Different methods of financing have different effects on project performance due to the variety of market and its risk and return. One of the new methods of financing projects is the creation of a project fund through the capital market, which investors are the final owner of the project, so participate in the economic...

Fiscal Sustainability, Volatility and Oil Wealth: A Stochastic Analysis of Fiscal Spending Rules

DSC-MR Perfusion: Leave Tracer Recirculation Alone

Introduction Dynamic susceptibility contrast (DSC) MR perfusion is based on the indicator dilution theorem for non-diffusible tracers.[1,2] A common misconception is that tracer recirculation cannot occur in order to make use of the underlying theory (i.e., analysis of the tracer kinetics must be “firstpass”).[3-13] As a result, there have been a number of approaches suggested for removing trac...