We build a model in which the Fed and market disagree about future aggregate demand. The anticipates monetary policy “mistakes,” affect current demand induce to partially accommodate market’s view. expects implement its view gradually. Announcements that reveal an unexpected change Fed’s belief provide microfoundation for shocks. Tantrum shocks arise when misinterprets overreacts announcement. ...

Distribution of Natural Resources, Entrepreneurship, and Economic Development: Growth Dynamics with Two Elites This paper develops a model in which the interaction of entrepreneurial investments and power of the owners of land or other natural resources determines structural change and economic development. A more equal distribution of natural resources promotes structural change and growth thr...

Policy Evaluation and Economic Policy Advice Arguably, one of the most important developments in the field of applied economics during the last decades has been the emergence of systematic policy evaluation, with its distinct focus on the establishment of causality. By contrast to the natural sciences, the objects of our scientific interest typically exert some influence on their treatment stat...

Mushrooms are considered as important source of biologically active compounds which include low-molecular-mass protein/peptides (LMMP). In this study, we attempted to profile the LMMP from Lignosus rhinocerus, a wild medicinal mushroom, grown by static cultures (SC) and in stirred tank reactor (STR). Crude water extract (CWE) and protein fractions were profiled using H50 ProteinChip® arrays and...

Following the present atmosphere of budgetary cuts in the OECD countries we analyze the effects of fiscal consolidation in the composition of government expenditures by functions. We modify a standard median voter demand model to incorporate a form of fiscal illusion based on the idea that voters-taxpayers may not be fully aware of the true composition of government expenditures because all typ...

Helminthosporoside is the host-specific toxin produced by Helminthosporium sacchari, the organism causing eyespot disease on sugarcane. Clones of sugarcane susceptible to the toxin posses a membrane protein that binds the toxin. Membranes of resistant clones do not bind the toxin. In this study, a binding protein from a susceptible clone was compared with its counterpart from a resistant clone....

MICROPROBE SNAKE A. Hauptner, T. Cremer, M. Deutsch, S. Dietzel, G. Dollinger, G. A. Drexler, A. A. Friedl, C. Greubel, V. Hable, R. Krücken, R. Löwe, and H. Strickfaden 1 Physik Department E12, Technische Universität München, Germany 2 Department Biologie II, Ludwig-Maximilians-Universität München, Germany 3 Strahlenbiologisches Institut, Ludwig-Maximilians-Universität München, Germany 4 Insti...