The present paper reassesses the role of monetary conservatism in a setting with nominal government debt and endogenous fiscal policy. We assume that macroeconomic policies are chosen by monetary and fiscal policy makers who interact repeatedly but cannot commit to future actions. The real level of public liabilities is an endogenous state variable, and policies are chosen in a non-cooperative ...

The cross-stream migration of a deformable drop in two-dimensional Poiseuille flow at finite Reynolds numbers is studied numerically. In the limit of a small Reynolds number (<1), the motion of the drop depends strongly on the ratio of the viscosity of the drop fluid to the viscosity of the suspending fluid. For a viscosity ratio 0.125, the drop moves toward the centre of the channe while for t...

The cross-stream migration of a deformable drop in two-dimensional Poiseuille flow at finite Reynolds numbers is studied numerically. In the limit of a small Reynolds number (<1), the motion of the drop depends strongly on the ratio of the viscosity of the drop fluid to the viscosity of the suspending fluid. For a viscosity ratio 0.125, the drop moves toward the centre of the channe while for t...

This paper analyzes the effects of time-consistent capital taxation on the level of capital and welfare. We find that a commitment to a zero capital tax shifts the time inconsistency problem towards labor taxes and the provision of public consumption. By comparing the worst timeconsistent policies with and without a commitment to zero capital taxes, we find that the mere existence of a capital ...

Using a public finance approach, this study investigates welfare costs between seignorage and consumption taxes in a standard growth model. One of these two taxes is used to finance exogenous public spending to balance the government budget. The steady-state welfare cost of consumption taxes is lower if the consumption effect dominates the leisure effect. This paper compares equilibrium along t...

This paper computes the welfare consequences, for a representative agent, of a shift in the inflation target of monetary authorities. The welfare computations are conducted first by comparing the two steady states that the different inflation targets entail, and next by accounting for the transition from one steady-state to the next. Further, the paper allows this transition to be characterized...

This paper presents a two-country dynamic perfect foresight Ricardian model with wealth effects to study the relationship between government spending financed by alternative taxation, the terms of trade and welfare. An increase in domestic government spending financed by a distortionary capital income tax leads the real exchange rate initially to appreciate (a pure demand effect). But along the...

in this paper, startup performance of upflow anaerobic hybrid reactor and upflow anaerobic sludge blanket reactors in anaerobic treatment of distillery spentwash has been studied under identical conditions of operation. various effluent characteristics like ph, electrical conductivity, chemical oxygen demand, biochemical oxygen demand and total solids and other process parameters like biogas pr...