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Volatile capital flows have been extensively blamed for episodes of booms and busts in emerging markets (see, for example, Calvo, 1998). What sort of macroeconomic intervention, if any, is required [...]

THE INTERNATIONAL MONETARY system has undergone several transformations over the past two centuries, as it moved from the gold standard to the current arrangement of flexible exchange rates. Yet there [...]

We analyze the dynamic macroeconomic effects of border adjustment taxes (BAT), both when they are a feature of corporate tax reform (C-BAT) and for the case of value-added tax (VAT). Our analysis arrives at the following main conclusions. First, C-BAT is unlikely to be neutral at the macroeconomic level, as the conditions required for neutrality are unrealistic. The basis for neutrality of VAT is even weaker. Second, in response to the introduction of an unanticipated permanent C-BAT of 20% in the United States, the dollar appreciates strongly, by almost the size of the tax adjustment, and US exports and imports decline significantly, while the overall effect on output is small. Third, an equivalent change in VAT, in contrast to the C-BAT effect, generates only a weak appreciation of the dollar and a small decline in imports and exports, but has a large negative effect on output. Last, border taxes increase government revenues in periods of trade deficit; however, given the net foreign asset position of the United States, they result in a long-run loss of government revenues and an immediate net transfer to the rest of the world.

In this study, we report on recent neutron inelastic scattering experiments performed at the Institut Laue-Langevin (ILL) for H2O and D2O. The measured dynamic structure factors S(q, ω) have been reduced, normalised and transformed into the S(α, β) formalism, where α and β stand for the unit-less momentum and energy transfers, respectively. The measurements were complemented with molecular dynamics simulations. After processing with NJOY, new water neutron scattering cross-sections have been generated for use with e.g. the Monte Carlo N-Particle (MCNP) software in view to improve the accuracy of the nuclear facility models. As an example, we present improved accuracy calculations for the safety rod insertion impact on the criticality factor kefffor the ILL high flux research reactor.

AbstractThe SINS workshop (Simulation of Neutron Spectrometers) reviewing Monte Carlo (MC) methods under development in Europe was held at ILL [I] on January 31, 2000. The aim was to gather together people developing different simulation packages with potential users and component developers. About 35 scientists, mainly from the ILL-ESRF joint site, attended. Recent advances show that the accurate simulation of neutron instruments enables configuration optimization for specific measurements and calculation of good resolution functions for data analysis, and is vital in studies for instrument improvements or new designs.

A green Chlorophycean micro-alga surviving high irradiation doses has been discovered in the storage pools of a nuclear reactor. Investigating the mechanisms sustaining its properties is of peculiar interest. Metabolic impact of irradiation on the micro-alga as well as structural macromolecular impact were investigated using nuclear magnetic resonance and neutron backscattering spectroscopy. Carbohydrate, amino acid and organic acid content studied as a function of the irradiation dose revealed an intense protein repair activity. Resilience was extracted according to irradiation dose and compared to that of other extremophile species.

AbstractThe Simulation of Neutron Spectrometers (SINS) Workshop, sponsored by the European Neutron Round Table and the ILL, was held at the ILL from March 20–22, 2002. Twenty-four particfpants from other laboratories joined the ILL/ESRF simulators and developers to share recent advances and comparisons.