Oil production,resource movement effects,and macroeconomic adjustment

The paper is concerned with simulating the macroeconomic adjustment processes arising in a small open economy experiencing a temporary period of oil production. In a recent paper, Harvie conducted a similar exercise for an economy in which the spending effect arising from such oil production dominated the resource movement effect. That paper concluded that the wage adjustment processes operative were important in influencing the macroeconomic adjustment process arising. Specifically, that paper concluded that wage indexation was preferable during the period of oil production, but that de-indexation was preferable in the post oil production period. Although, in the present paper, the principles underlying the simulated model are the same as in Harvie, the emphasis here is placed on the resource movement consequences arising from temporary oil production. The major conclusion identified is that wages policy is still important in influencing the macroeconomic adjustment processes identified. However, a difference arises not in regard to the profile of that adjustment but rather in its magnitude. The paper emphasizes, in particular, developments in non-oil output, consumer prices, and the stock of domestically held foreign assets. The simulation results suggest that, where the resource movement effect dominates, it would be preferable to de-index wages during the period of oil production and index wages in the post oil production period. Hence wages policy should be regarded as an important component of a government's policy response arising from a period of temporary oil production, irrespective of whether the resource movement or spending effect dominates. However, what that policy response should be would depend on the relative importance of either effect.     

Investigation on shear modulus and damping ratio of Algiers marls under cyclic and dynamic loading conditions

A sound knowledge of the dynamic properties of soils is needed to solve several geotechnical engineering problems associated with earthquakes. Here we describe a laboratory investigation performed to measure the dynamic properties of the Plaisancian deposit of marls in the Algiers region using cyclic triaxial tests, cyclic double specimen direct simple shear tests, cyclic torsional shear tests and dynamic resonant column tests. The key parameters governing the nonlinear soil behavior under cyclic/dynamic loading and their relative importance in terms of affecting the dynamic properties of soils, wich are communaly represented by the normalized equivalent shear modulus reduction and damping ratio curves, are illustrated and discussed. We also address the differences in the deduced parameters obtained with different tests, procedures and interpretation criteria. The comparison between test results and empirical or semi-empirical relations for normalized equivalent shear modulus and damping ratio curves highlights a number of limitations and shortcomings of predictive models currently widely used.