This article documents the main stylized features of macroeconomic fluctuations for 12 developing countries. It presents cross-correlations between domestic industrial output and a large group of macroeconomic variables, including fiscal variables, wages, inflation, money, credit, trade, and exchange rates. Also analyzed are the effects of economic conditions in industrial countries on output fluctuations in the sample developing countries. The results point to many similarities between macroeconomic fluctuations in developing and industrial countries (procyclical real wages, countercyclical variation in government expenditures) and some important differences (countercyclical variation m the velocity of monetary aggregates). Their robustness is examined using different detrending procedures. 1. For an overview of the literature on industrial countries, see, for example, Backus and Kehoe (1992), Horito and Kollintzas (1994), and van Els (1995).

No abstract

This is a Working Paper and the authoi(s) would welcome any comments on the present text. Citations should refer to a Working Paper of the International Monetary Fund, mentioning the author(s), and the date of issuance. The views expressed are those of the authors) and do not necessarily represent those of the Fund.

No abstract

No abstract

No abstract

Quantitative surveys of habitat associations of New Zealand's common triplefin fish Forsterygion lapillum suggest that young settlers disproportionately occur within the fronds of the large brown algae Cystophora retroflexa and C. torulosa (hereafter collectively referred to as Cystophora). This apparent preference is specific to Cystophora (i.e. fish do not appear to respond to structurally similar macroalgal species) and is not exhibited by older juveniles or adults of the species, which suggests that age-specific microhabitat requirements may act as a bottleneck to recruitment. To determine whether the overuse of Cystophora by newly settled F. lapillum could be attributed to a behavioural preference for this specific habitat, we conducted a lab-based choice experiment. Using a purpose-built 'choice chamber' that facilitated assessments of behavioural responses of focal individuals provided with a choice of 4 common habitat types, we determined that newly settled F. lapillum selected chambers containing Cystophora more frequently than predicted by random assortment. To test the ecological consequences of this behavioural preference, we conducted a field experiment (replicated at 2 sites) that manipulated Cystophora cover and examined subsequent patterns of recruitment by F. lapillum. Experimental additions of Cystophora cover enhanced local recruitment of F. lapillum, and the effects of Cystophora additions were most pronounced at the site where Cystophora was naturally rare. Overall, these results suggest that age-specific behavioural preferences may mediate ontogenetic shifts in microhabitat use and limit recruitment in local populations.

No abstract