What do asset prices have to say about risk appetite and uncertainty?

Implied volatility indices should have information about risk parameters, once they are cleansed of the influence of normal volatility dynamics and macro-economic uncertainty. Building on intuition from the dynamic asset pricing literature, we uncover unobserved risk aversion and fundamental uncertainty from the observed time series of the VIX and the credit spreads while controlling for realized volatility, expectations about the macroeconomic outlook, and interest rates. We apply this methodology to monthly data from both Germany and the US. We find that implied volatilities contain a substantial amount of information regarding risk aversion whereas credit spreads have a lot to say about both risk aversion and uncertainty. Moreover, there is a significant comovement in the German and US risk aversion. JEL Classification:Credit Spread, Economic uncertainty, risk aversion, Time variation in risk and return, Volatility dynamics

The Maastricht Convergence Criteria and Optimal Monetary Policy for the EMU Accession Countries.

The EMU accession countries are obliged to fulfill the Maastricht convergence criteria prior to entering the EMU. This paper uses a DSGE model of a two-sector small open economy, to address the following question: How do the Maastricht convergence criteria modify optimal monetary policy in an economy facing domestic and external shocks? First, we derive the micro founded loss function that represents the objective function of the optimal monetary policy not constrained to satisfy the criteria. We find that the optimal monetary policy should not only target inflation rates in the domestic sectors and aggregate output fluctuations but also domestic and international terms of trade. Second, we show how the loss function changes when the monetary policy is constrained to satisfy the Maastricht criteria. The loss function of such a constrained policy is characterized by additional elements penalizing fluctuations of the CPI inflation rate, the nominal interest rate and the nominal exchange rate around the new targets which are potentially different from the steady state of the unconstrained optimal monetary policy. Under the chosen parameterization, the unconstrained optimal monetary policy violates two criteria: concerning the CPI inflation rate and the nominal interest rate. The constrained optimal policy results in targeting the CPI inflation rate and the nominal interest rate that are 0.7% lower (in annual terms) than the CPI inflation rate and the nominal interest rate in the countries taken as a reference. The welfare costs associated with these constraints need to be offset against credibility gains and other benefits related to the compliance with the Maastricht criteria that are not modelled. JEL Classification: F41, E52, E58, E61EMU accession countries, Maastricht convergence criteria, optimal monetary policy

Human and Professional Sustainable Development by Using the EFI ROM Creative Method

AbstractElaborated for the human and professional sustainable development of human resources within innovative enterprises by using creative techniques for rendering efficient own activities. A solution for promoting innovative management in the field of human resources in these units is the use of the own original creative method EFI-ROM. It can be applied to selfmanagement and all management hierarchical levels with responsibilities in short, medium and long-term decision. It was tested on the occasion of carrying out some innovative project. In the present paper we present an improved variant and adjusted to the specifics of innovative organizations

A contextual framework for the development of a building sustainability assessment method for Iran

As one of the fastest growing countries in the Middle East, and the one most vulnerable to climate change, the main challenge now facing Iran today is how to house its growing population in a socially, economically, and environmentally sustainable way. However, in the absence of a national framework to guide the sustainable development of the built environment, responding to this challenge is problematic. The articulation of a comprehensive assessment method that would enable issues of sustainability to be addressed and incorporated within building construction projects is urgently required. The research that underpins this paper takes account of current tools in aiming to support the development of a national building sustainability assessment method (BSAM) for use in Iran that involves the identification of sources of impact, specific benchmarks, and priorities for a weighting system for assessment criteria. This paper profiles the basis of a contextual framework that will inform the development of such a regional-based tool, taking account of Iran’s current climate change adaptation policies and priorities, its environmental conditions and socio-economic challenges, building typologies, standards and benchmarks

Docking and Molecular Dynamics Simulation of Carbonic Anhydrase II Inhibitors from Phenolic and Flavonoid Group

AbstractCarbonic Anhydrase II (CAII) has role in pH regulation, water transport and hydration of CO2. In addition, CAII is also related to many diseases, including glaucoma, tumours, epilepsy, diabetes and osteopetrosis. Various inhibitors for CAII have been developed and commercialized as a drug. Recent development of CAII inhibitors drive the invention of novel inhibitors based on natural product structures and their derivatives. This research aim to screen potential inhibitors from phenolic and flavonoid groups by in silico approach. The screening of natural products compounds was performed by a molecular docking method. The best ligand derived from the molecular docking selection was further refined with a molecular dynamics simulation and the resulted structure was used to evaluate the stability of CAII-ligand complex. By using the upper mentioned procedures, fisetin (Fic) and 6-(3,4-dihydroxyphenyl)-5,6,7,8-tetrahydronaphthalene-1,3,7-triol (Afr3) were strongly suggested to be a potent inhibitor for CAII

中国天津における英租界の開発への中国人の関わり

 The Concession, up till now, have been recognized as a country in another. This study focuses on the British Concession in Tianjin, elucidate (1)The involvement Chinese people had in the operational management in the British Concession (2)The property development by Chinese people in the concession (3)The styles of the architectures in the Concession in Tianjin. The conclusion shows the concession area was not simply a country in another, the administration and the further development were largely done by Chinese, it was gradually utilized by Chinese people

The Effects of Adverse Childhood Experiences on the Future of Our Youth

22.3 percent.1 This is the percentage of the population of the United States under the age of 18. These three words should come to mind: growth, family, and safety. Unfortunately, just because these words come to mind, does not mean these are a reality for our youth. The Adverse Childhood Experience (ACEs) study explores our youth’s mental, emotional, and social well-being across a wide sample with some disturbing results. As we de-code what exactly ACEs entails, we can learn to predict, diagnose, and ultimately prevent negative environments our youth are involved in. Prioritizing these prevention efforts can eventually lead to the avoidance altogether of these adverse experiences resulting in a residual rise in positive change for this 22.3 percent. This effort does not stand alone but does begin somewhere, and somewhere is you, YOU being the parents

Microwave-assisted Fischer Indole Synthesis of 1,2,3,4-tetrahydrocarbazole using Pyridinium-based Ionic Liquids

AbstractMicrowave-assisted organic synthesis using ionic liquids is believed to enhance efficiency of the reaction leading to a cleaner method, higher product yields and shorter reaction times. Six pyridinium-based ionic liquids were prepared from 2-methylpyridine and a series of alkyl bromides (R: n-C4, sec-C4, t-C4, C6, C8 and Bn) by oil bath heating at 80, 90, 100 and 110°C. The ionic liquids product yield efficiency has direct relationship with heating temperatures affording highest yields at 110°C of 71.15%, 8.20%, 45.96%, 57.75%, 48.02% and 80.45% for each respective alkyl bromides. The catalytic activities of the synthesized ionic liquids in the Fischer indole synthesis of THC were examined. The highest yield of 67.82% is found to be less satisfactory compared to the use of the Lewis acid standard, ZnCl2, which gave 79.89%. On the other hand, the use of the pyridinium-based ionic liquids in conjunction with ZnCl2 afforded better yields than individual test catalysts resulting to 89.66% of the THC. Structural effects such as branching and chain length of the alkyl bromides for the synthesis of ionic liquids and the THC have negative effects on the product yields