The Expenditure Composition Hypothesis: Empirical Evidence and Implications for Monetary Policy.

Leão (2005) has recently proposed a new explanation for the short run variability of the velocity of money based on the changes in the composition of the expenditure that occur along the business cycle. This paper presents further empirical evidence in favour of Leão’s Expenditure Composition Hypothesis, and draws new implications of this hypothesis for monetary policy. We use a VAR model to analyze the determinants of the velocity of both M1 and M3 in the USA. The main conclusion is that increases in the weight of investment and durable consumption in total expenditure raise the velocity of both narrow and broad money. This is in line with the Expenditure Composition Hypothesis. Furthermore, we draw a new implication of this hypothesis for monetary policy. The more a central bank’s decisions on the interest rate respond to money growth, the more volatile economic growth will be. In other words, a monetary policy strategy - like that of the ECB – which puts emphasis on money growth is de-stabilizing.Velocity of money; monetary policy; business cycle.

Transient Charging and Discharging of Spin-polarized Electrons in a Quantum Dot

We study spin-polarized transient transport in a quantum dot coupled to two ferromagnetic leads subjected to a rectangular bias voltage pulse. Time-dependent spin-resolved currents, occupations, spin accumulation, and tunneling magnetoresistance (TMR) are calculated using both nonequilibrium Green function and master equation techniques. Both parallel and antiparallel leads' magnetization alignments are analyzed. Our main findings are: a dynamical spin accumulation that changes sign in time, a short-lived pulse of spin polarized current in the emitter lead (but not in the collector lead), and a dynamical TMR that develops negative values in the transient regime. We also observe that the intra-dot Coulomb interaction can enhance even further the negative values of the TMR.Comment: 7 pages, 6 figures. Typos corrections corresponding to the published versio

Personalized Medicine: Paradigm Shift in ALK Positive Non-Small Cell Lung Cancer: a Case Report

Background: Since the identification of multiple therapeutic targets, as is the case of anaplastic lymphoma kinase (ALK) translocation, the paradigm of treating patients with non-small cell lung cancer (NSCLC) has improved. In order to guarantee the possibility of longer survival outcomes with a better quality of life we must invest in the determination, in suitable time, of the consensual biomarkers and in the availability of the best treatments to our patients. Case presentation: We present a case of a caucasian male in his fifth decade of life, non-smoker, who highlights the complex journey of ALK-positive patients. This particular case, demonstrates the efficacy and tolerability of the new ALK target therapies, allowing our patients to maintain their routines without compromising the effectiveness of the therapy. Conclusion: Focusing on the reality of ALK positive patients and the impact that this therapy has on the daily lives of our patients, we can contribute to the awareness of this specific pathology.info:eu-repo/semantics/publishedVersio

Development of an instrument to analyze the occupational risk acceptance

An understanding of the factors that can have influence on risk acceptance may provide relevant support to an effective guideline that helps in the acceptance criteria formulation. Therefore, this study aims to develop and to validate a tool to analyze risk acceptance in Portuguese furniture industries. Workers judgments about risk acceptance were analyzed together with five individual variables: trust, risk perception, benefit perception, emotions and, ethic, moral and values. The first part of the tool integrated demographic questions. The second part included items to measure the variables in analysis. The validation was performed first in a pilot test with 29 workers, and the validity and reliability analysis with a sample of 219 workers. Four factors were identified: emotions, benefits perceptions, acceptance/trust and risk. Also the items interrelations with factors were verified. Some differences among companies were confirmed, showing they realize risk acceptance in a different way.(undefined

Static and dynamic Jahn-Teller effect in the alkali metal fulleride salts A4C60 (A = K, Rb, Cs)

We report the temperature dependent mid- and near-infrared spectra of K4C60, Rb4C60 and Cs4C60. The splitting of the vibrational and electronic transitions indicates a molecular symmetry change of C604- which brings the fulleride anion from D2h to either a D3d or a D5d distortion. In contrast to Cs4C60, low temperature neutron diffraction measurements did not reveal a structural phase transition in either K4C60 and Rb4C60. This proves that the molecular transition is driven by the molecular Jahn-Teller effect, which overrides the distorting potential field of the surrounding cations at high temperature. In K4C60 and Rb4C60 we suggest a transition from a static to a dynamic Jahn-Teller state without changing the average structure. We studied the librations of these two fullerides by temperature dependent inelastic neutron scattering and conclude that both pseudorotation and jump reorientation are present in the dynamic Jahn-Teller state.Comment: 13 pages, 10 figures, to be published in Phys. Rev.

Fiscal sustainability analysis: the case of PALOP economies

The Global Financial Crisis has typically led to a significant widening of fiscal positions (i.e., higher budget deficits and public debt). We address the sustainability of public finances in Portuguese-speaking African countries (PALOP), through adequate econometric testing. Our findings for the period 1975-2015 suggest that most of the PALOP have compromised the sustainability of their corresponding fiscal positions, leading these economies to be set on unsustainable public finance trajectories.info:eu-repo/semantics/publishedVersio

Multi-model adaptive predictive control system for automated regulation of mean blood pressure

After cardiac surgery operation, severe complications may occur in patients due to hypertension. To decrease the chances of complication it is necessary to reduce elevated mean arterial pressure (MAP) as soon as possible. Continuous infusion of vasodilator drugs, such as sodium nitroprusside (Nipride), it is used to reduce MAP quickly in most patients. For maintaining the desired blood pressure, a constant monitoring of arterial blood pressure is required and a frequently adjust on drug infusion rate. The manual control of arterial blood pressure by clinical professionals it is very demanding and time consuming, usually leading to a poor control quality of the hypertension. The objective of the study is to develop an automated control procedure of mean arterial pressure (MAP), during acute hypotension, for any patient, without changing the controller. So, a multi-model adaptive predictive methodology was developed and, for each model, a Predictive Controller can be a priori designed (MMSPGPC). In this paper, a sensitivity analysis was performed and the simulation results showed the importance of weighting factor (phi), which controls the initial drug infusion rate, to prevent hypotension and thus preserve patient's health. Simulation results, for 51 different patients, showed that the MMSPGPC provides a fast control with mean settling time of 04:46 min, undershoots less than 10 mmHg and steady-state error less than +/- 5 % from the MAP setpoint.The authors of this article would like to thank Federal Institute of Rio Grande do Norte for support and University of Minho for structure, which to made possible the development of the research