Monetary Policy, Private Debt and Financial Stability Risks

Can monetary policy be used to promote financial stability? We answer this question by estimating the impact of a monetary policy shock on private-sector leverage and the likelihood of a financial crisis. Impulse responses obtained from a panel VAR model of 18 advanced countries suggest that the debt-to-GDP ratio rises in the short run following an unexpected tightening in monetary policy. As a consequence, the likelihood of a financial crisis increases, as estimated from a panel logit regression. However, in the long run, output recovers and higher borrowing costs discourage new lending, leading to a deleveraging of the private sector. A lower debt-to-GDP ratio in turn reduces the likelihood of a financial crisis. These results suggest that monetary policy can achieve a less risky financial system in the long run but could fuel financial instability in the short run. We also find that the ultimate effects of a monetary policy tightening on the probability of a financial crisis depend on the leverage of the private sector: the higher the initial value of the debt-to-GDP ratio, the more beneficial the monetary policy intervention in the long run, but the more destabilizing in the short run

Definitive urine drug testing in emergency medicine: Recreational and psychiatric drug findings

Introduction: Clinical management of drug-related emergency department (ED) visits relies on available history, toxidrome findings and drug screening. In this study, definitive drug testing is used to assess ED drug prevalence and immunoassay drug screening performance. Methods: Definitive testing for 116 drugs and metabolites was performed on urine from 400 ED patients, with comparison to immunoassay drug screening. Results: Definitive testing resulted in 1,350 drug findings with prevalent use of nicotine (63%), cocaine (34%), ∆9 tetrahydrocannabinol (34%), fentanyl (17%), morphine or heroin (11%) and methamphetamine (6%). Forty percent of patients were also positive for antidepressants and 24% positive for antipsychotics. Significant patterns of co-drug use were found for cocaine, fentanyl, morphine and nicotine. Multi-serotonergic drug use was frequent, suggesting a risk for serotonin syndrome. Immunoassay performance showed high false negative rates for benzodiazepines (40%), amphetamines (38%), barbiturates (33%), opiates (25%), methadone (20%) and cocaine (16%), along with inaccuracy in phencyclidine detection. Immunoassay missed 890 of the 1,350 drug findings by definitive testing, due to either high cutoff thresholds or limited testing scope. Discussion: A high prevalence of drugs use by ED patients is evidenced with frequent co-use of illicit and therapeutic drugs and with potential for unrecognized multi-serotonergic drug interactions. This study also shows the limitations of immunoassay drug testing in both scope and sensitivity, with a high rate of undetected drug use. Conclusion: The study provides evidence-based support for recommended implementation of definitive drug testing in emergency medicine as a guide to clinical management in drug-related ED visits

Retention and Loss of PIT Tags and Implanted VHFs and Bio-Loggers in the Eurasian Beaver

Abstract Background Passive integrated transponder devices (PIT tags) are a valuable tool for individual identification of animals. Similarly, the surgical implantation of transmitters and bio-loggers can provide useful data on animal location, physiology and behavior. However, to avoid unnecessary recapture and related stress of study animals, PIT tags and bio-loggers should function reliably for long periods of time. Here, we evaluated the retention of PIT tags, and of very high frequency (VHF) transmitters and bio-loggers that were either implanted subcutaneously or into the peritoneal cavity of Eurasian beavers (Castor fiber). Results Over a 21-year period, we implanted PIT tags in 456 individuals and failed to detect a PIT tag in 30 cases, consisting of 26 individuals (6% of individuals). In all instances, we were still able to identify the individual due to the presence of unique ear tag numbers and tail scars. Moreover, we implanted 6 VHFs, 36 body temperature loggers and 21 heart rate loggers in 28 individuals, and experienced frequent loss of temperature loggers (at least 6 of 23 recaptured beavers) and heart rate loggers (10 of 18 recaptured beavers). No VHFs were lost in 2 recaptured beavers. Conclusions Possible causes for PIT tag loss (or non-detection) were incorrect implantation, migration of the tag within the body, a foreign body reaction leading to ejection, or malfunctioning of the tag. We speculate that logger loss was related to a foreign body reaction, and that loggers were either rejected through the incision wound or, in the case of temperature loggers, possibly adhered and encapsulated to intestines, and then engulfed by the gastro-intestinal tract and ejected. We discuss animal welfare implications and give recommendations for future studies implanting bio-loggers into wildlife.</jats:p

Retention and loss of PIT tags and surgically implanted devices in the Eurasian beaver

Abstract Background Passive integrated transponder devices (PIT tags) are a valuable tool for individual identification of animals. Similarly, the surgical implantation of transmitters and bio-loggers can provide useful data on animal location, physiology and behavior. However, to avoid unnecessary recapture and related stress of study animals, PIT tags and bio-loggers should function reliably for long periods of time. Here, we evaluated the retention of PIT tags, and of very high frequency (VHF) transmitters and bio-loggers that were either implanted subcutaneously or into the peritoneal cavity of Eurasian beavers (Castor fiber). Results Over a 21-year period, we implanted PIT tags in 456 individuals and failed to detect a PIT tag at recapture in 30 cases, consisting of 26 individuals (6% of individuals). In all instances, we were still able to identify the individual due to the presence of unique ear tag numbers and tail scars. Moreover, we implanted 6 VHFs, 36 body temperature loggers and 21 heart rate loggers in 28 individuals, and experienced frequent loss of temperature loggers (at least 6 of 23 recaptured beavers) and heart rate loggers (10 of 18 recaptured beavers). No VHFs were lost in 2 recaptured beavers. Conclusions Possible causes for PIT tag loss (or non-detection) were incorrect implantation, migration of the tag within the body, a foreign body reaction leading to ejection, or malfunctioning of the tag. We speculate that logger loss was related to a foreign body reaction, and that loggers were either rejected through the incision wound or, in the case of temperature loggers, possibly adhered and encapsulated to intestines, and then engulfed by the gastro-intestinal tract and ejected. We discuss animal welfare implications and give recommendations for future studies implanting bio-loggers into wildlife. </jats:sec

A Poorly Differentiated Malignant Neoplasm Lacking Lung Markers Harbors an EML4-ALK Rearrangement and Responds to Crizotinib

Suspected metastatic site lesions that are poorly differentiated present a diagnostic challenge when morphologic and immunohistochemical profiling cannot establish the primary tumor site. Here we present a patient diagnosed with both a malignant neoplasm in the lung and a right upper extremity (RUE) neoplasm of unclear histogenetic origin. Immunohistochemical staining performed on the latter specimen was inconclusive in determining the site of origin. Although the lung biopsy sample was insufficient for molecular testing, hybrid capture-based comprehensive genomic profiling (FoundationOne) identified an EML4-ALK rearrangement in the RUE lesion. Crizotinib treatment resulted in a major response in both the RUE and the lung lesions. This report illustrates the utility of comprehensive genomic profiling employed at the initial presentation of an unknown primary malignant neoplasm, which resulted in the front-line use of targeted therapy and a significant and sustained antitumor response

Additional file 1 of Retention and loss of PIT tags and surgically implanted devices in the Eurasian beaver

Additional file 1: Table S1. Overview of all body temperature loggers implanted to Eurasian beavers (Castor fiber), showing the beaver ID, sex, temperature logger model, and fate of the logger. Table S2. Overview of all heart rate loggers implanted to Eurasian beavers (Castor fiber), showing the beaver ID, sex, heart rate logger model, and fate of the logger. Table S3. Estimate, standard error (SE), lower (LCI) and upper (UCI) 95% confidence interval, and P-values of explanatory variables for the full model analyzing the probability of PIT tag loss in a given year. Female sex and the age class ‘>3 year old’ were used as reference level. Note that the intercept only model was the highest-ranking model based on AIC. Table S4. Estimate, standard error (SE), lower (LCI) and upper 95% confidence interval (UCI), and P-values of explanatory variables for the full model analyzing the probability of (1) temperature logger loss and (2) heart rate logger loss. Female sex, temperature logger type ‘Centi-T’, and heart rate logger type ‘RVL-LINQ‘ were used as reference level. Note that the intercept only model was the highest-ranking model based on AIC