Does money lead inflation in the euro area?

This paper investigates the properties of monetary and credit aggregates as indicators for future price developments in the euro area. The forecasting performance of models including indicators based on money and credit is assessed in a simulated out-of-sample forecasting exercise for forecast horizons varying from one quarter to three years ahead. The performance of these models is compared with that of models which include indicators based on financial markets, real activity, the labour market and various cost and price measures. The results support the idea that monetary and credit aggregates provide significant and independent information for future price developments in the euro area, especially at medium term horizons JEL Classification: E31, E40, C32

Contingent liquidity

After the crisis, bank regulators are considering mitigating liquidity risk by introducing quantity limits on liquidity and maturity mismatch. We argue that aggregate liquidity risk can be reduced with little deadweight loss by encouraging banks, through adequate regulatory relief, to satisfy part of their financing needs with a new class of securities. These would include a Roll-Over Option Facility (ROOF) that allows the issuer, for a price, to keep the funds if at maturity a readily observable variable correlated with systemic liquidity risk (e.g. the LIBOR-OIS spread) is above a trigger threshold. At roll-over the yield would reflect the current price of liquidity and credit risk, making ROOFs attractive to investors. The instrument could attenuate a liquidity crisis by reducing banks’ need to roll debt over or sell off assets, and diminish the probability of runs, if markets are convinced that banks can secure sufficient liquidity when needed thanks to the widespread use of this contingent claim.funding, liquidity, contingent claim, financial crisis

A micro simulation model of demographic development and households' economic behavior in Italy

The relationship between the demographic structure and the saving rate of a society is the reflection of the aggregation of the behaviour of heterogeneous households, differing from one another in the type of living arrangements and in the characteristics of their members. In order to contribute to the understanding of this relationship, we construct a dynamic micro model capable of simulating the demographic development of a population, including the creation, destruction, dimension and various other important characteristics of households and their members. The demographic model is then combined with a specification of the processes generating income, social security wealth, retirement and consumption behaviour of households, and applied to a data set derived from survey data on the Italian household sector. Simulations of the model are used to study the evolution of aggregate income, saving and asset accumulation over the period 1994-2100. If fertility and mortality assumptions of recent official projections are adopted and marriage and divorce rates maintained at current levels, the dramatic ageing of the population and the marked decline in the share of population living in traditional households would lead, other things being equal, to a substantial decline in the aggregate saving rate. However, the reduction in the number of children per household and, above all, the decline in the ratio of social security wealth of households to disposable income as the effects of the recently introduced reforms begin to be felt act as offsetting factors. As a result, the aggregate saving rate increases over the initial 30 years of the simulation and moderately decreases thereafter, stabilizing slightly above the original level. Implications of changes in a number of key assumptions regarding the demographic evolution, productivity growth and individual behavioural responses are also analyzed.demographic developments, family structure, consumption, saving, social security, micro simulation model

Hydrogen photo-production by mixotrophic cultivation of chlamydomonas reinhardtii: Interaction between organic carbon and nitrogen

Hydrogen photo-production by a wild type and two engineered strains of Chlamydomonas reinhardtii was investigated. Growth rate values and hydrogen yields attained as the concentration of acetate and nitrogen vary were compared. In the analysis of microalgal growth, the interaction between organic carbon (acetate) and nitrogen (nitrate) was investigated by recourse to an experimental factorial design. This analysis evidenced the existence of a statistically significant interaction between organic carbon and nitrate. Hydrogen production was attained by cultivating microalgae previously grown in mixotrophic regime with sulphur deprived medium. The influence of varying the photobioreactor headspace on hydrogen production was investigated. This analysis revealed an increase in the hydrogen produced per unit volume of culture of about one order of magnitude when the headspace volume is modified from 100 to 350 mL. This result provides valuable indications on how to design and operate photobioreactors for hydrogen production optimization and was thoroughly discussed in terms of the metabolic pathways activated by sulphur depletion. ©2014, AIDIC Servizi S.r.l

Definition of price stability, range and point inflation targets: the anchoring of long-term inflation expectations

JEL Classification: E52, E61, E31, E42, E43credibility, definition of price stability, inflation, inflation expectations, nominal anchor

Microalgae cultivation for lipids and carbohydrates production

Microalgae are photoautotrophic microorganisms that can produce energy both by using sunlight, water and CO2 (phototrophic metabolism) and by using organic sources such as glucose (heterotrophic metabolism). Heterotrophic growth is a key factor in microalgae research, due to its increased productivity and the lower capital and operative costs compared to photoautotrophic growth in photobioreactors. Carbohydrate production from microalgae is usually investigated for the production of biofuels (e.g. bioethanol) by successive fermentation, but also other applications can be envisaged in biopolymers. In this work an increment in carbohydrate purity after lipid extraction was found. Protein hydrolysis for different microalgae strains (Scenedesmus sp. and Chlorella sp.) was investigated. Microalgae were cultivated under photoautotrophic or heterotrophic conditions, collecting biomass at the end of the growth. Biomass samples were dried or freeze dried and used for carbohydrate and lipid extraction tests. Lipid extraction was achieved using different organic solvents (methanol-chloroform and hexane-2propanol). Basic protein hydrolysis has been carried out testing different temperatures and NaOH concentrations values. Lipids were spectrophotometrically quantified, while residual biomass was saccharificated and the total amount of sugars was measured. Significant differences about the purity of extracted carbohydrates were found comparing dried with freeze dried biomass. However, not a very promising purification of carbohydrates was achieved after protein hydrolysis, asking for further analysis. © Copyright 2017, AIDIC Servizi S.r.l

Lanthanum biosorption by different Saccharomyces cerevisiae strains

Biosorption can be a promising technology in rare earth metal separation and recovery due to the low costs of waste biomasses (used as biosorbents) and the high selectivity exploiting specific interaction between metals and biological active sites. In this work, Saccharomyces cerevisiae biomass was used to recover lanthanum. Biosorption properties of two S. cerevisiae strains, wild type and rim20. mutant, have been tested. Potentiometric titrations were carried out for rim20. mutant strain and compared with wild type. Nature of the main active sites and their concentration were determined by implementing mechanistic models. Carboxylic, amino and phosphoric sites are the main groups present. Higher concentration of negatively charged sites was found in rim20. (0.0024 mol/g) than in wild type (0.0022 mol/g). The rate of lanthanum biosorption process is very fast requiring only 10-20 minutes to reach equilibrium condition for both strains. Then biosorption equilibrium tests were done for both biomasses by testing two equilibrium pH (4.0 and 6.0). Maximum uptake capacities (qmax) were: 70 mg/g and 40 mg/g at pH 4.0 for rim20. and wild type, respectively, and 67 mg/g and 80 mg/g at pH 6.0 for wild type and rim20., respectively. These data evidenced that: rim20. mutant had a higher maximum biosorption capacity with respect to wild type counterpart, and that pH had a relevant effect on lanthanum removal. S. cerevisiae yeast denoted good lanthanum biosorption properties and, between tested strains, rim20. was found to be the most promising for such aim

Synthesis of cobalt nanoparticles by electrodeposition onto aluminium foils

In this contribution a study of electrochemical deposition of cobalt nanoparticles onto aluminium foils is presented. The study is aimed at deriving information required for design and control of cobalt nanoparticles electrodeposition onto aluminium foams employed as catalysts support in ethanol reforming. A thorough experimental analysis was in this perspective conducted to determine the influence of applied potential and amount of electric charge passing thorough the cell (amount of charge), on number density and size of the synthesized nanoparticles. Chronoamperometric tests were for this purpose performed in a three electrode cell to determine the current responses to variations in the selected operating parameters. Mathematical models accounting for charge transfer and diffusion limitations were implemented to attain fitting of the derived data, leading to an estimation of the number density of active sites. Scanning electron microscopy of cathode aluminium foils was performed to validate the predictions of the employed mathematical models and characterize the influence of the considered operating parameters on the size and number density of the electrodeposited nanoparticles

Fondi strutturali e politica di coesione: prime riflessioni sulle proposte di Regolamenti 2007-2013

Indice: 1.Il quadro di riferimento per l'elaborazione delle Proposte di regolamenti del 14 luglio 2004 2.Obiettivi e norme generali d'intervento nelle Proposte di regolamenti 3.Il sistema programmatorio nelle proposte di regolamenti 4.Il sistema di gestione, sorveglianza, valutazione e controllo nelle Proposte 5.Riflessioni conclusiv