Monetary and macroprudential policies

We use a dynamic general equilibrium model featuring a banking sector to assess the interaction between macroprudential policy and monetary policy. We find that in "normal" times (when the economic cycle is driven by supply shocks) macroprudential policy generates only modest benefits for macroeconomic stability over a "monetary-policy-only" world. And lack of cooperation between the macroprudential authority and the central bank may even result in conflicting policies, hence suboptimal results. The benefits of introducing macroprudential policy tend to be sizeable when financial or housing market shocks, which affect the supply of loans, are important drivers of economic dynamics. In these cases a cooperative central bank will "lend a hand" to the macroprudential authority, working for broader objectives than just price stability in order to improve overall economic stability.macroprudential policy, monetary policy, capital requirements

Scan to BIM for 3D reconstruction of the papal basilica of saint Francis in Assisi In Italy

The historical building heritage, present in the most of Italian cities centres, is, as part of the construction sector, a working potential, but unfortunately it requires planning of more complex and problematic interventions. However, policies to support on the existing interventions, together with a growing sensitivity for the recovery of assets, determine the need to implement specific studies and to analyse the specific problems of each site. The purpose of this paper is to illustrate the methodology and the results obtained from integrated laser scanning activity in order to have precious architectural information useful not only from the cultural heritage point of view but also to construct more operative and powerful tools, such as BIM (Building Information Modelling) aimed to the management of this cultural heritage. The Papal Basilica and the Sacred Convent of Saint Francis in Assisi in Italy are, in fact, characterized by unique and complex peculiarities, which require a detailed knowledge of the sites themselves to ensure visitor’s security and safety. For such a project, we have to take in account all the people and personnel normally present in the site, visitors with disabilities and finally the needs for cultural heritage preservation and protection. This aim can be reached using integrated systems and new technologies, such as Internet of Everything (IoE), capable of connecting people, things (smart sensors, devices and actuators; mobile terminals; wearable devices; etc.), data/information/knowledge and processes to reach the desired goals. The IoE system must implement and support an Integrated Multidisciplinary Model for Security and Safety Management (IMMSSM) for the specific context, using a multidisciplinary approach

Integrated survey for the reconstruction of the Papal Basilica and the Sacred Convent of St. Francis in Assisi, Italy

The Papal Basilica and the Sacred Convent of Saint Francis in Assisi in Italy are characterized by unique and composite particularities that need an exhaustive knowledge of the sites themselves to guarantee visitor's security and safety, considering all the people and personnel normally present in the site, visitors with disabilities and finally the needs for cultural heritage preservation and protection. This aim can be reached using integrated systems and innovative technologies, such as Internet of Everything (IoE), which can connect people, things (smart sensors, devices and actuators; mobile terminals; wearable devices; etc.), data/information/knowledge and processes to reach the wanted objectives. The IoE system must implement and support an Integrated Multidisciplinary Model for Security and Safety Management (IMMSSM) for the specific context, using a multidisciplinary approach. The purpose of the paper is to illustrate the integrated survey for the reconstruction of the considered site that was necessary to obtain all the necessary information to start to set up the considered IMMSSM and the related IoE based technological system

Pro-cyclicality of capital regulation: is it a problem? How to fix it?

We use a macroeconomic euro area model with a bank sector to study the pro-cyclical effect of the capital regulation, focusing on the extra pro-cyclicality induced by Basel II over Basel I. Our results suggest that this incremental effect is modest. We also find that regulators could offset the extra pro-cyclicality by a countercyclical capital-requirements policy. Our results also suggest that banks may have incentives to accumulate countercyclical capital buffers, making this policy less relevant, but this finding is depends on the type of economic shock posited. We also survey different policy options for dealing with procyclicality and discuss the pros and cons of the measures available.Basel accord, pro-cyclicality

Financial cycles, credit networks and macroeconomic fluctuations: multi-scale stochastic models and wavelet analysis

This project focuses on the macroeconomics of financial cycles. Usually defined in terms of self-reinforcing interactions between perceptions of value and risk, attitudes towards risk and financing constraints, which translate into booms followed by bust, the recent empirical literature has recurred to two approaches \u2013 turning point analysis and frequency-based filters - applied to measures of credit and asset prices to pose a number of stylized facts. First, financial cycles tend to display a greater amplitude and a lower frequency in comparison to business cycles, with peaks associated with systemic crises. Second, financial cycles depend on policy regimes and on the pace of financial innovations, leading to a wide cross-country heterogeneity and a time-varying degree of global synchronization. The latter point is clearly related to the structural transformations occurred in financial systems over the last three decades, like the cumulative integration of traditional banking with capital market developments and the increasing degree of interconnections among financial institutions. However, to date very little is known about determinants and mechanisms behind financial cycles, and on how they interact with business cycles and medium-to-long-run macroeconomic performance. In this project we plan to research along three dimensions: i) measurement issues, in order to provide a comprehensive assessment of the evolution of co-movements between financial and real variables across a sample of financial developed countries, both over time and at different frequencies; ii) theoretical issues, aimed at exploring under what circumstances the network of interconnections among financial intermediaries and between intermediaries and non-financial borrowers might evolve cyclically, contributing this way to regulate the incentives agents have in taking risks, and to set the importance of credit and financial frictions in accounting for time-varying misallocations of resources; iii) policy issues, given the role assigned by international supervisory bodies to a proper characterization and knowledge of the financial cycle as a prerequisite for the macro-prudential regulation of banks, and the scope of monetary policy in promoting financial stability in addition to the typical mandate of price stability. Our task requires the employment of a new approach to macroeconomic analysis, diverse analytical tools and one unifying economic principle. As regards the latter, our focal point is the notion of risk externalities, across financial institutions and between the financial sector and the real economy. The set of tools we plan to employ spans from wavelets methods to multi-scale models in continuous time, and from strategic network formation to agent-based computational techniques. All these tools are instrumental in building and estimating macroeconomic models characterized by interrelated markets operating at different time scales

Analysis of pregnancy-associated plasma protein a production in human adult cardiac progenitor cells

IGF-binding proteins (IGFBPs) and their proteases regulate IGFs bioavailability in multiple tissues. Pregnancy-associated plasma protein A (PAPP-A) is a protease acting by cleaving IGFBP2, 4, and 5, regulating local bioavailability of IGFs. We have previously shown that IGFs and IGFBPs are produced by human adult cardiac progenitor cells (haCPCs) and that IGF-1 exerts paracrine therapeutic effects in cardiac cell therapy with CPCs. Using immunofluorescence and enzyme immunoassays, we firstly report that PAPP-A is produced and secreted in surprisingly high amounts by haCPCs. In particular, the homodimeric, enzymatically active, PAPP-A is secreted in relevant concentrations in haCPC-conditioned media, while the enzymatically inactive PAPPA/proMBP complex is not detectable in the same media. Furthermore, we show that both homodimeric PAPP-A and proMBP can be detected as cell associated, suggesting that the previously described complex formation at the cell surface does not occur easily, thus positively affecting IGF signalling. Therefore, our results strongly support the importance of PAPP-A for the IGFs/IGFBPs/PAPP-A axis in CPCs biology

Dalla neutralità alla circolarità tra diritto dell’economia e Costituzione : Spunti per un ripensamento del paradigma economico-costituzionale nel contesto dell’economia digitale e post pandemico

This work is part of the debate on the delicate relationship between the market economy and democracy, centered on the attempt to identify which of these can be considered an independent variable with respect to the other in the current socio-economic context and in the light of the challenges posed by digitization.  The work focuses in particular on the circularity between economic law and the constitution, where the protection of competition, understood in normative and not merely utilitarian terms, would be aimed at preserving their function of ordering criteria of the exchange processes that take place in the private sphere, also conforming to their rules those that take place in the public sphere in order to determine a balance between the political order, the economic order and the social order.  The thesis on which the article revolves is based on the idea according to which a regulatory approach to the protection of competition, based on the recognition of the circularity between economic law and the constitution, represents an essential condition so that, in the current socio-economic context, liberal democracy and digital capitalism can coexist while preserving a free society.This work is part of the debate on the delicate relationship between the market economy and democracy, centered on the attempt to identify which of these can be considered an independent variable with respect to the other in the current socio-economic context and in the light of the challenges posed by digitization.  The work focuses in particular on the circularity between economic law and the constitution, where the protection of competition, understood in normative and not merely utilitarian terms, would be aimed at preserving their function of ordering criteria of the exchange processes that take place in the private sphere, also conforming to their rules those that take place in the public sphere in order to determine a balance between the political order, the economic order and the social order.  The thesis on which the article revolves is based on the idea according to which a regulatory approach to the protection of competition, based on the recognition of the circularity between economic law and the constitution, represents an essential condition so that, in the current socio-economic context, liberal democracy and digital capitalism can coexist while preserving a free society

The recent behaviour of financial market volatility

A striking feature of financial market behaviour in recent years has been the low level of price volatility over a wide range of financial assets and markets. The issue has attracted the attention of central bankers and financial regulators due to the potential implications for financial stability. This paper makes an effort to shed light on this phenomenon, drawing on literature surveys, reviews of previous analyses by non-academic commentators and institutions, and some new empirical evidence. The paper consists of seven sections. Section 2 documents the current low level of volatility, putting it into a historical perspective. Section 3 briefly reviews the theoretical determinants of volatility, with the aim of helping the reader through the subsequent sections of this Report, which are devoted to the explanations of the phenomenon under study. These explanations have been grouped into four categories: real factors; financial factors; shocks; and monetary policy. Thus, Section 4 looks into the relation between volatility and real factors, from both a macro- and a microeconomic perspective. Section 5 considers how the recent developments in financial innovation and improvements in risk management techniques might have contributed to the decline in volatility. Section 6 considers the relation between real and financial shocks and volatility. Finally, Section 7 explores whether more systematic and transparent monetary policies might have led to lower asset price volatility.financial volatility, risk taking, international financial markets

Financial sector pro-cyclicality: lessons from the crisis

We analyze the main forces affecting financial system pro-cyclicality (the fact that developments in the financial sector can amplify business cycle fluctuations). We first review some major structural developments in financial markets that may influence pro-cyclicality and that have been overlooked in earlier analyses. We then examine three issues that are center stage in the current debate: capital regulation, accounting standards and managers’ incentives. After reviewing the institutional set-up and the key mechanisms at work, we critically examine a series of proposals designed to mitigate pro-cyclicality.pro-cyclicality, financial accelerator, capital requirements, leverage, accounting standards, incentives

Reconstrução do ligamento cruzado anterior com duplo feixe versus feixe único: estudo experimental

OBJECTIVE: To test an intra-articular reconstruction of the anterior cruciate ligament of the knee in 10 human cadavers by replacing 2 anterior cruciate ligament bundles, with the purpose of producing a surrogate that would be structurally more similar to the anatomy of the anterior cruciate ligament and would provide the knee with more stability. METHODS: We reconstructed the anteromedial and posterolateral bundles using a quadriceps muscle tendon graft that included a patellar bone segment. The anteromedial bundle was replaced in 10 knees (5 right and 5 left knees from different cadavers) by a quadriceps-bone tendon graft, and the anteromedial and posterolateral bundles were replaced in the matching pairs of these knees. In the latter, the bone segment was fixed to the tibia, and the tendinous portion of the graft was divided longitudinally creating two 5-mm wide bundles that were inserted individually into the femur through 2 independent bone tunnels. Then, the knees were tested mechanically to evaluate the tibial anterior dislocation in relation to the femur, as well as the rigidity of the graft. The control group was formed by the knees with intact anterior cruciate ligaments, before being resected to be reconstructed. RESULTS: The results obtained did not show superiority of double-bundle reconstruction over single-bundle reconstruction, and neither technique provided the knee with the same stability and rigidity of the intact anterior cruciate ligament. CONCLUSION: Our hypothesis, based on the anatomy and biomechanics of the knee, that reconstruction of the anterior cruciate ligament using 2 bundles would result in a more anatomic reconstruction and provide better containment of the anterior tibial translation was not supported by the results of this study.OBJETIVO: Testar uma técnica de reconstrução intra-articular do ligamento cruzado anterior do joelho em 10 cadáveres humanos com substituição de dois feixes do ligamento cruzado anterior, com objetivo de produzir um substituto estruturalmente mais semelhante à anatomia do ligamento cruzado anterior e que conferisse maior estabilidade ao joelho. MÉTODOS: Os feixes ântero-medial e póstero-lateral foram reconstruídos com um enxerto de tendão do músculo quadríceps da coxa, incluindo um segmento ósseo patelar. Dez joelhos (cinco direitos e cinco esquerdos de cadáveres diferentes) tiveram o feixe ântero-medial substituído por um enxerto de tendão quadricipital-osso e, nos pares desses joelhos, foram substituídos o feixe ântero-medial e o póstero-lateral. Nestes últimos, o segmento ósseo foi fixado na tíbia e a parte tendinosa do enxerto foi dividida longitudinalmente, dando origem a dois feixes de 5 mm de largura, que foram inseridos separadamente no fêmur através de dois túneis ósseos independentes. Os joelhos foram então submetidos a ensaios mecânicos, nos quais avaliamos o deslocamento anterior da tíbia em relação ao fêmur e a rigidez do enxerto. Os joelhos com ligamento cruzado anterior íntegro, antes de sua ressecção para a realização das reconstruções, formaram o grupo controle. RESULTADOS: Os resultados obtidos não mostraram superioridade da reconstrução com duplo feixe sobre a reconstrução com feixe único e nenhuma delas conferiu ao joelho a mesma estabilidade e rigidez do ligamento cruzado anterior íntegro. CONCLUSÃO: Apesar de encontrarmos na anatomia e na biomecânica do joelho razões para procurarmos reconstruir o ligamento cruzado anterior com dois feixes, no intuito de tornar a sua reconstrução mais anatômica, proporcionando uma melhor contenção da translação anterior da tíbia, não conseguimos, com os nossos resultados, justificar a utilização da técnica estudada