George Osborne’s proposed ‘credit easing’ measures must incentivise banks to increase their lending to small businesses: they are vital to the recovery of employment and the wider economy

Chancellor George Osborne is set to announce “credit easing” measures in his Autumn Statement, aimed at getting banks to lend on more affordable terms and in greater volume to under-served segments of the economy. Charles Goodhart OBE FBA and Morgan Stanley’s Jonathan Ashworth believe ‘quasi-fiscal’ policies could provide a larger and more sustained boost to the economy, particularly when focused on small and medium-sized enterprises, historically a key driver of job creation

An immunohistochemical study of marmoset periodontal ligament microvasculature : a confocal laser scanning microscopic study

Reports immunohistochemical investigations into the biological response to the application of an orthodontic force to the buccal segment teeth of marmosets.Thesis (M.D.S.) -- University of Adelaide, Dept. of Dentistry, 199

The great Covid cash surge - digitalisation hasn't dented cash's safe haven role

There is a debate about the effect of the extremely low, or even negative, interest rate regime on bank profitability. On the one hand it raises demand and thereby adds to bank profits, while on the other hand it lowers net interest margins, especially at the Zero Lower Bound. In this paper we review whether the prior paper by Altavilla, Boucinha and Peydro (2018) on this question for the Eurozone can be generalized to other monetary blocs, i.e. USA and UK. While our findings have some similarity with their earlier work, we are more concerned about the possible negative effects of this regime, not only on bank profitability but also on bank credit extension more widely

Solvent effects on Grubbs’ pre-catalyst initiation rates

Initiation rates for Grubbs and Grubbs-Hoveyda second generation pre-catalysts have been measured accurately in a range of solvents. Solvatochromic fitting reveals different dependencies on key solvent parameters for the two pre-catalysts, consistent with different mechanisms by which the Grubbs and Grubbs-Hoveyda pre-catalysts initiate

QE: A Successful Star May Be Running into Diminishing Returns

This article is published in the Oxford Review of Economic Policy. To view this article in its entirety please see the related resources section above. Recommended Citation: Charles A. E. Goodhart, Jonathan P. Ashworth, QE: a successful start may be running into diminishing returns, Oxford Review of Economic Policy, Volume 28, Issue 4, WINTER 2012, Pages 640– 670, https://doi.org/10.1093/oxrep/grs03

What is the initiation step of the Grubbs-Hoveyda olefin metathesis catalyst?

Density function theory calculations reveal that the Grubbs-Hoveyda olefin metathesis pre-catalyst is activated by the formation of a complex in which the incoming alkene substrate and outgoing alkoxy ligand are both clearly associated with the ruthenium centre. The computed energies for reaction are in good agreement with the experimental values, reported here

Toward a simulation approach for alkene ring-closing metathesis : scope and limitations of a model for RCM

A published model for revealing solvent effects on the ring-closing metathesis (RCM) reaction of di-Et diallylmalonate 7 has been evaluated over a wider range of conditions, to assess its suitability for new applications. Unfortunately, the model is too flexible and the published rate consts. do not agree with exptl. studies in the literature. However, by fixing the values of important rate consts. and restricting the concn. ranges studied, useful conclusions can be drawn about the relative rates of RCM of different substrates, precatalyst concn. can be simulated accurately and the effect of precatalyst loading can be anticipated. Progress has also been made toward applying the model to precatalyst evaluation, but further modifications to the model are necessary to achieve much broader aims

Reprogramming human T cell function and specificity with non-viral genome targeting.

Decades of work have aimed to genetically reprogram T cells for therapeutic purposes1,2 using recombinant viral vectors, which do not target transgenes to specific genomic sites3,4. The need for viral vectors has slowed down research and clinical use as their manufacturing and testing is lengthy and expensive. Genome editing brought the promise of specific and efficient insertion of large transgenes into target cells using homology-directed repair5,6. Here we developed a CRISPR-Cas9 genome-targeting system that does not require viral vectors, allowing rapid and efficient insertion of large DNA sequences (greater than one kilobase) at specific sites in the genomes of primary human T cells, while preserving cell viability and function. This permits individual or multiplexed modification of endogenous genes. First, we applied this strategy to correct a pathogenic IL2RA mutation in cells from patients with monogenic autoimmune disease, and demonstrate improved signalling function. Second, we replaced the endogenous T cell receptor (TCR) locus with a new TCR that redirected T cells to a cancer antigen. The resulting TCR-engineered T cells specifically recognized tumour antigens and mounted productive anti-tumour cell responses in vitro and in vivo. Together, these studies provide preclinical evidence that non-viral genome targeting can enable rapid and flexible experimental manipulation and therapeutic engineering of primary human immune cells

Quantification of bedform dynamics and bedload sediment flux in sandy braided rivers from airborne and satellite imagery

Images from specially‐commissioned aeroplane sorties (manned aerial vehicle, MAV), repeat unmanned aerial vehicle (UAV) surveys, and Planet CubeSat satellites are used to quantify dune and bar dynamics in the sandy braided South Saskatchewan River, Canada. Structure‐from‐Motion (SfM) techniques and application of a depth‐brightness model are used to produce a series of Digital Surface Models (DSMs) at low and near‐bankfull flows. A number of technical and image processing challenges are described that arise from the application of SfM in dry and submerged environments. A model for best practice is presented and analysis suggests a depth‐brightness model approach can represent the different scales of bedforms present in sandy braided rivers with low‐turbidity and shallow (< 2 m deep) water. The aerial imagery is used to quantify the spatial distribution of unit bar and dune migration rate in an 18 km reach and three ~1 km long reaches respectively. Dune and unit bar migration rates are highly variable in response to local variations in planform morphology. Sediment transport rates for dunes and unit bars, obtained by integrating migration rates (from UAV) with the volume of sediment moved (from DSMs using MAV imagery) show near‐equivalence in sediment flux. Hence, reach‐based sediment transport rate estimates can be derived from unit bar data alone. Moreover, it is shown that reasonable estimates of sediment transport rate can be made using just unit bar migration rates as measured from 2D imagery, including from satellite images, so long as informed assumptions are made regarding average bar shape and height. With recent availability of frequent, repeat satellite imagery, and the ease of undertaking repeat MAV and UAV surveys, for the first time, it may be possible to provide global estimates of bedload sediment flux for large or inaccessible low‐turbidity rivers that currently have sparse information on bedload sediment transport rates

Contemporary geomorphological activity throughout the proglacial area of an alpine catchment

Quantification of contemporary geomorphological activity is a fundamental prerequisite for predicting the effects of future earth surface process and landscape development changes. However, there is a lack of high-resolution spatial and temporal data on geomorphological activity within alpine catchments, which are especially sensitive to climate change, human impacts and which are amongst the most dynamic landscapes on Earth. This study used data from repeated laser scanning to identify and quantify the distribution of contemporary sediment sources and the intensity of geomorphological activity within the lower part of a glaciated alpine catchment; Ödenwinkelkees, central Austria. Spatially, geomorphological activity was discriminated by substrate class. Activity decreased in both areal extent and intensity with distance from the glacier, becoming progressively more restricted to the fluvially-dominated valley floor. Temporally, geomorphological activity was identified on annual, seasonal, weekly and daily timescales. Activity became more extensive with increasing study duration but more intense over shorter timescales, thereby demonstrating the importance of temporary storage of sediment within the catchment. The mean volume of material moved within the proglacial zone was 4400m.yr, which suggests a net surface lowering of 34mm.yr in this part of the catchment. We extrapolate a minimum of 4.8mm.yr net surface lowering across the whole catchment. These surface lowering values are approximately twice those calculated elsewhere from contemporary measurements of suspended sediment flux, and of rates calculated from the geological record, perhaps because we measure total geomorphological activity within the catchment rather than overall efflux of material. Repeated geomorphological surveying therefore appears to mitigate the problems of hydrological studies underestimating sediment fluxes on decadal-annual time-scales. Further development of the approach outlined in this study will enable the quantification of geomorphological activity, alpine terrain stability and persistence of landforms