Asset Prices and Monetary Policy: A New View of the Cost Channel

Should the central bank act to prevent "excessive" asset price dynamics or should it wait until the boom spontaneously turns into a crash and intervene afterwards to attenuate the fallout on the real economy? The standard "three equation" New Keynesian framework is inadequate to analyse this issue for the very simple reason that asset prices are not explicitly included in the model. There are two straightforward ways to take into account asset price dynamics in this framework. First of all, the objective function of the central bank - usually defined in terms of inflation and the output gap - could be "augmented" to take into account asset price inflation. Second, expected asset price inflation can affect the IS curve through a wealth effect. In this paper we follow a different route. In our model in fact, the expected asset price dynamics will be eventually incorporated into the NK Phillips curve. This is due to the assumption of a cost channel for monetary policy which is activated whenever monetary policy affects asset prices and dividends. In fact they determine the cost of external finance in the simple "equity only" financing model we consider, abstracting for simplicity from internal funds and the credit market.

Interactive Learning-Based Realizability for Heyting Arithmetic with EM1

We apply to the semantics of Arithmetic the idea of ``finite approximation'' used to provide computational interpretations of Herbrand's Theorem, and we interpret classical proofs as constructive proofs (with constructive rules for $\vee, \exists$) over a suitable structure \StructureN for the language of natural numbers and maps of G\"odel's system \SystemT. We introduce a new Realizability semantics we call ``Interactive learning-based Realizability'', for Heyting Arithmetic plus \EM_1 (Excluded middle axiom restricted to $\Sigma^0_1$ formulas). Individuals of \StructureN evolve with time, and realizers may ``interact'' with them, by influencing their evolution. We build our semantics over Avigad's fixed point result, but the same semantics may be defined over different constructive interpretations of classical arithmetic (Berardi and de' Liguoro use continuations). Our notion of realizability extends intuitionistic realizability and differs from it only in the atomic case: we interpret atomic realizers as ``learning agents''

The Effects of Health-Promoting Signs Encouraging Stair Use in Parking Structures

This research study aims to promote physical activity by encouraging stair use rather than elevators using persuasive point-of-choice prompts. The current investigation is comprised of two sub-studies: pilot testing, which we have completed; and the main study, which will be conducted in the fall. While most studies in this area use observation to count pedestrian traffic, a novel component of the current research is that we will use a pressure mat to measure stair and elevator use. As such, before completing the main study, we completed two pilot studies to test the feasibility of the mat technology and the messaging of the persuasive prompts. We researched the type of mat that would be ideal for recording pedestrian traffic and considered features such as wired/wireless, battery-powered, open-switch, minimal threshold activation, and high-frequency recording. We completed various trials to determine the validity and accuracy of the mats in different settings and situations and the results of this analysis will be discussed. Additionally, the results from the survey conducted to evaluate potential messages on the point-of-choice prompts will also be detailed. Within this survey, message categories were narrowed to motivational/encouraging and nudging/humor messages. The survey was administered in Chapman University classes and students’ responses to several sample messages in each of these categories were compared via a series of six, semantic differential adjectives, rated on seven-point scales. Qualitative feedback on an open-ended question after each message was also solicited. The highest rated messages will be used in the main study. There are three key components to the main study, which we will complete in the fall: 1) objectively measure stair and elevator use for two weeks; 2) introduce point-of-choice prompts and measure stair and elevator use for two weeks; 3) remove signs and continue recording for an additional two weeks to observe potential effects

Cinematic and aesthetic cartographies of subjective mutation

This article exmaines the use of cinema as a mapping of subjective mutation in the work of Deleuze, Gauttari and Berardi. Drawing on Deleuze's distinciton between the reduction of the art-work to the symptom and the idea of art as symptomatology, the article focuses on Berardi's use of cinematic examples, posing the quesiton in each case of to what extent they function as symptomatologies or mere symptoms of cultural and subjective mutations in examples ranging from Bergman's Persona to Van Sant's Elephant to finish on speculations about Fincher's The Social Network as a cirtical engagement with subjective mutation in the 21st Century

The impact of peri-natal stress on psychosis risk: Results from the Bo-FEP incidence study

Objective: According to the gene-environment interaction model the pathogenesis of psychosis relies on an adverse neuro-socio-developmental pathway. Perinatal stress represents an important risk factor for the development of psychosis because of the increasingly evident interference with socio-neuro-development in the earlier phases of life. We aim to investigate the correlation of perinatal risk factors with the onset of psychosis with a case-control-incidence study. Results: Patients (and their mothers) were eligible if they presented with first-episode psychosis at the Bologna West Community Mental Health Centre (Bo-West CMHC) between 2002 and 2012. The Bo-West CMHC serves a catchment area of about 200,000 people. The controls were recruited in the same catchment area and study period. 42 patients, 26 controls and their mothers were included. We collected the history of peri-natal stress and calculated crude and adjusted Odds Ratios for onset of first-episode psychosis. Adjusted logistic regression showed that psychosis onset was significantly associated with stressful situations during pregnancy, lower level of maternal physical health before or during pregnancy, use of anti-inflammatory drugs during pregnancy, and low level of maternal education. The results of our study suggest that stress during perinatal period increases the risk of developing psychosis

Costi del trattamento con oloprazina nelle fasi iniziali della schizofrenia

Objective: In Italy, use of olanzapine in the public sector was limited by law to patients that had failed treatment with conventional antipsychotics, due to the higher purchase price of the drug. This restriction prevented first-episode patients and patients early in the course of their illness from being treated with olanzapine. The present study investigates economic consequences of this policy. Design: The present study retrospectively outlines treatment costs of patients switched to olanzapine during the early stages of schizophrenia as compared to the costs of patients switched during a later stage of the illness. Setting: The study was conducted within Italian Community Mental Health Services. Patients: The cost of pharmacological and non-pharmacological treatment was retrospectively calculated in 25 out-patients with schizophrenia and related disorders over a one-year span. Thirteen patients were switched to olanzapine in the early stage of their illness, prior to drug approval under a compassionate use regimen. Twelve patients started olanzapine under the restriction in a later stage of illness following failed treatment with a conventional antipsychotic. Results: While total treatment costs between the two groups was similar, cost distribution was different. Early Switch patients had higher drug costs and higher rehabilitation costs, while Late Switch patients had higher hospitalisation costs. Conclusions: Small patient numbers and design limitations prevent conclusions being drawn regarding the ultimate impact on outcome and total treatment cost of restriction of olanzapine to second-line use. Despite this, our findings demonstrate that within the context of the Italian CMHS, patients treated with olanzapine while still in the early stages of schizophrenia do not necessarily cost more overall compared to patients who receive olanzapine after failing treatment with a conventional antipsychotic

Running towards amblyopia recovery

Amblyopia is a neurodevelopmental disorder of the visual cortex arising from abnormal visual experience early in life which is a major cause of impaired vision in infants and young children (prevalence around 3.5%). Current treatments such as eye patching are ineffective in a large number of patients, especially when applied after the juvenile critical period. Physical exercise has been recently shown to enhance adult visual cortical plasticity and to promote visual acuity recovery. With the aim to understand the potentialities for translational applications, we investigated the effects of voluntary physical activity on recovery of depth perception in adult amblyopic rats with unrestricted binocular vision; visual acuity recovery was also assessed. We report that three weeks of voluntary physical activity (free running) induced a marked and long-lasting recovery of both depth perception and visual acuity. In the primary visual cortex, ocular dominance recovered both for excitatory and inhibitory cells and was linked to activation of a specific intracortical GABAergic circuit

Architects of time: Labouring on digital futures

Drawing on critical analyses of the internet inspired by Gilles Deleuze and the Marxist autonomia movement, this paper suggests a way of understanding the impact of the internet and digital culture on identity and social forms through a consideration of the relationship between controls exercised through the internet, new subjectivities constituted through its use and new labour practices enabled by it. Following Castells, we can see that the distinction between user, consumer and producer is becoming blurred and free labour is being provided by users to corporations. The relationship between digital technologies and sense of community, through their relationship to the future, is considered for its dangers and potentials. It is proposed that the internet may be a useful tool for highlighting and enabling social connections if certain dangers can be traversed. Notably, current remedies for the lack of trust on the internet are questioned with an alternative, drawing on Zygmunt Bauman and Georg Simmel, proposed which is built on community through a vision of a ‘shared network’

An Introduction to Simulation-Based Techniques for Automated Service Composition

This work is an introduction to the author's contributions to the SOC area, resulting from his PhD research activity. It focuses on the problem of automatically composing a desired service, given a set of available ones and a target specification. As for description, services are represented as finite-state transition systems, so to provide an abstract account of their behavior, seen as the set of possible conversations with external clients. In addition, the presence of a finite shared memory is considered, that services can interact with and which provides a basic form of communication. Rather than describing technical details, we offer an informal overview of the whole work, and refer the reader to the original papers, referenced throughout this work, for all details