67 research outputs found

    Financial and monetary policy responses to oil price shocks: evidence from oil-importing and oil-exporting countries

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    In this study, we investigate the financial and monetary policy responses to oil price shocks using a Structural VAR framework. We distinguish between net oil-importing and net oil-exporting countries. Since the 80s, a significant number of empirical studies have been published investigating the effect of oil prices on macroeconomic and financial variables. Most of these studies though, do not make a distinction between oil-importing and oil-exporting economies. Overall, our results indicate that the level of inflation in both net oil-exporting and net oil-importing countries is significantly affected by oil price innovations. Furthermore, we find that the response of interest rates to an oil price shock depends heavily on the monetary policy regime of each country. Finally, stock markets operating in net oil-importing countries exhibit a negative response to increased oil prices. The reverse is true for the stock market of the net oil-exporting countries. We find evidence that the magnitude of stock market responses to oil price shocks is higher for the newly established and/or less liquid stock market

    Visual attention and action: How cueing, direct mapping, and social interactions drive orienting

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    Despite considerable interest in both action perception and social attention over the last 2 decades, there has been surprisingly little investigation concerning how the manual actions of other humans orient visual attention. The present review draws together studies that have measured the orienting of attention, following observation of another’s goal-directed action. Our review proposes that, in line with the literature on eye gaze, action is a particularly strong orienting cue for the visual system. However, we additionally suggest that action may orient visual attention using mechanisms, which gaze direction does not (i.e., neural direct mapping and corepresentation). Finally, we review the implications of these gaze-independent mechanisms for the study of attention to action. We suggest that our understanding of attention to action may benefit from being studied in the context of joint action paradigms, where the role of higher level action goals and social factors can be investigated

    Early experience with lengthening osteotomy of the medial malleolus for ankle varus

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    Osteoarthritis of the tibiotalar joint is a debilitating condition and often post-traumatic in nature and can contain deformity. Historically, significant coronal plane deformities were considered contraindications for total ankle arthroplasty. To preserve long term success and balance the loading of any ankle arthroplasty one must focus on correcting any aberrations in alignment of the foot, ankle, or leg. Varus deformity at the tibiotalar level is common but there is no standard treatment for its correction prior to prosthesis implantation. A retrospective review was undertaken to quantify deformity correction and viability of a medial malleolar lengthening technique with intercalary allograft. Ten patients met inclusion and exclusion criteria. Transverse opening osteotomy with bone allograft osteotomy was made just distal to the medial malleolar shoulder in a staged fashion or simultaneously with total ankle arthroplasty. A mean age of 60.3 years and mean body mass index of 26.3 (kg*m2) was observed. Seventy percent (7/10) of osteotomies progressed to union (7/10) at an average follow up of 24.7 months. All nonunions (3/3) were asymptomatic. Pre-operative average tibiotalar angle was 70.9 degrees, and post-operative was 87.9 (p < 0.001). All but 2 patients had ancillary procedures in addition to malleolar osteotomy and ankle arthroplasty. While promising, patients may need to be counseled that asymptomatic pseudoarthrosis is common (30 %). Further research is needed regarding management of coronal plane deformities of the ankle

    Can static habitat protection encompass critical areas for highly mobile marine top predators? Insights from coastal East Africa

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    © 2015 Pérez-Jorge et al. Along the East African coast, marine top predators are facing an increasing number of anthropogenic threats which requires the implementation of effective and urgent conservation measures to protect essential habitats. Understanding the role that habitat features play on the marine top predator' distribution and abundance is a crucial step to evaluate the suitability of an existing Marine Protected Area (MPA), originally designated for the protection of coral reefs. We developed species distribution models (SDM) on the IUCN data deficient Indo-Pacific bottlenose dolphin (Tursiops aduncus) in southern Kenya. We followed a comprehensive ecological modelling approach to study the environmental factors influencing the occurrence and abundance of dolphins while developing SDMs. Through the combination of ensemble prediction maps, we defined recurrent, occasional and unfavourable habitats for the species. Our results showed the influence of dynamic and static predictors on the dolphins' spatial ecology: dolphins may select shallow areas (5-30 m), close to the reefs (< 500 m) and oceanic fronts (< 10 km) and adjacent to the 100m isobath (< 5 km).We also predicted a significantly higher occurrence and abundance of dolphins within the MPA. Recurrent and occasional habitats were identified on large percentages on the existing MPA (47% and 57% using presence-absence and abundance models respectively). However, the MPA does not adequately encompass all occasional and recurrent areas and within this context, we propose to extend the MPA to incorporate all of them which are likely key habitats for the highly mobile species. The results from this study provide two key conservation and management tools: (i) an integrative habitat modelling approach to predict key marine habitats, and (ii) the first study evaluating the effectiveness of an existing MPA for marine mammals in the Western Indian Ocean. Copyright:ML was funded by a Juan de la Cierva postdoctoral contract (JCI-2010-07639, Spanish Ministry of Science and Innovation - http://www.idi.mineco.gob.es/) and a Ramón y Cajal postdoctoral contract (RYC-2012-09897). Funds were partially provided by a grant from the Spanish Ministry of Economy - http://www.idi.mineco.gob.es/ (CGL2013-42203-R)Peer Reviewe
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