Sovereign debt crisis, fiscal consolidation, and active central bankers in a monetary union

In this paper we examine global financial instability and its impact on the sovereign debts of peripheral countries in a stylized model of the European Economic and Monetary Union (EMU), where centralized and national policy authorities strategically interact. We show that active expansionary monetary policies might operate as indirect risk-sharing mechanisms that improve EMU stability and the welfare of (a part of the) member states. The European Central Bank (ECB) partially internalizes the fact that the monetary union\u2019s stability is a public good by reallocating a part of the cost of stabilizing the EMU from the periphery to the core countries. In this respect, unconventional monetary policies such as \u2018quantitative easing\u2019 are more effective than traditional monetary policies centered on ex-post interest rate adjustments. The rationale of our findings is that unconventional monetary policies decrease the cost of fiscal interventions in the peripheral countries and incentivize the consolidation of their public balance sheets; these same unconventional policies produce positive externalities but also come at a cost for central countries

A Simple Model for the Absorption of Starlight by Dust in Galaxies

We present a new model to compute the effects of dust on the integrated spectral properties of galaxies, based on an idealized prescription of the main features of the interstellar medium (ISM). The model includes the ionization of HII regions in the interiors of the dense clouds in which stars form and the influence of the finite lifetime of these clouds on the absorption of radiation. We compute the production of emission lines and the absorption of continuum radiation in the HII regions and the subsequent transfer of line and continuum radiation in the surrounding HI regions and the ambient ISM. This enables us to interpret simultaneously all the observations of a homogeneous sample of nearby UV-selected starburst galaxies, including the ratio of far-IR to UV luminosities, the ratio of Halpha to Hbeta luminosities, the Halpha equivalent width, and the UV spectral slope. We show that the finite lifetime of stellar birth clouds is a key ingredient to resolve an apparent discrepancy between the attenuation of line and continuum photons in starburst galaxies. In addition, we find that an effective absorption curve proportional to lambda^-0.7 reproduces the observed relation between the ratio of far-IR to UV luminosities and the UV spectral slope. We interpret this relation most simply as a sequence in the overall dust content of the galaxies. The shallow wavelength dependence of the effective absorption curve is compatible with the steepness of known extinction curves if the dust has a patchy distribution. In particular, we find that a random distribution of discrete clouds with optical depths similar to those in the Milky Way provides a consistent interpretation of all the observations. Our model for absorption can be incorporated easily into any population synthesis model. (abridged)Comment: To appear in the 2000 July 20 issue of the Astrophysical Journal; 19 pages with 13 embedded PS figures (emulateapj5.sty

Status of Salerno Laboratory (Measurements in Nuclear Emulsion)

A report on the analysis work in the Salerno Emulsion Laboratory is presented. It is related to the search for nu_mu->nu_tau oscillations in CHORUS experiment, the calibrations in the WANF (West Area Neutrino Facility) at Cern and tests and preparation for new experiments.Comment: Proc. The First International Workshop of Nuclear Emulsion Techniques (12-24 June 1998, Nagoya, Japan), 15 pages, 11 figure

Acquiring, archiving, analyzing and exchanging seismic data in real time at the Seismological Research Center of the OGS in Italy

After the 1976 Friuli earthquake (Ms = 6.5) in north-eastern Italy that caused about 1,000 casualties and widespread destruction in the Friuli area, the Italian government established the Centro di Ricerche Sismologiche (CRS). This is now a department of the Istituto Nazionale di Oceanografia e di Geofisica Sperimentale (OGS), and it is specifically devoted to the monitoring of the seismicity of north-eastern Italy. Since its inception, the North-East Italy Seismic Network has grown enormously. Currently, it consists of 14 broad-band and 20 short-period seismic stations, all of which are telemetered to and acquired in real time at the OGS-CRS data center in Udine. Data exchange agreements in place with other Italian, Slovenian, Austrian and Swiss seismological institutes lead to a total number of 94 seismic stations acquired in real time, which confirms that the OGS is the reference institute for seismic monitoring of north-eastern Italy. Since 2002, CRS has been using the Antelope software suite as the main tool for collecting, analyzing, archiving and exchanging seismic data. SeisComP is also used as a real-time data exchange server tool. A customized web accessible server is used to manually relocate earthquakes, and automatic procedures have been set-up for moment-tensor determination, shaking-map computation, web publishing of earthquake parametric data, waveform drumplots, state-of-health parameters, and quality checks of the station by spectra analysis. Scripts for email/SMS/fax alerting to public institutions have also been customized. Recently, a real-time seismology website was designed and set-up (http://rts.crs.inogs.it/)

Visual neglect in posterior cortical atrophy

In posterior cortical atrophy (PCA), there is a progressive impairment of high-level visual functions and parietal damage, which might predict the occurrence of visual neglect. However, neglect may pass undetected if not assessed with specific tests, and might therefore be underestimated in PCA. In this prospective study, we aimed at establishing the side, the frequency and the severity of visual neglect, visual extinction, and primary visual field defects in an unselected sample of PCA patients

Field emission properties of as-grown multiwalled carbon nanotube films

Multiwalled carbon nanotubes have been produced by ethylene catalytic chemical vapor deposition and used to fabricate thick and dense freestanding films ("buckypapers") by membrane filtering. Field emission properties of buckypapers have been locally studied by means of high vacuum atomic force microscopy with a standard metallic cantilever used as anode to collect electrons emitted from the sample. Buckypapers showed an interesting linear dependence in the Fowler-Nordheim plots demonstrating their suitability as emitters. By precisely tuning the tip-sample distance in the submicron region we found out that the field enhancement factor is not affected by distance variations up to 2um. Finally, the study of current stability showed that the field emission current with intensity of about 3,3*10-5A remains remarkably stable (within 5% fluctuations) for several hours.Comment: 18 pages, 5 figure

Pseudoaneurisma di origine traumatica localizzato in un seno sfenoidale fratturato

Descriviamo il caso di un pseudoaneurisma di origine traumatica dell’arteria carotide interna destra localizzato all’interno di un seno sfenoidale fratturato che si è sviluppato in un paziente che aveva riportato delle fratture dell’osso frontale e della base cranica che coinvolgevano le pareti del seno sfenoidale e il canale della carotide malgrado l’angio-TC precoce fosse negativa. Il paziente ha presentato due episodi di epistassi ritardata massiva potenzialmente letale prima di essere trattato con successo con tecniche endovascolari utilizzanti spirali metalliche e uno stent non ricoperto. Questo caso sottolinea il fatto che i pazienti con trauma cranico che presentano fratture nel seno sfenoidale con o senza epistassi massiva dovrebbero essere studiati il più presto possibile alla ricerca dello sviluppo di uno pseudoaneurisma postraumatico della carotide interna. Se la prima angio-TC è negativa, un’epistassi ricorrente dovrebbe condurre alla realizzazione di una seconda angio-TC poiché lo pseudoaneurisma richiede tempo per svilupparsi. Un trattamento endovascolare precoce con uno stent non ricoperto può impedire il decesso del paziente