Tax distortions from inflation: What are they? How to deal with them?

Inflation that is fully anticipated has few real effects in purely private market economies, but this need not be the case in the presence of taxation. In practice, tax systems are not neutral with respect to inflation – though some countries have attempted make their tax systems inflation-neutral in the past – and this paper provides a comprehensive overview of the most relevant non-neutralities, drawing on existing literature, but also supplying new illustrations and evidence of the effects. The paper shows, for example, how taxing inflationary gains can have a large impact on effective tax rates – even at relatively low rates of inflation. It also shows how partial coverage of protection against inflation – for some types of incomes only – can create additional distortions. A new empirical analysis reveals how the erosion of the value of depreciation allowances through inflation affects investment

Studies in: entanglement entropy of two dimensional quasi-topological quantum field theory and geometry of the exact renormalization group and higher spin holography

Part I: Entanglement Entropy of 2d Quasi-Topological Quantum Field Theory We compute the entanglement entropy of two-dimensional quasi-topological quantum field the- ories (QTFTs). These are theories in which the correlation functions depend on the topology and on the total area of the underlying space-time, but are blind to all local details of the geometry, and include topological quantum field theory (TFT) as their limiting case. We use two complimentary methods to compute the entanglement entropy; the first method is the replica trick and the other is to devise a novel tensor network representation, or more precisely, matrix product state (MPS) representation, of the quantum states of QTFT. We demonstrate that the two calculations are in agreement. Part II: Geometry of the Exact Renormalization Group and Higher Spin Holography We consider the Wilson-Polchinski exact renormalization group (RG) applied to the generating functional of single-trace operators at a free-fixed point in d = 2 + 1 dimensions. By exploiting the rich symmetry structure of free-field theory, we study the geometric nature of the RG equations and the associated Ward identities. The geometry, as expected, is holographic, with anti-de Sitter spacetime emerging correspondent with RG fixed points. In particular, we are able to cast the renormalization group equations as Hamilton equations of radial evolution in AdSd+1. We solve these bulk equations of motion in terms of a boundary source and derive an on-shell bulk action. We demonstrate that it correctly encodes all of the correlation functions of the field theory, written as “Witten diagrams.” Going further, we show that the field theory construction gives us a par- ticular vector bundle over the (d + 1)-dimensional RG mapping space, called a jet bundle, whose structure group arises from the bilocal transformations of the bare fields in the path integral. The sources for quadratic operators constitute a connection on this bundle and a section of its endomor- phism bundle. We make comparisons to Vasiliev-type higher spin theories. Detailed calculations are carried out for the case of Majorana fermions. Results and comments are presented for complex scalars. Additional details can be found in [1, 2]

Paracrine cross-talk between skeletal muscle and macrophages in exercise by PGC-1α-controlled BNP

Activation of resident and infiltrating immune cells is a central event in training adaptation and other contexts of skeletal muscle repair and regeneration. A precise orchestration of inflammatory events in muscle fibers and immune cells is required after recurrent contraction-relaxation cycles. However, the mechanistic aspects of this important regulation remain largely unknown. We now demonstrate that besides a dominant role in controlling cellular metabolism, the peroxisome proliferator-activated receptor γ co-activator 1α (PGC-1α) also has a profound effect on cytokine expression in muscle tissue. Muscle PGC-1α expression results in activation of tissue-resident macrophages, at least in part mediated by PGC-1α-dependent B-type natriuretic peptide (BNP) production and secretion. Positive effects of exercise in metabolic diseases and other pathologies associated with chronic inflammation could accordingly involve the PGC-1α-BNP axis and thereby provide novel targets for therapeutic approaches

Psychiatric nurses’ views on criteria for psychiatric intensive care: acute and intensive care staff compared

Aim: To explore and investigate differences between the views of qualified nurses working in psychiatric intensive care units (PICUs) and acute care wards on which patients are appropriate for PICU care. Background: Previous research on the area of psychiatric intensive care highlights the great differences that exist in all aspects of service provision, from unit size and staffing levels to treatment approaches and physical environment. One of the most common areas of controversy is the type of client behaviour that warrants admission to the PICU. Method: Structured interviews of 100 qualified nursing staff (in the London area, England) working on either acute or PICU wards were used to gather data on appropriate and inappropriate referral to PICUs. Comments made during the course of the interviews were also collected and subjected to content analysis. Findings: There was evidence to support the hypothesis that acute ward staff considered patients suitable for PICU care at a lower level of risk than PICU staff thought appropriate. In comparison to acute ward nurses, those working in PICUs attended to a broader range of factors when considering suitability for admission to PICU. Appropriate reasons for transfer fell into five groups: risk to others; risk of intentional harm to self; risk of unintentional harm to self; therapeutic benefit from the PICU environment; and legitimate acute ward care problem. Inappropriate reasons for transfer fell into four groups: low risk to others and/or self; illegitimate acute admission care problems; patient belongs elsewhere; policy issues. Conclusion: The study opens up a range of issues not previously studied in relation to the use of PICUs and the intricate relationship of this use with the available acute care wards and other services. These findings and their implications for the care of acute and disturbed psychiatric patients are discussed

The Seismic Signature of Debris Flows: Flow Mechanics and Early Warning at Montecito, California

Debris flows are concentrated slurries of water and sediment that shape the landscape and pose a major hazard to human life and infrastructure. Seismic ground motion‐based observations promise to provide new, remote constraints on debris flow physics, but the lack of data and a theoretical basis for interpreting them hinders progress. Here we present a new mechanistic physical model for the seismic ground motion of debris flows and apply this to the devastating debris flows in Montecito, California on 9 January 2018. The amplitude and frequency characteristics of the seismic data can distinguish debris flows from other seismic sources and enable the estimation of debris‐flow speed, width, boulder sizes, and location. Results suggest that present instrumentation could have provided 5 min of early warning over limited areas, whereas a seismic array designed for debris flows would have provided 10 min of warning for most of the city

Dronedarone reduces arterial thrombus formation

Dronedarone has been associated with a reduced number of first hospitalisation due to acute coronary syndromes. Whether this is only due to the reduction in ventricular heart rate and blood pressure or whether other effects of dronedarone may be involved is currently elusive. This study was designed to investigate the role of dronedarone in arterial thrombus formation. C57Bl/6 mice were treated with dronedarone and arterial thrombosis was investigated using a mouse photochemical injury model. Dronedarone inhibited carotid artery thrombus formation in vivo (P<0.05). Thrombin- and collagen-induced platelet aggregation was impaired in dronedarone-treated mice (P<0.05), and expression of plasminogen activator inhibitor-1 (PAI1), an inhibitor of the fibrinolytic system, was reduced in the arterial wall (P<0.05). In contrast, the level of tissue factor (TF), the main trigger of the coagulation cascade, and that of its physiological inhibitor, TF pathway inhibitor, did not differ. Similarly, coagulation times as measured by prothrombin time and activated partial thromboplastin time were comparable between the two groups. Dronedarone inhibits thrombus formation in vivo through inhibition of platelet aggregation and PAI1 expression. This effect occurs within the range of dronedarone concentrations measured in patients, and may represent a beneficial pleiotropic effect of this dru