UK QE reconsidered: the real economy effects of monetary policy in the UK, 1990-2012 – an empirical analysis

Empirical studies of so called ‘unconventional’ monetary policy – ‘Quantitative Easing’ or ‘Large Scale Asset Purchases’ - since the North Atlantic Financial Crisis of 2007-2009 in the United Kingdom and elsewhere have mainly focussed on the effect of policy on intermediate variables rather than the stated ultimate goal of such policies, boosting nominal demand and GDP growth. Secondly and relatedly they tend to focus on the crisis and post-crisis period, a time of extraordinary economic and financial dislocation, which creates counterfactual and attribution problems and fails to capture typical macroeconomic lag dynamics. Adopting the approach of Voutsinas and Werner (2010), and building on Lyonnet and Werner’s (2012) study of UK QE, this paper addresses these weaknesses by 1) examining the impact of various different monetary policy instruments (including Quantitative Easing) directly on UK nominal GDP growth; and 2) using a quarterly time series beginning in the first quarter of 1990 and up to the last quarter of 2012 (92 observations in total). We use the Hendry ‘general-to-specific’ econometric methodology to estimate a parsimonious model. The results show that disaggregated bank credit to the real economy (households and firms) has the most significant impact on nominal GDP growth. Changes to the central bank’s interest rate, central bank reserves, and total central bank asset ratios drop out of the model as insignificant. The policy implication it that, as private banks continue to shrink their balance sheets in the UK and Europe following the North Atlantic Crisis of 2008, central banks might wish to consider ‘unconventional’ monetary policies that more directly boost credit to the real economy and thus nominal GDP growt

SHOOTING DOWN THE PRICE: EVIDENCE FROM MAFIA HOMICIDES AND HOUSING MARKET VOLATILITY

In this work, we assess the role of a specific type of organized crime in influencing choices on where living within the city territory, and consequently, volatility in house prices. More specifically, we test how organized crime killing may influence house pricing behaviors. Firstly, we show evidences about how organized crime is associated with higher inequality of housing prices for Italian cities in 2011. Then, by collecting and geo referencing data on the city of Naples for the period 2002-2016, we test for the direct influence of homicides on the relevant territory, as on the neighboring districts. Results show a negative and significant impact of killing on the house prices either for sales or for rents and a positive effect in neighboring district, driving increases in within-city inequality

A distributed package for sustainable water management: A case study in the Arno basin

MOBIDIC (MOdello di Bilancio Idrologico DIstribuito e Continuo) is a distributed hydrological modelling package for various applications. The main innovations concern: (a) the coupling of the water balance in the soil and vegetation with the surface energy balance, to the benefit of evapotranspiration computation and the use of remotely-sensed maps for calibration and validation; (b) the interaction between groundwater and surface water bodies, (c) the capability of easily managing data on withdrawals of water, reservoir operation and environmental flow. MOBIDIC-WRM can be used as an effective tool for the evaluation of basin scenarios (e.g. effects of changes in land cover/deforestation and irrigation strategies, exploitation policies for groundwater). It provides a reliable hydrological base for the assessment of crisis indicators such as vegetation stress and lack of environmental flow. In this work we present an application in the Arno basin, central Italy. The outcome of applying the package in order to determine the water budget management strategies is discussed. Copyright © 2009 IAHS Press

Is Cyberchondria a New Transdiagnostic Digital Compulsive Syndrome? A Systematic Review of the Evidence

© 2020 The Author(s). Published by Elsevier Inc. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).Background. Cyberchondria (CYB) has been described relatively recently as a behaviour characterized by excessive online searching for medical information that is associated with increasing levels of health anxiety. Although CYB has received some attention from researchers, there is no consensus about many of its aspects. Aims. We describe one of the first reported cases of a treatment-seeking patient with CYB. We review the published literature on the definition of CYB, its assessment, epidemiology, cost and burden, psychological models and mechanisms associated with CYB, relationships between CYB and mental disorders and prevention and treatment strategies. Methods: Systematic review of all peer-reviewed papers published within the PubMed, PsycINFO, and Cochrane Library databases. Results. 61 articles were selected. Nearly all the studies were descriptive and cross-sectional recruiting sample mainly from the general/university student population and collecting self-report data via online surveys. Data on epidemiology, clinical features, course, comorbidity and therapeutic interventions were scarce. CYB showed a self-reported association with health anxiety, hypochondriasis and obsessive-compulsive disorder (OCD) as well as other forms of problematic usage of the internet (PUI) The psychological mechanisms associated with CYB include low self-esteem, anxiety sensitivity, intolerance of uncertainty, pain catastrophizing and certain meta-cognitive beliefs. Conclusion: A working definition of CYB includes excessive online health searches that are compulsive and may serve the purpose of seeking reassurance, whilst leading to a worsening of anxiety or distress and further negative consequences. CYB represents a clinically relevant transdiagnostic compulsive behavioural syndrome, closely related to PUI and usually presenting in association with health anxiety, hypochondriasis and/or OCD. CYB is clearly in need of further study and we identify key areas for future research.Peer reviewe

Impairing Otp homeodomain function in oral ectoderm cells affects skeletogenesis in sea urchin embryos

AbstractIn the sea urchin embryo skeletogenesis is the result of a complex series of molecular and cellular events that coordinate the morphogenetic process. Past and recent evidence strongly indicate that skeletal initiation and growth are strictly dependent on signals emanating from the oral ectodermal wall. As previously suggested, Orthopedia (Otp), a homeodomain-containing transcription factor specifically expressed in a small subset of oral ectoderm cells, might be implicated in this signalling pathway. In this study, we utilize three different strategies to address the issue of whether Otp is an upstream regulator of sketelogenesis. We describe the effects of microinjection of Otp morpholino-substituted antisense oligonucleotides and dominant-negative Otp-engrailed mRNA in Paracentrotus lividus embryos. We demonstrate that inhibition of Otp expression completely abolishes skeletal synthesis. By contrast, coinjection of Otp mRNA and the morpholino antisense oligonucleotide specifically rescues the skeletogenic program. In addition, localized ectodermal expression of the Otp-GFP fusion gene construct driven by the hatching enzyme promoter, induces ectopic and abnormal spiculogenesis. We further show that an indirect target of this homeoprotein is the skeletogenic specific gene SM30, whose expression is known to be under the strict control of the oral ectoderm territory. Based on these results, we conclude that Otp triggers the ectoderm-specific signal that promotes skeletogenesis

Measuring the presence of organized crime across Italian provinces: a sensitivity analysis

The existing literature identifies different indicators to construct organized crime indices and places equal importance to different concepts of organized crime. This paper examines the sensitivity of organized crime across Italian provinces when different set of indicators and weights are used to combine crime indicators. Our findings suggest that there is a remarkable variation in the distribution of organized crime across Italian provinces based on the choice of indicators and the importance given to different crime indicators. It is also found that the relationship of organized crime with socioeconomic and political factors varies depending on the normative choices made in the construction of an organized crime index

cis-Regulatory sequences driving the expression of the Hbox12 homeobox-containing gene in the presumptive aboral ectoderm territory of the Paracentrotus lividus sea urchin embryo.

Embryonic development is coordinated by networks of evolutionary conserved regulatory genes encoding transcription factors and components of cell signalling pathways. In the sea urchin embryo, a number of genes encoding transcription factors display territorial restricted expression. Among these, the zygotic Hbox12 homeobox gene is transiently transcribed in a limited number of cells of the animal-lateral half of the early Paracentrotus lividus embryo, whose descendants will constitute part of the ectoderm territory. To obtain insights on the regulation of Hbox12 expression, we have explored the cis-regulatory apparatus of the gene. In this paper, we show that the intergenic region of the tandem Hbox12 repeats drives GFP expression in the presumptive aboral ectoderm and that a 234 bp fragment, defined aboral ectoderm (AE) module, accounts for the restricted expression of the transgene. Within this module, a consensus sequence for a Sox factor and the binding of the Otx activator are both required for correct Hbox12 gene expression. Spatial restriction to the aboral ectoderm is achieved by a combination of different repressive sequence elements. Negative sequence elements necessary for repression in the endomesoderm map within the most upstream 60 bp region and nearby the Sox binding site. Strikingly, a Myb-like consensus is necessary for repression in the oral ectoderm, while down-regulation at the gastrula stage depends on a GA-rich region. These results suggest a role for Hbox12 in aboral ectoderm specification and represent our first attempt in the identification of the gene regulatory circuits involved in this process

Metrology and multipartite entanglement in measurement-induced phase transition

Measurement-induced phase transition arises from the competition between a deterministic quantum evolution and a repeated measurement process. We explore the measurement-induced phase transition through the Quantum Fisher Information in two different metrological scenarios. We demonstrate through the scaling behavior of the quantum Fisher information the transition of the multi-partite entanglement across the phases. In analogy with standard quantum phase transition, we reveal signature of a measurement-induced phase transition in the non-analytic behaviour of the quantum Fisher information as the measurement strength approaches the critical value. Our results offer novel insights into the features of a quantum systems undergoing measurement-induced phase transition and indicate potential avenues for further exploration in the field of quantum physics

Shooting Down the Price: Evidence from Mafia Homicides and Housing Market Volatility

In this paper we estimate the effect of the homicides by the Camorra, the Neapolitan Mafia, on housing prices in Naples. The study develops on a unique panel dataset at the administrative district level for the period 2002-2018 of geo-localized homicides involving innocent victims (denoted as IVH ), which are treated as exogenous shocks that negatively affect housing demand. We find that the occurrence of such homicides causes a decrease in housing prices in the range of 2.5 − 3.8 percentage points. This effect decreases with the distance from an IVH and over time. These results are robust to the utilization of different econometric specifications and to the considerations of possible confounding factors such as other types of textitCamorra homicides