Monetary Policy Effects: New Evidence from the Italian Flow of Funds

We obtain new evidence on the transmission of monetary policy to the economy by analyzing the effects of restrictive monetary policy shocks on Italian flows of funds over the period 1980-2002. Firms reduce their issuance of debt and their acquisitions of financial assets, so there is no evidence of strong financial frictions. Households increase short-term liabilities and diminish purchases of liquid assets and shares in the first quarter following a shock. The public sector increases net borrowing during the first two years. Financial corporations decrease their borrowing for three quarters, while the foreign sector increases borrowed funds. The results shed new light on the role played by the financial decisions of the various economic sectors in the transmission of monetary policy.flow of funds, monetary policy, VAR

THE EFFECTS OF MONETARY POLICY SHOCKS ON FLOW OF FUNDS:THE ITALIAN CASE

We study in a VAR model the effects of monetary policy shocks with new Italian flow of funds data for 1980-2002. First, our results are consistent with the literature, without being affected by commonly found puzzles. Second, new features of the transmission of monetary policy shocks to the Italian economy are provided. We do not find evidence of financial frictions which prevent firms from reduction of nominal expenditures. Households quickly adjust portfolios leading to a careful evaluation of limited participation hypothesis. Finally, the public sector increases net borrowing after the shock, improving on puzzling opposite results in the literature.flow of funds, monetary policy, VAR.

Tunneling rate fluctuations induced by non-linear resonances: a quantitative treatment based on semiclassical arguments

We investigate the tunneling process between two symmetric stable islands of a forced pendulum Hamiltonian in the weak chaos regime. We show that when the tunneling doublet is quantized over a classical non-linear resonance the tunneling rate strongly deviates from the semiclassical prediction. This mechanism is responsible for the irregular dependence of the tunneling rate on the system parameters. The weak-chaos condition allows us to make a theoretical prediction which agrees very well with the numerical results. This opens up a possible avenue to a general theory on the dependence of quantum tunneling on classical chaos.Comment: 4 pages, 2 figure

Quantum Vibrational Impurity Embedded in a One-dimensional Chain

We perform a fully quantum mechanical numerical calculation for the problem of a single electron (or excitation) propagating in a N-site one-dimensional chain in the presence of a single Holstein impurity. We compute the long-time averaged probability for finding the electron on the impurity site as a function of the nonlinearity parameter, defined in terms of the electron-phonon coupling strength and the oscillator frequency. The results, in the intermediate nonlinearity parameter range, differ substantially from the ones obtained through the use of the discrete nonlinear Schroedinger equation, even in the high-frequency regime.Comment: 8 pages, 4 figure

Exactly solvable approximating models for Rabi Hamiltonian dynamics

The interaction between an atom and a one mode external driving field is an ubiquitous problem in many branches of physics and is often modeled using the Rabi Hamiltonian. In this paper we present a series of analytically solvable Hamiltonians that approximate the Rabi Hamiltonian and compare our results to the Jaynes-Cummings model which neglects the so-called counter-rotating term in the Rabi Hamiltonian. Through a unitary transformation that diagonlizes the Jaynes-Cummings model, we transform the counter-rotating term into separate terms representing several different physical processes. By keeping only certain terms, we can achieve an excellent approximation to the exact dynamics within specified parameter ranges

Mapping the domains of CD134 as a functional receptor for feline immunodeficiency virus (FIV)

The feline homologue of CD134 (fCD134) is the primary binding receptor for feline immunodeficiency virus (FIV), targeting the virus preferentially to activated CD4+ helper T cells. However, strains of FIV differ in their utilisation of CD134; the prototypic strain PPR, requires a minimal determinant in CRD1 of fCD134 to confer near optimal receptor function while strains such as GL8 require additional determinants in the CD134 CRD2. We map this determinant to a loop in CRD2 governing the interaction between the receptor and its ligand; substitution of amino acids S78N,S79Y,K80E restored full viral receptor activity to the CDR2 of human CD134 in the context of feline CD134 with tyrosine-79 appearing to be the critical residue for restoration of receptor function

Mapping the domains of CD134 as a functional receptor for feline immunodeficiency virus (FIV)

The feline homologue of CD134 (fCD134) is the primary binding receptor for feline immunodeficiency virus (FIV), targeting the virus preferentially to activated CD4+ helper T cells. However, strains of FIV differ in their utilisation of CD134; the prototypic strain PPR, requires a minimal determinant in CRD1 of fCD134 to confer near optimal receptor function while strains such as GL8 require additional determinants in the CD134 CRD2. We map this determinant to a loop in CRD2 governing the interaction between the receptor and its ligand; substitution of amino acids S78N,S79Y,K80E restored full viral receptor activity to the CDR2 of human CD134 in the context of feline CD134 with tyrosine-79 appearing to be the critical residue for restoration of receptor function

Do Public Program Benefits Crowd Out Private Transfers in Developing Countries? A Critical Review of Recent Evidence

Precipitated by rapid globalization, rising inequality, population growth, and longevity gains, social protection programs have been on the rise in low- and middle-income countries (LMICs) in the last three decades. However, the introduction of public benefits could displace informal mechanisms for risk-protection, which are especially prevalent in LMICs. If the displacement of private transfers is considerably large, the expansion of social protection programs could even lead to social welfare loss. In this paper, we critically survey the recent empirical literature on crowd-out effects in response to public policies, specifically in the context of LMICs. We review and synthesize patterns from the behavioral response to various types of social protection programs. Furthermore, we specifically examine for heterogeneous treatment effects by important socio-economic characteristics. We conclude by drawing on lessons from our synthesis of studies. If poverty reduction objectives are considered, along with careful program targeting that accounts for potential crowd-out effects, there may well be a net social gain

Early-onset neonatal sepsis: Still room for improvement in procalcitonin diagnostic accuracy studies

To perform a systematic review assessing accuracy and completeness of diagnostic studies of procalcitonin (PCT) for early-onset neonatal sepsis (EONS) using the Standards for Reporting of Diagnostic Accuracy (STARD) initiative.EONS, diagnosed during the first 3 days of life, remains a common and serious problem. Increased PCT is a potentially useful diagnostic marker of EONS, but reports in the literature are contradictory. There are several possible explanations for the divergent results including the quality of studies reporting the clinical usefulness of PCT in ruling in or ruling out EONS.We systematically reviewed PubMed, Scopus, and the Cochrane Library databases up to October 1, 2014. Studies were eligible for inclusion in our review if they provided measures of PCT accuracy for diagnosing EONS. A data extraction form based on the STARD checklist and adapted for neonates with EONS was used to appraise the quality of the reporting of included studies.We found 18 articles (1998-2014) fulfilling our eligibility criteria which were included in the final analysis. Overall, the results of our analysis showed that the quality of studies reporting diagnostic accuracy of PCT for EONS was suboptimal leaving ample room for improvement. Information on key elements of design, analysis, and interpretation of test accuracy were frequently missing.Authors should be aware of the STARD criteria before starting a study in this field. We welcome stricter adherence to this guideline. Well-reported studies with appropriate designs will provide more reliable information to guide decisions on the use and interpretations of PCT test results in the management of neonates with EONS