Developing tomorrow's innovative surgical solutions

Designers are increasingly becoming aware of the potential use and integration of smart materials and technologies within their designs. One of the critical steps towards building innovative surgical solutions will be to link physicians and product designers utilising the appropriate materials and technologies to provide tangible improvements in patient care and treatment

Disruptive design innovation: reflections on the relationship of design, science and art

The title of designer conveys a large number of historical, cultural, philosophical drivers and working practises that effectively range from the traditional engineer through to the individual interested in personal expression. The considerable differences originate and have evolved for a variety of reasons. The range is from capitalist necessity through to social inclusion. Today, the designer needs to have the ability to understand significant changes in technology, art and science as well as being an astute observer of human behaviour. Ultimately, the designer will need to convert ideas into objects and systems that people can understand and use. It is important to consider serendipitous design and disruptive design as it often involves risk taking and may be unpredictable in character. Disruptive design innovation can improve a design in ways that the customer or a market does not expect. The authors suggest a refreshing approach to design that is inclusive in purpose to enrich the act of designing and advocate a greater correlation between the art, sciences and design in reflecting the values, virtues and methods of working and the principles that guide the methodologies and processes which can be correlated into a coherent whole and with a clearer focus

Out in the cold? Iceland’s trade performance outside the EU

Although entering a currency union involves both costs and benefits, an increasing body of research is finding that the benefits – in terms of international trade creation – are remarkably large. For example, Rose (2000) suggests that countries can up to triple their trade by joining a currency union. If true the impact on trade, income and welfare should Iceland join EMU could be enormous. However, by focussing simply on EMU rather than the broad range of currency unions studied by Rose, we find that the trade impact of EMU is smaller – but still statistically significant and economically important. Our findings suggest that the Iceland's trade with other EMU countries could increase by about 60% and that the trade-to-GDP ratio could rise by 12 percentage points should Iceland join the EU and EMU. This trade boost could consequently raise GDP per capita by roughly 4%. These effects would be even larger if the three current EMU outs (Denmark, Sweden and the UK) were also to enter EMU.

Intraday patterns in FX returns and order flow

Using 10 years of high-frequency foreign exchange data, we present evidence of time-of-day effects in foreign exchange returns through a significant tendency for currencies to depreciate during local trading hours. We confirm this pattern across a range of currencies and find that, in the case of EUR/USD, it can form a simple, profitable trading strategy. We also find that this pattern is present in order flow and suggest that both patterns relate to the tendency of market participants to be net purchasers of foreign exchange in their own trading hours. Data from alternative sources appear to corroborate that interpretation.foreign exchange, microstructure, order flow, liquidity

An empirical study of liquidity and information effects of order flow on exchange rates

We propose a simple structural model of exchange rate determination which draws from the analytical framework recently proposed by Bacchetta and van Wincoop (2003) and allows us to disentangle the liquidity and information effects of order flow on exchange rates. We estimate this model employing an innovative transaction data-set that covers all direct foreign exchange transactions completed in the USD/EUR market via EBS and Reuters between August 2000 and January 2001. Our results indicate that the strong contemporaneous correlation between order flow and exchange rates is mostly due to liquidity effects. This result also appears to carry through to the four FX intervention events that appear in our sample. JEL Classification: D82, G14, G15Exchange Rate Dynamics, Foreign Exchange Micro Structure, order flow

Tracheal intubation: improving first pass success with smart material solutions

Airway management and intubation procedures continue to challenge anaesthetists. With current equipment not always providing an optimum solution, this can lead to potential serious complications if an airway is not secured quickly. Improvements in airway devices need to be discussed, designed, tested, and implemented. The implementation of the appropriate smart technologies and materials present an opportunity to resolve key issues with bougie-guided intubation. It is suggested that the development of a novel steerable bougie could improve current tracheal intubation practice. This proposition is grounded on using the appropriate research and design development strategies combined with a structured methodological approach