Identifying monetary policy in a small open economy under fixed exchange rates

We demonstrate how to identify monetary policy under fixed exchange rates in a structural vector autoregression (SVAR) using Denmark as a case study. The identifying restrictions are compared to SVARs for flexible exchange-rate regimes. Our basic model generates a plausible central-bank reaction function, and the responses to monetary shocks are in accordance with theory. We extend the basic model and econometric approach to incorporate the central bank's interventions on the foreign-exchange market

Noisy Financial Signals and Persistent Effects of Nominal Shocks in Open Economies

Floating exchange rates display substantial short-run volatility causing a nontrivial information problem in disentangling temporary from permanent changes. Although agents observe current market signals they are imperfectly informed about the future, but they accumulate information and learn over time. We analyze how this basic information problem in the presence of one-period nominal contracts affects the dynamic adjustment process to nominal shocks. Specifically we use a general equilibrium two-country model with specialized production and one-period nominal contracts and consider the propagation of nominal shocks. Informational problems are shown to have important qualitative and potentially strong quantitative importance for the propagation of nominal shocks.

Three Dimensional Quantitative Structure-Activity Relationships of Sulfonamides Binding Monoclonal Antibody by Comparative Molecular Field Analysis

The three-dimensional quantitative structure-activity relationship (3D-QSAR) model of sulfonamide analogs binding a monoclonal antibody (MabSMR) produced against sulfamerazine, was carried out by comparative molecular field analysis (CoMFA). The affinities of MabSMR, expressed as Log10IC50, for 17 sulfonamide analogs were determined by competitive fluorescence polarization immunoassay (FPIA). Removal of two outliers from the initial set of 17 sulfonamide analogs improved the predictability of the models. The 3D-QSAR model of 15 sulfonamides resulted in q2cv values of 0.600, and r2 values of 0.995, respectively. This novel study combining FPIA with CoMFA demonstrates that multidisciplinary research can be used as a useful tool to investigate antigen-antibody interactions and provide information required for design of novel haptens, which may result in new antibodies with properties already optimized by an antibody-based immunoassay

International transmission of transitory and persistent monetary shocks under imperfect information

We analyze the transmission of monetary shocks in a new openeconomy macroeconomics model with one-period nominal contracts and imperfect information. Shocks may have transitory and persistent components, which only through accumulation of information over time becomes known. Responses to shocks are altered compared to the case of full information. There are persistent effects on international relative prices, and delayed exchange-rate overshooting is possible following a persistent shock. In some cases, there are (ex post) excess returns as a positive interest rate spread is accompanied by an appreciating currency (or vice versa). Lastly, it is demonstrated that staggering re-inforce persistence

Spectacular Role of Electron Correlation in the Hyperfine Interactions in 2D5/2^2D_{5/2} States in Alkaline Earth Ions

The low-lying n(=3,4,5)d $^2D_{5/2}$ states alkaline earth ions are of vital importance in a number of different physical applications. The hyperfine structure constants of these states are characterized by unusually strong electron correlation effects. Relativistic coupled-cluster theory has been employed to carry out {\it ab initio} calculations of these constants. The role of the all order core-polarization effects was found to be decisive in obtaining good agreement of the results of our calculations with accurate measurements. The present work is an apt demonstration of the power of the coupled-cluster method to cope with strongly interacting configurations.Comment: Submitted to Physical Review Letters, 3 figures and 5 table

Propagation of nominal shocks in open economies

Empirical evidence documents substantial persistence in the adjustment process to nominal shocks. Existing open-economy models have failed either to generate interesting dynamics or found that the mechanisms are quantitatively weak. We consider the propagation of nominal shocks in a fully specified stochastic intertemporal open-economy model with incomplete capital markets and staggered nominal wage contracts. It is shown that persistence depends on wage-price interdependencies (spiral), which in turn in a general-equilibrium setting depends on structural parameters characterizing both the demand and the supply side of markets. Parameter choices strengthening wage-price interdependencies thus strengthen persistence as is demonstrated analytically and illustrated numerically. A further product of the paper is that it develops a method by which to solve explicitly for a stochastic intertemporal version of the New Open-Economy Macroeconomics model in which the expenditure switching effect is effective

Particle astrophysics

The following scientific areas are reviewed: (1) cosmology and particle physics (particle physics and the early universe, dark matter, and other relics); (2) stellar physics and particles (solar neutrinos, supernovae, and unconventional particle physics); (3) high energy gamma ray and neutrino astronomy; (4) cosmic rays (space and ground observations). Highest scientific priorities for the next decade include implementation of the current program, new initiatives, and longer-term programs. Essential technological developments, such as cryogenic detectors of particles, new solar neutrino techniques, and new extensive air shower detectors, are discussed. Also a certain number of institutional issues (the funding of particle astrophysics, recommended funding mechanisms, recommended facilities, international collaborations, and education and technology) which will become critical in the coming decade are presented

Destruction of single species biofi lms of Escherichia coli or Klebsiella pneumoniae subsp. pneumoniae by dextranase, lactoferrin, and lysozyme

The aim of this work was to determine the destructive activity of dextranase, lactoferrin, and lysozyme, against single species biofi lms composed of either Klebsiella pneumoniae subsp. pneumoniae or Escherichia coli using the MBEC Assay. Luminescence measurements based on quantitation of the ATP present were used to determine the amount of biofi lm elimination and correlated with quantity of live bacteria present in the sample. The data were analyzed employing a two-way ANOVA and Bonferroni post-test. Treatments resulted in percentage reductions of E. coli biofi lms ranging from 73 to 98 %. Lactoferrin (40 μg/ml) produced a signifi cantly higher-percentage reduction than lysozyme (10 μg/ml) (P < 0.05), no other signifi cant differences occurred. Similar treatments resulted in percentage reductions of K. pneumoniae subsp. pneumoniae biofilms ranging from 51 to 100 %. Dextranase treatments produced a signifi cantly lower percentage reduction than all other materials (P < 0.05), no other signifi cant differences occurred. No material was capable of complete destruction of both single species biofi lms; however, low concentrations of lactoferrin and lysozyme each removed 100 % of the K. pneumoniae subsp. pneumoniae biofi lm. Low concentrations of lactoferrin or lysozyme might be benefi cial to prevent biofi lm formation by K. pneumoniae subsp. pneumoniae. [Int Microbiol 2012; 15(4):183-187

Magma genesis by rifting of oceanic lithosphere above anomalous mantle: Terceira Rift, Azores

[1] The Terceira Rift formed relatively recently (∼1 Ma ago) by rifting of the old oceanic lithosphere of the Azores Plateau and is currently spreading at a rate of 2–4mm/a. Together with the Mid-Atlantic Ridge, the Terceira Rift forms a triple junction that separates the Eurasian, African, and American Plates. Four volcanic systems (São Miguel, João de Castro, Terceira, Graciosa), three of which are islands, are distinguished along the axis and are separated by deep avolcanic basins similar to other ultraslow spreading centers. The major element, trace element and Sr-Nd-Pb isotope geochemistry of submarine and subaerial lavas display large along-axis variations. Major and trace element modeling suggests melting in the garnet stability field at smaller degrees of partial melting at the easternmost volcanic system (São Miguel) compared to the central and western volcanoes, which appear to be characterized by slightly higher melting degrees in the spinel/garnet transition zone. The degrees of partial melting at the Terceira Rift are slightly lower than at other ultraslow mid-ocean ridge spreading axes (Southwest Indian Ridge, Gakkel Ridge) and occur at greater depths as a result of the melting anomaly beneath the Azores. The combined interaction of a high obliquity, very slow spreading rates, and a thick preexisting lithosphere along the axis probably prevents the formation and eruption of larger amounts of melt along the Terceira Rift. However, the presence of ocean islands requires a relatively stable melting anomaly over relatively long periods of time. The trace element and Sr-Nd-Pb isotopes display individual binary mixing arrays for each volcanic system and thus provide additional evidence for focused magmatism with no (or very limited) melt or source interaction between the volcanic systems. The westernmost mantle sources beneath Graciosa and the most radiogenic lavas from the neighboring Mid-Atlantic Ridge suggest a mantle flow from Graciosa toward the Mid-Atlantic Ridge and hence a flux of mantle material from one spreading axis into the other. The Terceira Rift represents a unique oceanic rift system situated within the thickened, relatively old oceanic lithosphere and thus exhibits both oceanic and continental features