Essays on multi-sector macroeconomic models for policy analysis

This thesis studies multi-sector macroeconomic models suitable for policy analysis. The first and second chapters use a variety of empirical and theoretical macroeconomic models allowing for the consumption of goods with different durability, and analyze which modeling assumptions and features of the economy are crucial for the conduct of monetary policy. The third chapter focuses on the role of fiscal and monetary policies in the Euro Area, thus providing insights about the joint policy stance that have the potential to inform future policy choices. In the fi rst chapter, we challenge a crucial assumption made in the literature of Dynamic Stochastic General Equilibrium (DSGE) models with durable and nondurable goods about their relative price stickiness. We start with a thorough empirical analysis by estimating a Structural Vector Autoregressive model of the US economy, in which we find that the response of the relative price of durables to a monetary policy contraction is either flat or mildly positive. It signi cantly falls only if narrowly de ned as the ratio between new-house and nondurables prices. These findings are then rationalized via the estimation of two-sector New-Keynesian (NK) models. Durables prices are estimated to be as sticky as those of nondurables, leading to a flat relative price response to a monetary policy shock. Conversely, house prices are estimated to be almost flexible. Such results survive several robustness checks and a three-sector extension of the NK model. These findings have implications for building NK models with durable and nondurable goods, and for the conduct of monetary policy. This chapter is based on an article co-authored with Dr. Giovanni Melina (International Monetary Fund) and published in the Journal of Economic Dynamics and Control. The second chapter adds imperfect labor mobility to a two-sector New- Keynesian model with durable and nondurable goods and estimates it with Bayesian methods. We use the model to design optimal monetary policy and find that an inverse relationship between sectoral labor mobility and the optimal weight the central bank should attach to durables inflation arises. Moreover, we show that the combination of nominal wage stickiness and limited labor mobility leads to a nonzero optimal weight for durables inflation even if durables prices were fully flexible. These results survive alternative calibrations and interest-rate rules and point toward a non-negligible role of sectoral labor mobility for the conduct of monetary policy. This chapter is co-authored with Dr. Giovanni Melina (International Monetary Fund). The third chapter of the thesis focuses on the role of shocks and policies in the Euro Area business cycle. We consider the long-term structure of government debt and introduce a financial sector. These features allow the model to account for both the recent nancial and sovereign debt crises, and the effects of the unconventional monetary policy implemented by the European Central Bank. We then determine the joint fi scal and monetary policy stance in the Euro Area and find that it has been expansionary in the aftermath of the financial crisis but has turned to be contractionary after the sovereign debt crisis. The joint effect of the austerity measures taken by governments of European countries and the zero-lower-bound constraint on the monetary policy rate caused the reversion of the policy stance, which was prevented to be even more contractionary only by the quantitative easing implemented by the European Central Bank. This chapter is based on a paper co-authored with Dr. Nicoletta Batini (International Monetary Fund), Dr. Giovanni Melina (International Monetary Fund) and Dr. Stefania Villa (Bank of Italy)

Including the influence of waves in the overall slope stability analysis of rubble mound breakwaters

An offshore breakwater is designed for the construction of a LNG-terminal. For the slope stability analysis of the rubble mound breakwater the existing and the extreme wave climate are considered. Pore water pressure variations exist in the breakwater and its permeable foundation. A wave trough combined with the moment of maximum wave run-up results in a decrease and increase of the pore water pressure, respectively. Therefore, the wave actions have on overall effect on the slope stability of the breakwater. To include the wave actions in the slope stability analysis a simplified method is used. For the slope stability analysis, a specific piezometric line is determined. This piezometric line consists of a wave profile and the profile of wave run-up. The slope stability analysis are performed with GEO-SLOPE/W 2007. For the geotechnical design of the breakwater load cases of extreme and normal waves combined with, respectively, extreme and normal water levels are analysed. All the load cases which included the wave actions result in lower stability safety factors than the load cases with only still water levels. Therefore the wave actions are the determining load case for the geotechnical stability of the breakwater and it should be studied in detail

Reducing the Risk of Intraoperative Neurological Complications during Carotid Endarterectomy with Early Distal Control of the Internal Carotid Artery

n/

Analoghi sintetici dello xantumolo

Abstract non disponibil

Combinatorial targeting and discovery of ligand-receptors in organelles of mammalian cells

Phage display screening allows the study of functional protein–protein interactions at the cell surface, but investigating intracellular organelles remains a challenge. Here we introduce internalizing-phage libraries to identify clones that enter mammalian cells through a receptor-independent mechanism and target-specific organelles as a tool to select ligand peptides and identify their intracellular receptors. We demonstrate that penetratin, an antennapedia-derived peptide, can be displayed on the phage envelope and mediate receptor-independent uptake of internalizing phage into cells. We also show that an internalizing-phage construct displaying an established mitochondria-specific localization signal targets mitochondria, and that an internalizing-phage random peptide library selects for peptide motifs that localize to different intracellular compartments. As a proof-of-concept, we demonstrate that one such peptide, if chemically fused to penetratin, is internalized receptor-independently, localizes to mitochondria, and promotes cell death. This combinatorial platform technology has potential applications in cell biology and drug development

Cell delivery of Met docking site peptides inhibit angiogenesis and vascular tumor growth

Hepatocyte growth factor (HGF) and its receptor Met are responsible for a wide variety of cellular responses, both physiologically during embryo development and tissue homeostasis, and pathologically, particularly during tumor growth and dissemination. In cancer, Met can act as an oncogene on tumor cells, as well as a pro-angiogenic factor activating endothelial cells and inducing new vessel formation. Molecules interfering with Met activity could be valuable therapeutic agents. Here we have investigated the antiangiogenic properties of a synthetic peptide mimicking the docking site of the Met carboxyl-terminal tail, which was delivered into the cells by fusion with the internalization sequences from Antennapedia or HIV-Tat. We showed that these peptides inhibit ligand-dependent endothelial cell proliferation, motility, invasiveness and morphogenesis in vitro to an even greater extent and with much less toxicity than the Met inhibitor PHA-665752, which correlated with interference of HGF-dependent downstream signaling. In vivo, the peptides inhibited HGF-induced angiogenesis in the matrigel sponge assay and impaired xenograft tumor growth and vascularization in Kaposi's sarcoma. These data show that interference with the Met receptor intracellular sequence impairs HGF-induced angiogenesis, suggesting the use of antidocking site compounds as a therapeutic strategy to counteract angiogenesis in cancer as well as in other diseases

Impairment of angiogenesis by fatty acid synthase inhibition Involves mTOR malonylation

The role of fatty acid synthesis in endothelial cells (ECs) remains incompletely characterized. We report that fatty acid synthase knockdown (FASNKD) in ECs impedes vessel sprouting by reducing proliferation. Endothelial loss of FASN impaired angiogenesis in vivo, while FASN blockade reduced pathological ocular neovascularization, at >10-fold lower doses than used for anti-cancer treatment. Impaired angiogenesis was not due to energy stress, redox imbalance, or palmitate depletion. Rather, FASNKD elevated malonyl-CoA levels, causing malonylation (a post-translational modification) of mTOR at lysine 1218 (K1218). mTOR K-1218 malonylation impaired mTOR complex 1 (mTORC1) kinase activity, thereby reducing phosphorylation of downstream targets (p70S6K/4EBP1). Silencing acetyl-CoA carboxylase 1 (an enzyme producing malonyl-CoA) normalized malonyl-CoA levels and reactivated mTOR in FASNKD ECs. Mutagenesis unveiled the importance of mTOR K1218 malonylation for angiogenesis. This study unveils a novel role of FASN in metabolite signaling that contributes to explaining the anti-angiogenic effect of FASN blockade

The Seduction of Thanatos : Gabriele D’Annunzio and the Decadent Death

Peer reviewe