Asset purchase programmes and financial markets: lessons from the euro area

We evaluate the effects on asset prices of the ECB asset purchase programme (APP) announced in January 2015 and assess its main transmission channels. We do so by first extending a term structure model with bond supply effects to account for assets with different types of risk premia. We then derive model-based predictions for cross-asset price movements associated with the transmission channels identified in the model. We finally validate empirically these predictions by means of an event- study methodology, reaching the following conclusions: The impact of the APP on asset prices is sizeable albeit the programme was announced at a time of low financial distress. This may appear puzzling in light of existing literature that finds a large impact of asset purchases only in periods of high financial distress. Consistent with the model, we explain this apparent puzzle by showing how the low financial distress, while indeed weakening certain transmission channels, has reinforced other channels because of its interplay with the asset composition of the programme. Targeting assets at long maturity and spanning the investment-grade space have supported the duration and the credit channels. At the same time, the low degree of financial stress prevailing at announcement of the programme, while weakening the local supply channel, has facilitated spill-overs to non-targeted assets

Innocent strategies as presheaves and interactive equivalences for CCS

Seeking a general framework for reasoning about and comparing programming languages, we derive a new view of Milner's CCS. We construct a category E of plays, and a subcategory V of views. We argue that presheaves on V adequately represent innocent strategies, in the sense of game semantics. We then equip innocent strategies with a simple notion of interaction. This results in an interpretation of CCS. Based on this, we propose a notion of interactive equivalence for innocent strategies, which is close in spirit to Beffara's interpretation of testing equivalences in concurrency theory. In this framework we prove that the analogues of fair and must testing equivalences coincide, while they differ in the standard setting.Comment: In Proceedings ICE 2011, arXiv:1108.014

Memristive neural network for on-line learning and tracking with brain-inspired spike timing dependent plasticity

Brain-inspired computation can revolutionize information technology by introducing machines capable of recognizing patterns (images, speech, video) and interacting with the external world in a cognitive, humanlike way. Achieving this goal requires first to gain a detailed understanding of the brain operation, and second to identify a scalable microelectronic technology capable of reproducing some of the inherent functions of the human brain, such as the high synaptic connectivity (~104) and the peculiar time-dependent synaptic plasticity. Here we demonstrate unsupervised learning and tracking in a spiking neural network with memristive synapses, where synaptic weights are updated via brain-inspired spike timing dependent plasticity (STDP). The synaptic conductance is updated by the local time-dependent superposition of pre-and post-synaptic spikes within a hybrid one-transistor/one-resistor (1T1R) memristive synapse. Only 2 synaptic states, namely the low resistance state (LRS) and the high resistance state (HRS), are sufficient to learn and recognize patterns. Unsupervised learning of a static pattern and tracking of a dynamic pattern of up to 4 Ã\u97 4 pixels are demonstrated, paving the way for intelligent hardware technology with up-scaled memristive neural networks

An acoustic emission approach to the structural health monitoring of historical metallic tie-rods

The application of Non-Destructive Testing and Structural Health Monitoring systems in historical buildings is of great interest due to the need to guarantee safety and conservation. The present memory focuses on the case study of the historical wrought iron tie-rods of Duomo di Milano, Italy. In recent years, two of these elements presented critical failures. Consequently, a monitoring methodology based on acoustic emission was defined. First, the fracture toughness of wrought iron was characterized by employing standard small-scale specimens taken from one of the failed tie-rods. Meanwhile, acoustic emission was acquired to define a methodology for detecting and localizing the damage events, separating those due to background noise by applying suitable pattern recognition algorithms. Subsequently, a tensile test was performed on a full-scale section of the same tie-rod. Before and after the test, phased-array ultrasonic testing and magnetic particle inspections were carried out to identify and map defects and their possible development due to load application. Finally, it was possible to conclude that magnetic inspections allow identifying the presence of surface defects effectively, phased-array testing estimates the geometry of the defect accurately, and acoustic emission is a promising technique for monitoring the structural integrity of historical metallic tie-rods

Characterization and Modeling of Spin-Transfer Torque (STT) Magnetic Memory for Computing Applications

AbstractWith the ubiquitous diffusion of mobile computing and Internet of Things (IoT), the amount of data exchanged and processed over the internet is increasing every day, demanding secure data communication/storage and new computing primitives. Although computing systems based on microelectronics steadily improved over the past 50 years thanks to the aggressive technological scaling, their improvement is now hindered by excessive power consumption and inherent performance limitation associated to the conventional computer architecture (von Neumann bottleneck). In this scenario, emerging memory technologies are gaining interest thanks to their non-volatility and low power/fast operation. In this chapter, experimental characterization and modeling of spin-transfer torque magnetic memory (STT-MRAM) are presented, with particular focus on cycling endurance and switching variability, which both present a challenge towards STT-based memory applications. Then, the switching variability in STT-MRAM is exploited for hardware security and computing primitives, such as true-random number generator (TRNG) and stochastic spiking neuron for neuromorphic and stochastic computing

Role of Prefrontal Cortex Dopamine and Noradrenaline Circuitry in Addiction

Understanding the mechanisms of drug dependence has been the goal of a large number of neuroscientists, pharmacologists and clinicians who carried out research with the hope of individuating and proposing an efficacious therapy for this disorder (Sofuoglu, 2010; Kalivas and Volkow, 2011). Unfortunately, although huge efforts, drug dependence is still a relevant health, social and economical problem (Popova et al., 2012; Hiscock et al., 2011; Shorter and Kosten, 2011). Treatments for drug abuse are for the most part ineffective because the molecular and cellular mechanisms through which drugs of abuse alter neuronal circuitry are still unexplained and above all, because drugs of abuse determine a global alteration of cerebral functions that govern behaviour through decision formation, making therefore unfocused the identification of a pharmacological target (Volkow et al., 2011; Schultz 2011). One of the first strategies pursued in drug dependence therapy was directed to removal of pleasure associated with drug taking, but the compliance with the treatment has been always limited, although it could improve when it was supported by psychology based motivational therapy as in alcohol dependence (Krampe and Ehrenreich, 2010; Simkin and Grenoble, 2010). On the other hand it is not infrequent that heavy smokers or heavy drinkers stop suddenly dependence just because their will overcome year-long habits. Decision making is a process based on the interaction between prefrontal cortex (PFC) and subcortical regions involved in reward and motivation, therefore it is likely that failure in self-regulatory behavior, that is common in addicted subjects, could be dependent upon the alteration of interactions between the prefrontal cortex and subcortical regions (Heatherton and Wagner, 2011). In this chapter we will review the role of PFC in addiction with particular attention to dopamine and norepinephrine transmission

Diagnosis of bell palsy with gadolinium magnetic resonance imaging

Bell palsy is a condition resulting from a peripheral edematous compression on the nervous fibers of the facial nerve. This pathological condition often has clinical characteristics of no importance and spontaneously disappears in a short time in a high percentage of cases. Facial palsy concerning cranial nerve VII can also be caused by other conditions such as mastoid fracture, acoustic neurinoma, tumor spread to the temporal lobe (e.g., cholesteatoma), neoformation of the parotid gland, Melkersson-Rosenthal syndrome, and Ramsay-Hunt syndrome. Therefore, it is important to adopt an accurate diagnostic technique allowing the rapid detection of Bell palsy and the exclusion of causes of facial paralysis requiring surgical treatment. Magnetic resonance imaging (MRI) with medium contrast of the skull shows a marked increase in revealing lesions, even of small dimensions, inside the temporal bone and at the cerebellopontine angle. The authors present a clinical case to show the important role played by gadolinium MRI in reaching a diagnosis of Bell palsy in the differential diagnosis of the various conditions that determine paralysis of the facial nerve and in selecting the most suitable treatment or surgery to be adopted

A rare Condition of Hand-Schuller-Christian Disease

The authors present the clinical case of a 61-year-old patient with Hand-Schüller-Christian disease associated with multisystemic involvement. The onset of such puzzling symptoms and the extremely rarity of this disease in a patient of such advanced age resulted in a delayed diagnosis and subsequently delayed treatment of the patient