The behavior of real exchange rates: the case of Japan

The study examines the convergence rate of mean reversion by contrasting the estimated half-life of real exchange rate (RER). We employ an extensive monthly consumer price index (CPI)-based product price’s panel for Japan (the U.S. as the num´eraire). We find that the disaggregated RERs are persistent due to the cross-sectional dependence problems. By controlling common correlated effects, the estimated half-life for all goods may fall to as low as 2.54 years, below the consensus view of 3 to 5 years summarized by Rogoff (1996). After correcting the small-sample bias, the estimated half-life of deviations from purchasing power parity (PPP) increase by 1.03 year. Our findings also support that the half-life of mean reversion of RER is about 3.55 years for traded goods, about 0.11 year lower than non-traded goods. We also show that traded goods and non-traded goods perform distinct distributions of persistence

On the Public Economics of Casino Gambling

This paper studies casino-style gambling from the public economics point of view in a jurisdiction populated by oligopolistically competitive legal casinos. We consider three different regimes: laissez-faire, entry regulation and tax regulation. The model highlights three important external effects from casino-style gambling: non-casino income creation, social disorder costs, and casino exporting to other jurisdictions. In the generalized case with an endogenously-determined ratio of local to total gamblers, we allow the configuration of casinos to be centralized or jurisdiction-wide dispersed. A complete comparison between equilibrium and command optimum outcomes is provided, and the welfare consequences under the three regimes and two casino configurations are examined.Casino gambling, externalities, oligopoly pricing, entry, tax regulation

Working Hours Reduction and Endogenous Growth

This paper formulates an endogenous growth model and uses it to inquire into the long-run impact of work-sharing arrangements on economic growth. We show that the styles of wage contract, namely salary-style and hourly-style contracts, are a key factor in determining the long-run growth effects of working time reduction. If the labor market is overwhelmingly salaried arrangement, then the extent of wage flexibility is relatively low; as a consequence, a policy of reducing working hours will deteriorate economic growth. On the contrary, if hourly pay predominates, then the wage system tends to increase the degree of wage flexibility. Thus, a cut in working time may favor the economy’s growth rate.Working hours reduction, Endogenous growth

A “Managerial” Trade Union and Economic Growth

By setting up a simple Romer-type (1989) endogenous growth model embodying a political trade union (rather than the traditional economic labor union), this paper explores the effects of unionization on unemployment, growth and welfare by highlighting the essence of internal conflict within the union. It is shown that the conflicting interests between the leadership and membership within the union play a decisive role in the unemployment, growth and welfare effects of unionization. Given the fact that taxation, besides unions, is another potential candidate in explaining the poor performance of employment and economic growth, we re-examine the taxation effects within the growth model with equilibrium unemployment caused by the presence of the trade union and compare our findings with those for the traditional full-employment growth model. In addition, the dynamic properties of the unionized economy are also examined, with particular emphasis being placed on the role of the trade union in the formation of equilibrium indeterminacy.Managerial trade union, collective bargaining, unemployment, economic growth

Interest Rate Rules, Target Policies, and Endogenous Economic Growth in an Open Economy

This paper sets up an endogenous growth model of an open economy in which the monetary authority implements a gradualist interest-rate rule with targets for inflation and economic growth. We show that, under a passive rule, a monetary equilibrium exists and is unique; moreover, the equilibrium is locally determinate. Under an active rule, the open economy either generates multiple equilibria or does not have any equilibrium. If equilibria exist, the high-growth equilibrium is locally determinate while the low-growth equilibrium is a source. Besides these, the stabilization and growth effects of alternative target policies are also explored in this study.Nominal interest rate rules, gradualism, endogenous economic growth

Growth rate regulation of lac operon expression in Escherichia coli is cyclic AMP dependent

AbstractIn contrast to the ribosomal RNA gene expression increasing with growth rate, transcription of the lac operon is downregulated by cell growth rate. In continuous culture, growth rate regulation of lac promoter was independent of carbon substrate used and its location on the chromosome. Since the lac operon is activated by cyclic adenosine monophosphate (cAMP), which decreases with increasing cell growth rate, expression of plac-lacZ reporter fusion was analyzed in cya mutant under various growth conditions. The results demonstrated that expression of plac-lacZ in cya mutant was both lower and growth rate independent. In addition, ppGpp (guanosine tetraphosphate) was not involved in the mechanism of growth rate regulation of the lac promoter. Thus, the results of this study indicate that cAMP mediates the growth rate-dependent regulation of lac operon expression in Escherichia coli

Trends in smartphone-supported medical education: A review of journal publications from 2007 to 2016

Issues relevant to smartphone-supported mobile learning have been extensively discussed and investigated over the past years. Unlike general mobile devices, the advantages of smartphones, such as recording learning and portability, can cross formal and informal education. Smartphones can promote communication between health professionals; however, there is still a lack of systematic analysis of the application and development trends of smartphone use in medical education. The present study systematically reviewed research articles published in international academic journals from 2007 to 2016, analyzed the application domains, subjects, and adopted learning strategies, and investigated the research issues of smartphone-supported medical education. The findings revealed that the application of smartphones in medical education and training has not gained much popularity over the past years. In addition to the changes in the software technology in smartphones and the rising number of studies on mobile learning in medical education, research issues have become increasingly diverse in recent years. Smartphone-supported learning has mainly been implemented to develop basic concepts of biomedical information and in information technology environments; moreover, applying smartphones in medical education did not extensively adopt such learning strategies as inquiry-based learning, contextual mobile learning, mindtools, game-based learning, or synchronous sharing. This indicates that most of the studies adopting smartphones focused on skills training and basic knowledge acquisition rather than on the development of learners’ higher-order thinking, for example, problem solving or critical thinking. On the other hand, it was found that the number of experimental studies related to smartphones has increased recently. The majority of research adopted questionnaire surveys and reported learners’ cognitive performances and concepts, while learning behaviors were seldom analyzed. Therefore, this study indicates the research trends and potential research issues of integrating smartphones into medical education, and provides suggestions and references for researchers, medical teachers, and decision-makers

Nanoscale hepatoprotective herbal decoction attenuates hepatic stellate cell activity and chloroform-induced liver damage in mice

Sherry Huang1, Shu-Jen Chang2, Miffy Yang3, Justin Jin-Ching Chen3, Walter H Chang41Department of Biomedical Engineering, Chung Yuan Christian University, Chungli, Taiwan; 2School of Pharmacy, China Medical University, Taichung, Taiwan; 3Center for Nano Bioengineering, 4Department of Biomedical Engineering, Chung Yuan Christian University, Chungli, TaiwanBackground: San-Huang-Xie-Xin-Tang (SHXXT) decoction, a traditional Chinese medicine containing Rhei rhizome, Coptidis rhizome, and Scutellariae radix, is widely used in hepatoprotective therapy. However, preparation of the decoction requires addition of boiling water that causes loss of numerous effective components.Methods: To improve the bioavailability of the decoction, nanoscale SHXXT was developed. Chloroform-induced liver injury and hepatic stellate cell activity in mice were used to demonstrate the hepatoprotective characteristics of nanoscale SHXXT decoction.Results: Liver/body weight ratio and serum aspartate and alanine aminotranferase levels were recovered by the nanoscale SHXXT. TIMP-1 gene expression was inhibited and MMP-2 gene expression was accelerated in activated hepatic stellate cells.Conclusion: Nanoscale SHXXT decoction prepared in room temperature water could have preserved hepatoprotective ability. The results of this study indicate that nanoscale SHXXT could be extracted easily. The simple preparation of this herbal decoction is more convenient and energy-efficient.Keywords: Chinese herb medicine, San-Huang-Xie-Xin-Tang, nanoparticle, liver fibrosis&nbsp

The behavior of real exchange rates: the case of Japan

The study examines the convergence rate of mean reversion by contrasting the estimated half-life of real exchange rate (RER). We employ an extensive monthly consumer price index (CPI)-based product price’s panel for Japan (the U.S. as the num´eraire). We find that the disaggregated RERs are persistent due to the cross-sectional dependence problems. By controlling common correlated effects, the estimated half-life for all goods may fall to as low as 2.54 years, below the consensus view of 3 to 5 years summarized by Rogoff (1996). After correcting the small-sample bias, the estimated half-life of deviations from purchasing power parity (PPP) increase by 1.03 year. Our findings also support that the half-life of mean reversion of RER is about 3.55 years for traded goods, about 0.11 year lower than non-traded goods. We also show that traded goods and non-traded goods perform distinct distributions of persistence