Wage Indexation, Central Bank Independence and the Cost of Disinflation

Recently, Fischer [1996] and Posen [1998] demonstrated empirically that countries with less independent central banks enjoy lower output losses during disinflationary cycles. Since independence is presume to provide a credibility bonus to the monetary policy, this conclusion looks surprising. To explain their paradoxical result, these authors put forward that independent central banks probably face a flatter short-run Phillips curve. In this paper, we provide a formal demonstration of this point. More precisely, we demonstrate that the private sector has less incentive to index its nominal wages when the central bank is granted with a large amount of independence. Since an increased indexation steepens the short-run Phillips curve, our result is consistent with the view that where central bank independence is greater, the cost of disinflation is higher. Our empirical tests, for a sample of 19 OECD countries, support our theoretical analysis. In particular, a negative and significant relationship is found between indexation and independence.Central bank independence, indexation, sacrifice ratio

Robust Control and Monetary Policy Delegation.

This paper adapts in a simple static context the Rogoff's (1985) analysis of monetary policy delegation to a conservative central banker to the robust control framework. In this framework, uncertainty means that policymakers are unsure about their model, in the sense that there is a group of approximate models that they also consider as possibly true, and their objective is to choose a rule that will work under a range of di¤erent model specifications. We find that robustness reveals the emergence of a precautionary behaviour in the case of unstructured model uncertainty, reducing thus government's willingness to delegate monetary policy to a conservative central banker.Robust control, Monetary policy delegation, Central bank conservativeness.

Robust Control and Monetary Policy Delegation

This paper adapts in a simple static context the Rogoff's (1985) analysis of monetary policy delegation to a conservative central banker to the robust control framework. In this framework, uncertainty means that policymakers are unsure about their model, in the sense that there is a group of approximate models that they also consider as possibly true, and their objective is to choose a rule that will work under a range of di¤erent model specifications. We find that robustness reveals the emergence of a precautionary behaviour in the case of unstructured model uncertainty, reducing thus government's willingness to delegate monetary policy to a conservative central banker.Robust control; Monetary policy delegation; Central bank conservativeness.

Central Bank Independence, Speed of Disinflation and the Sacrifice Ratio.

This paper examines the impact of central bank independence on inflation persistence. Our theoretical analysis predicts that a higher degree of central bank independence leads to a lower inflation persistence and therefore to a higher speed of disinflation. The empirical results, provided using a 18 OECD countries sample, show that central bank independence is negatively related to the degree of inflation persistence. In addition, as there is a positive correlation between inflation persistence and the sacrifice ratio, we conclude that central bank independence, through its influence on inflation persistence, is negatively correlated to the sacrifice ratio.central bank independence, inflation persistence, speed of disinflation, sacrifice ratio.

Biologically active properties of plant extracts in cosmetic emulsions

Describes biologically active properties waters plant extracts of domestic herbaceous species as a part cosmetic emulsion in this article. In particular, the antioxidant features related to vitamins, flavonoids, coloring, extractive and tannins were reported. The following research methods as qualitative analysis on groups of biologically active substances, thin-layer chromatography, titrimetry and photometry were used in the work. The ability of extracts to influence the physico-chemical, organoleptic and antioxidant properties of cosmetic emulsion samples was established. The ability of the extracts to exhibit antioxidant and prooxidant effects in cosmetic emulsion samples was determined. This article represents a contribute in the identification of plant extracts and their use as biologically active additives in cosmetic emulsion

THE ECONOMIC CONTINENTAL UNIONS OF THE 21ST CENTURY

The present study proposes a display of the forming and developing of the modern economic continental unions within the context of the latest economic evolutions. Also, it presents an amazing parallel between the map of the new post-war world, as it was imagined by the visionary Maurice Gomberg and the latest evolutions regarding new world’s order reconfiguration.continental union, world order, regional integrative organization, economic superpower, supra-state structure, Gross Domestic Product (GDP)

EZH2, HIF-1, and their inhibitors: An overview on pediatric cancers

During the past decades, several discoveries have established the role of epigenetic modifications and cellularmicroenvironment in tumor growth and progression. One of the main representatives concerning epigenetic modification is the polycomb group (PcG). It is composed of different highly conserved epigenetic effector proteins preserving, through several post-translational modifications of histones, the silenced state of the genes implicated in a wide range of central biological events such as development, stem cell formation, and tumor progression. Proteins of the PcG can be divided in polycomb repressive complexes (PRCs): PRC1 and PRC2. In particular, enhancer of zeste homolog 2 (EZH2), the catalytic core subunit of PRC2, acts as an epigenetic silencer ofmany tumor suppressor genes through the trimethylation of lysine 27 on histone H3, an essential binding site for DNA methyl transferases and histone deacetylases. A growing number of data suggests that overexpression of EZH2 associates with progression and poor outcome in a large number of cancer cases. Hypoxia inducible factor (HIF) is an important transcription factor involved in modulating cellular response to the microenvironment by promoting and regulating tumor development such as angiogenesis, inflammation, metabolic reprogramming, invasion, and metastatic fate. The HIF complex is represented by different subunits (α and β) acting together and promoting the expression of vascular endothelial growth factor (VEGF), hexokinase II (HKII), receptor for advanced glycation end products (RAGE), carbonic anhydrase (CA), etc., after binding to the hypoxia-response element (HRE) binding site on the DNA. In this review, we will try to connect these two players by detailing the following: (i) the activity and influence of these two important regulators of cancer progression in particular for what concerns pediatric tumors, (ii) the possible correlation between them, and (iii) the feasibility and efficiency to contrast them using several inhibitors

Vaser Body Contouring Achieving a More Defined Shape

The art of body shaping has changed in the last decade, with the new philosophy of superficial sculpturing and fat removal and fat adding in combination. Vaser ultrasound device allows a superficial undermining of the skin all over the body; deeper fat removal allows precise contouring. Fat harvesting with new device allows harvesting and concentrating high-quality fat, which is added in zones to enhance curvature and balance of body shape

Applicazione di tecniche diagnostiche non distruttive per la caratterizzazione dei materiali costruttivi di natura carbonatica

The geological district of Cagliari and the Maltese archipelago are composed mainly of limestones, the most important of which are the Oligo-Miocenic Limestone of Cagliari and the Globigerina Limestone, which are widely used in construction. The Oligo-Miocenic limestone of Cagliari is commonly known to exist as three main types: “Pietra Forte”, “Tramezzario” and “Pietra Cantone”. The Globigerina Limestone is commonly known to exist as two main types: "Franka" and "Soll", which terms derive from the terminology used by quarry and construction workers. Currently many buildings of Cagliari and Maltese buildings are still being built using limestone; in addition all the important historical buildings in Cagliari and in Malta are also constructed in this material, among these the most important Maltese monuments belong to UNESCO World Heritage. The Oligo-Miocenic limestone of Cagliari and the Globigerina Limestone (as the type "Soll" of Globigerina Limestone), manifest problems of durability and weathering resistance, especially due to the presence of soluble salts. Thus the ability to distinguish the types of limestone before extraction from the quarry and its use in construction and restoration is of prime importance. As regards the Globigerina Limestone, for hundreds of years in Malta the selection of this limestone has been entrusted to quarry and construction workers, who with their experience and using primarily visual and tactile criteria, can usually identify a suitable material for construction and distinguish between types, something which is impossible for a person not experienced in this field. The current work provides an example of how it is possible to distinguish between the different types of Oligo-Miocenic limestone of Cagliari and Globigerina Limestone, at least those at the "extremes" of the range of types, and their water absorption characteristics (fundamental when durability is being considered), using non-destructive analytical methods - ultrasonic and thermographic methods - in a novel way for this specific material. These methods should offer an additional option to the macroscopic identification of these materials and conventional laboratory tests. It is also useful to distinguish the type and quality of the limestone used in an existing construction in order to perform a diagnosis of the state of conservation of the work and to be able to perform, more consciously, an eventual intervention of restoration. In this perspective, in this work, taking into account the interesting results obtained in the experiments carried out in laboratory, are also presented the results of in situ experiments, carried out on monumental and modern structures. The on-site analysis were performed using the same techniques used for laboratory measurements -ultrasonic and infrared measures-, these non-destructive techniques are used to perform speditive and reliable analysis and allow to operate without causing damage to the structures