Against Amnesia: Re-Imagining Central Banking

The purpose of the present paper is to identify and challenge contemporary adherence to the core of the prevailing monetary policy consensus. This consensus consists of what we call the holy trinity of the inflation targeting paradigm: price stability as the primary goal of the central bank; central bank independence as the institutional arrangement; and the short-term interest rate as the operational target. Drawing on the literature on the history and political economy of central banking, we argue that the inability to think beyond this holy trinity stems from a severe case of collective institutional amnesia and comes at a heavy cost. We highlight that monetary policy can be deployed towards social purposes other than controlling inflation, in institutional configurations other than isolation from the rest of the government and with instruments other than interest rate manipulation. One central message is that whereas central banks are commonly portrayed as commanding only one instrument, in reality they have a battery of instruments at their disposal. We should think of central banking not as a hammer – a tool to hit inflation where it rears its ugly head – but as a Swiss army knife – a multi-purpose tool with many instruments. Doing so will help overcome the collective amnesia that stands in the way of an enlightened debate about how the power of central banking can – and perhaps should – be harnessed in the pursuit of collective social goals.1 Introduction 2 The Holy Trinity 3 Historical Specificity 3.1 Pre-War 3.2 Post-War, Pre-Inflation 3.3 Holy Trinity 3.4 Shoring up the Holy Trinity: The Tinbergen Rule 4 Beyond the Tinbergen Rule: A Swiss Army Knife Theory of Central Banking 4.1 Lender of Last Resort 4.2 Financial Market-Shaping I: Monetary Policy Implementation 4.3 Financial Market-Shaping II: Monetary Policy Transmission 5 Conclusion Reference

Parameterized Algorithms for Graph Partitioning Problems

We study a broad class of graph partitioning problems, where each problem is specified by a graph $G=(V,E)$, and parameters $k$ and $p$. We seek a subset $U\subseteq V$ of size $k$, such that $\alpha_1m_1 + \alpha_2m_2$ is at most (or at least) $p$, where $\alpha_1,\alpha_2\in\mathbb{R}$ are constants defining the problem, and $m_1, m_2$ are the cardinalities of the edge sets having both endpoints, and exactly one endpoint, in $U$, respectively. This class of fixed cardinality graph partitioning problems (FGPP) encompasses Max $(k,n-k)$-Cut, Min $k$-Vertex Cover, $k$-Densest Subgraph, and $k$-Sparsest Subgraph. Our main result is an $O^*(4^{k+o(k)}\Delta^k)$ algorithm for any problem in this class, where $\Delta \geq 1$ is the maximum degree in the input graph. This resolves an open question posed by Bonnet et al. [IPEC 2013]. We obtain faster algorithms for certain subclasses of FGPPs, parameterized by $p$, or by $(k+p)$. In particular, we give an $O^*(4^{p+o(p)})$ time algorithm for Max $(k,n-k)$-Cut, thus improving significantly the best known $O^*(p^p)$ time algorithm

Bed bathing patients in hospital

There are a number of circumstances that may affect an individual's ability to maintain personal hygiene. Hospitalised patients, and in particular those who are bedridden, may become dependent on nursing staff to carry out their hygiene needs. Assisting patients to maintain personal hygiene is a fundamental aspect of nursing care. However, it is a task often delegated to junior or newly qualified staff. This article focuses on the principles of bed bathing patients in hospital, correct procedure and the importance of maintaining patient dignity and respect in clinical practice

The contribution of fatigue and sleepiness to depression in patients attending the sleep laboratory for evaluation of obstructive sleep apnea

Purpose: A high prevalence of depressive symptomatology has been reported amongst sufferers of obstructive sleep apnea (OSA), but it remains unclear as to whether this is due to their OSA or other factors associated with the disorder. The current study aimed to assess the incidence and aetiology of depression in a community sample of individuals presenting to the sleep laboratory for diagnostic assessment of OSA. Methods: Forty-five consecutive individuals who presented to the sleep laboratory were recruited; of those, 34 were diagnosed with OSA, and 11 were primary snorers with no clinical or laboratory features of OSA. Nineteen control subjects were also recruited. Patients and controls completed the Beck Depression Inventory, the Profile of Mood States (POMS), and the Epworth Sleepiness Scale to assess their mood and sleepiness, prior to their polysomnography. Results: All patients reported significantly more depressive symptoms compared with healthy controls, regardless of their degree of OSA. There were no significant differences between OSA patients and primary snorers on any of the mood and self-rated sleepiness measures. Depression scores were not significantly associated with any of the nocturnal variables. Regression analysis revealed that the POMS fatigue subscale explained the majority of the variance in subjects' depression scores. Conclusions: Fatigue was the primary predictor of the level of depressive symptoms in patients who attended the sleep laboratory, regardless of the level of severity of sleep disordered breathing. When considering treatment options, practitioners should be aware of the concomitant occurrence of depressive symptoms and fatigue in patients presenting with sleep complaints, which may not be due to a sleep disorder

Developing a Computer Game for Measuring Delay Discounting

Would you prefer $75 now or$100 in the future? What about an unhealthy dessert now or good health in the future? Both of these questions involve a smaller sooner reward option and a larger later reward option. These types of choices can be described in part by delay discounting. Delay discounting is the tendency for rewards to lose value when they are presented after a delay . Impulsivity is defined as a pattern of choosing smaller sooner rewards. High levels of impulsivity are associated with problematic behaviors. High levels of impulsivity are associated with high levels of delay discounting. People who have drug addiction or smoking problems, share needles, or are obese tend to discount more than other people. There are methods for reducing delay discounting rates in individuals. Decreasing delay discounting in people could have societal benefits

Identification of Mental States and Interpersonal Functioning in Borderline Personality Disorder

Atypical identification of mental states in the self and others has been proposed to underlie interpersonal difficulties in borderline personality disorder (BPD), yet no previous empirical research has directly examined associations between these constructs. We examine 3 mental state identification measures and their associations with experience-sampling measures of interpersonal functioning in participants with BPD relative to a healthy comparison (HC) group. We also included a clinical comparison group diagnosed with avoidant personality disorder (APD) to test the specificity of this constellation of difficulties to BPD. When categorizing blended emotional expressions, the BPD group identified anger at a lower threshold than did the HC and APD groups, but no group differences emerged in the threshold for identifying happiness. These results are consistent with enhanced social threat identification and not general negativity biases in BPD. The Reading the Mind in the Eyes Test (RMET) showed no group differences in general mental state identification abilities. Alexithymia scores were higher in both BPD and APD relative to the HC group, and difficulty identifying one’s own emotions was higher in BPD compared to APD and HC. Within the BPD group, lower RMET scores were associated with lower anger identification thresholds and higher alexithymia scores. Moreover, lower anger identification thresholds, lower RMET scores, and higher alexithymia scores were all associated with greater levels of interpersonal difficulties in daily life. Research linking measures of mental state identification with experience-sampling measures of interpersonal functioning can help clarify the role of mental state identification in BPD symptoms