The evolution of inflation expectations in euro area markets

Este trabajo explora el comportamiento de las expectativas de inflación en países que comparten su política monetaria, en particular los de la UEM. Se investigan las posibles características comunes a varios horizontes, así como los diferenciales entre países. Se propone un modelo multipaís de factores dinámicos basado en Diebold et al. (2008), aumentado con un componente de riesgo de liquidez. El modelo se estima con datos diarios de swaps de inflación para España, Italia, Francia, Alemania y el área del euro en su conjunto, y para un amplio rango de horizontes. Con él se calcula la proporción de los componentes comunes y específicos de cada país que explican la estructura temporal de las expectativas de inflación. Diferencias notables entre las expectativas de inflación de los países del euro aparecen solamente en los plazos cortos, mientras que en general domina el componente común a lo largo de los años, y especialmente a horizontes largos. El componente común estimado para el nivel de inflación esperado a muy largo plazo ha caído desde finales de 2014, mientras que desde 2012 se estima un aumento en la persistencia de la baja inflación esperada, que se propaga a plazos cada vez más largos. Ninguna de estas dos características ha revertido tras el anuncio y la implementación de las medidas de política monetaria no convencional del BCEThis paper explores the behaviour of inflation expectations across countries that share their monetary policy, in particular those of the European Monetary Union. We investigate the possible common features at the various horizons, as well as differentials across euro area countries. A multi-country dynamic factor model based on Diebold et al. (2008), where we also add a liquidity risk component, is proposed and estimated using daily data from inflation swaps for Spain, Italy, France, Germany and the euro area as a whole, and for a wide range of horizons. It allows us to calculate the proportion of common vs country-specific components in the term structure of inflation expectations. We find sizable differences in inflation expectations across the main euro area countries only at short maturities, while in general a common component predominates throughout the years, especially at long horizons. The common long-run level of inflation expectations is estimated to have fallen since late 2014, while an increased persistence of lower expected inflation and for longer horizons is estimated from 2012. There has been no reversal in either of these characteristics following the announcement and implementation of the ECB’s unconventional monetary policy measure

Conocimiento del suelo pélvico y sus factores de riesgo por la población general

Introduction: The pelvic floor is a complex anatomical complex. Pelvic floor dysfunctions despite their high prevalence and impact on quality of life remain poorly understood. Knowledge of the pelvic floor and the risk factors of its dysfunctions are the first link in the construction of effective primary prevention strategies. Objective: To determine the general population's knowledge of the pelvic floor as well as the risk factors associated with pelvic floor dysfunctions. Methods: A literature review is conducted using the PubMed database with keywords using the [Title/Abstract] limit. Results: 164 articles related to the initial search criteria were initially identified. 24 articles were finally included in the analysis. Most of the studies analyzed are crosssectional. The samples studied are heterogeneous. The overall average knowledge of the SP is less than 5/10 in women of any age. There are only two studies that study any aspect of the knowledge of the risk factors of Pelvic floor dysfunctions. Conclusion: Knowledge of the pelvic floor and pelvic floor dysfunctions is low. Knowledge of pelvic floor dysfunctions risk factors is poorly studied.Introducción: El suelo pélvico es un conjunto anatómico complejo. Las disfunciones del suelo pélvico pese a su elevada prevalencia y repercusión sobre la calidad de vida permanecen siendo poco conocidas. El conocimiento del suelo pélvico y de los factores de riesgo de sus disfunciones son el primer eslabón para la construcción de estrategias de prevención primaria efectivas. Objetivo: Determinar el conocimiento que tiene la población general acerca del suelo pélvico, así como de los factores de riesgo asociados a las disfunciones del suelo pélvico. Métodos: Se realiza una revisión bibliográfica utilizando la base de datos PubMed utilizando palabras relacionadas con el objetivo utilizando el límite [Title/Abstract]. Resultados: Se identificaron inicialmente 164 artículos relacionados con los criterios de búsqueda iniciales. Se incluyeron finalmente 24 artículos en el análisis. La mayoría de los estudios analizados son transversales. Las muestras estudiadas son heterogéneas. La media general de conocimiento del SP es inferior a 5/10 en mujeres de cualquier edad. Tan solo se hallan dos estudios que estudien algún aspecto el conocimiento de los factores de riesgo de las disfunciones del suelo pélvico. Conclusión: El conocimiento del suelo pélvico y de las disfunciones del suelo pélvico es bajo. El conocimiento de los factores de riesgo de las disfunciones del suelo pelvico está escasamente estudiado

Scratch2 prevents cell cycle re-entry by repressing miR-25 in postmitotic primary neurons

During the development of the nervous system the regulation of cell cycle, differentiation, and survival is tightly interlinked. Newly generated neurons must keep cell cycle components under strict control, as cell cycle re-entry leads to neuronal degeneration and death. However, despite their relevance, the mechanisms controlling this process remain largely unexplored. Here we show that Scratch2 is involved in the control of the cell cycle in neurons in the developing spinal cord of the zebrafish embryo. scratch2 knockdown induces postmitotic neurons to re-enter mitosis. Scratch2 prevents cell cycle re-entry by maintaining high levels of the cycle inhibitor p57 through the downregulation of miR-25. Thus, Scratch2 appears to safeguard the homeostasis of postmitotic primary neurons by preventing cell cycle re-entry

Investment determinants in self-consumption facilities: characterization and qualitative analysis in Spain

Self-consumption energy facilities are presented as viable and sustainable solutions in the energy transition scenario in which many countries are immersed. However, they rely on dispersed and private investments in the territory. Given the uneven growth in the number of self-consumption facilities in Europe, the main objective of this study is to identify and measure the investment determinants in self-consumption facilities. To this end, the main influential incentives and barriers are identified through the aggregate analysis of the regulatory framework for self-consumption in several European countries, and the empirical characterization of Spanish facilities as a multiple case study, to define the common features of the investments made. The technical, economic, and financial characterization of real self-consumption facilities in climatic zones of southern Europe is a significant contribution of the present work. There are few samples of this type in the studies published to date, which have mainly been prepared from case studies or statistical data without identifying particular facilities. Cost-related variables have been identified as the most important variables in private investment decisions, and potential influential factors on these variables that could be regulated have been pointed out as relevant. It is also worth highlighting the elaboration of an analytical framework based on this conceptual approach, which has been proven to be useful to depict regulatory scenarios and to compare the positioning for the development of self-consumption systems in different countries. A model that transfers the influence of the determining factors to the deployment of self-consumption under specific regulatory scenarios has been developed and applied to the case of Spain. As a general reflection, to increase the adoption of this kind of technology and encourage consumers to make private investments, policies for renewable energy must consider self-consumption and microgeneration as the main axis, by increasing the availability of energy when necessary. For instance, the promotion of energy storage from these kinds of facilities could receive priority treatment, as well as rewarding the electricity surplus in the interests of security of supply in a period of energy transition towards a new, more sustainable model. Incentive schemes, aids to compensate for the additional costs resulting from the battery storage or easing restrictions in terms of contracted power would foreseeably increase the rates of adoption of the technology, favoring its faster development in terms of research and development and product innovation

Financial Resources for the Investments in Renewable Self-Consumption in a Circular Economy Framework

The availability of financial resources has been pointed out as one of the determining factors for the investment in renewable self-consumption solutions for the energy transition in the European Union. In economic terms, the barriers to investment are related to low levels of profitability and difficulties in accessing financing in some European regions. These barriers must be overcome to foster a sustainable energy transition. However, this topic of analysis is still underexplored in the literature to date. This study provides a characterisation of the financial resources applied to self-consumption from an economic–financial approach to the decision-making investors in a case study in Spain from a novel focus on the subject. The relevance of alternative financial resources as a mechanism to reduce existing barriers is revealed through the analysis of the active role that installers play in making investment decisions, facilitating the growth of self-consumption. The alternative financial channels and the bank intermediation for renewables are topics of interest to promote the energy transition towards a low-carbon economy

La evolución de las expectativas de inflación del área del euro

Artículo de revistaEste trabajo explora la dinámica reciente de las expectativas de inflación para los principales países de la UEM. Para ello se utilizan datos financieros diarios de los últimos 15 años para un amplio rango de horizontes temporales y para las principales economías del área del euro. La estimación de un modelo de estructura temporal de las expectativas de inflación con estos datos permite descomponer la parte común de la específica de cada país. Se encuentra que, para los distintos horizontes y países, el grueso de la inflación esperada es común para toda el área del euro. El peso de los factores específicos de un país u otro es pequeño, siendo más relevante a plazos cortos. Para horizontes de entre cinco y diez años, las expectativas de inflación estimadas mostraron una tendencia descendente desde 2012, que se ha revertido en los dos últimos años, como resultado de la aplicación de un conjunto amplio de medidas no convencionales de política monetaria en el área del euro desde mediados de 2014. Con todo, durante el último año las expectativas de inflación a medio plazo se han situado por debajo del 2 % (en el entorno del 1,7 % en promedio), claramente por debajo de las observadas en el período previo a la crisis económic

Hydrogeochemical characterisation of the groundwater in the crystalline basement of Forsmark, the selected area for the geological nuclear repositories in Sweden

Numerous groundwater analyses from the crystalline bedrock in the Forsmark area have been performed between 2002 and 2019, together with thorough geological, geophysical, and hydrogeological studies, within the site investigations carried out by the Swedish Nuclear Fuel and Waste Management Company. The groundwater samples have been taken from boreholes down to ≈ 1000 m and the analysis include major- and trace-elements, stable and radiogenic isotopes, gases and microbes. The chemical and isotopic composition of these groundwaters evidences the presence of non-marine brackish to saline groundwaters with very long residence times (many hundreds of thousands of years) and a series of complex mixing events resulting from the recharge of different waters over time: glacial meltwaters, probably from different glaciations of which the latest culminated some 20,000 years ago, and marine waters from the Baltic starting some 7000 years ago. Later, meteoric water and present Baltic Sea water have recharged in different parts of the upper 100 m. These mixing events have also triggered chemical and microbial reactions that have conditioned some of the important groundwater parameters and, together with the structural complexity of the area, they have promoted a heterogeneous distribution of groundwater compositions in the bedrock. Due to these evident differences in chemistry, residence time and origin of the groundwater, several groundwater types were defined in order to facilitate the visualisation and communication. The differentiation (linked to the paleohydrological history of the area) was based on Cl concentration, Cl/Mg ratio (marine component), and δ18O value (glacial component). The work presented in this paper increases the understanding of the groundwater evolution in fractured and compartmentalised aquifers where mixing processes are the most important mechanisms. The model proposed to characterise the present groundwater system of the Forsmark area will also help to predict the future hydrogeochemical behaviour of the groundwater system after the construction of the repositories for the nuclear wastes

Wearables, IoT, and Big Data: The new revolution in cognitive science

A new revolution in cognitive science is now possible thanks to portable devices enabled to measure physiological variables non-intrusively, the Internet of Things that allows information to be collected and stored in real time from different locations, and big data techniques for identifying patterns that can be used to make decisions, predict behavior or create machine learning and artificial intelligence models. Research supported by these technologies will provide valuable insights into the impact that environmental circumstances have on the cognitive processes involved in different tasks, and how this can be detected through biological markers