Inflation stabilization in Turkey : an application of the RMSM-X model

This paper reviews the theoretical framework of an inflation stabilization program. In the absence of price rigidities, a reduction in inflation simply implies finding a replacement for revenue lost from a decline in the inflation rate. In reality, backward-looking nominal contracts and credibility problems induce short-run costs, making a fall in the economic growth rate an inevitable part of inflation stabilization. The theoretical framework yields the specification of a few key behavioral equations to be implemented in the model. The author's simulation results show that even if a credible program is implemented, at least two years of negative per capita growth are needed to bring inflation down from its current levels to below 10 percent a year. The accompanying fiscal effort is great: the equivalent of a 40 percent increase in direct tax revenues if no other expenditure or revenue measures are taken. Scenarios that do not incorporate strong fiscal action do not succeed in permanently lowering inflation and lead to lower per capita GDP at the end of the decade than does the scenario of fiscal stabilization. Inflation in the Turkish context is costly because it reduces not only the level of productive investment but also its efficiency.Macroeconomic Management,Economic Theory&Research,Environmental Economics&Policies,Economic Stabilization,Banks&Banking Reform

A RMSM-X model for Turkey

To improve the Bank's macroeconomic modeling capabilities, a continuum of macro models referred to as RMSM-X and RMSM-XX are being developed. These models share a common accounting framework that ensures economic consistency among economic sectors. This paper shows how to specify the budget constraints and market clearing conditions in a RMSM-X model for Turkey. An overview of the system defined by the RMSM-X model, the debt module (DM) and the data base is presented, along with a detailed explanation of the theoretical model. Alternative closure rules are discussed and the debt model is presented. This paper also includes annexes which present a complete set of historical data and an explanation of how the data was constructed.Economic Theory&Research,Environmental Economics&Policies,Banks&Banking Reform,Economic Stabilization,Financial Intermediation

Si photonic device uniformity improvement using wafer-scale location specific processing

We report two-fold improvement in Si photonic device uniformity over a 200mm SOI wafer through location specific processing. A within wafer thickness non-uniformity of 0.8nm yielding a grating fiber-coupler peak-wavelength non-uniformity of 1.8nm is achieved

CSR in Belgium: the institutional context and practices

Corporate Social Responsibility is a quite recent concept in Belgium which has gained significant momentum since 1995. In May 1997, Belgium set up a legal framework for sustainable development. In April 2006, the government adopted a Reference Framework for CSR followed in 2007 by the CSR action plan. Next to governmental initiatives, the number of actors and platforms involved in CSR has significantly increased leading to the multiplication of CSR initiatives. However, it would be overoptimistic to state that CSR is a well and equally established concept and a set of practices among all Belgian companies. Indeed, CSR in Belgium offers great disparities and diversities. Based on multiple sources of information, the paper provides a descriptive and narrative view on CSR in Belgium, gradually leading towards reflection by the end of the paper. After a brief overview of the context for corporate social responsibility in Belgium, the paper investigates the different components that have been shaping CSR since the 1970s. Subsequently it zooms in to the CSR practices in Belgian companies. Finally, conclusions are drawn on the progress made in Belgium in the area of corporate social responsibility and the future prospects

TP53 outperforms other androgen receptor biomarkers to predict abiraterone or enzalutamide outcome in metastatic castration-resistant prostate cancer

Purpose: To infer the prognostic value of simultaneous androgen receptor (AR) and TP53 profiling in liquid biopsies from patients with metastatic castration-resistant prostate cancer (mCRPC) starting a new line of AR signaling inhibitors (ARSi). Experimental Design: Between March 2014 and April 2017, we recruited patients with mCRPC (n = 168) prior to ARSi in a cohort study encompassing 10 European centers. Blood samples were collected for comprehensive profiling of Cell Search-enriched circulating tumor cells (CTC) and circulating tumor DNA (ctDNA). Targeted CTC RNA sequencing (RNA-seq) allowed the detection of eight AR splice variants (ARV). Low-pass whole-genome and targeted gene-body sequencing of AR and TP53 was applied to identify amplifications, loss of heterozygosity, mutations, and structural rearrangements in ctDNA. Clinical or radiologic progression-free survival (PFS) was estimated by Kaplan-Meier analysis, and independent associations were determined using multivariable Cox regression models. Results: Overall, no single AR perturbation remained associated with adverse prognosis after multivariable analysis. Instead, tumor burden estimates (CTC counts, ctDNA fraction, and visceral metastases) were significantly associated with PFS. TP53 inactivation harbored independent prognostic value [HR 1.88; 95% confidence interval (CI), 1.18-3.00; P = 0.008], and outperformed ARV expression and detection of genomic AR alterations. Using Cox coefficient analysis of clinical parameters and TP53 status, we identified three prognostic groups with differing PFS estimates (median, 14.7 vs. 7.51 vs. 2.62 months; P < 0.0001), which was validated in an independent mCRPC cohort (n = 202) starting first-line ARSi (median, 14.3 vs. 6.39 vs. 2.23 months; P < 0.0001). Conclusions: In an all-comer cohort, tumor burden estimates and TP53 outperform any AR perturbation to infer prognosis. See related commentary by Rebello et al., p. 169

Meta-analysis of multidecadal biodiversity trends in Europe

Local biodiversity trends over time are likely to be decoupled from global trends, as local processes may compensate or counteract global change. We analyze 161 long-term biological time series (15-91 years) collected across Europe, using a comprehensive dataset comprising similar to 6,200 marine, freshwater and terrestrial taxa. We test whether (i) local long-term biodiversity trends are consistent among biogeoregions, realms and taxonomic groups, and (ii) changes in biodiversity correlate with regional climate and local conditions. Our results reveal that local trends of abundance, richness and diversity differ among biogeoregions, realms and taxonomic groups, demonstrating that biodiversity changes at local scale are often complex and cannot be easily generalized. However, we find increases in richness and abundance with increasing temperature and naturalness as well as a clear spatial pattern in changes in community composition (i.e. temporal taxonomic turnover) in most biogeoregions of Northern and Eastern Europe. The global biodiversity decline might conceal complex local and group-specific trends. Here the authors report a quantitative synthesis of longterm biodiversity trends across Europe, showing how, despite overall increase in biodiversity metric and stability in abundance, trends differ between regions, ecosystem types, and taxa.peerReviewe

Cell-free DNA profiling of metastatic prostate cancer reveals microsatellite instability, structural rearrangements and clonal hematopoiesis.

This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.BACKGROUND: There are multiple existing and emerging therapeutic avenues for metastatic prostate cancer, with a common denominator, which is the need for predictive biomarkers. Circulating tumor DNA (ctDNA) has the potential to cost-efficiently accelerate precision medicine trials to improve clinical efficacy and diminish costs and toxicity. However, comprehensive ctDNA profiling in metastatic prostate cancer to date has been limited. METHODS: A combination of targeted and low-pass whole genome sequencing was performed on plasma cell-free DNA and matched white blood cell germline DNA in 364 blood samples from 217 metastatic prostate cancer patients. RESULTS: ctDNA was detected in 85.9% of baseline samples, correlated to line of therapy and was mirrored by circulating tumor cell enumeration of synchronous blood samples. Comprehensive profiling of the androgen receptor (AR) revealed a continuous increase in the fraction of patients with intra-AR structural variation, from 15.4% during first-line metastatic castration-resistant prostate cancer therapy to 45.2% in fourth line, indicating a continuous evolution of AR during the course of the disease. Patients displayed frequent alterations in DNA repair deficiency genes (18.0%). Additionally, the microsatellite instability phenotype was identified in 3.81% of eligible samples (≥ 0.1 ctDNA fraction). Sequencing of non-repetitive intronic and exonic regions of PTEN, RB1, and TP53 detected biallelic inactivation in 47.5%, 20.3%, and 44.1% of samples with ≥ 0.2 ctDNA fraction, respectively. Only one patient carried a clonal high-impact variant without a detectable second hit. Intronic high-impact structural variation was twice as common as exonic mutations in PTEN and RB1. Finally, 14.6% of patients presented false positive variants due to clonal hematopoiesis, commonly ignored in commercially available assays. CONCLUSIONS: ctDNA profiles appear to mirror the genomic landscape of metastatic prostate cancer tissue and may cost-efficiently provide somatic information in clinical trials designed to identify predictive biomarkers. However, intronic sequencing of the interrogated tumor suppressors challenges the ubiquitous focus on coding regions and is vital, together with profiling of synchronous white blood cells, to minimize erroneous assignments which in turn may confound results and impede true associations in clinical trials.The Belgian Foundation Against Cancer (grant number C/2014/227); Kom op tegen Kanker (Stand up to Cancer), the Flemish Cancer Society (grant number 00000000116000000206); Royal College of Surgeons/Cancer Research UK (C19198/A1533); The Cancer Research Funds of Radiumhemmet, through the PCM program at KI (grant number 163012); The Erling-Persson family foundation (grant number 4-2689-2016); the Swedish Research Council (grant number K2010-70X-20430-04-3), and the Swedish Cancer Foundation (grant number 09-0677)

Does It Pay To Synchronize Structural Reforms Across Markets And Countries? Insights From The Global Economic Model

Abstract Structural reforms in labor and product markets are likely to have significant long-run benefits in terms of output and welfare. In the short-run, due to rigidities and adjustment costs, the impact of reforms of various sectors of the economy differs, with some having substantial costs in terms of real wages and consumption. Transition dynamics are affected by the monetary policy framework and by the interactions of the economy with the rest of the world. Simulations with a calibrated large scale new-Keynesian open economy model show that labor and services market reform have substantial transition costs when monetary policy cannot react sufficiently, be it because of monetary union or a pegged exchange rate. Concurrent traded goods market reform would mitigate, but fall well short of compensating these effects, whereas synchronization of reform across countries would eliminate transition costs. While the magnitude of the response to reforms depends on model parameters and the size of the economy, a rich specification of adjustment dynamics helps inform political economy choices and provides a stylized guide for forecasting near-term effects