Net Foreign Assets and the Exchange Rate: Redux Revived

We revisit Obstfeld and Rogoff's (1995) results on exchange rate dynamics in a two-country, monetary model with incomplete asset markets, stationary net foreign assets, and endogenous nominal interest rate setting a la Taylor (1993). Under flexible prices, the nominal exchange rate exhibits a unit root. However, today's exchange rate also depends on the stock of real net foreign assets accumulated in the previous period. The predictive power of net assets for the exchange rate is stronger the closer assets to non-stationary and the higher the degree of substitutability between domestic and foreign goods in consumption. When prices are sticky, the exchange rate still exhibits a unit root. The current level of the exchange rate depends on the past GDP differential, along with net foreign assets. Endogenous monetary policy and asset dynamics have consequences for exchange rate overshooting under both flexible and sticky prices.exchange rate, monetary policy, net foreign assets, overshooting

The Role of Sensory Profile in the Extra-Virgin Olive Oil Consumers Choice

sensory profiles promoted by the Extra-virgin olive oil (EVO) is an important element of the Mediterranean diet and a valuable agricultural crop for Southern Europe countries in terms of both farm income and cultivated area. Moreover, given the increased popularity of the Mediterranean diet among consumers in US, Canada, Australia and large parts Asia, EVO consumption has grown almost worldwide.In Italy olive-oil production has switched from low yields and low-input cultivation to a capital intensive farming system involving innovations of both agricultural practices and processing techniques: sensory characteristics of the product were significantly improved, changing the traditional taste from “neutral odour and flavour” and well known organoleptic features, to new complex sensory profiles. This evolution is due to the developments that have taken place in the sensory analysis of olive oil and the use of trained panel responses as a means of monitoring and guidance in the production of quality oils.Currently, agricultural research and sensory panels managed not only to identify what aspects of taste and smell are indicators of quality of the oil but also the correlation of these with the production techniques. The situation today is that consumers can find on the market EVOs characterized by well-differentiated sensory profiles. On the consumption side, however, buyers seem still to prefer neutral flavour oils with little or no personality. This aspect deserves a central position in present research on EVOs because consumer preferences risk undermining all efforts to improve the quality of the product made from the production side. In the following work, the role of sensory components in the consumers preferences of EVOs will be explicitly evaluated through an Hedonic Price model. During October 2012, a sample of 68 EVOs available on the shelf of a Supermarket belonging to one of the largest big retailers operating in Italy were bought. The 68 different EVOOs were also evaluated by a panel of expert tasters to get a precise sensory profile for each of them. The results estimation of a simultaneous two equations model well highlighted the idiosyncrasy of the consumers’ preferences towards the trained experts

FTIR imaging in diffusion studies: CO2 and H2O in a synthetic sector-zoned beryl

In this work we investigate the strongly inhomogeneous distribution of CO2 and H2O in a synthetic beryl having a peculiar hourglass zoning of Cr due to the crystal growth. The sample was treated at 800°C, 500 MPa, in a CO2-rich atmosphere. High-resolution FESEM images revealed that the hourglass boundary is not correlated to physical discontinuities, at least at the scale of tens of nanometers. Polarized FPA-FTIR imaging, on the other side, revealed that the chemical zoning acts as a fast pathway for carbon dioxide diffusion, a feature never observed so far in minerals. The hourglass zone boundary may be thus considered as a structural defect possibly due to the mismatch induced by the different growth rates of each sector. High-resolution synchrotron-light FTIR imaging, in addition, also allows enhancement of CO2 diffusion along the hourglass boundary to be distinguished from diffusion along fractures in the grain. Therefore, FTIR imaging provides evidence that different diffusion mechanisms may locally combine, suggesting that the distribution of the target molecules needs to be carefully characterized in experimental studies. This piece of information is mandatory when the study is aimed at extracting diffusion coefficients from analytical profiles. Combination of TOF-SIMS and FPA data shows a significant depletion of type II H2O along the hourglass boundary, indicating that water diffusion could be controlled by the distribution of alkali cations within channels, coupled to a plug effect of CO2. © 2015 Della Ventura, Radica, Bellatreccia, Cavallo, Cinque, Tortora and Behrens

Production of lead metal by molten-salt electrolysis with energy-efficient electrodes

"The U.S. Bureau of Mines investigated electrode designs for electrowinning lead metal from a LiCl-KCl-PbCl2 electrolyte at 450 deg C. The major objective of this investigation was to decrease the energy requirement for lead electrowinning. Electrolysis was performed in a bench-scale cell using several graphite electrode assemblies. Such parameters as electrode spacing, current density, and chlorine gas removal from the anode were investigated in the bench-scale tests. An optimum electrode assembly, termed the sawtooth design, was scaled up and operated at 3,000 and 4,000 A. The sawtooth electrodes operating at 3,000 A produced lead for 0.66 Kw.H/kg. The electrodes were constructed by cutting large triangular grooves in the electrode surfaces. The electrodes were placed together such that the triangular peaks of one electrode projected into the triangular valleys of the other electrode. Chlorine did not build up on the anode with the sawtooth electrodes." - NIOSHTIC-2NIOSHTIC no. 10008548199

The role of inferior petrosal sinus sampling in ACTH-dependent Cushing's syndrome: review and joint opinion statement by members of the Italian Society for Endocrinology, Italian Society for Neurosurgery, and Italian Society for Neuroradiology

In the management of adrenocorticotropic hormone (ACTH)-dependent Cushing's syndrome, inferior petrosal sinus sampling (IPSS) provides information for the endocrinologist, the neurosurgeon, and the neuroradiologist. To the endocrinologist who performs the etiological diagnosis, results of IPSS confirm or exclude the diagnosis of Cushing's disease with 80%-100% sensitivity and over 95% specificity. Baseline central-peripheral gradients have suboptimal accuracy, and stimulation with corticotropin-releasing hormone (CRH), possibly desmopressin, has to be performed. The rationale for the use of IPSS in this context depends on other diagnostic means, taking availability of CRH and reliability of dynamic testing and pituitary imaging into account. As regards the other specialists, the neuroradiologist may collate results of IPSS with findings at imaging, while IPSS may prove useful to the neurosurgeon to chart a surgical course. The present review illustrates the current standpoint of these 3 specialists on the role of IPSS

Clinical significance of prophylactic central compartment neck dissection in the treatment of clinically node-negative papillary thyroid cancer patients

BACKGROUND: Lymph nodal involvement is very common in differentiated thyroid cancer, and in addition, cervical lymph node micrometastases are observed in up to 80 % of papillary thyroid cancers. During the last decades, the role of routine central lymph node dissection (RCLD) in the treatment of papillary thyroid cancer (PTC) has been an object of research, and it is now still controversial. Nevertheless, many scientific societies and referral authors have definitely stated that even if in expert hands, RCLD is not associated to higher morbidity; it should be indicated only in selected cases. MAIN BODY: In order to better analyze the current role of prophylactic neck dissection in the surgical treatment of papillary thyroid cancers, an analysis of the most recent literature data was performed. Prophylactic or therapeutic lymph node dissection, selective, lateral or central lymph node dissection, modified radical neck dissection, and papillary thyroid cancer were used by the authors as keywords performing a PubMed database research. Literature reviews, PTCs large clinical series and the most recent guidelines of different referral endocrine societies, inhering neck dissection for papillary thyroid cancers, were also specifically evaluated. A higher PTC incidence was nowadays reported in differentiated thyroid cancer (DTC) clinical series. In addition, ultrasound guided fine-needle aspiration citology allowed a more precocious diagnosis in the early phases of disease. The role of prophylactic neck dissection in papillary thyroid cancer management remains controversial especially regarding indications, approach, and surgical extension. Even if morbidity rates seem to be similar to those reported after total thyroidectomy alone, RCLD impact on local recurrence and long-term survival is still a matter of research. Nevertheless, only a selective use in high-risk cases is supported by more and more scientific data. CONCLUSIONS: In the last years, higher papillary thyroid cancer incidence and more precocious diagnoses were worldwide reported. Among endocrine and neck surgeons, there is agreement about indications to prophylactic treatment of node-negative “high-risk” patients. A recent trend toward RCLD avoiding radioactive treatment is still debated, but nevertheless, prophylactic dissections in low-risk cases should be avoided. Prospective randomized trials are needed to evaluate the benefits of different approaches and allow to drawn definitive conclusions