ESTIMATING CORE INFLATION IN NORWAY

Central banks are continually considering the problem of how to identify which price changes should be considered permanent and which entirely temporary. Indeed, due to the delayed effect that monetary policy uses to put its choices into action, a wrong valuation of the type of inflation can prove extremely costly for the economy and does not produce the desired results. Since price indexes (as CPI) deliver a distorted picture of underlying inflation, it is necessary to devise a more appropriate target for monetary policy. The need to find a good measure for the latter variable becomes more marked when the central bank adopts price stability as the overriding aim of monetary policy. In this paper we apply the Quah and Vahey (1995) methodology to Norway, oil producing OECD country, and derive measures of core inflation by imposing restrictions from economic theory within the context of a multivariate econometric analysis. To estimate long-term movements of inflation, we present two models that enable the distinction between core and non-core inflation and also between domestic and imported inflation. We conclude that in all the models presented core inflation is a �prime mover� of inflation.Core inflation, Monetary Policy, Norway

Macroeconomic Modelling and the Effects of Policy Reforms: an Assessment for Italy using ITEM and

In this paper we compare the dynamic properties of the Italian Treasury Econometric Model (ITEM) with those of QUEST III, the endogenous growth model of the European Commission (DG ECFIN) in the version calibrated for Italy. We consider an array of shocks often examined in policy simulations and investigate their implications on macro variables. In doing so, we analyse the main transmission channels in the two models and provide a comparative assessment of the magnitude and the persistence of the effects, trying to ascertain whether the responses to shocks are consistent with the predictions of economic theory. We show that, despite substantial differences between the two models, the responses of the key variables are qualitatively similar when we consider competition enhancing policies and labour productivity improvements. On the other hand, we observe quantitative disparities between the two models, mainly due to the forward-looking behaviour and the endogenous growth mechanism incorporated into the QUEST model but not in ITEM. The simulation results show that Quest III is a powerful tool to capture the effects of structural economic reforms, like competitionenhancing policies or innovation-promoting policies. On the other hand, owing to the breakdown of fiscal variables in a large number of components, ITEM is arguably more suitable for the quantitative evaluation of fiscal policy and the study of the impact of reforms on the public sector balance sheet.Economic Modelling, DSGE, Structural Reforms, Italy

Tub gurnard Chelidonichthys lucerna L.: a new fish species suitable for farming? First answers evaluating the growth of juveniles reared at different stocking densities, welfare and fillet quality

A trial was conducted to evaluate the growth performance and survival of Chelidonichthys lucerna. A total of 13 352 180-days old juveniles (5.5 ± 2 g; 5 ± 1 cm) were reared at two different densities (A-EXP = 68 fish m−3; B-FFA = 15 fish m−3) in eight tanks (four tanks per group) for 360 days. The welfare status and meat quality of fish were evaluated for the A-EXP and B-FFA groups in comparison with wild-caught fishery gurnard (C-WID). The survival rate was high for both A-EXP (79%) and B-FFA (93.5%). B-FFA fish had the highest specific growth rate (1.16 vs. 1.07; P < 0.05), and were heavier than A-EXP fish (321 ± 40 g vs .239 ± 44 g; P < 0.01). Rearing conditions did not affect blood metabolites, except for glucose concentrations, which were higher in C-WID (P < 0.05). The meat quality traits showed that reared groups were fatter (2.8–3.2%) than C-WID (0.94%); total n-3 fatty acids (19.02–19.26%) were lower in reared groups than C-WID (29.99%); and EPA + DHA were similar in all groups (15.1–16.61% vs. 27.99%). Despite the good growth and survival, the final mean weight was below that requested by the market (400–500 g). Future research efforts should focus on reducing the feed conversion rate (3:1)

A stochastic estimated version of the Italian dynamic General Equilibrium Model (IGEM)

We estimate with Bayesian techniques the Italian dynamic General Equilibrium Model (IGEM), which has been developed at the Italian Treasury Department, Ministry of Economy and Finance, to assess the effects of alter-native policy interventions. We analyze and discuss the estimated effects of various shocks on the Italian economy. Compared to the calibrated version used for policy analysis, we find a lower wage rigidity and higher adjustment costs. The degree of prices and wages indexation to past inflation is much smaller than the indexation level assumed in the calibrated model. No substantial difference is found in the estimated monetary parameters. Estimated fiscal multipliers are slightly smaller than those obtained from the calibrated version of the model

LAF : Logic Alignment Free and its application to bacterial genomes classification

Alignment-free algorithms can be used to estimate the similarity of biological sequences and hence are often applied to the phylogenetic reconstruction of genomes. Most of these algorithms rely on comparing the frequency of all the distinct substrings of fixed length (k-mers) that occur in the analyzed sequences. In this paper, we present Logic Alignment Free (LAF), a method that combines alignment-free techniques and rule-based classification algorithms in order to assign biological samples to their taxa. This method searches for a minimal subset of k-mers whose relative frequencies are used to build classification models as disjunctive-normal-form logic formulas (if-then rules). We apply LAF successfully to the classification of bacterial genomes to their corresponding taxonomy. In particular, we succeed in obtaining reliable classification at different taxonomic levels by extracting a handful of rules, each one based on the frequency of just few k-mers. State of the art methods to adjust the frequency of k-mers to the character distribution of the underlying genomes have negligible impact on classification performance, suggesting that the signal of each class is strong and that LAF is effective in identifying it.Peer reviewe

Local detection of X-ray spectroscopies with an in-situ AFM

The in situ combination of Scanning Probe Microscopies (SPM) with X-ray microbeams adds a variety of new possibilities to the panoply of synchrotron radiation techniques. In this paper we describe an optics-free AFM/STM that can be directly installed on synchrotron radiation end stations for such combined experiments. The instrument can be used just for AFM imaging of the investigated sample or can be used for detection of photoemitted electrons with a sharp STM-like tip, thus leading to the local measure of the X-ray absorption signal. Alternatively one can can measure the flux of photon impinging on the sharpest part of the tip to locally map the pattern of beams diffracted from the sample. In this paper we eventually provide some examples of local detection of XAS and diffraction

Ambiente da AMare

’Area marina protetta Torre del Cerrano, in collaborazione con l’Università di Camerino, il centro studi cetacei, la Riserva naturale dei Calanchi di Atri e l’associazione Guide del Cerrano, organizza una due giorni di studio dal titolo “l’Ambiente da Amare”. Il Workshop, in programma a Villa Filiani il 16 ed il 17 maggio a partire dalla ore 16, si tiene in occasione delle lezioni programmate nell’Area Marina Protetta Torre del Cerrano del Master MARAC in Management Aree e Risorse Acquatiche Costiere, dell’Università di Camerino. Martedì 17 maggio, ci saranno gli interventi di Laura Traini, assessore all’ambiente del Comune di Pineto (L’ambiente attraverso la comunicazione e l’empatia); Claudia Borgatti del Centro studi cetacei e dell’ASS. Guide del Cerrano (L’opera dei volontari in mare, tartarughe e visual census), mentre le conclusioni saranno affidate ad Alberto Felici, dell’Università degli studi di Camerino