Interest Rates, Exchange Rates and International Adjustment

In this paper we examine the behavior of interest rates and exchange rates following a variety of shocks to the international monetary system. Our analysis suggests that real interest rates in the US and Europe will remain low relative to historical experience for an extended period but converge slowly toward normal levels. During this adjustment interval, the US absorbs a disproportionate share of world savings. After a substantial initial appreciation of floating currencies relative to the dollar, the dollar and other floating currencies remain constant relative to each other. An improvement in the investment climate in Europe during the adjustment period would generate an immediate depreciation of the euro relative to the dollar. In real terms, the dollar and the floating currencies will eventually have to depreciate relative to the managed currencies. But most of the adjustment in the US trade account will come as US absorption responds to increases in real interest rates.

Facing Forward: Art & Theory from a Future Perspective

Contributors to this volume include participants in the Facing Forward Project of 2011-12, which started as a collaboration between the Stedelijk Museum Amsterdam, the Amsterdam School for Cultural Analysis at the University of Amsterdam, ..

Physics of Trans-Planckian Gravity

We study the field theoretical description of a generic theory of gravity flowing to Einstein General Relativity in IR. We prove that, if ghost-free, in the weakly coupled regime such a theory can never become weaker than General Relativity. Using this fact, as a byproduct, we suggest that in a ghost-free theory of gravity trans-Planckian propagating quantum degrees of freedom cannot exist. The only physical meaning of a trans-Planckian pole is the one of a classical state (Black Hole) which is described by the light IR quantum degrees of freedom and gives exponentially-suppressed contributions to virtual processes. In this picture Einstein gravity is UV self-complete, although not Wilsonian, and sub-Planckian distances are unobservable in any healthy theory of gravity. We then finally show that this UV/IR correspondence puts a severe constraint on any attempt of conventional Wilsonian UV-completion of trans-Planckian gravity. Specifically, there is no well-defined energy domain in which gravity could become asymptotically weak or safe.Comment: 23 pages, 4 figures, v2: Paper reorganized to improve clarity; additional explanations and references added; version accepted for publication in Phys. Rev.

Bradykinin in asthma: Modulation of airway inflammation and remodelling

Bradykinin, a pro-inflammatory molecule, and its related peptides have been studied for their effects on acute reactions in upper and lower airways, where they can be synthesised and metabolized after exposure to different stimuli including allergens and viral infection. Bradykinin B1 and B2 receptors are constitutively expressed in the airways on several residential and/or immune cells. Their expression can also be induced by inflammatory mediators, usually associated with eosinophil and neutrophil recruitment, such as IL-4, IL-13, TNF-α IL-6 and IL-8, via intracellular MAPK and NF-κB signalling. In turn, the latters up-regulate both bradykinin receptors. Bradykinin activates epithelial/endothelial and immune cells, neurons and mesenchymal cells (such as fibroblasts, myofibroblasts and smooth muscle cells), which are implicated in the development of airway chronic inflammation, responsiveness and remodelling (a major feature of severe asthma). This review highlights the role of bradykinin and its receptors in respect to chronic inflammatory response involving eosinophils/neutrophils and to vascular/matrix-related airway remodelling in asthmatic airways. This scenario is especially important for understanding the mechanisms involved in the pathogenesis of eosinophilic and/or neutrophilic asthma and hence their therapeutic approach

Bretton Woods II Still Defines the International Monetary System

In this paper we argue that net capital inflows to the United States did not cause the financial crisis that now engulfs the world economy. A crisis caused by such flows has been widely predicted but that crisis has not occurred. Indeed, the international monetary system still operates in the way described by the Bretton Woods II framework and is likely to continue to do so. Failure to properly identify the causes of the current crisis risks a rise in protectionism that could intensify and prolong the decline in economic activity around the world.

Will Subprime be a Twin Crisis for the United States?

We identify incentives generated by the Bretton Woods II system that may have contributed to the sub-prime liquidity crisis now working its way through the international monetary system. We then evaluate the persistent conjecture that the liquidity crisis is or will become a balance of payments crisis for the United States. Given that it happens, the additional costs associated with a sudden stop of net capital flows to the United States could be quite substantial. But we observe that emerging market governments have continued to acquire US assets even as yields have fallen, and the incentives for continuing to do so remain strong. Moreover, the Bretton Woods II system, which has clearly been the most resilient of the forces driving current markets, continues to generate low real interest rates in industrial countries and growth in emerging markets that will help limit the damage from the liquidity crisis.

Anti-Inflammatory Effects of Lactobacillus Rahmnosus and Bifidobacterium Breve on Cigarette Smoke Activated Human Macrophages

Chronic obstructive pulmonary disease (COPD) is a major global health problem with cigarette smoke (CS) as the main risk factor for its development. Airway inflammation in COPD involves the increased expression of inflammatory mediators such as CXCL-8 and IL-1β which are important mediators for neutrophil recruitment. Macrophages are an important source of these mediators in COPD. Lactobacillus rhamnosus (L. rhamnosus) and Befidobacterium breve (B. breve) attenuate the development of 'allergic asthma' in animals but their effects in COPD are unknown.To determine the anti-inflammatory effects of L. rhamnosus and B. breve on CS and Toll-like receptor (TLR) activation.We stimulated the human macrophage cell line THP-1 with CS extract in the presence and absence of L. rhamnosus and B. breve and measured the expression and release of inflammatory mediators by RT-qPCR and ELISA respectively. An activity assay and Western blotting were used to examine NF-κB activation.Both L. rhamnosus and B. breve were efficiently phagocytized by human macrophages. L. rhamnosus and B. breve significantly suppressed the ability of CS to induce the expression of IL-1β, IL-6, IL-10, IL-23, TNFα, CXCL-8 and HMGB1 release (all p<0.05) in human THP-1 macrophages. Similar suppression of TLR4- and TLR9-induced CXCL8 expression was also observed (p<0.05). The effect of L. rhamnosus and B. breve on inflammatory mediator release was associated with the suppression of CS-induced NF-κB activation (p<0.05).This data indicate that these probiotics may be useful anti-inflammatory agents in CS-associated disease such as COPD

A Tri-Country Analysis of the Effects of White Supremacy in Mental Health Practice and Proposed Policy Alternatives

The goal of this paper is to take a closer look at mental health care policies in Nigeria, China, and the United States. These nations were selected for their demographic diversity as well as for the shared influence that European colonization, imperialism, and white supremacy culture have had on their equally diverse mental health policies and practices. How do historical and cultural perspectives affect different nations’ mental health policies and approaches (via a multi-nation comparison)? This analysis aims to tackle this question, discussing how cultural humility both currently and historically informs mental health treatment for non-white populations within the United State. In addition it examines imperialist and colonial mental health treatment of local populations in China and Nigeria. Finally, a global policy strategy is presented to promote the practice of cultural humility on a multinational scale. Keywords: Cultural humility, Decolonization, white supremacy, Global policy, Global mental healt