Arbitrage-free bond pricing with dynamic macroeconomic models

The authors examine the relationship between changes in short-term interest rates induced by monetary policy and the yields on long-maturity default-free bonds. The volatility of the long end of the term structure and its relationship with monetary policy are puzzling from the perspective of simple structural macroeconomic models. The authors explore whether richer models of risk premiums, specifically stochastic volatility models combined with Epstein-Zin recursive utility, can account for such patterns. They study the properties of the yield curve when inflation is an exogenous process and compare this with the yield curve when inflation is endogenous and determined through an interest rate (Taylor) rule. When inflation is exogenous, it is difficult to match the shape of the historical average yield curve. Capturing its upward slope is especially difficult because the nominal pricing kernel with exogenous inflation does not exhibit any negative autocorrelation-a necessary condition for an upward-sloping yield curve, as shown in Backus and Zin. Endogenizing inflation provides a substantially better fit of the historical yield curve because the Taylor rule provides additional flexibility in introducing negative autocorrelation into the nominal pricing kernel. Additionally, endogenous inflation provides for a flatter term structure of yield volatilities, which better fits historical bond data.Bonds - Prices ; Macroeconomics

Radiative properties of aerosols in Saharan dust outbreaks using ground-based and satellite data: applications to radiative forcing

We report on measurements of atmospheric transmission (ATT) and aerosol optical depth (AODT) made at three wavelengths (368, 500, and 778 nm) with a spectroradiometer placed on Tenerife (28.5°N, 16.3°W), Canary Islands. Using the National Oceanic and Atmospheric Administration (NOAA) advanced very high resolution radiometer (AVHRR) channel 1, we also measured the aerosol optical depth (AODS) and albedo over a region of the North Atlantic Ocean extending from 15°–35°N to 12°–25°W. We observe large changes in ATT and AODT when dust outbreaks pass over this region. Using all these data, we derive the asymmetry factor (g), the single-scattering albedo (ω), and the local mean AODT and we compute the direct radiative forcing ΔF attributable to mineral dust. The local radiative forcing obtained is over the ocean ΔF = −9.7 W/m2 and for the land ΔF = −4.5 W/m2 with an error of ±25%. Extending these results to global-scale averages, we obtain values of ΔF of −1.22 W/m2 over the ocean and −0.57 W/m2 over land. The forcings attributable to dust are comparable in magnitude to those reported in the literature for anthropogenic sulphate and for biomass burning aerosols.We wish to thank the Gobierno Autónomo de Canarias for its financial support by contract 4/95, the Comisi6n Interministerial de Ciencia y Tecnologia (CICYT) by contract CLI97- 0453, and the University of La Laguna by contract 1802260003. A portion of this work was carried out as part of the Atmosphere/Ocean Chemistry Experiment (AEROCE) and supported by the National Science Foundation grants ATM-9414808, ATM-9414812, and ATM- 9414846

Underwater imagery-study of sediment and fauna for habitat characterization in mud volcanoes of the Spanish margin (Gulf of Cádiz)

Habitat characterization using underwater images has been carried out in 4 mud volcanoes (Gazul, Almazán, St. Petersburg and Aveiro) and one mud volcano/diapir complex (Hespérides) located at the middle slope of the Spanish margin of the Gulf of Cádiz (360-1200m depth). A total of 126 species, mostly cnidarians, sponges, brachiopods, crustaceans and echinoderms and 19 habitats have been observed in the underwater images, including anoxic bottoms with cold seep fauna or remains (Siboglinum sp., Lucinoma asapheus, Solemya elarraichensis), bottoms with authigenic carbonates colonized by gorgonians and anthipatharians, extensive muddy bottoms with sea pens (Kophobelemnon sp., Protoptilum sp.) and bamboo corals (Isidella elongata) and cold-water coral banks (Madrepora oculata). Habitat type and distribution seem influenced by sedimentary features, presence of hard substrates with authigenic carbonates, seepage activity, depth and hydrodynamic conditions. Cold seep related species and heterotrophic species not directly linked to fluid venting represent seepage activity indicators and induce habitat and biodiversity differentiation among the fluid venting edifices

Genetic Study of SARS-CoV-2 Non Structural Protein 12 in COVID-19 Patients Non Responders to Remdesivir

Remdesivir (RDV) was the first antiviral drug approved by the FDA to treat severe coronavirus disease-2019 (COVID-19) patients. RDV inhibits SARS-CoV-2 replication by stalling the non structural protein 12 (nsp12) subunit of the RNA-dependent RNA polymerase (RdRp). No evidence of global widespread RDV-resistance mutations has been reported, however, defining genetic pathways to RDV resistance and determining emergent mutations prior and subsequent antiviral therapy in clinical settings is necessary. This study identified 57/149 (38.3%) patients who did not respond to one course (5-days) (n = 36/111, 32.4%) or prolonged (5 to 20 days) (n = 21/38, 55.3%) RDV therapy by subgenomic RNA detection. Genetic variants in the nsp12 gene were detected in 29/49 (59.2%) non responder patients by Illumina sequencing, including the de novo E83D mutation that emerged in an immunosuppressed patient after receiving 10 + 8 days of RDV, and the L838I detected at baseline and/or after prolonged RDV treatment in 9/49 (18.4%) non responder subjects. Although 3D protein modeling predicted no interference with RDV, the amino acid substitutions detected in the nsp12 involved changes on the electrostatic outer surface and in secondary structures that may alter antiviral response. It is important for health surveillance to study potential mutations associated with drug resistance as well as the benefit of RDV retreatment, especially in immunosuppressed patients and in those with persistent replication. IMPORTANCE This study provides clinical and microbiologic data of an extended population of hospitalized patients for COVID-19 pneumonia who experienced treatment failure, detected by the presence of subgenomic RNA (sgRNA). The genetic variants found in the nsp12 pharmacological target of RDV bring into focus the importance of monitoring emergent mutations, one of the objectives of the World Health Organization (WHO) for health surveillance. These mutations become even more crucial as RDV keeps being prescribed and new molecules are being repurposed for the treatment of COVID-19. The present article offers new perspectives for the clinical management of non responder patients treated and retreated with RDV and emphasizes the need of further research of the benefit of combinatorial therapies and RDV retreatment, especially in immunosuppressed patients with persistent replication after therapy.This work was financed by a Gilead Sciences grant (IN-ES-540-6089) and CIBER Enfermedades Infecciosas (CIBERINFEC), Instituto de Salud Carlos III, Madrid, España (CB21/13/00081). This work was financed by ad hoc patronage funds for research on COVID-19 from donations from citizens and organizations to the Hospital Clínic de Barcelona-Fundació Clínic per a la Recerca Biomèdica.S

Minimising Mortality in Endangered Raptors Due to Power Lines: The Importance of Spatial Aggregation to Optimize the Application of Mitigation Measures

Electrocution by power lines is one of the main causes of non-natural mortality in birds of prey. In an area in central Spain, we surveyed 6304 pylons from 333 power lines to determine electrocution rates, environmental and design factors that may influence electrocution and the efficacy of mitigation measures used to minimise electrocution cases. A total of 952 electrocuted raptors, representing 14 different species, were observed. Electrocuted raptors were concentrated in certain areas and the environmental factors associated with increased electrocution events were: greater numbers of prey animals; greater vegetation cover; and shorter distance to roads. The structural elements associated with electrocutions were shorter strings of insulators, one or more phases over the crossarm, cross-shaped design and pylon function. Of the 952 carcasses found, 148 were eagles, including golden eagle (Aquila chrysaetos), Spanish imperial eagle (Aquila adalberti) and Bonelli's eagle (Aquila fasciata). Electrocuted eagles were clustered in smaller areas than other electrocuted raptors. The factors associated with increased eagle electrocution events were: pylons function, shorter strings of insulators, higher slopes surrounding the pylon, and more numerous potential prey animals. Pylons with increased string of insulators had lower raptor electrocution rates than unimproved pylons, although this technique was unsuccessful for eagles. Pylons with cable insulation showed higher electrocution rates than unimproved pylons, both for raptors and eagles, despite this is the most widely used and recommended mitigation measure in several countries. To optimize the application of mitigation measures, our results recommend the substitution of pin-type insulators to suspended ones and elongating the strings of insulators

Influence of pH, bleaching agents, and acid etching on surface wear of bovine enamel

ABSTRACT Development of new materials for tooth bleaching justifies the need for studies to evaluate the changes in the enamel surface caused by different bleaching protocols. Objective The aim of this study was to evaluate the bovine dental enamel wear in function of different bleaching gel protocols, acid etching and pH variation. Material and Methods Sixty fragments of bovine teeth were cut, obtaining a control and test areas. In the test area, one half received etching followed by a bleaching gel application, and the other half, only the bleaching gel. The fragments were randomly divided into six groups (n=10), each one received one bleaching session with five hydrogen peroxide gel applications of 8 min, activated with hybrid light, diode laser/blue LED (HL) or diode laser/violet LED (VHL) (experimental): Control (C); 35% Total Blanc Office (TBO35HL); 35% Lase Peroxide Sensy (LPS35HL); 25% Lase Peroxide Sensy II (LPS25HL); 15% Lase Peroxide Lite (LPL15HL); and 10% hydrogen peroxide (experimental) (EXP10VHL). pH values were determined by a pHmeter at the initial and final time periods. Specimens were stored, subjected to simulated brushing cycles, and the superficial wear was determined (μm). ANOVA and Tukey´s tests were applied (α=0.05). Results The pH showed a slight decrease, except for Group LPL15HL. Group LPS25HL showed the highest degree of wear, with and without etching. Conclusion There was a decrease from the initial to the final pH. Different bleaching gels were able to increase the surface wear values after simulated brushing. Acid etching before bleaching increased surface wear values in all groups

Evaluation of male fertility-associated loci in a european population of patients with severe spermatogenic impairment

Funding: This work was supported by the Spanish Ministry of Economy and Competitiveness through the Spanish State Plan for Scientific and Technical Research and Innovation (ref. SAF2016-78722-R), the “Ramón y Cajal” program (ref. RYC-2014-16458), and the “Juan de la Cierva Incorporación” program (ref. IJC2018-038026-I), which include FEDER funds. SLa received support from the Spanish Ministry of Science and Innovation (grants FIS-ISCIII DTS18/00101, co-funded by FEDER funds/European Regional Development Fund (ERDF)-a way to build Europe-), and from Generalitat de Catalunya (grant 2017SGR191). AG-J was recipient of a grant from the “Plan Propio” program of the University of Granada (“Becas de Iniciación a la Investigación para estudiantes de Grado”, conv.2019). SLa is sponsored by the “Researchers Consolidation Program” from the SNS-Dpt. Salut Generalitat de Catalunya (Exp. CES09/020). JG was partially funded by FCT/MCTES, through national funds attributed to Center for Toxicogenomics and Human Health—ToxOmics (UIDB/00009/2020). PIM is supported by the FCT post-doctoral fellowship (SFRH/BPD/120777/2016), financed from the Portuguese State Budget of the Ministry for Science, Technology and High Education and from the European Social Fund, available through the Programa Operacional do Capital Humano. AML is funded by the Portuguese Government through FCT (IF/01262/2014). IPATIMUP integrates the i3S Research Unit, which is partially supported by FCT in the framework of the project “Institute for Research and Innovation in Health Sciences” (POCI-01-0145-FEDER-007274).Infertility is a growing concern in developed societies. Two extreme phenotypes of male infertility are non-obstructive azoospermia (NOA) and severe oligospermia (SO), which are characterized by severe spermatogenic failure (SpF). We designed a genetic association study comprising 725 Iberian infertile men as a consequence of SpF and 1058 unaffected controls to evaluate whether five single-nucleotide polymorphisms (SNPs), previously associated with reduced fertility in Hutterites, are also involved in the genetic susceptibility to idiopathic SpF and specific clinical entities. A significant difference in the allele frequencies of USP8-rs7174015 was observed under the recessive model between the NOA group and both the control group (p = 0.0226, OR = 1.33) and the SO group (p = 0.0048, OR = 1.78). Other genetic associations for EPSTI1-rs12870438 and PSAT1-rs7867029 with SO and between TUSC1-rs10966811 and testicular sperm extraction (TESE) success in the context of NOA were observed. In silico analysis of functional annotations demonstrated cis-eQTL effects of such SNPs likely due to the modification of binding motif sites for relevant transcription factors of the spermatogenic process. The findings reported here shed light on the molecular mechanisms leading to severe phenotypes of idiopathic male infertility, and may help to better understand the contribution of the common genetic variation to the development of these conditions.publishersversionpublishe

INFORME CIENTÍFICO – TÉCNICO de la Campaña SUBVENT1

Memoria del Informe Cintífico-Técnico de la campaña oceanográfica SUBVENT-1.Anexos de operatividad y de las distintas técnicas utilizados a lo largo de la misma.La campaña SUBVENT1-0913 se ha realizado a lo largo del talud inferior del margen continental de las Islas Canarias, área que también es conocida en la literatura como Cuenca Canaria. Esta zona se caracteriza por la presencia de una serie de estructuras geológicas recientes, así se encuentran la parte distal de los depósitos de debris procedentes de las avalanchas volcánicas generadas desde las Islas Canarias, a favor de la pendiente y probablemente en relación con episodios eruptivos. En la parte meridional se encuentra además un conjunto de montes submarinos, de diversa entidad, de origen volcánico y, en general, aparece todo un conjunto de montículos con desniveles comprendidos entre 30 y 300 m que han constituido el principal objetivo de esta campaña. Así mismo, en este sector existen numerosos escarpes lineales de orientación subparalela a la del propio talud a los que se encuentran asociados en ocasiones los citados montículos. La adquisición de nuevos datos geofísicos y el muestreo llevado a cabo durante la campaña permitirá conocer mejor el origen de estos montículos y el proceso de emisión que los ha generado. Por otro lado, el conocimiento de las relaciones entre los sedimentos de debris y hemipelágicos junto con los asociados a las posibles emisiones de la zona permitirá conocer no sólo la evolución sedimentaria de este margen, sino establecer los episodios de emisión que generaron los montículos y conocer sus patrones de crecimiento. Así mismo, se podrá evaluar la tasa de sedimentación de la zona y el papel de la masa de agua de fondo antártica (AABW) en esta evolución.The SUBVENT1-0913 cruise has been carried out along the lower slope of the continental margin of the Canary Islands. This area is characterized by the presence of several recent geological structures. Among these are the distal parts of the volcano-clastics debris deposits originated by volcanic avalanches of the Canary Islands, transported by gravity along the slope and probably related in origin to eruptive episodes. In the southern part, numerous and different reliefs (seamounts, hills or mounds) of volcanic origin occur. The most frequents features display heights between 30 and 300 m and they have constituted one of the main aims of this survey. Moreover, in this sector there are several subparallel linear scarps with similar directions to the slope trend that could be associated with the aforementioned mounds. The acquisition of new geophysical data and samples during this campaign will allow a better understanding of the origin of these mounds and the emission processes that have generated them. On the other hand, the knowledge of the relationships between debris and hemipelagic sediments together with those associated with possible venting processes in the area, will reveal not only the sedimentary evolution of this margin, but also to establish emission episodes generating mounds and to know their growth patterns. Furthermore, it would be possible to evaluate the sedimentation rate in the area and the role played by the Antarctic Bottom Water (AABW) mass on this process.Plan Nacional de I+D, Ministerio de Economía y Competitividad. Investigación fundamental no Orientada. Proyecto de Investigación Coordinado SUBVENT “Emisiones submarinas de fluidos en los márgenes continentales de las Islas Canarias y del Golfo de Cádiz: Análisis comparativo de las construcciones asociadas” (CGL2012‐39524‐C02). Acción Complementaria EXARCAN “Trabajos científico-técnicos para la preparación, presentación y defensa de las propuestas de España ante Naciones Unidas para la Extensión de la Plataforma Continental de las Islas Canarias y Galicia” (CTM2010-09496-E)

Predictores de riesgo en una cohorte española con cardiolaminopatías. Registro REDLAMINA

[Abstract] Introduction and objectives. According to sudden cardiac death guidelines, an implantable cardioverter-defibrillator (ICD) should be considered in patients with LMNA-related dilated cardiomyopathy (DCM) and ≥ 2 risk factors: male sex, left ventricular ejection fraction (LVEF) < 45%, nonsustained ventricular tachycardia (NSVT), and nonmissense genetic variants. In this study we aimed to describe the clinical characteristics of carriers of LMNA genetic variants among individuals from a Spanish cardiac-laminopathies cohort (REDLAMINA registry) and to assess previously reported risk criteria. Methods. The relationship between risk factors and cardiovascular events was evaluated in a cohort of 140 carriers (age ≥ 16 years) of pathogenic LMNA variants (54 probands, 86 relatives). We considered: a) major arrhythmic events (MAE) if there was appropriate ICD discharge or sudden cardiac death; b) heart failure death if there was heart transplant or death due to heart failure. Results. We identified 11 novel and 21 previously reported LMNA-related DCM variants. LVEF < 45% (P = .001) and NSVT (P < .001) were related to MAE, but not sex or type of genetic variant. The only factor independently related to heart failure death was LVEF < 45% (P < .001). Conclusions. In the REDLAMINA registry cohort, the only predictors independently associated with MAE were NSVT and LVEF < 45%. Therefore, female carriers of missense variants with either NSVT or LVEF < 45% should not be considered a low-risk group. It is important to individualize risk stratification in carriers of LMNA missense variants, because not all have the same prognosis.[Resumen] Introducción y objetivos. Según las guías de muerte súbita, se debe considerar un desfibrilador automático implantable (DAI) para los pacientes con miocardiopatía dilatada debida a variantes en el gen de la lamina (LMNA) con al menos 2 factores: varones, fracción de eyección del ventrículo izquierdo (FEVI) < 45%, taquicardia ventricular no sostenida (TVNS) y variantes no missense. Nuestro objetivo es describir las características clínicas de una cohorte española de pacientes con cardiolaminopatías (registro REDLAMINA) y evaluar los criterios de riesgo vigentes. Métodos. Se evaluó la relación entre factores de riesgo y eventos cardiovasculares en una cohorte de 140 portadores de variantes en LMNA (54 probandos, 86 familiares, edad ≥ 16 años). Se consideró: a) evento arrítmico mayor (EAM) si hubo descarga apropiada del DAI o muerte súbita, y b) muerte por insuficiencia cardiaca, incluidos los trasplantes. Resultados. Se identificaron 11 variantes nuevas y 21 previamente publicadas. La FEVI < 45% (p = 0,001) y la TVNS (p < 0,001) se relacionaron con los EAM, pero no el sexo o el tipo de variante (missense frente a no missense). La FEVI < 45% (p < 0,001) fue el único factor relacionado con la muerte por insuficiencia cardiaca. Conclusiones. En el registro REDLAMINA, los únicos 2 predictores asociados con EAM fueron la TVNS y la FEVI < 45%. No se debería considerar grupo de bajo riesgo a las portadoras de variantes missense con TVNS o FEVI < 45%. Es importante individualizar la estratificación del riesgo de los portadores de variantes missense en LMNA, porque no todas tienen el mismo pronóstico.This study received a grant from the Proyecto de investigación de la Sección de Insuficiencia Cardiaca 2017 from the Spanish Society of Cardiology and grants from the Instituto de Salud Carlos III (ISCIII) [PI14/0967, PI15/01551, AC16/0014] and ERA-CVD Joint Transnational Call 2016 (Genprovic). Grants from the ISCIII and the Ministerio de Economía y Competitividad de España (Spanish Department of Economy and Competitiveness) are supported by the Plan Estatal de I+D+i 2013-2016: Fondo Europeo de Desarrollo Regional (FEDER) “Una forma de hacer Europa”