Financial Fragility, Bubbles and Monetary Policy

The paper models the links between financial fragility, asset markets and monetary policy. It is shown that central bank’s concern about the cost of financial disruption may generate an asymmetric response, thus contributing to the creation of an asset price bubble. In an economy with a highly leveraged financial structure, the central bank has an incentive to prevent a “run” on financial intermediation by injecting liquidity when asset values fall significantly. The inflationary side effect of this policy, reducing the real value of nominal debt, is what gives rise to a “put option” for investors. Leveraged investors, rationally anticipating this liquidity injection, drive asset prices above their fundamental values. The bubble will be equal to the expected value of capital gains on outstanding debt. The paper shows that it is rational for central banks to inject liquidity in a crisis, whenever there is the risk of spillover effects arising from the disruption of financial intermediation

Evaluation of in-situ shrinkage and expansion properties of polymer composite materials for adhesive anchor systems by a novel approach based on digital image correlation

The curing reaction of thermosetting resins is associated with chemical shrinkage which is overlapped with thermal expansion as a result of the exothermal enthalpy. Final material properties of the polymer are determined by this critical process. For adhesive anchor systems the overall shrinkage behavior of the material is very important for the ultimate bond behavior between adhesive and the borehole wall. An approach for the insitu measurement of 3-dimensional shrinkage and thermal expansion with digital image correlation (DIC) is presented, overcoming the common limitation of DIC to solids. Two polymer-based anchor systems (filled epoxy, vinylester) were investigated and models were developed, showing good agreement with experimental results. Additionally, measurements with differential scanning calorimetry (DSC) provided supporting information about the curing reaction. The vinylester system showed higher shrinkage but much faster reaction compared to the investigated epoxy

Analiza kuta smicanja pri ortogonalnom rezanju borovine

The determination of energy effects for wood machining processes, such as cutting power and cutting forces, is very useful in designing of manufacture process of wooden products. A more accurate prediction of cutting forces requires a correct determination of the shear angle value, which can be determined using various models. In this article, shear angle values for an orthogonal linear cutting process of pine wood are determined. The pine wood analysed was represented by two groups of samples with different moisture content levels, 12 % and 20 %. Three different models were used to determine the shear angle values: the Merchant model, which is based on the rake angle and the angle of friction, model based on chip compression ratios and Atkins model based on material properties (elements of fracture mechanics). The values obtained have been analysed for comparison. Results showed that the values of the shearing angles determined from the chip compression ratios turned out to be higher than the values from Merchant equation. The shear angles determined from the Atkins model are, as expected, lower than those determined from the Merchant model. Furthermore, the shear angle values for moisture content of 20 % are higher than for moisture content of 12 %.Određivanje energijskih veličina tijekom procesa obrade drva, poput snage rezanja i sile rezanja, vrlo je korisno pri projektiranju procesa proizvodnje drvenih predmeta. Za točnije predviđanje sila rezanja potrebno je ispravno odrediti vrijednost kuta smicanja, što se može postići primjenom različitih modela. U ovom su članku određene vrijednosti kutova smicanja za ortogonalno linearno rezanje borovine. Analizirano borovo drvo predstavljeno je dvjema skupinama uzoraka različitog udjela sadržaja vode, 12 i 20 %. Za određivanje vrijednosti kuta smicanja primijenjena su tri različita modela: Merchantov model utemeljen na prsnom kutu i kutu trenja; model zasnovan na omjerima kompresije strugotine i Atkinsov model, kojemu su glavna polazišta svojstva materijala (elementi mehanike loma). U radu je prezentirana usporedba dobivenih vrijednosti. Na temelju rezultata uočeno je da su vrijednosti kutova smicanja određene iz omjera kompresije strugotine veće od vrijednosti dobivenih Merchantovom jednadžbom. Kutovi smicanja određeni prema Atkinsovu modelu očekivano su niži od onih određenih uz pomoć Merchantova modela. Nadalje, vrijednosti kuta smicanja za uzorke sa sadržajem vode od 20 % veće su od kutova smicanja za uzorke sa sadržajem vode od 12 %

Metoda i uređaj za 3D prikaz mikrogeometrije rezne oštrice

A very useful method was successfully applied in the investigation of tools for machining wood and wood based composites. It allows scanning of the cutting edge micro geometry in three dimensions and reproducing it in a virtual space as a 3D surface. The application of the method opens new possibilities of studying tool wear by scanning, including the calculation of volume loss and other analysis of tool wedge geometry along and perpendicularly to the cutting edge. Effectiveness of the method and scanner were successfully verified by a reference ESEM (Environmental Scanning Electron Microscopy) method.Vrlo korisna metoda skeniranja uspješno je primijenjena za istraživanje alata za obradu drva i kompozita na bazi drva. Metoda omogućuje skeniranje mikrogeometrije rezne oštrice u tri dimenzije i ponovni prikaz u virtualnom prostoru kao 3D površina. Primjena metode otvara nove mogućnosti istraživanja trošenja alata skeniranjem, uključujući izračun volumena gubitka materijala trošenjem alata ili druge analize geometrije alata uzdužno ili okomito na reznu oštricu. Učinkovitost metode i skener uspješno su verificirani uz pomoć ESEM (Environmental Scanning Electron Microscopy) metode

Effect of carbon nanofibre orientation on fatigue properties of carbon fibre-reinforced polymers

Nano-reinforcements in carbon fibre-reinforced polymer (CFRP) have proven to enhance the mechanical properties considering quasi-static, as well as fatigue load and, are a promising option with regard to CFRP performance optimisation. While general knowledge about the nanofiller content and its influence in CFRP is well documented, the use of alignment techniques for a specific orientation of the nano-reinforcements is still insufficiently studied. In this work, the influence of oriented carbon nanofibres (CNF) on the mechanical properties of bidirectional CFRP is investigated. CFRP was produced CNF-reinforced with and without orientation using a hot press, where an electric field was applied during curing. The laminates were characterised with respect to dispersion quality, pore volume, quasi-static properties (tensile and bending tests) and dynamic properties (fatigue tests). Electrical resistance measurement was applied together with digital image correlation and in situ computed tomography to generate knowledge about the fatigue-related damage evolution and evaluate the sensors for viable use of condition monitoring. Results show that the orientation of CNF has a significant impact on both quasi-static and fatigue properties, increasing the strength while reducing and slowing down the introduced damage. Orientation of nanofillers thus shows large optimization potential of mechanical properties of CFRP components

Cardiac T1 mapping enables risk prediction of LV dysfunction after surgery for aortic regurgitation

Background To assess whether cardiac T1 mapping for detecting myocardial fibrosis enables preoperative identification of patients at risk for early left ventricular dysfunction after surgery of aortic regurgitation. Methods 1.5 Tesla cardiac magnetic resonance imaging was performed in 40 consecutive aortic regurgitation patients before aortic valve surgery. Native and post-contrast T1 mapping was performed using a modified Look-Locker inversion-recovery sequence. Serial echocardiography was performed at baseline and 8 ± 5 days after aortic valve surgery to quantify LV dysfunction. Receiver operating characteristic analysis was performed to determine the diagnostic accuracy of native T1 mapping and extracellular volume for predicting postoperative LV ejection fraction decrease >−10% after aortic valve surgery. Results Native T1 was significantly increased in patients with a postoperatively decreased LVEF (n = 15) vs. patients with a preserved postoperative LV ejection fraction (n = 25) (i.e., 1,071 ± 67 ms vs. 1,019 ± 33 ms, p = .001). Extracellular volume was not significantly different between patients with preserved vs. decreased postoperative LV ejection fraction. With a cutoff-of value of 1,053 ms, native T1 yielded an area under the curve (AUC) of .820 (95% CI: .683–.958) for differentiating between patients with preserved vs. reduced LV ejection fraction with 70% sensitivity and 84% specificity. Conclusion Increased preoperative native T1 is associated with a significantly higher risk of systolic LV dysfunction early after aortic valve surgery in aortic regurgitation patients. Native T1 could be a promising tool to optimize the timing of aortic valve surgery in patients with aortic regurgitation to prevent early postoperative LV dysfunction

Pulmonary cancers across different histotypes share hybrid tuft cell/ionocyte-like molecular features and potentially druggable vulnerabilities

Tuft cells are chemosensory epithelial cells in the respiratory tract and several other organs. Recent studies revealed tuft cell-like gene expression signatures in some pulmonary adenocarcinomas, squamous cell carcinomas (SQCC), small cell carcinomas (SCLC), and large cell neuroendocrine carcinomas (LCNEC). Identification of their similarities could inform shared druggable vulnerabilities. Clinicopathological features of tuft cell-like (tcl) subsets in various lung cancer histotypes were studied in two independent tumor cohorts using immunohistochemistry (n = 674 and 70). Findings were confirmed, and additional characteristics were explored using public datasets (RNA seq and immunohistochemical data) (n = 555). Drug susceptibilities of tuft cell-like SCLC cell lines were also investigated. By immunohistochemistry, 10–20% of SCLC and LCNEC, and approximately 2% of SQCC expressed POU2F3, the master regulator of tuft cells. These tuft cell-like tumors exhibited “lineage ambiguity” as they co-expressed NCAM1, a marker for neuroendocrine differentiation, and KRT5, a marker for squamous differentiation. In addition, tuft cell-like tumors co-expressed BCL2 and KIT, and tuft cell-like SCLC and LCNEC, but not SQCC, also highly expressed MYC. Data from public datasets confirmed these features and revealed that tuft cell-like SCLC and LCNEC co-clustered on hierarchical clustering. Furthermore, only tuft cell-like subsets among pulmonary cancers significantly expressed FOXI1, the master regulator of ionocytes, suggesting their bidirectional but immature differentiation status. Clinically, tuft cell-like SCLC and LCNEC had a similar prognosis. Experimentally, tuft cell-like SCLC cell lines were susceptible to PARP and BCL2 co-inhibition, indicating synergistic effects. Taken together, pulmonary tuft cell-like cancers maintain histotype-related clinicopathologic characteristics despite overlapping unique molecular features. From a therapeutic perspective, identification of tuft cell-like LCNECs might be crucial given their close kinship with tuft cell-like SCLC

NCO-sP(EO-stat-PO) Coatings on Gold Sensors—a QCM Study of Hemocompatibility

The reliability of implantable blood sensors is often hampered by unspecific adsorption of plasma proteins and blood cells. This not only leads to a loss of sensor signal over time, but can also result in undesired host vs. graft reactions. Within this study we evaluated the hemocompatibility of isocyanate conjugated star shaped polytheylene oxide—polypropylene oxide co-polymers NCO-sP(EO-stat-PO) when applied to gold surfaces as an auspicious coating material for gold sputtered blood contacting sensors. Quartz crystal microbalance (QCM) sensors were coated with ultrathin NCO-sP(EO-stat-PO) films and compared with uncoated gold sensors. Protein resistance was assessed by QCM measurements with fibrinogen solution and platelet poor plasma (PPP), followed by quantification of fibrinogen adsorption. Hemocompatibility was tested by incubation with human platelet rich plasma (PRP). Thrombin antithrombin-III complex (TAT), β-thromboglobulin (β-TG) and platelet factor 4 (PF4) were used as coagulation activation markers. Furthermore, scanning electron microscopy (SEM) was used to visualize platelet adhesion to the sensor surfaces. Compared to uncoated gold sensors, NCO-sP(EO-stat-PO) coated sensors revealed significant better resistance against protein adsorption, lower TAT generation and a lower amount of adherent platelets. Moreover, coating with ultrathin NCO-sP(EO-stat-PO) films creates a cell resistant hemocompatible surface on gold that increases the chance of prolonged sensor functionality and can easily be modified with specific receptor molecules