Circadian rhythms and hormonal homeostasis: Pathophysiological implications

Over recent years, a deeper comprehension of the molecular mechanisms that control biological clocks and circadian rhythms has been achieved. In fact, many studies have contributed to unravelling the importance of the molecular clock for the regulation of our physiology, including hormonal and metabolic homeostasis. Here we will review the structure, organisation and molecular machinery that make our circadian clock work, and its relevance for the proper functioning of physiological processes. We will also describe the interconnections between circadian rhythms and endocrine homeostasis, as well as the underlying consequences that circadian dysregulations might have in the development of several pathologic affections. Finally, we will discuss how a better knowledge of such relationships might prove helpful in designing new therapeutic approaches for endocrine and metabolic diseases

Labor Market Participation, Unemployment and Monetary Policy

In the present paper we examine how the introduction of endogenous participation in an otherwise standard DSGE model with matching frictions and nominal rigidities affects business cycle dynamics and monetary policy. The contribution of the paper is threefold: first, we show that the model provides a good fit for employment and unemployment volatility, as well as participation volatility and its correlation with output for US data. Second, we show that in such a model, and contrary to a model with exogenous participation, a monetary authority that becomes more aggressive in fighting inflation decreases the volatility of employment and unemployment. Finally, we show the role of search costs in shaping those results.matching frictions, endogenous participation, monetary policy

Discretionary Fiscal Policy and Optimal Monetary Policy in a Currency Area

The paper evaluates the effects of fiscal discretion in a currency area, where a common and independent monetary authority commits to optimally set the union-wide nominal interest rate. National governments implement fiscal policy by choosing government expenditure. The assumption of fiscal policy coordination across countries is retained in order to evaluate the costs exclusively due to discretion, leaving aside the free-riding problems stemming from noncooperation. In such a context, nominal rigidities potentially generate a stabilization role for fiscal policy, in addition to the one of ensuring efficient provision of public goods. However, it is showed that, under discretion, aggregate fiscal policy stance is inefficiently loose and the volatility of government expenditure is higher than optimal. As an implication, the optimal monetary policy rule involves the targeting of union-wide fiscal stance, on top of inflation and output gap. The result questions the welfare enhancing role of government expenditure, as the proper instrument for stabilizing asymmetric shocks. In fact, discretion entails significant welfare costs, the magnitude depending on the stochastic properties of the shocks and, for plausible parameter values, it is not optimal to use fiscal policy as a stabilization tool

Optimal simple monetary policy rules and non-atomistic wage setters in a New-Keynesian framework

The purpose of the paper is to design optimal monetary policy rules in a New-Keynesian model featuring the presence of non-atomistic unions. It is shown that concentrated labor markets call for more aggressive inflation stabilization. This is because the central bank is able to induce wage restraint and to push output towards Pareto efficiency by implementing tougher stabilization policies. Moreover, the welfare cost of deviation from the optimal policy is increasing in wage setting centralization. The analysis is performed in the context of a linear-quadratic approach where the welfare measure is derived resorting to a second order approximation to households’ lifetime utility. JEL Classification: E24, E52Inflation, monetary policy, Unions

Labor market participation, unemployment and monetary policy

In the present paper we examine how the introduction of endogenous participation in an otherwise standard DSGE model with matching frictions and nominal rigidities affects business cycle dynamics and monetary policy. The contribution of the paper is threefold: first, we show that the model provides a good fit for employment and unemployment volatility, as well as participation volatility and its correlation with output for US data. Second, we show that in such a model, and contrary to a model with exogenous participation, a monetary authority that becomes more aggressive in fighting inflation decreases the volatility of employment and unemployment. Finally, we show the role of search costs in shaping those results

Monetary commitment and the level of public debt

We analyze the interaction between committed monetary policy and discretionary fiscal policy in a model with public debt, endogenous government expenditures, distortive taxation and nominal rigidities. Fiscal decisions lack commitment but are Markovperfect. Monetary commitment to an interest rate path leads to a unique level of debt. This level of debt is positive if the central bank adopts closed-loop strategies that raise the real interest rate when inflation is above target owing to fiscal deviations. More aggressive defence of the inflation target implies lower debt and higher welfare. Simple Taylor-type interest rate rules achieve welfare levels similar to those generated by sophisticated closed-loop strategies

Genetic Improvement and Nutritive Value of Lucerne: Crude Protein Content

Stratigraphical analysis of a lucerne (Medicago saliva L.) stand was made to show the effect of leaf age and health, and of leaf-stem ratio, on crude protein content, These data show that when the analysis was made on stems of the same age and on leaves of the same age, health and physiological state, the variability of this trait is negligible, which makes it very difficult to breed for crude protein content. Nevertheless ii is possible to improve the protein content by selection for physiological trails such as leaf persistence and tolerance of early culling

Do labor market institutions matter for business cycles?

Available online 4 November 2014. Using panel data of 19 OECD countries observed over 40 years and data on specific labor market reform episodes we conclude that labor market institutions matter for business cycle fluctuations. Spearman partial rank correlations reveal that more flexible institutions are associated with lower business cycle volatility. Turning to the analysis of reform episodes, wage bargaining reforms increase the correlation of the real wage with labor productivity and the volatility of unemployment. Employment protection reforms increase the volatility of employment and decrease the correlation of the real wage with labor productivity. Reforms reducing replacement rates make labor productivity more procyclical