Exchange rate pass-through and monetary policy in transition economy : evidence from Tunisia with a disaggregated VAR analysis

Relying on monthly and quarterly data, from 2000 to 2015, this paper keeps up with SVAR modeling and price chain study, through a disaggregate approach that aims at analyzing the exchange rate pass-through (ERPT) on the various components of consumer price index (CPI). To our knowledge, this study is the first attempt at ERPT estimation through a disaggregate approach for the CPI. The results show that the total ERPT is about 20%. Specifically, 10% of PT on the administered prices after 2011 revolution date (6% of PT for food administered prices and 7% of PT for energy prices), which contradicts the prevailing theory that admits the inexistence of PT for administered prices. Our findings confirm the importance of a disaggregate analysis for studying ERPT to contain inflation.peer-reviewe

Exchange rate Pass-through and Monetary Policy in Transition Economy: Evidence from Tunisia with disaggregated VAR Analysis

The issue of exchange rate pass-through has raised interest in international economy, a necessary step for adopting an adequate monetary policy, which accentuated in 2000 given its impacts on the monetary policy. Yet, on the academic level, research attempts at studying small open economy in a transitory period, e.g. Tunisia, seem to bring about only a few responses. Relying on monthly and quarterly data, from 2000 to 2015, this paper keeps up with SVAR modeling and price chain study, but through two different approaches: a direct aggregate approach that aims at checking the direct impact of exchange rate transmissions on the global prices, and a disaggregate approach that aims at analyzing the exchange rate degree of transmission on the various components of consumer price. To our knowledge, this study is the first attempt at exchange rate pass-through estimation through a disaggregate approach for the consumer price indexe. The main preliminary findings show that the total exchange rate pass-through is about 20% after 2011. Specifically, 10% of pass-through on the administered prices. More accurately, there is a 6% of pass-through degree for food administered prices as well as 7% of pass-through degree for energy prices (after 2011 revolution date), which contradicts the prevailing theory that admits the inexistence of pass-through for administered prices. On the whole, our findings confirm the importance of a disaggregate analysis for studying exchange rate pass-through, and can help policy makers in Tunisia to adopt the appropriate strategies for implementing monetary policy and containing inflation

Exchange rate Pass-through and Monetary Policy in Transition Economy: Evidence from Tunisia with disaggregated VAR Analysis

The issue of exchange rate pass-through has raised interest in international economy, a necessary step for adopting an adequate monetary policy, which accentuated in 2000 given its impacts on the monetary policy. Yet, on the academic level, research attempts at studying small open economy in a transitory period, e.g. Tunisia, seem to bring about only a few responses. Relying on monthly and quarterly data, from 2000 to 2015, this paper keeps up with SVAR modeling and price chain study, but through two different approaches: a direct aggregate approach that aims at checking the direct impact of exchange rate transmissions on the global prices, and a disaggregate approach that aims at analyzing the exchange rate degree of transmission on the various components of consumer price. To our knowledge, this study is the first attempt at exchange rate pass-through estimation through a disaggregate approach for the consumer price indexe. The main preliminary findings show that the total exchange rate pass-through is about 20% after 2011. Specifically, 10% of pass-through on the administered prices. More accurately, there is a 6% of pass-through degree for food administered prices as well as 7% of pass-through degree for energy prices (after 2011 revolution date), which contradicts the prevailing theory that admits the inexistence of pass-through for administered prices. On the whole, our findings confirm the importance of a disaggregate analysis for studying exchange rate pass-through, and can help policy makers in Tunisia to adopt the appropriate strategies for implementing monetary policy and containing inflation

Time Varying VAR Analysis for Disaggregated Exchange Rate Pass-through in Tunisia

Our paper follows the "Time Varying Parameter VAR with Stochastic Volatility" (TVP VAR) approach developed by Primiceri (2005): Bayesian estimation with time varying coefficients and stochastic volatility. Our paper contributes to the literature by examining if the impact of monetary and exchange rate shocks have varied over time in Tunisia through a disaggregated analysis of exchange rate pass-through by introducing time variability in two ways; firstly, by assuming That all the coefficients of the VAR model are variant in time, and secondly, in the temporal variance-covariance matrix, that is the error term’s volatility of the VAR model. The multivariate stochastic volatility aims at capturing the heteroskedasticity of shocks and non linearities in the simultaneous relationships between the variables of the model. In fact, it allows us to capture abrupt and progressive changes in state variables. Given the structural and institutional changes in the Tunisian economy over the last few decades, it is important to emphasize the possibility of such a temporal variation in the empirical methodology. To the best of our knowledge, this work is among the first to apply the TVP-VAR approach with stochastic volatility to the shocks of monetary and exchange rate policies in Tunisia. Overall, the findings confirm that the modeling approch; i.e the TVP-VAR, is the best tool to analyze the impact of these shocks in Tunisia. The results of the study can help the short- and long-term decision-makers in Tunisia to adopt appropriate strategies for conducting monetary policy as well as containing inflation

Time Varying VAR Analysis for Disaggregated Exchange Rate Pass-through in Tunisia

Our paper follows the "Time Varying Parameter VAR with Stochastic Volatility" (TVP VAR) approach developed by Primiceri (2005): Bayesian estimation with time varying coefficients and stochastic volatility. Our paper contributes to the literature by examining if the impact of monetary and exchange rate shocks have varied over time in Tunisia through a disaggregated analysis of exchange rate pass-through by introducing time variability in two ways; firstly, by assuming That all the coefficients of the VAR model are variant in time, and secondly, in the temporal variance-covariance matrix, that is the error term’s volatility of the VAR model. The multivariate stochastic volatility aims at capturing the heteroskedasticity of shocks and non linearities in the simultaneous relationships between the variables of the model. In fact, it allows us to capture abrupt and progressive changes in state variables. Given the structural and institutional changes in the Tunisian economy over the last few decades, it is important to emphasize the possibility of such a temporal variation in the empirical methodology. To the best of our knowledge, this work is among the first to apply the TVP-VAR approach with stochastic volatility to the shocks of monetary and exchange rate policies in Tunisia. Overall, the findings confirm that the modeling approch; i.e the TVP-VAR, is the best tool to analyze the impact of these shocks in Tunisia. The results of the study can help the short- and long-term decision-makers in Tunisia to adopt appropriate strategies for conducting monetary policy as well as containing inflation

Drug Abuse-Induced Cardiac Arrhythmias: Mechanisms and Management

Toxicomania is a worldwide emerging problem threatening young population. Several reports highlighted its hazardous cardiovascular effects. Sudden cardiac death secondary to cardiac arrhythmias is the most occupying issue. Different forms of cardiac rhythm disorders may be induced by illicit drug abuse according to the type of drug and the mechanism involved. In this review, we exposed the main ventricular and supraventricular arrhythmia complicating the common recreational drugs, and we explained their different mechanisms as well as the particularities of management

Descriptive Epidemiology of Malignant primary osteosarcoma in Tunisia 1980-2016

Abstract   Background  Osteosarcoma is a rare malignant tumor of the mesenchymal tissue that accounts for 5% of all malignant tumors in children and teenager. The purpose of our study was to describe epidemiological and evolutionary characteristics of osteosarcoma in Tunisia.   Methods It’s a retrospective study performed in the Oncology Department of Salah Azaiez Institute from January 1980 to December 2016. We analyzed records of 200 cases of patients with primary high grade osteosarcoma.   Results The mean incidence was 6 cases per year. The mean age at the time of diagnosis was 19 years with a slight male predominance (55%). The distribution had a single peak during adolescence and a plateau during adulthood. The average consultation period was 3.4 months. The most common reasons for consultation were pain (82%), followed by swelling (74%), trauma (10%), fracture (6.5%), and functional impairment (5.5%).  Mean tumor size was 11 cm. Preferred site was long bones in young patients and flat bones in elderly ones. Common osteosarcoma was the most frequent (85%). Overall survival and progression free survival at 5 years were respectively 78% and 90.5%. .  Conclusion In summary, this study is a large national population-based incidence report of osteosarcoma in Tunisia

Study of electrical properties of polymethylmethacrylate treated in aqueous and saline environments

Polymethylmethacrylate (PMMA) is one of the most studied polymers in the last years due to its outstanding mechanical and physical-chemical properties. This material is used in various applications in which it can be subjected to different constraints. In this work, PMMA samples were submitted to thermal treatment (at 100 °C for 20 min) in aqueous and saline environments. We studied the hydrothermal effect as well as the saline environment effect on electrical properties of PMMA by means of thermal step method (TSM) and thermally stimulated depolarization current (TSDC) technique. It was found that polarization was significantly influenced by the hydrothermal treatment realized particularly in a saline medium. α- and ρ-relaxations were observed in all TSDC spectra. For each treated sample, ρ-relaxation peak is more intensive than the dipolar one and the corresponding releasing charge quantity increases

An Automated System for the Segmentation of Dynamic Scintigraphic Images

This paper presents a novel system for the automatic segmentation of Dynamic Scintigraphic Images (DSI). DSI allow a functional exploration of the studied structure and therefore a good understanding of the pathological phenomenon. The proposed system aims at achieving high accuracy of the segmentation process for a precise calculation of the renal functions and the ventricular ejection fraction, thus speeding up the clinical diagnosis and decision-making. The proposed method combines the Fast Marching Method (FMM) and HOG3D spatiotemporal descriptor with the supervision of a Multi Agent System (MAS). Our MAS is composed of a set of supervisor and explorer agents able to detect the regions of interest from a video sequence of scintigraphic images captured over time. The behavior of communicating supervising and exploring agentsis inspired from the Active contour technique. This automatic segmentation system is expected to assist physicians in both clinical diagnosis and educational training. The results of the application of our method on several dynamic images are presented and discussed