Robust monetary policy in a new Keynesian model with imperfect interest rate pass-through

We use robust control to study how a central bank in an economy with imperfect interest rate pass-through conducts monetary policy if it fears that its model could be misspecified. The effects of the central bank's concern for robustness can be summarised as follows. First, depending on the shock, robust optimal monetary policy under commitment responds either more cautiously or more aggressively. Second, such robustness comes at a cost: the central bank dampens volatility in the inflation rate preemptively, but accepts higher volatility in the output gap and the loan rate. Third, if the central bank faces uncertainty only in the IS equation or the loan rate equation, the robust policy shifts its concern for stabilisation away from inflation. --optimal monetary policy,commitment,model uncertainty

More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress

This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under discretion and face model uncertainty. The analysis is based on a New Keynesian model where banks supply loans to transaction constrained consumers. Our results confirm the literature on model uncertainty with respect to a cost-push shock. Insuring against model misspecification leads to a more aggressive policy response. The same is true for a shock to collateral. A preference for robustness leads to a more aggressive policy. Increasing the weight attached to interest rate smoothing raises the degree of aggressiveness. Our results indicate that a preference for robustness crucially depends on the way different types of disturbances affect the economy: in the case of a shock to collateral the policymaker does not need to be as much worried about model misspecification as in the case of a conventional cost-push shock. --Optimal monetary policy,discretion,model uncertainty,banking,collateral

Inflation Targeting und monetäre Integration in europäischen Schwellenländern

This study addresses the potential trade-off between inflation and exchange rate targeting in former transition countries, which now may be labeled emerging market economies and which prepare for entry into the Economic and Monetary Union (EMU). Among this group of countries, some implemented inflation targeting regimes. These countries may face increasing macroeconomic risks when entering the possibly insecure terrain of a soft peg in the European Exchange Rate Mechanism (ERM 2). Against this background, the study analyzes the choice of inflation targets using panel data techniques (Chapter 2), the (de facto) role of exchange rate policy in monetary strategies applying vector autoregressions (Chapter 3), and the potential costs of an additional exchange rate target under an intermediate exchange rate regime like ERM 2 in a new open economy macro model (Chapter 4)

Healthcare marketing : state of the art and best practice in the sector of consumer goods

In der heutigen Zeit verlagert sich die Kaufkraft der Nachfrager immer mehr auf den Zweiten Gesundheitsmarkt. Dies hat zur Folge, dass auch Konsumgüter immer mehr in den Vordergrund treten. Es hat sich ein Konsumgütermarkt für Gesundheitswaren gebildet. Dieser schafft auch neue Herausforderungen für das Gesundheitsmarketing. Das Gesundheitsmarketing gleicht in diesem Bereich sehr stark dem üblichen Marketing für Konsumgüter. Allerdings bilden Gesundheitsökonomie und Gesundheitspsychologie die Grundlage für die Marketingmaßnahmen

Staatswohl, Sicherheit, Erinnerungslücken: Rezension zu "Untersuchung im Rechtsstaat: Eine deskriptiv-kritische Beobachtung der parlamentarischen Untersuchungsausschüsse zur NSU-Mordserie" von Maximilian Pichl

Maximilian Pichl: Untersuchung im Rechtsstaat: Eine deskriptiv-kritische Beobachtung der parlamentarischen Untersuchungsausschüsse zur NSU-Mordserie. Baden-Baden: Nomos 2022. 978-3-7489-3267-

Veränderungs- und Transformationsprozesse am Arbeitsplatz: Kurzanalysen auf Basis von IAB-Betriebspanel, BIBB/BAuA-Erwerbstätigenbefragung und Sozio-oekonomischem Panel

Viele Beschäftigte erleben unmittelbar den Wandel der Arbeitswelt, weil sich ihr eigenes Arbeitsumfeld verändert, oder indirekt, weil die Betriebe, in denen sie arbeiten, ihre Prozesse und Strukturen reorganisieren. Welche Beschäftigte von diesen Veränderungsprozessen besonders stark betroffen sind und in welchen Betrieben diese besonders häufig zu beobachten sind, lässt sich auf Basis des IAB-Betriebspanels, der BIBB-BAuA-Erwerbstätigenbefragungen und des Sozio-oekonomischem Panels (SOEP) auf einer repräsentativen Basis über einen längeren Zeitraum beobachten. Der vorliegende Tabellenband gibt einen Einblick, welche längerfristigen Trends bei Veränderungsprozessen in der betrieblichen Arbeitswelt zu beobachten sind. Er zeigt auch auf, welche personen- oder betriebsbezogenen Merkmale mit diesen in einem engen Zusammenhang stehen. Die empirischen Auswertungen geben auch Auskunft darüber, welche Erwartungen und Einschätzungen Beschäftigte haben, deren eigenes Arbeitsumfeld sich verändert oder verändert hat.Many employees experience the transformation of work. Their workplaces, working conditions and work environment may have directly changed or they work in firms that have been restructuring processes and organisations. The IAB-Establishment Panel, the BIBB-BAuA-Employment Surveys and the Socio-Economic Panel allow to reveal the characteristics of individuals and establishments that are particularly affected. The compilation of figures in this analysis also provides insights how the transformation of work has evolved over the last decade. It also shows the expectations and assessments of employees who have directly been affected by changes of their own work environment

Exploiting moderate hypoxia to benefit patients with brain disease: Molecular mechanisms and translational research in progress

Hypoxia is increasingly recognized as an important physiological driving force. A specific transcriptional program, induced by a decrease in oxygen (O$_{2}$) availability, for example, inspiratory hypoxia at high altitude, allows cells to adapt to lower O$_{2}$ and limited energy metabolism. This transcriptional program is partly controlled by and partly independent of hypoxia‐inducible factors. Remarkably, this same transcriptional program is stimulated in the brain by extensive motor‐cognitive exercise, leading to a relative decrease in O$_{2}$ supply, compared to the acutely augmented O$_{2}$ requirement. We have coined the term “functional hypoxia” for this important demand‐responsive, relative reduction in O$_{2}$ availability. Functional hypoxia seems to be critical for enduring adaptation to higher physiological challenge that includes substantial “brain hardware upgrade,” underlying advanced performance. Hypoxia‐induced erythropoietin expression in the brain likely plays a decisive role in these processes, which can be imitated by recombinant human erythropoietin treatment. This article review presents hints of how inspiratory O$_{2}$ manipulations can potentially contribute to enhanced brain function. It thereby provides the ground for exploiting moderate inspiratory plus functional hypoxia to treat individuals with brain disease. Finally, it sketches a planned multistep pilot study in healthy volunteers and first patients, about to start, aiming at improved performance upon motor‐cognitive training under inspiratory hypoxia

The Nucleosome-Remodeling ATPase ISWI Is Regulated by Poly-ADP-Ribosylation

ATP-dependent nucleosome-remodeling enzymes and covalent modifiers of chromatin set the functional state of chromatin. However, how these enzymatic activities are coordinated in the nucleus is largely unknown. We found that the evolutionary conserved nucleosome-remodeling ATPase ISWI and the poly-ADP-ribose polymerase PARP genetically interact. We present evidence showing that ISWI is target of poly-ADP-ribosylation. Poly-ADP-ribosylation counteracts ISWI function in vitro and in vivo. Our work suggests that ISWI is a physiological target of PARP and that poly-ADP-ribosylation can be a new, important post-translational modification regulating the activity of ATP-dependent nucleosome remodelers