Does the Central Bank of Peru respond to exchange rate movements?

El objetivo de esta investigación es investigar si los movimientos del tipo de cambio nominal afectan la fijación de la tasa de interés de política monetaria en Perú. Estimamos un modelo de equilibrio general dinámico estocástico (DSGE, siglas en inglés) neokeynesiano de una economía pequeña y abierta con hogares, dos sectores productivos de exportación (commodities y manufacturados) y un sector externo, basado en el modelo desarrollado por Schmitt-Grohé y Uribe (2017). El modelo considera mercados incompletos, rigidez de precios a la Calvo y una regla de política monetaria que responde a cambios en la infación, el producto bruto interno y tipo de cambio nominal. Adicionalmente, se incluye una condición de paridad de la tasa de interés modificada que captura la intervención cambiaria, que ha sido utilizada activamente por el Banco Central del Perú desde principios de los años 90. Estimamos cuatro especi caciones del modelo por métodos bayesianos para los periodos 1T2002-4T2017 y 1T2010-4T2017, cuando el Banco Central del Perú sigue un régimen de metas de in ación. El principal resultado sugiere que la importancia del tipo de cambio nominal en la regla de política monetaria del Banco Central del Perú ha disminuido desde el 2010, lo que puede atribuirse al proceso de desdolarización de la economía peruana y la consolidación del régimen de metas de in ación. Durante el período 1T2020-4T2017, el Banco Central racionaliza su esquema de metas de inflación con instrumentos para limitar los riesgos vinculados a la dolarización e interviene en el mercado de divisas. Además, encontramos que la intervención en el mercado cambiario ha sido una característica relevante del mercado cambiario en Perú y de la determinación del tipo de cambioThe aim of this paper is to investigate whether exchange rate movements affect the monetary policy interest rate setting in Peru. We estimate a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model of a small open economy with households, two productive export sectors (commodities and manufacturing) and a foreign sector, based on the model developed by Schmitt-Grohé and Uribe (2017). The model considers incomplete markets, sticky prices a la Calvo and a monetary policy rule that responds to changes in in- ation, output and in the nominal exchange rate. Additionaly, we include a modi ed interest rate parity condition that captures foreign exchange intervention, which has been actively used by the Central Bank of Peru since early 90s. We estimate four speci cations of the model by Bayesian methods for the periods 2002Q1-2017Q4 and 2010Q1-2017Q4, when the Central Bank of Peru follows an in ation targeting regime. The main result suggests that the importance of the nominal exchange rate in the Central Bank of Peru's interest rate policy rule has decreased since 2010, which can be attributed to the de-dollarization process of the Peruvian economy and the consolidation of the in ation targeting regime. During 2010Q1-2017Q4, the Central Bank rationalizes its in ation targeting scheme with instruments to limit risks linked to dollarization and intervenes in the foreign exchange market. In addition, we nd that foreign exchange market intervention has remained a relevant feature of the foreign exchange market in Peru and of the determination of the exchange rate.Tesi

Age-dependent plasticity in the superior temporal sulcus in deaf humans: a functional MRI study

BACKGROUND: Sign-language comprehension activates the auditory cortex in deaf subjects. It is not known whether this functional plasticity in the temporal cortex is age dependent. We conducted functional magnetic-resonance imaging in six deaf signers who lost their hearing before the age of 2 years, five deaf signers who were >5 years of age at the time of hearing loss and six signers with normal hearing. The task was sentence comprehension in Japanese sign language. RESULTS: The sign-comprehension tasks activated the planum temporale of both early- and late-deaf subjects, but not that of hearing signers. In early-deaf subjects, the middle superior temporal sulcus was more prominently activated than in late-deaf subjects. CONCLUSIONS: As the middle superior temporal sulcus is known to respond selectively to human voices, our findings suggest that this subregion of the auditory-association cortex, when deprived of its proper input, might make a functional shift from human voice processing to visual processing in an age-dependent manner

気管支喘息におけるHRCTによるLow attenuation area(LAA)と平均CT numberとの関連

The maximal percent low attenuation area < -950 HU (% LAA) among three anatomic lung levels on high resolution computed tomography (HRCT) was examined in patients with asthma, classified by the degree of % LAA, in relation to the mean CT number, % FVC of the predicted value, and FEV 1/FVC (FEV1%). 1 . The mean CT number was closely related to the degree of % LAA of the lungs. The mean CT number was significantly lower in patients with high % LAA (mean CT number-915.3HU, % LAA 37.6%) than in those with low % LAA (-852.9HU, 4.7%). 2. The FEV1% value was significantly lower in patients with high % LAA (47.8%) than in those with low % LAA (62.2%)(p<0.05). The % FVC value was also significantly lower in patients with high % LAA (77.1%) compared to the value in those with low % LAA (101.2%). The results suggest that a large volume of LAA<-950HU of the lungs can be observed in patients with asthma, and the % LAA is closely correlated with mean CT number and the values of FEV1% and % FVC.HRCT (high resolution computed tomography)により,-950HU以下のlow attenuation area(LAA)を3つの高さの肺野レベルで観察し,そのなかの最も高い値をmaximal% LAAとして表し,この値と平均CT number, % FVCおよびFEV1.0%の値と比較検討した｡1.平均CT numberは,maximal% LAAと密接な関連を示した｡そして,平均CT numberは,% LAAが低い症例(% LAA :4.7%, mean CT number:-852.9HU)に比べ,% LAAが高い症例(% LAA :37.6%, mean CT number:-915.3HU)において低い傾向が見られた｡2.FEV1.0%値は,% LAA値が低い症例(62.2%)に比べ% LAA値が高い症例(47.8%)において有意に低い値を示した(P<0.05)。% FVC値も同様% LAA値が低い症例(101.2%)に比べ高い症例(77.1%)で低い値を示したが両群間に有意の差は見られなかった｡これらの結果より,気管支喘息においも,HRCT上肺野で-950HU以下のLow attenuation area(LAA)を示す症例が見られること,そして,% LAAは,mean CT number,FEV1.0%や% FVC値とある程度関連していることが示唆された

γ-Tocopherol Accelerated Sodium Excretion in a Dose-Dependent Manner in Rats with a High Sodium Intake

We have previously reported that γ-tocopherol (γ-Toc) displays a natriuretic potency in rats fed a NaCl diet and administered 20 mg γ-Toc. In this study, we investigated whether γ-Toc has natriuretic potency at a dose lower or higher than 20 mg in rats given a NaCl diet. Male rats were fed a control diet or a NaCl diet and administered either placebo or 10, 20 or 40 mg of γ-Toc. The rat urine was collected for 24 hours (divided into 6 hour periods) and the 2,7,8-trimethyl-2-(2'-carboxyethyl)-6-hydroxychroman (γ-CEHC) level, the sodium excretion content, and the urine volume were determined. The 24-hour γ-CEHC and sodium levels in the urine of the NaCl groups given 20 mg or 40 mg γ-Toc were significantly higher than those in the placebo group. The peak levels of urine sodium and γ-CEHC in the NaCl group given 40 mg γ-Toc appeared at 0–6 h, which was a more rapid increase than that seen in the group given 20 mg γ-Toc. The 24-hour urine volumes of the NaCl groups given 10 and 20 mg γ-Toc were significantly higher than the urine volume of the placebo group. Our findings suggested that γ-Toc increased sodium excretion in a dose-dependent manner in rats fed a NaCl diet. Moreover, a high dose of γ-Toc may accelerate its metabolism and cause an increase in the rate of sodium excretion

肺気腫患者における吸入抗原に対するIgE抗体

To analyze the pathophysiological changes ot the airways in emphysema, bronchial responsiveness and the generation of leukotrienes B4 (LTB4) and C4 (LTC4) by peripheral leucocytes were examined in 22 patients with emphysema. The subjects were divided into two groups according to the presence or absence of IgE antibodies against inhalant allergens; RAST positive group and RAST negative group. 1. Smoking history, mean CT number and mean maximum % low attenuation area (% LAA) <-950HU of the lung on high resolution computed tomography (HRCT), and DLco value suggested that there were emphysematous changes of the lung in all subjects. However, these findings were not different between the two groups. 2. The level of serum IgE was significantly higher in RAST positive group than in RAST negative group. 3. The mean % increase in FEV1.0 after inhalation of β-agonists was higher in RAST positive group than in RAST negative group. The % increase more than 15% was found in 4 of the 9 subjects (44.4%) in RAST positive group and 2 of the 12 (16.7%) in RAST negative group. 4. The generation of LTC4 by leucocytes was significantly higher in RAST positive group than in RAST negative group (p<0.01). The generation of LTB4 was not significantly different between the two groups. The results suggest that IgE-mediated allergy participates in the bronchial responsiveness of patients with emphysema.肺気腫患者の気道病変を解析する目的で,22例の肺気腫患者を対象に,その気道反応および白血球のロイコトリエンB4,C4産生能について検討を加えた｡この際対象症例はIgE抗体の有無によってRAST陽性症例RAST陰性症例に分類された｡1.喫煙歴,平均CT値,high resolution computed tomography(HRCT)上の-950HU以下の% low attenuation area(% LAA),DLcoなどの値は,いずれも対象症例が高度な気腫化病変を有してい ることを示した｡2.血清IgE値は,RAST陽性例で陰性例に比べ有意の高値を示した｡3.β受容体刺激薬吸入後のFEV1.0の増加は,RAST陽性例で陰性例に比べ高度であった｡そして,吸入後のFEV1.0が15%以上の増加を示した症例は,RAST陽性例では9例中4例(44.4%),陰性例では12例中2例(16,7%)であった｡4.白血球のLTC4産生量は,RAST陽性例で陰性例に比べ有意に高い値であったが,LTB4産生は両者間に有意の差は見られなかった｡以上の結果より,IgEにmediateされるアレルギー反応が,肺気腫患者 の気道反応に関与している可能性が示唆された

Myelodysplastic syndrome accompanied by basophilia and eosinophilia with t(5;12)(q31;p13)

The t(5;12)(q31not, vert, similar35;p12not, vert, similar13) is rare among cytogenetically categorized myeloid diseases. Here we describe a case of myelodysplastic syndrome (MDS) with basophilia followed by leukocytosis, basophilia, and eosinophilia with t(5;12)(q31;p13).A 44-year-old man was referred to Tsukuba University Hospital in August 2005, due to severe anemia and thrombocytopenia. Peripheral blood examination showed hemoglobin 4.5 g/dL, with mean corpuscular volume 109 fL, platelets 73 × 109/L, and white blood cells 4.9 × 109/L with 23% basophils, 3% eosinophils, and 0% blasts. Bone marrow was slightly hypocellular, with trilineage dysplasia. Cytogenetic examination of the bone marrow cells revealed a normal karyotype, 46,XY. A diagnosis of myelodysplastic syndrome–refractory anemia with excess blasts type 2 (MDS-RAEB2) was made according to the WHO classification

肺気腫患者におけるロイコトリエンB4,C4産生能と高分解能CTによる平均CT値との関連

The generation of leukotrienes B4 (LTB4) and C4 (LTC4) by peripheral leukocytes stimulated with Ca ionophore A23187 was examined in 17 patients with pulmonary emphysema. They were divided into three groups according to the mean CT number; A (<-940 HU), B (-940 ≦, <-930 HU), and C (-930 HU ≦ ).1. The values of FVC (% predicted), FEV1.0% and DLco (% predicted) showed a tendency to decrease as the mean CT number was smaller. The value of % FVC was significantly lower in patients with group A than in those with group C (p<0.05). 2. The generation of both LTB4 and LTC4 was significantly higher in patients with emphysema compared to the generation in healthy subjects (LTB4;p<0.05, LTC4;P<0.05). 3. The generation of LTB4 and LTC4 in patients with emphysema was higher as the mean CT number was larger (severity of the disease become less). The LTC4 production was significantly higher in patients with group C(mild or moderate type of emphysema) than in those with group A(advanced type of emphysema). These results suggest that the generation of LTB4 and LTC4 is higher in patients with mild or moderate type of emphysema than in those with advanced type of the disease.肺気腫患者17名を対象として,カルシウムイオノフォアA23187による末梢血白血球からのロイコトリエンB4(LTB4), ロイコトリエンC4(LTC4)の産生能の検討を行った｡対象は高分解能CTによる平均CT値によってA(<940HU), B(-940≦,<-930HU),C(-930HU≦)の3群に分類した｡1.% FVC,FEV1.0%,% DLcoが低下するにつれて平均CT値が低下する傾向が見られた｡% FVC値はC群に比較して,A群において有意に低値を示した(p<0.05)｡2.LTB4とLTC4の産生能は健常人に比較して,肺気腫患者において有意に高値を示した(LTB4;p<0.05,LTC4;p<0.05)。3.肺気腫患者におけるLTB4とLTC4の産生能は平均CT値が上昇するにつれて(軽症症例ほど)高値を示した｡またLTC4産生能はC群(早期肺気腫症例)においてA群(進行肺気腫症例)に比して有意に高値を示した｡以上より肺気腫におけるLTB4,LTC4産生能は進行例に比較すると,軽･中等症例において高値であることが示唆された