The Balance Sheet Channel of Monetary Policy Transmission: Evidence from the UK

This paper examines the sensitivity of investment to cash flow using a panel of UK firms in manufacturing with a view to shedding some light on the existence of a balance sheet channel or financial accelerator. In addition to examining the impact of cash flow in different subsamples based on company size or financial policy (dividend payouts, share issues and debt accumulation), we also investigate the extent to which investment becomes more sensitive to cash flow in periods of monetary tightness. To this end, we employ a monetary tightness indicator constructed for the UK using the narrative approach pioneered by Romer and Romer. The results provide some support for the view that UK firms show greater investment sensitivity to cash flow during periods of tight monetary policy.Financial Constraints; Balance Sheet Channel, Investment.

The Contribution of Sectoral Productivity Differentials to Inflation in Greee

This paper estimates the magnitude of the Balassa-Samuelson effect for Greece. We calculate the effect directly, using sectoral national accounts data, which permits estimation of total factor productivity (TFP) growth in the tradeables and nontradeables sectors. Our results suggest that it is difficult to produce one estimate of the BS effect. Any particular estimate is contingent on the definition of the tradeables sector and the assumptions made about labour shares. Moreover, there is also evidence that the effect has been declining through time as Greek standards of living have caught up on those in the rest of the world and as the non-tradeables sector within Greece catches up with the tradeables.Balassa-Samuelson effect, inflation, productivity

Capital Flows and Speculative Attacks in Prospective EU Member States

This paper examines the capital flow experience of transition economies who are also prospective EU members with a view to shedding light on the likely problems they might encounter with exchange rate policy in the run up to euro area membership. We show that they have been experiencing fairly sizeable capital flows since the early 1990s. We explain these flows using two separate models. The first explains the level of capital flows using panel data from the prospective EU members. The second concentrates specifically on estimating the probability of a country experiencing downward speculative pressure. In both cases, the contribution of domestic factors and contagion is explored. The results suggest that while domestic factors have some role to play, it is rather limited. Moreover there is clear evidence of contagion effects, suggesting that macroeconomic policy in the prospective EU members will be complicated by capital flows in the run up to euro area membership.capital flows, transition economies, accession countries and EU membership

My Newfound Respect for the Hard Work Performers do Before Stepping on Stage

When I gave the Theatre UCF students 30 days to teach me how to perform a karaoke song, I didn’t realize I was also handing over my dignity

Exposure to the Arts at Young Age Fosters Creativity in Children

I recently ignored the cardinal rule of parenthood and kept my 2-year-old, Huck, awake during his normal naptime. I knew it was risky, but then, so is suggesting he wear a shirt that isn’t his favorite color orange, so I was willing to take my chances

Ctla-4 transcriptional activation: regulation of induced expression

Cytotoxic T-lymphocyte antigen 4 (CTLA-4) is a T cell surface protein that is homologous to CD28 and binds to the B7 family of ligands. Unlike CD28, CTLA-4 interaction transmits a negative signal in T cells, leading to suppression of proliferation. CTLA-4 is constitutively expressed on regulatory T cells (Tregs) but is also inducible in effector T cells. The mechanisms driving transcriptional regulation of CTLA-4 are poorly understood. Our previous work identified a bona fide NFAT1 binding site in the proximal promoter for effector T cells. In addition, we found histone acetylation occurred after stimulation. As a result of its role in suppressing T cell proliferation, CTLA-4 is important for regulation of T cell responses. CTLA-4-immunoglobulin fusion proteins have shown efficacy to quell the overactive immune system in various types of autoimmune diseases. Alternatively, blocking antibodies to CTLA-4 have been used in cancer therapies to boost the anti-tumor immune response. Malignant cells of cutaneous T cell lymphoma (CTCL) express elevated levels of CTLA-4, which may contribute to reduced tumor immunity as the disease progresses. The objective of this work was to identify mechanisms of transcriptional regulation of CTLA-4 to better understand how this gene can be modulated to potentially cater the immune response for a variety of immune-mediated diseases. The major findings of this work include a mechanism by which proteasome inhibition augments CTLA-4 transcription in normal primary human CD4 T cells. The Th2 associated transcription factor GATA3 is both elevated and activated by phosphorylation after treatment with the proteasome inhibitor bortezomib, which in turn leads to CTLA-4 transcriptional activation in primary CD4 T cells. This finding may in part explain the increase in CTLA-4 found in CTCL, where GATA3 is also more abundant, particularly in its phosphorylated state. The increased CTLA-4 in our primary cell model is capable of suppressing T cell proliferation, demonstrating the potency of transcriptional modulation of this gene. Additionally we explored epigenetic and topological modifications that occur for CTLA-4 activation. We found the histone acetyltransferases p300 is responsible for histone 3 acetylation at the CTLA-4 promoter, and its activity is required for CTLA-4 transcription. We also discovered a previously undiscovered role for topoisomerase I in expression of a variety of induced genes, including CTLA-4. These results define novel mechanisms governing transcriptional activation of CTLA-4 in human effector CD4 T cells

So Now What?: Reflections on Visual Analysis

A picture may be worth 1,000 words, but which words to use to interpret visual images? This paper reflects on struggles and possibilities of visual analysis especially focusing on the complexities of representation. While providing examples from a project on challenges faced by female outrigger canoe paddlers aged 50 and older, the authors will discuss issues of authenticity, representational value, symbolic meanings, and other complexities of representation

Capital Flows, Capital Account Liberalisation and the Mediterranean Countries

This paper examines questions related to possible capital account liberalisation in the Mediterranean countries. First, we provide an overview of the extent to which these countries have capital controls along with their exchange rate regimes and some basic macroeconomic aggregates. Second, we examine the case for capital account liberalisation, along with the prerequisites for successful liberalisation. Here we consider issues such as sequencing and possible benefits of synchronisation. Finally, we examine the experience with capital flows – both FDI and other capital flows. We explain these flows and use the past experience of these countries to draw some conclusions for the successful opening up of the capital account.capital account liberalisation, Mediterranean countries, capital flows

The Greek financial crisis: growing imbalances and sovereign spreads

We discuss the origins of the Greek financial crisis as manifested in the growing fiscal and current-account deficits since euro-area entry in 2001. We then provide an investigation of spreads on Greek relative to German long-term government debt. Using monthly data over the period 2000 to 2010, we estimate a cointegrating relationship between spreads and their long-term fundamental determinants, and compare the spreads predicted by this estimated relationship with actual spreads. We find periods of both undershooting and overshooting of spreads compared to what is predicted by the economic fundamentals.Greek financial crisis; sovereign spreads