Wage and price joint dynamics at the firm level: an empirical analysis

This article provides evidence about the interrelationships between wages and prices at the microeconomic level. We rely on the right-to manage model to specify and estimate a multivariate model explaining the timing and magnitude of wage changes at the firm level. The modeling of price changes relies on a state-dependent model. The data we use is a quarterly panel of about 1800 firms from the French manufacturing industry, observed over the years 1998 to 2005. We find the occurrence of wage changes to be essentially time dependent, though weakly related to the state of the economy. However, the magnitude of wage changes strongly depends on macroeconomic variables, namely inflation and unemployment, and to a lesser extent on the evolution of the firm product price and on its productivity gains. Changes in the firm product price are mostly driven by the evolution of its costs and more specifically by that of its intermediate inputs. The wage cost, as well as the production and the industry level inflation, have a weaker influence.wages, price stickiness, dynamic model, factor loadings.

Capital Utilisation and Retirement

This empirical analysis aims at assessing the effect of the economic climate and the intensity of capital utilisation on companies’ capital retirement behaviour. It is conducted using individual company data, as well as original data on the degree of utilisation of production factors. The sample includes 6,998 observations over the period 1996-2008. This database is, to our knowledge, unique for the empirical analysis of the intensity of capital utilisation on firms’ capital retirement behaviour. We adjust for endogeneity biases by means of instrumental variables. The main results obtained from the estimation of capital retirement models may be summarised as follows: i) The retirement rate decreases with the variations in cyclical pressures measured by the changes in output and the workweek of capital; this relation corresponds to a countercyclical decelerator effect on capital retirement; ii) The capital retirement rate increases with the structural intensity of capital utilisation; this effect, which corresponds to a wear and tear one, is nevertheless small compared to the decelerator one; iii) The profit rate does not have a significant impact on the retirement rate. Compared with the existing literature, here mainly Mairesse and Dormont (1985), the contribution of these results is to show, through the use of unique survey data, that the effect of the intensity of capital utilisation on capital retirement is structurally positive, via a wear and tear effect, and cyclically negative, via a decelerator effect which completes that already taken into account via the effect of changes in value added.Capital, Capital measure, Capital retirement, Capital utilisation.

Transport, magnetic, thermodynamic and optical properties in Ti-doped Sr_2RuO_4

We report on electrical resistivity, magnetic susceptibility and magnetization, on heat capacity and optical experiments in single crystals of Sr_2Ru_(1-x)Ti_xO_4. Samples with x=0.1 and 0.2 reveal purely semiconducting resistivity behavior along c and the charge transport is close to localization within the ab-plane. A strong anisotropy in the magnetic susceptibility appears at temperatures below 100 K. Moreover magnetic ordering in c-direction with a moment of order 0.01 mu_B/f.u. occurs at low temperatures. On doping the low-temperature linear term of the heat capacity becomes reduced significantly and probably is dominated by spin fluctuations. Finally, the optical conductivity reveals the anisotropic character of the dc resistance, with the in-plane conductance roughly following a Drude-type behavior and an insulating response along c

Influence of the substrate-induced strain and irradiation disorder on the Peierls transition in TTF-TCNQ microdomains

The influence of the combined effects of substrate-induced strain, finite size and electron irradiation-induced defects have been studied on individual micron-sized domains of the organic charge transfer compound tetrathiafulvalene-tetracyanoquinodimethane (TTF-TCNQ) by temperature-dependent conductivity and current-voltage measurements. The individual domains have been isolated by focused ion beam etching and electrically contacted by focused ion and electron beam induced deposition of metallic contacts. The temperature-dependent conductivity follows a variable range hopping behavior which shows a crossover of the exponent as the Peierls transition is approached. The low temperature behavior is analyzed within the segmented rod model of Fogler, Teber and Shklowskii, as originally developed for a charge-ordered quasi one-dimensional electron crystal. The results are compared with data obtained on as-grown and electron irradiated epitaxial TTF-TCNQ thin films of the two-domain type

Case report of a clinically indolent but morphologically high-grade cutaneous mast cell tumor in an adult:Atypical cutaneous mastocytoma or mast cell sarcoma?

We present a case of an adult male with a solitary mast cell tumor of the skin with unusual nuclear pleomorphism and mitotic activity. The tumor was excised, recurred within 2 years, was reexcised after 4 years and did not recur >6 years after diagnosis. The tumor showed progressive cytonuclear atypia and a high mitotic and proliferation rate by Ki67‐staining from the onset. No KIT mutations were identified in the tumor and bone marrow. Serum tryptase levels and a bone marrow aspirate and trephine biopsy were normal. Although the histomorphology of the skin tumor was consistent with mast cell sarcoma, the clinical behavior without systemic progression argued against this diagnosis. The tumor was finally considered as atypical mastocytoma, borderline to mast cell sarcoma. Currently, the patient is in close follow‐up and still in complete remission

New magnetic phase in metallic V_{2-y}O_3 close to the metal insulator transition

We have observed two spin density wave (SDW) phases in hole doped metallic V_{2-y}O_3, one evolves from the other as a function of doping, pressure or temperature. They differ in their response to an external magnetic field, which can also induce a transition between them. The phase boundary between these two states in the temperature-, doping-, and pressure-dependent phase diagram has been determined by magnetization and magnetotransport measurements. One phase exists at high doping level and has already been described in the literature. The second phase is found in a small parameter range close to the boundary to the antiferromagnetic insulating phase (AFI). The quantum phase transitions between these states as a function of pressure and doping and the respective metamagnetic behavior observed in these phases are discussed in the light of structurally induced changes of the band structure.Comment: REVTeX, 8 pages, 12 EPS figures, submitted to PR

Splenomegaly, elevated alkaline phosphatase and mutations in the SRSF2/ASXL1/RUNX1 gene panel are strong adverse prognostic markers in patients with systemic mastocytosis

We evaluated the impact of clinical and molecular characteristics on overall survival (OS) in 108 patients with indolent (n=41) and advanced SM (advSM, n=67). Organomegaly was measured by magnetic resonance imaging (MRI)-based volumetry of liver and spleen. In multivariate analysis of all patients, an increased spleen volume greater than or equal to450?ml (hazard ratio [HR], 5.2; 95% confidence interval [CI], [2.1–13.0]; P=0.003) and an elevated alkaline phosphatase (AP; HR 5.0 [1.1–22.2]; P=0.02) were associated with adverse OS. The 3-year OS was 100, 77, and 39%, respectively (P<0.0001), for patients with 0 (low-risk, n=37), 1 (intermediate-risk, n=32) or 2 (high-risk, n=39) parameters. For advSM patients with fully available clinical and molecular data (n=60), univariate analysis identified splenomegaly greater than or equal to1200?ml, elevated AP and mutations in the SRSF2/ASXL1/RUNX1 (S/A/R) gene panel as significant prognostic markers. In multivariate analysis, mutations in S/A/R (HR, 3.2 [1.1–9.6]; P=0.01) and elevated AP (HR 2.6 [1.0–7.1]; P=0.03) remained predictive adverse prognostic markers for OS. The 3-year OS was 76% and 38%, respectively (P=0.0003), for patients with 0-1 (intermediate-risk, n=28) or 2 (high-risk, n=32) parameters. We conclude that splenomegaly, elevated AP and mutations in the S/A/R gene panel are independent of the WHO classification and provide the most relevant prognostic information in SM patient

Definitions, Criteria and Global Classification of Mast Cell Disorders with Special Reference to Mast Cell Activation Syndromes: A Consensus Proposal

Activation of tissue mast cells (MCs) and their abnormal growth and accumulation in various organs are typically found in primary MC disorders also referred to as mastocytosis. However, increasing numbers of patients are now being informed that their clinical findings are due to MC activation (MCA) that is neither associated with mastocytosis nor with a defined allergic or inflammatory reaction. In other patients with MCA, MCs appear to be clonal cells, but criteria for diagnosing mastocytosis are not met. A working conference was organized in 2010 with the aim to define criteria for diagnosing MCA and related disorders, and to propose a global unifying classification of all MC disorders and pathologic MC reactions. This classification includes three types of `MCA syndromes' (MCASs), namely primary MCAS, secondary MCAS and idiopathic MCAS. MCA is now defined by robust and generally applicable criteria, including (1) typical clinical symptoms, (2) a substantial transient increase in serum total tryptase level or an increase in other MC-derived mediators, such as histamine or prostaglandin D 2, or their urinary metabolites, and (3) a response of clinical symptoms to agents that attenuate the production or activities of MC mediators. These criteria should assist in the identification and diagnosis of patients with MCAS, and in avoiding misdiagnoses or overinterpretation of clinical symptoms in daily practice. Moreover, the MCAS concept should stimulate research in order to identify and exploit new molecular mechanisms and therapeutic targets. Copyright (C) 2011 S. Karger AG, Base

Microscopic examination of bone marrow aspirates in malignant disorders of haematopoiesis—a comparison of two slide preparation techniques

It is mandatory to perform microscopic examinations of bone marrow aspirates during the diagnosis of many neoplastic haematopoiesis disorders. In 2008, The International Committee for Standardization in Hematology recommended the use of two types of slides for the microscopic evaluation of bone marrow: wedge-spread film and crush film slides. Because these techniques have not yet been compared, we performed such a comparison. Routine bone marrow samples from 250 patients diagnosed due to different neoplastic haematological disorders were evaluated. The major differences between the two compared techniques were identified in 13 patients with non-Hodgkin’s lymphoma, seven patients with systemic mastocytosis and 11 patients with acute leukaemias or myelodysplastic syndromes or chronic myelomonocytic leukaemia. Differences were noted also in many patients with multiple myeloma, but the clinical significance of these discrepancies was rather modest. The major causes of the differences observed seemed to be the dilution of marrow with blood cells and the focal growth of many neoplastic cells. We believe that the crush technique is more advantageous compared to the wedge-spread films. Therefore, we recommend the use of crush films as the primary method for establishing a diagnosis or for making therapeutic decisions based on the microscopic examination of bone marrow