Can a Lender of Last Resort Stabilize Financial Markets? Lessons from the Founding of the Fed

We use the founding of the Federal Reserve as a historical experiment to provide some insight into whether a lender of last resort can stabilize financial markets. Following the Panic of 1907, Congress passed two measures that established a lender of last resort in the United States: (1) the Aldrich-Vreeland Act of 1908 which authorized certain banks to issue emergency currency during a financial crisis and (2) the Federal Reserve Act of 1913 which established a central bank. We employ a new identification strategy to isolate the effects of the introduction of a lender of last resort from other macroeconomic shocks. We compare the standard deviation of stock returns and short-term interest rates over time across the months of September and October, the two months of the year when financial markets were most vulnerable to a crash because of financial stringency from the harvest season, with the rest of the year during the period 1870-1925. Stock volatility in the post-1907 period (June 1908-1925) was more than 40 percent lower in the months of September and October compared to the period (1870- May 1908). We also find that the volatility of the call loan rate declined nearly 70 percent in September and October following the monetary regime change.

Critical analysis of cerebrovascular autoregulation during repeated head-up tilt.

BACKGROUND AND PURPOSE: Cerebrovascular autoregulation has been described with a phase lead of cerebral blood flow preceding changes in cerebral perfusion pressure (CPP), but there has been less focus on the effect of CPP on cerebral vascular resistance. We investigated these relations during spontaneous fluctuations (control) and repeated head-up tilt. METHODS: Eight healthy adults were studied in supine rest and repeated tilt with 10-second supine, 10 seconds at 45 degrees head-up tilt for a total of 12 cycles. Cerebral blood flow was estimated from mean flow velocity (MFV) by transcranial Doppler ultrasound, CPP was estimated from corrected finger pressure (CPP(F)), and cerebrovascular resistance index (CVRi) was calculated in the supine position from CPP(F)/MFV. Gain and phase relations were assessed by cross-spectral analysis. RESULTS: In the supine position, MFV preceded CPP(F), but changes in CVRi followed CPP(F). Gain and phase relations for CPP(F) as input and MFV as output were similar in supine and repeated tilt experiments. Thus, changes in cerebrovascular resistance must have had a similar pattern in the supine and tilt experiments. CONCLUSIONS: Cerebrovascular autoregulation is achieved by changes in resistance in response to modulations in perfusion pressure whether spontaneous or induced by repeated tilt. The phase lead of MFV before CPP(F) is a mathematical and physiological consequence of the relation the input variable (CPP(F)) and the manipulated variable (cerebrovascular resistance) that should not be taken as an indication of independent control of cerebral blood flow

APOL1 risk alleles are associated with exaggerated age-related changes in glomerular number and volume in African-American adults: an autopsy study

APOL1 genetic variants contribute to kidney disease in African Americans. We assessed correlations between APOL1 profiles and renal histological features in subjects without renal disease. Glomerular number (N-glom,) and mean glomerular volume (V-glom,) were measured by the dissector/fractionator method in kidneys of African-American and non-African-American adults without renal disease, undergoing autopsies in Jackson, Mississippi. APOL1 risk alleles were genotyped and the kidney findings were evaluated in the context of those profiles. The proportions of African Americans with none, one, and two APOL1 risk alleles were 38%, 43%, and 19%, respectively; 38% of African Americans had G1 allele variants and 31% of African Americans had G2 allele variants. Only APOL1-positive African Americans had significant reductions in N-glom and increases in V-glom with increasing age. Regression analysis predicted an annual average loss of 8834 (P=0.03, sex adjusted) glomeruli per single kidney over the first 38 years of adult life in African Americans with two risk alleles. Body mass index above the group medians, but below the obesity definition of >= 30 kg/m(2), enhanced the expression of age-related changes in N-glom in African Americans with either one or two APOL1 risk alleles. These findings indicate that APOL1 risk alleles are associated with exaggerated age-related nephron loss, probably decaying from a larger pool of smaller glomeruli in early adult life, along with enlargement of the remaining glomeruli. These phenomena might mark mechanisms of accentuated susceptibility to kidney disease in APOL1-positive African Americans

Bank Vole Prion Protein As an Apparently Universal Substrate for RT-QuIC-Based Detection and Discrimination of Prion Strains

Prions propagate as multiple strains in a wide variety of mammalian species. The detection of all such strains by a single ultrasensitive assay such as Real Time Quaking-induced Conversion (RT-QuIC) would facilitate prion disease diagnosis, surveillance and research. Previous studies have shown that bank voles, and transgenic mice expressing bank vole prion protein, are susceptible to most, if not all, types of prions. Here we show that bacterially expressed recombinant bank vole prion protein (residues 23-230) is an effective substrate for the sensitive RT-QuIC detection of all of the different prion types that we have tested so far--a total of 28 from humans, cattle, sheep, cervids and rodents, including several that have previously been undetectable by RT-QuIC or Protein Misfolding Cyclic Amplification. Furthermore, comparison of the relative abilities of different prions to seed positive RT-QuIC reactions with bank vole and not other recombinant prion proteins allowed discrimination of prion strains such as classical and atypical L-type bovine spongiform encephalopathy, classical and atypical Nor98 scrapie in sheep, and sporadic and variant Creutzfeldt-Jakob disease in humans. Comparison of protease-resistant RT-QuIC conversion products also aided strain discrimination and suggested the existence of several distinct classes of prion templates among the many strains tested

Effect of short-term lycopene supplementation and postprandial dyslipidemia on plasma antioxidants and biomarkers of endothelial health in young, healthy individuals

The objective of this study was to test the hypothesis that the effect of a high-fat meal (HFm) on plasma lipid-soluble antioxidants and biomarkers of vascular oxidative stress and inflammation would be attenuated by short-term lycopene supplementation in young healthy subjects. Following restriction of lycopene-containing foods for 1-wk (LYr), blood was collected in a fasting state and 3 h after a HFm and a low-fat meal (LFm) in N = 18 men aged 23 ± 2 years, and after a HFm only in N = 9 women aged 23 ± 1 years. Blood was also sampled pre- and post-meals following 1-wk of 80 mg/day lycopene supplementation (LYs) under continued dietary LYr. In the fasting state, LYs compared with LYr not only evoked a >2-fold increase in plasma lycopene but also increased plasma β-carotene and α-tocopherol (p < 0.01), though LYs did not affect plasma nitrate/nitrite (biomarker of nitric oxide), malondialdehyde (biomarker of lipid oxidative stress), vascular- and intercellular-adhesion molecules or C-reactive protein (biomarkers of inflammation). Contrary to the hypothesis, the HFm-induced dyslipidemic state did not affect plasma malondialdehyde, C-reactive protein, or adhesion molecules in either LYr or LYs. Both the HFm and LFm were associated with decreases in the nitric oxide metabolites nitrate/nitrite and lipid-soluble antioxidants (p < 0.05). The data revealed that 1-wk of LYs increased plasma lycopene, β-carotene, and α-tocopherol yet despite these marked changes to the plasma lipid-soluble antioxidant pool, biomarkers of vascular oxidative stress and inflammation were unaffected in the fasted state as well as during dyslipidemia induced by a HFm in young healthy subjects

Jogging not running: A narrative approach to exploring ‘exercise as leisure’ after a life in elite football

As research has shown, former elite athletes often struggle to adapt to aspects of their post-sport lives. This can include the management of their identities, dealing with the uncertainty of their new roles, and negotiating the changes that occur to their bodies. In this paper we discuss an under-reported challenge facing retired athletes: how to manage their ongoing relationship with exercise. To address this issue we adopted a narrative approach, based on the first author’s experiences as a former football player, to provide a socio-cultural reading of the various challenges involved in the transition from exercise as a vocation to a leisure activity. We suggest that these stories demonstrate that in retirement, former athletes’ docility, while seemingly advantageous, can also be a significant obstacle to developing alternative meanings for exercise, including as a potential re-creative or leisure activity that can become meaningful and important in its own right

Sustainable Management of Water Resources

The Dawn spacecraft arrived at dwarf planet Ceres in spring 2015 and imaged its surface from four successively lower polar orbits at ground sampling dimensions between ∼1.3 km/px and ∼35 m/px. To understand the geological history of Ceres a mapping campaign was initiated to produce a set of 15 quadrangle-based geological maps using the highest-resolution Framing Camera imagery. Here we present the geological map of the Ac-10 Rongo Quadrangle, which is located at the equator encompassing the region from 22°N to 22°S and 288° to 360°E. The total relief within the quadrangle is 11.1 km with altitudes ranging from about −7.3 km to +3.8 km. We identified nine geological units based on surface morphology and surface textural characteristics. The dominant and most widespread unit is the cratered terrain (crt) representing ancient reworked crustal material. Its consistent formation age across the quadrangle is 1.8 Ga. Two edifices (unit th), Ahuna Mons and an unnamed tholus within Begbalel Crater, are interpreted to be of (cryo)volcanic origin. The southwest portion of the quadrangle is dominated by ejecta material (Ye) emplaced during the formation of the 260-km diameter Yalode impact basin at about 580 Ma. Rayed crater ejecta material (cr) is dominant in the eastern part of the quadrangle but also occurs in isolated patches up to a distance of 455 km from the 34 km diameter source crater Haulani. The remaining five geological units also represent impact crater materials: degraded rim (crdeg), bright crater (cb), hummocky floor (cfh), talus (ta), and crater (c) materials. Widespread Yalode and Haulani ejecta materials can potentially be utilised as stratigraphic markers. Therefore, it is essential to consistently map their full areal extent and to date their formations using impact crater statistics

Attending at a low intensity increases impulsivity in an auditory sustained attention to response task

Why attention lapses during prolonged tasks is debated, specifically whether errors are a consequence of under-arousal or exerted effort. To explore this, we investigated whether increased impulsivity is associated with effortful processing by modifying the demand of a task by presenting it at a quiet intensity. Here, we consider whether attending at low but detectable levels affects impulsivity in a population with intact hearing. A modification of the Sustained Attention to Response Task was used with auditory stimuli at two levels: the participants’ personal “lowest detectable” level and a “normal speaking” level. At the quiet intensity, we found that more impulsive responses were made compared with listening at a normal speaking level. These errors were not due to a failure in discrimination. The findings suggest an increase in processing time for auditory stimuli at low levels that exceeds the time needed to interrupt a planned habitual motor response. This leads to a more impulsive and erroneous response style. These findings have important implications for understanding the nature of impulsivity in relation to effortful processing. They may explain why a high proportion of individuals with hearing loss are also diagnosed with Attention Deficit Hyperactivity Disorder

Systemic lupus erythematosus and diffuse alveolar hemorrhage, etiology and novel treatment strategies.

Diffuse alveolar hemorrhage is a severe respiratory complication of systemic lupus erythematosus. The illness develops over hours to a few days and is the systemic lupus erythematosus-associated syndrome with highest mortality. Although no specific symptoms have been identified, a number of features are associated with diffuse alveolar hemorrhage, with a drop in blood hemoglobin the most prominent. Dyspnea, blood-stained sputum, diffuse infiltrates identified by chest imaging, elevated single breath-diffusing capacity for monoxide, thrombocytopenia and C3 hypocomplementemia are other commonly reported signs of diffuse alveolar hemorrhage. The etiology is not completely understood but many patients develop diffuse alveolar hemorrhage concomitant with lupus nephritis, suggesting immune complex-driven pathology. Biopsy studies have identified both cases with capillaritis and a bland non-inflammatory phenotype. An animal model of diffuse alveolar hemorrhage has indicated requirement of B lymphocytes and complement receptor-mediated apoptotic body phagocytosis by monocytes as part of the pathogenesis. This review will discuss considerations when diagnosing the condition and available therapies. Infections and other causes of hemorrhage have to be excluded as these require different treatment strategies. Methylprednisolone and cyclophosphamide remain the most commonly used therapies. Plasmapheresis and rituximab are other beneficial treatment options. A few studies have also considered intrapulmonary Factor VII therapy, extracorporeal membrane oxygenation and mesenchymal stem cell therapy. There is an unmet need of better definition of diffuse alveolar hemorrhages etiology and pathology for development of improved treatment strategies