Negative Interest Rate Policies: Sources and Implications

Against the background of continued growth disappointments, depressed inflation expectations, and declining real equilibrium interest rates, a number of central banks have implemented negative interest rate policies (NIRP) to provide additional monetary policy stimulus over the past few years. This paper studies the sources and implications of NIRP. We report four main results. First, monetary transmission channels under NIRP are conceptually analogous to those under conventional monetary policy but NIRP present complications that could limit policy effectiveness. Second, since the introduction of NIRP, many of the key financial variables have evolved broadly as implied by the standard transmission channels. Third, NIRP could pose risks to financial stability, particularly if policy rates are substantially below zero or if NIRP are employed for a protracted period of time. Potential adverse consequences include the erosion of profitability of banks and other financial intermediaries, and excessive risk taking. However, there has so far been no significant evidence that financial stability has been compromised because of NIRP. Fourth, spillover implications of NIRP for emerging market and developing economies are mostly similar to those of other unconventional monetary policy measures. In sum, NIRP have a place in a policy maker's toolkit but, given their domestic and global implications, these policies need to be handled with care to secure their benefits while mitigating risks

Plant J.

Benzoxazinoids are major compounds involved in chemical defence in grasses. These toxins are stored in the vacuole as glucosides. Two glucosyltransferases, BX8 and BX9, that catalyse this last step of benzoxazinoid biosynthesis have been isolated via functional cloning. No close relative of these maize genes was found among the known glucosyltransferases. The enzymes display a very high degree of substrate specificity. DIMBOA, the major benzoxazinoid in young maize, is the preferred substrate. Both genes are highly expressed in young maize seedlings, the developmental stage with the highest activity of benzoxazinoid biosynthesis. Bx8 is included in the cluster of DIMBOA biosynthesis genes located on the short arm of chromosome 4. Hence, the gene cluster comprises three different enzymatic functions and a complete set of genes for the biosynthesis of DIBOA glucoside. Bx9 mapped to chromosome 1. Expression of Bx8 and Bx9 in Arabidopsis corroborated the potency of the enzymes in detoxification of their substrates. This capacity might have implications for allelopathic interactions

Two glucosyltransferases are involved in detoxification of benzoxazinoids in maize

Benzoxazinoids are major compounds involved in chemical defence in grasses. These toxins are stored in the vacuole as glucosides. Two glucosyltransferases, BX8 and BX9, that catalyse this last step of benzoxazinoid biosynthesis have been isolated via functional cloning. No close relative of these maize genes was found among the known glucosyltransferases. The enzymes display a very high degree of substrate specificity. DIMBOA, the major benzoxazinoid in young maize, is the preferred substrate. Both genes are highly expressed in young maize seedlings, the developmental stage with the highest activity of benzoxazinoid biosynthesis. Bx8 is included in the cluster of DIMBOA biosynthesis genes located on the short arm of chromosome 4. Hence, the gene cluster comprises three different enzymatic functions and a complete set of genes for the biosynthesis of DIBOA glucoside. Bx9 mapped to chromosome 1. Expression of Bx8 and Bx9 in Arabidopsis corroborated the potency of the enzymes in detoxification of their substrates. This capacity might have implications for allelopathic interactions

Algorithm-based continuous pulse duration tuning and performance control of a mode-locked laser diode

A control algorithm is presented that addresses the stability issues inherent to the operation of monolithic mode-locked laser diodes. It enables a continuous pulse duration tuning without any onset of Q-switching instabilities. A demonstration of the algorithm performance is presented for two radically different laser diode geometries and continuous pulse duration tuning between 0.5 ps to 2.2 ps and 1.2 ps to 10.2 ps is achieved. With practical applications in mind, this algorithm also facilitates control over performance parameters such as output power and wavelength during pulse duration tuning. The developed algorithm enables the user to harness the operational flexibility from such a laser with 'push-button' simplicity. (C) 2012 Optical Society of AmericaPublisher PDFPeer reviewe

Diaphragmatic eventration

In general, diaphragmatic eventration (DE) is defined as abnormal elevation of all (or a portion of) an attenuated (but otherwise intact) diaphragmatic leaf [1]. The term “eventration” was used first by Becklard in 1829 (through Petit probably described the condition in 1970). Bingham described plication of the diaphragm in 1954 [2, 3]. Based on etiopathogenesis, DE may be classified as “congenital” or “acquired” even though the clinical features and principles of management are similar for both forms