Estimating Monetary Policy Effects When Interest Rates are Bounded at Zero

Using a nonlinear structural VAR approach, we estimate the effects of exogenous monetary policy shocks in the presence of a zero lower bound constraint on nominal interest rates and examine the impact of such a constraint on the effectiveness of counter-cyclical monetary policies based on the data from Japan. We find that when interest rates are at zero, the output effect of exogenous shocks to monetary policy is cut in half if the central bank continues to target the interest rate. The conditional impulse response functions allow us to isolate the effect of monetary policy shocks operating through the interest rate channel when other possible channels of monetary transmission are presentZero lower bound, monetary transmission, nonlinear VAR.

Pick Your Poison: The Exchange Rate Regime and Capital Account Volatility in Emerging Markets

The authors characterize a country’s exchange rate regime by how its central bank channels a capital account shock across three variables: exchange depreciation, interest rates, and international reserve flows. Structural vector autoregression estimates for Brazil, Mexico, and Turkey reveal such responses, both contemporaneously and over time. Capital account shocks are further shown to affect output growth and inflation. The nature and magnitude of these effects may depend on the exchange rate regime.exchange rate regime, capital account, structural vector autoregression

Monetary Policy and the Term Structure of Interest Rates When Short-Term Rates Are Close to Zero

The zero lower bound on nominal interest rates can affect the effectiveness of monetary policy potentially in two ways. First, it limits the size of a change in the policy interest rate when trying to loosen money. For example, when the nominal rate is 0.5 percent, it obviously cannot be cut by more than 0.5 percent. Second, it may alter the mechanism of how a movement of the policy rate drives market rates of longer maturities. This paper is an attempt to investigate the latter issue, and, in particular, to empirically examine the effect of monetary policy on the term structure of interest rates when nominal short-term rates are close to zero, using Japanese data in the 1990s and early 2000s. We found that when the policy short rate is already zero but longer rates are still positive in the zero interest rate period, an expansionary monetary policy still works through the conventional interest rate channel by pushing down longer rates, although the effect is much weakened relative to the normal time. When the longer rates are already lowered to some level, however (for example, the 10-year bond rate went down to the level as low as 1.5 percent during the quantitative easing period of 2001-06), a further expansion of the monetary base by increasing excess reserves of banks appears to have little effect in lowering longer-term rates.Zero interest rates; Yield curve; Liquidity trap

Subset- and tissue-defined STAT5 thresholds control homeostasis and function of innate lymphoid cells

Innate lymphoid cells (ILCs) patrol environmental interfaces to defend against infection and protect barrier integrity. Using a genetic tuning model, we demonstrate that the signal-dependent transcription factor (TF) STAT5 is critical for accumulation of all known ILC subsets in mice and reveal a hierarchy of STAT5 dependency for populating lymphoid and nonlymphoid tissues. We apply transcriptome and genomic distribution analyses to define a STAT5 gene signature in natural killer (NK) cells, the prototypical ILC subset, and provide a systems-based molecular rationale for its key functions downstream of IL-15. We also uncover surprising features of STAT5 behavior, most notably the wholesale redistribution that occurs when NK cells shift from tonic signaling to acute cytokine-driven signaling, and genome-wide coordination with T-bet, another key TF in ILC biology. Collectively, our data position STAT5 as a central node in the TF network that instructs ILC development, homeostasis, and function and provide mechanistic insights on how it works at cellular and molecular levels

In utero exposure to a low concentration of diesel exhaust affects spontaneous locomotor activity and monoaminergic system in male mice

<p>Abstract</p> <p>Background</p> <p>Epidemiological studies have suggested that suspended particulate matter (SPM) causes detrimental health effects such as respiratory and cardiovascular diseases, and that diesel exhaust particles from automobiles is a major contributor to SPM. It has been reported that neonatal and adult exposure to diesel exhaust damages the central nervous system (CNS) and induces behavioral alteration. Recently, we have focused on the effects of prenatal exposure to diesel exhaust on the CNS. In this study, we examined the effects of prenatal exposure to low concentration of diesel exhaust on behaviour and the monoaminergic neuron system. Spontaneous locomotor activity (SLA) and monoamine levels in the CNS were assessed.</p> <p>Methods</p> <p>Mice were exposed prenatally to a low concentration of diesel exhaust (171 μg DEP/m³) for 8 hours/day on gestational days 2-16. SLA was assessed for 3 days in 4-week-old mice by analysis of the release of temperature-associated infrared rays. At 5 weeks of age, the mice were sacrificed and the brains were used for analysis by high-performance liquid chromatography (HPLC).</p> <p>Results and Discussion</p> <p>Mice exposed to a low concentration of diesel exhaust showed decreased SLA in the first 60 minutes of exposure. Over the entire test period, the mice exposed prenatally to diesel exhaust showed decreased daily SLA compared to that in control mice, and the SLA in each 3 hour period was decreased when the lights were turned on. Neurotransmitter levels, including dopamine and noradrenaline, were increased in the prefrontal cortex (PFC) in the exposure group compared to the control group. The metabolites of dopamine and noradrenaline also increased in the PFC. Neurotransmitter turnover, an index of neuronal activity, of dopamine and noradrenaline was decreased in various regions of the CNS, including the striatum, in the exposure group. The serum corticosterone level was not different between groups. The data suggest that decreased SLA in mice exposed prenatally to diesel exhaust is due to facilitated release of dopamine in the PFC.</p> <p>Conclusions</p> <p>These results indicate that exposure of mice <it>in utero </it>to a low concentration of diesel exhaust decreases SLA and alters the neurochemical monoamine metabolism of several regions of the brain.</p

Wearable biomedical monitoring system using TextileNet

金沢大学理工研究域電子情報学系We developed and tested a biomedical monitoring system using TextileNet, a flexible conductive garment for wearable computing. TextileNet detects biological signals while simplifying communication and power supply wiring. TextileNet also acts as an electromagnetic interference (EMI) shield, which makes it possible to use simpler amplifiers in the system. Using TextileNet, a huge amount of biological information can be processed simultaneously. © 2006 IEEE

Retrospective clinical study on the notable efficacy and related factors of infliximab therapy in a rheumatoid arthritis management group in Japan: one-year clinical outcomes (RECONFIRM-2)

Biologics targeting TNF have brought about a paradigm shift in the treatment of rheumatoid arthritis (RA) and infliximab, anti-TNF-α chimeric monoclonal antibody, was marketed in 2003 in Japan. We previously reported on the RECONFIRM study, a retrospective clinical study on the efficacy of infliximab therapy in a RA management group in Japan, where we evaluated the clinical response after 22 weeks of the therapy in 258 patients. The study reported here was aimed at reconfirming the clinical efficacy of the infliximab therapy and demographic factors related to the efficacy over a 54-week study period in 410 RA patients in the same study group. Infliximab was infused according to the domestically approved method, and the clinical response was evaluated following 54 weeks of infliximab therapy using the European League Against Rheumatism (EULAR) response criteria. Disease activity was assessed by DAS28-CRP (Disease Activity Score including a 28-joint count/C-reactive protein). Infliximab was discontinued in 24.4% of the 410 patients at 54 weeks and 9.3% and 8.1% discontinued the therapy due to adverse events and inefficiency, respectively. Average DAS28-CRP decreased from 5.5 at week 0 to 3.1 at week 54 after the therapy. Patients in remission and those showing low-, moderate-, and high-disease activity changed from 0.0, 1.0, 9.0 and 90.0%, respectively, at the start of the study to 27.6, 11.7, 34.4 and 26.3%, respectively, at week 54. Younger age, RF-negativity and low scores of DAS28-CRP showed significant correlations with remission at week 54. EULAR response criteria—good, moderate, and no response to infliximab—were 37.0, 41.7 and 21.2%, respectively. In conclusion, we reconfirmed the clinical efficacy of infliximab and demographic factors related to the efficacy over a 54-week study period in 410 Japanese patients with RA using DAS28-CRP and EULAR response criteria

Wearable electromyography measurement system using cable-free network system on conductive fabric

金沢大学大学院自然科学研究科情報システムObjective: To solve the complicated wires and battery maintenance problems in the application of wearable computing for biomedical monitoring, the electromyography (EMG) measurement system using conductive fabric for power supply and electric shield for noise reduction is proposed. Material and methods: The basic cable-free network system using conductive fabric, named as "TextileNet" is developed. The conductive fabric has the function of electric shield for noise reduction in EMG measurement, and it enables the precise EMG measurement with wearable system. Results: The specifications of the developed prototype TextileNet system using wear with conductive fabric were communication speed of 9600 bit/s and power supply of 3 W for each device. The electric shield effect was evaluated for precise EMG measurement, and the shield efficacy of conductive fabric was estimated as high as that of shield room. Conclusions: TextileNet system solves both the problems of complicated wires and battery maintenance in wearable computing systems. Conductive fabric used in TextileNet system is also effective for precise EMG measurement as electric shield. The combination of TextileNet system and EMG measurement device will implement the cable-free, battery-free wearable EMG measurement system. © 2007 Elsevier B.V. All rights reserved