Exchange Rate Regimes for the New Member States of the European Union

One important issue for the new Member States (NMS) of the EU is the choice of the exchange rate regime that will allow them to participate successfully in the EMU process. Two exchange rate arrangements, compatible with the EU Treaty and ERM2 regulations, deserve special attention: flexible exchange rate regime and currency board with respect to the euro. The first regime (within stipulated bands), coupled with an inflation targeting scheme, agrees with the spirit of the European Commission and absorbs more easily supply shocks and Balassa Samuelson effects (which are present in real convergence and catching up episodes). It also prompts the process of nominal convergence. The second regime is suited to countries that need to foster the credibility of their monetary policy, but makes real adjustments to country-specific shocks and Balassa-Samuelson effects more difficult and/or costly. In this paper we investigate the dynamics of output and inflation under each exchange rate regime in NMS during the post EU accession and Maastricht phases. For that purpose, our model extends Gerlach and Smets (2000) and Detken and Gaspar (2003), icluding market distortions and three possible exchange rate regimes. In the empirical part of the paper we estimate SVAR models, following Bayoumi and Eichengreen (1993) methodology, in order to extract variances and covariances between shocks to each NMS and to the euro zone and compute individual social losses under each exchange rate arrangement. We use monthly data on industrial production and CPI for eight NMS countries. Our main result is that the optimal choice varies depending on the institutional and structural features of each economy, and on the likely source and nature of economic shocks to which it is exposed with respect to the whole euro area. Interestingly, the results for each country seem to conform to the general prescriptions that one would derive from the theory of optimal currency areasEU enlargment, exchange rate systems, SVAR, European monetary integration

The Effects of the Peak-Peak Correlation on the Peak Model of Hierarchical Clustering

In two previous papers a semi-analytical model was presented for the hierarchical clustering of halos via gravitational instability from peaks in a random Gaussian field of density fluctuations. This model is better founded than the extended Press-Schechter model, which is known to agree with numerical simulations and to make similar predictions. The specific merger rate, however, shows a significant departure at intermediate captured masses. The origin of this was suspected as being the rather crude approximation used for the density of nested peaks. Here, we seek to verify this suspicion by implementing a more accurate expression for the latter quantity which accounts for the correlation among peaks. We confirm that the inclusion of the peak-peak correlation improves the specific merger rate, while the good behavior of the remaining quantities is preserved.Comment: ApJ accepted. 15 pages, including 4 figures. Also available at ftp://pcess1.am.ub.es/pub/ApJ/effectpp.ps.g

Merger vs. Accretion and the Structure of Dark Matter Halos

High-resolution N-body simulations of hierarchical clustering in a wide variety of cosmogonies show that the density profiles of dark matter halos are universal, with low mass halos being denser than their more massive counterparts. This mass-density correlation is interpreted as reflecting the earlier typical formation time of less massive objects. We investigate this hypothesis in the light of formation times defined as the epoch at which halos experience their last major merger. Such halo formation times are calculated by means of a modification of the extended Press & Schechter formalism which includes a phenomenological frontier, Delta_m, between tiny and notable relative mass captures leading to the distinction between merger and accretion. For Delta_m=0.6, we confirm that the characteristic density of halos is essentially proportional to the mean density of the universe at their time of formation. Yet, proportionality with respect to the critical density yields slightly better results for open universes. In addition, we find that the scale radius of halos is also essentially proportional to their virial radius at the time of formation. We show that these two relations are consistent with the following simple scenario. Violent relaxation caused by mergers rearranges the structure of halos leading to the same density profile with universal values of the dimensionless characteristic density and scale radius. Between mergers, halos grow gradually through the accretion of surrounding layers by keeping their central parts steady and expanding their virial radius as the critical density of the universe diminishes.Comment: ApJ, accepted. 14 pages, including 3 figures and 1 table. Also available at http://pcess1.am.ub.es/pub/ApJ/halostruc.ps.g

On the Origin of the Inner Structure of Halos

We calculate by means of the Press-Schechter formalism the density profile developed by dark-matter halos during accretion, i.e., the continuous aggregation of small clumps. We find that the shape of the predicted profile is similar to that shown by halos in high-resolution cosmological simulations. Furthermore, the mass-concentration relation is correctly reproduced at any redshift in all the hierarchical cosmologies analyzed, except for very large halo masses. The role of major mergers, which can cause the rearrangement of the halo structure through violent relaxation, is also investigated. We show that, as a result of the boundary conditions imposed by the matter continuously infalling into the halo during the violent relaxation process, the shape of the density profile emerging from major mergers is essentially identical to the shape the halo would have developed through pure accretion. This result explains why, according to high-resolution cosmological simulations, relaxed halos of a given mass have the same density profile regardless of whether they have had a recent merger or not, and why both spherical infall and hierarchical assembly lead to very similar density profiles. Finally, we demonstrate that the density profile of relaxed halos is not affected either by the capture of clumps of intermediate mass.Comment: 14 pages, 8 figures, accepted for publication in ApJ. Minor changes, matches the published version. To appear in the ApJ August 10, 2003 issu

Guía de bienes patrimoniales de Chacras de Coria: Un paisaje con identidad

La presente Guía es el resultado del trabajo conjunto entre un grupo de vecinos/as y distintos/as especialistas formados en patrimonio, por lo que recoge diversas voces y miradas cuyo tema en común es el compromiso y sensibilización en relación con los bienes tangibles e intangibles del distrito de Chacras de Coria en Luján de Cuyo, Mendoza. Los/as vecinos/as autoconvocados se reúnen periódicamente para intentar hacer frente, por medio de distintas acciones, a las transformaciones urbanas que consideran atentan contra su forma de vida y contra la experiencia de los/ as visitantes quienes gozan del entorno, la infraestructura y la historia de este lugar. Entre estas transformaciones se destacan la densificación acelerada mediante emprendimientos que no respetan las determinaciones del Código de Edificación, como son el F.O.S. (Factor de Ocupación del Suelo ) y el F.O.T. (Factor de Ocupación Total); la demolición de construcciones antiguas por falta de su reconocimiento y protección en el centro histórico; el proyecto impetuoso de ensanche de la Ruta Provincial n°82 (que afortunadamente se modificó debido a los reclamos); las excepciones municipales que permiten diversos proyectos que son implementados sin criterio y que atentan a la conformación urbana histórica del centro de Chacras de Coria y sus alrededores; la depredación forestal constante, entre otros. En los últimos meses, el descontento frente a estos cambios, ha llevado a realizar notas a distintos organismos, reclamos, marchas, reuniones, etc. Una suerte de movilización vecinal que sigue de cerca los nuevos proyectos y las transformaciones urbanas que no están acordes a lo que el grupo vecinal considera el espíritu del lugar.Fil: Esteves, Matias Jose. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Ciencias Humanas, Sociales y Ambientales; ArgentinaFil: Cremaschi, Veronica. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Ciencias Humanas, Sociales y Ambientales; ArgentinaFil: Martedi, Maria Paula. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Ciencias Humanas, Sociales y Ambientales; ArgentinaFil: Raffa, Cecilia Beatriz. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Ciencias Humanas, Sociales y Ambientales; ArgentinaFil: Videla, Eugenia. No especifíca;Fil: Suris, Estela María. Biblioteca Popular Chacras de Coria; ArgentinaFil: Del Monte, Julio César. Foro Mendocino para el Desarrollo Ferroviario; ArgentinaFil: Manzini Marchesi, Lorena Verónica. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Ciencias Humanas, Sociales y Ambientales; ArgentinaFil: Grau, María Amelia. Asociación Chacras para Todos; ArgentinaFil: Solanes, María Florencia. No especifíca;Fil: Copia, María Laura. Fundación Rayuela para la Cultura y la Educación; ArgentinaFil: Luis, Natalia Mabel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Ciencias Humanas, Sociales y Ambientales; ArgentinaFil: Bianchi Palomares, Pablo Federico Ricardo. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Mendoza. Instituto de Ciencias Humanas, Sociales y Ambientales; ArgentinaFil: Moretti, Graciela. Gobierno de la Provincia de Mendoza. Ministerio de Cultura y Turismo. Dirección de Patrimonio Cultural y Museos; ArgentinaFil: Mendez, Valeria. No especifíca

Study protocol – elucidating the neural correlates of functional remediation for older adults with bipolar disorder

IntroductionBeyond mood abnormalities, bipolar disorder (BD) includes cognitive impairments that worsen psychosocial functioning and quality of life. These deficits are especially severe in older adults with BD (OABD), a condition expected to represent most individuals with BD in the upcoming years. Restoring the psychosocial functioning of this population will thus soon represent a public health priority. To help tackle the problem, the Bipolar and Depressive Disorders Unit at the Hospital Clínic of Barcelona has recently adapted its Functional Remediation (FR) program to that population, calling it FROA-BD. However, while scarce previous studies localize the neural mechanisms of cognitive remediation interventions in the dorsal prefrontal cortex, the specific mechanisms are seldom unknown. In the present project, we will investigate the neural correlates of FR-OABD to understand its mechanisms better and inform for potential optimization. The aim is to investigate the brain features and changes associated with FROA-BD efficacy.MethodsThirty-two individuals with OABD in full or partial remission will undergo a magnetic resonance imaging (MRI) session before receiving FR-OABD. After completing the FR-OABD intervention, they will undergo another MRI session. The MRI sessions will include structural, diffusion-weighted imaging (DWI), functional MRI (fMRI) with working memory (n-back) and verbal learning tasks, and frontal spectroscopy. We will correlate the pre-post change in dorsolateral and dorsomedial prefrontal cortices activation during the n-back task with the change in psychosocial functioning [measured with the Functioning Assessment Short Test (FAST)]. We will also conduct exploratory whole-brain correlation analyses between baseline or pre-post changes in MRI data and other clinical and cognitive outcomes to provide more insights into the mechanisms and explore potential brain markers that may predict a better treatment response. We will also conduct separate analyses by sex.DiscussionThe results of this study may provide insights into how FROA-BD and other cognitive remediations modulate brain function and thus could optimize these interventions

Dynamics and Predictors of Cognitive Impairment along the Disease Course in Multiple Sclerosis

(1) Background: The evolution and predictors of cognitive impairment (CI) in multiple sclerosis (MS) are poorly understood. We aimed to define the temporal dynamics of cognition throughout the disease course and identify clinical and neuroimaging measures that predict CI. (2) Methods: This paper features a longitudinal study with 212 patients who underwent several cognitive examinations at different time points. Dynamics of cognition were assessed using mixed-effects linear spline models. Machine learning techniques were used to identify which baseline demographic, clinical, and neuroimaging measures best predicted CI. (3) Results: In the first 5 years of MS, we detected an increase in the z-scores of global cognition, verbal memory, and information processing speed, which was followed by a decline in global cognition and memory (p < 0.05) between years 5 and 15. From 15 to 30 years of disease onset, cognitive decline continued, affecting global cognition and verbal memory. The baseline measures that best predicted CI were education, disease severity, lesion burden, and hippocampus and anterior cingulate cortex volume. (4) Conclusions: In MS, cognition deteriorates 5 years after disease onset, declining steadily over the next 25 years and more markedly affecting verbal memory. Education, disease severity, lesion burden, and volume of limbic structures predict future CI and may be helpful when identifying at-risk patients

Effect of sildenafil on right ventricular performance in an experimental large-animal model of postcapillary pulmonary hypertension.

Right ventricle (RV) dysfunction is a main determinant of morbidity and mortality in postcapillary pulmonary hypertension (PH). However, currently there are not available therapies. Since reduced nitric oxide (NO) availability and cyclic guanylate monophosphate (cGMP) levels are central in this disease, therapies targeting the NO pathway might have a beneficial effect on RV performance. In this regard, sildenafil has shown contradictory results. Our objective was to evaluate the effect of sildenafil on RV performance in an experimental pig model of postcapillary PH induced by a fixed banding of the venous pulmonary confluent. Animals were evaluated by right heart catheterization and cardiac magnetic resonance before randomization and after 8 weeks on sildenafil (n = 8) or placebo (n = 8), and myocardial tissues were analyzed with histology and molecular biology. At the end of the study, animals receiving sildenafil showed better RV performance as compared with those on placebo (improvement in RV ejection fraction of 7.3% ± 5.8% versus -0.6% ± 5.0%, P= 0.021) associated with less apoptotic cells and gene expression related with reduced oxidative stress and increased anti-inflammatory activity in the myocardium. No differences were observed in pulmonary hemodynamics. In conclusion, in a translational large animal model of chronic postcapillary PH, sildenafil improved RV systolic function independently of afterload. Further research with pharmacological approaches able to manipulate the NO-cGMP axis are needed to confirm this potential cardioprotective effect.This work was partially funded by the grant Ajut a la Recerca “Josep Font” 2015 (to Dr. Santiago-Vacas) and by Fondo Europeo de Desarrollo Regional (FEDER) Instituto de Salud Carlos III-Fondo de Investigación Sanitaria PI17/00995 (to Dr. García-Álvarez). The CNIC is supported by the Ministerio de Ciencia, Innovación y Universidades and the Pro CNIC Foundation, and is a Severo Ochoa Center of Excellence (SEV-2015-0505). Part of this work was developed at the Centre de Recerca Biomèdica Cellex, IDIBAPS, Barcelona. The IDIBAPS belongs to the CERCA Programme and receives partial funding from the Generalitat de CatalunyaS

Kapplan-Mayer survival curve by phenotype.

<p>Kapplan-Mayer survival curve by phenotype.</p