4,025 research outputs found

    The monetary instrument matters

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    This paper revisits the debate over the money supply versus the interest rate as the instrument of monetary policy. Using a dynamic stochastic general equilibrium framework, the authors examine the effects of alternative monetary policy rules on inflation persistence, the information content of monetary data, and real variables. They show that inflation persistence and the variability of inflation relative to money growth depend on whether the central bank follows a money growth rule or an interest rate rule. With a money growth rule, inflation is not persistent and the price level is much more volatile than the money supply. Those counterfactual implications are eliminated by the use of interest rate rules whether prices are sticky or not. A central bank's use of interest rate rules, however, obscures the information content of monetary aggregates and also leads to subtle problems for econometricians trying to estimate money demand functions or to identify shocks to the trend and cycle components of the money stock.Monetary policy ; Money supply ; Interest rates

    Taylor-type rules and total factor productivity

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    This paper examines the impact of a persistent shock to the growth rate of total factor productivity in a New Keynesian model in which the central bank does not observe the shock. The authors then investigate the performance of alternative policy rules in such an incomplete information environment. While some rules perform better than others, the authors demonstrate that inflation is more stable after a persistent productivity shock when monetary policy targets the output growth rate (not the output gap) or the price-level path (not the inflation rate). Both the output growth and price-level path rules generate less volatility in output and inflation following a persistent productivity shock compared with the Taylor rule.Taylor's rule ; Productivity ; Industrial productivity

    Inflation risk and optimal monetary policy

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    This paper shows that the optimal monetary policies recommended by New Keynesian models still imply a large amount of inflation risk. We calculate the term structure of inflation uncertainty in New Keynesian models when the monetary authority adopts the optimal policy. When the monetary policy rules are modified to include some weight on a price path, the economy achieves equilibria with substantially lower long-run inflation risk. With either sticky prices or sticky wages, a price path target reduces the variance of inflation by an order of magnitude more than it increases the variability of the output gap.Monetary policy ; Inflation (Finance)

    Dynamics from diffraction

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    A model-independent approach for the extraction of detailed lattice dynamical information from neutron powder diffraction data is described. The technique is based on a statistical analysis of atomistic configurations generated using reverse Monte Carlo structural refinement. Phonon dispersion curves extracted in this way are shown to reproduce many of the important features found in those determined independently using neutron triple-axis spectroscopy. The extent to which diffraction data are sensitive to lattice dynamics is explored in a range of materials. The prospect that such detailed dynamical information might be accessible using comparatively facile experiments such as neutron powder diffraction is incredibly valuable when studying systems for which established spectroscopic methods are prohibitive or inappropriate

    Exosome-mediated Transfer of Ī±vĪ²3 Integrin from Tumorigenic to Nontumorigenic Cells Promotes a Migratory Phenotype.

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    The Ī±vĪ²3 integrin is known to be highly upregulated during cancer progression and promotes a migratory and metastatic phenotype in many types of tumors. We hypothesized that the Ī±vĪ²3 integrin is transferred through exosomes and, upon transfer, has the ability to support functional aberrations in recipient cells. Here, for the first time, it is demonstrated that Ī±vĪ²3 is present in exosomes released from metastatic PC3 and CWR22Pc prostate cancer cells. Exosomal Ī²3 is transferred as a protein from donor to nontumorigenic and tumorigenic cells as Ī²3 protein or mRNA levels remain unaffected upon transcription or translation inhibition in recipient cells. Furthermore, it is shown that upon exosome uptake, de novo expression of an Ī±vĪ²3 increases adhesion and migration of recipient cells on an Ī±vĪ²3 ligand, vitronectin. To evaluate the relevance of these findings, exosomes were purified from the blood of TRAMP mice carrying tumors where the expression of Ī±vĪ²3 is found higher than in exosomes from wild-type mice. In addition, it is demonstrated that Ī±vĪ²3 is coexpressed with synaptophysin, a biomarker for aggressive neuroendocrine prostate cancer. IMPLICATIONS: Overall this study reveals that the Ī±vĪ²3 integrin is transferred from tumorigenic to nontumorigenic cells via exosomes, and its de novo expression in recipient cells promotes cell migration on its ligand. The increased expression of Ī±vĪ²3 in exosomes from mice bearing tumors points to its clinical relevance and potential use as a biomarker. Mol Cancer Res; 14(11); 1136-46. Ā©2016 AACR

    Emergence of long-range order in BaTiO3 from local symmetry-breaking distortions

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    By using a symmetry motivated basis to evaluate local distortions against pair distribution function data (PDF), we show without prior bias, that the off-centre Ti displacements in the archetypal ferroelectric BaTiO3 are zone centred and rhombohedral-like in nature across its known ferroelectric and paraelectric phases. With our newly-gained insight we construct a simple Monte Carlo (MC) model which captures our main experimental findings and demonstrate how the rich crystallographic phase diagram of BaTiO3 emerges from correlations of local symmetry-breaking distortions alone. Our results strongly support the order-disorder picture for these phase transitions, but can also be reconciled with the soft-mode theory of BaTiO3 that is supported by some spectroscopic techniques.Comment: 5 pages, 3 figure

    Virus Infections in Children in a Respiratory Intensive Care Unit during an Influenza Epidemic

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    The incidence and severity of virus infections in a children's respiratory intensive care unit during an influenza A epidemic were studied. Infections caused by the Port Chalmers strain of influenza A or by an adenovirus were associated with severe, often fatal, pneumonia, whereas infections caused by respiratory syncytial virus or cytomegalovirus carried a good prognosis
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