Repression of the genome organizer SATB1 in regulatory T cells is required for suppressive function and inhibition of effector differentiation

Regulatory T cells (T(reg) cells) are essential for self-tolerance and immune homeostasis. Lack of effector T cell (T(eff) cell) function and gain of suppressive activity by T(reg) cells are dependent on the transcriptional program induced by Foxp3. Here we report that repression of SATB1, a genome organizer that regulates chromatin structure and gene expression, was crucial for the phenotype and function of T(reg) cells. Foxp3, acting as a transcriptional repressor, directly suppressed the SATB1 locus and indirectly suppressed it through the induction of microRNAs that bound the SATB1 3' untranslated region. Release of SATB1 from the control of Foxp3 in T(reg) cells caused loss of suppressive function, establishment of transcriptional T(eff) cell programs and induction of T(eff) cell cytokines. Our data support the proposal that inhibition of SATB1-mediated modulation of global chromatin remodeling is pivotal for maintaining T(reg) cell functionality.Marc Beyer... Timothy Sadlon...Simon C Barry... et al

Debt resolution processes for sovereign debt: Current policy issues

Consider a two-period situation. In the first period a consumer and a firm bargain over the price of a bond. The objective is a project which takes one period to come on stream. Both agents prefer production but the consumer is less patient than the firm. The outcome is underproduction. A condition for the intervention of a bank exists. It is shown that intermediation is unstable. The potentially stabilising role of money is discussed

The measurement of effective exchange rates

This paper reviews some of the major conceptual and methodological issues involved in the constructions of EER indices, focusing on nominal effective exchange rates. It then describes a mixed-weight index currently compiled by the BIS and subsequently analyses how the movements of the various indices have differed over time. No objective yardstick is provided whereby one index can be shown to be superior, although there is probably already more international agreement in this domain than meets the eye.

Some Multi-Country Evidence On The Effects Of Real Exchange Rates On Output

: The simultaneous occurrence of devaluation and recession in Mexico in 1995, as well as in the East Asian economies more recently, appears to contradict the conventional view that devaluations are expansionary. Moreover, a sizeable theoretical and empirical literature also argues that, contrary to the predictions of textbook analysis, exchange rate devaluations may be contractionary rather than expansionary. However, prior statistical analyses of the effects of exchange rate devaluation on output have been subject to several limitations: (i) they have failed to distinguish adequately between short and long-run effects; (ii) they have not controlled for the full range of external shocks; and (iii) they have not considered whether the effects of devaluation might differ between different regions of the world. The purpose of this paper is to estimate the impact of devaluation on output for 27 countries while attempting to address these limitations in previous empirical analyses..