BASEL III: Long-term impact on economic performance and fluctuations

We assess the long-term economic impact of the new regulatory standards (the Basel III reform), answering the following questions. (1) What is the impact of the reform on long-term economic performance? (2) What is the impact of the reform on economic fluctuations? (3) What is the impact of the adoption of countercyclical capital buffers on economic fluctuations? The main results are the following. (1) Each percentage point increase in the capital ratio causes a median 0.09 percent decline in the level of steady state output, relative to the baseline. The impact of the new liquidity regulation is of a similar order of magnitude, at 0.08 percent. This paper does not estimate the benefits of the new regulation in terms of reduced frequency and severity of financial crisis, analysed in Basel Committee on Banking Supervision (BCBS, 2010b). (2) The reform should dampen output volatility; the magnitude of the effect is heterogeneous across models; the median effect is modest. (3) The adoption of countercyclical capital buffers could have a more sizeable dampening effect on output volatility. These conclusions are fully consistent with those of the reports by the Long-term Economic Impact group (BCBS, 2010b) and Macro Assessment Group (MAG, 2010b).Basel III, countercyclical capital buffers, financial (in)stability, procyclicality, macroprudential policy.

Orbital dynamics of Cygnus X-3

Orbital-phased-resolved infrared spectra of Cygnus X-3 in outburst and quiescence, including tomographic analysis, are presented. We confirm the phasing of broad HeII and NV lines in quiescence, such that maximum blue shift corresponds to the X-ray minimum at phase = 0.00 +/- 0.04. In outburst, double-peaked HeI structures show a similar phasing with two significant differences: (a) although varying in relative strength, there is continuous line emission in blue and red peaks around the orbit, and (b) an absorption component, ~1/4 of an orbit out of phase with the emission features, is discerned. Doppler tomograms of the double-peaked profiles are consistent with a disk-wind geometry, rotating at velocities of 1000 km/s. Regrettably, the tomography algorithm will produce a similar ring structure from alternative line sources if contaminated by overlying P Cygni profiles. This is certainly the case in the strong 2.0587 micron HeI line, leading to an ambiguous solution for the nature of double-peaked emission. The absorption feature, detected 1/4 of an orbit out of phase with the emission features, is consistent with an origin in the He star wind and yields for the first time a plausible radial velocity curve for the system. We directly derive the mass function of the system, 0.027 M_sun. If we assume a neutron star accretor and adopt a high orbital inclination, i > 60 degrees, we obtain a mass range for the He star of 5 M_sun < M_WR < 11 M_sun. Alternatively if the compact object is a black hole, we estimate M_BH < 10 M_sun. We discuss the implications of these masses for the nature and size of the binary system.Comment: Accepted for publication in ApJ main journa

Double Neutron Star Systems and Natal Neutron Star Kicks

We study the four double neutron star systems found in the Galactic disk in terms of the orbital characteristics of their immediate progenitors and the natal kicks imparted to neutron stars. Analysis of the effect of the second supernova explosion on the orbital dynamics, combined with recent results from simulations of rapid accretion onto neutron stars lead us to conclude that the observed systems could not have been formed had the explosion been symmetric. Their formation becomes possible if kicks are imparted to the radio-pulsar companions at birth. We identify the constraints imposed on the immediate progenitors of the observed double neutron stars and calculate the ranges within which their binary characteristics (orbital separations and masses of the exploding stars) are restricted. We also study the dependence of these limits on the magnitude of the kick velocity and the time elapsed since the second explosion. For each of the double neutron stars, we derive a minimum kick magnitude required for their formation, and for the two systems in close orbits we find it to exceed 200km/s. Lower limits are also set to the center-of-mass velocities of double neutron stars, and we find them to be consistent with the current proper motion observations.Comment: 25 pages, 6 figs (9 parts), 4 tables, AASTeX, Accepted in Ap

Chandra X-ray Sources in M101

A deep (98.2 ks) Chandra Cycle-1 observation has revealed a wealth of discrete X-ray sources as well as diffuse emission in the nearby face-on spiral galaxy M101. From this rich dataset we have created a catalog of the 110 sources from the S3 chip detected with a significance of >3 sigma, corresponding to a flux of ~1.0E-16 ergs/cm/cm/s and a luminosity of 1.0E36 ergs/s for a distance to M101 of 7.2 Mpc. The sources display a distinct correlation with the spiral arms and include a variety of X-ray binaries, supersoft sources, supernova remnants, and other objects of which only ~27 are likely to be background sources. There are only a few sources in the interarm regions, and most of these have X-ray colors consistent with that of background AGNs. The derived log N-log S relation for the sources in M101 (background subtracted) has a slope of -0.80+/-0.05 over the range of 1.0E36 - 1.0E38 ergs/s. The nucleus is resolved into 2 nearly identical X-ray sources, each with a 0.5-2.0 keV flux of 4.0E37 ergs/s. One of these sources coincides with the optical nucleus, and the other coincides with a cluster of stars 110 pc to the south.Comment: 39 pages including 13 figures and 4 tables; ApJ, in pres

Risk stratification and subclinical phenotyping of dilated and/or arrhythmogenic cardiomyopathy mutation-positive relatives:CVON eDETECT consortium

In relatives of index patients with dilated cardiomyopathy and arrhythmogenic cardiomyopathy, early detection of disease onset is essential to prevent sudden cardiac death and facilitate early treatment of heart failure. However, the optimal screening interval and combination of diagnostic techniques are unknown. The clinical course of disease in index patients and their relatives is variable due to incomplete and age-dependent penetrance. Several biomarkers, electrocardiographic and imaging (echocardiographic deformation imaging and cardiac magnetic resonance imaging) techniques are promising non-invasive methods for detection of subclinical cardiomyopathy. However, these techniques need optimisation and integration into clinical practice. Furthermore, determining the optimal interval and intensity of cascade screening may require a personalised approach. To address this, the CVON-eDETECT (early detection of disease in cardiomyopathy mutation carriers) consortium aims to integrate electronic health record data from long-term follow-up, diagnostic data sets, tissue and plasma samples in a multidisciplinary biobank environment to provide personalised risk stratification for heart failure and sudden cardiac death. Adequate risk stratification may lead to personalised screening, treatment and optimal timing of implantable cardioverter defibrillator implantation. In this article, we describe non-invasive diagnostic techniques used for detection of subclinical disease in relatives of index patients with dilated cardiomyopathy and arrhythmogenic cardiomyopathy

Loss of Productivity Due to Neck/Shoulder Symptoms and Hand/Arm Symptoms: Results from the PROMO-Study

Introduction: The objective of the present study is to describe the extent of productivity loss among computer workers with neck/shoulder symptoms and hand/arm symptoms, and to examine associations between pain intensity, various physical and psychosocial factors and productivity loss in computer workers with neck/shoulder and hand/arm symptoms. Methods: A cross-sectional design was used. The study population consisted of 654 computer workers with neck/shoulder or hand/arm symptoms from five different companies. Descriptive statistics were used to describe the occurrence of self-reported productivity loss. Logistic regression analyses were used to examine the associations. Results: In 26% of all the cases reporting symptoms, productivity loss was involved, the most often in cases reporting both symptoms (36%). Productivity loss involved sickness absence in 11% of the arm/hand cases, 32% of the neck/shoulder cases and 43% of the cases reporting both symptoms. The multivariate analyses showed statistically significant odds ratios for pain intensity (OR: 1.26; CI: 1.12-1.41), for high effort/no low reward (OR: 2.26; CI: 1.24-4.12), for high effort/low reward (OR: 1.95; CI: 1.09-3.50), and for low job satisfaction (OR: 3.10; CI: 1.44-6.67). Physical activity in leisure time, full-time work and overcommitment were not associated with productivity loss. Conclusion: In most computer workers with neck/shoulder symptoms or hand/arm symptoms productivity loss derives from a decreased performance at work and not from sickness absence. Favorable psychosocial work characteristics might prevent productivity loss in symptomatic workers. © 2007 Springer Science+Business Media, LLC

Antithrombotic therapy in patients undergoing TAVI: an overview of Dutch hospitals

To assess current antithrombotic treatment strategies in the Netherlands in patients undergoing transcatheter aortic valve implantation (TAVI). For every Dutch hospital performing TAVI (n = 14) an interventional cardiologist experienced in performing TAVI was interviewed concerning heparin, aspirin, thienopyridine and oral anticoagulation treatment in patients undergoing TAVI. The response rate was 100 %. In every centre, a protocol for antithrombotic treatment after TAVI was available. Aspirin was prescribed in all centres, concomitant clopidogrel was prescribed 13 of the 14 centres. Duration of concomitant clopidogrel was 3 months in over two-thirds of cases. In 2 centres, duration of concomitant clopidogrel was based upon type of prosthesis: 6 months versus 3 months for supra-annular and intra-annular prostheses, respectively. Leaning on a small basis of evidence and recommendations, the antithrombotic policy for patients undergoing TAVI is highly variable in the Netherlands. As a standardised regimen might further reduce haemorrhagic complications, large randomised clinical trials may help to establish the most appropriate approac

The Classification of Obsessive–Compulsive and Related Disorders in the ICD-11

Background To present the rationale for the new Obsessive–Compulsive and Related Disorders (OCRD) grouping in the Mental and Behavioural Disorders chapter of the Eleventh Revision of the World Health Organization’s International Classification of Diseases and Related Health Problems (ICD-11), including the conceptualization and essential features of disorders in this grouping. Methods Review of the recommendations of the ICD-11 Working Group on the Classification for OCRD. These sought to maximize clinical utility, global applicability, and scientific validity. Results The rationale for the grouping is based on common clinical features of included disorders including repetitive unwanted thoughts and associated behaviours, and is supported by emerging evidence from imaging, neurochemical, and genetic studies. The proposed grouping includes obsessive–compulsive disorder, body dysmorphic disorder, hypochondriasis, olfactory reference disorder, and hoarding disorder. Body-focused repetitive behaviour disorders, including trichotillomania and excoriation disorder are also included. Tourette disorder, a neurological disorder in ICD-11, and personality disorder with anankastic features, a personality disorder in ICD-11, are recommended for cross-referencing. Limitations Alternative nosological conceptualizations have been described in the literature and have some merit and empirical basis. Further work is needed to determine whether the proposed ICD-11 OCRD grouping and diagnostic guidelines are mostly likely to achieve the goals of maximizing clinical utility and global applicability. Conclusion It is anticipated that creation of an OCRD grouping will contribute to accurate identification and appropriate treatment of affected patients as well as research efforts aimed at improving our understanding of the prevalence, assessment, and management of its constituent disorders

Oral contraceptives, depressive and insomnia symptoms in adult women with and without depression

Background: Worldwide, oral contraceptive (OC) use is a very common form of birth control, although it has been associated with symptoms of depression and insomnia. Insomnia is a risk factor for major depressive disorder (MDD) but may also be a symptom of the disorder. Despite the large number of women who use OC, it is yet unknown whether women with previous or current diagnosis of depression are more likely to experience more severe depressive and insomnia symptoms during concurrent OC use than women without diagnosis of depression. Aim: This study examined associations between OC use and concurrent symptoms of depression (including atypical depression) and insomnia as well as between OC and prevalences of concurrent dysthymia and MDD. Participants were adult women with and without a history of MDD or dysthymia. We hypothesized that OC use is associated with concurrent increased severity of depressive symptoms and insomnia symptoms, as well as with an increased prevalence of concurrent diagnoses of dysthymia and MDD. We also hypothesized that a history of MDD or dysthymia moderates the relationship between OC use and depressive and insomnia symptoms. Methods: Measurements from premenopausal adult women from the Netherlands Study of Depression and Anxiety (NESDA) were grouped, based on whether participants were using OC or naturally cycling (NC). OC use, timing and regularity of the menstrual cycle were assessed with a structured interview, self-reported symptoms of depression (including atypical depression), insomnia with validated questionnaires, and MDD and dysthymia with structured diagnostic interviews. Results: We included a total of 1301 measurements in women who reported OC use and 1913 measurements in NC women (mean age 35.6, 49.8% and 28.9% of measurements in women with a previous depression or current depression, respectively). Linear mixed models showed that overall, OC use was neither associated with more severe depressive symptoms (including atypical depressive symptoms), nor with higher prevalence of diagnoses of MDD or dysthymia. However, by disentangling the amalgamated overall effect, within-person estimates indicated increased depressive symptoms and depressive disorder prevalence during OC use, whereas between-person estimated indicated lower depressive symptoms and prevalence of depressive disorders. OC use was consistently associated with more severe concurrent insomnia symptoms, in the overall estimates as well as in the within-person and between-person estimates. Presence of current or previous MDD or dysthymia did not mod-erate the associations between OC use and depressive or insomnia symptoms. Discussion: The study findings showed consistent associations between OC use and more severe insomnia symptoms, but no consistent associations between OC and depressive symptoms or diagnoses. Instead, post-hoc analyses showed that associations between OC and depression differed between within-and between person -estimates. This indicates that, although OC shows no associations on the overall level, some individuals might experience OC-associated mood symptoms. Our findings underscore the importance of accounting for individual differences in experiences during OC use. Furthermore, it raises new questions about mechanisms underlying associations between OC, depression and insomnia.Stress-related psychiatric disorders across the life spa

New Pulsars from an Arecibo Drift Scan Search

We report the discovery of pulsars J0030+0451, J0711+0931, and J1313+0931 that were found in a search of 470 square degrees at 430 MHz using the 305m Arecibo telescope. The search has an estimated sensitivity for long period, low dispersion measure, low zenith angle, and high Galactic latitude pulsars of ~1 mJy, comparable to previous Arecibo searches. Spin and astrometric parameters for the three pulsars are presented along with polarimetry at 430 MHz. PSR J0030+0451, a nearby pulsar with a period of 4.8 ms, belongs to the less common category of isolated millisecond pulsars. We have measured significant polarization in PSR J0030+0451 over more than 50% of the period, and use these data for a detailed discussion of its magnetospheric geometry. Scintillation observations of PSR J0030+0451 provide an estimate of the plasma turbulence level along the line of sight through the local interstellar medium.Comment: 21 pages, 4 figures, Accepted for Publication in Ap