Measuring Euro Area Monetary Policy Transmission in a Structural Dynamic Factor Model

We study the effects of euro area common monetary policy by means of a structural dynamic factor model estimated on a large panel of euro area quarterly series. While we estimate a flat response of prices to a monetary policy shock, which we explain as aggregation of heterogeneous country-specific responses, we find no relevant asymmetries between countries in terms of output reaction. However, for both Spain and Italy, we find asymmetries in consumption, investment and unemployment. The introduction of the single currency in 1999 has helped reducing asymmetries in price responses but not in consumption and investment.

Chromosomal and extrachromosomal transmission of cellular melanization in the Freckled phenotype in Drosophila melanogaster.

Freckled (Frd) is a dominant mutant of D. melanogaster, lethal in double dose, which manifests itself by melanization in the adult stage, while nothing can be noticed in the larva and/or in the pupa. Its localization has been determined at nearly 102 of the second chromosome.Among the offspring from backcrosses involving Frd, some individuals that do not carry the Frd gene exhibit a weak Frd manifestation in the adult stage, or a stronger one, mostly lethal, in the larval or pupal stage. Weak Frd, indicated as [Frd], is transmitted indefinitely without any recognizable linkage with the chromosomes, although its frequency is influenced by the 1st and, probably, by the 3rd chromosome. No matroclinous transmission has been found. It is concluded that [Frd] is probably controlled by an extrachromosomal entity, not located in the cytoplasm. The possible relationships between Frd and [Frd] are discussed

Null Models of Economic Networks: The Case of the World Trade Web

In all empirical-network studies, the observed properties of economic networks are informative only if compared with a well-defined null model that can quantitatively predict the behavior of such properties in constrained graphs. However, predictions of the available null-model methods can be derived analytically only under assumptions (e.g., sparseness of the network) that are unrealistic for most economic networks like the World Trade Web (WTW). In this paper we study the evolution of the WTW using a recently-proposed family of null network models. The method allows to analytically obtain the expected value of any network statistic across the ensemble of networks that preserve on average some local properties, and are otherwise fully random. We compare expected and observed properties of the WTW in the period 1950-2000, when either the expected number of trade partners or total country trade is kept fixed and equal to observed quantities. We show that, in the binary WTW, node-degree sequences are sufficient to explain higher-order network properties such as disassortativity and clustering-degree correlation, especially in the last part of the sample. Conversely, in the weighted WTW, the observed sequence of total country imports and exports are not sufficient to predict higher-order patterns of the WTW. We discuss some important implications of these findings for international-trade models.Comment: 39 pages, 46 figures, 2 table

The International Postal Network and Other Global Flows as Proxies for National Wellbeing.

The digital exhaust left by flows of physical and digital commodities provides a rich measure of the nature, strength and significance of relationships between countries in the global network. With this work, we examine how these traces and the network structure can reveal the socioeconomic profile of different countries. We take into account multiple international networks of physical and digital flows, including the previously unexplored international postal network. By measuring the position of each country in the Trade, Postal, Migration, International Flights, IP and Digital Communications networks, we are able to build proxies for a number of crucial socioeconomic indicators such as GDP per capita and the Human Development Index ranking along with twelve other indicators used as benchmarks of national well-being by the United Nations and other international organisations. In this context, we have also proposed and evaluated a global connectivity degree measure applying multiplex theory across the six networks that accounts for the strength of relationships between countries. We conclude by showing how countries with shared community membership over multiple networks have similar socioeconomic profiles. Combining multiple flow data sources can help understand the forces which drive economic activity on a global level. Such an ability to infer proxy indicators in a context of incomplete information is extremely timely in light of recent discussions on measurement of indicators relevant to the Sustainable Development Goals.Project LASAGNE Contract No. 318132 (STREP) - funded by the European CommissionThis is the final version of the article. It first appeared from PLOS via http://dx.doi.org/10.1371/journal.pone.015597