Effectiveness of the asset price channel as a transmission mechanism for monetary policy in Morocco: Evidence from a VAR analysis

The stock market has a crucial role in modern economies, serving as a means to diversify domestic sources of funds and provide avenues for productive investments.  The presence of a meaningful correlation between macroeconomic variables and the stock market is crucial for the stock market to fulfill this role effectively. Various theoretical and empirical models have been used to analyze the relationship between monetary policy and stock prices. The results of these models provide evidence that monetary policy can affect stock prices, and vice versa. The objective of this paper is to study and analyze the relationship between the stock market (MASI) and monetary policy in Morocco, through a vector autoregression (VAR) model covering the period 2007Q1- 2017Q4. By analyzing the various empirical studies on the effect of monetary policy on the stock market via the stock price channel, we found that the stock price channel in Morocco is not operational. The results of our VAR model confirmed this finding. We found that during the studied period, there was no significant relationship between monetary policy and the Moroccan stock market. These results proved the existence of a dysfunction in the transmission mechanism of stock prices in Morocco, which invalidates our central hypothesis that there is interdependence between the Central Bank and the stock market. Furthermore, due to the lack of long and sufficient statistical data series, especially the Real Estate Asset Price Index (REAPI), these contributions that we were unable to make will further enhance our work.   Keywords: Transmission mechanism of monetary policy, stock price channel, VAR, impulse response function, cointegration JEL Classification : E4, E5, G15 Paper type: Empirical researchThe stock market has a crucial role in modern economies, serving as a means to diversify domestic sources of funds and provide avenues for productive investments.  The presence of a meaningful correlation between macroeconomic variables and the stock market is crucial for the stock market to fulfill this role effectively. Various theoretical and empirical models have been used to analyze the relationship between monetary policy and stock prices. The results of these models provide evidence that monetary policy can affect stock prices, and vice versa. The objective of this paper is to study and analyze the relationship between the stock market (MASI) and monetary policy in Morocco, through a vector autoregression (VAR) model covering the period 2007Q1- 2017Q4. By analyzing the various empirical studies on the effect of monetary policy on the stock market via the stock price channel, we found that the stock price channel in Morocco is not operational. The results of our VAR model confirmed this finding. We found that during the studied period, there was no significant relationship between monetary policy and the Moroccan stock market. These results proved the existence of a dysfunction in the transmission mechanism of stock prices in Morocco, which invalidates our central hypothesis that there is interdependence between the Central Bank and the stock market. Furthermore, due to the lack of long and sufficient statistical data series, especially the Real Estate Asset Price Index (REAPI), these contributions that we were unable to make will further enhance our work.   Keywords: Transmission mechanism of monetary policy, stock price channel, VAR, impulse response function, cointegration JEL Classification : E4, E5, G15 Paper type: Empirical researc

Méthodes pédagogiques et développement des capacités d’innovation chez les étudiants : exploration du cas de l’enseignement de l’entrepreneuriat au Maroc

À partir de la deuxième moitié des années quatre-vingt-dix se diffuse progressivement l’idée que le système éducatif, et notamment l’enseignement supérieur, aurait un rôle à jouer pour favoriser l’esprit entrepreneurial de la jeunesse, présenté comme une compétence essentielle dans le contexte d’une économie fondée sur la connaissance. Cet article s’interroge ainsi sur les méthodes pédagogiques utilisées au sein de l’université dans l’enseignement de l’entrepreneuriat et le développement des capacités d’innovation chez les étudiants. Les résultats montrent que les enseignants d’entrepreneuriat ne recourent qu’à des méthodes pédagogiques qui ne sont pas vraiment de nature à développer les capacités d’innovation des étudiants. Aussi la réalisation de cet objectif dépasse largement la question pédagogique pour toucher les dimensions culturelles, institutionnelles et éducatives

Exploring youth unemployment in Morocco: Evidence from micro-level data

This paper explores youth unemployment in Morocco using the Labor Force Survey of the 2019 data to estimate a logit model. The paper provides the evidence for the three categories of possible determinants of youth unemployment in Morocco. The first set of determinants are the geographic and sociodemographic characteristics such the sex, age, the marital status and the area of residence. Secondly, the socioeconomic factors such as the young people’s family background and the number of workers per household play a decisive role in explaining youth unemployment in Morocco. Thirdly and finally, the results obtained in this study show that (regardless of their diplomas) young graduates are more likely to be unemployed than persons without a diploma. However, the influence a diploma type has on the probability of being unemployed varies according to the diploma type. The results obtained shed a light on the important characteristics of youth unemployment in Morocco and should serve as a guide for future research in more specific knowledge gaps

Probiotic Treatment Decreases the Number of CD14-Expressing Cells in Porcine Milk Which Correlates with Several Intestinal Immune Parameters in the Piglets

Modulating the mucosal immune system of neonates by probiotic treatment of their mothers is a promising approach which can only be investigated through the use of animal models. Here, we used sows and their piglets to investigate the impact of a bacterial treatment on the sow’s milk and on the neonate piglet intestinal immune system. In previous experiments, feed supplementation of sows with the probiotic Enterococcus faecium NCIMB 10415 during pregnancy and lactation had been shown to affect intestinal microbiota and cytokine expression of the offspring during the suckling and weaning periods. We therefore investigated the composition of the milk from treated sows in comparison to samples from a control group. In treated sows, the amount of lactose increased, and the somatic cell numbers were reduced. In all milk samples, the percentage of cells expressing membranous CD14 (mCD14) was greater than the fractions of immune cells, indicating expression of mCD14 on mammary epithelial cells. However, in the milk of E. faecium-treated sows, mCD14+ cells were reduced. Furthermore, the number of CD14+ milk cells was positively correlated with the percentages of B cells and activated T cells in the ileal MLN of the piglets. This study provides evidence for the expression of mCD14 by the porcine mammary epithelium, and suggests an immunological effect of mCD14+ milk cells on the piglets’ intestinal immune system. Our study further suggests that mCD14+ mammary epithelial cell populations can be modulated by probiotic feed supplementation of the sow.Peer Reviewe

DMLAR: Distributed Machine Learning-Based Anti-Collision Algorithm for RFID Readers in the Internet of Things

Radio Frequency Identification (RFID) is considered as one of the most widely used wireless identification technologies in the Internet of Things. Many application areas require a dense RFID network for efficient deployment and coverage, which causes interference between RFID tags and readers, and reduces the performance of the RFID system. Therefore, communication resource management is required to avoid such problems. In this paper, we propose an anti-collision protocol based on feed-forward Artificial Neural Network methodology for distributed learning between RFID readers to predict collisions and ensure efficient resource allocation (DMLAR) by considering the mobility of tags and readers. The evaluation of our anti-collision protocol is performed for different mobility scenarios in healthcare where the collected data are critical and must respect the terms of throughput, delay, overload, integrity and energy. The dataset created and distributed by the readers allows an efficient learning process and, therefore, a high collision detection to increase throughput and minimize data loss. In the application phase, the readers do not need to exchange control packets with each other to control the resource allocation, which avoids network overload and communication delay. Simulation results show the robustness and effectiveness of the anti-collision protocol by the number of readers and resources used. The model used allows a large number of readers to use the most suitable frequency and time resources for simultaneous and successful tag interrogation

Assessment of immunmodulatory properties of the probiotic feed-additives Enterococcus faecium NCIMB 10415 (SF 68) on the local and systemic cellular immunity of pigs in an infection challenge model with Salmonella enterica Serovar typhimurium DT104

Die Futterzusatzstoffe, die in der Tierproduktion eingesetzt werden, um die Leistungsparameter der Tiere zu verbessern, sind vielfältig. Probiotika werden als lebende Mikroorganismen definiert, die auf die Gesundheit des Wirtsorganismus (Menschen oder Tiere) positiv Einfluss nehmen. In der Nutztierhaltung und der Humanernährung werden Probiotika erfolgreich eingesetzt sowohl prophylaktisch als auch therapeutisch. Zahlreiche Studien weisen darauf hin, dass die mit der Nahrung aufgenommenen probiotischen Bakterien die Immunantwort sowohl im Darm als auch systemisch modulieren können. Der Einsatz von bestimmten Probiotika bewirkt einen gewissen Schutz gegen Darmpathogene. Die dieser Wirkung auf das Immunsystem zugrunde liegenden Mechanismen sind aber zum größten Teil noch unbekannt. Daher werden zahlreiche Wirkungsmechanismen postuliert. In der vorliegenden Arbeit wurde am Tiermodell Schwein untersucht, inwiefern das Probiotikum Enterococcus faecium NCIMB 10415 (SF 68) (Cylactin®) während einer experimentellen Infektion mit Salmonella typhimurium DT 104 die zelluläre Immunantwort sowohl systemisch als auch lokal in Effektor- und Induktorregionen des Darm-assoziierten Immunsystems beeinflusst. Zur Untersuchung der systemischen Immunantwort wurden Proben aus der Milz, dem Blut und aus den Tonsillen herangezogen. Aus den Darm- assoziierten Bereichen wurden Immunzellen aus den jejunalen und ilealen Peyerschen Platten (proximale und distale PP), aus den mesenterialen Lymphknoten, sowie die intraepitheliale Lymphozyten des proximalen Jejunum (IEL) isoliert. Zehn Muttersauen (Duroc x Deutsche Landrasse) und ihre Würfe wurden zufällig einer Versuchsgruppe (mit Probiotikumsupplementierung) oder Kontrollgruppe (ohne Probiotikumsupplementierung) zugeteilt. Die Sauen der Versuchsgruppe erhielten das Probiotikum vom 90. Tag vor der Geburt bis zum 28. Tag nach der Geburt. Ihre Ferkel wurden vom 14. bis einschließlich 56. Lebenstag mit den probiotischen Kulturen gefüttert, bei ansonsten gleichen Haltungs- und Fütterungsbedingungen der Probiotika- und Kontrolltiere. Aus jedem Wurf wurden am 28. Lebenstag zufällig neun Ferkel ausgewählt, mit Salmonella typhimurium DT 104 infiziert und 3, 24, 71 Stunden bzw. 28 Tage nach der Infektion getötet und beprobt (insgesamt 78 Ferkel). Es wurden Blutproben aus den Vena jugularis am 21. Lebenstag und kurz vor der Tötung der Tiere entnommen. Nach der Tötung wurden Proben aus dem proximalen Jejunum, jejunalen und ilealen Peyerschen Platten, Milz, Tonsillen und Lymphknoten entnommen. Aus den Organproben wurden anschließend Immunzellen isoliert. Nach Markierung mit fluorochrom-konjugierten Antikörpern wurden mittels Durchflußzytometrie die relativen Anteile ausgewählter Immunzellpopulationen bestimmt. Signifikante Effekte der Fütterung mit dem Probiotikum betrafen vor allem die CD4+-, CD8+-und CD16+-Subpopulationen. Im Darmepithel (alle Alterklassen), in der Milz (am 29. Lebenstag), den prox. PP (am 29. Lebenstag) und im Blut (alle Altersklassen) sank durch die probiotische Behandlung der Anteil der CD8+-Zellen. Dieser Effekt des Probiotikums Enterococcus faecium NCIMB 10415 betraf vor allem die CD8αβ+-Zellen, welche eine besondere Population der zytotoxischen Zellen darstellen. Auch Anteil der gesamten Immunzellen im Darmepithel, gemessen anhand der Bestimmung des Prozentsatzes an CD45+-Zellen, war in der Probiotikumgruppe signifikant niedriger. Es ist daher nicht von einer bloßen relativen Abnahme der CD8+-Zellen und einer Verschiebung des prozentualen Anteils innerhalb der gesamten Immunzellen auszugehen, sondern bedeutet eine Reduktion der absoluten Zahl an CD8+-Zellen im Darmepithel. Die probiotische Behandlung führte nach der Infektion (p.i.) zu einem signifikant höheren Prozentanteil der CD4+CD8--Lymphozyten in der Milz (alle Altersgruppen p.i.), den proximalen Peyerschen Platten (alle Altersgruppen p.i.) sowie zu einem signifikant höheren Prozentanteil der CD4+-Lymphozyten in den Tonsillen (56 Tage alte Ferkel). Der relative Anteil der CD16+-Zellen in den distalen Peryerschen Platten der Versuchsgruppe war signifikant erhöht, hingegen in den mesenterialen Lymphknoten signifikant erniedrigt. In den Tonsillen führte die probiotische Zufütterung zu einem tendenziell höheren Prozentanteil an CD3+CD8+- und γδ+-Zellen. Die Ergebnisse eines parallelen Teilprojekts derselben Forschergruppe (BfR, Berlin), bei dem Proben aus den gleichen Tieren verwendet wurden wie in dieser Arbeit, zeigten, dass in der mit E. faecium SF68 gefütterte Ferkelgruppe eine stärkere Besiedlung unterschiedlicher Organe mit S. typhimurium festgestellt wurde. Aufgrund der zeitlichen Abfolge und des Verlaufes muss angenommen werden, dass die Erhöhung der verschiedenen Immunzellpopulationen in der Probiotikagruppe eine Reaktion auf die stärkere Salmonellose darstellen. Die Ergebnisse dieser Arbeit zeigen, dass die Behandlung mit dem Probiotikum Enterococcus faecium NCIMB 10415 sowohl die lokale als die systemische zelluläre Immunantwort beeinflusst. Vor allem in den ersten sechs Lebenswochen sind die Auswirkungen der probiotischen Behandlung deutlich. Gegen Salmonelleninfektionen scheint die Supplementierung keinen Schutz zu bieten. Sie verstärkt möglicherweise die Translokation der Pathogene. Der Anteil der für die Beseitigung der intrazellulären Salmonellen sehr wichtigen CD8+-Zellpopulation wird durch die Behandlung mit dem Probiotikum Enterococcus faecium NCIMB 10415 reduziert, dies könnte negativ Auswirkung auf die Beseitigung der Salmonellen haben.Numerous feed additives are in use to enhance performance parameters in animal production. In recent years, probiotics have gained increased interest as feed supplements as restrictions on the use of antibiotics have become more rigorous. Probiotics are defined as living microorganisms capable of positively influencing the health of the recipient. For animals and humans, probiotics are already successfully in use for both prophylactic and therapeutic uses. Numerous studies indicate that probiotic feed additives show a modulatory effect on the immune system, both intestinal as well as systemic. Selected probiotics are being credited with increasing the resistance against gastrointestinal pathogens. The mechanisms responsible for the positive influence of probiotics is as yet not clearly understood, although numerous possibilities have been given discussion. In this work, the influence of the probiotic Enterococcus faecium SF68 (NCIMB 10415) during an experimental infection with Sallmonella enterica Serovar typhimurium DT104 in a porcine animal model was studied. The influence of the probiotic on the cellular immune response of the intestine-associated immune system was investigated both locally and systemically. To examine the systemic immune response, samples were taken from the spleen and the peripheral blood of the piglets. To investigate the local immune response, immune cell samples were taken from the jejunal and ileal Peyer´s patches (proximal and distal), from mesenterical lymph nodes and tonsils. In addition, epithelial cells and intraepithelial lymphocytes (IEL) isolated from the proximal jejunum were also investigated. Ten sows (Duroc x Deutsche Landrasse) and their litters were randomly divided into a trial (supplementation with probiotics) and a control groups (without probiotics). Sows received probiotic feed supplements from 90 days ante partum to 28 days post partum. Piglets received probiotics from day 14 to day 56. Apart from the probiotic feed supplementation, trial and control groups were fed and housed identically. From each litter, nine, 28 day-old piglets were randomly chosen for infection with Salmonella typhimurium. The infected piglets were sacrificed 3, 24, and 71 hours and 28 days after infection respectively (78 piglets all in all) for immune cell preparations. Purified immune cells were isolated, incubated with fluorescence-conjugated antibodies and flow cytometry was performed to determine relative percentages of chosen immune cell populations. Blood immune cells were prepared from samples taken from the Vena jugularis and purified using standard density gradients. The results indicated that feed supplementation with the Enterococcus faecium probiotic significanty affected the CD4+, CD8+ and CD16+ immune cell sub- populations. In the intestinal epithelium (at all investigated time points), in the spleen (at day 29), in the proximal PP (at day 29), and in the blood (at all investigated time points), the percentage of CD8+ cells was decreased. This effect of the Enterococcus faecium probiotic mainly affected CD8+ cells, a sub-population of cytotoxic T cells. Moreover, there was a significantly lower percentage of CD45+ lymphocytes in the jejunal epithelium of the probiotic piglets, indicating a decline in absolute numbers of lymphocytes in the epithelium. This reduction appeared to have negative consequences for the immunity against S. typhimurium. Determinations of another research group with the same animals revealed that the probiotic- treated animals showed a more severe infection with Salmonella compared to the control animals (personal communication, I. Szabó) Post-infection (p.i.) with Salmonella, the probiotic-supplemented animals showed a significantly higher proportion of CD4+ CD8– lymphocytes in the spleen (at all time points p.i.), in the proximal PP (at all time points p.i.), and a significantly higher percentage of CD4+ cells in the tonsils (four weeks p.i.). The frequency of CD16+ cells in the distal PP was significantly increased in the probiotic group, while it was significantly lower in the mesenteric lymph nodes. In the tonsils, the probiotic treatment showed a tendency toward elevated proportions of CD8+ T cells and γδ T-cells. Based on the temporal course of the obeserved changes in immune cell populations, the increase in several immune cell populations appears to result from a reaction to a more severe infection with Salmonella. The results of this study show that the treatment with probiotics as feed supplement influences the local and systemic immune response to pathogens. This is most notable during the first six weeks of life. However, probiotic supplementation did not appear to support an increased immune defense against a Salmonella infection. The observed reductions in the CD8+ immune cell population would most likely weaken the defense against Salmonella. The data therefore suggest a negative influence of Enterococcus faecium on the population of CD8αβ+cytotoxic T-cells followed by a stronger translocation of Salmonella Typhimurium DT104