Managing the Crisis by Manfred J.M. Neumann

Wirtschaftskrise; Finanzmarktkrise; Krisenmanagement

Seigniorage in the United States: how much does the U.S. government make from money production?

Coinage ; Money

The Information Content of German Discount Rate Changes

Discount rate changes always receive considerable attention in financial markets. Two hypotheses compete to explain financial market reactions: the direct ‘borrowing cost effect’ and the announcement effect. This paper examines the issue for the Bundesbank’s discount rate changes after 1979. Summing up we find that market reactions cannot be attributed to a direct borrowing cost effect but exclusively to announcement effects. The empirical results indicate that interest rates react to changes in the discount rate to the extent that they are unanticipated. In contrast, the response to anticipated changes in the discount rate is small and insignificant. We proxy market anticipations by a multinomial logit-model combined with a dummy variable capturing non-quantifiable factors reported by the financial press. Moreover, we show that the response of interest rates declines along the term structure and with the switch to greater emphasis on repurchase operations in early 1985.discount rate, Bundesbank, announcement effects

Flächendeckender Mindestlohn: Ordnungspolitischer Sündenfall par excellence

Mindestlohn, Niedriglohn, Arbeitsplatz, Beschäftigungseffekt, Schwarzarbeit, Schattenwirtschaft, Ordnungspolitik, Arbeitslosigkeit, Arbeitsmarkt, Reform, Dumping, Arbeitnehmer, Armut, Humankapital, Arbeitsangebot, Sozialstaat, Deutschland

Zehn Jahre Euro - Bewährung in der Finanzkrise

Vom 13. bis 15. Februar 2009 fand in der Akademie für Politische Bildung Tutzing unter der Leitung von Wolfgang Quaisser die Tagung "Zehn Jahre Euro - Bewährung in der Finanzkrise" statt. Einige der dort vorgestellten Referate sind hier dokumentiert. Joachim Starbatty, Universität Tübingen und Aktionsgemeinschaft Soziale Marktwirtschaft, weist auf die negativen Aspekte der Währungsunion hin. Die gegenwärtige Finanzkrise enthülle den wahren Charakter der Währungsunion: Sie stelle eine kostenlose Rückversicherung der schwachen, inflationierten und hochverschuldeten EWU-und EU-Länder dar. Jürgen Jerger, Universität Regensburg und Osteuropa-Institut, Regensburg, befasst sich mit der Frage, wie wünschenswert - vor dem Hintergrund der aktuellen Finanz- und Wirtschaftskrise - eine baldige Übernahme des Euro in den restlichen EU-Ländern sei. Theo Waigel, Bundesfinanzminister a. D., unterstreicht, dass gerade in dem schwierigen Umfeld der Finanzmarktkrise und des konjunkturellen Einbruchs in Europa der Stabilitätspakt der geeignete Rahmen für haushaltspolitische Koordinierungen im Eurogebiet sei. Für Jürgen Stark, Europäische Zentralbank, haben der Euro und die gemeinsame europäische Geldpolitik in den letzten zehn Jahren eine Entwicklung vollzogen, "die selbst für ausgewiesene Optimisten undenkbar schien". Den Nicht-Euroländern der EU sei aber von einer voreiligen und überhasteten Einführung des Euro abzuraten. Manfred J.M. Neumann, Universität Bonn, setzt sich kritisch mit der Geldpolitik der Europäischen Zentralbank auseinander. Es sei die Frage zu stellen, ob die EZB nicht im Windschatten der Fed über Jahre hin eine zu expansive Niedrigzinspolitik geführt und damit ihrerseits Bedingungen geschaffen habe, die zum Entstehen der schweren internationalen Finanzmarktkrise beigetragen hätten.Euro, Finanzkrise, Geldmenge, Zentralbank, Währungsunion, Geldpolitik, Europäische Wirtschafts- und Währungsunion, EU-Stabilitätspakt, EU-Staaten

Interleukin-3Rα+ Myeloid Dendritic Cells and Mast Cells Develop Simultaneously from Different Bone Marrow Precursors in Cultures with Interleukin-3

The distinct developmental routes of dendritic cells and mast cells from murine bone marrow cultures with interleukin-3 are unclear. We found that short-term bone marrow cultures with interleukin-3 after 8–10 d consist of about 10%–30% dendritic cells and 70%–90% mast cell precursors, and only after 4–6 wk do homogeneous populations of mast cells emerge. Phenotypical and functional analysis of interleukin-3/dendritic cells revealed a high similarity with myeloid dendritic cells generated with granulocyte-macrophage colony stimulating factor in the expression of myeloid dendritic cell markers (CD11c+ B220– CD8α– CD11b+), major histocompatibility complex II and costimulatory molecules, endocytosis, maturation potential, interleukin-12 production, and T cell priming. Interleukin-3/dendritic cells expressed higher levels of interleukin-3 receptor, however. To dissect the interleukin-3/dendritic cell and mast cell development, we sorted fresh bone marrow cells into six subsets by the antibodies ER-MP12 (CD31) and ER-MP20 (Ly-6C). Both interelukin-3/dendritic cells and granulocyte-macrophage colony stimulating factor/dendritic cells develop from the same bone marrow populations, including the ER-MP12neg, ER-MP20high bone marrow monocytes. In contrast, mast cells only developed from ER-MP12int+high, ER-MP20neg bone marrow cell subsets, indicating that different precursors exist for interleukin-3/dendritic cells and mast cells. Established mast cell cultures could not be converted to dendritic cells or stimulated to express major histocompatibility complex II molecules in vitro or home to lymph node T cell areas in vivo. In summary, we show that dendritic cells generated from bone marrow precursors with interleukin-3 are clearly myeloid and develop via a different pathway compared to bone marrow mast cells

Apolipoprotein-CIII O-Glycosylation, a Link between GALNT2 and Plasma Lipids

Apolipoprotein-CIII (apo-CIII) is involved in triglyceride-rich lipoprotein metabolism and linked to beta-cell damage, insulin resistance, and cardiovascular disease. Apo-CIII exists in four main proteoforms: non-glycosylated (apo-CIII0a), and glycosylated apo-CIII with zero, one, or two sialic acids (apo-CIII0c, apo-CIII1 and apo-CIII2). Our objective is to determine how apo-CIII glycosylation affects lipid traits and type 2 diabetes prevalence, and to investigate the genetic basis of these relations with a genome-wide association study (GWAS) on apo-CIII glycosylation. We conducted GWAS on the four apo-CIII proteoforms in the DiaGene study in people with and without type 2 diabetes (n = 2318). We investigated the relations of the identified genetic loci and apo-CIII glycosylation with lipids and type 2 diabetes. The associations of the genetic variants with lipids were replicated in the Diabetes Care System (n = 5409). Rs4846913-A, in the GALNT2-gene, was associated with decreased apo-CIII0a. This variant was associated with increased high-density lipoprotein cholesterol and decreased triglycerides, while high apo-CIII0a was associated with raised high-density lipoprotein-cholesterol and triglycerides. Rs67086575-G, located in the IFT172-gene, was associated with decreased apo-CIII2 and with hypertriglyceridemia. In line, apo-CIII2 was associated with low triglycerides. On a genome-wide scale, we confirmed that the GALNT2-gene plays a major role i O-glycosylation of apolipoprotein-CIII, with subsequent associations with lipid parameters. We newly identified the IFT172/NRBP1 region, in the literature previously associated with hypertriglyceridemia, as involved in apolipoprotein-CIII sialylation and hypertriglyceridemia. These results link genomics, glycosylation, and lipid metabolism, and represent a key step towards unravelling the importance of O-glycosylation in health and disease.</p

BMD loci contribute to ethnic and developmental differences in skeletal fragility across populations: Assessment of evolutionary selection pressures

Bone mineral density (BMD) is a highly heritable trait used both for the diagnosis of osteoporosis in adults and to assess bone health in children. Ethnic differences in BMD have been documented, with markedly higher levels in individuals of African descent, which partially explain disparity in osteoporosis risk across populations. To date, 63 independent genetic variants have been associated with BMD in adults of Northern-European ancestry. Here, we demonstrate that at least 61 of these variants are predictive of BMD early in life by studying their compound effect within two multiethnic pediatric cohorts. Furthermore, we show that within these cohorts and across populations worldwide the frequency of those alleles associated with increased BMD is systematically elevated in individuals of Sub-Saharan African ancestry. The amount of differentiation in the BMD genetic scores among Sub-Saharan and non-Sub-Saharan populations together with neutrality tests, suggest that these allelic differences are compatible with the hypothesis of selective pressures acting on the genetic determinants of BMD. These findings constitute an explorative contribution to the role of selection on ethnic BMD differences and likely a new example of polygenic adaptation acting on a human trait

Abnormal proliferation and spontaneous differentiation of myoblasts from a symptomatic female carrier of X-linked Emery-Dreifuss muscular dystrophy

AbstractEmery–Dreifuss muscular dystrophy (EDMD) is a neuromuscular disease characterized by early contractures, slowly progressive muscular weakness and life-threatening cardiac arrhythmia that can develop into cardiomyopathy. In X-linked EDMD (EDMD1), female carriers are usually unaffected. Here we present a clinical description and in vitro characterization of a mildly affected EDMD1 female carrying the heterozygous EMD mutation c.174_175delTT; p.Y59* that yields loss of protein. Muscle tissue sections and cultured patient myoblasts exhibited a mixed population of emerin-positive and -negative cells; thus uneven X-inactivation was excluded as causative. Patient blood cells were predominantly emerin-positive, but considerable nuclear lobulation was observed in non-granulocyte cells – a novel phenotype in EDMD. Both emerin-positive and emerin-negative myoblasts exhibited spontaneous differentiation in tissue culture, though emerin-negative myoblasts were more proliferative than emerin-positive cells. The preferential proliferation of emerin-negative myoblasts together with the high rate of spontaneous differentiation in both populations suggests that loss of functional satellite cells might be one underlying mechanism for disease pathology. This could also account for the slowly developing muscle phenotype

Cross-ancestry genome-wide association analysis of corneal thickness strengthens link between complex and Mendelian eye diseases

Central corneal thickness (CCT) is a highly heritable trait associated with complex eye diseases such as keratoconus and glaucoma. We perform a genome-wide association meta-analysis of CCT and identify 19 novel regions. In addition to adding support for known connective tissue-related pathways, pathway analyses uncover previously unreported gene sets. Remarkably, >20% of the CCT-loci are near or within Mendelian disorder genes. These included FBN1, ADAMTS2 and TGFB2 which associate with connective tissue disorders (Marfan, Ehlers-Danlos and Loeys-Dietz syndromes), and the LUM-DCN-KERA gene complex involved in myopia, corneal dystrophies and cornea plana. Using index CCT-increasing variants, we find a significant inverse correlation in effect sizes between CCT and keratoconus (r =-0.62, P = 5.30 × 10-5) but not between CCT and primary open-angle glaucoma (r =-0.17, P = 0.2). Our findings provide evidence for shared genetic influences between CCT and keratoconus, and implicate candidate genes acting in collagen and extracellular matrix regulation