Essays on the effects of financial and sovereign crises in macroeconomics

This dissertation consists of three chapters that study the macroeconomic effects of financial and sovereign crises. Chapter I studies how the probability of bailout affects banks’ portfolio decisions in normal times and during a sovereign debt crisis. Theoretically, an increase in the probability of bailout implies a change in the expected “bailout rents” delivered to bank owners, where the sign of the change depends on the sovereign risk and government’s own borrowing costs. The model’s main predictions are that an increase in the probability of bailout induces banks to decrease lending to firms and purchase sovereign bonds when the government’s borrowing costs are sufficiently low, while the effect reverses during a sovereign debt crisis. Empirically, data on Italian banks between 2007 and 2014 provides evidence consistent with these predictions. Chapter II assesses the impact of the main unconventional monetary measures adopted by the European Central Bank in 2011-2012 on the Italian economy. Together with co-authors, I first estimate the direct effects on financial and credit markets and then map these effects onto their macroeconomic implications. The results suggest that all operations have, to varying degrees, contributed to counteract the increase in government bond yields and to improve credit supply and money market conditions. From a macroeconomic perspective, the measures have had a large positive effect, mainly through the credit channel, with a cumulative impact on GDP growth of 2.7 percentage points over the period 2012-2013. Chapter III builds a dynamic partial equilibrium model in which heterogeneous firms have access to two different sources of external financing, namely bank loans and credit lines. Under a parameterization that corresponds to the U.S economy in the first quarter of 2008, the model matches the empirical counterpart for aggregate levels of debt and credit line drawdowns. I simulate the impact of the financial crisis by varying some key parameters and studying the response of aggregate variables. I find that the model can replicate the change in firms’ financing policy behavior observed during the financial crisis, and in particular the interaction between access to bank lending and use of credit lines

Use of the iliac-outlet and iliac-inlet combined views in percutaneous posterior column retrograde screw fixation

Posterior column fractures are common acetabular injuries. Although displaced fractures require open reduction and fixation, undisplaced patterns may benefit from percutaneous screw fixation. The combination of iliac oblique with inlet and outlet views offers an intuitive and panoramic rendering of the bony corridor into the posterior column; lateral cross table view completes the sequence of fluoroscopic projections. Herein we describe the use of outlet/inlet iliac views and a detailed procedure for percutaneous retrograde posterior column screw fixation

Implant retention with serial debridement and use of antibiotic-loaded calcium sulfate beads in acute fracture-related infection (FRI) after pelvic ring or acetabular fractures: A retrospective case series of 7 cases

Background: The development of a pelvic wound infection in the presence of hardware after open reduction and internal fixation presents a clinical dilemma and there is little literature to aid in decision-making. The purpose of this study was to describe the possibility of debridement, antibiotic pearls and retention of the implant (DAPRI) procedure to eradicate the infection. Methods: Tumor-like debridement, antibiotic pearls and retention of the implant (DAPRI) aimed to remove the biofilm allowing a higher and prolonged local antibiotic concentration by using calcium sulfate antibiotic-added beads. Wound status, radiological signs of bone healing, gait and functional activity of the patient were evaluated. Results: Seven patients underwent this technique. The mean follow up time was nine months (range: 6 -16 months). Complete wound healing was achieved in all the patients with no major complications. Average time of bony union was 4.3 months (range: 3-6 months) with no need for implant removal. Conclusion: The DAPRI technique might represent a safe and more conservative treatment for management of early fracture-related infections (FRI) of the pelvis and acetabulum

FRAGILITY FRACTURES OF THE SACRUM: A SILENT EPIDEMIC

Fragility fractures of the sacrum (FFS) are caused by low-energy trauma in the elderly population. Due to the nuanced symptomatology, many FFS remains unrecognized and the prevalence is underestimated. The clinical presentation varies, typically presenting with weightbearing low back pain without even remembering of a previous trauma. Radiographs are usually insufficient for the diagnosis and second level imaging modalities are required. In particular, magnetic resonance demonstrated the highest diagnostic accuracy. Treatment should aim to guarantee early mobilization and weightbearing, efficient pain relief and early discharge from the hospital to a proper facility for rehabilitation. Conservative treatment is reserved to non-displaced fractures with an adequate pain relief within one week allowing early mobilization. Otherwise, surgical treatment must be preferred. Nowadays, minimally invasive techniques, such as ileo-sacral screws or trans-sacral bar osteosynthesis, are safe and effective procedures and have overcome open procedures. In more complex patterns, with complete dissociation between the pelvic ring and the ilio-lumbar spine, spino-pelvic fixation is the procedure of choice

A case report of femoral head fracture with osteochondral lesion treated by osteosynthesis and biomimetic scaffold: 2-year clinical and radiological follow-up

The aim of the present study was to present clinical and radiological outcome of a hip fracture-dislocation of the femoral head treated with biomimetic osteochondral scaffold. An 18-year-old male was admitted to the hospital after a motorcycle-accident. He presented with an obturator hip dislocation with a type IVA femoral head fracture according to Brumback classification system. The patient underwent surgery 5 days after accident. The largest osteochondral fragment was reduced and stabilized with 2 screws, and the small fragments were removed. The residual osteochondral area was replaced by a biomimetic nanostructured osteochondral scaffold. At 1-year follow-up the patient did not complain of hip pain and could walk without limp. At 2-year follow-up he was able to run with no pain and he returned to practice sports. Repeated radiographs and magnetic resonance imaging studies of the hip showed no signs of osteoarthritis or evidence of avascular necrosis. A hyaline-like signal on the surface of the scaffold was observed with restoration of the articular surface and progressive decrease of the subchondral edema. The results of the present study showed that the biomimetic nanostructured osteochondral scaffold could be a promising and safe option for the treatment of traumatic osteochondral lesions of the femoral head. Study Design: Case report

Inkjet printed 2D-crystal based strain gauges on paper

We present an investigation of inkjet printed strain gauges based on two-dimensional (2D) materials. The technology leverages water-based and biocompatible inks to fabricate strain measurement devices on flexible substrates such as paper. We demonstrate that the device performance and sensitivity are strongly dependent on the printing parameter (i.e., drop-spacing, number of printing passes, etc.). We show that values of the Gauge Factor up to 125 can be obtained, with large sensitivity (>20) even when small strains (0.3) are applied. Furthermore, we provide preliminary examples of heterostructure-based strain sensors, enabled by the inkjet printing technology

New bone formation using antibiotic-loaded calcium sulfate beads in bone transports for the treatment of long-bone osteomyelitis

Purpose Bone transport is one of the most frequently used techniques for critical-sized bone defects due to trauma or infection. To fill the defect area and avoid the collapse of soft tissues during transport, some authors have described the use of polymethylmethacrylate or absorbable antibiotic carriers in the form of cylindrical blocks. Methods In this article, we present our experience in the treatment of post-traumatic osteomyelitis of the lower and upper limbs, using a bone transport technique with antibiotic-loaded calcium sulfate in the form of beads. Results With the progressive absorption of calcium sulfate, we observed the formation of a bone-like tissue envelope at the periphery of the defect area. Histological analysis and direct visualization during open revision surgery of the docking site in all patients confirmed the presence of newly formed bone tissue with a high presence of osteoblasts and few osteoclasts; no areas of necrosis or signs of infection were observed. This bone envelope maintained the mechanical protective function of the transport path and docking site, and also provided a biological stimulus to avoid the development of necrotic areas and optimize the consolidation phase. ConclusionBone transport with calcium sulfate beads improves biological and mechanical support and reduces the number of surgeries required

Palladium catalysed C-H arylation of pyrenes: access to a new class of exfoliating agents for water-based graphene dispersions.

From Europe PMC via Jisc Publications RouterHistory: ppub 2020-01-01, epub 2020-01-28Publication status: PublishedFunder: Engineering and Physical Sciences Research Council; Grant(s): 1781838, EP/P00119X/1A new and diverse family of pyrene derivatives was synthesised via palladium-catalysed C-H ortho-arylation of pyrene-1-carboxylic acid. The strategy affords easy access to a broad scope of 2-substituted and 1,2-disubstituted pyrenes. The C1-substituent can be easily transformed into carboxylic acid, iodide, alkynyl, aryl or alkyl functionalities. This approach gives access to arylated pyrene ammonium salts, which outperformed their non-arylated parent compound during aqueous Liquid Phase Exfoliation (LPE) of graphite and compare favourably to state-of-the-art sodium pyrene-1-sulfonate PS1. This allowed the production of concentrated and stable suspensions of graphene flakes in water

Neuroselling: applying neuroscience to selling for a new business perspective. An analysis on teleshopping advertising.

This paper presents an innovative research project that aims to study the emotional factors influencing decision-making elicited by infomercials, a powerful sales technique that uses emotional communication to engage viewers, capture attention, and build trust. Using cutting-edge consumer neuroscience techniques, this study focuses on the identification of the variables that most impact the Call-to-Action and Purchase Intention. Forty participants were selected and divided into two groups, with each group exposed to one of two infomercials (condition A = male seller; condition B = female seller). EEG signals were recorded as well as Eye-tracking data. After the viewing, participants completed a self-report questionnaire. Results show that seller characteristics such as Performance and Trustworthiness, as well as Neurophysiological variables such as Approach-Withdrawal Index, Willingness to Pay, Attention and Engagement, significantly impact the final Call-to-Action, Purchase Intention, and infomercial Likeability responses. Moreover, eye-tracking data revealed that the more time is spent observing crucial areas of the infomercial, the more it will increase our Willingness to Pay and our interest and willingness to approach the infomercial and product. These findings highlight the importance of considering both the Seller attributes and the consumers’ Neurophysiological responses to understand and predict their behaviors in response to marketing stimuli since they all seem to play a crucial role in shaping consumers’ attitudes and purchase intentions. Overall, the study is a significant pilot in the new field of neuroselling, shedding light on crucial emotional aspects of the seller/buyer relationship and providing valuable insights for researchers and marketers

The promises of large language models for protein design and modeling.

The recent breakthroughs of Large Language Models (LLMs) in the context of natural language processing have opened the way to significant advances in protein research. Indeed, the relationships between human natural language and the language of proteins invite the application and adaptation of LLMs to protein modelling and design. Considering the impressive results of GPT-4 and other recently developed LLMs in processing, generating and translating human languages, we anticipate analogous results with the language of proteins. Indeed, protein language models have been already trained to accurately predict protein properties, generate novel functionally characterized proteins, achieving state-of-the-art results. In this paper we discuss the promises and the open challenges raised by this novel and exciting research area, and we propose our perspective on how LLMs will affect protein modeling and design