(Un)anticipated monetary policy in a DSGE model with a shadow banking system : [Version 21 Juni 2012]

Motivated by the U.S. events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with bond financing via a shadow banking system, in which the bond spread is calibrated for normal and optimistic times. Our results suggest that the U.S. boom-bust was caused by the combination of (i) too low for too long interest rates, (ii) excessive optimism and (iii) a failure of agents to anticipate the extent of the abnormally favorable conditions

Monetary policy shocks in a DSGE model with a shadow banking system

This paper is motivated by the recent financial crisis and addresses whether a “too low for too long” interest rate policy may generate a boom-bust cycle. We suggest a model in which a microfounded shadow banking sector is included in an otherwise state-of-the-art DSGE model. When faced with perverse incentives, financial intermediaries within the shadow banking sector can divert a fraction of stockholders’ profits for their own benefits and extend credit at a discounted rate. The model predicts that long periods of accommodative monetary policy do create the preconditions for, but do not cause per se, a boom-bust cycle. Rather, it is the combination of a persistent monetary ease with microeconomic distortions in the financial system that causes a boom-bust.monetary policy; DSGE model; shadow banking system; boom-bust

Non-Asthmatic Patients Show Increased Exhaled Nitric Oxide Concentrations

OBJECTIVE: Evaluate whether exhaled nitric oxide may serve as a marker of intraoperative bronchospasm. INTRODUCTION: Intraoperative bronchospasm remains a challenging event during anesthesia. Previous studies in asthmatic patients suggest that exhaled nitric oxide may represent a noninvasive measure of airway inflammation. METHODS: A total of 146,358 anesthesia information forms, which were received during the period from 1999 to 2004, were reviewed. Bronchospasm was registered on 863 forms. From those, three groups were identified: 9 non-asthmatic patients (Bronchospasm group), 12 asthmatics (Asthma group) and 10 subjects with no previous airway disease or symptoms (Control group). All subjects were submitted to exhaled nitric oxide measurements (parts/billion), spirometry and the induced sputum test. The data was compared by ANOVA followed by the Tukey test and Kruskal-Wallis followed by Dunn's test. RESULTS: The normal lung function test results for the Bronchospasm group were different from those of the asthma group (p <0.05). The median percentage of eosinophils in induced sputum was higher for the Asthma [2.46 (0.45-6.83)] compared with either the Bronchospasm [0.55 (0-1.26)] or the Control group [0.0 (0)] (p <0.05); exhaled nitric oxide followed a similar pattern for the Asthma [81.55 (57.6-86.85)], Bronchospasm [46.2 (42.0 -62.6] and Control group [18.7 (16.0-24.7)] (p< 0.05). CONCLUSIONS: Non-asthmatic patients with intraoperative bronchospasm detected during anesthesia and endotracheal intubation showed increased expired nitric oxide

Ruthenium(II) Arene Complexes Bearing Tris(pyrazolyl)methanesulfonate Capping Ligands.Electrochemistry, Spectroscopic, and X-ray Structural Characterization

Novel [Ru(L)(Tpms)]Cl and [Ru(L)(Tpms(Ph))]Cl complexes (L = p-cymene, benzene, or hexamethylbenzene, Tpms = tris(pyrazolyl)-methanesulfonate, Tpms(Ph) = tris(3-phenylpyrazoly)methanesulfonate) have been prepared by reaction of [Ru(L)(mu-Cl)(2)](2) with Li[Tpms] and Li[Tpms(Ph)], respectively. [Ru(p-cymene)(Tpms)]BF4 has been synthesized through a metathetic reaction of [Ru(p-cymene)(Tpms)]Cl with AgBF4. [RuCl(cod)(Tpms)] (cod = 1,5-cyclooctadiene) and [RuCl(cod)(Tpms(Ph))] are also reported, being obtained by reaction of [RuCl2(cod)(MeCN)(2)] with Li[Tpms] and Li[Tpms(Ph)], respectively. The structures of the complexes and the coordination modes of the ligands have been established by IR, NMR, and single-crystal X-ray diffraction (for [RuL(Tpms)]X (L = p-cymene or HMB, X = Cl; L = p-cymene, X = BF4)) studies. Electrochemical studies showed that each complex undergoes a single-electron R-II -> R-III oxidation at a potential measured by cyclic voltammetry, allowing to compare the electron-donor characters of the tris(pyrazolyl)methanesulfonate and arene ligands, and to estimate, for the first time, the values of the Lever E-L ligand parameter for Tmps(Ph), HMB, and cod

Imaturos de Trichoptera na bacia do rio Paranã, GO, com novos registros de gênero

Distribution of Trichoptera along Paranã River Basin, Goiás State, with new records for genera, is presented. Eighteen sample sites were made along the basin during the rain (March and December/2003) and dry (July/2003 and August/2004) seasons. Surber and D net were used for sampling all habitats

Protective Response Mechanisms to Heat Stress in Interaction with High [CO2] Conditions in Coffea spp.

This work was supported by national funds from Fundacao para a Ciencia e a Tecnologia through the projects PTDC/AGRPRO/3386/2012, the research units UID/AGR/04129/2013 (LEAF) and UID/GEO/04035/2013 (GeoBioTcc), as well through the grant SFRH/BPD/47563/2008 (AT) co-financed through the POPH program subsidized by the European Social Fund. Brazilian funding from CAPES (grams PDSE: 000427/2014-04, W.P. Rodrigues; 0343/2014-05, MM; 12226/12-2, LM), CNPq and Fapemig (fellowships to FDM, FP, and EC) are also greatly acknowledged.Modeling studies have predicted that coffee crop will be endangered by future global warming, but recent reports highlighted that high [CO2] can mitigate heat impacts on coffee. This work aimed at identifying heat protective mechanisms promoted by CO2 in Coffea arabica (cv. Icatu and IPR108) and Coffea canephora cv. Conilon CL153. Plants were grown at 25/20 degrees C (day/night), under 380 or 700 mu L CO2 L-1, and then gradually submitted to 31/25, 37/30, and 42/34 degrees C. Relevant heat tolerance up to 37/30 degrees C for both [CO2] and all coffee genotypes was observed, likely supported by the maintenance or increase of the pools of several protective molecules (neoxanthin, lutein, carotenes, ohtocopherol, HSP70, raffinose), activities of antioxidant enzymes, such as superoxide dismutase (SOD), ascorbate peroxidase (APX), glutathione reductase (GR), catalase (CAT), and the upregulated expression of some genes (ELIP, Chaperonin 20). However, at 42/34 degrees C a tolerance threshold was reached, mostly in the 380 -plants and Icatu. Adjustments in raffinose, lutein, beta-carotene, alpha-tocopherol and HSP70 pools, and the upregulated expression of genes related to protective (FLIPS, HSP70, Chape 20, and 60) and antioxidant (CAT, CuSOD2, APX Cyt, APX ChI) proteins were largely driven by temperature. However, enhanced [CO2] maintained higher activities of GR (Icatu) and CAT (Icatu and IPR108), kept (or even increased) the Cu,Zn-SOD, APX, and CAT activities, and promoted a greater upregulation of those enzyme genes, as well as those related to HSP70, ELIPs, Chaperonins in CL153, and Icatu. These changes likely favored the maintenance of reactive oxygen species (ROS) at controlled levels and contributed to mitigate of photosystem II photoinhibition at the highest temperature. Overall, our results highlighted the important role of enhanced [CO2] on the coffee crop acclimation and sustainability under predicted future global warming scenarios.publishersversionpublishe

Molecular investigation of isolates from a multistate polymicrobial outbreak associated with contaminated total parenteral nutrition in Brazil

Background: Between November 2013 and June 2014, 56 cases of bacteremia (15 deaths) associated with the use of Total Parenteral Nutrition (TPN) and/or calcium gluconate (CG) were reported in four Brazilian states. Methods: We analyzed 73 bacterial isolates from four states: 45 from blood, 25 from TPN and three from CG, originally identified as Acinetobacter baumannii, Rhizobium radiobacter, Pantoea sp. or Enterobacteriaceae using molecular methods. Results: The first two bacterial species were confirmed while the third group of species could not be identified using standard identification protocols. These isolates were subsequently identified by Multi-Locus Sequence Analysis as Phytobacter diazotrophicus, a species related to strains from similar outbreaks in the United States in the 1970’s. Within each species, TPN and blood isolates proved to be clonal, whereas the R. radiobacter isolates retrieved from CG were found to be unrelated. Conclusion: This is the first report of a three-species outbreak caused by TPN contaminated with A. baumannii, R. radiobacter and P. diazotrophicus. The concomitant presence of clonal A. baumannii and P. diazotrophicus isolates in several TPN and blood samples, as well as the case of one patient, where all three different species were isolated simultaneously, suggest that the outbreak may be ascribed to a discrete contamination of TPN. In addition, this study highlights the clinical relevance of P. diazotrophicus, which has been involved in outbreaks in the past, but was often misidentified as P. agglomerans

Preliminary numerical and experimental tests for the study of vibration signals in dry granular flows

Debris flows are one of the most important hazards in mountainous areas because of their paroxysmal nature, the high velocities, and energy carried by the transported material. The monitoring of these phenomena plays a relevant role in the prevention of the effects of these events. Among different possibilities, fiber optical sensors appear well-suited for this purpose thanks to their fair cheapness (with the exception of the interrogator), the robustness to electromagnetic interferences, the adaptability in extreme harsh conditions (no power supply is required), the possibility of locating the interrogator many kilometers far away from the monitored site, and the unique feature to provide very-dense multipoint distributed measurements along long distances. In this work, the vibro-acoustics signal produced by these phenomena has been focused as a possible source of information for the prediction of incipient movement, and the tracking of their path, velocity and thickness. Few literature works investigate these aspects, and for this reason, a preliminary laboratory and numerical campaign have been carried out with dry granular flume tests on an inclined chute. The discrete element method has been used to simulate the tests and to synthesize the signal measured on an instrumented mat along the channel. The grain shapes of the granular material used in simulations have been obtained by a photogrammetric tridimensional reconstruction. The force-time signal has been also analyzed in time-frequency domain in order to infer the features of the flow. The numerical activity has been preparatory for the experiments carried out by instrumenting the flume with an optical fiber distributed vibration sensing system

Spectroscopy of QUBRICS quasar candidates: 1672 new redshifts and a Golden Sample for the Sandage Test of the Redshift Drift

The QUBRICS (QUasars as BRIght beacons for Cosmology in the Southern hemisphere) survey aims at constructing a sample of the brightest quasars with z>~2.5, observable with facilities in the Southern Hemisphere. QUBRICS makes use of the available optical and IR wide-field surveys in the South and of Machine Learning techniques to produce thousands of bright quasar candidates of which only a few hundred have been confirmed with follow-up spectroscopy. Taking advantage of the recent Gaia Data Release 3, which contains 220 million low-resolution spectra, and of a newly developed spectral energy distribution fitting technique, designed to combine the photometric information with the Gaia spectroscopy, it has been possible to measure 1672 new secure redshifts of QUBRICS candidates, with a typical uncertainty $\sigma_z = 0.02$. This significant progress of QUBRICS brings it closer to (one of) its primary goals: providing a sample of bright quasars at redshift 2.5 < z < 5 to perform the Sandage test of the cosmological redshift drift. A Golden Sample of seven quasars is presented that makes it possible to carry out this experiment in about 1500 hours of observation in 25 years, using the ANDES spectrograph at the 39m ELT, a significant improvement with respect to previous estimates.Comment: 11 pages, 10 figures, accepted for publication in MNRA