A simple and flexible alternative to the Stability and Growth Pact deficit ceilings. Is it at hand?

We use a simple theoretical model of a monetary union where myopic discretionary fiscal policies generate excessive debt accumulation in steady state and inefficiently delayed debt adjustment following a shock. We advocate the adoption of a flexible debt targeting approach. By setting a long-term debt target and by raising the political cost associated to deviations from the optimal pace of debt reversal following a shock¸ institutional design induces the fiscal policymaker to implement unbiased discretionary responses to shocks. Since the power to discipline fiscal policymakers rests in the hands of national voters, this outcome can be achieved by increasing the transparency of the decision-making process, where national voters understand the long-term consequences of fiscal policies. In practice, we call for clearer and more focused supervision tasks for the European Commission and for a more active role of national Parliaments whenever a disagreement arises between the Commission and a national government.

Expression of aldehyde dehydrogenase family 1, member A3 in glycogen trophoblast cells of the murine placenta

Introduction: Retinoic acid (RA) signaling is a well known regulator of trophoblast differentiation and placental development, and maternal decidual cells are recognized as the source of much of this RA. We explored possible trophoblast-derived sources of RA by examining the expression of RA synthesis enzymes in the developing mouse placenta, as well as addressed potential sites of RA action by examining the ontogeny of gene expression for other RA metabolizing and receptor genes. Furthermore, we investigated the effects of endogenous RA production on trophoblast differentiation

Automatic Synchronization of Multi-User Photo Galleries

In this paper we address the issue of photo galleries synchronization, where pictures related to the same event are collected by different users. Existing solutions to address the problem are usually based on unrealistic assumptions, like time consistency across photo galleries, and often heavily rely on heuristics, limiting therefore the applicability to real-world scenarios. We propose a solution that achieves better generalization performance for the synchronization task compared to the available literature. The method is characterized by three stages: at first, deep convolutional neural network features are used to assess the visual similarity among the photos; then, pairs of similar photos are detected across different galleries and used to construct a graph; eventually, a probabilistic graphical model is used to estimate the temporal offset of each pair of galleries, by traversing the minimum spanning tree extracted from this graph. The experimental evaluation is conducted on four publicly available datasets covering different types of events, demonstrating the strength of our proposed method. A thorough discussion of the obtained results is provided for a critical assessment of the quality in synchronization.Comment: ACCEPTED to IEEE Transactions on Multimedi

Estimating the ex-ante and the ex-post effects of Chinese outward FDI

This study investigates the relationship between outward Foreign Direct Investment (FDI) and the performance of Chinese enterprises. Using firm-level panel data over the period 2008–2014, we introduce a taxonomy of outward FDI that accounts for the decision to invest abroad and the location of foreign affiliates. Through different specifications, we show systematic differences in performance between FDI starters and non-starters two years before and two years after the first investment by the starters. This fact points to the existence of strong ex-ante and ex-post effects of Chinese outward FDI. On one hand, we provide evidence – so far not present in the literature – that the best performing Chinese firms self-select into outward FDI. On the other hand, controlling for endogeneity through propensity score matching (PSM) techniques, we detect significant learning effects from outward FDI to firm-level performance. Interestingly, these effects are heterogeneous with respect to destination, with deeper learning for Chinese enterprises investing in Asia

Evidence for pseudogap and phase-coherence gap separation by Andreev reflection experiments in Au/La_{2-x}Sr_{x}CuO_4 point-contact junctions

We present new Au/La_{2-x}Sr_{x}CuO_{4} (LSCO) point-contact conductance measures as a function of voltage and temperature in samples with 0.08 <= x <= 0.2. Andreev reflection features disappear at about the bulk Tc, giving no evidence of gap for T > Tc. The fit of the normalized conductance at any T < Tc supports a (s + d)-wave symmetry of the gap, whose dominant low-T s component follows the Tc(x) curve in contrast with recent angle-resolved photoemission spectroscopy and quasiparticle tunneling data. These results prove the separation between pseudogap and phase-coherence superconducting gap in LSCO at x <= 0.2.Comment: 4 pages, 4 eps figures, 1 table (RevTeX). Labels added to Fig. 1; Fig. 3 resized; references added; short discussion about ballistic contact regime adde

Enhancing software module reusability using port plug-ins: an experiment with the iCub robot

Published on the Proceedings of IEEE/RSJ International Conference on Intelligent Robots and Systems (IROS 2014)Systematically developing high--quality reusable software components is a difficult task and requires careful design to find a proper balance between potential reuse, functionalities and ease of implementation. Extendibility is an important property for software which helps to reduce cost of development and significantly boosts its reusability. This work introduces an approach to enhance components reusability by extending their functionalities using plug-ins at the level of the connection points (ports). Application--dependent functionalities such as data monitoring and arbitration can be implemented using a conventional scripting language and plugged into the ports of components. The main advantage of our approach is that it avoids to introduce application--dependent modifications to existing components, thus reducing development time and fostering the development of simpler and therefore more reusable components. Another advantage of our approach is that it reduces communication and deployment overheads as extra functionalities can be added without introducing additional modules