The Central-Bank Balance Sheet as an Instrument of Monetary Policy

While many analyses of monetary policy consider only a target for a short-term nominal interest rate, other dimensions of policy have recently been of greater importance: changes in the supply of bank reserves, changes in the assets acquired by central banks, and changes in the interest rate paid on reserves. We extend a standard New Keynesian model to allow a role for the central bank's balance sheet in equilibrium determination, and consider the connections between these alternative dimensions of policy and traditional interest-rate policy. We distinguish between "quantitative easing" in the strict sense and targeted asset purchases by a central bank, and argue that while the former is likely be ineffective at all times, the latter dimension of policy can be effective when financial markets are sufficiently disrupted. Neither is a perfect substitute for conventional interest-rate policy, but purchases of illiquid assets are particularly likely to improve welfare when the zero lower bound on the policy rate is reached. We also consider optimal policy with regard to the payment of interest on reserves; in our model, this requires that the interest rate on reserves be kept near the target for the policy rate at all times

Routine single particle CryoEM sample and grid characterization by tomography

Single particle cryo-electron microscopy (cryoEM) is often performed under the assumption that particles are not adsorbed to the air-water interfaces and in thin, vitreous ice. In this study, we performed fiducial-less tomography on over 50 different cryoEM grid/sample preparations to determine the particle distribution within the ice and the overall geometry of the ice in grid holes. Surprisingly, by studying particles in holes in 3D from over 1000 tomograms, we have determined that the vast majority of particles (approximately 90%) are adsorbed to an air-water interface. The implications of this observation are wide-ranging, with potential ramifications regarding protein denaturation, conformational change, and preferred orientation. We also show that fiducial-less cryo-electron tomography on single particle grids may be used to determine ice thickness, optimal single particle collection areas and strategies, particle heterogeneity, and de novo models for template picking and single particle alignment

Cervical lymph node metastasis in adenoid cystic carcinoma of the larynx: a collective international review

Adenoid cystic carcinoma (AdCC) of the head and neck is a well-recognized pathologic entity that rarely occurs in the larynx. Although the 5-year locoregional control rates are high, distant metastasis has a tendency to appear more than 5 years post treatment. Because AdCC of the larynx is uncommon, it is difficult to standardize a treatment protocol. One of the controversial points is the decision whether or not to perform an elective neck dissection on these patients. Because there is contradictory information about this issue, we have critically reviewed the literature from 1912 to 2015 on all reported cases of AdCC of the larynx in order to clarify this issue. During the most recent period of our review (1991-2015) with a more exact diagnosis of the tumor histology, 142 cases were observed of AdCC of the larynx, of which 91 patients had data pertaining to lymph node status. Eleven of the 91 patients (12.1%) had nodal metastasis and, based on this low proportion of patients, routine elective neck dissection is therefore not recommended

HLA-DQA1*05 carriage associated with development of anti-drug antibodies to infliximab and adalimumab in patients with Crohn's Disease

Anti-tumor necrosis factor (anti-TNF) therapies are the most widely used biologic drugs for treating immune-mediated diseases, but repeated administration can induce the formation of anti-drug antibodies. The ability to identify patients at increased risk for development of anti-drug antibodies would facilitate selection of therapy and use of preventative strategies.This article is freely available via Open Access. Click on Publisher URL to access the full-text

Big data in cryoEM: automated collection, processing and accessibility of EM data

10.1016/j.mib.2017.10.005CURRENT OPINION IN MICROBIOLOGY431-Au

Photophysics and Luminescence Spectroelectrochemistry of [Tc(dmpe)₃]^+/2+ (dmpe = 1,2-<i>bis</i>(dimethylphosphino)ethane)

The ligand-to-metal charge transfer (LMCT) excited state luminescence of [Tc­(dmpe)₃]²⁺ (dmpe is 1,2-<i>bis</i>-(dimethylphosphino)­ethane) has been measured in solution at room temperature and is compared to its Re analogue. Surprisingly, both [M­(dmpe)₃]²⁺* (M = Re, Tc) species have extremely large excited-state potentials (ESPs) as oxidants, the highest for any simple coordination complex of a transition metal. Furthermore, this potential is available using a photon of visible light (calculated for M = Tc; <i>E</i>°′* = +2.48 V versus SCE; λ_max = 585 nm). Open shell time-dependent density functional theory (TDDFT) calculations support the assignment of the lowest energy transition in both the technetium and rhenium complexes to be a doublet–doublet process that involves predominantly LMCT (dmpe-to-metal) character and is in agreement with past assignments for the Re system. As expected for highly oxidizing excited state potentials, quenching is observed for the excited states of both the rhenium and technetium complexes. Stern–Volmer analysis resulted in quenching parameters for both the rhenium and technetium complexes under identical conditions and are compared using Rehm–Weller analysis. Of particular interest is the fact that both benzene and toluene are oxidized by both the Re and Tc systems

Routine single particle cryoEM sample and grid characterization by tomography

10.7554/eLife.34257ELIFE