Monetary Sterilization in China Since the 1990s: How Much and How Effective?

China is the largest reserve holder among developing countries, having amassed over US$ 600 billion of reserves by end 2004. Given the potential liquidity overhang concerns in China due to the rapid reserve buildup, the PeopleÂ’s Bank of China (PBOC) has actively attempted to sterilize these inflows using a combination of market-based and administrative measures to mop up the excess liquidity. This paper focuses on the magnitude and sources of reserve buildup in China as well as their monetary consequences since the 1990s. It undertakes an econometric investigation to assess the de facto extent of monetary sterilization by estimating a set of simultaneous equations explicitly derived from an optimizing framework to examine the relationship between net domestic assets and net foreign assets.China, Capital Inflow Function, Monetary Reaction Function, Monetary Sterilization, Reserves.

Truth Discovery in Crowdsourced Detection of Spatial Events

ACKNOWLEDGMENTS This research is based upon work supported in part by the US ARL and UK Ministry of Defense under Agreement Number W911NF-06-3-0001, and by the NSF under award CNS-1213140. Any opinions, findings and conclusions or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the views or represent the official policies of the NSF, the US ARL, the US Government, the UK Ministry of Defense or the UK Government. The US and UK Governments are authorized to reproduce and distribute reprints for Government purposes notwithstanding any copyright notation hereon.Peer reviewedPostprin

Skilled emigration and exchange rate : theory and empirics

In this paper we build a theoretical model on the wage effect of skilled emigration to the fluctuations in real exchange rate through the relative prices of nontradables. Our theoretical model predicts that skilled emigration is associated with an increase in the prices of nontradable, which in turn appreciates the exchange rate. We provide robust empirical support to a higher skilled emigration associated with higher prices in nontradables and appreciation of the real effective exchange rate. Based on two samples of countries with 51 and 67 observations, in 1990 and 2000 respectively, we find robust empirical support to a higher skilled emigration associated with higher prices in nontradables and appreciation of the REER. In addition, the support for the remittance-channel of the Dutch disease is also significant; overall, our findings corroborate the remittance-based Dutch disease phenomenon by providing an additional channel through which the labor mobility across borders affects the real exchange rate volatility

Delineating the activity of the potent nicotinic acetylcholine receptor agonists (+)-anatoxin-a and (−)-hosieine-A

The affinity and thermodynamic parameters for the interactions of two naturally occurring neurotoxins, (+)-anatoxin-a and (−)-hosieine-A, with acetylcholine-binding protein were investigated using a fluorescence-quenching assay and isothermal titration calorimetry. The crystal structures of their complexes with acetylcholine-binding protein from Aplysia californica (AcAChBP) were determined and reveal details of molecular recognition in the orthosteric binding site. Comparisons treating AcAChBP as a surrogate for human α4β2 and α7 nicotinic acetylcholine receptors (nAChRs) suggest that the molecular features involved in ligand recognition and affinity for the protein targets are conserved. The ligands exploit interactions with similar residues as the archetypal nAChR agonist nicotine, but with greater affinity. (−)-Hosieine-A in particular has a high affinity for AcAChBP driven by a favorable entropic contribution to binding. The ligand affinities help to rationalize the potent biological activity of these alkaloids. The structural data, together with comparisons with related molecules, suggest that there may be opportunities to extend the hosieine-A scaffold to incorporate new interactions with the complementary side of the orthosteric binding site. Such a strategy may guide the design of new entities to target human α4β2 nAChR that may have therapeutic benefit

Supporting reasoning with different types of evidence in intelligence analysis

The aim of intelligence analysis is to make sense of information that is often conflicting or incomplete, and to weigh competing hypotheses that may explain a situation. This imposes a high cognitive load on analysts, and there are few automated tools to aid them in their task. In this paper, we present an agent-based tool to help analysts in acquiring, evaluating and interpreting information in collaboration with others. Agents assist analysts in reasoning with different types of evidence to identify what happened and why, what is credible, and how to obtain further evidence. Argumentation schemes lie at the heart of the tool, and sense-making agents assist analysts in structuring evidence and identifying plausible hypotheses. A crowdsourcing agent is used to reason about structured information explicitly obtained from groups of contributors, and provenance is used to assess the credibility of hypotheses based on the origins of the supporting information

Validity of Glycated Hemoglobin in Screening and Diagnosing Type 2 Diabetes Mellitus in Chinese Subjects

Background/Aims: The application of glycated hemoglobin (HbA 1c) for the diagnosis of diabetes is currently under extensive discussion. In this study, we explored the validity of using HbA 1c as a screening and diagnostic test in Chinese subjects recruited in Nanjing, China. Methods: In total, 497 subjects (361 men and 136 women) with fasting plasma glucose (PG) ≥ 5.6 mmol/L were recruited to undergo the oral glucose tolerance test (OGTT) and HbA 1c test. Plasma lipid, uric acid, and blood pressure were also measured. Results: Using a receiver operating characteristic curve, the optimal cutoff point of HbA 1c related to diabetes diagnosed by the OGTT was 6.3%, with a sensitivity and specificity of 79.6 % and 82.2%, respectively, and the area under the curve was 0.87 (95 % confidence interval, 0.83 to 0.92). A HbA 1c level of 6.5 % had a sensitivity and specificity of 62.7 % and 93.5%, respectively. When comparing the HbA 1c ≥ 6.5 % or OGTT methods for diagnosing diabetes, the former group had significantly higher HbA 1c levels and lower levels of fasting and 2-hour PG than the latter group. No significant difference was observed in the other metabolism indexes between the two groups. Conclusions: Our results suggest that HbA 1c ≥ 6.5 % has reasonably good specificity for diagnosing diabetes in Chinese subjects, which is in concordance with the American Diabetes Association recommendations

Measurement of χ c1 and χ c2 production with s√ = 7 TeV pp collisions at ATLAS

The prompt and non-prompt production cross-sections for the χ c1 and χ c2 charmonium states are measured in pp collisions at s√ = 7 TeV with the ATLAS detector at the LHC using 4.5 fb−1 of integrated luminosity. The χ c states are reconstructed through the radiative decay χ c → J/ψγ (with J/ψ → μ + μ −) where photons are reconstructed from γ → e + e − conversions. The production rate of the χ c2 state relative to the χ c1 state is measured for prompt and non-prompt χ c as a function of J/ψ transverse momentum. The prompt χ c cross-sections are combined with existing measurements of prompt J/ψ production to derive the fraction of prompt J/ψ produced in feed-down from χ c decays. The fractions of χ c1 and χ c2 produced in b-hadron decays are also measured

Compound A, a Dissociated Glucocorticoid Receptor Modulator, Inhibits T-bet (Th1) and Induces GATA-3 (Th2) Activity in Immune Cells

Background: Compound A (CpdA) is a dissociating non-steroidal glucocorticoid receptor (GR) ligand which has antiinflammatory properties exerted by down-modulating proinflammatory gene expression. By favouring GR monomer formation, CpdA does not enhance glucocorticoid (GC) response element-driven gene expression, resulting in a reduced side effect profile as compared to GCs. Considering the importance of Th1/Th2 balance in the final outcome of immune and inflammatory responses, we analyzed how selective GR modulation differentially regulates the activity of T-bet and GATA-3, master drivers of Th1 and Th2 differentiation, respectively. Results: Using Western analysis and reporter gene assays, we show in murine T cells that, similar to GCs, CpdA inhibits T-bet activity via a transrepressive mechanism. Different from GCs, CpdA induces GATA-3 activity by p38 MAPK-induction of GATA-3 phosphorylation and nuclear translocation. CpdA effects are reversed by the GR antagonist RU38486, proving the involvement of GR in these actions. ELISA assays demonstrate that modulation of T-bet and GATA-3 impacts on cytokine production shown by a decrease in IFN-c and an increase in IL-5 production, respectively. Conclusions: Taken together, through their effect favoring Th2 over Th1 responses, particular dissociated GR ligands, fo