Central counterparties: the role of multilateralism and monopoly

Banks and banking, Central

Neuronal evidence for good-based economic decisions under variable action costs

Choices between goods often depend on the action costs, but the mechanisms underlying economic decisions under variable action cost are poorly understood. Here, the authors record from neurons in the monkey orbitofrontal cortex and show that decisions under variable action cost were made in a non-spatial representation

Neuronal encoding of subjective value in dorsal and ventral anterior cingulate cortex

We examined the activity of individual cells in the primate anterior cingulate cortex during an economic choice task. In the experiments, monkeys chose between different juices offered in variables amounts and subjective values were inferred from the animals\u27 choices. We analyzed neuronal firing rates in relation to a large number of behaviorally relevant variables. We report three main results. First, there were robust differences between the dorsal bank (ACCd) and the ventral bank (ACCv) of the cingulate sulcus. Specifically, neurons in ACCd but not in ACCv were modulated by the movement direction. Furthermore, neurons in ACCd were most active before movement initiation, whereas neurons in ACCv were most active after juice delivery. Second, neurons in both areas encoded the identity and the subjective value of the juice chosen by the animal. In contrast, neither region encoded the value of individual offers. Third, the population of value-encoding neurons in both ACCd and ACCv underwent range adaptation. With respect to economic choice, it is interesting to compare these areas with the orbitofrontal cortex (OFC), previously examined. While neurons in OFC encoded both pre-decision and post-decision variables, neurons in ACCd and ACCv only encoded post-decision variables. Moreover, the encoding of the choice outcome (chosen value and chosen juice) in ACCd and ACCv trailed that found in OFC. These observations indicate that economic decisions (i.e., value comparisons) take place upstream of ACCd and ACCv. The coexistence of choice outcome and movement signals in ACCd suggests that this area constitutes a gateway through which the choice system informs motor systems

Anacronismi digitali nel pensiero ecologico

Abbandonata l’antica logica dimensionale, scalare – la Bigness koolhaasiana – con cui si sono inizialmente costruiti i paradigmi del pensiero ecologico e complesso, oggi si coltiva una logica autenticamente «integrata» che non separa la visione sistemica, strategica ed evolutiva, da quella fenomenologica, formale e materica. Il mezzo digitale, inteso come dispositivo capace di ritardare il processo di consolidamento della forma e di espandere il periplo creativo, definisce oggetti incompiuti, duttili, dotati di una stabilità dinamica e al tempo stesso di una propria specifica fisionomia

The 2005 Reform of the Stability and Growth Pact: Too Little, Too Late? Bruges European Economic Research (BEER) Papers 6/November 2006

This paper analyses the main critiques addressed by the literature and the policymakers to the 1997 Stability and Growth Pact. It further indicates to what extent the 2005 reform of the Pact meets those critics. It finally argues that the 2005 reform may be too little and arrive too late to restore the Pact credibility, ensure its enforceability and correctly set the derogations to the excessive deficit procedure on the nature of the shocks which cause the output gap rather than its size: a 3% of GDP limit on deficit spending may be a too binding constraint in front of a strongly negative demand shock, while it is irrationally large in front of a supply shock. Some empirical evidence is provided to identify in the last years strongly negative demand shocks from other shocks in the 25 EU Member States. Had this identifying method been adopted in November 2003, the European Commission and the Council would have both agreed to stop the excessive deficit procedure against Germany, but they would have both proceeded against France which apparently was not at the time hit by a strongly negative demand shock