The Spread of ICT and Productivity Growth: Is Europe really lagging behind in the New Economy?

The economic performance of some OECD countries over the past decade, most notably the United States, has renewed the interest of analysts and policy makers on economic growth and on how policy can eventually support it. This report sheds some light on this issue by relying on harmonised macro and sectoral data for OECD countries and a unique cross-country firm-level dataset. This allows to address a number of issues. What are the key factors explaining differences in output and productivity performances across OECD countries? What is the role of ICT-producing industry and the ICT-driven capital deepening in explaining the different growth patterns of countries? Does the adoption of IC technologies require organisational changes and/or changes in the composition of inputs? What is the contribution of new firms to overall productivity growth in general and in ICT-related sectors? Do ICT-industries show stronger firm and employment turnover rates? Is there any relationship between the spread of ICT and institutional features of the product and labour markets? For example, do stringent regulations on start-ups (as well as those affecting incumbents) affect the diffusion of ICT? Do differences in labour market policy and institutions explain different patterns of adoption of new technologies?Macro data clearly point to widening disparities in growth performance across the OECD countries, even on the basis of cyclically-adjusted series. These disparities are related to differences in labour utilisation rather than to widening differences in labour productivity growth rates: i.e. higher growth rates in output per capita observed in a number of countries have been accompanied by improvements in the utilisation of labour, while sluggish employment in others (mainly in continental Europe) have not been fully compensated by higher labour productivity growth, thereby leading to a further slowdown in output growth. However, observed changes in growth patterns in some countries are also the result of the information and communication technology (ICT) revolution. In particular, it is argued that those countries that have developed an ICT-producing industry -- and/or where other industries have been quick in adopting highly productive ICT equipment -- have been able to shift to higher output and productivity growth paths. In this respect, the United States and some smaller countries (e.g. Australia, Ireland) have benefited the most from this ICT revolution, while most large European economies are still lagging behind. The sectoral and micro analysis also reveals important cross-country differences. The U.S. economy seems to be better able to acquire comparative advantage in rapidly growing ICT market segments than most of its trading partners. At the micro level, there seems to be a different degree of "market experimentation" in the United States compared with Europe, even if aggregate firm turnover rates are similar. The findings suggest that in the U.S. new firms tend to be smaller (relative to average incumbent) and less productive when compared with their European counterparts, but, if successful, they also tend to grow much more rapidly.The micro evidence reported in the paper offers additional elements in our discussion of a growth-enhancing policy setting. Our results seem to suggest that certain institutional and regulatory settings may reduce the degree of market experimentation of new firms. This, in turn, could lower the speed with which a country shifts to a new technology, thereby offering an interpretation to the observed differences in innovation and adoption across the Atlantic. For example, low administrative costs of start-ups and not unduly strict regulations on labour adjustments in the United States, may stimulate potential entrepreneurs to start on a small scale, test the market and, if successful with their business plan, expand rapidly to reach the minimum efficient scale. In contrast, higher entry and adjustment costs in Europe may stimulate a pre-market selection of business plans with less market experimentation. Our econometric results lend some support to these considerations. By using pooled data (country, industry and time) we find that stringent regulatory settings in the product and labour markets contribute to hinder innovation activity and the adoption of leading technologies

Business Volatility, Job Destruction, and Unemployment

Unemployment inflows fell from 4 percent of employment per month in the early 1980s to 2 percent or less by the mid 1990s and thereafter. U.S. data also show a secular decline in the job destruction rate and the volatility of firm-level employment growth rates. We interpret this decline as a decrease in the intensity of idiosyncratic labor demand shocks, a key parameter in search and matching models of unemployment. According to these models, a lower intensity of idiosyncratic shocks produces less job destruction, fewer workers flowing through the unemployment pool and less frictional unemployment. To evaluate the importance of this theoretical mechanism, we relate industry-level unemployment flows from 1977 to 2005 to industry-level indicators for the intensity of idiosyncratic shocks. Unlike previous research, we focus on the lower frequency relationship of job destruction and business volatility to unemployment flows. We find strong evidence that declines in the intensity of idiosyncratic labor demand shocks drove big declines in the incidence and rate of unemployment. This evidence implies that the unemployment rate has become much less sensitive to cyclical movements in the job-finding rate.

Lactate Regulates Metabolic and Proinflammatory Circuits in Control of T Cell Migration and Effector Functions

Licensed by the Creative Commons Attribution Licens

Primed T Cell Responses to Chemokines Are Regulated by the Immunoglobulin-Like Molecule CD31

CD31, an immunoglobulin-like molecule expressed by leukocytes and endothelial cells, is thought to contribute to the physiological regulation T cell homeostasis due to the presence of two immunotyrosine-based inhibitory motifs in its cytoplasmic tail. Indeed, loss of CD31 expression leads to uncontrolled T cell-mediated inflammation in a variety of experimental models of disease and certain CD31 polymorphisms correlate with increased disease severity in human graft-versus-host disease and atherosclerosis. The molecular mechanisms underlying CD31-mediated regulation of T cell responses have not yet been clarified. We here show that CD31-mediated signals attenuate T cell chemokinesis both in vitro and in vivo. This effect selectively affects activated/memory T lymphocytes, in which CD31 is clustered on the cell membrane where it segregates to the leading edge. We provide evidence that this molecular segregation, which does not occur in naïve T lymphocytes, might lead to cis-CD31 engagement on the same membrane and subsequent interference with the chemokine-induced PI3K/Akt signalling pathway. We propose that CD31-mediated modulation of memory T cell chemokinesis is a key mechanism by which this molecule contributes to the homeostatic regulation of effector T cell immunity

Prevalence and genetic diversity of Avipoxvirus in house sparrows in Spain

Avipoxvirus (APV) is a fairly common virus affecting birds that causes morbidity and mortality in wild and captive birds. We studied the prevalence of pox-like lesions and genetic diversity of APV in house sparrows (Passer domesticus) in natural, agricultural and urban areas in southern Spain in 2013 and 2014 and in central Spain for 8 months (2012±2013). Overall, 3.2% of 2,341 house sparrows visually examined in southern Spain had cutaneous lesions consistent with avian pox. A similar prevalence (3%) was found in 338 birds from central Spain. Prevalence was higher in hatch-year birds than in adults. We did not detect any clear spatial or temporal patterns of APV distribution. Molecular analyses of poxvirus-like lesions revealed that 63% of the samples were positive. Molecular and phylogenetic analyses of 29 DNA sequences from the fpv167 gene, detected two strains belonging to the canarypox clade (subclades B1 and B2) previously found in Spain. One of them appears predominant in Iberia and North Africa and shares 70% similarity to fowlpox and canarypox virus. This APV strain has been identified in a limited number of species in the Iberian Peninsula, Morocco and Hungary. The second one has a global distribution and has been found in numerous wild bird species around the world. To our knowledge, this represents the largest study of avian poxvirus disease in the broadly distributed house sparrow and strongly supports the findings that Avipox prevalence in this species in South and central Spain is moderate and the genetic diversity low.This study was funded by the Spanish Ministry of Science and Innovation (Project CGL2010-15734/BOS), the Spanish Ministry of Economy and Competitiveness (Project CGL2013-41642-P/BOS) and the Innovation and Development Agency of Andalusia (Spain) (P11-RNM-7038). Grants were awarded to JMP (Juan de la Cierva- JCI-2012-11868) and MAJM (FPIBES-2011-047609), Spanish Ministry of Economy and Competitiveness; RAJW (CEI-PICATA2012), CEI Campus of International Excellence; MM (FPU12/0568), Spanish Ministry of Education, Culture and Sports. RAJW was supported by the Craaford Foundation (grant 20160971) during the writing of this publication. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript

Advances in gene therapy for muscular dystrophies

Duchenne muscular dystrophy (DMD) is a recessive lethal inherited muscular dystrophy caused by mutations in the gene encoding dystrophin, a protein required for muscle fibre integrity. So far, many approaches have been tested from the traditional gene addition to newer advanced approaches based on manipulation of the cellular machinery either at the gene transcription, mRNA processing or translation levels. Unfortunately, despite all these efforts, no efficient treatments for DMD are currently available. In this review, we highlight the most advanced therapeutic strategies under investigation as potential DMD treatments