Optimal monetary policy in a model of money and credit

The authors investigate the extent to which monetary policy can enhance the functioning of the private credit system. Specifically, they characterize the optimal return on money in the presence of credit arrangements. There is a dual role for credit: It allows buyers to trade without fiat money and also permits them to borrow against future income. However, not all traders have access to credit. As a result, there is a social role for fiat money because it allows agents to self-insure against the risk of not being able to use credit in some transactions. The authors consider a (nonlinear) monetary mechanism that is designed to enhance the credit system. An active monetary policy is sufficient for relaxing credit constraints. Finally, they characterize the optimal monetary policy and show that it necessarily entails a positive inflation rate, which is required to induce cooperation in the credit system.Monetary policy ; Money ; Credit

Pairwise credit and the initial cost of lending

The author studies the terms of credit in a competitive market in which sellers are willing to repeatedly finance the purchases of buyers by extending direct credit. Lenders (sellers) can commit to deliver any long-term credit contract that does not result in a payoff that is lower than that associated with autarky, while borrowers (buyers) cannot commit to any contract. A borrower's ability to repay a loan is privately observable. As a result, the terms of credit within an enduring relationship change over time, according to the history of trades. Two borrowers are treated differently by the lenders with whom they are paired because they have had distinct repayment histories. Although there is free entry of lenders in the credit market, each lender has to pay a cost to contact a borrower. A lower cost makes each borrower better off from the perspective of the contracting date, results in less variability in a borrower's expected discounted utility, and makes each lender uniformly worse off ex post. As this cost becomes small, borrowers get nearly the same terms of credit within their credit relationships with lenders, regardless of individual repayment histories.Credit ; Loans

Optimal monetary policy in a model of money and credit

The authors study optimal monetary policy in a model in which fiat money and private debt coexist as a means of payment. The credit system is endogenous and allows buyers to relax their cash constraints. However, it is costly for agents to publicly report their trades, which is necessary for the enforcement of private liabilities. If it is too costly for the government to obtain information regarding private transactions, then it relies on the public information generated by the private credit system. If not all private transactions are publicly reported, the government has imperfect public information to implement monetary policy. In this case, the authors show that there is no incentive-feasible policy that can implement the socially efficient allocation. Finally, they characterize the optimal policy for an economy with a low record-keeping cost and a large number of public transactions, which results in a positive long-run inflation rate.Monetary policy ; Disclosure of information

Pyodermatitis vegetans of the vulva

Pyodermatitis vegetans (PV) is a rare inflammatory dermatosis of unknown etiology and difficult diagnosis characterized by vesiculopustular, exudative, and vegetating plaques usually localized in the axillary, genital, and oral region. It bears similarities to pemphigus vegetans but clinical history, histology, and immunofluorescence help confirm the diagnosis. Pyodermatitis vegetans is often associated with an underlying gastrointestinal disorder, especially ulcerative colitis. No standardized treatment plan is available for PV. Its evolution tends to follow the progression of the underlying disorder. We report a patient with vulvar PV with good response to systemic antibiotics and corticosteroids.info:eu-repo/semantics/publishedVersio

Vesico-bullous subacute cutaneous lupus erythematosus – An uncommon entity successfully treated with dapsone and hydroxychloroquine

Vesico-bullous subacute cutaneous lupus erythematosus is an uncommon and severe presentation. The authors report an exuberant case of vesico-bullous subacute cutaneous lupus erythematosus successfully treated with dapsone and hydroxychloroquin

Nova metodologia e procedimentos para criação da joaninha predadora exótica Cryptolaemus montrouzieri.

A espécie predadora exótica Cryptolaemus montrouzieri Mulsant (Col.: Coccinellidae) é multiplicada em escala massal nos Estados Unidos por empresas de base tecnológica que comercializam esse inseto benéfico visando ao controle biológico de cochonilhas. No Brasil, C. montrouzieri foi introduzido pelo Laboratório de Entomologia da Embrapa Mandioca e Fruticultura Tropical (Processo MA nº 21052.007104/97-33) e apoio do Laboratório Costa Lima da Embrapa Meio Ambiente, proveniente do Instituto de Investigaciones Agricolas - Centro de Entomologia La Cruz- INIA, Chile, com a finalidade de ser utilizada em programas de controle biológico de cochonilhas e pulgões. Adicionalmente, a Embrapa Mandioca e Fruticultura Tropical está atuando, estrategicamente, de forma proativa visando ao controle biológico clássico da cochonilha rosada Maconellicoccus hirsutus Green (Hemiptera: Pseudococcidae), praga quarentenária A1, caso esta seja introduzida no território nacional.pdf 246

Major multiform erythema with sertraline

A sertralina é frequentemente utilizada para o tratamento de síndromes depressivos e ansiosos. Os efeitos secundários são geralmente transitórios e dependentes da dosagem. Descrevemos o caso clínico de uma mulher de 76 anos com síndrome depressivo e introdução recente da sertralina que recorreu ao serviço de urgência por febre e erupção cutânea difusa com dois dias de evolução. Ao exame objetivo observavam-se pápulas eritematosas em alvo dispersas pelo corpo e exulcerações da mucosa oral. Foi efetuada uma biopsia cutânea para exame histopatológico com diagnóstico de eritema multiforme major secundário à sertralina. A doente suspendeu o fármaco em causa e iniciou prednisolona oral com resolução do quadro clínico. Embora pouco frequentes, existem casos descritos de reação cutânea grave associada à sertralina