Inflation targeting in an open economy: Nonlinearity, asset prices and interest rates

This thesis was submitted for the degree of Doctor of Philosophy and awarded by Brunel University.Inflation targeting has been the central focus of monetary policy since early 1990s as more than 60 central banks across the countries target it explicitly, others target it implicitly. However, how precisely does the central bank target inflation in practice? Does monetary policy always only respond to inflation or does it also react to asset prices and open economy variables? This thesis models these aspects of monetary policy primarily focusing to the UK inflation targeting regime. The empirical results are significant. First, monetary policy in UK is forward looking. It responds to deviations of inflation from the target, to the output gap and to asset prices misalignments. The policy reaction to inflation is strongest followed by the reaction to the output gap, the foreign interest rate, the exchange rate, house prices and share prices. Second, monetary policy is nonlinear because (a) it has deflationary bias, (b) it responds to asset prices only when asset prices misalignments are high, and (c) it responds to the output gap only when it does not respond to inflation and asset price misalignments. Third, policy response to exchange rates does not depend on inflation regime while the reaction to inflation does depend on the exchange rate regime. Fourth, policy response to inflation is asymmetric and it aims to keep inflation within a range rather than pursuing a point target of 2.5%. Fifth, neither the exchange rate misalignment nor the foreign interest rate alone can capture the open economy effects; policy responds to both variables.Financial support from the Nepal Rastra Bank (central bank of Nepal) for the first year and a bursary and teaching assistantship from the Brunel University for the remaining years are greatly acknowledged

A Weak Simpson Method for a Class of Stochastic Differential Equations and Numerical Stability Results

This work proposes a novel weak Simpson method for numerical solution for a class of stochastic differential equations. We show that such a method has weak convergence of order one in general and weak convergence of order three under certain additional assumptions. This work also aims to determine the mean-square stability region of the weak Simpson method for linear stochastic differential equations with multiplicative noises. In this work, a mean-square stability region of the weak Simpson scheme is identified, and stepsizes for the numerical method where errors propagation are under control in well-defined sense are given. The main results are illustrated with numerical examples

Heat Shock Protein 70 (Hsp70) Acts as a Guardian Against Multiple Cell Death Pathways.

The proper balance between protein synthesis, folding, and turnover is termed protein homeostasis, or proteostasis. Cancer cells are especially reliant on the activities of molecular chaperones, such as heat shock proteins 70 (Hsp70) and 90 (Hsp90), which are critical to protein quality control. Hsp70 and Hsp90 collaborate to buffer cancer cells against unstable oncogenic mutations, and these chaperones are thought to prevent apoptosis during rapid metabolism and cell division. While Hsp90’s specific roles in cancer are relatively well described and inhibitors are being studied in multiple clinical trials, less is known about Hsp70. In this thesis, we aimed to characterize Hsp70’s roles in cancer signaling. Towards this goal, we developed the first selective and potent inhibitors of Hsp70, based on the rhodocyanine MKT-077. We found that these molecules, including JG-98 and JG-13, have potent cytotoxic activity in multiple cancer cell lines, with minimal effect on normal fibroblasts. Moreover, these compounds were highly synergistic with inhibitors of either Hsp90 or the proteasome. Using JG-98 as a chemical probe, we found that Hsp70 suppresses apoptotic cell death through a novel process dependent on RIP1 kinase. Further, under conditions in which apoptosis was inhibited, JG-98 triggered a strong necroptotic phenotype, suggesting that Hsp70 helps regulate a key cellular “decision” to proceed with either apoptosis or necrosis. Thus, Hsp70 shares some cellular roles in common with Hsp90, but also has important differences that might be exploited in the pursuit of anti-cancer agents with new mechanisms-of-action. Hsp70 is actually a family with thirteen members in humans, and it is still unclear if these isoforms play distinct or overlapping roles in cancer. To better understand this question, we have made significant efforts towards designing small molecules that target cytosolic and mitochondrial Hsp70s specifically. These probes have the potential to further transform or understanding of Hsp70 as a cancer chaperone. Taken together, these studies reveal that Hsp70 operates in a much more global cytoprotective fashion in cancer cells than previously suggested. This work also makes significant strides towards the development of improved chemotherapeutics targeting the protein quality control machinery.PHDChemical BiologyUniversity of Michigan, Horace H. Rackham School of Graduate Studieshttp://deepblue.lib.umich.edu/bitstream/2027.42/120856/1/sharans_1.pdfhttp://deepblue.lib.umich.edu/bitstream/2027.42/120856/2/sharans_2.pd

The Complex Response of Monetary Policy to the Exchange Rate

We estimate a flexible non-linear monetary policy rule for the UK to examine the response of policymakers to the real exchange rate. We have three main findings. First, policymakers respond to real exchange rate misalignment rather than to the real exchange rate itself. Second, policymakers ignore small deviations of the exchange rate; they only respond to real exchange under-valuations of more than 4% and over-valuations of more than 5%. Third, the response of policymakers to inflation is smaller when the exchange rate is over-valued and larger when it is under-valued. None of these responses is allowed for in the widely-used Taylor rule, suggesting that monetary policy is better analysed using a more sophisticated model, such as the one suggested in this paper.monetary policy, asset prices, nonlinearity

Pool boiling on nano-finned surfaces

The effect of nano-structured surfaces on pool boiling heat transfer is explored in this study. Experiments are conducted in a cubical test chamber containing fluoroinert coolant (PF5060, Manufacturer: 3M Co.) as the working fluid. Pool boiling experiments are conducted for saturation and subcooled conditions. Three different types of ordered nano-structured surfaces are fabricated using Step and flash imprint lithography on silicon substrates followed by Reactive Ion Etching (RIE) or Deep Reactive Ion Etching (DRIE). These nano-structures consist of a square array of cylindrical nanofins with a longitudinal pitch of 1 mm, transverse pitch of 0.9 mm and fixed (uniform) heights ranging from 15 nm – 650 nm for each substrate. The contact angle of de-ionized water on the substrates is measured before and after the boiling experiments. The contact-angle is observed to increase with the height of the nano-fins. Contact angle variation is also observed before and after the pool boiling experiments. The pool boiling curves for the nano-structured silicon surfaces are compared with that of atomically smooth single-crystal silicon (bare) surfaces. Data processing is performed to estimate the heat flux through the projected area (plan area) for the nano-patterned zone as well as the heat flux through the total nano-patterned area, which includes the surface area of the fins. Maximum heat flux (MHF) is enhanced by ~120 % for the nanofin surfaces compared to bare (smooth) surfaces, under saturation condition. The pool boiling heat flux data for the three nano-structured surfaces progressively overlap with each other in the vicinity of the MHF condition. Based on the experimental data several micro/nano-scale transport mechanisms responsible for heat flux enhancements are identified, which include: “microlayer” disruption or enhancement, enhancement of active nucleation site density, enlargement of cold spots and enhancement of contact angle which affects the vapor bubble departure frequency

Inflation targeting in an open economy : nonlinearity, asset prices and interest rates

Inflation targeting has been the central focus of monetary policy since early 1990s as more than 60 central banks across the countries target it explicitly, others target it implicitly. However, how precisely does the central bank target inflation in practice? Does monetary policy always only respond to inflation or does it also react to asset prices and open economy variables? This thesis models these aspects of monetary policy primarily focusing to the UK inflation targeting regime. The empirical results are significant. First, monetary policy in UK is forward looking. It responds to deviations of inflation from the target, to the output gap and to asset prices misalignments. The policy reaction to inflation is strongest followed by the reaction to the output gap, the foreign interest rate, the exchange rate, house prices and share prices. Second, monetary policy is nonlinear because (a) it has deflationary bias, (b) it responds to asset prices only when asset prices misalignments are high, and (c) it responds to the output gap only when it does not respond to inflation and asset price misalignments. Third, policy response to exchange rates does not depend on inflation regime while the reaction to inflation does depend on the exchange rate regime. Fourth, policy response to inflation is asymmetric and it aims to keep inflation within a range rather than pursuing a point target of 2.5%. Fifth, neither the exchange rate misalignment nor the foreign interest rate alone can capture the open economy effects; policy responds to both variables.EThOS - Electronic Theses Online ServiceNepal Rastra Bank (central bank of Nepal)GBUnited Kingdo

Buccal mucosa graft urethroplasty for anterior urethral stricture: A single-centre experience

Background :To evaluate the outcome and complications after using BMG for anterior urethral stricture. Procedure: This is a retrospective evaluation of prospectively maintained database. A total of 78 patients were operated from August 2012 to September 2019. Patients were evaluated by using IPSS score, uroflometry, post void residual urine and radiological studies. All patients were operated by using combined regional and general anaesthesia. Buccal mucosa was used in all except three where lingual mucosa was also harvested. The catheter was removed at 3-4 weeks after surgery and patients were followed up at one, three and six months, and then three monthly thereafter.The procedure was considered successful if no intervention was required after surgery. Conclusion: In 78 patient’s total of 89 procedures have been done over seven years. The procedure was successful in 84.93%, and it failed in 11 patients over a mean follow up of 45 months (7-59 months). In three patients, single DVIU was sufficient whereas in four regular CIC was required after DVIU. In four patients redo surgery was done after six months. Two patients required staged procedure and in three permanent perineal urethrostomy were made due to poor urethral condition, all in older patients. These five patients were excluded from the study. Anastomotic narrowing was most common finding. Redo urethroplasty was successful in all patients.Buccal mucosa as a free graft provides excellent functional outcome in anterior urethral stricture

Osteofibrous dysplasia of the proximal tibia: an illustrative case report

A 5 years old girl presented 3 years back with pain and swelling over the upper right leg for 2 years duration. X-ray, CT and MRI revealed osteolytic well defined lesion 2.5 × 2 cm in the meta-diaphyseal region of the proximal tibia with pathological fracture of anterolateral cortex. Child underwent thorough curettage of the lesion and the defect was filled with allograft (iliac crest graft) from mother which was harvested in an adjacent operation theatre. The limb was protected with a plaster splint for a period of 3 months. The graft gradually consolidated and new bone formation was apparent by 6 months. Remodelling of the medullary canal occurred at 1 year follow up. Child has been followed up to 3 years (till date) and there is no evidence of recurrence. The case illustrates that osteofibrous dyplasia can be effectively treated by curettage and replacement of defect by allograft from parents.

“Looking over the Backyard Fence”: Householders and mosquito control

Background: Vector-borne diseases are a significant public health problem in Western Australia. Mosquitoes are responsible for the transmission of a number of pathogens and may pose a serious nuisance problem. Prevention efforts in the State are multi-faceted and include physical, chemical, and cultural control methods for restricting mosquito breeding. This is less complex where breeding areas are located within public open spaces. In Australia’s developed urban areas, breeding sites are, however, frequently located within private residential landholdings, where the scope of public health officials to act is constrained by law and practicality. Consequently, mosquito prevention in these locations is predominantly the responsibility of the residents. This research addressed a gap, both in understanding the degree to which “backyard” mosquito breeding has the potential to contribute to local mosquito problems, and in assessing what residents “think and do” about mosquito control within their home environment. Methods: The study was conducted in the Town of Bassendean, a metropolitan Local Government Area of Perth, Western Australia, in close proximity to two natural, productive mosquito breeding sites, namely Ashfield Flats and Bindaring Park. A total of 150 householders were randomly surveyed during the summer of 2015–2016, to gauge residents’ knowledge, attitudes, and practices (KAP (knowledge, attitudes, and practices) Survey) in regards to mosquitoes, their breeding and ecology, and avoidance or minimization strategies. The survey comprised nine questions covering residents’ knowledge (3 questions), attitudes (3 questions), and practices (3 questions), as well as additional questions regarding the basic demographics of the resident. Larvae were collected from backyard containers and reared to adults for species identification. A series of Encephalitis Vector Surveillance carbon dioxide (EVS CO2) traps were also deployed, to assess adult mosquito density and species composition. Results: Aedes notoscriptus (Skuse), a known container-inhabiting species, accounted for just over 50% of all mosquitoes identified. Most residents were aware of mosquito-borne disease and its risk in their local area. While the majority (79%) of the sample correctly identified Ross River virus as the most common infection in WA, a significant gap in the general knowledge of residents in regards to mosquito biology and breeding habits, was noted. Furthermore, only 50% of residents reported using personal protective measures to reduce mosquito bites and only one in six residents undertook physical or chemical mosquito control around their home. Additionally, 60% of respondents believed that mosquito control was “a job for the council and the state government”, rather than for individual householders. Conclusions: A significant gap in the knowledge of residents in the study area existed in regards to the general knowledge of mosquitoes and their breeding habits; types of treatments that could be employed within the home; and the residents’ responsibility for the management of mosquito breeding on their private property. A public education campaign has been deployed to educate the residents