Unconventional monetary policy in practice

Angesichts der gegenwärtigen Krise haben viele westliche Zentralbanken zu “unkonventionellen” geldpolitischen Maßnahmen gegriffen, welche gemeinhin als „Quantitative Lockerung (QE)“ bezeichnet werden. Maßnahmen dieser Art gibt es jedoch schon länger. Denn bereits zwischen 2001 und 2006 verfolgte die japanische Zentralbank (BoJ) eine Politik der quantitativen Lockerung. Dies verleitete viele Journalisten und Marktkommentatoren zu allzu simplen Vergleichen zwischen den derzeit praktizierten QE-Maßnahmen und jenen der BoJ (2001-2006). Aus diesem Grund beschäftigt sich die vorliegende Diplomarbeit mit den Unterschieden zwischen dem japanischen QE-Ansatz und jenem der amerikanischen Notenbank (Fed). Wie sich herausstellt, unterscheiden sich diese in einer Reihe von wichtigen Aspekten: Das vorrangige Ziel der japanischen QE-Politik war die Bekämpfung deflationärer Tendenzen, wohingegen die Fed unkonventionelle Maßnahmen hauptsächlich zur Beseitigung der Probleme innerhalb des Bankensystems einsetzt. Ferner beschränkte sich die BoJ überwiegend auf den Kauf japanischer Staatsanleihen (JGBs), während die Fed einen breiteren Ansatz verfolgt: Da der Interbankenmarkt zur Zeit nur eingeschränkt funktioniert, versucht die amerikanische Zentralbank mit so vielen Marktteilnehmern so direkt wie möglich zu agieren. Deshalb hat die Fed weitaus mehr neue Instrumente eingeführt als seinerzeit die BoJ. Vor diesem Hintergrund ist es wenig verwunderlich, dass sich die Ausweitung der japanischen Zentralbankbilanz zwischen 2001 und 2006 im Vergleich zu jener der Fed in den letzten beiden Jahren eher bescheiden ausnimmt.In the current economic and financial crisis, many western central banks introduced “unconventional” monetary policy measures, commonly referred to as “Quantitative Easing (QE)”. However, the Bank of Japan (BoJ) already applied QE between 2001 and 2006. This lead many commentators to make oversimplifying comparisons between the BoJ’s QE approach (2001-2006) and current implementations of QE by other central banks. In particular, this diploma thesis tries to examine the differences between BoJ-type QE and Fed-type QE. It turns out that both approaches differ fundamentally from each other on various grounds: The primary aim of QE in Japan was fighting deflation, whereas the American central bank addresses mostly strains in the banking system. Concerning the concrete measures, one can say that QE by the BoJ consisted to a good deal of active QE in terms of outright purchases of Japanese government securities (JGBs), whereas the Fed currently follows a somewhat broader approach: Since interbank markets are not functioning as desired, it tries to engage with as many market participants as direct as possible. Therefore the Fed has introduced a much broader range of new instruments than its Japanese counterpart did between 2001 and 2006. As a result, the Fed’s balance sheet expansion was considerably larger than the one in Japan

The Individual Inclination to an Occupation and its Neuronal Correlate

Many young people decide their professional direction during adolescence. This often coincides with vulnerable phases of puberty-related maturation that is usually accompanied by difficulties in assessing one’s personal inclinations and competences. Several psychological tests have been established among teachers and career advisers serving as a tool for professional coaching the teenagers’ competences and preferences. Many tools are based on the “Theory of Vocational Personalities in Work Environment” developed by John L. Holland since the 1950s, comprising the “RIASEC” model. Today, this theory provides the basis for tests which are used and refined all over the world. Professor Stangl’s online assessable “Situational Interest Test” (SIT) is based on Holland’s theory. By means of 30 short assessments the SIT questionnaire assesses the participant’s personality traits: Realistic (“Doers”), Investigative (“Thinkers”), Artistic (“Creators”), Social (“Helpers”), Enterprising (“Persuaders”), and Conventional (“Organizers”). Modern Magnetic Resonance Imaging (MRI) is able to discriminate between the brain’s compartments as Gray and White Matter using Voxel-Based Morphometry (VBM). This tool allows to reshape and to normalize human brains’ structure to statistically examining individual brains. Up to now findings from 20 years of functional MRI gave detailed insights in correlations between brain structures and mental functions. Hence, knowledge on structural base of cognitive or behavioral patterns is available as a brain’s map for assigning anatomical regions to their functions. The present study demonstrates that there are statistically relevant correlations between all dimensions of Holland’s RIASEC theory by assessing individual professional inclinations and the neuronal structures of the brain. Results show correspondence between the personality traits assigned by the RIASEC test and the functions of significant structural alterations in distinct brain areas well-known from literature

Schwannoma of the Hypoglossal Nerve Mimicking Carotid Body Paraganglioma

Carotid body paragangliomas (CBPs) clinically present as highly vascularized cervical masses with a pathognomonic localization at the carotid artery bifurcation. Following ultrasonography and MRI/CT imaging, surgical resection with optional preoperative embolization is considered as the treatment of choice in most cases. We herein present the case of a 60-year-old female with characteristic clinical signs and imaging findings of a right-sided CBP who finally went to surgical treatment. Intraoperatively, the tumor showed an adherent growth to the hypoglossal nerve that had to be partially resected, resulting in a postoperative nerve palsy. Histological examination of the resected tumor revealed the unexpected diagnosis of a hypoglossal nerve schwannoma. To the best of our knowledge, we herein present the third case reported in the literature of a unilateral hypoglossal schwannoma located at the carotid bifurcation mimicking clinical symptoms, imaging and intraoperative findings of a CBP

Monocular visual acuity of persons 4-74 years, United States, 1971-1972

Visual acuity levels with usual correction, if any, as determined in the opthalmology examination before dilation by race, geographic region, family income, and other selected demographic variables.[Jean Roberts and Jacqueline Ludford].Includes bibliographical references.197730168

White matter alterations in neurodegenerative and vascular dementia

Die Zuordnung einer Demenzerkrankung zu einem neurodegenerativen Pathomechanismus, wie der Demenz vom Alzheimer-Typ (DAT), oder einem vaskulären Pathomechanismus, kann trotz der Verfügbarkeit bildgebender Verfahren Probleme bereiten. Überlappungen neurodegenerativer und vaskulärer Mechanismen sind häufig. Mikroangiopathische Veränderungen des Marklagers finden sich bei einem hohen Anteil von Patienten mit der klinischen Verlaufsform einer Demenz vom Alzheimer-Typ. Es ist unklar, ob es sich um eine Koinzidenz zweier Pathomechanismen handelt oder ob eine wechselseitige Beeinflussung stattfindet. Die hohe Sensitivität der Magnet-Resonanz-Tomographie bei der Erfassung von mikroangiopathischen Veränderungen des Marklagers könnte dazu führen, dass zu häufig vaskuläre Demenzerkrankungen diagnostiziert werden. Der Einfluss mikroangiopathischer Veränderungen des Marklagers auf den Demenzverlauf wird kontrovers diskutiert. Die vorgelegte Arbeit gibt eine Übersicht über die aktuellen Konzepte zum Stellenwert von Marklagerveränderungen bei Demenzerkrankungen.Due to a significant overlap of the two syndromes, differentiation of degenerative dementia of the Alzheimer-Type from vascular dementia may be difficult even when imaging studies are available. White matter changes occur in many patients suffering from Alzheimer\u27s disease. Little is known about the impact of white matter changes on the course and clinical presentation of Alzheimer\u27s disease. High sensitivity of MRI in the detection of white matter alterations may account for over-diagnosing vascular dementia. The clinical significance of white matter alterations in dementia is still a matter of debate. The article reviews current concepts about the role of white matter alterations in dementia

Cranial MRI in Childhood Acute Leukemia during Treatment and Follow-Up Including the Impact of Intrathecal MTX : A Single-Center Study and Review of the Literature

Due to high survival rates, long-term sequelae, especially neurotoxicity, need to be considered in childhood acute leukemias. In this retrospective analysis of morphologic changes of the brain in children treated for acute leukemias, we included 94 patients (77 ALL, 17 AML; 51 male, 43 female; median age: 5 years) from a single center. We analyzed 170 cranial MRI scans (T2, FLAIR axial) for morphologic alterations of the brain and variations of the ventricular width (GDAH). In addition, the corresponding literature was reviewed. More than 50% of all patients showed cerebral pathomorphologies (CP). They were seen more often in children with ALL (55.8%), ≤ 6 years of age (60.8%), in relapse (58.8%) or after CNS irradiation (75.0%) and included white matter changes, brain atrophy, sinus vein thrombosis and ischemic events. GDAH significantly enlarged mainly in children up to 6 years, with relapse, high-risk leukemias or ALL patients. However, GDAH can normalize again. The number of intrathecal Methotrexate applications (≤12 vs. >12) showed no correlation to morphologic alterations besides a significant increase in GDAH (−0.3 vs. 0.9 mm) between the first and last follow-up MRI in ALL patients receiving >12 ith. MTX applications. The role of ith. MTX on CP needs to be further investigated and correlated to the neurocognitive outcome of children with acute leukemias

Utility of Hounsfield unit in the diagnosis of tandem occlusion in acute ischemic stroke

Background Tandem occlusions can complicate medical and endovascular stroke treatment. To identify these occlusions, computed tomography angiography (CTA) represents the best imaging modality. However, CTA is still not initially performed in some patients not admitted directly to stroke centers. Early identification of an additional occlusion of the proximal extracranial internal carotid artery may improve the best suitable treatment strategy. The purpose of this study was to find a valuable threshold of thrombus attenuation in a non-contrast head CT (NCCT) scan to facilitate a safe diagnosis of tandem occlusions. Materials and methods Consecutive patients with acute middle cerebral artery (MCA) occlusions who underwent endovascular treatment were identified from our registry of neuroendovascular interventions. Thrombus attenuations of the affected MCA and contralateral vessel were measured by NCCT. To compare individual baseline blood attenuations, the difference between the thrombus attenuation and the contralateral MCA attenuation (referred to as ΔTM) was calculated. Results Three hundred and twenty-five patients were included. There was a highly significant difference between mean thrombus attenuation with isolated MCA occlusion and additional extracranial internal carotid artery (ICA) occlusion (49.9 ± 8 vs. 56.2 ± 10 Hounsfield units (HU); P < 0.001). The area under the receiver operating characteristic curve of ΔTM was 0.72. The optimal threshold value was 13.5 HU, with a sensitivity of 67.5% and a specificity of 68.6%. Conclusion Despite a significant difference in thrombus attenuation in MCA occlusions with an additional extracranial ICA occlusion compared with isolated MCA occlusions, a relevant threshold of thrombus attenuation was not found

Recurrent reversible in-stent-stenosis after flow diverter treatment

Flow diverter stents (FDS) are well established in the treatment of intracranial aneurysms which are difcult to treat with conventional endovascular techniques. However, they carry a relatively high risk of specifc complications compared to conventional stents. A minor but frequent fnding is the occurrence of reversible in-stent-stenosis (ISS) that tend to resolve spontaneously over time. Here, we report the case of a patient in their 30s who was treated with FDS for bilateral paraophthalmic internal carotid artery (ICA) aneurysms. ISS were found at the respective early follow-up examinations on both sides and had resolved at the 1-year follow-up examinations. Surprisingly ISS reoccurred at both sides in later follow-up examinations and again resolved spontaneously. The recurrence of ISS after resolution is a fnding that has not been described previously. Its incidence and further development should be investigated systematically. This might contribute to our understanding of the mechanisms underlying the efect of FDS

DNA binding properties of a chemically synthesized DNA binding domain of hRFX1

The RFX DNA binding domain (DBD) is a novel highly conserved motif belonging to a large number of dimeric DNA binding proteins which have diverse regulatory functions in eukaryotic organisms, ranging from yeasts to human. To characterize this novel motif, solid phase synthesis of a 76mer polypeptide corresponding to the DBD of human hRFX1 (hRFX1/DBD), a prototypical member of the RFX family, has been optimized to yield large quantities (∼90 mg) of pure compound. Preliminary two-dimensional 1H NMR experiments suggested the presence of helical regions in this sequence in agreement with previously reported secondary structure predictions. In gel mobility shift assays, this synthetic peptide was shown to bind in a cooperative manner the 23mer duplex oligodeoxynucleotide corresponding to the binding site of hRFX1, with a 2:1 stoichoimetry due to an inverse repeat present in the 23mer. The stoichiometry of this complex was reduced to 1:1 by decreasing the length of the DNA sequence to a 13mer oligonucleotide containing a single half-site. Surface plasmon resonance measurements were achieved using this 5′-biotylinated 13mer oligonucleotide immobilized on an avidin-coated sensor chip. Using this method an association constant (Ka = 4×105/M/s), a dissociation constant (Kd = 6×10−2/s) and an equilibrium dissociation constant (KD = 153 nM) were determined for binding of hRFX1/DBD to the double-stranded 13mer oligonucleotide. In the presence of hRFX1/DBD the melting temperature of the 13mer DNA was increased by 16°C, illustrating stabilization of the double-stranded conformation induced by the peptid

Impact of cannabis use on brain metabolism using 31P and 1H magnetic resonance spectroscopy

Purpose This prospective cross-sectional study investigated the infuence of regular cannabis use on brain metabolism in young cannabis users by using combined proton and phosphorus magnetic resonance spectroscopy. Methods The study was performed in 45 young cannabis users aged 18–30, who had been using cannabis on a regular basis over a period of at least 2 years and in 47 age-matched controls. We acquired 31P MRS data in diferent brain regions at 3T with a double-resonant 1H/31P head coil, anatomic images, and 1H MRS data with a standard 20-channel 1H head coil. Absolute concentration values of proton metabolites were obtained via calibration from tissue water as an internal reference, whereas a standard solution of 75 mmol/l KH2PO4 was used as an external reference for the calibration of phosphorus signals. Results We found an overall but not statistically signifcant lower concentration level of several proton and phosphorus metabolites in cannabis users compared to non-users. In particular, energy-related phosphates such as adenosine triphosphate (ATP) and inorganic phosphate (Pi) were reduced in all regions under investigation. Phosphocreatine (PCr) showed lowered values mainly in the left basal ganglia and the left frontal white matter. Conclusion The results suggest that the increased risk of functional brain disorders observed in long-term cannabis users could be caused by an impairment of the energy metabolism of the brain, but this needs to be verifed in future studies