Productivity growth and technological change in Europe and the U.S.

This paper presents an evaluation on the technological sources of labor productivity growth across European countries and the US economy for the period 1980-2004. Assets of capital are divided into those related to the information and communication technologies (ICT), and non-ICT assets. Technological progress is divided into neutral change and investment specific change. Previous exercises have aimed at ICT as a serious contributor to the upsurge of US productivity from 1995 on. Contribution to productivity growth from each type of technological progress for the US and EU-15 countries is computed using two different approaches: a growth accounting and a general equilibrium. The US and Denmark are the countries with the larger contribution from ICT-technological progress. Overall, we find that Europe is well behind the US in terms of the effects of ICT technological change.Productivity growth, Investment-specific technological change, Neutral technological change

The Productivity Paradox and the New Economy: The Spanish Case

This paper studies the impact of the information and communication technologies (ICT) on economic growth in Spain using a dynamic general equilibrium approach. Contrary to previous works, we use a production function with six different capital inputs, three of them corresponding to ICT assets. Calibration of the model suggests that the contribution of ICT to Spanish productivity growth is very relevant, whereas the contribution of non-ICT capital has been even negative. Additionally, over the sample period 1995-2002, we find a negative TFP and productivity growth. These results together aim at the hypothesis that the Spanish economy could be placed within the productivity paradox.New economy, information and communication technologies, technological change, productivity paradox.

ICT-specific technological change and productivity growth in the US 1980-2004

This paper studies the impact of the information and communication technologies (ICT) on U.S. economic growth using a dynamic general equilibrium approach. We use a production function with six different capital inputs, three of them corresponding to ICT assets and other three to non-ICT assets. We find that the technological change embedded in hardware equipment is the main leading non-neutral force of the U.S. productivity growth and accounts for about one quarter of it during the period 1980-2004. As a whole, ICT-specific technological change accounts for about 35% of total labor productivity growth.New economy, information and communication technologies, specific-technological change, neutral-technological change.

Machine learning applied to active fixed-income portfolio management: a Lasso logit approach

El uso de métodos cuantitativos es fundamental en la gestión de carteras de inversores institucionales. En la última década, se han realizado diversos estudios empíricos que emplean modelos probabilísticos o de clasificación para predecir los rendimientos del mercado de valores, modelar calificaciones de riesgo y probabilidades de incumplimiento de bonos, así como pronosticar la curva de rendimientos. Sin embargo, existe una escasa investigación sobre la aplicación de estos modelos en la gestión activa de renta fija. Este documento busca abordar esta brecha al comparar un algoritmo de aprendizaje automático, la regresión logística Lasso, con una estrategia de inversión pasiva (comprar y mantener) en la construcción de un modelo de gestión de duración para carteras de bonos gubernamentales, con enfoque específico en los bonos del Tesoro de Estados Unidos. Además, se propone un procedimiento de dos pasos, junto con un promedio simple entre variables de características estadísticas similares, con el objetivo de minimizar el posible sobreajuste de los algoritmos tradicionales de aprendizaje automático. Asimismo, se introduce un método para seleccionar umbrales que conviertan probabilidades en señales basadas en distribuciones de probabilidad condicional. Se utiliza un amplio conjunto de variables financieras y económicas para obtener una señal de duración y se comparan otras estrategias de inversión. Como resultado, la mayoría de las variables seleccionadas por el modelo están relacionadas con flujos financieros y fundamentos económicos, aunque los parámetros no parecen ser estables a lo largo del tiempo, lo que sugiere que la relevancia de las variables es dinámica y se requiere una evaluación continua del modelo. Además, el modelo logra un exceso de retorno estadísticamente significativo en comparación con la estrategia pasiva. Estos resultados respaldan la inclusión de herramientas cuantitativas en el proceso de gestión activa de carteras para inversores institucionales, con especial atención en el posible sobreajuste y en los parámetros inestables. Las herramientas cuantitativas deben considerarse como un complemento del análisis cualitativo y fundamental, junto con la experiencia del gestor de carteras, para tomar decisiones de inversión fundamentadas de manera más sólida.The use of quantitative methods constitutes a standard component of the institutional investors’ portfolio management toolkit. In the last decade, several empirical studies have employed probabilistic or classification models to predict stock market excess returns, model bond ratings and default probabilities, as well as to forecast yield curves. To the authors’ knowledge, little research exists into their application to active fixed-income management. This paper contributes to filling this gap by comparing a machine learning algorithm, the Lasso logit regression, with a passive (buy-and-hold) investment strategy in the construction of a duration management model for high-grade bond portfolios, specifically focusing on US treasury bonds. Additionally, a two-step procedure is proposed, together with a simple ensemble averaging aimed at minimising the potential overfitting of traditional machine learning algorithms. A method to select thresholds that translate probabilities into signals based on conditional probability distributions is also introduced

Behavior of echocardiographic parameters of right ventricular function after tricuspid surgery

Evaluation of right ventricular (RV) function after tricuspid valve surgery is complex. The objective was to identify the most appropriate RV function parameters for this purpose. This prospective study included 70 patients undergoing cardiac and tricuspid valve (TV) surgery. RV size and function parameters were determined at 3 months and 1-year post-surgery. Categorical variables were analyzed with the McNemar test and numerical variables with the Student’s t-test for related samples or, when non-normally distributed, the Wilcoxon test. Spearman’s rho was used to determine correlations between variables at 3 months and 1 year. RV diameters were reduced at 3 months postsurgery and were then unchanged at 1 year. Tricuspid annular plane systolic excursion (TAPSE) and S′ wave values were worse at 3 months and then improved at 1 year (t-score-2.35, p 0.023; t-score-2.68; p 0.010). There was no significant reduction in free wall longitudinal strain (LS) or shortening fraction (SF) at 3 months (t-score 1.421 and − 1.251; p 0.218 and 0.172), and they were only slightly below presurgical values at 1 year. No relationship was found between RV function parameters and mortality or major complications. During the first few months after TV surgery, LS may be a more appropriate parameter to evaluate global ventricular function in comparison to TAPSE. At 1 year, good correlations are observed between TAPSE, S′ wave, and LS values

Surgical management of tricuspid regurgitation: a new algorithm to minimise recurrent tricuspid regurgitation

Introduction Recurrent tricuspid regurgitation (TR) is frequently observed after cardiac surgery; however, the correct approach remains controversial. We developed an algorithm for action on the tricuspid valve (TV) and conducted a 1-year follow-up study. The aim was to assess the efficacy of the algorithm to minimise residual TR after TV surgery. The hypothesis was that the TR rate at 1 year would be reduced by selecting the surgical approach in accordance with a set of preoperative clinical and echocardiographic variables. Methods A prospective, observational, single-centre study was performed in 76 consecutive patients with TV involvement. A protocol was designed for their inclusion, and data on their clinical and echocardiographic characteristics were gathered at 3 months and 1-year postsurgery. The treatment of patients depended on the degree of TR. Surgery was performed in all patients with severe or moderate-to- severe TR and in those with mild or moderate TR alongside the presence of certain clinical or echocardiographic factors. They underwent annuloplasty or extended valve repair when the TV was distorted. If repair techniques were not feasible, a prosthesis was implanted. Residual TR rates were compared with published reports, and predictors of early/late mortality and residual TR were evaluated. Results TR was functional in 69.9% of patients. Rigid ring annuloplasty was performed in 35.7% of patients, De Vega annuloplasty in 27.1%, extended repair in 11.4% and prosthetic replacement in 25.7%. TR was moderate or worse in 8.19% of patients (severe in 3.27%) at 1 year postintervention. No clinical, surgical or epidemiological variables were significantly associated with residual TR persistence, although annulus diameter showed a close-to- significant association. Total mortality was 12.85% for all causes and 10% for cardiovascular causes. In multivariate analysis, left ventricular ejection fraction was related to both early and late mortality. Conclusions Severe residual TR was significantly less frequent than reported in other series, being observed in less than 4% of patients at 1-year postsurgery

Porous Titanium Cylinders Obtained by the Freeze-Casting Technique: Influence of Process Parameters on Porosity and Mechanical Behavior

 The discrepancy between the stiffness of commercially pure titanium and cortical bone  tissue compromises its success as a biomaterial. The use of porous titanium has been widely studied,  however, it is still challenging to obtain materials able to replicate the porous structure of the bones  (content, size, morphology and distribution). In this work, the freeze‐casting technique is used to  manufacture cylinders with elongated porosity, using a home‐made and economical device. The  relationship between the processing parameters (diameter and material of the mold, temperature  gradient), microstructural features and mechanical properties is established and discussed, in terms  of ensuring biomechanical and biofunctional balance. The cylinders have a gradient porosity  suitable for use in dentistry, presenting higher Young’s modulus at the bottom, near the cold spot  and, therefore better mechanical resistance (it would be in contact with a prosthetic crown), while  the opposite side, the hot spot, has bigger, elongated pores and walls.  Ministry of Economy and Competitiveness of Spain  grant  MAT2015‐71284‐P  FEDER‐Junta de Andalucía Research  Project (Modeling and implementation of the freeze casting technique: gradients of porosity with a tribomechanical equilibrium and electro‐stimulated cellular behavior).

Impaired erythropoietin synthesis in chronic kidney disease is caused by alterations in extracellular matrix composition

[EN] Renal fibrosis and anaemia are two of the most relevant events in chronic kidney disease. Fibrosis is characterized by the accumulation of extracellular matrix proteins in the glomeruli and tubular interstitium. Anaemia is the consequence of a decrease in erythropoietin production in fibrotic kidneys. This work analyses the possibility that the accumulation of abnormal collagens in kidney interstitium could be one of the mechanisms responsible for erythropoietin decreased synthesis. In renal interstitial fibroblast grown on collagen I, erythropoietin mRNA expression and HIF-2a protein decreased, whereas focal adhesion kinase protein (FAK) phosphorylation and proteasome activity increased, compared to cells grown on collagen IV. Proteasome inhibition or FAK inactivation in cells plated on collagen I restored erythropoietin and HIF- 2a expression. FAK inhibition also decreased the collagen I-dependent proteasome activation. In a model of tubulointerstitial fibrosis induced by unilateral ureteral obstruction in mice, increased collagen I protein content and an almost complete disappearance of erythropoietin mRNA expression were observed in the ureteral ligated kidney with respect to the contralateral control. Interestingly, erythropoietin synthesis was recovered in obstructed mice treated with proteasome inhibitor. These data suggest that reduced kidney erythropoietin synthesis could be caused by the accumulation of abnormal extracellular matrix proteins

Severe Acute Respiratory Syndrome Coronavirus Envelope Protein Ion Channel Activity Promotes Virus Fitness and Pathogenesis

Deletion of Severe Acute Respiratory Syndrome Coronavirus (SARS-CoV) envelope (E) gene attenuates the virus. E gene encodes a small multifunctional protein that possesses ion channel (IC) activity, an important function in virus-host interaction. To test the contribution of E protein IC activity in virus pathogenesis, two recombinant mouse-adapted SARSCoVs, each containing one single amino acid mutation that suppressed ion conductivity, were engineered. After serial infections, mutant viruses, in general, incorporated compensatory mutations within E gene that rendered active ion channels. Furthermore, IC activity conferred better fitness in competition assays, suggesting that ion conductivity represents an advantage for the virus. Interestingly, mice infected with viruses displaying E protein IC activity, either with the wild-type E protein sequence or with the revertants that restored ion transport, rapidly lost weight and died. In contrast, mice infected with mutants lacking IC activity, which did not incorporate mutations within E gene during the experiment, recovered from disease and most survived. Knocking down E protein IC activity did not significantly affect virus growth in infected mice but decreased edema accumulation, the major determinant of acute respiratory distress syndrome (ARDS) leading to death. Reduced edema correlated with lung epithelia integrity and proper localization of Na+ /K+ ATPase, which participates in edema resolution. Levels of inflammasome-activated IL-1b were reduced in the lung airways of the animals infected with viruses lacking E protein IC activity, indicating that E protein IC function is required for inflammasome activation. Reduction of IL-1b was accompanied by diminished amounts of TNF and IL-6 in the absence of E protein ion conductivity. All these key cytokines promote the progression of lung damage and ARDS pathology. In conclusion, E protein IC activity represents a new determinant for SARS-CoV virulence

Development of novel dual-action coatings with osteoinductive and antibacterial properties for 3D-printed titanium implants

Gallium (Ga) has been recently proposed as a novel therapeutic agent, since it promotes bone formation and exhibits antibacterial properties. This work focuses on the optimization of a thermochemical treatment that incorporates Ga ions by the addition of the body-friendly Ga nitrate approved by the Food and Drug Administration. The objective was to simultaneously provide the inner and the outer surfaces of porous-titanium surfaces obtained by 3D-printing with bioactivity and antibacterial properties. The apatite-forming ability of the coating, as well as the antibacterial activity and SaOS-2 cell adhesion, proliferation, differentiation and mineralization were evaluated and compared with untreated Ti surfaces. The characterization of the surfaces revealed the presence of a Ga-containing calcium titanate layer, which was non cytotoxic and in simulated body fluid produced a homogeneous apatite coating well adhered to the substrate. The formation of this apatite layer was accelerated with increasing Ga amounts present on the surface, resulting also in an increase in thickness. An initial quick release of Ga ion promoted the antibacterial effect against gram positive strains, especially for Pseudomonas aeruginosa, one of the most frequent resistant pathogens in nosocomial infections. SaOS-2 cells adhered and proliferated on the Ga-doped Ti surfaces, its presence contributed to cell differentiation and to considerably increase the mineralization levels. Thus, the developed multifunctional coatings could provide bioactivity to the porous Ti implants while protecting them from the most frequent gram-negative pathogens.Peer ReviewedPostprint (author's final draft