Essays on secular stagnation

The dissertation develops, in two chapters, two themes related to Secular Stagnation. In Chapter 1, I focus on Secular Stagnation and Bubbles. My starting point is an estimated vector-autoregression model and I provide empirical evidence on the existence of stock market bubbles and their response to a deleveraging shock. I show that a deleveraging shock triggers a persistent decline in loans and output, while stock prices fall on impact and only partly recover afterwards. By decomposing the stock price index within its fundamental and bubbly component, I show that its behaviour is almost entirely explained by the latter. I propose an OLG model and I show that bubbles exist if agents are financially constrained. The bubbly steady state is unstable and, after a deleveraging shock, the economy eventually reaches the undesirable bubbleless steady state, where Secular Stagnation may arise. I show that, in a sticky prices environment, by adopting an accommodative stance towards bubbles, monetary policy can ensure the stability of the bubbly steady state and the stationarity of the dynamics around it. In Chapter 2, I focus on Secular Stagnation and Market Structure. I address the question on whether the market structure affects the equilibrium level of the real interest rate, defined as the rate consistent with full employment and stable in ation. I provide an empirical and a theoretical analysis on the link between the markup, as a proxy for the market structure, and the equilibrium interest rate. I uncover some evidence that higher markups are associated with lower real rates and that more market friendly economies display higher interest rates. I propose an OLG model with monopolistic competition to interpret these findings. I focus on the effects on the equilibrium of a change in market structure, both in an exogenous and endogenous markup framework. I show that an increase in the markup puts a downward pressure on the equilibrium interest rate and the economy enters Secular Stagnation. The key transmission channel works through the market for capital.The dissertation develops, in two chapters, two themes related to Secular Stagnation. In Chapter 1, I focus on Secular Stagnation and Bubbles. My starting point is an estimated vector-autoregression model and I provide empirical evidence on the existence of stock market bubbles and their response to a deleveraging shock. I show that a deleveraging shock triggers a persistent decline in loans and output, while stock prices fall on impact and only partly recover afterwards. By decomposing the stock price index within its fundamental and bubbly component, I show that its behaviour is almost entirely explained by the latter. I propose an OLG model and I show that bubbles exist if agents are financially constrained. The bubbly steady state is unstable and, after a deleveraging shock, the economy eventually reaches the undesirable bubbleless steady state, where Secular Stagnation may arise. I show that, in a sticky prices environment, by adopting an accommodative stance towards bubbles, monetary policy can ensure the stability of the bubbly steady state and the stationarity of the dynamics around it. In Chapter 2, I focus on Secular Stagnation and Market Structure. I address the question on whether the market structure affects the equilibrium level of the real interest rate, defined as the rate consistent with full employment and stable in ation. I provide an empirical and a theoretical analysis on the link between the markup, as a proxy for the market structure, and the equilibrium interest rate. I uncover some evidence that higher markups are associated with lower real rates and that more market friendly economies display higher interest rates. I propose an OLG model with monopolistic competition to interpret these findings. I focus on the effects on the equilibrium of a change in market structure, both in an exogenous and endogenous markup framework. I show that an increase in the markup puts a downward pressure on the equilibrium interest rate and the economy enters Secular Stagnation. The key transmission channel works through the market for capital.LUISS PhD Thesi

Is there a regulatory trade-off between stability and performance? Evidence from italian banks.

Disentangling the direct causal effect that sanctions exert on bank performance from the indirect through default risk, we show that a trade-off exists for regulators between banks’ performance and stability in Italy. Two key findings provide evidence for the nontriviality of the return-risk nexus: (i) banks’ liquidations are concentrated at the lower-end of the profitability distribution, resulting in (attrition) biased estimates; (ii) the drop-out is informative since it depends on the unobserved measurements of profitability. Despite this evidence, while returns are affected by sanctions and regulatory requirements, default risk is not. However, looking at growth of gross loans, enforcement actions reduce default risk though at a cost of a significant fall in lending, creating a regulatory tradeoff. In fact, through loans’ growth, we account for the key dynamics of intermediaries’ soundness, namely higher profits and less non-performing loans

Bone marrow examination: a prospective survey on factors associated with pain

Bone marrow examination (BME) represents an essential tool for diagnosis and monitoring of haematological disorders. It remains associated with morbidity and discomfort; repeat examinations are frequent. We made a single-centre prospective survey on 700 BME between July 2007 and July 2008 with a structured anonymized questionnaire for patients undergoing and physicians performing BME, which includes at our institution always aspiration and trephine. All procedures were performed according to institutionalised standard operating procedures; 412 patients' (58.9%) and 554 physicians' (79.1%) questionnaires were returned. Pain was the only procedure-related complication; no pain was reported in 149 (36.7%), bearable pain in 242 (59.6%) and unbearable pain in 15 (3.7%) cases. Premedication associated complications were reported by 110 (32.7%) of the 336 (65.4%) patients with premedication before BME. None of these were > WHO grade 2; most frequently reported were tiredness (76 patients; 22.6%), dizziness (19 patients; 5.7%) and nausea (15 patients; 4.5%). Only two factors were significantly associated with unbearable pain: "pain during prior BME” (seven of 94 with versus one of 198 without previous pain; p < 0.01) and "information before BME” (four of 11 without versus 12 of 372 with adequate information before BME; p < 0.01). Inadequate information at any time showed a trend towards an association with unbearable pain (p = 0.08). No other factor was associated with unbearable pain. Good and adequate information appears to be the best way to reduce pain, even for a future BM

Organocomplejos aniónicos de níquel (II)

The addition of different Lewis bases to solutions of "(CoF5)2Ni" in THF-Dioxane or solutions of previously isolated (CoFs)2Ni Dioxancs gives neutral and anionic bispentafluorophenyl nikel (11) complexes.All the previously isolated neutral complexes were of the type (CoF=)2Ni U being U = 2PEt3, 2PBu3, 2PPh3, 2AsPh3, 2SbPh3. 20PPh3, 20AsPh3, 2p-dioxane, 2PPh2Cl, 2NH3 2py, bis diphenylphosphine-ethane, ethylenediamine, 2.2' bipyridine and- 1,10&mdash;fenantroiine, (5,6). Anionic complexes here described are binuclear with different bridge groups of the type [(CoF5)2 N&Iacute;X2N&Iacute; (CoF5)2]~^ being X = CN, Cl, Br. The bridge system is broken by PPha when X = CN to give the anionic mono nuclear complex [(C(iF5)2Ni(CN) (PPhs)]". Chemical and physical properties of the new isolated complexes are sfudied and structural data are obtained by magnetic suceptibility measurements and IR and visible-UV spectroscopy

Determinants of stimulated salivary flow among haematopoietic stem cell transplantation recipients

The aetiology of hyposalivation in haematopoietic stem cell transplantation (HSCT) recipients is not fully understood. This study examined the effects of treatment-related aetiological factors, particularly medications, on stimulated salivary flow in HSCT recipients. Adult HSCT recipients (N = 118, 66 males, 27 autologous and 91 allogeneic transplants) were examined. Stimulated whole salivary flow rates (SWSFR) were measured before HSCT and at 6 and 12 months post-HSCT. Linear regression models were used to analyse the associations of medications and transplant-related factors with salivary flow rates, which were compared to salivary flow rates of generally healthy controls (N = 247). The SWSFR of recipients were lower pre-HSCT (mean +/- standard deviation, 0.88 +/- 0.56 ml/min; P <0.001), 6 months post-HSCT (0.84 +/- 0.61; P <0.001) and 12 months post-HSCT (1.08 +/- 0.67; P = 0.005) than the SWSFR of controls (1.31 +/- 0.65). In addition, hyposalivation (<0.7 ml/min) was more frequent among HSCT recipients pre-HSCT (P <0.001), 6 months post-HSCT (P <0.001) and 12 months post-HSCT (P = 0.01) than among controls. The SWSFR was observed to improve over time being significantly higher 12 months post-HSCT compared to pre-HSCT (P <0.001). The observed decrease of salivary flow could not be explained by the examined transplant-related factors and medications. Decreased stimulated salivary flow rates could not be explained by the examined factors alone; these findings indicate that hyposalivation in HSCT recipients exhibits a multifactorial aetiology. All HSCT recipients should be considered to be at high risk of hyposalivation and consequent oral diseases, and they should be treated accordingly.Peer reviewe

Changes in the Quality of Life of Our Neonatal Patients Born with Severe Laryngomalacia and Treated with Endoscopic UDP Laser Supraglottoplasty

Background: Laryngomalacia is one of the most common causes of neonatal dyspnea and inspiratory stridor. In 20% of the cases laryngomalacia in newborns may lead to respiratory failure, feeding difficulties and failure to thrive. The aim of this study was to assess the changes in the quality of life of the patients with laryngomalacia in the first year following ultra-dream pulse laser supraglottoplasty.Case presentation:  the assessment relevant parameters of 6 newborn patients with laryngomalacia (4:2 male:female, average age at the time of operation 12,5 days) who underwent ultra-pulse laser supraglottoplasty.Conclusion: Ultra-dream pulse laser supraglottoplasty for laryngomalacia is a safe and effective surgical modality, even if it is performed in the neonatal age

Turismo em Pirenópolis : gentrificação, uso e ocupação dos imóveis no centro histórico

Trabalho de Conclusão de Curso (graduação)—Universidade de Brasília, Instituto de Ciências Humanas, Departamento de Geografia, 2017.O crescimento do turismo em Pirenópolis nas últimas duas décadas, intensificou o processo de gentrificação na cidade, que por sua vez, se materializa de forma mais clara na transformação do uso e ocupação dos imóveis localizados no centro histórico de Pirenópolis. A transformação de residências em comércio, a construção em áreas verdes (quintais), a expulsão da população para os bairros periféricos, e o consequente crescimento destes, aliado ao crescente fluxo de turistas visitando a cidade, geram a necessidade de melhorar as políticas públicas de uso e ocupação dos imóveis, de conservação das áreas verdes, de ordenamento do trânsito e da mobilidade urbana, especialmente no centro histórico tombado como patrimônio arquitetônico e urbanístico nacional.The growth of tourism in Pirenópolis in the last two decades intensified the process of gentrification in the city, which in turn materializes more clearly in the transformation of the use and occupation of real estate located in the historical center of Pirenópolis. The transformation of residences into commerce, construction in green areas (backyards), expulsion of the population to the peripheral neighborhoods, and the consequent growth of these, together with the growing flow of tourists visiting the city, generate the need to improve the public policies of Use and occupation of buildings, conservation of green areas, traffic management and urban mobility, especially in the historical center listed as national architectural and urban heritage

Impact of 5-formylcytosine on the melting kinetics of DNA by 1H NMR chemical exchange

5-Formylcytosine (5fC) is a chemically edited, naturally occurring nucleobase which appears in the context of modified DNA strands. The understanding of the impact of 5fC on dsDNA physical properties is to date limited. In this work, we applied temperature-dependent 1H Chemical Exchange Saturation Transfer (CEST) NMR experiments to non-invasively and site-specifically measure the thermodynamic and kinetic influence of formylated cytosine nucleobase on the melting process involving dsDNA. Incorporation of 5fC within symmetrically positioned CpG sites destabilizes the whole dsDNA structure—as witnessed from the ∼2°C decrease in the melting temperature and 5–10 kJ mol−1 decrease in ΔG°—and affects the kinetic rates of association and dissociation. We observed an up to ∼5-fold enhancement of the dsDNA dissociation and an up to ∼3-fold reduction in ssDNA association rate constants, over multiple temperatures and for several proton reporters. Eyring and van’t Hoff analysis proved that the destabilization is not localized, instead all base-pairs are affected and the transition states resembles the single-stranded conformation. These results advance our knowledge about the role of 5fC as a semi-permanent epigenetic modification and assist in the understanding of its interactions with reader proteins

Immunohistochemical Diagnosis of Primary Laryngeal Melanoma as a Rare Malignant Laryngeal Tumour

In this case presentation, the authors discuss the prevalence, diagnosis and surgical treatment of the exceedingly rare primary laryngeal melanoma. The importance of immunohistochemical investigations is emphasised since the condition tends to mimic laryngeal carcinomas. Laryngeal melanomas have a very poor prognosis; their five-year survival is less than 10% in international literature. However, the patient presented in this article is still asymptomatic and has no metastases 7&nbsp;years after the removal of the lesion with transoral laser microsurgery