Credibility and adjustment: gold standards versus currency boards

It is often maintained that currency boards (CBs) and gold standards (GSs) are alike in that they are stringent monetary rules, the two basic features of which are high credibility of monetary authorities and the existence of automatic adjustment (non discretionary) mechanism. This article includes a comparative analysis of these two types of regimes both from the perspective of the sources and mechanisms of generating confidence and credibility, and the elements of operation of the automatic adjustment mechanism. Confidence under the GS is endogenously driven, whereas it is exogenously determined under the CB. CB is a much more asymmetric regime than GS (the adjustment is much to the detriment of peripheral countries) although asymmetry is a typical feature of any monetary regime. The lack of credibility is typical for peripheral countries and cannot be overcome completely even by “hard” monetary regimes.http://deepblue.lib.umich.edu/bitstream/2027.42/40078/3/wp692.pd

Fcgamma receptors directly mediate cartilage, but not bone, destruction in murine antigen-induced arthritis: uncoupling of cartilage damage from bone erosion and joint inflammation.

Contains fulltext : 49336.pdf (publisher's version ) (Closed access)OBJECTIVE: To determine the relationship between synovial inflammation and the concomitant occurrence of cartilage and bone erosion during conditions of variable inflammation using various Fcgamma receptor knockout (FcgammaR(-/-)) mice. METHODS: Antigen-induced arthritis (AIA) was introduced in the knee joints of various FcgammaR(-/-) mice and wild-type controls. Joint inflammation and cartilage and bone destruction levels were determined by histologic analysis. Cathepsin K, RANKL, and osteoprotegerin (OPG) levels were detected by immunolocalization. RESULTS: In FcgammaRIIb(-/-) mice, which lack the inhibiting Fcgamma receptor IIb, levels of joint inflammation and cartilage and bone destruction were significantly higher (infiltrate 93%, exudate 200%, cartilage 100%, bone 156%). AIA in mice lacking activating FcgammaR types I, III, and IV, but not FcgammaRIIb (FcR gamma-chain(-/-) mice), prevented cartilage destruction completely. In contrast, levels of bone erosion and joint inflammation were comparable with their wild-type controls. Of great interest, in arthritic mice lacking activating FcgammaR types I, II, and III, but not IV (FcgammaRI/II/III(-/-) mice), levels of joint inflammation were highly elevated (infiltrate and exudate, 100% and 188%, respectively). Cartilage destruction levels were decreased by 92%, whereas bone erosion was increased by 200%. Cathepsin K, a crucial mediator of osteoclasts, showed a strong correlation with the amount of inflammation but not with the amount of activating FcgammaR, which was low in osteoclasts. RANKL, but not OPG, levels were higher in the inflammatory cells of arthritic knee joints of FcgammaRI/II/III(-/-) mice versus wild-type mice. CONCLUSION: Activating FcgammaR are crucial in mediating cartilage destruction independently of joint inflammation. In contrast, FcgammaR are not directly involved in bone erosion. Indirectly, FcgammaR drive bone destruction by regulating joint inflammation

Assessing the role of aggregate demand and supply shocks in China’s macroeconomic fluctuation

macroeconomic fluctuation, structural VAR, supply and demand shocks, China, E3, C32, O53,

The power of the Kashrut: older but shorter:The impact of religious nutritional and hygienic rules on stature and life expectancy of Jewish conscripts in the early 19th century

BACKGROUND/OBJECTIVES: We test the impact of several demographic, economic and social factors on stature in an early nineteenth century environment. SUBJECTS/METHODS: We use a database of conscripts from the period 1818-1860 of a rural province in The Netherlands (Drenthe). This area had a rather high biological standard of living. This database of 413 conscripts contains information about family structure, family rank order, height, tax income, occupation and age of death. Conscripts came from two communities: one from a particular village (Oosterhesselen) and the other was Jewish conscripts that came from the countryside of the province. RESULTS: Our statistical analysis shows a positive significant relationship between family size and height, which confirms the resource dilution theory. Remarkably, the sign of the relation between family size and life expectancy is inverse. Other factors such as the potato crisis and income had the expected effect on conscript heights. The community effect was strong. Jewish conscripts were much shorter than their counterparts. Access to nutrition, the specific food laws and other factors can explain this difference. CONCLUSIONS: An increasing sibship size had a negative impact on body height but positive effects on life expectancy when adulthood was reached. Specifically for the Jewish community was the positive effect of the death of the father on conscript height. The mechanisms behind this phenomenon are unclear and open for further research