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

Multicomponent ion transport in a mono and bilayer cation-exchange membrane at high current density

This work describes a model for bilayer cation-exchange membranes used in the chlor-alkali process. The ion transport inside the membrane is modeled with the Nernst–Planck equation. A logistic function is used at the boundary between the two layers of the bilayer membrane to describe the change in the properties of each membrane layer. The local convective velocity is calculated inside the membrane using the Schlögl equation and the equation of continuity. The model calculates the ion concentration profiles inside the membrane layers. Modeling results of mono- and bilayer membranes are compared. The changes in membrane voltage drop and sodium selectivity are predicted. The concentration profile of sodium ions in the bilayer membrane is significantly different from the monolayer membrane. Without the applied current, a linear change in the sodium concentration is observed in the monolayer membrane and in each layer of the bilayer membrane. With an increase in current density, the stronger electromotive force in the carboxylate layer causes a decrease in the sodium concentration in the sulfonate layer, down to the fixed ionic group concentration. This significant decrease of sodium ion concentration in the sulfonate layer results in low concentrations of counter ions and as a consequence a higher permselectivity of the bilayer membrane is obtained when compared to the single-layer membrane. As a drawback, the resistance in the bilayer membrane increases

Nernst-Planck modeling of multicomponent ion transport in a Nafion membrane at high current density

A mathematical model of multicomponent ion transport through a cation-exchange membrane is developed based on the Nernst–Planck equation. A correlation for the non-linear potential gradient is derived from current density relation with fluxes. The boundary conditions are determined with the Donnan equilibrium at the membrane–solution interface, taking into account the convective flow. Effective diffusivities are used in the model based on the correlation of tortuosity and ionic diffusivities in free water. The model predicts the effect of an increase in current density on the ion concentrations inside the membrane. The model is fitted to the previously published experimental data. The effect of current density on the observed increase in voltage drop and the decrease in permselectivity has been analyzed using the available qualitative membrane swelling theories. The observed non-linear behavior of the membrane voltage drop versus current density can be explained by an increase in membrane pore diameter and an increase in the number of active pores. We show how the membrane pore diameter increases and dead-end pores open up when the current density is increased

Type I interferons might form the link between Toll-like receptor (TLR) 3/7 and TLR4-mediated synovial inflammation in rheumatoid arthritis (RA)

BACKGROUND: Rheumatoid arthritis (RA) has been associated with an increased risk of infections, but the underlying pathways have not yet been identified. Toll-like receptors (TLR) probably play a role in synovial inflammation and may also contribute to the understanding of the role of infections in RA. OBJECTIVES: To investigate if the synovial expression of TLR3 and TLR7 in RA correlates with that of inflammatory cytokines, and to assess whether this has functional consequences for local cytokine production and to study potential links between the TLR3/7 axis and TLR4 in RA synovium. METHODS: Immunohistochemistry was used to study the expression of TLR3, TLR7, interferon alpha (IFNalpha), tumour necrosis factor alpha (TNFalpha) and interleukins IL1beta, IL12, IL17 and IL18 in RA synovium obtained by arthroscopy from 34 patients with RA. Monocytes, monocyte-derived dendritic cells (MoDCs) and RA synovial fibroblasts were stimulated via TLR3 (poly-IC) and TLR7 (loxorubin), after which IL1beta, IL6 and TNFalpha were measured by Luminex bead array technology. Following preincubation with IFNalpha, IL1beta and IL18, TLR3 and TLR7 mRNA expression was assessed using real-time PCR. Cytokine production after preincubation with IFNalpha and subsequent TLR stimulation was measured. RESULTS: Synovial TLR3/7 expression was co-expressed with IFNalpha, IL1beta and IL18, but not with TNFalpha, IL12 and IL17. Stimulation of TLR3/TLR7 on monocytes, MoDCs or synovial fibroblasts led to secretion of type I IFN but no biologically active IL1beta or IL18 could be detected. Type I IFNalpha increased TLR3/7 mRNA expression whereas IL1beta and IL18 did not. In spite of the fact that the mRNA level of TLR4 remained unchanged, IFNalpha enhanced the response to TLR4 agonists, a phenomenon that was clearly more marked in patients with RA. CONCLUSION: Type I interferons are highly co-expressed with TLR3/TLR7 in RA synovium. They enhance TLR3/TLR7-mediated cytokine production and also TLR4-mediated responses