Inflation Dynamics’ Micro Foundations: How Important is Imperfect Competition Really?

This paper analyzes price formation and dynamics according to the industry structure. It divides manufacturing industries of Mexico into two groups: perfectly and imperfectly competitive. The results show that imperfectly competitive industries predominate. Then this classification is used to build consumer price sub indexes for the goods of both sectors. These sub indexes’ inflation dynamics indicate that the exchange rate pass-through in the perfectly competitive sector is significantly higher than in the imperfectly competitive sector, while wage pass-through only affects the imperfectly competitive sector. Also, that inflation inertia is lower in the former than in the latter; adding up in more volatility of the perfectly competitive inflation rate. For policy makers an interesting feature of the perfectly competitive price index is that the evidence suggests that its variations precede those of the imperfectly competitive price index. For economic theorists these features validate recent macroeconomic models with heterogeneous price setting behaviorPanzar-Rosse, Industry Structure, Inflation, Price Dynamics, Price Indexes

Nominal Wage Rigidities in Mexico: Evidence from Social Security Records

This paper analyses the existence and extent of downward nominal wage rigidities in the Mexican labor market using data from the administrative records of the Mexican Social Security Institute (IMSS). This longitudinal, firm-level dataset allows us to track workers employed with the same firm, observe their wage profiles and calculate the nominal-wage changes they experience over time. Based on the estimated density functions of nominal wage changes and other moments of the distribution, we are able to calculate several standard tests of nominal wage rigidity that have been proposed in the literature. Furthermore, we extend these tests to take into account the presence of minimum wage laws that may affect the distribution of nominal wage changes. The densities and tests calculated using these date are similar to those obtained using administrative data from other countries, and constitute a significant improvement over the measures of nominal wage rigidities obtained from household survey data. We find considerably more wage rigidity than previous estimates obtained for Mexico using data from the National Urban Employment Survey suggest. Furthermore, we find evidence that the extent of nominal wage rigidities has been falling over time. We also document the importance of minimum wages in the Mexican labor market, as evidenced by the large fraction of minimum wage earners and the widespread indexation of wage changes to the minimum wage increases.

Bancarizing with credit cards: Experimental evidence on interest rates and minimum payments elasticities for new clients

We study the bancarization of marginal borrowers using credit cards and document that this process is difficult: default risk is substantial, returns heterogeneous, and account closings common. We also take advantage of a randomized control trial that varied interest rates and minimum payments in a very wide range. Against our hypothesis, we find that default risk is very insensitive to (randomized) large changes in interest rates and minimum payments. This could imply that regulating these contract terms may not necessarily "protect" consumers against default and that moral hazard in this market is negligible on average

The adoption process of payment care - An agent-based approach

We investigate the payment card's adoption rate under consumers' and merchants' awareness of network externalities, given two levels of Interchange Fees in a multiagent card market. For the purpose of our research, in multiple instances of the model (scenarios) the investigated effects are analyzed over the complete process of adoption, until the market's saturation point is achieved. For each scenario, a comparison is made between two different levels of Interchange Fees and different degrees of consumers' and merchants' awareness. We model explicitly the interactions between consumers and merchants at the point of sale. We allow card issuers to charge consumers with fixed fees and provide net benefits from card usage, whereas acquirers can charge fixed and transactional fees to merchants

Efecto de las soluciones irrigantes de quitosano en la liberación de proteínas bioactivas de la dentina radicular

Objetivo Identificar el efecto de dos soluciones de quitosano en la liberación de proteínas de la matriz dentinaria radicular y describir los cambios químicos observados tras el acondicionamiento con agentes quelantes. Materiales y métodos Se investigó la liberación de sialoproteína dentinaria (DSP), factor de crecimiento transformante-beta 1 (TGF-β1), factor de crecimiento endotelial vascular (VEGF) y factor de crecimiento derivado de plaquetas-BB (PDGF-BB) con diferentes agentes quelantes, incluyendo ácido etilendiaminotetraacético (EDTA), solución de quitosano (CS) y quitosano nanoparticulado (CSnp). La DSP se cuantificó mediante un ensayo inmunoenzimático (ELISA). El TGF-β1, el VEGF y el PDGF-BB se cuantificaron mediante un panel de microesferas de citoquinas (CBA). Se realizó espectroscopia Raman para identificar cambios químicos en la superficie. El análisis estadístico se realizó mediante la prueba de Kruskal-Wallis con la prueba de suma de rangos de Mann-Whitney-Wilcoxon (p<0,05). Resultados El TGF-β1, el VEGF y el DSP se solubilizaron en todos los irrigantes probados. CSnp mostró la mayor concentración de DSP. El PDGFBB no superó los límites de detección. La espectroscopia Raman reveló una disminución de los picos de fosfato y carbonato, lo que representa el efecto quelante del EDTA, CS y CSnp. Además, la CSnp mostró la mayor preservación del contenido de amidas I y III. Conclusión Las proteínas pueden liberarse de la dentina mediante el acondicionamiento con EDTA, CS y CSnp. La espectroscopia Raman reveló cambios en el contenido inorgánico de la dentina radicular tras la quelación. Además, el uso de CSnp facilitó la conservación del contenido orgánico. Importancia clínica La quelación permite la liberación de proteínas, lo que justifica el uso de agentes quelantes en endodoncia regenerativa. La interacción quitosano-matriz dentinaria también promueve la protección del contenido orgánico como un beneficio adicional a su efecto liberador de proteínas.Objective To identify the efect of two chitosan solutions on the release of root dentin matrix proteins and to describe the chemical changes observed following conditioning with chelating agents. Materials and methods The release of dentin sialoprotein (DSP), transforming growth factor-beta 1 (TGF-β1), vascular endothelial growth factor (VEGF), and platelet-derived growth factor-BB (PDGF-BB) with diferent chelating agents, including ethylenediaminetetraacetic acid (EDTA), chitosan solution (CS), and nanoparticulate chitosan (CSnp), was investigated. DSP was quantifed using an enzyme-linked immunosorbent assay (ELISA). TGF-β1, VEGF, and PDGF-BB were quantifed using a cytokine bead panel (CBA). Raman spectroscopy was performed to identify surface chemical changes. Statistical analysis was performed using Kruskal–Wallis test with Mann–Whitney–Wilcoxon rank-sum test (p<0.05). Results TGF-β1, VEGF, and DSP solubilized in all irrigants tested. CSnp showed the highest concentration of DSP. PDGFBB did not exceed the detection limits. Raman spectroscopy revealed a decrease in the phosphate and carbonate peaks, representing the chelating efect of EDTA, CS, and CSnp. Additionally, CSnp showed the greatest preservation of the amide I and III content. Conclusion Proteins can be released from dentin via EDTA, CS, and CSnp conditioning. Raman spectroscopic revealed changes in the inorganic content of the root dentin after chelation. Furthermore, use of CSnp facilitated a preservation of the organic content. Clinical relevance Chelation allows the release of proteins, justifying the use of chelating agents in regenerative endodontics. The chitosan–dentin matrix interaction also promotes the protection of the organic content as an additional beneft to its protein releasing efect

Natural killer (NK) cell-derived extracellular-vesicle shuttled microRNAs control T cell responses.

Natural killer (NK) cells recognize and kill target cells undergoing different types of stress. NK cells are also capable of modulating immune responses. In particular, they regulate T cell functions. Small RNA next-generation sequencing of resting and activated human NK cells and their secreted extracellular vesicles (EVs) led to the identification of a specific repertoire of NK-EV-associated microRNAs and their post-transcriptional modifications signature. Several microRNAs of NK-EVs, namely miR-10b-5p, miR-92a-3p, and miR-155-5p, specifically target molecules involved in Th1 responses. NK-EVs promote the downregulation of GATA3 mRNA in CD4+ T cells and subsequent TBX21 de-repression that leads to Th1 polarization and IFN-γ and IL-2 production. NK-EVs also have an effect on monocyte and moDCs (monocyte-derived dendritic cells) function, driving their activation and increased presentation and costimulatory functions. Nanoparticle-delivered NK-EV microRNAs partially recapitulate NK-EV effects in mice. Our results provide new insights on the immunomodulatory roles of NK-EVs that may help to improve their use as immunotherapeutic tools.This manuscript was funded by grants PDI-2020-120412RB-I00 and PDC2021- 121719-I00 (FS-M) and PID2020- 119352RB-I00 (AS) from the Spanish Ministry of Economy and Competitiveness; CAM (S2017/BMD3671-INFLAMUNE-CM) from the Comunidad de Madrid (FS-M). CIBERCV (CB16/11/00272) and BIOIMID PIE13/041 from the Instituto de Salud Carlos. The current research has received funding from 'la Caixa' Foundation under the project code HR17-00016. Grants from Ramón Areces Foundation 'Ciencias de la Vida y de la Salud' (XIX Concurso-2018) and from Ayuda Fundación BBVA y Equipo de Investigación Científica (BIOMEDICINA-2018) (to FSM). The CNIC is supported by the Ministerio de Ciencia, Innovacion y Universidades and the Pro-CNIC Foundation, and is a Severo Ochoa Center of Excellence (SEV-2015–0505). IMDEA Nanociencia acknowledges support from the ‘Severo Ochoa’ Programme for Centres of Excellence in R&D (MINECO, CEX2020-001039-S). SGD is supported by a grant from the Spanish Ministry of Universities. Authors thank Dr Miguel Vicente-Manzanares for critical review and editing. We also thank Dr Francisco Urbano and Dr Covadonga Aguado for their support with EM (TEM facilities, Universidad Autónoma de Madrid).S

Tea and coffee consumption in relation to vitamin D and calcium levels in Saudi adolescents

Background Coffee and tea consumption was hypothesized to interact with variants of vitamin D-receptor polymorphisms, but limited evidence exists. Here we determine for the first time whether increased coffee and tea consumption affects circulating levels of 25-hydroxyvitamin D in a cohort of Saudi adolescents. Methods A total of 330 randomly selected Saudi adolescents were included. Anthropometrics were recorded and fasting blood samples were analyzed for routine analysis of fasting glucose, lipid levels, calcium, albumin and phosphorous. Frequency of coffee and tea intake was noted. 25-hydroxyvitamin D levels were measured using enzyme-linked immunosorbent assays. Results Improved lipid profiles were observed in both boys and girls, as demonstrated by increased levels of HDL-cholesterol, even after controlling for age and BMI, among those consuming 9–12 cups of coffee/week. Vitamin D levels were significantly highest among those consuming 9–12 cups of tea/week in all subjects (p-value 0.009) independent of age, gender, BMI, physical activity and sun exposure. Conclusion This study suggests a link between tea consumption and vitamin D levels in a cohort of Saudi adolescents, independent of age, BMI, gender, physical activity and sun exposure. These findings should be confirmed prospectively