Credit and banking in a DSGE model of the euro area

This paper studies the role of credit-supply factors in business cycle fluctuations. For this purpose, we introduce an imperfectly competitive banking sector into a DSGE model with financial frictions. Banks issue collateralized loans to both households and firms, obtain funding via deposits and accumulate capital from retained earnings. Margins charged on loans depend on bank capital-to-assets ratios and on the degree of interest rate stickiness. Bank balance-sheet constraints establish a link between the business cycle, which affects bank profits and thus capital, and the supply and cost of loans. The model is estimated with Bayesian techniques using data for the euro area. The analysis delivers the following results. First, the existence of a banking sector partially attenuates the effects of demand shocks, while it helps propagate supply shocks. Second, shocks originating in the banking sector explain the largest share of the fall of output in 2008 in the euro area, while macroeconomic shocks played a limited role. Third, an unexpected destruction of bank capital has a substantial impact on the real economy and particularly on investment.collateral constraints, banks, banking capital, sticky interest rates

Epigenetic control of human <i>HOX</i> clusters

In Drosophila, Polycomb group (PcG) and trithorax group (trxG) genes are part of a cell memory system that prevents changes in cell identity by maintaining transcription patterns starting from the developing embryo throughout adult stages. PcG and trxG control epigenetically repressed and active transcriptional states of Hox genes and developmentally regulated genes. Both PcGs and trxGs exert their functions by binding to specific DNA element called Polycomb/Trithorax Response Elements (PREs/TREs). Many PREs were identified and characterized in the BX-C of D. melanogaster. Since no human PREs/TREs have been identified, we decided to map PcG/trxG protein distribution in human HOX loci. Sequence comparisons “in silico” revealed that HOX clusters present a unique redistribution of the Repetitive Elements (REs) which localize in the flanking regions and are absent from the inner part of the cluster. Mapping of PREs/TREs by chromatin immunoprecipitation (X-ChIP), revealed that PcGs/trxG proteins associate with RE-containing fragments at the boundaries of the human HOXA cluster. We discuss the possibility that REs could modulate Hox gene expression by working as epigenetic elements able to nucleate the formation of heterochromatin-like structures. PRE/TRE characterization in D. melanogaster showed that PcG and trxG proteins could interact with the same DNA element, implying that these elements could work both as a PRE and as a TRE. Recently it has been hypothesized that the switch from PRE to TRE involves the transcription of these intergenic modules. As for other genetic phenomena (X-chromosome inactivation, dosage compensation, genomic imprinting), these non-coding RNAs play a role in epigenetic control of gene expression, suggesting that non-coding transcripts may underscore the position of cis-regulatory elements. I then investigate about 400 genomic loci for the presence of non-coding intergenic RNAs. Among the others, I have identified and characterized these non-coding transcripts in intergenic regions of human and mouse homeotic loci

Synergy of the future: High voltage insulated power cables and railway-highway structures

The rationalisation of the territorial resources leads to consider carefully the possibilities of using motorway and railway infrastructures (existing or planned ones) for cable line installation within them. The full compatibility of such synergy \u2018transport \u2013 electrical power transmission\u2019 involves different branches of engineering. The study provides an overview of the research undertaken for a fully reliable use of this combination. The manuscript aims at highlighting a procedural approach that should be followed in order to analyse all the key elements involved in the safe operation of power transmission lines hosted in transport infrastructures. First, the geometrical compatibility between different types of power transmission technologies, (i.e. gas insulated lines and high-voltage direct/alternating current insulated cable lines), and transport infrastructures (i.e. motorway galleries, railway galleries and railway prospection tunnels) is considered. Subsequently, the behaviour and magnitude of the magnetic field generated by the different power transmission technologies inside the transport infrastructures are presented. Moreover, the study analyses the effects of a phase-to-screen short circuit that could occur inside the hosting facility. Finally, an analysis of the reliability of the synergy between power transmission systems and transport infrastructures is discussed

Wavelet thresholding technique for sEMG denoising by baseline estimation

The surface electromyography (sEMG) signal is affected by different sources of noises: current technology is considerably robust to the interferences of the power line or cable motion artefacts, but still there are many limitations in denoising the baseline. In this paper, we introduce a new technique, named baseline adaptive denoising algorithm (BADA), for denoising the sEMG signal by wavelet thresholding procedure. In particular, the thresholds are estimated using the same baseline signal with fixed and adaptive techniques. Eventually, we verify that the proposed adaptive method performs better than the standard Donoho technique and different variations, in term of noise cancellation and distortion of the signal, quantified by a new suggested indicator of the denoising quality. Copyright © 2012 Inderscience Enterprises Ltd

Correction to: Rip current hazard assessment on a sandy beach in Liguria, NW Mediterranean

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Responsabilidade social e conteúdo estratégico : um estudo sobre a certificação FSC

Orientador : Prof. Dr. Sergio BulgacovDissertação (mestrado) - Universidade Federal do Paraná, Setor de Ciências Sociais Aplicadas, Programa de Pós-Graduação em Administração. Defesa: Curitiba, 26/03/2010Bibliografia: fls. 108-114Resumo: Este trabalho teve como objetivo identificar as práticas estratégicas na certificação e manutenção do selo FSC (Forest Stewardship Council). Para entendimento das teorias, este estudo possui um referencial teórico que aborda a teoria da prática social, a estratégia como prática e seus elementos – praticantes, práticas e atividades, a responsabilidade social em conjunto com a estratégia, os atores da responsabilidade social e as práticas de responsabilidade social. Por fim, propõe-se uma junção da teoria da estratégia como prática e a da responsabilidade social. A pesquisa foi realizada em duas fases. Na primeira etapa, qualitativa, foi realizada um estudo de caso na empresa Suzano Papel e Celulose S.A.. Os dados foram coletados por meio de entrevistas semi-estruturadas e documentos e foram analisados por meio da análise de conteúdo. Esta etapa forneceu informações para a realização do questionário da segunda fase da pesquisa que foi um estudo quantitativo com organizações brasileiras certificadas pelo FSC por seu manejo florestal e cadeia de custódia. Os dados foram coletados por meio de levantamento e analisado por estatística descritiva. Os resultados apresentados mostram que para a certificação e manutenção do selo FSC diversas práticas foram incorporadas do ambiente e outras criadas dentro da organização. Em relação aos praticantes, é necessário que todos da organização estejam conscientes das suas atividades e da importância do selo FSC. Além disso, algumas características eram similares a maioria dos respondentes: motivação para trabalhar em uma área que gera impactos positivos socioambientais ou diminui os negativos, praticante tem como valor que a empresa tem que agir de forma socioambientalmente responsável, valorização do meio ambiente, valorização e compreensão da diversidade. O processo de certificação e manutenção do FSC evidencia como o ambiente e os praticantes constroem, recursivamente, as práticas organizacionais.Abstract: This study aimed to identify the strategic practices of the certification and maintenance of the Forest Stewardship Council (FSC) label. For the theories’ understanding, one of its section explains the social practice theory, the strategy as practice and its elements- practitioners, practices and activities, social responsibility linked with strategy, the social responsibility’s actors and the sustainable practices. Finally, a connection between the theories of strategy as practice and social responsibility is proposed. This research had two phases. The first stage was a case study at Suzano Paper and Pulp S.A. The data was obtained based on semi-structure interviews and documents and it was analyzed using content analysis. This phase provided information for the second stage, a quantitative study with Brazilian organizations certified by FSC for its forest management and custody chain. The data was collected with a questionnaire and analyzed by descriptive statistics. The results show that for the certification and maintenance of FSC label many practices were incorporated from the environment as well as others were created by practitioners in the organization. About the practitioners, it is essential that everyone in the organization is aware of its activities and of the importance of FSC. Furthermore, some characteristics were shared with the majority of the practitioners: motivation to work in a department that produce positive social and environmental impacts or diminish the negatives; practitioners believe that the companies need to act in a social responsible way; they value the environment and diversity. The certification and maintenance of FSC label’s process displays how the environment and the practitioners build, recursively, the organization’s practices

Reliability of the step phase detection using inertial measurement units: pilot study

The use of inertial sensors for the gait event detection during a long-distance walking, for example, on different surfaces and with different walking patterns, is important to evaluate the human locomotion. Previous studies demonstrated that gyroscopes on the shank or foot are more reliable than accelerometers and magnetometers for the event detection in case of normal walking. However, these studies did not link the events with the temporal parameters used in the clinical practice; furthermore, they did not clearly verify the optimal position for the sensors depending on walking patterns and surface conditions. The event detection quality of the sensors is compared with video, used as ground truth, according to the parameters proposed by the Gait and Clinical Movement Analysis Society. Additionally, the performance of the sensor on the foot is compared with the one on the shank. The comparison is performed considering both normal walking and deviations to the walking pattern, on different ground surfaces and with or without constraints on movements. The preliminary results show that the proposed methodology allows reliable detection of gait events, even in case of abnormal footfall and in slipping surface conditions, and that the optimal location to place the sensors is the shank

A methodology for the performance evaluation of inertial measurement units

This paper presents a methodology for a reliable comparison among Inertial Measurement Units or attitude estimation devices in a Vicon environment. The misalignment among the reference systems and the lack of synchronization among the devices are the main problems for the correct performance evaluation using Vicon as reference measurement system. We propose a genetic algorithm coupled with Dynamic Time Warping (DTW) to solve these issues. To validate the efficacy of the methodology, a performance comparison is implemented between the WB-3 ultra-miniaturized Inertial Measurement Unit (IMU), developed by our group, with the commercial IMU InertiaCube3™ by InterSense