Exchange Rate Policy in Chile: From the Band to Floating and Beyond

As many countries worldwide, Chile has experienced virtually all the menu of options of exchange rate policies in the last 40 years – with the sole exception of giving up its national currency. The quest for a reasonable exchange rate policy has been inspired in part by the different goals that, through this four decades, policy makers have attempted to achieve with this policy. After almost of decade of co-existence of inflation targeting and an exchange rate band, in 1999 the Central Bank of Chile gave up the exchange rate band and replaced it with a policy of floating. This paper confronts two main questions: (a) Why was the band abandoned and, by the same token, why it took so long to do it and (b) How has the floating regime worked so far? This last question involves accounting for the possible appearance of “fear of floating” by the macroeconomic authorities, as well as evaluating the regime in three issues highlighted by the critics of exchange rate floating: passthrough to domestic prices, exchange rate volatility and balance sheet effects. In the final section, the paper illustrates the operation of the exchange rate system in the face of regional contagion effects.

Towards integrated continuous viral vaccines production using two-stage bioreactor systems

Typically, many cell culture-derived viral vaccines are being produced in batch processes. However, with increasing demands of a growing world population for potent, safe and affordable vaccines, manufacturing technologies need to be further optimized. In particular, the establishment of two-stage bioreactors appears as an interesting option for continuous production of viral vaccines. In these systems cell growth and virus propagation are being performed in separated vessels [1], which make them suitable for production of lytic viruses, such as influenza and Modified Vaccinia Ankara virus (MVA). MVA virus has received much clinical attention, because it is as a promising vector candidate in gene therapy, and can also be used as a platform for expression of recombinant viral antigens including influenza and other viruses [2]. Both influenza and MVA viruses have been successfully propagated at high yields in batch culture using non-aggregated avian suspension cells [3,4]. To further optimize the productivity in vaccine manufacturing, semi-continuous or ever continuous production systems could be considered. However, a serious drawback for influenza virus production (and many other viruses) is the generation of defective interfering particles (DIPs), known as “von Magnus effect”. This causes oscillations in virus levels and results in low yields [1]. For MVA production, a large DNA virus, this effect has not yet been described. Therefore, in this work, first a scale-down approach of the two-stage bioreactor system using semi-continuous cultivations will be addressed and compared with previous influenza virus experiments [1]. Secondly, the production of MVA virus in two-stage semi-continuous and continuous bioreactors is explored. Finally, the compatibility of the continuous harvests with requirements in downstream processing will be discussed for a direct integration of the continuous mode into the overall production process. A small scale semi-continuous two-stage cultivation system (100 mL-scale, two shaker flasks, SSC) was established as an approximation to a real continuous bioreactor (1 L-scale, two-stage stirred tank bioreactor, TSB) to facilitate process screening [5]. The SSC system was used to produce influenza virus strain A/PR/8/34 (RKI) [1], the virus strains MVA-CR19, MVA-CR19.GFP, and the duck cell line AGE1.CR.pIX (the latter three from ProBioGen, Berlin). Furthermore, one continuous cultivation with the TSB set-up for production of MVA-CR19 virus was carried out. Production in the SSC system resulted in steady-state concentrations of cells with influenza virus titers that reflected the oscillating dynamics obtained previously with the TSB system [1]. In contrast, the scale-down of MVA virus production resulted in stable titers of MVA-CR19 virus for over 18 days. PCR analysis of the MVA-CR19.GFP virus showed stable maintenance of the recombinant transgene without deletion of the GFP insertion cassette after 14 days of culture. The continuous experiment with the TSB system and the MVA-CR19 virus showed similar virus titers to those observed in the SSC system and suggested the absence of the “von Magnus effect” over 18 days. Overall, small scale semi-continuous cultivation was successfully established as a fast and efficient tool for screening purposes. MVA can be produced in continuous two-stage bioreactor systems for at least 18 days without reduction of virus yield due to the absence of DIP formation. Therefore, in the future, this system may be interesting for continuous production of recombinant MVA-based vaccines and gene therapy vectors

Ignorance, Fixed Costs, and the Stock-Market Participation Puzzle

While the existence of fixed costs in entering asset markets is the leading rationalization of the “participation puzzle” —the fact that most households do not hold stocks, despite the diversification gains and the significant risk-premium involved—, most motivations of these fixed costs are as incompatible with conventional portfolio theory as the non participation itself. Nevertheless, we believe that these motivations are empirically correct, and thus we are forced to explore alternatives to conventional portfolio theory. We find in Choquet expected utility theory a tool that is better equipped to deal with more complex forms of ignorance than expected utility is. Within such model, we are able to express the idea that staying out of the market may be a rational response to the own ignorance. Within a Probit model for the 2001 Survey of Consumer Finances, we show suggestive evidence in its favor.Non additive beliefs, ambiguity, ignorance, asset market participation

Avaliação da hipertrofia adenoideana: estudo comparativo entre métodos diagnósticos.

Trabalho de Conclusão de Curso - Universidade Federal de Santa Catarina, Centro de Ciências da Saúde, Departamento de Clínica Médica, Curso de Medicina, Florianópolis, 199

Design proposal for a theater of 1500 spectators A look from the origins of this architectural typology

En este artículo se presenta, en síntesis, el resultado del proceso investigativo llevado a cabo como herramienta para el diseño de un nuevo teatro en La Habana, Cuba. Para ello se transita por la evolución histórica de los teatros desde sus orígenes con el fin de lograr una familiarización con aquellos aspectos relevantes que intervienen en este tipo de arquitectura. Luego, la evolución de esta tipología arquitectónica en Cuba permite conocer los antecedentes inmediatos, las diferentes configuraciones espaciales empleadas, así como los posibles valores por asumir pretendiendo continuar el patrimonio cultural estudiado, mientras que las tendencias actuales brindan un acercamiento a los nuevos criterios de diseño que se deben tener en cuenta. Por otra parte, el análisis del contexto que se va a intervenir permite la identificación de los elementos por evaluar para establecer una correcta integración con el medio. Por último, la propuesta arquitectónica muestra la solución adoptada como resultado de los análisis previosIn this article it is shown, in synthesis, the result of the process of research taken to end like tool for the design of a new theater in Havana, Cuba. For this purpose the historical evolution of the theaters is examined from their origins with the aim of achieving a familiarization with those outstanding aspects that intervene in this architecture type. Then, the evolution of this architectural typology in Cuba allows to know the immediate records, the different configurations space employees, as well as the possible securities to assume seeking to continue the studied cultural patrimony, while the current tendencies offer an approach to the new design approaches to keep in mind. On the other hand the analysis of the context to intervene allows the identification of the elements to evaluate to establish a correct integration with the means. Lastly the proposal architectural sample the solution adopted as a result of the previous analyse

Contexto bioético de la venta de misoprostol en las farmacias y boticas del Perú

La presente es una investigación bibliográfica y tuvo como objetivos describir, comprender y analizar el contexto bioético de la venta del misoprostol en las farmacias y boticas del Perú. Se analizó la documentación científica así como oficial de instituciones públicas y privadas, nacionales e internacionales, como los riesgos para la salud y vida de la mujer del uso del misoprostol de manera clandestina, la vigencia de este medicamento en las terapias como protector de la mucosa gástrica, su venta en las farmacias y boticas de manera oficial y clandestina. Los resultados indicaron que sí existen por la venta del misoprostol al público transgresiones contra principios bioéticos y regulatorios que ponen en riesgo la vida y la salud de la mujer y del concebido. Las conclusiones proponen alternativas a los problemas bioéticos que plantea este medicamento en su venta en farmacias y boticas del Perú