Incomplete markets and monetary policy

We consider an extension of a general equilibrium model with incomplete markets that considers cash-in-advance constraints. The total amount of money is supplied by an authority, which produces at no cost and lends money to agents at short term nominal rates of interest, meeting the demand. Agents have initial nominal claims, which in the aggregate, are the counterpart of an initial public debt. The authority covers its expenditures, including initial debt, through public revenues which consists of taxes and seignorage, and distributes its eventual budget surpluses through transfers to individuals, while no further instruments are available to correct eventual budget deficits. We define a concept of equilibrium in this extended model, and prove that there exists a monetary equilibrium with no transfers. Moreover, we show that if the price level is high enough, a monetary equilibrium with transfers exists.Cash-in-advance constraints, incomplete markets, nominal assets, monetary equilibrium, money, nominal interest rate.

Incomplete markets and monetary policy

URL des Cahiers : https://halshs.archives-ouvertes.fr/CAHIERS-MSECahiers de la MSE 2005.24 - Série Bleue - ISSN : 1624-0340We consider an extension of a general equilibrium model with incomplete markets that considers cash-in-advance constraints. The total amount of money is supplied by an authority, which produces at no cost and lends money to agents at short term nominal rates of interest, meeting the demand. Agents have initial nominal claims, which in the aggregate, are the counterpart of an initial public debt. The authority covers its expenditures, including initial debt, through public revenues which consists of taxes and seignorage, and distributes its eventual budget surpluses through transfers to individuals, while no further instruments are available to correct eventual budget deficits. We define a concept of equilibrium in this extended model, and prove that there exists a monetary equilibrium with no transfers. Moreover, we show that if the price level is high enough, a monetary equilibrium with transfers exists.Nous considérons une extension d'équilibre général avec marchés incomplets incluant de la monnaie. Une autorité fait face à une dette publique qu'elle rembourse en produisant de la monnaie sans frais, et en la prêtant aux agents à un taux d'intérêt à court terme. Elle perçoit également des taxes que les agents doivent payer. Les agents reçoivent un transfert de l'autorité si cette dernière accumule un excédent (ou déficit) budgétaire. Nous introduisons la notion d'équilibre monétaire dont nous démontrons l'existence dans ce modèle

0528: The role of brain natriuretic peptide and cystatin C in the evaluation of left ventricular diastolic dysfunction: correlation with echocardio-graphic indexes after myocardial infarction

BackgroundThe utility of Brain Natriuretic Peptide (BNP) and cystatin C for detecting left ventricular (LV) diastolic dysfunction after myocardial infarction (MI) in patients without heart failure symptoms still unclear. In this study, we investigated the relation between BNP, serum cystatin C levels and LV diastolic dysfunction after MI in patients without systolic dysfunction.MethodsWe studied 127 patients without renal dysfunction after first acute coronary syndrome (ACS). LV diastolic function was assessed with conventional Doppler, by means of mitral inflow and with tissue Doppler echo-cardiography by means of mitral annulus. The ratio of early diastolic transmitral E wave velocities to tissue Doppler mitral annulus early diastolic E’ wave velocities (E/E’), was used to detect LV filling pressures. Patients were divided in three groups according to E/E’ ratios<10 (group I), E/E’ ratios “between” 10 and 15 (group II) and E/E’ ratios>15 (group III). Plasma concentrations of BNP and serum cystatin C were measured at admission.ResultsThe BNP and serum cystatin C levels were positively correlated significantly with E/E’ ratio (r=0.786, P<0.001 and r=0.458, p=0.02). Patients with elevated LV end diastolic pressure (LVEDP), defined as E/E’>15 had highest BNP (321±75pg/mL) and cystatin C (1.1±0.2mg/L) levels. E/E’ 10 to 15 group had a mean BNP level of 151±28pg/mL and a mean cystatin C value of 0.78±0.1mg/L, and those with E/E’<10 had a mean BNP value of 69±20pg/ mL. A BNP value of 89pg/mL had a sensitivity of 84% and a specificity of 69% for predicting E/E’>15.ConclusionThe assessment of the blood concentration of BNP and cystatin C is of potential value for identification of those patients after myocardial infarction to detect early cardiovascular changes, especially LV diastolic dys-function

034 Creatinine clearance and adverse hospital outcomes in patients with myocardial infarction

IntroductionNormal renal function has been Shown in epidemiological studies and clinical trials to be an independent predictor of survival.ObjectiveTo determine whether creatinine clearance at the time of hospital admission is an independent predictor of hospital mortality and adverse outcomes in patients with ST-segment elevation myocardial infarction (STEMI).Patients231 patients hospitalized with STEMI in our institution between January 2005 to December 2006.In-hospital outcomes were compared for patients with creatinine clearance rates of > 60ml/min (normal renal function) and ≤60ml/min (moderate and severe Baseline Renal Dysfunction, BRD).ResultsPatients with BRD were older, were more likely to be women, and presented to with more comorbidites.Patients with BRD had presented more ischemic atrial fibrillation (p = 0.033).A greater number of patients with BRD had impaired left ventricle systolic performance, so this patients had more presented acute heart failure (p = 0.008), and cardiogenic shock (p = 0.017).Patients with worsened renal function had presented more mechanical complications:-free wall rupture and apical ventricular septal defect, in two separate cases, following anterior myocardial infarction, leading to immediate death of these two patients.-ischemic mitral regurgitation in one caseThe in hospital death rate of BRD patients was 6.6%, compared with 0.9% for non BRD patients.In comparison with patients with normal or minimally impaired renal function, patients with moderate renal dysfunction were seven times more likely to die (odds ratio 7, 09, 95% confidence interval 0.7 to 68) after adjustment for other potentially confounding Variables.The risk of bleeding episodes was increased in patients with worsened renal functionOnly one patient, with moderate renal dysfunction, had an ischemic stroke.ConclusionIn patients with ACS, creatinine clearance is an important independent predictor of hospital death

A continuous murmur following a nonpenetrating chest trauma

AbstractWe reported a rare case of non-penetrating chest trauma-induced fistula from the right sinus of Valsalva to the right heart chambers. The ruptured sinus of Valsalva aneurysm was diagnosed preoperatively and operated on successfully. The rarity of this case highlights the need for a precise preoperative diagnosis, the role of transthoracic echocardiography, and the importance of a prompt surgical management

Variabilité de la composition biochimique chez les populations locales de la corète (Corchorus olitorius L.) cultivée au sud Tunisien

Ce travail s’inscrit dans le cadre d’un programme d’amélioration et de valorisation des ressources génétiques de la corète cultivée dans les régions arides tunisiennes. Les objectifs principaux de cette étude ont été : (i) la comparaison de la composition nutritionnelle (minéraux, composés phénoliques) et les activités antioxydantes de quinze populations de corète et (ii) l’identification des populations les plus performantes. Les résultats de l’analyse de variances (ANOVA) ont révélé des différences significatives entre les populations étudiées en termes de compositions minérales et phénoliques ainsi que de point de vue pouvoir antioxydant (DPPH). Les tests univariés de comparaison des moyennes et l’analyse de la classification hiérarchique globale ont permis d’identifier deux groupes intéressants de corètes ; Le premier groupe est présenté par les populations P11 et P15 ; qui se caractérisaient par la meilleure composition minérale ; et le second groupe a rassemblé les populations P4 et P12 ; qui se caractérisaient par la meilleure composition phénolique. Ces ressources génétiques doivent faire l’objet des études plus poussées pour achever le programme de sélection et le développement de nouvelles variétés plus performantes de corètes locales des régions arides tunisiennes

Humane Orientation, Work–Family Conflict, and Positive Spillover Across Cultures

Although cross-national work–family research has made great strides in recent decades, knowledge accumulation on the impact of culture on the work–family interface has been hampered by a limited geographical and cultural scope that has excluded countries where cultural expectations regarding work, family, and support may differ. We advance this literature by investigating work–family relationships in a broad range of cultures, including understudied regions of the world (i.e., Sub-Saharan Africa, Southern Asia). We focus on humane orientation (HO), an overlooked cultural dimension that is however central to the study of social support and higher in those regions. We explore its moderating effect on relationships between work and family social support, work–family conflict, and work–family positive spillover. Building on the congruence and compensation perspectives of fit theory, we test alternative hypotheses on a sample of 10,307 participants from 30 countries/territories. We find HO has mostly a compensatory role in the relationships between workplace support and work-to-family conflict. Specifically, supervisor and coworker supports were most strongly and negatively related to conflict in cultures in which support is most needed (i.e., lower HO cultures). Regarding positive spillover, HO has mostly an amplifying role. Coworker (but not supervisor) support was most strongly and positively related to work-to-family positive spillover in higher HO cultures, where providing social support at work is consistent with the societal practice of providing support to one another. Likewise, instrumental (but not emotional) family support was most strongly and positively related to family-to-work positive spillover in higher HO cultures

Incomplete markets and monetary policy.

We consider an extension of a general equilibrium model with incomplete markets that considers cash-in-advance constraints. The total amount of money is supplied by an authority, which produces at no cost and lends money to agents at short term nominal rates of interest, meeting the demand. Agents have initial nominal claims, which in the aggregate, are the counterpart of an initial public debt. The authority covers its expenditures, including initial debt, through public revenues that consists of taxes and seignorage, and distributes its eventual budget surpluses through transfers to individuals, while no further instruments are available to correct eventual budget deficits. We define a concept of equilibrium in this extended model, and prove that there exists a monetary equilibrium with no transfers. Moreover, we show that if the price level is high enough, a monetary equilibrium with transfers exists.Cash-in-advance constraints, incomplete markets, nominal assets, monetary equilibrium, money, nominal interest rate.

On the survival and irreducibility assumptions for financial markets with nominal assets.

We are interested in proving an equilibrium existence result in a general equilibrium model with incomplete nominal asset markets. When we relax the assumption of strict positivity of initial endowments, then, as it is the case for every general equilibrium existence problem, we need to introduce survival, and irreducibility assumptions, whose formulation is the object of this paper. The financial economy that we consider is a two period exchange economy where agents' preferences on their consumption sets may be non-ordered and do not satisfy monotonicity.Incomplete markets, arbitrage, quasi equilibrium, nominal assets, survival assumptions, irreducibility.

On the survival and irreductibility assumptions for incomplete financial markets with nominal assets

We are interested in proving an equilibrium existence result in a general equilibrium model with incomplete nominal asset markets. When we relax the assumption of strict positivity of initial endowments, then, as it is the case for every general equilibrium existence problem, we need to introduce survival and irreducibility assumptions, whose formulation is the object of this paper. The financial economy that we consider is a two period exchange economy where agents' preferences on their consumption sets may be non-ordered and do not satisfy monotonicity.