Energy markets and the macroeconomy

The article looks at the energy markets from a macroeconomic perspective. It first describes the main trends in the production and consumption of energy. Belgium is characterised by a high degree of energy dependency, since it no longer has any fossil fuel resources and renewable energy is not yet well developed in the country. Moreover, its economy has a high energy intensity, due to specialisation in energy-intensive sectors and high consumption of energy products by Belgian households. The operation of the energy markets and the implications for the pricing of energy products is examined in a second part. The pass-through of fluctuations in the price of crude oil onto consumer prices of petrol, diesel and heating oil is both fast and full, in Belgium as well as in the neighbouring countries. However, because of the low level of excise duty on diesel and particularly on heating oil, consumer prices charged for these energy products in Belgium are more sensitive to fluctuations in the crude oil price. Also, the Belgian consumer price of gas and electricity reacts much faster than in neighbouring countries to fluctuations in prices on the international markets, since in other euro area countries, prices are adjusted less frequently than in Belgium and in some cases they are still subject to some form of regulation. More generally, despite liberalisation, the effective degree of competition on the gas and electricity markets is still very low, both in Belgium and in the other euro area countries. Finally, the impact of fluctuations in crude oil prices on inflation and economic activity is discussed. In addition to its high energy intensity and strong reactions of its energy consumer prices to oil price fluctuations, the Belgian economy’s sensitivity to oil shocks is heightened by the indexation mechanism it applies, even though the use of the health index partly neutralises the initial shock. However, that additional negative impact can be curbed by constant monitoring of Belgian competitiveness, as prescribed by a 1996 law on the promotion of employment and the safeguarding of competitiveness.energy markets, oil, inflation, pass-through, Belgium

Retail Market Prices of Fonio Reveal The Demand For Quality Characteristics in Bamako, Mali

African consumers' expectations concerning the quality of food products are great. In spite of constrained budgets, we showed that market retail prices revealed quality preferences of the consumers and not just production costs. In very poor countries like Mali, food innovation is limited by the very low purchasing power of the population. However, technological food product or process innovations are possible and sometimes valuable. Demand driven innovation may lead to open new markets, opportunities for small and medium scale enterprises and to improve consumers' welfare. Based on this assumption, technical research was done to provide new food products. In this paper, we used both sensory tests and a hedonic price approach, to estimate the consumers' demand for different characteristics of fonio, a West African cereal, and showed that poor consumers have quality requirements and pay for them. We showed that the shadow price or hedonic price paid for quality characteristics is small but significant. A comparison between sensory tests and a market study showed a convergence between what people say they prefer and what they really pay for. Results were consistent and showed directions for technological improvement of the product and its production process. The partial least square method was used to estimate hedonic prices of the different modalities of fonio quality traits. This method was interesting since it solved the ordinary least square method's colinearity problems. ...French Abstract : Les attentes des consommateurs africains concernant la qualité de l'alimentation sont importantes malgré des budgets très contraints. Nous montrons ici que les prix de marchés révèlent des préférences qualitatives et non seulement des coûts de production. Dans des pays très pauvres comme le Mali, l'innovation technologique est limitée par le très faible pouvoir d'achat de la population. Cependant les innovations technologiques sont possibles et parfois payantes. L'innovation en réponse à une demande peut permettre d'ouvrir de nouveaux marchés, de donner des opportunités aux petites et moyennes entreprises et d'améliorer le bien-être des consommateurs. Sur la base de cette hypothèse, la recherche technologique s'applique à fournir de nouveaux produits. Dans cet article, en utilisant à la fois des tests de dégustation et une analyse des prix hédoniques, nous estimons la demande des consommateurs pour différentes caractéristiques du fonio, une céréale d'Afrique de l'Ouest. Nous montrons que des consommateurs pauvres ont des exigences de qualité et paient de fait pour les satisfaire. Nous montrons que les prix hédoniques ou shadow prices payés pour les caractéristiques qualitatives sont faibles mais significatifs. La comparaison des tests sensoriels et de l'étude de marché montre une convergence entre ce que les gens disent et ce pour quoi ils paient réellement. Les résultats sont cohérents et montrent des directions pour l'amélioration technologique des produits et des procédés de transformation. La méthode des moindres carrés ordinaires a été utilisée pour l'estimation des prix hédoniques des différentes modalités des attributs de qualité du fonio. Cette méthode est intéressante car elle résout les problèmes de colinéarité.FONIO; CEREAL; QUALITY; HEDONIC PRICES; PLS METHOD; EMPIRICAL INVESTIGATION

The degeneracy between star-formation parameters in dwarf galaxy simulations and the Mstar-Mhalo relation

We present results based on a set of N-Body/SPH simulations of isolated dwarf galaxies. The simulations take into account star formation, stellar feedback, radiative cooling and metal enrichment. The dark matter halo initially has a cusped profile, but, at least in these simulations, starting from idealised, spherically symmetric initial conditions, a natural conversion to a core is observed due to gas dynamics and stellar feedback. A degeneracy between the efficiency with which the interstellar medium absorbs energy feedback from supernovae and stellar winds on the one hand, and the density threshold for star formation on the other, is found. We performed a parameter survey to determine, with the aid of the observed kinematic and photometric scaling relations, which combinations of these two parameters produce simulated galaxies that are in agreement with the observations. With the implemented physics we are unable to reproduce the relation between the stellar mass and the halo mass as determined by Guo et al. (2010), however we do reproduce the slope of this relation.Comment: Accepted for publication in MNRAS | 12 pages, 8 figure

Progress Report on Target Development

The present document is the D08 deliverable report of work package 1 (Target Development) from the MEGAPIE TEST project of the 5th European Framework Program. Deliverable D08 is the progress report on the activities performed within WP 1. The due date of this deliverable was the 5th month after the start of the EU project. This coincided with a technical status meeting of the MEGAPIE Initiative, that was held in March 2002 in Bologna (Italy). The content of the present document reflects the status of the MEGAPIE target development at that stage. It gives an overview of the Target Design, the related Design Support activities and the progress of the work done for the safety assessment and licensing of the target

Fragile Mental Retardation Protein Interacts with the RNA-Binding Protein Caprin1 in Neuronal RiboNucleoProtein Complexes

Fragile X syndrome is caused by the absence of the Fragile X Mental Retardation Protein (FMRP), an RNA-binding protein. FMRP is associated with messenger RiboNucleoParticles (mRNPs) present in polyribosomes and its absence in neurons leads to alteration in synaptic plasticity as a result of translation regulation defects. The molecular mechanisms by which FMRP plays a role in translation regulation remain elusive. Using immunoprecipitation approaches with monoclonal Ab7G1-1 and a new generation of chicken antibodies, we identified Caprin1 as a novel FMRP-cellular partner. In vivo and in vitro evidence show that Caprin1 interacts with FMRP at the level of the translation machinery as well as in trafficking neuronal granules. As an RNA-binding protein, Caprin1 has in common with FMRP at least two RNA targets that have been identified as CaMKIIα and Map1b mRNAs. In view of the new concept that FMRP species bind to RNA regardless of known structural motifs, we propose that protein interactors might modulate FMRP functions

Physiological Correlates of Volunteering

We review research on physiological correlates of volunteering, a neglected but promising research field. Some of these correlates seem to be causal factors influencing volunteering. Volunteers tend to have better physical health, both self-reported and expert-assessed, better mental health, and perform better on cognitive tasks. Research thus far has rarely examined neurological, neurochemical, hormonal, and genetic correlates of volunteering to any significant extent, especially controlling for other factors as potential confounds. Evolutionary theory and behavioral genetic research suggest the importance of such physiological factors in humans. Basically, many aspects of social relationships and social activities have effects on health (e.g., Newman and Roberts 2013; Uchino 2004), as the widely used biopsychosocial (BPS) model suggests (Institute of Medicine 2001). Studies of formal volunteering (FV), charitable giving, and altruistic behavior suggest that physiological characteristics are related to volunteering, including specific genes (such as oxytocin receptor [OXTR] genes, Arginine vasopressin receptor [AVPR] genes, dopamine D4 receptor [DRD4] genes, and 5-HTTLPR). We recommend that future research on physiological factors be extended to non-Western populations, focusing specifically on volunteering, and differentiating between different forms and types of volunteering and civic participation

Dynamics of Disks and Warps

This chapter reviews theoretical work on the stellar dynamics of galaxy disks. All the known collective global instabilities are identified, and their mechanisms described in terms of local wave mechanics. A detailed discussion of warps and other bending waves is also given. The structure of bars in galaxies, and their effect on galaxy evolution, is now reasonably well understood, but there is still no convincing explanation for their origin and frequency. Spiral patterns have long presented a special challenge, and ideas and recent developments are reviewed. Other topics include scattering of disk stars and the survival of thin disks.Comment: Chapter accepted to appear in Planets, Stars and Stellar Systems, vol 5, ed G. Gilmore. 32 pages, 17 figures. Includes minor corrections made in proofs. Uses emulateapj.st

EURISOL Multi-MW Target: First thermal-hydraulic studies for the EURISOL high-power liquid-metal target using Computational Fluid Dynamics

A scoping study of a mercury target for the Multi-Megawatt Proton-to-Neutron Converter of theEURISOL Project has been made at PSI using the Computational Fluid Dynamics (CFD) codeCFX-4. A mesh model of a horizontal target with forced circulation was used which had beenoriginally proposed for the European Spallation Source (ESS). The heat deposition profilewhich was applied produced a total of 4 MW of heat in the fluid and 13.4 kW in the window