The Great Diversification and its Undoing

We investigate the hypothesis that macroeconomic fluctuations are primitively the results of many microeconomic shocks, and show that it has significant explanatory power for the evolution of macroeconomic volatility. We define “fundamental” volatility as the volatility that would arise from an economy made entirely of idiosyncratic microeconomic shocks, occurring primitively at the level of sectors or firms. In its empirical construction, motivated by a simple model, the sales share of different sectors vary over time (in a way we directly measure), while the volatility of those sectors remains constant. We find that fundamental volatility accounts for the swings in macroeconomic volatility in the US and the other major world economies in the past half century. It accounts for the “great moderation” and its undoing. Controlling for our measure of fundamental volatility, there is no break in output volatility. The initial great moderation is due to a decreasing share of manufacturing between 1975 and 1985. The recent rise of macroeconomic volatility is due to the increase of the size of the financial sector. We provide a model to think quantitatively about the large comovement generated by idiosyncratic shocks. As the origin of aggregate shocks can be traced to identifiable microeconomic shocks, we may better understand the origins of aggregate fluctuations.

The Network Origins of Aggregate Fluctuations

This paper argues that in the presence of intersectoral input-output linkages, microeconomic idiosyncratic shocks may lead to aggregate fluctuations. In particular, it shows that, as the economy becomes more disaggregated, the rate at which aggregate volatility decays is determined by the structure of the network capturing such linkages. Our main results provide a characterization of this relationship in terms of the importance of different sectors as suppliers to their immediate customers as well as their role as indirect suppliers to chains of downstream sectors. Such higher-order interconnections capture the possibility of “cascade effects” whereby productivity shocks to a sector propagate not only to its immediate downstream customers, but also indirectly to the rest of the economy. Our results highlight that sizable aggregate volatility is obtained from sectoral idiosyncratic shocks only if there exists significant asymmetry in the roles that sectors play as suppliers to others, and that the “sparseness” of the input-output matrix is unrelated to the nature of aggregate fluctuations.This paper combines material from Carvalho’s Ph.D. dissertation at the University of Chicago (Carvalho, 2008) and Acemoglu, Ozdaglar, and Tahbaz-Salehi (2010). We thank the editor, Stephen Morris, and four anonymous referees for very helpful remarks and suggestions. We thank Stefana Stantcheva for excellent research assistance and Bill Kerr and Kaushik Ghosh for initial help with the NBER manufacturing productivity database. Carvalho thanks his advisor Lars Hansen and other members of his thesis committee, Robert Lucas and Timothy Conley. We are also grateful to John Fernald, Xavier Gabaix, Ali Jadbabaie, Alp Simsek, Hugo Sonnenschein, Jean Tirole, Jaume Ventura and numerous seminar and conference participants for useful feedback and suggestions. Carvalho acknowledges financial support from the Government of Catalonia (grant 2009SGR1157), the Spanish Ministry of Education and Science (grants Juan de la Cierva, JCI2009-04127, ECO2008-01665 and CSD2006-00016) and Barcelona GSE Research Network. Acemoglu, Ozdaglar and Tahbaz-Salehi acknowledge financial support from the Toulouse Network of Information Technology, National Science Foundation (Grant 0735956) and the Air Force Office of Scientific Research (Grant FA9550-09-1-0420)

Exploration and exploitation in US technological change

How do firms and inventors move through ‘knowledge space’ as they develop their innovations? We propose a method for tracking patterns of ‘exploration and exploitation’ in patenting behaviour in the US for the period since 1920. Our exploration measure is constructed from the text of patents and involves the use of ‘Bayesian Surprise’ to measure how different current patent-based innovations are from existing portfolios. Our results indicate that there are distinct ‘life-cycle’ patterns to firm and inventor exploration. Furthermore, exploration activity is more geographically concentrated than general patenting, but this concentration is centred outside the main hubs of patenting

Quantitative Proteomic Analysis Reveals Changes in the Benchmark Corynebacterium pseudotuberculosis Biovar Equi Exoproteome after Passage in a Murine Host

Corynebacterium pseudotuberculosis biovar equi is the etiologic agent of ulcerative lymphangitis. To investigate proteins that could be related to the virulence of this pathogen, we combined an experimental passage process using a murine model and high-throughput proteomics with a mass spectrometry, data-independent acquisition (LC-MSE) approach to identify and quantify the proteins released into the supernatants of strain 258_equi. To our knowledge, this approach allowed characterization of the exoproteome of a C. pseudotuberculosis equi strain for the first time. Interestingly, the recovery of this strain from infected mouse spleens induced a change in its virulence potential, and it became more virulent in a second infection challenge. Proteomic screening performed from culture supernatant of the control and recovered conditions revealed 104 proteins that were differentially expressed between the two conditions. In this context, proteomic analysis of the recovered condition detected the induction of proteins involved in bacterial pathogenesis, mainly related to iron uptake. In addition, KEGG enrichment analysis showed that ABC transporters, bacterial secretion systems and protein export pathways were significantly altered in the recovered condition. These findings show that secretion and secreted proteins are key elements in the virulence and adaptation of C. pseudotuberculosis. Collectively, bacterial pathogenesis-related proteins were identified that contribute to the processes of adherence, intracellular growth and evasion of the immune system. Moreover, this study enhances our understanding of the factors that may influence the pathogenesis of C. pseudotuberculosis.Fil: Marques Da Silva, Wanderson. Universidade Federal de Minas Gerais. Instituto de Ciências Biológicas; Brasil. Institut National de la Recherche Agronomique; Francia. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Carvalho, Rodrigo D. De Oliveira. Universidade Federal de Minas Gerais. Instituto de Ciências Biológicas; BrasilFil: Dorella, Fernanda A.. Universidade Federal de Minas Gerais; BrasilFil: Folador, Edson L.. Universidade Federal da Paraíba. Centro de Biotecnologia; BrasilFil: Souza, Gustavo H. M. F.. Waters Corporation; BrasilFil: Pimenta, Adriano M. C.. Universidade Federal de Minas Gerais. Instituto de Ciências Biológicas; BrasilFil: Figueiredo, Henrique C. P.. Universidade Federal de Minas Gerais; BrasilFil: Le Loir, Yves. Institut National de la Recherche Agronomique; FranciaFil: Silva, Artur. Universidade Federal do Pará; BrasilFil: Azevedo, Vasco. Universidade Federal de Minas Gerais. Instituto de Ciências Biológicas; Brasi

Deposition of ITO thin films onto PMMA substrates for waveguide based biosensing devices

Biosensors’ research filed has clearly been changing towards the production of multifunctional and innovative design concepts to address the needs related with sensitivity and selectivity of the devices. More recently, waveguide biosensors, that do not require any label procedure to detect biomolecules adsorbed on its surface, have been pointed out as one of the most promising technologies for the production of biosensing devices with enhanced performance. Moreover the combination of optical and electrochemical measurements through the integration of transparent and conducting oxides in the multilayer structures can greatly enhance the biosensors’ sensitivity. Furthermore, the integration of polymeric substrates may bring powerful advantages in comparison with silicon based ones. The biosensors will have a lower production costs being possible to disposable them after use (“one use sensor chip”). This research work represents a preliminary study about the influence of substrate temperature on the overall properties of ITO thin films deposited by DC magnetron sputtering onto 0,5 mm thick PMMA sheets.NANO/NMED-SD/0076/2007-"NanoMeDiag- Nanobioanalytical platforms for improved medical diagnosis of infections caused by pathogen microorganisms

Numerical study of the unsteady flow in simplified and realistic iliac bifurcation models

Cardiovascular diseases are a major cause of death and disability worldwide and they are commonly associated with the occurrence of atherosclerotic plaque deposition in the vessel walls, a process denoted as atherosclerosis. This is a chronic and progressive inflammatory disease of large-/medium-sized blood vessels that affects blood flow profiles, with the abdominal aorta and its branches being one of the locations prone to the development of this pathology, due to their curvatures and bifurcations. In this regard, the effect of flow patterns was studied and compared for both a simplified three-dimensional model of aorta bifurcation on the iliac arteries and a realistic model of iliac bifurcation, which was constructed from a computational tomography medical image. The flow patterns were analyzed in terms of velocity and wall shear stress distribution, but a special focus was given to the size and location of the recirculation zone. The simulations were performed using the Computational Fluid Dynamics software, FLUENT, taking into account the cardiac cycle profile at the infrarenal aorta. The shear stress and the velocity distribution observed for both models indicated that higher shear stress occurred along the flow divider wall (inner wall) and low shear stress occurred along the outer walls. In addition, the results demonstrated that the wall shear stress profiles were deeply affected by the transient profile of the cardiac cycle, with the deceleration phase being the most critical phase to the occurrence of backflow.This work was supported by FCT—Fundação para a Ciência e Tecnologia through the R&D Units Project Scope: UIDB/00319/2020, UIDB/04077/2020, and NORTE-01-0145-FEDER-030171, funded by COMPETE2020, NORTE 2020, PORTUGAL 2020, and FEDER

Influence of thickness and coatings morphology in the antimicrobial performance of zinc oxide coatings

"Author's copy"In this research work, the production of undoped and silver (Ag) doped zinc oxide (ZnO) thin films for food-packaging applications were developed. The main goal was to determine the influence of coatings morphology and thickness on the antimicrobial performance of the produced samples. The ZnO based thin films were deposited on PET (Polyethylene terephthalate) substrates by means of DC reactive magnetron sputtering. The thin films were characterized by optical spectroscopy, X-Ray Diffraction (XRD), X-ray photoelectron spectroscopy (XPS) and Scanning Electron Microscopy (SEM). The antimicrobial performance of the undoped and Ag-doped ZnO thin films was also evaluated. The results attained have shown that all the deposited zinc oxide and Ag-doped ZnO coatings present columnar morphology with V-shaped columns. The increase of ZnO coatings thickness until 200 nm increases the active surface area of the columns. The thinner samples (50 and 100 nm) present a less pronounced antibacterial activity than the thickest ones (200–600 nm). Regarding Ag-doped ZnO thin films, it was verified that increasing the silver content decreases the growth rate of Escherichia coli and decreases the amount of bacteria cells present at the end of the experiment.The work described in this paper was supported by project NANOPACKSAFER: NANO-engineered PACKaging systems for improving quality, SAFEty and health characteristics of foods, Portugal-Spain International Nanotechnology Laboratory Nanotechnology Projects Call; and also by the FEDER funding through the COMPETE program and FCT PEst-C/BIA/UI4050/2011 project

Host Susceptibility to Brucella abortus Infection Is More Pronounced in IFN-γ knockout than IL-12/β2-Microglobulin Double-Deficient Mice

Brucella abortus is a facultative intracellular bacterial pathogen that causes abortion in domestic animals and undulant fever in humans. IFN-γ, IL-12, and CD8+ T lymphocytes are important components of host immune responses against B. abortus. Herein, IFN-γ and IL-12/β2-microglobulin (β2-m) knockout mice were used to determine whether CD8+ T cells and IL-12-dependent IFN-γ deficiency would be more critical to control B. abortus infection compared to the lack of endogenous IFN-γ. At 1 week after infection, IFN-γ KO and IL-12/β2-m KO mice showed increased numbers of bacterial load in spleens; however, at 3 weeks postinfection (p.i.), only IFN-γ KO succumbed to Brucella. All IFN-γ KO had died at 16 days p.i. whereas death within the IL-12/β2-m KO group was delayed and occurred at 32 days until 47 days postinfection. Susceptibility of IL-12/β2-m KO animals to Brucella was associated to undetectable levels of IFN-γ in mouse splenocytes and inability of these cells to lyse Brucella-infected macrophages. However, the lack of endogenous IFN-γ was found to be more important to control brucellosis than CD8+ T cells and IL-12-dependent IFN-γ deficiencies

A combined approach for comparative exoproteome analysis of Corynebacterium pseudotuberculosis

Background: Bacterial exported proteins represent key components of the host-pathogen interplay. Hence, we sought to implement a combined approach for characterizing the entire exoproteome of the pathogenic bacterium Corynebacterium pseudotuberculosis, the etiological agent of caseous lymphadenitis (CLA) in sheep and goats. Results: An optimized protocol of three-phase partitioning (TPP) was used to obtain the C. pseudotuberculosis exoproteins, and a newly introduced method of data-independent MS acquisition (LC-MSE) was employed for protein identification and label-free quantification. Additionally, the recently developed tool SurfG+ was used for in silico prediction of sub-cellular localization of the identified proteins. In total, 93 different extracellular proteins of C. pseudotuberculosis were identified with high confidence by this strategy; 44 proteins were commonly identified in two different strains, isolated from distinct hosts, then composing a core C. pseudotuberculosis exoproteome. Analysis with the SurfG+ tool showed that more than 75% (70/93) of the identified proteins could be predicted as containing signals for active exportation. Moreover, evidence could be found for probable non-classical export of most of the remaining proteins. Conclusions: Comparative analyses of the exoproteomes of two C. pseudotuberculosis strains, in addition to comparison with other experimentally determined corynebacterial exoproteomes, were helpful to gain novel insights into the contribution of the exported proteins in the virulence of this bacterium. The results presented here compose the most comprehensive coverage of the exoproteome of a corynebacterial species so far