Money in monetary policy design: monetary cross-checking in the New-Keynesian model

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross-check in policy formulation (see Lucas (2007)). We show that the New-Keynesian model can explain such trends if one allows for the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In this paper, we show in detail how to derive the appropriate magnitude of the interest rate adjustment following a significant cross-check with monetary information, when the New-Keynesian model is the central bank’s preferred model. The cross-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. Keywords: Monetary Policy, New-Keynesian Model, Money, Quantity Theory, European Central Bank, Policy Under Uncertaint

Preventive herd management practices and their effect on lamb mortality in Ethiopia.

According to previous studies, lamb mortality is high in the Ethiopian highlands. The present study aims to evaluate the execution of preventive sheep herd health management practices with respect to if, and how, such practices are linked to occurrence of lamb mortality. Interviews were performed with 74 sheep-owning households participating in a capacity development program on livestock and 69 households not participating in such program. To evaluate the impact of combinations of performed practices, a scoring system was developed-the households retrieved a higher score the more desired routines were accomplished. To identify which practices had the highest impact on lamb mortality, a similar score was calculated for each phase of the sheep reproductive year, creating sub-scores for each phase. The results showed a significant (p < 0.05) negative correlation between the total number of performed practices and occurrence of lamb mortality, indicating a lower occurrence of lamb mortality the more desired practices implemented. Further analysis of sub-scores showed significant (p < 0.05) negative correlations between a higher number of performed desired practices during gestation period and during lambing. Conclusively, the study indicates that preventive herd management routines are beneficial for lamb survival, foremost when enforced during the gestation period and around lambing-hence, this is where to focus future interventions

Strong Deformation Effects in Hot Rotating 46Ti

Exotic-deformation effects in 46Ti nucleus were investigated by analysing the high-energy gamma-ray and the alpha-particle energy spectra. One of the experiments was performed using the charged-particle multi-detector array ICARE together with a large volume (4"x4") BGO detector. The study focused on simultaneous measurement of light charged particles and gamma-rays in coincidence with the evaporation residues. The experimental data show a signature of very large deformations of the compound nucleus in the Jacobi transition region at the highest spins. These results are compared to data from previous experiments performed with the HECTOR array coupled to the EUROBALL array, where it was found that the GDR strength function is highly fragmented, strongly indicating a presence of nuclei with very large deformation.Comment: 10 pages, 6 figures, Proceedings of the Zakopane Conference on Nuclear Physics, to be published in Acta Phys. Pol. B (2007

The impact of CFNS-causing EFNB1 mutations on ephrin-B1 function

BACKGROUND: Mutations of EFNB1 cause the X-linked malformation syndrome craniofrontonasal syndrome (CFNS). CFNS is characterized by an unusual phenotypic pattern of inheritance, because it affects heterozygous females more severely than hemizygous males. This sex-dependent inheritance has been explained by random X-inactivation in heterozygous females and the consequences of cellular interference of wild type and mutant EFNB1-expressing cell populations. EFNB1 encodes the transmembrane protein ephrin-B1, that forms bi-directional signalling complexes with Eph receptor tyrosine kinases expressed on complementary cells. Here, we studied the effects of patient-derived EFNB1 mutations predicted to give rise to truncated ephrin-B1 protein or to disturb Eph/ephrin-B1 reverse ephrin-B1 signalling. Five mutations are investigated in this work: nonsense mutation c.196C > T/p.R66X, frameshift mutation c.614_615delCT, splice-site mutation c.406 + 2T > C and two missense mutations p.P54L and p.T111I. Both missense mutations are located in the extracellular ephrin domain involved in Eph-ephrin-B1 recognition and higher order complex formation. METHODS: Nonsense mutation c.196C > T/p.R66X, frameshift mutation c.614_615delCT and splice-site mutation c.406+2T > C were detected in the primary patient fibroblasts by direct sequencing of the DNA and were further analysed by RT-PCR and Western blot analyses.The impact of missense mutations p.P54L and p.T111I on cell behaviour and reverse ephrin-B1 cell signalling was analysed in a cell culture model using NIH 3T3 fibroblasts. These cells were transfected with the constructs generated by in vitro site-directed mutagenesis. Investigation of missense mutations was performed using the Western blot analysis and time-lapse microscopy. RESULTS AND DISCUSSION: Nonsense mutation c.196C > T/p.R66X and frameshift mutation c.614_615delCT escape nonsense-mediated RNA decay (NMD), splice-site mutation c.406+2T > C results in either retention of intron 2 or activation of a cryptic splice site in exon 2. However, c.614_615delCT and c.406+2T > C mutations were found to be not compatible with production of a soluble ephrin-B1 protein. Protein expression of the p.R66X mutation was predicted unlikely but has not been investigated.Ectopic expression of p.P54L ephrin-B1 resists Eph-receptor mediated cell cluster formation in tissue culture and intracellular ephrin-B1 Tyr324 and Tyr329 phosphorylation. Cells expressing p.T111I protein show similar responses as wild type expressing cells, however, phosphorylation of Tyr324 and Tyr329 is reduced. CONCLUSIONS: Pathogenic mechanisms in CFNS manifestation include impaired ephrin-B1 signalling combined with cellular interference

Early Imaging Prediction of Malignant Cerebellar Edema Development in Acute Ischemic Stroke

Background and Purpose-Malignant cerebellar edema (MCE) is a life-threatening complication of acute ischemic stroke that requires timely diagnosis and management. Aim of this study was to identify imaging predictors in initial multiparametric computed tomography (CT), including whole-brain CT perfusion (WB-CTP). Methods-We consecutively selected all subjects with cerebellar ischemic WB-CTP deficits and follow-up-confirmed cerebellar infarction from an initial cohort of 2635 patients who had undergone multiparametric CT because of suspected stroke. Follow-up imaging was assessed for the presence of MCE, measured using an established 10-point scale, of which scores >= 4 are considered malignant. Posterior circulation-Acute Stroke Prognosis Early CT Score (pc-ASPECTS) was determined to assess ischemic changes on noncontrast CT, CT angiography (CTA), and parametric WB-CTP maps (cerebellar blood flow [CBF];cerebellar blood volume;mean transit time;time to drain). Fisher's exact tests, Mann-Whitney U tests, and receiver operating characteristics analyses were performed for statistical analyses. Results-Out of a total of 51 patients who matched the inclusion criteria, 42 patients (82.4%) were categorized as MCE-and 9 (17.6%) as MCE+. MCE+ patients had larger CBF, cerebellar blood volume, mean transit time, and time to drain deficit volumes (all with P0.05). Receiver operating characteristics analyses yielded the largest area under the curve values for the prediction of MCE development for CBF (0.979) and cerebellar blood volume deficit volumes (0.956) and pc-ASPECTS on CBF (0.935), whereas pc-ASPECTS on noncontrast CT (0.648) and CTA (0.684) had less diagnostic value. The optimal cutoff value for CBF deficit volume was 22 mL, yielding 100% sensitivity and 90% specificity for MCE classification. Conclusions-WB-CTP provides added diagnostic value for the early identification of patients at risk for MCE development in acute cerebellar stroke