Currency Runs, International Reserves Management and Optimal Monetary Policy Rules

This paper studies the design of optimal monetary policy rules for emerging economies confronted to sharp capital outflows and speculative attacks. We extend Taylor type monetary policy rules by allowing the central bank to give some weight to the level of precautionary foreign reserve balances as one of its targets. We show that a currency crisis scenario can easily occur when the weight is zero, and that it can be avoided when the weight is positive. The impacts of the central bank's monetary control on the output level, the inflation rate, the exchange rate, and the foreign reserve level are investigated as well. By applying both the Hamiltonian as well as the Hamilton-Jacobi-Bellman (HJB) equation (the latter leading to a dynamic programming formulation of the problem), we can explore safe domains of attractions in a variety of complicated model variants. Given the uncertainties the central banks faces, we also show of how central banks can enlarge safe domains of attraction.Currency Crises, Capital Outflows, Monetary Policy Rules

Overconsumption, Credit Rationing and Bailout Monetary Policy: A Minskyan Perspective

We consider a Keynes-Goodwin model of effective demand and the distributive cycle where workers purchase goods and houses with marginal propensity significantly larger than one. They therefore need credit, supplied from asset holders, and have to pay interest on their outstanding debt. In this initial situation, the steady state is attracting, while a marginal propensity closer to one makes it repelling. The stable excessive overconsumption case can easily turn from a stable boom to explosiveness and from there through induced processes of credit rationing into a devastating bust. In such a situation the Central Bank may prevent the worst by acting as creditor of last resort, purchasing loans where otherwise debt default (and bankruptcy regarding house ownership) would occur. This bail-out policy can stabilize the economy and also reduces the loss of homes of worker families.mortgage loans, booms, debt default, busts, creditor of last resort.

A Survey on Spherical Spline Approximation

Spline functions that approximate data given on the sphere are developed in a weighted Sobolev space setting. The flexibility of the weights makes possible the choice of the approximating function in a way which emphasizes attributes desirable for the particular application area. Examples show that certain choices of the weight sequences yield known methods. A convergence theorem containing explicit constants yields a usable error bound. Our survey ends with the discussion of spherical splines in geodetically relevant pseudodifferential equations

Educational intervention to improve infection prevention and control practices in four companion animal clinics in Switzerland.

Infection prevention and control (IPC) practices vary among companion animal clinics and outbreaks with carbapenemase-producing Enterobacterales (CPE) have been described. This study investigates the effect of an IPC intervention (introduction of IPC protocols, IPC lectures, hand hygiene campaign) in four companion animal clinics. IPC practices, environmental and hand contamination with antimicrobial-resistant microorganisms (ARM) and hand hygiene (HH) were assessed at baseline and one and five months after intervention. IPC scores (% maximum score) improved from (median, range) 57.8% (48.0-59.8%) to 82.9% (81.4-86.3%) one month after intervention. Cleaning frequency assessed by fluorescent tagging increased from (median, range) 16.7% (8.9-18.9%) to 30.6% (27.8-52.2%) one months and 32.8% (32.2-33.3%) five months after intervention. ARM contamination was low in three clinics at baseline and undetectable after intervention. One clinic showed extensive contamination with ARM including CPE before and after intervention (7.5-15.5% ARM-positive and 5.0-11.5% CPE-positive samples). Mean HH compliance [95% CI] improved from 20.9% [19.2-22.8%] to 42.5% [40.4-44.7%] one and 38.7% [35.7-41.7%] five months after intervention. Compliance was lowest in the pre-operating preparation area at baseline (11.8% [9.3-14.8%]) and in the ICU after intervention (28.8% [23.3-35.1%]). HH compliance was similar in veterinarians (21.5% [19.0-24.3%]) and nurses (20.2% [17.9-22.7%]) at baseline but higher in veterinarians (46.0% [42.9-49.1%]) than nurses (39.0% [36.0-42.1%]) one month after intervention. The IPC intervention improved IPC scores, cleaning frequency and HH compliance in all clinics. Adapted approaches might be needed in outbreak situations

Protective Immunity against Infection with <i>Mycoplasma haemofelis</i>

Hemoplasmas are potentially zoonotic mycoplasmal pathogens, which are not consistently cleared by antibiotic therapy. Mycoplasma haemofelis is the most pathogenic feline hemoplasma species. The aim of this study was to determine how cats previously infected with M. haemofelis that had recovered reacted when rechallenged with M. haemofelis and to characterize the immune response following de novo M. haemofelis infection and rechallenge. Five specific-pathogen-free (SPF)-derived naive cats (group A) and five cats that had recovered from M. haemofelis infection (group B) were inoculated subcutaneously with M. haemofelis. Blood M. haemofelis loads were measured by quantitative PCR (qPCR), antibody response to heat shock protein 70 (DnaK) by enzyme-linked immunosorbent assay (ELISA), blood lymphocyte cell subtypes by flow cytometry, and cytokine mRNA levels by quantitative reverse transcriptase PCR. Group A cats all became infected with high bacterial loads and seroconverted, while group B cats were protected from reinfection, thus providing the unique opportunity to study the immunological parameters associated with this protective immune response against M. haemofelis. First, a strong humoral response to DnaK was only observed in group A, demonstrating that an antibody response to DnaK is not important for protective immunity. Second, proinflammatory cytokine interleukin-6 (IL-6) mRNA levels appeared to increase rapidly postinoculation in group B, indicating a possible role in protective immunity. Third, an increase in IL-12p35 and -p40 mRNA and decrease in the Th2/Th1 ratio observed in group A suggest that a Th1-type response is important in primary infection. This is the first study to demonstrate protective immunity against M. haemofelis reinfection, and it provides important information for potential future hemoplasma vaccine design

Methods for sampling geographically mobile female traders in an East African market setting.

BACKGROUND:The role of migration in the spread of HIV in sub-Saharan Africa is well-documented. Yet migration and HIV research have often focused on HIV risks to male migrants and their partners, or migrants overall, often failing to measure the risks to women via their direct involvement in migration. Inconsistent measures of mobility, gender biases in those measures, and limited data sources for sex-specific population-based estimates of mobility have contributed to a paucity of research on the HIV prevention and care needs of migrant and highly mobile women. This study addresses an urgent need for novel methods for developing probability-based, systematic samples of highly mobile women, focusing on a population of female traders operating out of one of the largest open air markets in East Africa. Our method involves three stages: 1.) identification and mapping of all market stall locations using Global Positioning System (GPS) coordinates; 2.) using female market vendor stall GPS coordinates to build the sampling frame using replicates; and 3.) using maps and GPS data for recruitment of study participants. RESULTS:The location of 6,390 vendor stalls were mapped using GPS. Of these, 4,064 stalls occupied by women (63.6%) were used to draw four replicates of 128 stalls each, and a fifth replicate of 15 pre-selected random alternates for a total of 527 stalls assigned to one of five replicates. Staff visited 323 stalls from the first three replicates and from these successfully recruited 306 female vendors into the study for a participation rate of 94.7%. Mobilization strategies and involving traders association representatives in participant recruitment were critical to the study's success. CONCLUSION:The study's high participation rate suggests that this geospatial sampling method holds promise for development of probability-based samples in other settings that serve as transport hubs for highly mobile populations

Medial clavicular epiphysiolysis in children: the so-called sterno-clavicular dislocation

We retrospectively reviewed six pediatric cases of medial clavicular injury, i.e., epiphyseal separation (Salter/Harris type I or II injury), diagnosed between 1993 and 1997. The clavicular metaphysis was displaced posteriorly in three cases and anteriorly in three. On conventional radiographic views the diagnosis was initially missed in two of three retrosternal dislocations. A special X-ray projection (described by Heinig) or computed tomography (CT) permitted correct diagnosis. Anterior dislocations were immediately and correctly diagnosed. Closed reduction successfully treated retrosternal displacement in two of the three patients. The third patient needed open reduction and internal fixation. Open reduction and internal fixation had to be performed in all three patients with anterior displacement. Follow-up assessment showed perfect functional results in all cases. Direct visualization during open reduction, which was necessary in four of six cases, yielded clear evidence that the so-called sternoclavicular dislocation in children and young adults is, in fact, a fracture of the medial growth plate with posterior or anterior displacement of the metaphysi