Optimal monetary policy and the sacrifice ratio

Monetary policy - United States ; Econometric models

Endocytosis of the ASGP receptor H1 is reduced by mutation of tyrosine-5 but still occurs via coated pits

The clustering of plasma membrane receptors in clathrin-coated pits depends on determinants within their cytoplasmic domains. In several cases, individual tyrosine residues were shown to be necessary for rapid internalization. We have mutated the single tyrosine at position 5 in the cytoplasmic domain of the major subunit H1 of the asialoglycoprotein receptor to alanine. Expressed in fibroblasts cells, the mutant protein was accumulated in the plasma membrane, and its rate of internalization was reduced by a factor of four. The residual rate of endocytosis, however, was still significantly higher than that of resident plasma membrane proteins. Upon acidification of the cytoplasm, which specifically inhibits the formation of clathrin-coated vesicles but not uptake of the fluid phase marker Lucifer yellow, residual endocytosis was blocked. By immunoelectron microscopy mutant H1 could be directly demonstrated in coated pits. The fraction of wild-type and mutant H1 present in coated pits as determined by immunogold localization correlated well with the respective rates of internalization. Thus, mutation of tyrosine-5 only partially inactivates recognition of H1 for incorporation into coated pits

Average Marginal Tax Rates U.S. Household Interest and Dividend Income 1954-80

This paper carefully outlines a method for the calculation of average marginal tax rates. The method is applied to Statistics of Income data for dividend and interest income earned by U.S. households from 1954 to 1980. To illustrate the effects these data can have inempirical work, the tax rates are used in comparing the sample moments of before and after-tax real yields on financial assets.

Technology and growth: an overview

Technology ; Economic development

Probing confined phonon modes by transport through a nanowire double quantum dot

Strong radial confinement in semiconductor nanowires leads to modified electronic and phononic energy spectra. We analyze the current response to the interplay between quantum confinement effects of the electron and phonon systems in a gate-defined double quantum dot in a semiconductor nanowire. We show that current spectroscopy of inelastic transitions between the two quantum dots can be used as an experimental probe of the confined phonon environment. The resulting discrete peak structure in the measurements is explained by theoretical modeling of the confined phonon mode spectrum, where the piezoelectric coupling is of crucial importance.Comment: 4 pages, 4 figures; final versio

Regulation of nicotinic acetylcholine receptors by tyrosine kinases in the peripheral and central nervous system: same players, different roles

Abstract.: Nicotinic acetylcholine receptors (nAChRs) exist in many subtypes and are found in the peripheral and central nervous system where they mediate or modulate synaptic transmission. We review how tyrosine phosphorylation and kinases regulate muscle and neuronal nAChRs. Interestingly, although some of the same kinase players interact with the various receptor subtypes, the functional consequences are different. While concerted action of MuSK, Abl- and Src-family kinases (SFKs) regulates the synaptic distribution of nAChRs at the neuromuscular junction, SFKs activate heteromeric neuronal nAChRs in adrenal chromaffin cells, thereby enhancing catecholamine secretion. In contrast, the activity of homomeric neuronal nAChRs, as found in the hippocampus, is negatively regulated by tyrosine phosphorylation and SFKs. It appears that tyrosine kinases provide the means to regulate all nAChRs; but the functional consequences, even those caused by the same kinase family, are specific for each receptor subtype and locatio

Multiple layer local oxidation for fabricating semiconductor nanostructures

Coupled semiconductor nanostructures with a high degree of tunability are fabricated using local oxidation with a scanning force microscope. Direct oxidation of the GaAs surface of a Ga[Al]As heterostructure containing a shallow two-dimensional electron gas is combined with the local oxidation of a thin titanium film evaporated on top. A four-terminal quantum dot and a double quantum dot system with integrated charge readout are realized. The structures are tunable via in-plane gates formed by isolated regions in the electron gas and by mutually isolated regions of the Ti film acting as top gates. Coulomb blockade experiments demonstrate the high quality of this fabrication process.Comment: 3 pages, 3 figure

An Optimising Model for Monetary Policy Analysis: Can Habit Formation Help?

In earlier work (Fuhrer 1997a), I document what I view as the failure of standard models of representative consumer and firm behaviour to replicate the dynamics that we observe in the aggregate data. In essence, these models fail because they imply that both inflation and real variables must ‘jump’ in response to monetary policy (and other) shocks, in contrast to identified VAR evidence that shows a gradual, ‘hump shaped’ response. This paper discusses a rigorous empirical standard for monetary policy models. The motivation for this discussion is that, if one wishes to conduct welfare analysis, one must be reasonably confident that the model provides a good approximation to underlying consumer and firm behaviour over the monetary policy horizon, i.e. in the short run. The paper examines a specific alternative to the standard consumption model in which consumers’ utility depends in part on current consumption relative to past consumption. This formulation of habit formation allows one to nest habit formation, life-cycle consumption, and Campbell and Mankiw’s ‘rule of thumb’ consumers within a more general model. The empirical tests developed in the paper show that one can reject the hypothesis of no habit formation with tremendous confidence. This result suggests that models that are unable to produce a hump-shaped response will be strongly rejected empirically.consumer behaviour; habit formation; monetary policy

Clustering of nicotinic acetylcholine receptors: from the neuromuscular junction to interneuronal synapses

Fast and accurate synaptic transmission requires high-density accumulation of neurotransmitter receptors in the postsynaptic membrane. During development of the neuromuscular junction, clustering of acetylcholine receptors (AChR) is one of the first signs of postsynaptic specialization and is induced by nerve-released agrin. Recent studies have revealed that different mechanisms regulate assembly vs stabilization of AChR clusters and of the postsynaptic apparatus. MuSK, a receptor tyrosine kinase and component of the agrin receptor, and rapsyn, an AChR-associated anchoring protein, play crucial roles in the postsynaptic assembly. Once formed, AChR clusters and the postsynaptic membrane are stabilized by components of the dystrophin/utrophin glycoprotein complex, some of which also direct aspects of synaptic maturation such as formation of postjunctional folds. Nicotinic receptors are also expressed across the peripheral and central nervous system (PNS/CNS). These receptors are localized not only at the pre- but also at the postsynaptic sites where they carry out major synaptic transmission. In neurons, they are found as clusters at synaptic or extrasynaptic sites, suggesting that different mechanisms might underlie this specific localization of nicotinic receptors. This review summarizes the current knowledge about formation and stabilization of the postsynaptic apparatus at the neuromuscular junction and extends this to explore the synaptic structures of interneuronal cholinergic synapse