Asset Prices and Monetary Policy: A New View of the Cost Channel

Should the central bank act to prevent "excessive" asset price dynamics or should it wait until the boom spontaneously turns into a crash and intervene afterwards to attenuate the fallout on the real economy? The standard "three equation" New Keynesian framework is inadequate to analyse this issue for the very simple reason that asset prices are not explicitly included in the model. There are two straightforward ways to take into account asset price dynamics in this framework. First of all, the objective function of the central bank - usually defined in terms of inflation and the output gap - could be "augmented" to take into account asset price inflation. Second, expected asset price inflation can affect the IS curve through a wealth effect. In this paper we follow a different route. In our model in fact, the expected asset price dynamics will be eventually incorporated into the NK Phillips curve. This is due to the assumption of a cost channel for monetary policy which is activated whenever monetary policy affects asset prices and dividends. In fact they determine the cost of external finance in the simple "equity only" financing model we consider, abstracting for simplicity from internal funds and the credit market.

Interactive Learning-Based Realizability for Heyting Arithmetic with EM1

We apply to the semantics of Arithmetic the idea of ``finite approximation'' used to provide computational interpretations of Herbrand's Theorem, and we interpret classical proofs as constructive proofs (with constructive rules for $\vee, \exists$) over a suitable structure \StructureN for the language of natural numbers and maps of G\"odel's system \SystemT. We introduce a new Realizability semantics we call ``Interactive learning-based Realizability'', for Heyting Arithmetic plus \EM_1 (Excluded middle axiom restricted to $\Sigma^0_1$ formulas). Individuals of \StructureN evolve with time, and realizers may ``interact'' with them, by influencing their evolution. We build our semantics over Avigad's fixed point result, but the same semantics may be defined over different constructive interpretations of classical arithmetic (Berardi and de' Liguoro use continuations). Our notion of realizability extends intuitionistic realizability and differs from it only in the atomic case: we interpret atomic realizers as ``learning agents''

Accounting for Local Water Storages in Assessing WDN Supply Capacity

AbstractIn many real WDNs, as in the Mediterranean area, customers are traditionally supplied by local water storages (i.e. roof or basement tanks) fed from the top by service pipes of the urban WDN through volume-controlled orifices. The present contribution shows that the prediction of WDN water supply capacity achieved by a model accounting for the filling/emptying of local tanks, is different from both classical demand-driven analysis and the pressure-driven analysis based on Wagner's demand-pressure relationship at each node. The WDNetXL system (www.hydroinformatics.it) is used to perform multiple simulation runs to assess WDN capacity under increasing demand scenarios

Supporting Decision on Energy vs. Asset Cost Optimization in Drinking Water Distribution Networks

AbstractOne of the challenges for water utilities is the optimal asset design (i.e. maximum power of pump systems, tank volumes and pipe diameters) of water distribution networks (WDN) while optimizing operational efficiency (i.e. energy consumption and cost). Besides the classical minimization of capital cost while providing sufficient supply service, the operational sustainability is an emerging issue. As the reduction of each component of capital and energy costs are conflicting with each other, the optimization problem is multi-objective. This work presents the study of the robustness of solutions of the Pareto set as a further element to support the decision

Influence of perineural invasion in predicting overall survival and disease-free survival in patients With locally advanced gastric cancer

Background The aim of the present study was to evaluate the prognostic significance of perineural invasion (PNI) in locally advanced gastric cancer patients who underwent D2 gastrectomy and adjuvant chemotherapy. Methods The records of a series of 103 patients undergoing D2 gastrectomy with curative intent combined with adjuvant chemotherapy from January 2004 to December 2014 were retrospectively reviewed. Results PNI was positive in 47 (45.6%) specimens. The 1-, 3-, and 5-year overall survival rates were 81%, 55%, and 42%, respectively. The 1-, 3-, and 5-year disease-free survival (DFS) rates were 76%, 57%, and 49%, respectively. A multivariate analysis showed that age number of positive lymph nodes, T stage, and PNI were independently associated with overall survival. Regarding DFS, the multivariate analysis showed that only PNI was independently associated with DFS. Conclusions PNI and T stage and positive lymph nodes are independent markers of poor prognosis in patients with gastric cancer. PNI should be incorporated in the postoperative staging system for planning follow-up after surgery and in our opinion to propose more aggressive postoperative therapies in PNI-positive patients

Core charge distribution and self assembly of columnar phases: the case of triphenylenes and azatriphenylenes

<p>Abstract</p> <p>Background</p> <p>The relation betweeen the structure of discotic molecules and columnar properties, a crucial point for the realization of new advanced materials, is still largely unknown. A paradigmatic case is that hexa-alkyl-thio substituted triphenylenes present mesogenic behavior while the corresponding azatriphenylenes, similar in shape and chemical structure, but with a different core charge distribution, do not form any liquid crystalline mesophase. This study is aimed at investigating, with the help of computer simulations techniques, the effects on phase behaviour of changes of the charge distribution in the discotic core.</p> <p>Results</p> <p>We described the shape and the pair, dispersive and electrostatic, interactions of hexa alkyl triphenylenes by uniaxial Gay-Berne discs with embedded point charges. Gay-Berne parameters were deduced by fitting the dispersive energies obtained from an atomistic molecular dynamics simulation of a small sample of hexa-octyl-thio triphenylene molecules in columnar phase, while a genetic algorithm was used to get a minimal set of point charges that properly reproduces the ab anitio electrostatic potential. We performed Monte Carlo simulations of three molecular models: the pure Gay-Berne disc, used as a reference, the Gay-Berne disc with hexa-thio triphenylene point charges, the Gay-Berne disc with hexa-thio azatriphenylene point charges. The phase diagram of the pure model evidences a rich polymorphism, with isotropic, columnar and crystalline phases at low pressure, and the appearance of nematic phase at higher pressure.</p> <p>Conclusion</p> <p>We found that the intermolecular electrostatic potential among the cores is fundamental in sta-bilizing/destabilizing columnar phases; in particular the triphenylene charge distribution stabilizes the columnar structure, while the azatriphenylene distribution suppresses its formation in favor of the nematic phase. We believe the present model could be successfully employed as the basis for coarse-grained level simulations of a wider class of triphenylene derivatives.</p

The Effects of Health-Promoting Signs Encouraging Stair Use in Parking Structures

This research study aims to promote physical activity by encouraging stair use rather than elevators using persuasive point-of-choice prompts. The current investigation is comprised of two sub-studies: pilot testing, which we have completed; and the main study, which will be conducted in the fall. While most studies in this area use observation to count pedestrian traffic, a novel component of the current research is that we will use a pressure mat to measure stair and elevator use. As such, before completing the main study, we completed two pilot studies to test the feasibility of the mat technology and the messaging of the persuasive prompts. We researched the type of mat that would be ideal for recording pedestrian traffic and considered features such as wired/wireless, battery-powered, open-switch, minimal threshold activation, and high-frequency recording. We completed various trials to determine the validity and accuracy of the mats in different settings and situations and the results of this analysis will be discussed. Additionally, the results from the survey conducted to evaluate potential messages on the point-of-choice prompts will also be detailed. Within this survey, message categories were narrowed to motivational/encouraging and nudging/humor messages. The survey was administered in Chapman University classes and students’ responses to several sample messages in each of these categories were compared via a series of six, semantic differential adjectives, rated on seven-point scales. Qualitative feedback on an open-ended question after each message was also solicited. The highest rated messages will be used in the main study. There are three key components to the main study, which we will complete in the fall: 1) objectively measure stair and elevator use for two weeks; 2) introduce point-of-choice prompts and measure stair and elevator use for two weeks; 3) remove signs and continue recording for an additional two weeks to observe potential effects

Cinematic and aesthetic cartographies of subjective mutation

This article exmaines the use of cinema as a mapping of subjective mutation in the work of Deleuze, Gauttari and Berardi. Drawing on Deleuze's distinciton between the reduction of the art-work to the symptom and the idea of art as symptomatology, the article focuses on Berardi's use of cinematic examples, posing the quesiton in each case of to what extent they function as symptomatologies or mere symptoms of cultural and subjective mutations in examples ranging from Bergman's Persona to Van Sant's Elephant to finish on speculations about Fincher's The Social Network as a cirtical engagement with subjective mutation in the 21st Century

A lower bound on web services composition

A web service is modeled here as a finite state machine. A composition problem for web services is to decide if a given web service can be constructed from a given set of web services; where the construction is understood as a simulation of the specification by a fully asynchronous product of the given services. We show an EXPTIME-lower bound for this problem, thus matching the known upper bound. Our result also applies to richer models of web services, such as the Roman model

Models of collaboration between general practice and mental health services in Italy.

Background and objectives: Anxiety and Depressive disorders represent an important public health problem, which involves not only the mental health services, but the General Practice as well. This paper examines models of Collaboration between General Practice and Community Mental Health Services developed in Italy. Methods: Different Consultation -Liaison activities are presented. For every Collaboration model advantages and disadvantage are discussed. Results: The structured Consultation Liaison Service is based on supplying diagnostic consultation and therapeutic interventions in support of General Practitioners (GPs). The service could be based in either a Community Mental Health Centre (CMHC) or externally. Diagnostic evaluation can be followed by brief and focal therapeutic interventions, in support of the GP's therapeutic plan. The spontaneous collaboration in small centres are frequent in rural areas where the contained dimensions of the services and the direct acquaintance between psychiatrists and GPs encourage the personalization of the collaboration. The model of Liaison and Group-Training focuses on direct contact between consultant and GPs. In the course of regular meetings, the consultant gives the GPs supervision and education, and they can discuss the therapeutic plans for patients requiring specialist intervention. Conclusion: The empiric classification presented should be considered an attempt to represent a complex reality. Every service, in fact, carries out activities that are necessarily wider than abstract typologies and that overlap with other models' activities