The ECB Monetary Policy and the Current Financial Crisis

Our paper presents estimates of Taylor type rules for the euro area using quarterly data for the period 2004(Q4) to 2008(Q3). Unlike other studies, we employ a real-time data set using the quarterly ECB staff projections on inflation and output growth. Estimated realtime rules are also compared with a more conventional specification whereby ex-post data are employed. Our results suggest that: (i) the ECB monetary policy strategy can be represented with a simple interest-rate rule; (ii) the ECB takes into account the quarterly ECB staff projections when deciding on its monetary policy stance; (iii) the accommodative behaviour of the ECB often cited in the literature is related to differences between real-time and ex-post data; and (iv) the estimated simple interest-rate rule continues to capture the ECB monetary policy strategy during the recent financial crisis. In light of the above, we can draw three important policy conclusions. First, the ECB has a stabilising role in the economy. Second, the ECB has become rather hawkish in its monetary policy decision making, responding more to projected changes in inflation than to projected changes in the output growth gap. Finally, the ECB’s response during the recent financial crisis of reducing its interest rate to 1.00% by the first half of 2009 and undertaking non-standard measures to provide support to the financial sector is shown to be equivalent to following a simple interest-rate rule based on its previous practices.Taylor type rules, ECB monetary policy, real-time data, financial crisis

Mortgage Debt, Social Customs,and Financial Innovation

Although housing can be a powerful channel of monetary policy transmission this channel can be weakened by social customs and financial liberalization as well as accompanying innovation that create alternatives to bank mortgages controlled by a central bank. This paper utilizes some unique questions in the 1999 and 2002 Cyprus Surveys of Consumer Finances, as well as data from the 1998 and 2001 US Surveys of Consumer Finances, in order to study the role of social customs (in the form of parental housing gifts) and financial liberalization for the incidence of homeownership rates, mortgage debt and borrowing constraints. Unlike existing studies of financially developed countries, the data from the Cyprus Surveys suggest that only a very small proportion of Cypriot households are credit constrained and that a number of important economic characteristics of the household are irrelevant for homeownership and for the use of mortgages. Our findings suggest that the presence of such customs may interfere with the monetary transmission mechanism by limiting the sensitivity of housing investment to changes in credit market conditions. Financial liberalization leading to innovation could work in the opposite direction if it leads to increased household participation in formal loans controlled by the central bank.Homeownership, social customs, financial liberalization, monetary policy

Διατροφικές συνήθειες και συμβολισμοί κατά το διαβατήριο στάδιο της τελευτής στις Κυκλάδες από τον 20ό αιώνα μέχρι σήμερα

Please note: this article is in Greek. Dietary habits and symbolism during the transitional stage of death in the Cyclades from the 20th century to today: For the living, death is a nexus of rituals accompanying the whole procedure from the moment of the onset of death until the period of remembrance by the relatives of the deceased, which lasts for ca two family or community generations, is over. Kollyva (boiled wheat) is the symbolic food par excellence which is consumed during memorial services and, more generally, in rituals of remembrance of the dead over a long period of time. If one studies how these rituals develop, both the manner in which they are transformed and the socio-economic conditions that influence this transformation cannot fail to strike one. In particular, in the case of the Cyclades and especially of Santorini, the development of tourism has resulted in a change in the economic circumstances of the inhabitants from an agricultural to an urban way of life. This change becomes even more obvious in the daily choices made by the inhabitants. The result of this economic development is the commercialisation of death rituals whereby they cease to be representations of religious values and become representations of commercial values. From the moment when the evaluation of social relations in terms of money becomes a criterion for social reproduction, death can no longer be symbolically represented in the form in which it was in the past. Death preserves its outward characteristics whilst its internal nature is deconstructed

Alexandre Yersin's explorations (1892-1894) in French Indochina before the discovery of the plague bacillus.

Alexandre Yersin, the great French discoverer of yersinia pestis, was a keen explorer of unknown lands. At the age of 30, a member of the French Colonial Health service, he set off to fulfil his intimate dream and explore other continents. For almost two years and three long expeditions, he journeyed through widely unknown regions in the province of the French Indochina, in southeast Asia, territories of Vietnam, Cambodia and Laos. This article presents vignettes from his explorations. During his difficult travels, he carefully planned and noted his itineraries; designed new routes, but also observed and recorded sociodemographic and environmental data and unidentified diseases. The immature science of late 19th century geography had the strength to allure such an influential medical figure and place him among the early medical geographers. His journeys, observations and recordings brought to Yersin great experience, and he made his most important scientific contributions after he had concluded his explorations

The Greek bandit Fotios Giagoulas: An introduction to his mummified head and future conservation aims

This investigation presents the level of preservation and examination plan for a mummified head from the early 20th century. The head belongs to a legendary Greek bandit displayed at the Museum of Criminology, Athens. This investigation aimed to understand the mummification process employed, the conservation history of the head, record the current preservation status using photography, and to recognise evidence of biological deterioration. The suggested techniques include examination using X-ray radiography, CT scanning and the analysis of samples using scanning electron microscopy (SEM). The photographic documentation showed the head has recently started to deteriorate. The examination formed the basis for conservation, preservation and the ongoing study of the head

Η αρχαιογνωσία στο έργο του Νικηφόρου Βρεττάκου

Please note: this article is in Greek. The reception of Greek antiquity in the poetry of Nikiforos Vrettakos: In this communication an attempt is made to trace the influence of ancient Greek literature on the poetry of N. Vrettakos. The poet is proved to be familiar with the ancient Greek language, Greek mythology, and classical texts. Echoes of mythological and historical figures, of vocabulary, imagery, especially metaphors, and motifs from Homer, Aeschylus (Prometheus), Sophocles (Antigone) and other classical authors are found in poems published from the beginning to the end of his prolific poetic career. Special attention is paid to themes prevailing in his poetry and speeches, such as his sensitivity for human beings, for peace and justice, for bravery against invaders, as well as his respect for human rights and Greek language. Some of his typical poems, as that dedicated to R. Oppenheimer, The Return to Delphi, Farewell to the Sun of Greece, and, especially, his Prometheus, clearly reveal the decisive stimulus to his inspiration by ancient Greek culture. More specifically, the examination of Prometheus shows the typically Aeschylean concepts of freedom of mind and man’s struggle against violence and oppression. Vrettakos succeeded in enriching today’s pursuits and perspectives with the values of classical antiquity

UTJECAJ STAROGRČKE MEDICINE U INDIJI: ROĐENJE UNANI MEDICINE

Background: Unani Medicine, also called “Unani-tibb”, has a long and impressive record in India based on the grecoarabic medicine and teachings of Hippocrates, Galen and Arab physicians. Its main principle is the maintenance of equilibrium among the various aspects of the body, made up of four elements, different temperaments, simple and compound organs, and four humours. Methods: The main bibliographic sources concerning the impact of ancient Greek medicine in India and the principles of Unani Medicine have been investigated and analysed. Results: The assimilation of Hippocratic principles in a country with a different philosophy and worldview was successful. The ancient Greek medical system enriched with local elements encountered a large response to the Indian people and to the physicians. Conclusions: Nowadays Unani medicine is not only popular in India where several Unani practitioners are registered but it enjoys a worldwide upsurge of interest.Pozadina: Unani medicina, također poznata pod nazivom „Unani-tibb“, ima dugu i impresivnu povijest u Indiji koja se temelji na grčko-arapskoj medicini i učenju Hipokrata, Galena i arapskih liječnika. Njen glavni princip je održavanje ravnoteže među različitim aspektima tijela, sastavljenome od četiri elementa, različitih temperamenata, jednostavnih i složenih organa te četiri tekućine. Metode: Istraženi su i analizirani glavni bibliografski izvori koji se odnose na utjecaj antičke grčke medicine u Indiji i na načela Unani medicine. Rezultati: asimilacija Hipokratovih načela u zemlji s različitom filozofijom i pogledom na svijet bila je uspješna. Drevni grčki medicinski sustav obogaćen s lokalnim elementima naišao je na veliki odaziv indijskog naroda i liječnika. Zaključak: Danas Unani medicina nije samo popularna u Indiji, gdje je registrirano nekoliko praktičara Unani medicine, već ona uživa porast interesa u cijelom svijetu

SORAN IZ EFEZA (98.-138.) O POSTPARTALNOJ DEPRESIJI

Although ancient Greek physicians described several mental disorders, their medical texts bring little information about postpartum depression as defined by modern medicine. Only one reference in ancient Greek medical literature - a passage from Soranus’ Gynaeciorum libri IV - can be considered a clear presentation of this mental disorder. Soranus’ interpretation seems to be firmly based on the tenets of the four humours.Premda su stari Grčki liječnici pisali o različitim mentalnim poremećajima, nema gotovo nijednog zapisa o postpartalnoj depresiji u smislu kojem ga definira moderna medicina. Tek se jedna referenca u starogrčkoj medicinskoj literaturi može nedvosmisleno smatrati opisom ovog mentalnog poremećaja, a to je odlomak iz Soranovog Gynaeciorum libri IV. Sudeći iz zapisa, Soranovo se tumačenje poremećaja čvrsto temelji na načelima četiri tjelesne tekućine

A commentary on Euripides' Danaae and Dictys.

Euripides' Danae and Dictys belong to the Danae-myth, treating the earlier and subsequent phase of the legend, respectively. As far as the evidence allows, a cautious reconstruction of the plot of each play is attempted, based on interrogation of the fragmentary material and the testimonia. In this effort, Euripidean scene-construction, parallel thematic and structural patterns, parallel rhetoric and general rules of tragic practice are also taken into account as evidence for the dramatist's usage. As regards the generic affiliations of each play, the Danae may be paralleled to Euripides' Alope, Melanippe the Wise and Auge, all of which treated the clash of a royal daughter with her paternal oikos, due to the disclosure of her illicit motherhood resulting in most cases from her union with a god. The evidence for the Dictys indicates that it was probably built upon a central altar-scene (cf. E. Heraclidae, Andromache, Suppliant Women, Heracles, Helen) and that it had the features of a nostos-play, following the 'return- rescue-revenge' pattern (cf. the first part of the Heracles). The reception of both plays and their position in the transmission of Euripides are also explored, on the basis of the available evidence. This is the first commentary on Euripides' Danae and Dictys a detailed commentary on language, style, themes and values, aiming also to shed light on various aspects of Euripidean technique (e.g. his rhetoric, imagery, as well as staging directions, where possible). The exploration of issues raised by the fragmentary material seeks to complement our knowledge of Euripides' drama, as derived from surviving plays, which represent only a portion of the whole Euripidean oeuvre. Where appropriate, textual and philological matters are discussed, as well as questions of authenticity, such as a Danae 'hypothesis' and 'prologue' (the spurious fr. 1132 Kn.) transmitted in Euripides' manuscript P (Vaticanus Palatinus gr. 287, f 147v-148r)

The “torpedo” effect in medicine

The natural electrical phenomena fascinated humans since antiquity. The electrical discharges produced by the torpedo fish were highly appreciated among ancient physicians as Hippocrates, Scribonius Largus and Galen and were prescribed for headache, gout and prolapsed anus. In the medieval period, torpedo’s electrical properties were attributed to occult powers, while Renaissance physicians’ and scientists’ studied the anatomy and mechanical nature of the provoked shock paving the way for the discovery of the electrical nature of torpedo’s activity and the evolution of electrotherapy