Fiscal Adjustment and the Costs of Public Debt Service: Evidence from OECD Countries

We use a panel of 21 OECD countries from 1970 to 2009 to investigate the effects of different fiscal adjustment strategies on long-term interest rates – a key fiscal indicator reflecting the costs of government debt service. A government confronted with high deficits and rising debt will sooner or later need to enact fiscal adjustments in order to avoid solvency problems. Over the last four decades, such measures taken by governments in OECD countries have varied in duration, size, composition and in their success to re-establish fiscal sustainability. Controlling for various economic, fiscal and political factors, we find that the size and the composition of a fiscal adjustment significantly affect interest rates as well as yield spreads. Adjustments that are relatively large and those that primarily depend on expenditure cuts lead to substantially lower long-term interest rates. However, periods of fiscal adjustments do not generally have an influence on interest rates, even if they were successful and led to lower deficits and debt levels. Instead, financial markets only seem to value strict and decisive measures – a clear sign that the government’s pledge to cut the deficit is credible.fiscal adjustment, consolidation policy, government debt, deficit, interest rates

Fiskalpolitik als antizyklisches Instrument? Eine Betrachtung der Schweiz

This paper examines the stabilizing effects of Swiss fiscal policy. First, we find that the federation adopted a countercyclical fiscal policy in approximately 60% of all periods observed. During recessions, fiscal policy was always countercyclical and therefore helped to stabilize the economy. In case of the cantons, fiscal policy was countercyclical in 55% of all recessions. In recent years, there has been a trend for both the federation and the cantons toward stronger stabilization. Second, the two stabilizing instruments of fiscal policy, automatic stabilizers and discretionary fiscal policy are compared with each other. Over the last 50 years, automatic stabilizers have been expanded continuously, particularly on the federal level. We find that the impulse of automatic stabilizers is about twice as large as the one of discretionary fiscal policy. Third, macroeconomic effects of Switzerland's fiscal policy during recessions are examined. Automatic stabilizers have been particularly effective in the cantons whereas the effects of discretionary fiscal policy on economic growth have tended to be weake

N-Heterocyclic carbene iron complexes catalyze the ring-opening polymerization of lactide.

Poly(lactic acid), PLA, which holds great promise as a biodegradable substitute of fossil resource-derived polyolefins, is industrially produced by the ring-opening polymerization of lactide using a potentially harmful tin catalyst. Based on mechanistic insights into the reaction of N-heterocyclic carbene (NHC) iron complexes with carbonyl substrates, we surmised and demonstrate here that such complexes are excellent catalysts for the bulk polymerization of lactide. We show that an iron complex with a triazolylidene NHC ligand is active at lactide/catalyst ratios of up to 10 000 : 1, produces polylactide with relatively high number-average molecular weights (up to 50 kg mol-1) and relatively narrow dispersity (Đ ∼ 1.6), and features an apparent polymerization rate constant k app of up to 8.5 × 10-3 s-1, which is more than an order of magnitude higher than that of the industrially used tin catalyst. Kinetic studies and end-group analyses support that the catalytically active species is well defined and that the polymerization proceeds via a coordination-insertion mechanism. The robustness of the catalyst allows technical grade lactide to be polymerized, thus offering ample potential for application on larger scale in an industrially relevant setting

Small-Energy Analysis for the Selfadjoint Matrix Schroedinger Operator on the Half Line

The matrix Schroedinger equation with a selfadjoint matrix potential is considered on the half line with the most general selfadjoint boundary condition at the origin. When the matrix potential is integrable and has a first moment, it is shown that the corresponding scattering matrix is continuous at zero energy. An explicit formula is provided for the scattering matrix at zero energy. The small-energy asymptotics are established also for the corresponding Jost matrix, its inverse, and various other quantities relevant to the corresponding direct and inverse scattering problems.Comment: This published version has been edited to improve the presentation of the result

Inverse Scattering at a Fixed Quasi-Energy for Potentials Periodic in Time

We prove that the scattering matrix at a fixed quasi--energy determines uniquely a time--periodic potential that decays exponentially at infinity. We consider potentials that for each fixed time belong to $L^{3/2}$ in space. The exponent 3/2 is critical for the singularities of the potential in space. For this singular class of potentials the result is new even in the time--independent case, where it was only known for bounded exponentially decreasing potentials.Comment: In this revised version I give a more detailed motivation of the class of potentials that I consider and I have corrected some typo

PTEN expression is a strong predictor of survival in mesothelioma patients

Background: Malignant pleural mesothelioma (MPM) is a highly aggressive tumour with poor prognosis and limited response to therapy. MPM is characterised by complex chromosomal aberrations, including chromosome 10 losses. The tumour suppressor gene phosphatase and tensin homologue deleted from chromosome 10 (PTEN) located on chromosome 10q23 plays an important role in different cancer, but its relevance for MPM is unclear. Patients and methods: In the present tissue microarray-based study, 341 MPM were studied for PTEN expression by immunohistochemistry using a monoclonal mouse PTEN antibody. Expression levels were semiquantitatively scored (negative, weak, moderate, strong). Expression of PTEN was correlated to overall survival. Results: Clinical data from 206 patients were available. One hundred and five patients were stage T4 and 92 patients presented with regional and mediastinal lymph node metastasis. Loss of PTEN expression was observed in 62% of the cases. The survival time was correlated to PTEN expression in 126 cases with complete follow-up data. Comparing any PTEN expression versus no expression, median survival time was significantly longer (log rank test p=0.0001) in patients with PTEN expression (15.5 months; 95% CI: 3.8; 27.2 vs 9.7 months; 95% CI: 7.9; 11.7). Cox regression analysis revealed an association between PTEN expression and survival (p=0.003) independently from the histological subtype (p=0.7). Conclusion: PTEN is an independent prognostic biomarker in mesothelioma patients. The frequent loss of expression of the tumour suppressor gene PTEN suggests involvement of the PI3K-AKT/protein kinase B (PKB) pathway in MPMs, which may be relevant for future mesothelioma treatmen

Hearing Results after Transmastoid Superior Semicircular Canal Plugging for Superior Semicircular Canal Dehiscence: A Meta-Analysis.

OBJECTIVE The transmastoid plugging of a superior semicircular canal is considered a safe and effective technique for the management of superior semicircular canal dehiscence (SSCD). The aim of this meta-analysis is to assess the postoperative hearing outcomes after the transmastoid plugging of the superior semicircular canal. Search method and data sources: A systematic database search was performed on the following databases until 30 January 2023: MEDLINE, Embase, Cochrane Library, Web of Science, CINAHL, ICTRP, and clinicaltrials.gov. A systematic literature review and meta-analysis of the pooled data were conducted. We also included a consecutive case series with SCDS for those who underwent transmastoid plugging treatment at our clinic. RESULTS We identified 643 citations and examined 358 full abstracts and 88 full manuscripts. A total of 16 studies were eligible for the systematic review and 11 studies for the meta-analysis. Furthermore, 159 ears (152 patients) were included. The postoperative mean air conduction threshold remained unchanged (mean difference, 2.89 dB; 95% CI: -0.05, 5.84 dB, p = 0.58), while the mean bone conduction threshold was significantly worse (mean difference, -3.53 dB; 95% CI, -6.1, -0.95 dB, p = 0.9). CONCLUSION The transmastoid plugging technique for superior semicircular canal dehiscence syndrome, although minimally worsening the inner ear threshold, is a safe procedure in terms of hearing preservation and satisfactory symptom relief

Investigating the interaction of cellulose nanofibers derived from cotton with a sophisticated 3D human lung cell coculture

Cellulose nanofibers are an attractive component of a broad range of nanomaterials. Their intriguing mechanical properties and low cost, as well as the renewable nature of cellulose make them an appealing alternative to carbon nanotubes (CNTs), which may pose a considerable health risk when inhaled. Little is known, however, concerning the potential toxicity of aerosolized cellulose nanofibers. Using a 3D in vitro triple cell coculture model of the human epithelial airway barrier, it was observed that cellulose nanofibers isolated from cotton (CCN) elicited a significantly (p < 0.05) lower cytotoxicity and (pro-)inflammatory response than multiwalled CNTs (MWCNTs) and crocidolite asbestos fibers (CAFs). Electron tomography analysis also revealed that the intracellular localization of CCNs is different from that of both MWCNTs and CAFs, indicating fundamental differences between each different nanofibre type in their interaction with the human lung cell coculture. Thus, the data shown in the present study highlights that not only the length and stiffness determine the potential detrimental (biological) effects of any nanofiber, but that the material used can significantly affect nanofiber–cell interactions

Climate-Optimised Intermediate Stop Operations: Mitigation Potential and Differences from Fuel-Optimised Configuration

Saving fuel by splitting a flight mission with an intermediate stop for refuelling is described by the concept of intermediate stop operations. This can also be beneficial to the climate impact of aviation, if the flight level and intermediate stop airport are selected accordingly. This study aims to estimate the mitigation potential of an implementation of climate-optimised intermediate stop operations for European long-haul flights and compare it to fuel-optimal operations. For this purpose, fuel consumption and emissions are simulated along four-dimensional trajectories for the selected annual flight plan, and their average temperature response is calculated. A comparison between the reference case and climate-optimised as well as fuel-optimised scenarios shows a significant climate mitigation potential and reveals a shift of trajectories to lower latitudes and altitudes. However, increased flight times and fuel consumption limit implementation from stakeholders’ perspectives