The Inflation-Output Volatility Tradeoff and Exchange Rate Shocks in Mexico and Turkey

Using a standard Vector Autorregresion with Autocorrelated Time Varying Covariances this paper finds evidence of a vertical inflation-output volatility tradeoff in Mexico and Turkey. It is found, contrary to common economic wisdom, that there is no tradeoff between output and inflation so that monetary policy affects only prices. In addition, it is observed that the exchange rate crucially affects the dynamics of prices, inflation and output. The pass-through from exchange rate to inflation is high and significant in both economies and periods of high exchange rate volatility are associated with unstable rates of inflation. Also, in agreement with many other studies, it is shown here that nominal depreciations are contractionary.Inflation-output Tradeoff, Exchange Rates, BEKK Models

Non Linear Moving-Average Conditional Heteroskedasticity

Ever since the appearance of the ARCH model (Engle 1982a), an impressive array of variance specifications belonging to the same class of models has emerged. Despite numerous successful developments, several empirical studies seem to show that their performance is not always appropriate. In this paper a new conditional heteroskedastic variance model is proposed: the Non-Linear Moving Average Conditional Heteroskedasticity (NLMACH). Its properties are similar to those of the ARCH-class specifications although it does not belong to this class and represents an alternative for modeling conditional volatility through a non-linear moving average specification. Pseudo Maximum likelihood allows for ease of estimation.Conditional Heteroskedastic Models, NLMACH(q), Volatility.

Neural Networks, Ordered Probit Models and Multiple Discriminants. Evaluating Risk Rating Forecasts of Local Governments in Mexico.

Credit risk ratings have become an important input in the process of improving transparency of public finances in local governments and also in the evaluation of credit quality of state and municipal governments in Mexico. Although rating agencies have recently been subjected to heavy criticism, credit ratings are indicators still widely used as a benchmark by analysts, regulators and banks monitoring financial performance of local governments in stable and volatile periods. In this work we compare and evaluate the performance of three forecasting methods frequently used in the literature estimating credit ratings: Artificial Neural Networks (ANN), Ordered Probit models (OP) and Multiple Discriminant Analysis (MDA). We have also compared the performance of the three methods with two models, the first one being an extended model of 34 financial predictors and a second model restricted to only six factors, accounting for more than 80% of the data variability. Although ANN provides better performance within the training sample, OP and MDA are better choices for classifications in the testing sample respectively.Credit Risk Ratings, Ordered Probit Models, Artificial Neural Networks, Discriminant Analysis, Principal Components, Local Governments, Public Finance, Emerging Markets

Dual Pharmacophore Pyrithione-Containing Cephalosporins Kill Both Replicating and Nonreplicating Mycobacterium tuberculosis

The historical view of β-lactams as ineffective antimycobacterials has given way to growing interest in the activity of this class against Mycobacterium tuberculosis (Mtb) in the presence of a β-lactamase inhibitor. However, most antimycobacterial β-lactams kill Mtb only or best when the bacilli are replicating. Here, a screen of 1904 β-lactams led to the identification of cephalosporins substituted with a pyrithione moiety at C3′ that are active against Mtb under both replicating and nonreplicating conditions, neither activity requiring a β-lactamase inhibitor. Studies showed that activity against nonreplicating Mtb required the in situ release of the pyrithione, independent of the known class A β-lactamase, BlaC. In contrast, replicating Mtb could be killed both by released pyrithione and by the parent β-lactam. Thus, the antimycobacterial activity of pyrithione-containing cephalosporins arises from two mechanisms that kill mycobacteria in different metabolic states.This work was supported by the Tres Cantos Open Lab Foundation, the Tri-Institutional TB Research Unit via NIH grants U19 AI109748 and AI111143, and the Abby and Howard Milstein Program in Chemical Biology and Translational Medicine

Transferencia de conocimiento: el caso del grupo Suez y Aguas de Cartagena S.A. E.S.P. “Acuacar”

The article describes the results of the transfer of knowledge of the Suez Group, based on improvement solutions to eliminate or mitigate conflictive or problematic situations, risks or opportunities in the strategic processes and indicators of Aguas de Cartagena S.A. E.S.P. - Acuacar, but in turn reviews the state of the art in connection with the transfer of corporate discernment in the last 10 years, which allows the hypothesis to be configured: knowledge transfer improves corporate performance. The analysis was carried out from a qualitative quantitative approach based on the documentary analysis and the positivist paradigm. ACUACAR's own knowledge delivery registration methodology was also revised, so that its synthesis could be constructed in the 2019 period, as was the variance analysis technique to demonstrate the assumption indicated. The exploratory, descriptive and longitudinal ad hoc design was based on document review, observation, application of data collection instruments and interviews with the management team of Aguas de Cartagena S.A. It was found that the knowledge transmitted through methods, procedures and technologies exerts a positive influence on the corporate performance of ACUACAR. In conclusion, the thesis is confirmed that the transfer of knowledge has a decisive influence on the improvement of the business performance of ACUACAR.El articulo describe los resultados de la transferencia de conocimiento del Grupo Suez, a partir de las soluciones de mejoramiento para eliminar o mitigar las situaciones conflictivas o problemáticas, los riesgos u oportunidades en los procesos e indicadores estratégicos de Aguas de Cartagena S.A. E.S.P. – Acuacar, pero a su vez revisa el estado del arte en conexión a la cesión del discernimiento corporativo en los últimos 10 años, lo que permite configurar la hipótesis: la transferencia de conocimiento mejora el rendimiento corporativo. Él análisis se realizó desde un enfoque cualicuantitativo sustentado en el análisis documental y el paradigma positivista. Se revisó también la metodología propia de registro de entrega del conocimiento de ACUACAR con lo que se pudo construir su síntesis en el periodo 2019 al igual que se utilizó la técnica de análisis de la varianza para demostrar el supuesto señalado. El diseño exploratorio, descriptivo y longitudinal ad hoc se fundamentó en la revisión documental, la observación, la aplicación de instrumentos de recogida de datos y entrevistas al equipo directivo de Aguas de Cartagena S.A. Se encontró que el conocimiento transmitido a través de métodos, procedimientos y tecnologías ejerce influencia positiva en el rendimiento corporativo de ACUACAR. En conclusión, se corrobora la tesis sobre que la cesión de conocimientos despliega influencia determinante en la mejora del rendimiento empresarial de ACUACAR

La territorialización de la ciencia y la tecnología

El sistema español de ciencia y tecnología se ha visto sometido, en opinión del autor, a dos procesos de cambio en apariencia contrapuestos: la territorialización derivada de la implantación del Estado de las autonomías y la dependencia respecto a decisiones supranacionales como consecuencia de la integración a Europa. De ambos, sostiene el autor, pueden extraerse efectos beneficiosos para el conjunto de España. = In the author¿s view, the Spanish science and technology system has been submitted, to two conflicting processes: territorialization, as a consequence of Spain¿s autonomous communities territorial system and the dependency on supranational changes, as a result of Spain¿s integration in Europe. These two processes seem to have yielded good results for Spain

Discovery of novel oral protein synthesis inhibitors of mycobacterium tuberculosis that target leucyl-tRNA synthetase

The recent development and spread of extensively drug-resistant and totally drug-resistant resistant (TDR) strains of Mycobacterium tuberculosis highlight the need for new antitubercular drugs. Protein synthesis inhibitors have played an important role in the treatment of tuberculosis (TB) starting with the inclusion of streptomycin in the first combination therapies. Although parenteral aminoglycosides are a key component of therapy for multidrug-resistant TB, the oxazolidinone linezolid is the only orally available protein synthesis inhibitor that is effective against TB. Here, we show that small-molecule inhibitors of aminoacyl-tRNA synthetases (AARSs), which are known to be excellent antibacterial protein synthesis targets, are orally bioavailable and effective against M. tuberculosis in TB mouse infection models. We applied the oxaborole tRNA-trapping (OBORT) mechanism, which was first developed to target fungal cytoplasmic leucyl-tRNA synthetase (LeuRS), to M. tuberculosis LeuRS. X-ray crystallography was used to guide the design of LeuRS inhibitors that have good biochemical potency and excellent whole-cell activity against M. tuberculosis. Importantly, their good oral bioavailability translates into in vivo efficacy in both the acute and chronic mouse models of TB with potency comparable to that of the frontline drug isoniazid.A.J.L. acknowledges NIH/NIAID contract NO1 AI-95385 (Tuberculosis Antimicrobial Acquisition and Coordinating Facility) for the efficacy testing in mouse models of acute and chronic of infections