Business Cycle Analysis with Multivariate Markov Switching Models

The class of Markov switching models can be extended in two main directions in a multivariate framework. In the first approach, the switching dynamics are introduced by way of a common latent factor. In the second approach a VAR model with parameters depending on one common Markov chain is considered (MSVAR). We will extend the MSVAR approach allowing for the presence of specific Markov chains in each equation of the VAR (MMSVAR). In the MMSVAR approach we also explore the introduction of correlated Markov chains which allow us to evaluate the relationships among phases in different economies or sectors and introduce causality relationships, which allow a more parsimonious representation. We apply our model to study the relationship between cyclical phases of the industrial production in the US and Euro zone. Moreover, we construct a MMS model to explore the cyclical relationship between the Euro zone industrial production and the industrial component of the European Sentiment Index.Economic cycles, Multivariate models, Markov switching models, Common latent factors, Causality, Euro-zone

A turning point chronology for the Euro-zone

We propose a dating process for the business and growth Euro-zone cycles. This process is a result of a non parametric algorithm and diverse criteria assessment (duration, deepness, diffusion, synchronisation), as well as of “expert judgments” based on a combination of the following principles: a comparison of direct and indirect dating; an objective of coherence between growth cycle and business cycle turning points (ABCD approach); an objective of coherence between industrial and GDP cycles. As a complement to the traditional direct approach based on the study of Euro-zone aggregates, the main contribution of this paper is to measure the degree of diffusion and synchronisation of the cycles among the countries.Economic cycles, Turning point, Chronology, Non parametric approach, Euro-zone

Elastin-Derived Peptides Are New Regulators of Thrombosis

International audienc

The Innate Immune Response in Eisenia Fetida to Microbial Challenges

The common earthworm, Eisenia fetida, exhibits a rudimentary immune system. The earthworm needs cellular and chemical responses against a constant microbial exposure from its natural environment. Some cellular and chemical responses are found in the coelomic fluid and have been shown to demonstrate anti-microbial characteristics. This project uses microscopy and modified staining techniques to differentiate and categorize the cellular components found in the coelomic fluid. Following a microbial challenge by Klebsiella pneumoniae, an inflammatory response was initiated. Six groups of earthworms were injected with 0.05 ml of 1.0 x 106 cfu /ml K. pneumoniae on day one and tested over a period of five days. A group of three worms was shocked each day for the next five days to cause the coelomic fluid and cells to pass through the body wall. The coelomic fluid was placed directly on glass slides, dried and stained with a modified Wright’s stain using a wash buffer solution with a pH of 6.3. The stained cells were differentiated into four categories. Total cell counts were determined. The data indicated a marked proliferation in total cell counts in comparison to the control worms. This trend of increasing total cell counts continued over the five days. The percent ages of the four types of coelomic cells from the differential remained constant. Cells were photographed and documented for comparisons. Additional studies are ongoing to determine how long the Eisenia fetida take to remove Klebsiella pneumoniae from the coelomic cavity

Elastin-derived peptides potentiate atherosclerosis through the immune Neu1-PI3Kγ pathway

Aims Elastin is degraded during vascular ageing and its products, elastin-derived peptides (EP), are present in the human blood circulation. EP binds to the elastin receptor complex (ERC) at the cell surface, composed of elastin-binding protein (EBP), a cathepsin A and a neuraminidase 1. Some in vitro functions have clearly been attributed to this binding, but the in vivo implications for arterial diseases have never been clearly investigated. Methods and results Here, we demonstrate that chronic doses of EP injected into mouse models of atherosclerosis increase atherosclerotic plaque size formation. Similar effects were observed following an injection of a VGVAPG peptide, suggesting that the ERC mediates these effects. The absence of phosphoinositide 3-kinase γ (PI3Kγ) in bone marrow-derived cells prevented EP-induced atherosclerosis development, demonstrating that PI3Kγ drive EP-induced arterial lesions. Accordingly, in vitro studies showed that PI3Kγ was required for EP-induced monocyte migration and ROS production and that this effect was dependent upon neuraminidase activity. Finally, we showed that degradation of elastic lamellae in LDLR−/− mice fed an atherogenic diet correlated with atherosclerotic plaque formation. At the same time, the absence of the cathepsin A-neuraminidase 1 complex in cells of the haematopoietic lineage abolished atheroma plaque size progression and decreased leucocytes infiltration, clearly demonstrating the role of this complex in atherogenesis and suggesting the involvement of endogenous EP. Conclusion Altogether, this work identifies EP as an enhancer of atherogenesis and defines the Neuraminidase 1/PI3Kγ signalling pathway as a key mediator of this function in vitro and in viv

Elastin Peptides Signaling Relies on Neuraminidase-1-Dependent Lactosylceramide Generation

The sialidase activity of neuraminidase-1 (Neu-1) is responsible for ERK 1/2 pathway activation following binding of elastin peptide on the elastin receptor complex. In this work, we demonstrate that the receptor and lipid rafts colocalize at the plasma membrane. We also show that the disruption of these microdomains as well as their depletion in glycolipids blocks the receptor signaling. Following elastin peptide treatment, the cellular GM3 level decreases while lactosylceramide (LacCer) content increases consistently with a GM3/LacCer conversion. The use of lactose or Neu-1 siRNA blocks this process suggesting that the elastin receptor complex is responsible for this lipid conversion. Flow cytometry analysis confirms this elastin peptide-driven LacCer generation. Further, the use of a monoclonal anti-GM3 blocking antibody shows that GM3 is required for signaling. In conclusion, our data strongly suggest that Neu-1-dependent GM3/LacCer conversion is the key event leading to signaling by the elastin receptor complex. As a consequence, we propose that LacCer is an early messenger for this receptor

Detection chain and electronic readout of the QUBIC instrument

The Q and U Bolometric Interferometer for Cosmology (QUBIC) Technical Demonstrator (TD) aiming to shows the feasibility of the combination of interferometry and bolometric detection. The electronic readout system is based on an array of 128 NbSi Transition Edge Sensors cooled at 350mK readout with 128 SQUIDs at 1K controlled and amplified by an Application Specific Integrated Circuit at 40K. This readout design allows a 128:1 Time Domain Multiplexing. We report the design and the performance of the detection chain in this paper. The technological demonstrator unwent a campaign of test in the lab. Evaluation of the QUBIC bolometers and readout electronics includes the measurement of I-V curves, time constant and the Noise Equivalent Power. Currently the mean Noise Equivalent Power is ~ 2 x 10⁻¹⁶ W/√Hz

Detection chain and electronic readout of the QUBIC instrument

The Q and U Bolometric Interferometer for Cosmology (QUBIC) Technical Demonstrator (TD) aiming to shows the feasibility of the combination of interferometry and bolometric detection. The electronic readout system is based on an array of 128 NbSi Transition Edge Sensors cooled at 350mK readout with 128 SQUIDs at 1K controlled and amplified by an Application Specific Integrated Circuit at 40K. This readout design allows a 128:1 Time Domain Multiplexing. We report the design and the performance of the detection chain in this paper. The technological demonstrator unwent a campaign of test in the lab. Evaluation of the QUBIC bolometers and readout electronics includes the measurement of I-V curves, time constant and the Noise Equivalent Power. Currently the mean Noise Equivalent Power is ~ 2 x 10⁻¹⁶ W/√Hz