The narrative approach for the identification of monetary policy shocks in small open economies

This paper reviews 22 years of UK monetary policy (1971-1992) using official record from the Quarterly Bulletin of the Bank of England. A definition of policy shocks, which allows for the exclusion of cases of interest rate increases, which were unrelated to the monetary policy objectives, is used. The empirical analysis shows that output displays the usual hump-shaped response after a shock to the policy indicator but adjustment to pre-shock levels is slow. Other variables also display theory-consistent behaviour. Based on this policy indicator monetary policy is found to cause very limited output fluctuation in a four year horizon. The policy indicator is found to outperform the intervention rate as a measure of policymonetary policy shocks, narrative approach, UK

Estimating the Euler Equation for Aggregate Investment with Endogenous Capital Depreciation

This paper looks at the empirical consequences of introducing endogenous capital depreciation in the standard neoclassical model with quadratic adjustment costs. To this end, we formulate an empirical specification that accommodates capital maintenance and utilization in the Euler equations for aggregate investment. The empirical estimates with data from the Canadian survey on Capital and Repair Expenditures show that, in contrast to the existing literature, the performance of the Euler equations is improved when we account for the impact of variable capital depreciation.Euler equation; endogenous depreciation; maintenance expenditures

The Balance Sheet Channel of Monetary Policy Transmission: Evidence from the UK

This paper examines the sensitivity of investment to cash flow using a panel of UK firms in manufacturing with a view to shedding some light on the existence of a balance sheet channel or financial accelerator. In addition to examining the impact of cash flow in different subsamples based on company size or financial policy (dividend payouts, share issues and debt accumulation), we also investigate the extent to which investment becomes more sensitive to cash flow in periods of monetary tightness. To this end, we employ a monetary tightness indicator constructed for the UK using the narrative approach pioneered by Romer and Romer. The results provide some support for the view that UK firms show greater investment sensitivity to cash flow during periods of tight monetary policy.Financial Constraints; Balance Sheet Channel, Investment.

The Narrative Approach for the Identification of Monetary Policy Shocks in a Small Open Economy

This paper reviews 22 years of UK monetary policy in the pre-inflation targeting period (1971-1992) using official record from the Bank of England Quarterly Bulletin. A transparent definition of policy episodes is used. The empirical analysis shows that output displays the usual hump-shaped response after a shock to the policy indicator. All variables display theory-consistent behaviour. Monetary policy and exchange rate volatility are found to cause substantial output fluctuation in a four year horizon. The “narrative model” extended to a small open economy compares well with a structural VAR.Monetary Policy Shocks; Narrative Approach; UK.

The Comparative Performance of Q-type and Dynamic Models of Firm Investment: Empirical Evidence from the UK

In this paper two models of investment stemming from the neoclassical theory are derived in a unifying framework. The Q type models view the stock market valuation of a firm as an all-encompassing variable determining its investment decisions, while the Euler equation for investment highlights the dynamic nature of firms’ decisionmaking. A sample of 779 UK manufacturing companies listed in the London Stock Exchange in the period 1971-1990 is used to compare the empirical fit of the two different models of investment. Despite a number of difficulties, the Q model appears to be empirically superior delivering the desirable consistency between theory and data.Empirical investment models, Euler equation for investment, Q model

Impact of Compost Application on Fall-seeded Camelina Yield and Seed Quality

Camelina sativa (L). Crantz is a novel promising oilseed plant that can be grown as a spring annual crop or as a winter annual, in milder climates, providing distinct advantages. The objectives of this 3-year study were to evaluate the agronomic potential of fall-seeded camelina in Mediterranean conditions and the effect of compost application on its yield and quality characteristics. The response of fall-seeded camelina to organic fertilization resulted in tripling the seed yield and enhance the weight of seeds, compared to the unfertilized control. Concerning, seed quality characteristics compost application significantly enhanced only seed ash percentage (3.71%) as compared to control (3.05%) and lesser the crude fiber, crude protein and oil content. Results indicated that camelina is a feasible winter crop for Southern Greece and further studies must be carried out to optimize its production

Building a financial conditions index for the euro area and selected euro area countries: what does it tell us about the crisis?

In this paper we construct Financial Conditions Indices (FCIs) for the euro area, for the period 2003 to 2011, using a wide range of prices, quantities, spreads and survey data, grounded in the theoretical literature. One FCI includes monetary policy variables, while two versions without monetary policy are also constructed, enabling us to study the impact of monetary policy on financial conditions. The FCIs constructed fit in well with a narrative of financial conditions since the creation of the monetary union. FCIs for individual euro area countries are also provided, with a view to comparing financial conditions in core and periphery countries. There is evidence of significant divergence both before and during the crisis, which becomes less pronounced when monetary policy variables are included in the FCI. However, the impact of monetary policy on financial conditions appears not to be entirely symmetric across the euro area

Tillage intensity and compost application effects on organically grown camelina productivity, seed and oil quality

The importance of Camelina sativa has lessened substantially over the last half century, however its unique oil composition and the beneficial agronomic attributes with regard to sustainable agriculture have recently reignited interest in this oilseed crop. Notwithstanding the great interest in camelina, the potential to be cultivated organically has not received prominent attention from researchers. The objective of this study was to evaluate the response of organic camelina to different tillage systems and compost types, based on differences in yield parameters, oil content, seed crude protein and fatty acid profile. The field experiments, conducted during the 2014, 2015 and 2016 growing seasons, were laid out in a split plot design with three replicates, two main plots (conventional tillage and minimum tillage) and three sub-plots (vermicompost, compost, unamended control). It is consequential from the results that the effect of the type of organic amendment was highly significant on camelina’s productivity. Particularly, compost treatment resulted in higher seed and oil yield (1132 and 446 kg ha-1, respectively) compared to the vermicompost (682 and 269 kg ha-1, respectively) and the unamended control (554 and 220 kg ha-1, respectively). Regarding the fatty acid profile, both organic amendments increased linoleic and palmitic acids, while they presented disparate effects on a-linolenic acid. Furthermore, tillage system influenced significantly only thousand seeds weight, protein content and gondoic acid, enabling the use of reduced tillage to be comparably effective on organically grown camelina performance. Further experimentation is needed to match crop needs with the appropriate cropping techniques in order to ensure an effective organic cultivation

Functional Implications of RFRP-3 in the Central Control of Daily and Seasonal Rhythms in Reproduction

Adaptation of reproductive activity to environmental changes is essential for breeding success and offspring survival. In mammals, the reproductive system displays regular cycles of activation and inactivation which are synchronized with seasonal and/or daily rhythms in environmental factors, notably light intensity and duration. Thus, most species adapt their breeding activity along the year to ensure that birth and weaning of the offspring occur at a time when resources are optimal. Additionally, female reproductive activity is highest at the beginning of the active phase during the period of full oocyte maturation, in order to improve breeding success. In reproductive physiology, it is therefore fundamental to delineate how geophysical signals are integrated in the hypothalamo-pituitary-gonadal axis, notably by the neurons expressing gonadotropin releasing hormone (GnRH). Several neurochemicals have been reported to regulate GnRH neuronal activity, but recently two hypothalamic neuropeptides belonging to the superfamily of (Arg)(Phe)-amide peptides, RFRP-3 and kisspeptin, have emerged as critical for the integration of environmental cues within the reproductive axis. The goal of this review is to survey the current understanding of the role played by RFRP-3 in the temporal regulation of reproduction, and consider how its effect might combine with that of kisspeptin to improve the synchronization of reproduction to environmental challenges

Παρεμβατικό πρόγραμμα αγωγής και προαγωγής υγείας – διαχείρισης του στρες – εγκατάστασης υγιεινών συμπεριφορών δια της Πυθαγορείου Αυτογνωσίας σε μαθητές προσχολικής ηλικίας

Εισαγωγή: Στη σύγχρονη εποχή, και ενώ το στρες κι ο ανθυγιεινός τρόπος ζωής αυξάνονται ολοένα και περισσότερο, παρατηρείται η ραγδαία εμφάνιση ποικίλων μη μεταδιδόμενων νοσημάτων ως απόρροια αυτών. Λύση απέναντι σε αυτό το πρόβλημα μπορεί να αποτελέσει η πρόληψη μέσω παρεμβατικών προγραμμάτων στο σχολικό περιβάλλον, και ειδικότερα στις πρώτες σχολικές βαθμίδες εκπαίδευσης των παιδιών. Πιο συγκεκριμένα, η διαχείριση των συναισθημάτων και η εκμάθηση μιας νέας ρουτίνας στην καθημερινότητα των παιδιών, είναι δυνατόν να αποτελέσουν την κινητήριο δύναμη για μια υγιή ενήλικη ζωή. Σκοπός της παρούσας μελέτης είναι η διερεύνηση επίδρασης του προγράμματος της Πυθαγορείου Αυτογνωσίας διάρκειας 9 εβδομάδων με στόχο την διαχείριση του στρες και την εγκαθίδρυση ενός υγιούς τρόπου ζωής. Πρόκειται για ένα καινοτόμο πρόγραμμα διαχείρισης του στρες το οποίο βασίζεται στη γνωσιακή αναδόμηση του ατόμου. Υλικό και μέθοδοι: Το δείγμα στο οποίο πραγματοποιήθηκε το συγκεκριμένο πρόγραμμα αποτέλεσαν μαθητές προσχολικής ηλικίας (3-6 ετών). Η παρούσα μελέτη σχεδιάστηκε με σκοπό να πραγματοποιηθεί σύγκριση των μετρήσεων του δείγματος πριν και μετά την παρέμβαση. Διεξήχθησαν μετρήσεις δύο φορές πριν από την παρέμβαση και μια φορά μετά από αυτήν. Σε κάθε μέτρηση χρησιμοποιήθηκαν 2 ερωτηματολόγια, η Κλίμακα Αντιλαμβανόμενου Στρες για παιδιά (Perceived Stress Scale for Children, PSS-C) και o Κατάλογος Ελέγχου Συμπεριφοράς στην Προσχολική Ηλικία (ΚΕΣΠΗ), καθώς και μια συσκευή PPG (photoplethysmograph). Επιπλέον, λήφθηκαν τα δημογραφικά δεδομένα του κάθε παιδιού (φύλο, ηλικία). Για τη στατιστική ανάλυση των δεδομένων του δείγματος, χρησιμοποιήθηκαν μέθοδοι επαγωγικής και περιγραφικής στατιστικής. Αποτελέσματα: Με τη λήξη του προγράμματος, μέσω της σύγκρισης των αρχικών μετρήσεων των συμμετεχόντων, παρατηρήθηκε πως δεν υπήρξε στατιστικά σημαντική διαφορά (p>0,05 για όλες τις συγκρίσεις). Στα αποτελέσματα των μετρήσεων πριν και μετά την παρέμβαση, φαίνεται ότι υπήρξε στατιστικά σημαντική διαφορά σε όλες τις ποσοτικές μεταβλητές [Αντιλαμβανόμενο στρες PSS-C (p<0,0001), Κατάλογος ελέγχου συμπεριφοράς ΚΕΣΠΗ, (p<0,0001), PPG Stress Flow, Heart Rate mean (p<0,0001) και Low Frequency/Very Low Frequency (p=0,034)]. Συμπεράσματα: Το πρόγραμμα της Πυθαγορείου Αυτογνωσίας είχε ευεργετική επίδραση στη διαχείριση του στρες και στον τρόπο ζωής σε δείγμα μαθητών προσχολικής ηλικίας.Introduction: Nowadays, while stress and unhealthy lifestyles are increasing more and more, the rapid appearance of various non-communicable diseases is observed as a consequence of them. The solution to this problem can be the prevention through intervention programs in the school environment, and in particular in the first grades of children's education. More specifically, managing emotions and learning a new routine in children's everyday life can be the driving force for a healthy adult life. The purpose of this study is to investigate the effect of the 9-week Pythagorean Self-Awareness program with the aim of managing stress and establishing a healthy lifestyle. It is an innovative stress management program based on the cognitive reconstruction of the individual. The sample in which the specific program was carried out was preschool students (3-6 years old). Materials and methods: In this study, the one group (double) pretest - posttest design was used, so the results of the measurements before and after the intervention were compared. Measurements were taken twice before the intervention and once after it. Two questionnaires, the Perceived Stress Scale for Children (PSS-C) and Checklist for screening behavioral problems in preschool children, as well as a PPG (Photoplethysmograph) device were used in each measurement. In addition, each child's demographic data (gender, age) were obtained. Inductive and descriptive statistics methods were used for the statistical analysis of the sample data. Results: At the end of the program, by comparing the initial measurements of the participants, it was observed that there was no statistically significant difference (p>0.05 for all comparisons). In the comparison of pretest and posttest results, it appears that there was a statistically significant difference in all quantitative variables [Perceived Stress (p<0.0001), Checklist for screening behavioral problems in preschool children, (p<0.0001), PPG Stress Flow, Heart Rate mean (p<0.0001) and Low Frequency/Very Low Frequency (p=0,034)]. Conclusions: The Pythagorean Self-awareness program had a beneficial effect on stress management and lifestyle in the sample of preschool students