Autonomous Demand and the Investment Share

This paper looks at the effect of demand shocks on the investment share of the economy. Using panel data on 20 OECD countries, we show that the rate of growth of autonomous demand (exports, public spending and housing investment) is positively correlated with subsequent values of the share of business investment in GDP. By means of an instrumental-variables strategy, we confirm a positive effect of demand dynamics on the business investment share. We instrument autonomous demand with US demand for imports interacted with exposure to trade with the US, openness to trade of a country’s main export destinations, and military spending. A permanent 1% increase in autonomous demand growth raises the investment share by 1.5 to 1.9 percentage points of GDP in our preferred panel IV specification. Our results provide empirical support for the view that the influence of aggregate demand on capital accumulation can be a major source of hysteresis. Our results are inconsistent with the canonical New Keynesian 3-equations model, the Neo-Kaleckian model with flexible equilibrium utilization and Classical-Marxian growth models. A positive influence of autonomous demand on the investment share is instead compatible with demand-led models in which capacity adjusts to demand in the long-run

Domanda autonoma, crescita ed investimenti

According to the latest studies, measures of fiscal consolidation have had a negative effect on the economy thereby dispelling the myth of expansionary austerity based on the idea of a negative fiscal multiplier able to promote growth. In line with recent empirical works on the multiplier of fiscal policy, the following analysis shows that variations in autonomous demand (public spending, exports and autonomous consumption) have a strong multiplier effect on the GDP

An Estimated Open-economy Model for the EURO Area

This paper presents an open economy DSGE model, which is estimated on a euro area data set using Bayesian techniques. An attempt is made to impose stochastic assumptions which are consistent with observed trends. In particular we allow for a unit root in technology which allows us to work with actual growth rates. In addition we respect the long run equilibrium constraints implied by the model. The model is compared to a VECM in order to detect weaknesses in the specification. A full Bayesian IRF analysis is performed with a detailed sensitivity analysis of the IRF shape versus model coefficients.JRC.G.9-Econometrics and statistical support to antifrau

Ambient vibrations of age-old masonry towers: results of long-term dynamic monitoring in the historic centre of Lucca

The paper presents the results of an ambient vibration monitoring campaign conducted on so-called Clock Tower (Torre delle Ore), one the best known and most visited monuments in the historic centre of Lucca. The vibrations of the tower were continuously monitored from November 2017 to March 2018 using high-sensitivity instrumentation. In particular, four seismic stations provided by the Istituto Nazionale di Geofisica e Vulcanologia and two three-axial accelerometers developed by AGI S.r.l., spin-off of the Istituto Nazionale di Astrofisica, were installed on the tower. The measured vibration level was generally very low, since the structure lies in the middle of a limited traffic area. Nevertheless, the availability of two different types of highly sensitive and accurate instruments allowed the authors to follow the dynamic behaviour of the tower during the entire monitoring period and has moreover provided cross-validation of the results

Ambient vibration recording on the Maddalena Bridge in Borgo a Mozzano (Italy): data analysis.

This paper reports on a vibration measurements campaign performed on the medieval Maddalena Bridge, also known as the "Devil's Bridge", in Borgo a Mozzano (Italy), one of the most fascinating in Italy. This 11 th century masonry bridge, supported by four circular arcades, crosses the Serchio River for about one hundred meters. Information on the dynamic response of the structure have been obtained through a wholly nondestructive technique, by measuring the environmental vibrations affecting the structures. A monitoring system has been fitted on the external surface of the bridge in order to evaluate its dynamic response to vibrations originating in the adjacent railway and two nearby roads. The natural frequencies and mode shapes of the structure and the corresponding damping ratios have been obtained by analyzing the recorded data using different techniques of Operational Modal Analysis. Lastly, a finite-element model of the bridge has been calibrated to fit the experimental data

EFFECTIVENESS OF SWITCHING FROM ORAL ZIPRASIDONE TO RISPERIDONE IN A PATIENT WITH COMORBID AUTISTIC DISORDER, PROFOUND INTELLECTUAL DISABILITY, GILBERT SYNDROME, AND EXACERBATION OF PSYCHOSIS

Autism and intellectual disability may hinder any other coexisting psychiatric diagnosis. Diagnoses are often based on behavioral observations, directly ob- tained or reported by family members or operators in frequent contact with the patient, and non-verbal communications, as well as on the psychological and physical symptoms manifested by the patient. We describe the case of a 28-year-old Italian man, hospitalized in one of our long-term care wards for comorbid profound intellectual disability (IQ<25), autistic and psychotic disorders, and Gilbert syndrome, who manifested a severe exacerbation of psychosis, for which ziprasidone was prescribed. This condition para- doxically further deteriorated after the introduction of this drug. A subsequent switch to risperidone greatly and rapidly improved both psychosis-related and symp- toms emerging after the introduction of ziprasidone

Retrospective Investigation of an Influenza A/H1N1pdm Outbreak in an Italian Military Ship Cruising in the Mediterranean Sea, May-September 2009

BACKGROUND: Clinical surveillance may have underestimated the real extent of the spread of the new strain of influenza A/H1N1, which surfaced in April 2009 originating the first influenza pandemic of the 21(st) century. Here we report a serological investigation on an influenza A/H1N1pdm outbreak in an Italian military ship while cruising in the Mediterranean Sea (May 24-September 6, 2009). METHODS: The contemporary presence of HAI and CF antibodies was used to retrospectively estimate the extent of influenza A/H1N1pdm spread across the crew members (median age: 29 years). FINDINGS: During the cruise, 2 crew members fulfilled the surveillance case definition for influenza, but only one was laboratory confirmed by influenza A/H1N1pdm-specific RT-PCR; 52 reported acute respiratory illness (ARI) episodes, and 183 reported no ARI episodes. Overall, among the 211 crew member for whom a valid serological result was available, 39.3% tested seropositive for influenza A/H1N1pdm. The proportion of seropositives was significantly associated with more crowded living quarters and tended to be higher in those aged <40 and in those reporting ARI or suspected/confirmed influenza A/H1N1pdm compared to the asymptomatic individuals. No association was found with previous seasonal influenza vaccination. CONCLUSIONS: These findings underline the risk for rapid spread of novel strains of influenza A in confined environment, such as military ships, where crowding, rigorous working environment, physiologic stress occur. The high proportion of asymptomatic infections in this ship-borne outbreak supports the concept that serological surveillance in such semi-closed communities is essential to appreciate the real extent of influenza A/H1N1pdm spread and can constitute, since the early stage of a pandemic, an useful model to predict the public health impact of pandemic influenza and to establish proportionate and effective countermeasures

Effect of Low Molecular Weight Heparins (LMWHs) on antiphospholipid Antibodies (aPL)-mediated inhibition of endometrial angiogenesis

Antiphospholipid syndrome (APS) is an autoimmune disorder characterized by vascular thrombosis and/or pregnancy morbidity in the presence of circulating antiphospholipid antibodies (aPL). Different pathogenic mechanisms for aPL-mediated pregnancy failure have been proposed. In particular a direct effect of aPL on both maternal and fetal side of the placental tissue has been reported, since their reactivity with \u3b22-glycoprotein I (\u3b22GPI) makes them adhere to trophoblast and human endometrial endothelial cell (HEEC) membranes. \u3b22GPI can be recognized by aPL that, once bound, interfere with both trophoblast functions and with the HEEC differentiation.APS patients can be successfully treated with Low Molecular Weight Heparin (LMWH). Recent reports suggest that LMWH acts through mechanisms alternative to its well known anticoagulant effect, because of its ability to bind \u3b22GPI. In our previous studies, we showed that LMWH is able to reduce the aPL binding to trophoblasts and restore cell invasiveness and differentiation. So far, however, no study has described its effects on endometrial angiogenesis.The aim of our research was to evaluate whether two LMWHs, tinzaparin and enoxaparin, have an effect on the aPL-inhibited endometrial angiogenesis. This prompted us to investigate: (i) in vitro HEEC angiogenesis through a Matrigel assay; (ii) VEGF secretion by ELISA; (iii) matrix metalloproteinase-2 (MMP-2) activity by gelatin zymography; (iv) Nuclear Factor-\u3baB (NF-\u3baB) DNA binding activity by colorimetric assay; (v) STAT-3 activation by a sandwich-ELISA kit. Furthermore, using an in vivo murine model we investigated the LMWHs effects on angiogenesis.We demonstrated that the addition of LMWHs prevents aPL-inhibited HEEC angiogenesis, both in vitro and in vivo, and is able to restore the aPL inhibited NF-\u3baB and/or STAT-3 activity, the VEGF secretion and the MMPs activity.The demonstration of a beneficial role for LMWHs on the aPL-inhibited HEEC angiogenesis might provide additional mechanisms whereby this treatment protects early pregnancy in AP