A tale of two margins: monetary policy and capital misallocation

Este documento explora de forma empírica el impacto de la política monetaria en la asignación del capital a través de su efecto heterogéneo en empresas. Usando datos a nivel de empresa de España del período 1999-2019, mostramos que shocks expansivos de política mejoran la asignación del capital, medido como la dispersión intrasector de la productividad marginal del capital (MRPK). Para analizar los mecanismos que llevan a este resultado, primero exploramos el margen intensivo, y mostramos que, tras un shock expansivo de política monetaria, las empresas con una alta MRPK son las que incrementan relativamente más su capital y su deuda. También documentamos como la MRPK tiene un poder explicativo sobre la sensibilidad de la inversión a política monetaria más fuerte que otras variables, como edad, endeudamiento o efectivo. Esta evidencia apunta a la variable MRPK como una buena proxy de fricciones financieras. En segundo lugar, analizamos el margen extensivo, y mostramos que una política monetaria expansiva aumenta la entrada y disminuye la salida de empresas, aunque el efecto es cuantitativamente pequeño, y no induce a cambios significativos en la composición empresarial de la MRPK. En resumen, esta evidencia apunta a que los shocks expansivos de política monetaria mejoran la asignación de recursos sobre todo a través de la relajación de fricciones financieras de empresas constreñidas con mayor productividad del capital.This paper explores the impact of monetary policy on capital misallocation through its heterogeneous effects on firms. Using Spanish firm-level data covering the period 1999-2019, we show that an expansionary monetary policy shock leads to a decrease in capital misallocation, as measured by the within-industry dispersion of firms’ marginal revenue product of capital (MRPK). To analyse the mechanism behind this finding, we first explore the intensive margin and show that high-MRPK firms increase their investment and their debt financing relatively more than low-MRPK firms after monetary policy easing. We also document that a firm’s MRPK is a much stronger driver of its investment sensitivity to monetary policy than its age, leverage or cash. These findings suggest that MRPK is a good proxy for financial frictions. Second, we explore the extensive margin and show that monetary policy easing increases entry and decreases exit, although the effect is quantitatively small, and it does not lead to significant changes in the composition of high- and low-MRPK entrants or exiters. Overall, the evidence points to expansionary monetary policy decreasing capital misallocation mainly through the relaxation of financial frictions of incumbent, productive, constrained firms

Opinión de los egresados del plan de estudios de la licenciatura en enfermería de la Facultad de Estudios Superiores Zaragoza – Universidad Nacional Autónoma de México.

Introduction: Institutions of higher education fit requirements in disciplinary fields and professional profiles. Graduate studies provide tools to improve the quality of educational programs, the location of graduates in the job market, working conditions and the demands they imply.Aim: to analyze job placements and opinions on the training of graduates through the curriculum of nursing from Facultad de Estudios Superiores Zaragoza, Universidad Nacional Autónoma de México (FES Z, UNAM).Methodology: quantitative, descriptive and transversal studies, calculated using the formula for finite populations. The instrument used was the form “follow-up of graduates from the nursing career, on the basis proposed by the National Association of Universities and Institutions of Higher Education, whit a Cronbach´s alpha of 0.878. The data analysis was performed using SPSS version 11.0.Results: the employability of graduates is in general hospitals, followed by units of primary care and ultimately medical specialties. The opinion on the curriculum studied in theoretical and practical blocks, is of the level: very adequate. The opinion of knowledge and skills learned is that it is generally excellent. Modifications of the curriculum emerged in theoretical and practical modules, they said to keep the content first, extend them second, and a minimum suggested reducing it. The opinion of teacher training in theoretical module was very adequate, meanwhile for practical module was excellent.Conclusions: graduates showed first and second levels of attention, corresponding to graduates profile, they point out that the curriculum give them fundamental tools for professional labor, exceptional knowledge and skills.Introducción: Las Instituciones de Educación Superior (IES) requieren ajustarse en los ámbitos disciplinarios y en sus perfiles profesionales. Los estudios de egresados proveen herramientas necesarias para elevar la calidad de programas educativos, conocer su ubicación en el mercado y condiciones laborales y las demandas que les implica. Objetivo: Analizar la ubicación laboral y la opinión sobre la formación recibida de los egresados del plan de estudios de la Licenciatura en Enfermería de la Facultad de Estudios Superiores Zaragoza de la Universidad Nacional Autónoma de México (FES-Z-UNAM). Metodología: Estudio cuantitativo, descriptivo y transversal; muestreo probabílístico y aleatorio de 222 egresados; instrumento: “Seguimiento de egresados de la carrera de Enfermería de LA FESZ-UNAM”, tomando como base el propuesto  por la ANUIES (Asociación Nacional de Universidades e Instituciones de Educación Superior); con un Alpha de Cronbach de .878. Análisis con el SPSS versión 11.0. Resultados: La Inserción Laboral de los Egresados es en hospitales generales, seguida de unidades de primer nivel de atención y finalmente en especialidades médicas. La Opinión Respecto al Plan de Estudios cursado, en los Bloques Teórico y Práctico, se ubica en el nivel de Muy Adecuado. La Opinión Sobre Conocimientos y Habilidades aprendidas, en general se encuentra en el rango de Excelente. La Opinión Sobre la Formación de los Docentes en los Módulos Teóricos, fue de Muy Adecuado, en tanto que para los Módulos Prácticos fue de excelente. Conclusiones: Los egresados se ubican en el primero y segundo nivel de atención, lo que corresponde al perfil de egreso; señalaron que el plan de estudios les otorgó las herramientas fundamentales para el ejercicio profesional y los conocimientos y habilidades adquiridas fueron de excelencia

Variabilidad de compuestos fenólicos en diferentes estadios fenológicos en dos poblaciones de Valeriana carnosa Sm. (Valerianoideae, Caprifoliaceae) en Patagonia

En este estudio se analizó el contenido total de compuestos fenólicos en extractos de raíces y rizomas provenientes de dos poblaciones de Valeriana carnosa Sm. (Caprifoliaceae) en tres estadios fenológicos. El contenido total de fenoles se determinó sobre muestras secas, mediante el método de Folin-Ciocalteu, que varió de 3.56-11.68 mg GAE/g entre individuos. Se determinó la actividad antioxidante utilizando el radical estable 2,2-difenil-1-picrilhidrazilo (DPPH) y se observó una correlación positiva significativa entre la actividad antioxidante y el contenido total de fenoles. Identificamos tentativamente 18 compuestos fenólicos mediante HPLC-MS, principalmente ácidos fenólicos, dos de los cuales estuvieron presentes en la población Hoya en la etapa vegetativa y en la población Piltri en las etapas de floración y fructificación. Los compuestos fenólicos en órganos subterráneos de V. carnosa varían cualitativamente (entre poblaciones/estadios) y cuantitativamente a nivel intra- e inter-poblacional en diferentes estadios fenológicos. En ambas poblaciones, en promedio se registró un mayor contenido de fenoles y actividad antioxidante en las etapas de floración y fructificación.This study analysed the total content of phenolic compounds in roots and rhizomes extracts from two populations of Valeriana carnosa Sm. (Caprifoliaceae) at three phenological stages. Total phenolic content was determined through the Folin-Ciocalteu method, which ranged between individuals from 3.56 to 11.68 mg GAE/g of dry sample. Antioxidant activity was determined using the stable radical 2,2-diphenyl-1-picrylhydrazyl (DPPH), which showed a significant positive correlation between antioxidant activity and total phenolic content. We tentatively identified 18 phenolic compounds by HPLC-MS, mostly phenolic acids, one of which was present only in the Hoya population at the vegetative stage and one only in the Piltri population at the flowering and fruiting stages. Phenolic compounds in subterranean organs of V. carnosa vary qualitatively (between populations/stages) and quantitatively at intra- and inter-population level at different phenological stages. In both populations, on average a higher phenolic content and antioxidant activity were recorded at the flowering and fruiting stages.Fil: Guajardo, Jimena Johana. Instituto Nacional de Tecnología Agropecuaria. Centro Regional Patagonia Sur. Estación Experimental Agropecuaria Esquel; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Gastaldi, Bruno. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel; ArgentinaFil: González, Silvia Beatriz. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel; ArgentinaFil: Nagahama, Nicolas. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel; Argentina. Instituto Nacional de Tecnología Agropecuaria. Centro Regional Patagonia Sur. Estación Experimental Agropecuaria Esquel; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentin

Solidago chilensis Meyen (Asteraceae), una planta medicinal de Ameica del Sur. Una revisión integral: usos etnomedicinales, fitoquímica y bioactividad

Solidago chilensis Meyen (Asteraceae) is a medicinal and aromatic herb widely distributed in South America. From 2000 to the present numerous articles on this species have been published, mainly in the last decade where the pharmacological studies and articles on its secondary metabolites have risen sharply. S. chilensis has potential beneficial effects on human health, particularly as an anti-inflammatory because of its high flavonoid content. This work describes the research carried out on this species with emphasis on biological and phytochemical studies.Fil: Gastaldi, Bruno. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Catalan, Cesar Atilio Nazareno. Universidad Nacional de Tucumán. Facultad de Bioquímica, Química y Farmacia. Instituto de Química Orgánica. Cátedra de Química Orgánica III; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Tucumán; ArgentinaFil: Silva Sofrás, Fresia. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel; ArgentinaFil: González, Silvia Beatriz. Universidad Nacional de la Patagonia "San Juan Bosco". Facultad de Ciencias Naturales - Sede Esquel; Argentin

Biodiversity of Bacteriocin-Producing Lactic Acid Bacteria from Mexican Regional Cheeses and their Contribution to Milk Fermentation

The aim of this work was to examine the biodiversity of bacteriocin-producing lactic acid bacteria from homemade cheeses produced in Veracruz (México) and assess their contribution as adjunct cultures in dairy products. Ninety-three presumptive bacteriocinogenic strains were detected by direct antagonism assays and 29 of them were active against Enterococcus faecalis NRRL-B537, Listeria innocua 062 AST, or Listeria monocytogenes ATCC19115 by the well diffusion test using cell-free supernatants, adjusted to pH 6.0 to exclude inhibition by organic acids. Positive isolates were identified by partial sequencing of the 16s rDNA as Pediococcus acidilactici (four isolates), Enterococcus faecium (17 isolates), Lactobacillus plantarum (six isolates) and Lactobacillus fermentum (two isolates). RAPD-PCR discriminated seven groups with a 50% similarity and revealed the presence of the same isolates. The coding genes for the synthesis of plantaricin EF, plantaricin JK, plantaricin N, plantaricin NC8 and the inducing peptide plantaricin A were detected by PCR in L. plantarum. Similarly, enterocin P and pediocin PA-1 genes were amplified from Enterococcus and Pediococcus genomic DNA, respectively. Overall, co-culturing of bacteriocin producing Lactobacillus and Pediococcus strains with the dairy starter Lactococcus lactis IPLA947 did not interfere with milk acidification. Lactose consumption, acidification rate and production of lactic acid were unchanged. Nonetheless, higher levels of acetic acid, ethanol and succinic acid were detected depending on the strain. Our results demonstrate the diversity of bacteriocinogenic species in homemade Mexican cheeses which may be used as adjunct cultures to enhancing safety of this well-appreciated cheese while providing a richer range of metabolites.This work was supported by Tecnológico Nacional de México (5486.14.15-P), the Mexican National Council for Science and Technology (Consejo Nacional de Ciencia y Tecnología -CONACYT) and partially by the Ministry of Economy and Competitiveness of Spain (MINECO) through grant BIO2013-46266-R. Funding by GRUPIN14-139 Plan de Ciencia, Tecnología e Innovación 2013-2017 (Principado de Asturias, Spain), supported by FEDER EU funds, is also acknowledged. S. Portilla-Vázquez held a CONACYT fellowship as well as an i-COOP mobility grant COOPA20015 funded by Consejo Superior de Investigaciones Científicas (CSIC), Spain.Peer reviewe

Nectary structure is not related to pollination system in trichocereeae cactus from northwest Argentina

Floral nectaries are essential for plant reproduction but little is known about the relationship between these secretory structures and pollination system in cacti. To test phenotypic patterns in nectaries associated with pollination syndromes and/or with its pollinators, we selected from evolutionarily related genera Cleistocactus, Denmoza, and Echinopsis, a set of species with bird-pollinated flowers and floral traits that may fit with ornithophily or with sphingophily, and other set of sphingophilous species with moths as effective pollinator. Observations were made under light microscope and scanning and transmission electron microscopes. Nectaries are located at the base of the filaments welded to the tube, forming a chamber. The nectary consists of the epidermis with distinctive features in each genus, a secretory parenchyma which may be vascularized and a non-secretory vascularized parenchyma. Anatomical variants observed in nectaries of different species are not consistent with the floral pollination syndromes neither with groups of pollinators. The basic structure of the nectar chamber is relatively conserved, a fact that may be explained by phylogenetic conservatism among the genera investigated. Our results revalue the role of anatomical traits for the systematics of Cactaceae.Fil: González, Valeria Vanesa. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Nordeste. Instituto de Botánica del Nordeste. Universidad Nacional del Nordeste. Facultad de Ciencias Agrarias. Instituto de Botánica del Nordeste; ArgentinaFil: Gorostiague, Pablo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Salta; ArgentinaFil: Ortega Baes, Francisco Pablo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Salta; ArgentinaFil: Galati, Beatriz Gloria. Universidad de Buenos Aires; ArgentinaFil: Ferrucci, Maria Silvia. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Nordeste. Instituto de Botánica del Nordeste. Universidad Nacional del Nordeste. Facultad de Ciencias Agrarias. Instituto de Botánica del Nordeste; Argentin

Improving thermal stability of the metastable bacteriocin LCN972

Póster presentado en el 11th International Symposium on Lactic Acid Bacteria, celebrado en Países Bajos, del 31 de agosto al 4 de septiembre de 2014.Bacteriocins are ribosomally‐synthesized antimicrobial peptides produced by bacteria. Most LAB bacteriocins are pore formers but some are also active as cell wall inhibitors by targeting cell wall precursors. GOALS Lcn972 is a bacteriocin that inhibits cell wall biosynthesis at the division septum by binding to lipid II. It is active exclusively against other lactococci and lacks any post‐translational modifications. These features make Lcn972 an attractive molecule as template for developing new antibiotics as it may bear a new lipid II binding domain. Unfortunately Lcn972 unfolds irreversible at room temperature preventing its use to map the interactions with lipid II.Grant BIO2010‐17414 (Ministerio de Economía y Competitividad ‐Spain) and PEstOE/EQB/LA0004/2011,Contract REDE/1517/RMN/2005 and PTDC/QUI‐BIQ/114904/2009 (Fundação para a Ciência e a Tecnologia‐Portugal.Peer reviewe