Global monetary policy shocks in the G5: a SVAR approach

The paper constructs a global monetary aggregate, namely the sum of the key monetary aggregates of the G5 economies (US, Euro area, Japan, UK, and Canada), and analyses its indicator properties for global output and inflation. Using a structural VAR approach we find that after a monetary policy shock output declines temporarily, with the downward effect reaching a peak within the second year, and the global monetary aggregate drops significantly. In addition, the price level rises permanently in response to a positive shock to the global liquidity aggregate. The similarity of our results with those found in country studies might supports the use of a global monetary aggregate as a summary measure of worldwide monetary trends. JEL Classification: E52, F0

Monetary Policy Shocks in the Euro Area and Global Liquidity Spillovers

We analyse the international transmission of monetary policy shocks with a focus on the effects of foreign liquidity on the euro area. We estimate two domestic structural VAR models for the euro area and then we introduce a global liquidity aggregate. The impulse responses show that a positive shock to foreign liquidity leads for the euro area to a permanent increases in M3 and in the price level, a temporary rise in real output and a temporary appreciation of the euro real effective exchange rate. Moreover, we find that innovations in global liquidity play an important role in explaining price and output fluctuations.Monetary policy, Structural VAR, International spillovers

Global Monetary Policy Shocks in the G5: A SVAR Approach

The paper constructs a global monetary aggregate, namely the sum of the key monetary aggregates of the G5 economies (US, Euro area, Japan, UK, and Canada), and analyses its indicator properties for global output and inflation. Using a structural VAR approach we find that after a monetary policy shock output declines temporarily, with the downward effect reaching a peak within the second year, and the global monetary aggregate drops significantly. In addition, the price level rises permanently in response to a positive shock to the global liquidity aggregate. The similarity of our results with those found in country studies might supports the use of a global monetary aggregate as a summary measure of worldwide monetary trends.Monetary Policy, Structural VAR, Global Eco

The choroid plexus is modulated by various peripheral stimuli: implications to diseases of the central nervous system

The blood brain barrier (BBB) and the blood cerebrospinal fluid barrier (BCSFB) form the barriers of the brain. These barriers are essential not only for the protection of the brain, but also in regulating the exchange of cells and molecules in and out of the brain. The choroid plexus (CP) epithelial cells and the arachnoid membrane form the BCSFB. The CP is structurally divided into two independent compartments: one formed by a unique and continuous line of epithelial cells that rest upon a basal lamina; and, a second consisting of a central core formed by connective and highly vascularized tissue populated by diverse cell types (fibroblasts, macrophages and dendritic cells). Here, we review how the CP transcriptome and secretome vary depending on the nature and duration of the stimuli to which the CP is exposed. Specifically, when the peripheral stimulation is acute the CP response is rapid, strong and transient, whereas if the stimulation is sustained in time the CP response persists but it is weaker. Furthermore, not all of the epithelium responds at the same time to peripheral stimulation, suggesting the existence of a synchrony system between individual CP epithelial cells.This work was supported by Fundação para a Ciência e Tecnologia (FCT) and COMPETE through the project EXPL/NEU-OSD/2196/2013 and the Bial Foundation (Grant 217/12

Mixed matrix membranes : a new platform for enzymatic reactions

Glucose oxidase (GOx) was covalently bound onto Eupergit® C particles embedded\ud in mixed matrix hollow fiber membranes prepared using polyethylene\ud vinyl alcohol (EVAL) as the polymeric macroporous matrix. The Eupergit\ud ® C particles were chemically modified with ethylenediamine and activated\ud with glutaraldehyde, ground and fractionated into 20-40 and < 20 μm\ud size classes. GOx was immobilized in the fibers in dynamic mode. Fibers\ud containing the smallest particles show the highest immobilization capacity\ud due to the increased external particle surface area. The activity of immobilized\ud enzyme was evaluated by dynamic conversion of glucose. The results\ud proved that the enzyme retains enzymatic activity after immobilization. The\ud highest glucose conversion yields are obtained with fibers which contain the\ud bigger particles, which is attributed to a better fiber wall morphology leading\ud to an improved flow distribution. The results further showed that GOx\ud covalently immobilized in EVAL/Eupergit® fibers has a lower enzymatic activity\ud than GOx that is physically immobilized in polyether sulfone (PES)\ud fibers containing strong cation exchange (SCIEX) resins. The reduced activity\ud is explained by the differences in the materials used, immobilization\ud methods, fiber morphologies and applied pH’s in each case

Referencial para a caracterização de websites de hotéis de acordo com as necessidades dos consumidores

Online presence is essential for tourism organisations, and the quality of websites can influence customers. In the case of hotels, there are many studies to evaluate website performance based on functionality, usability and other factors, much less on the amount of different information available to the consumer. In the near future by using Big Data it is expected that hotel websites will be dynamic, they will adapt themselves on-the-fly, showing personalized information to each consumer. Different consumers will have different websites (information? available) from the same hotel. This paper presents a framework for the characterisation of hotel websites, focusing on the amount of information available to the consumer in each website, which was applied in a case study during the last months of 2013 to the websites of five-star hotels that operate in the tourist region of the Algarve, Portugal. The framework allowed to identify a set of exhaustive indicators for hotel website characterisation, which were then grouped into ten fundamental information dimensions. These dimensions further fell into four dimension groups. Finally, it is presented and discussed quantitative and qualitative evaluations, that illustrates which indicators and dimensions are more often considered on hotel websites to satisfy the consumer?s information needs