Saving-investment Correlations in Response to Monetary Policy Shocks: New Insights into the Feldstein-Horioka Puzzle?

In this paper, it is argued that the observed high positive correlation between national savings and investment which is found in the data can in part be explained by shocks to monetary policy. This hypothesis, which is established by reviewing some empirical findings, is tested in a two-country DSGE-model framework in the tradition of the New Open Economy Macroeconomics. The simulation results obtained support the idea that shocks to monetary policy might contribute to the explanation of the Feldstein-Horioka puzzl

(FEAR OF) (an exploration of empathy)

How much can you understand what another person is feeling? How much can they understand what you feel? This is the territory that my capstone investigates. Utilizing a mixture of informal and formal language and experimental footnotes, I describe the concepts and process behind my most recent body of work, the (Fear Of) series of animations, and its relationship to empathy. I follow this discussion with an explanation of my choice of fears and eyes as vehicles for this project, and end with an appendix featuring a sample of the interview-based monologues and my notes on which the project was based

Cohabitation and marriage in Austria

BACKGROUND Although cohabitation has spread rapidly in Austria during the past decades, it is more a prelude than an alternative to marriage. The individualization thesis serves as a conceptual framework for explaining the rise of cohabiting unions. OBJECTIVE Our aim is to understand what motivates people to cohabit and marry from an individualization perspective. The present study was designed to investigate in which ways key notions of the individualization thesis such as commitment, romantic love and risk are reflected in discourses on cohabitation and marriage. METHODS Research is based on data from eight focus group discussions (71 participants) conducted in Vienna, Austria, in 2012. This data was analyzed with the help of qualitative methods. RESULTS The focus group participants regarded cohabitation and marriage as different life course strategies. They felt that young adulthood is a period characterized by uncertain external circumstances, in which people build up commitment in cohabitation without feeling limited in terms of opportunities. As dissolving a cohabiting union entails lower costs, the risk posed by this type of union was considered low. The respondents associated marriage with security and long-term commitment and saw it as an ideal for a later stage in life. They argued that romantic love and individual satisfaction should prevail throughout the entire marriage. Core terms of the individualization thesis - commitment, romantic love, and risk - were perceived differently between cohabitation and marriage. We conclude that the individualization thesis best fits young adulthood and is less relevant for later life stages

Interactions of Deep-Sea Vent Invertebrates with Their Environment: The Case of Rimicaris exoculata

The vent shrimp Rimicaris exoculata thrives around many hydrothermal vent sites along the Mid-Atlantic Ridge (MAR), where it aggregates into dense swarms. In contrast to hydrothermal vent fields at the East Pacific Rise (EPR), where the biomass is dominated by tubeworms, clams, and mussels, this shrimp is one of the major animal species at MAR vents. These animals are found in the dynamic mixing interface between cold oxygenated seawater and hot, reduced hydrothermal vent fluid. The adaptation of this shrimp to the hostile deep-sea hydrothermal environment and its survival strategy has been investigated since their discovery at the TAG site in the late 1980s. Rimicaris exoculata is now known to colonize black smoker complexes along the MAR in the depth-range of 2,300-3,900 in (Rainbow, Broken Spur, TAG, Snake Pit, Logatchev, 5 degrees S (Rimicaris of exoculata). Although the presence of the Rimicaris genus was first believed to be restricted to the MAR, a related species, Rimicaris kairei, was found recently at the Central Indian Ridge (CIA) (Edmonds and Kairei vent field). This review summarizes the current knowledge of Rimicaris shrimp, focusing on their spatial and temporal distribution, chemical and thermal environment, as well as on possible nutrition strategies and behavioral aspects. Recent studies suggested that iron oxide encrusted bacteria hosted in the branchial chamber of R. exoculata from the Rainbow vent field (MAR) might rely on iron oxidation. Striking results on the occurrence and morphology of iron precipitates, as well as on bacterial-mineral interaction in the gill chamber, have lead to the hypothesis of an iron-based symbiosis between bacteria and the shrimp. Special attention is called to these issues

Exchange rate and foreign GDP elasticities of Swiss exports across sectors and destination countries

This article uses a detailed breakdown of Swiss trade flows to identify how the impact of the two main determinants of Switzerland’s exports – foreign demand and the real exchange rate – varies across sectors and export destinations. Our main findings are that (i) both foreign demand and exchange rate elasticities vary substantially across both export sectors and export destinations. (ii) Foreign demand trends are more important for structural considerations than the exchange rate. This is due to the fact that exports of the two largest export sectors are relatively sensitive to long-run foreign demand developments while they are relatively insensitive to changes in the exchange rate. (iii) The sectoral structure of Switzerland’s exports has shifted towards goods that have a lower short-run demand elasticity and a higher long-run demand elasticity. Goods exports are thus less influenced by business cycle fluctuations while they benefit more from long-term growth trends. (iv) The export share of sectors with a relatively low exchange rate elasticity has increased. However, this result is mainly driven by the strong rise in exports of chemicals and pharmaceuticals as well as precision instruments and watches, which are also the two important sectors responsible for the Swiss trade surplus

A imprescritibilidade dos crimes internacionais viola o princípio da legalidade? : uma análise crítica da jurisprudência brasileira sobre crimes contra a humanidade

os julgamentos, o Estado Brasileiro deixou de observar suas obrigações perante a comunidade internacional, que se agravaram no caso da extradição negada ao Estado Argentino, pois representou uma violação à sua soberania. Por fim, observa-se que, na medida em que o princípio da legalidade objetiva proteger cidadãos hipossuficientes do poder abusivo do Estado, seus preceitos têm seus requisitos e finalidades transformadas quando referentes à criminalidade que é praticada justamente no contexto de abuso desse poder. O presente trabalho visa a analisar criticamente a jurisprudência das Cortes Superiores do Brasil acerca da imprescritibilidade de crimes contra a humanidade. Nesse norte, pretende-se responder ao seguinte problema de pesquisa: o reconhecimento da imprescritibilidade de crimes definidos em tratados internacionais, ainda que sem a edição de Lei em sentido formal, configura violação ao princípio da legalidade? A hipótese a ser aferida – a partir do método indutivo e utilizando-se das técnicas de pesquisa bibliográfica, documental e jurisprudencial – é de que não há necessidade de edição de lei no sentido formal para o reconhecimento da imprescritibilidade de crimes contra a humanidade pelo Estado Brasileiro, tendo em vista o compromisso assumido perante a comunidade internacional quando da ratificação do Estatuto de Roma – que é regido pelo princípio da jurisdição universal –, e o caráter imperativo das normas costumeiras que vedam a incidência de prescrição nos casos de crimes contra a humanidade. Preliminarmente, na etapa de revisão bibliográfica, constatou-se que o princípio da legalidade assume diferentes contornos na ordem jurídica internacional, na medida em que a exigência de norma anterior não se limita às fontes de direito escritas. Além disso, revelou-se incontroversa a imperatividade da proibição de crimes contra a humanidade. Ainda que o mesmo não se possa dizer sobre a imprescritibilidade enquanto norma peremptória de direito consuetudinário – pois se encontram divergências em relação ao seu caráter de jus cogens – verificou-se que o Estado Brasileiro jamais apresentou se como objetor persistente desse costume de forma a desvincular-se de sua observância. Na pesquisa de jurisprudência, foram analisadas as decisões proferidas pelo STJ e STF, respectivamente nos acórdãos REsp 1798903/RJ e RE 1362/DF. Concluiu-se que, em amboscomplying with its obligations before the international community, which was more severe in the case of extradition denied to the Argentinian State, since it represented a violation of their sovereignty. At last, it is argued that, considering that the principle of legality aims at protecting citizens against the abusive power of State, the requirements and objectives of its foundations must change when referring to crimes committed precisely in the context of such abuse of power. This paper aims at critically analyzing the jurisprudence of Brazilian Superior Courts about the imprescritibility of crimes against humanity. Therefore, it is intended to answer the following research question: does the recognition of the imprescritibility of crimes defined by international treaties, despite the absence of law in its formal aception, constitutes a violation of the principle of legality? The hypothesis – which will be assessed through an inductive method of analysis, as well as the use of bibliographical, documental and jurisprudential research techniches – suggests that there is no need for law in its formal sense in order to the imprescritibility of crimes against humanity to be recognized by the Brazilian State, bearing in mind its commitment made to the international community by the ratification of the Rome Statute, which is conducted by the principles of universal jurisdiction, added to the imperative status of costumary norms that prohibit limitations regarding crimes against humanity. Preliminarily, bibliographic search showed that the principle of legality is shaped differently within the international legal order, because the demand for previous norm is not limited to its written sources. Furthermore, it is uncontroversial the imperativeness of the prohibition of crimes against humanity. Although one can’t affirm the same about the imprescritibility as a peremptory norm of consuetudinary law – since there are divergences among scholars regarding its jus cogens status – it is argued that the Brazilian State has never presented itself as a persistent objector to the point of departing from the bindingness of such costum. During the jurisprudential research, the decisions REsp 1798903/RJ e RE 1362/DF, uttered by the two superior national Courts, respectively STJ and STF, were analysed. It was concluded that, in both decisions, the Brazilian State deviated fro

Phosphoinositid 3-Kinase (PI3K) als Mediator inflammatorischer Funktionen in Mikrogliazellen

Microglial cells represent the macrophages of the brain. During fetal development precursor cells invade into the brain and differentiate to adult microglia cells. Microglial cells differ from circulating macrophages, but they exhibit similar surface receptors and reaction patterns. Disturbances of the homeostasis in the brain lead to the activation of microglia and induction of various cellular key functions. Activated microglial cells are able to migrate into damaged regions, eliminate pathological microorganisms and necrotic neurons by phagocytosis and secrete pro- and anti-inflammatory cytokines. Activation of microglial cells could be a part of regenerative and degenerative processes in the brain. An important mediator of immunological and inflammatory reactions is Phosphoinositide 3-kinase γ (PI3Kγ). The signaling protein generates via its lipid kinase activity PtdIns(3,4,5)P3 as a second messenger which controls many immunological key functions. Independent of its enzymatic activity PI3Kγ acts as a scaffold protein which forms complexes with other proteins. Investigations in the last years occupy more and more a regulatory function of PI3Kγ outside of the immune system. Detection of the signaling protein in neuronal cells and microglial cells (Jin et al., 2010, König et al., 2010) assumes that it might be involved in many neurologial disorders. Until now the regulatory function of PI3Kγ in these cells is largely unknown. The present thesis is a first contribution to understand the signaling function of PI3Kγ in microglial cell in vitro and in vivo. Functional pattern of PI3Kγ was investigated on isolated microglia cells and mouse models of septic encephalopathy and stroke. Pharmacological and genetic inhibition of PI3Kγ was used to analyze the specific function of the signaling protein in these models. For in vitro investigations the activation of the cells was induced by Lipopolysaccharide (LPS) and Adenosintriphosphate (ATP). These compounds mimic bacterial infection or trauma. To analyze the regulatory function of PI3Kγ primary microglia from wild type and PI3Kγ-deficient (knockout) mice were isolated. In addition microglial cells from transgenic mice, which lack the lipidkinase activity (knockin) of PI3Kγ were involved. Treatment of microglia with inflammatory mediators LPS or ATP leads to a distinct morphology change and the induction of an activated state. Depletion or pharmacological inhibition of PI3Kγ affects phagocytosis and proliferation of the cells. The role of lipidkinase activity of the signaling protein was investigated by using the PI3Kγ-knockin mutant. We could show that the phagocytotic activity of microglial cells is controlled in a lipidkinase independent way via the scaffold protein function of PI3Kγ. Interaction of PI3Kγ with Phosphodiesterase 3B (PDE3B) promotes the hydrolysis of cAMP and the abolishment of a known inhibitory effect of this second messenger on the phagocytotic activity. Additional unpublished investigations on primary microglia stimulated with LPS or ATP revealed a lipidkinase dependent regulation of proliferative capacities. Induction of ROS production after LPS/ATP describes its important function as second messenger. Low doses of LPS and ATP show a beneficial effect on proliferation of microglia, whereas high concentrations inhibit this cell function. The hormetic effect of both inflammatory mediators could be shown in wild type microglia controlled by PI3Kγ. The second part of the thesis focuses on specific functions of PI3Kγ in mouse models of septic encephalopathy (SE) and stroke. Different investigations identified PI3Kγ as protective mediator in the pathogenesis of these diseases. The in vivo model of septic encephalopathy showed that inhibition of cAMP controls activation of matrixmetalloprotease 9 (MMP9) in a PI3Kγ lipidkinase independent function. MMP are proteolytic enzymes which can lead to blood brain barrier damage. In stroke model we could also show protective effects of the signaling protein. PI3Kγ deficient mice exhibit an increased infarct volume. Our in vitro and in vivo investigations occupy a key function of PI3Kγ in the control of microglia functions. Because of the importance of microglia during inflammatory reactions within the nervous system our results seems to be of distinct medical relevance