Using Instrumental Variables to Estimate the Share of Backward- Looking Firms

This paper examines the small-sample distribution of the instrumental variables (IV) estimation procedure employed by Gali and Gertler (1999) to assess the empirical fit of the New Keynesian Phillips Curve (NKPC) and the hybrid Phillips Curve (HPC). Their estimation method is now widely used to assess the importance of firms that act in a backward- looking manner. Unfortunately, the IV method is highly sensitive to the way the hybrid model is normalized. Using Monte Carlo simulations, I find that one normalization used by Gali and Gertler (and others) finds evidence of backward-looking firms even when there is none by construction. In addition, the IV estimates are also sensitive to the choice of normalization in a broader range of specifications. Using Monte Carlo experiments, I identify which normalizations work better than others. Finally, I find that the bootstrapped standard errors are, not surprisingly, bigger than the asymptotic ones reported by Gali and Gertler. When using my preferred normalization, I find that the NKPC is rejected at the 5 percent but not at the 1 percent level.New Keynesian Phillips Curve; Hybrid Phillips Curve; Normalization

Using Instrumental Varibles to Estimate the Share of Backward- Looking Firms

This paper examines the small-sample distribution of the instrumental variables (IV) estimation procedure employed by Gali and Gertler (1999) to assess the empirical fit of the New Keynesian Phillips Curve (NKPC) and the hybrid Phillips Curve (HPC). Their estimation method is now widely used to assess the importance of firms that act in a backward-looking manner. Unfortunately, the IV method is highly sensitive to the way the hybrid model is normalized. Using Monte Carlo simulations, I find that one normalization used by Gali and Gertler (and others) finds evidence of backward-looking firms even when there is none by construction. In addition, the IV estimates are also sensitive to the choice of normalization in a broader range of specifications. Using Monte Carlo experiments, I identify which normalizations work better than others. Finally, I find that the bootstrapped standard errors are, not surprisingly, bigger than the asymptotic ones reported by Gali and Gertler. When using my preferred normalization, I find that the NKPC is rejected at the 5 percent but not at the 1 percent levelNew Keynesian Phillips Curve; Hybrid Phillips Curve; Normalization

Beneficial effects of a soy-based dietary supplement on lipid levels and cardiovascular risk markers in type 2 diabetic subjects

WSTĘP. Jak ostatnio wykazano, spożycie białek soi poprawia profil lipidowy krwi u osób bez cukrzycy. Celem niniejszego badania było sprawdzenie, czy dodanie do diety białek soi, izoflawonów i włókien liścienia sojowego (preparat Abalon) zmniejsza ryzyko chorób układu krążenia, stężenie cukru i insuliny we krwi u chorych na cukrzycę typu 2. MATERIAŁ I METODY. W badaniu o charakterze krzyżowym uczestniczyło 20 chorych na cukrzycę typu 2, których przydzielono losowo metodą podwójnie ślepej próby do 6-tygodniowej suplementacji preparatem Abalon [białko soi (50 g/d.) z wysoką zawartością izoflawonów (minimum 165 mg/d.) i włókien liścienia sojowego (20 g/d.)] lub placebo [kazeina (50 g/d.) i celuloza (20 g/d.)], rozdzielonych 3-tygodniowym okresem przerwy. WYNIKI. Wyniki przedstawiono jako średnie &plusmn; SD. Odsetek średniej różnicy wyniku leczenia Abalonem i placebo wykazał znamiennie niższe wartości średnie po leczeniu Abalonem dla stężenia cholesterolu frakcji LDL (10 &plusmn; 15%; p < 0,05), wskaźnika LDL/HDL (12 &plusmn; 18%; p < 0,05), apolipoproteiny (apo) B100 (30 &plusmn; 38%; p < 0,01), triglicerydów (22 &plusmn; 10%; p <INTRODUCTION. Consumption of soy protein has recently been shown to improve the blood lipid levels in nondiabetic subjects. The purpose of this study was to evaluate if a dietary supplement of soy protein, isoflavones, and cotyledon fiber (Abalon) affects cardiovascular risk markers, blood glucose, and insulin levels in type 2 diabetic subjects. MATERIAL AND METHODS. Twenty type 2 diabetic subjects participated in a crossover trial. They were randomized to double-blind supplementation for 6 weeks with Abalon (soy protein [50 g/day] with high levels of isoflavones [minimum 165 mg/day] and cotyledon fiber [20 g/day]) or placebo (casein [50 g/day] and cellulose [20 g/day]), separated by a 3-week wash-out period. RESULTS. The results are expressed as means &#177; SD. The percentage mean treatment difference between Abalon and placebo demonstrated significantly lower mean values after Abalon for LDL cholesterol (10 &#177; 15%; P < 0.05), LDL/HDL ratio (12 &#177; 18%; P

India: Urban Finance and Governance Review - Volume I Executive Summary and Main Report

The report makes an in depth analysis of what to expect of future urban population growth in cities across India. Cities play a critical role in India\u27s development. While its one billion-plus population is predominantly rural, over 300 million people live in urban areas. One-third of this population lives in 35 urban agglomerations or cities exceeding one million. Cities\u27 governments are responsible for delivering various public services, yet severe infrastructures shortages in water supply and sanitation, roads, transportation, housing and waste management, and inefficient management have resulted in poor quality services. These inadequate services and worsening environmental conditions affect the poor. Between 1950 and 2000 India\u27s urban population increased from 62 to 288 million. Already strained to provide services and quality of life to existing urban residents, cities will face tremendous challenges in expanding existing infrastructure and avoiding deterioration of living standards due to congestion, pollution, and lack of basic services. A doubling of the population over 30 years means that by 2030 there will be a second Mumbai, a second Calcutta, and a second Bangalore that must be fed, supplied with water, sanitation, electricity, give public and private transportation options; and where garbage must be disposed of. The report concludes by laying out a series of state and local actions over the short-medium and long-term to enhance fiscal sustainability and strengthening institutional capacity building of state and local governments

India: Urban Finance and Governance Review Volume II: Case Study Annexes

The report makes an in depth analysis of what to expect of future urban population growth in cities across India. Cities play a critical role in India\u27s development. While its one billion-plus population is predominantly rural, over 300 million people live in urban areas. One-third of this population lives in 35 urban agglomerations or cities exceeding one million. Cities\u27 governments are responsible for delivering various public services, yet severe infrastructures shortages in water supply and sanitation, roads, transportation, housing and waste management, and inefficient management have resulted in poor quality services. These inadequate services and worsening environmental conditions affect the poor. Between 1950 and 2000 India\u27s urban population increased from 62 to 288 million. Already strained to provide services and quality of life to existing urban residents, cities will face tremendous challenges in expanding existing infrastructure and avoiding deterioration of living standards due to congestion, pollution, and lack of basic services. A doubling of the population over 30 years means that by 2030 there will be a second Mumbai, a second Calcutta, and a second Bangalore that must be fed, supplied with water, sanitation, electricity, give public and private transportation options; and where garbage must be disposed of. The report concludes by laying out a series of state and local actions over the short-medium and long-term to enhance fiscal sustainability and strengthening institutional capacity building of state and local governments

Outcome after heart-lung or lung transplantation in patients with Eisenmenger syndrome

Objective The optimal timing for transplantation is unclear in patients with Eisenmenger syndrome (ES). We investigated post-transplantation survival and transplantation-specific morbidity after heart-lung transplantation (HLTx) or lung transplantation (LTx) in a cohort of Nordic patients with ES to aid decision-making for scheduling transplantation. Methods We performed a retrospective, descriptive, population-based study of patients with ES who underwent transplantation from 1985 to 2012. Results Among 714 patients with ES in the Nordic region, 63 (9%) underwent transplantation. The median age at transplantation was 31.9 (IQR 21.1-42.3) years. Within 30 days after transplantation, seven patients (11%) died. The median survival was 12.0 (95% CI 7.6 to 16.4) years and the overall 1-year, 5-year, 10-year and 15-year survival rates were 84.1%, 69.7%, 55.8% and 40.6%, respectively. For patients alive 1 year post-transplantation, the median conditional survival was 14.8 years (95% CI 8.0 to 21.8), with 5-year, 10-year and 15-year survival rates of 83.3%, 67.2% and 50.0%, respectively. There was no difference in median survival after HLTx (n=57) and LTx (n=6) (14.9 vs 10.6 years, p=0.718). Median cardiac allograft vasculopathy, bronchiolitis obliterans syndrome and dialysis/kidney transplantation-free survival rates were 11.2 (95% CI 7.8 to 14.6), 6.9 (95% CI 2.6 to 11.1) and 11.2 (95% CI 8.8 to 13.7) years, respectively. The leading causes of death after the perioperative period were infection (36.7%), bronchiolitis obliterans syndrome (23.3%) and heart failure (13.3%). Conclusions This study shows that satisfactory post-transplantation survival, comparable with contemporary HTx and LTx data, without severe comorbidities such as cardiac allograft vasculopathy, bronchiolitis obliterans syndrome and dialysis, is achievable in patients with ES, with a conditional survival of nearly 15 years.Peer reviewe

Structure of multidisciplinary heart teams, a survey based heart team study.

OBJECTIVES Multidisciplinary approach is well established in various disciplines, with evidence highlighting improved patient outcomes. The objective of this survey was to determine the real world practice of heart teams across Europe. METHODS The survey was drafted after a consensus opinion from the authors. The survey was sent to cardiac surgeons and cardiologist identified through electronic search. The survey link and the information sheet were sent through email followed by survey completion reminders. The survey responses were cumulated and analysed. RESULTS Among 2188 invited clinicians, 220 clinicians from 26 countries took part in the survey (response rate 10%). The completion rate for the survey questions was 85%. 140 (64%) were cardiac surgeons and 80 (36%) were cardiologists. The heart team meeting frequency was weekly according to 104 (55%) respondents. This was conducted face to face according to 139 (73%) of the responses. Eighty seven (56%) of the respondents reported 10% - 20% of patients undergoing percutaneous coronary intervention (PCI) were discussed at the heart team meeting. Seventy nine (47%) respondents had ad hoc PCI institutional guidelines. Fifty four (32%) respondents reported an audit process for the heart team decisions. CONCLUSIONS This survey suggests that there is marked variability in the infra-structure and execution of heart teams in different institutions. The results of the survey suggest a need to formulate guidelines on composition and execution of heart teams which may result in an increase in transparency of decision-making within different institutions in reporting and comparing outcomes