Consumer Confidence and Yield Spreads in Europe

This paper shows the extraordinary capacity of yield spreads to anticipate consumption growth as proxy by the Economic Sentiment Indicator elaborated by the European Commission in order to predict turning points in business cycles. This new evidence complements the well known results regarding the usefulness of the slope of the term structure of interest rates to predict real economic conditions and, in particular, recessions by using a direct measure of expectations. A linear combination of European yield spreads explains a surprising 93.7% of the variability of the Economic Sentiment Indicator. Yield spreads seem to be a key determinant of consumer confidence in Europe.

Adenylate Cyclase Toxin Promotes Internalisation of Integrins and Raft Components and Decreases Macrophage Adhesion Capacity

10 p.

Dynamic optimization of track components to minimize rail corrugation

In this paper, the influence on corrugation of the most significant track parameters has been examined. After this parametric study, the optimization of the track parameters to minimize the undulatory wear growth has been achieved. Finally, the influence of the dispersion of the track and contact parameters on corrugation growth has been studied. A method has been developed to obtain an optimal solution of the track parameters which minimizes corrugation growth, thus ensuring that this solution remains optimum despite dispersion of track parameters and wheel-rail contact uncertainties. This work is based on the computer application RACING (RAil Corrugation INitiation and Growth) which has been developed by the authors to predict rail corrugation features.

Fishing effort validation and substitution possibilities among components: the case study of the VIII division European anchovy fishery

Command and control regulation programs, particularly input constraints, typically fail to achieve stated objectives, because fishermen may substitute unregulated for regulated inputs. It is, thus, essential to have an understanding of the internal structure of production technology. A primal formulation is used to estimate a translog production function at the vessels level that includes fishing effort and fisherman’s skill. The flexibility of the selected functional permits the analysis of the substitution possibilities among inputs by estimating the elasticity of substitution with no prior constraints. Particular attention is paid to the empirical validation of fishing effort as an aggregate input, which implies either, the acceptation of the joint hypothesis that inputs making up effort are weakly separable from the inputs out of the subgroup or considering that effort is an intermediate input produced by a non-separable two stage technology. Cross sectional data from the Spanish purse seine fleet operating in the VIII Division European anchovy fishery provide evidence of limited input substitution possibilities among the inputs making up the empirically validated fishing effort translog micro-production function.

Reuse of software components orientated to iOS mobile devices

Within the next few pages, I will try to give a wide description of the project that I have been doing for IK4-Ikerlan. For the last six months, I have been working in developing a socket-based application for Apple devices. These devices work under the iOS operative system, which is programmed in Objective-C, a language similar to C. Although I did not have the chance to develop this application for Apple TV, I was able to create an application for iPhone and another one for iPad. The only difference between both applications was the screen resolution, but we decided to make them separately, as it would be really hard to combine both resolutions, and wallpapers, everything in the same workspace. Finally, it is necessary to add that the main goal was not to create a new application for iOS, but to translate an Android application into iOS. To achieve this, it is required to translate Java code into Objective- C, which is the language used to develop applications for all kinds of Apple devices. Fortunately, there is a tool created by Google, which helped us with this exercise. This tool is called j2ObjC, and it is still being developed.

Atomistic simulation studies of the cement paste components

230 p.

Reconciling yield stability with international fisheries agencies precautionary preferences: the role of non constant discount factors in age structured models

International fisheries agencies recommend exploitation paths that satisfy two features. First, for precautionary reasons exploitation paths should avoid high fishing mortality in those fisheries where the biomass is depleted to a degree that jeopardise the stock's capacity to produce the Maximum Sustainable Yield (MSY). Second, for economic and social reasons, captures should be as stable (smooth) as possible over time. In this article we show that a conflict between these two interests may occur when seeking for optimal exploitation paths using age structured bioeconomic approach. Our results show that this conflict be overtaken by using non constant discount factors that value future stocks considering their relative intertemporal scarcity.

Influence of Extracellular Matrix Components on the Expression of Integrins and Regeneration of Adult Retinal Ganglion Cells

Purpose Retinal ganglion cells (RGCs) are exposed to injury in a variety of optic nerve diseases including glaucoma. However, not all cells respond in the same way to damage and the capacity of individual RGCs to survive or regenerate is variable. In order to elucidate factors that may be important for RGC survival and regeneration we have focussed on the extracellular matrix (ECM) and RGC integrin expression. Our specific questions were: (1) Do adult RGCs express particular sets of integrins in vitro and in vivo? (2) Can the nature of the ECM influence the expression of different integrins? (3) Can the nature of the ECM affect the survival of the cells and the length or branching complexity of their neurites? Methods Primary RGC cultures from adult rat retina were placed on glass coverslips treated with different substrates: Poly-L-Lysine (PL), or PL plus laminin (L), collagen I (CI), collagen IV (CIV) or fibronectin (F). After 10 days in culture, we performed double immunostaining with an antibody against beta III-Tubulin to identify the RGCs, and antibodies against the integrin subunits: alpha V, alpha 1, alpha 3, alpha 5, beta 1 or beta 3. The number of adhering and surviving cells, the number and length of the neurites and the expression of the integrin subunits on the different substrates were analysed. Results PL and L were associated with the greatest survival of RGCs while CI provided the least favourable conditions. The type of substrate affected the number and length of neurites. L stimulated the longest growth. We found at least three different types of RGCs in terms of their capacity to regenerate and extend neurites. The different combinations of integrins expressed by the cells growing on different substrata suggest that RGCs expressed predominantly alpha 1 beta 1 or alpha 3 beta 1 on L, alpha 1 beta 1 on CI and CIV, and alpha 5 beta 3 on F. The activity of the integrins was demonstrated by the phosphorylation of focal adhesion kinase (FAK). Conclusions Adult rat RGCs can survive and grow in the presence of different ECM tested. Further studies should be done to elucidate the different molecular characteristics of the RGCs subtypes in order to understand the possible different sensitivity of different RGCs to damage in diseases like glaucoma in which not all RGCs die at the same time.