The Comovement between Monetary and Fiscal Policy Instruments during the Post-War Period in the U.S.

This paper empirically studies the dynamic relationship between monetary and fiscal policies by analyzing the comovements between the Fed funds rate and the primary deficit/output ratio. Simple economic thinking establishes that a negative correlation between Fed rate and deficit arises whenever the two policy authorities share a common stabilization objective. However, when budget balancing concerns lead to a drastic deficit reduction the Fed may reduce the Fed rate in order to smooth the impact of fiscal policy, which results in a positive correlation between these two policy instruments. The empirical results show (i) a significant negative comovement between Fed rate and deficit and (ii) that deficit and output gap Granger-cause the Fed funds rate during the post-Volcker era, but the opposite is not true.

Determination of drugs used in combined cardiovascular therapy

Cardiovascular diseases are nowadays the first cause of mortality worldwide, causing around the 30% of global deaths each year. The risk of suffering from cardiovascular illnesses is strongly related to some factors such as hypertension, high cholesterol levels, diabetes, obesity The combination of these different risk factors is known as metabolic syndrome and it is considered a pandemic due to the high prevalence worldwide. The pathology of the disorders implies a combined cardiovascular therapy with drugs which have different targets and mechanisms of action, to regulate each factor separately. The simultaneous analysis of these drugs turns interesting but it is a complex task since the determination of multiple substances with different physicochemical properties and physiological behavior is always a challenge for the analytical chemist. The complexity of the biological matrices and the difference in the expected concentrations of some analytes require the development of extremely sensitive and selective determination methods. The aim of this work is to fill the gap existing in this field of the drug analysis, developing analytical methods capable of quantifying the different drugs prescribed in combined cardiovascular therapy simultaneously. Liquid chromatography andem mass spectrometry (LCMS/MS) has been the technique of choice throughout the main part of this work, due to the high sensitivity and selectivity requirements.

Association between dietary phylloquinone intake and peripheral metabolic risk markers related to insulin resistance and diabetes in elderly subjects at high cardiovascular risk

Background: Vitamin K has been related to glucose metabolism, insulin sensitivity and diabetes. Because inflammation underlies all these metabolic conditions, it is plausible that the potential role of vitamin K in glucose metabolism occurs through the modulation of cytokines and related molecules. The purpose of the study was to assess the associations between dietary intake of vitamin K and peripheral adipokines and other metabolic risk markers related to insulin resistance and type 2 diabetes mellitus. Methods: Cross-sectional and longitudinal assessments of these associations in 510 elderly participants recruited in the PREDIMED centers of Reus and Barcelona (Spain). We determined 1-year changes in dietary phylloquinone intake estimated by food frequency questionnaires, serum inflammatory cytokines and other metabolic risk markers. Results: In the cross-sectional analysis at baseline no significant associations were found between dietary phylloquinone intake and the rest of metabolic risk markers evaluated, with exception of a negative association with plasminogen activator inhibitor-1. After 1-year of follow-up, subjects in the upper tertile of changes in dietary phylloquinone intake showed a greater reduction in ghrelin (-15.0%), glucose-dependent insulinotropic peptide (-12.9%), glucagon-like peptide-1 (-17.6%), IL-6 (-27.9%), leptin (-10.3%), TNF (-26.9%) and visfatin (-24.9%) plasma concentrations than those in the lowest tertile (all p<0.05). Conclusion: These results show that dietary phylloquinone intake is associated with an improvement of cytokines and other markers related to insulin resistance and diabetes, thus extending the potential protection by dietary phylloquinone on chronic inflammatory diseases.

Cost effectiveness of a combination of instruments for global warming: a quantitative approach for Spain

Climate change is an important environmental problem and one whose economic implications are many and varied. This paper starts with the presumption that mitigation of greenhouse gases is a necessary policy that has to be designed in a cost effective way. It is well known that market instruments are the best option for cost effectiveness. But the discussion regarding which of the various market instruments should be used, how they may interact and what combinations of policies should be implemented is still open and very lively. In this paper we propose a combination of instruments: the marketable emission permits already in place in Europe for major economic sectors and a CO(2) tax for economic sectors not included in the emissions permit scheme. The study uses an applied general equilibrium model for the Spanish economy to compute the results obtained with the new mix of instruments proposed. As the combination of the market for emission permits and the CO(2) tax admits different possibilities that depend on how the mitigation is distributed among the economic sectors, we concentrate on four possibilities: cost-effective, equalitarian, proportional to emissions, and proportional to output distributions. Other alternatives to the CO(2) tax are also analysed (tax on energy, on oil and on electricity). Our findings suggest that careful, well designed policies are needed as any deviation imposes significant additional costs that increase more than proportionally to the level of emissions reduction targeted by the EU.

Cost effectiveness of a combination of instruments for global warming: a quantitative approach for Spain

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Market Instruments and CO2 Mitigation: A General Equilibrium Analysis for Spain

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Valoración del riesgo cardiovascular y edad vascular en personas con hipertensión primaria

INTRODUCCIÓN: los factores de riesgo cardiovasculares (FRCV) son los que se asocian a una mayor probabilidad de sufrir una enfermedad cardiovascular (ECV), estos pueden ser no modificables o modificables como la hipertensión primaria que tiene un origen multifactorial. Mediante el método Framingham se describen el perfil del riesgo cardiovascular absoluto (RCV) que es la probabilidad de presentar un evento cardiovascular en 10 años y la edad vascular (EV) la cual indica la edad que le corresponde a las arterias. OBJETIVOS: 1) Estimar el perfil de RCV y EV en personas con HTA primaria a través del método Framingham. 2) Conocer dentro del RCV, si el riesgo es bajo, medio o alto teniendo en cuenta la edad, HDL-colesterol, colesterol total (COL), pensión arterial sistólica (PAS), diabetes tipo 1 y tipo 2 y el tabaquismo. MÉTODOS: participaron en el estudio 58 personas (edad= 51,7 ±7,8 años) 46 hombres y 12 mujeres) diagnosticadas con HTA primaria y sobrepeso u obesidad, incluidas en la investigación EXERDIET-HTA. Se les realizó una estimación del RCV y EV a través del método Framingham. Las variables que se consideraron para la valoración fueron la edad, HDL-C, COL, PAS, si padecían diabetes o no y si eran fumadores o no. RESULTADOS: las personas estudiadas presentan un RCV del 15,5±7,7% que se relaciona con un RCV de nivel medio, siendo más alto en los hombres que en las mujeres (P=0,001). En la totalidad el 24% de los participantes presenta un RCV alto, el 47% medio y el 24% bajo. La EV media estimada es de 65±10 años, 13 años superior a la edad cronológica. CONCLUSIONES: Personas con diagnóstico de HTA primaria y el correspondiente tratamiento farmacológico presentan un RCV medio a sufrir un evento cardiovascular en los próximos 10 años de entre el 10-20%. Se hace necesario un control más exhaustivo de todos los FRCV, de forma especial en los hombres en relación con el hábito del tabaquismo. La EV en personas hipertensas es superior a la edad cronológica, lo que acentúa la necesidad de adopción de un estilo de vida más saludable