Monetary policy with signal extraction from the bond market

Monetary policy is conducted in an environment of uncertainty. This paper sets upa model where the central bank uses real-time data from the bond market togetherwith standard macroeconomic indicators to estimate the current state of theeconomy more efficiently, while taking into account that its own actions influencewhat it observes. The timeliness of bond market data allows for quicker responsesof monetary policy to disturbances compared to the case when the central bankhas to rely solely on collected aggregate data. The information content of theterm structure creates a link between the bond market and the macroeconomythat is novel to the literature. To quantify the importance of the bond market asa source of information, the model is estimated on data for the United Statesand Australia using Bayesian methods. The empirical exercise suggests that thereis some information in the US term structure that helps the Federal Reserve toidentify shocks to the economy on a timely basis. Australian bond prices seemto be less informative than their US counterparts, perhaps because Australia is arelatively small and open economy.

The daily market for funds in Europe: Mathematical appendix

This paper includes the derivations of the main expressions in the paper ``The Daily Market for Funds in Europe: Has Something Changed With the EMU?'' by G. Pérez Quirós and H. Rodríguez Mendizábal.

The daily market for funds in Europe: Has something changed with the EMU?

This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after thestart of Stage III of the EMU. The analysis of the German experience is useful because it allows us to isolate the effects on the overnight rate of these particular instruments of monetary policy. To show that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management which isable to reproduce our empirical findings.

Experimental evidence that intra-specific competition in seagrass meadows reduces reproductive potential in the sea urchin Paracentrotus lividus (Lamarck)

To better understand the biological controls that regulate sea urchin dynamics, we studied the effects of potential inter- and intra-specific competition for food on several biological variables of the main sea urchin in the Mediterranean (Paracentrotus lividus). We carried out a caging experiment in which we manipulated sea urchin density (natural vs. high density) and herbivorous fish (Sarpa salpa) accessibility (free access vs. exclusion) in a Posidonia oceanica meadow. No evidence of competition between fish and urchins was detected. Neither density-dependent mortality nor changes in the somatic variables were found; however, we detected that intra-specific competition affected the reproductive potential of P. lividus. The gonad index of urchins at high population densities was ca. 30% lower than that of urchins at natural densities. As a spawning event had just occurred when urchins were collected, these differences probably reflect differences in reserve content, which may compromise the following reproductive period and decrease survival in the long term, as the gonads are also used as storage organs. For the time period studied, mortality rates appeared to be independent of local densities. The results indicate that a long-term negative feedback mechanism appears to take place in P. lividus in response to increased population density.

Vacuole membrane protein 1 is an endoplasmic reticulum protein required for organelle biogenesis, protein secretion, and development

Vacuole membrane protein 1 (Vmp1) is membrane protein of unknown molecular function that has been associated with pancreatitis and cancer. The social amoeba Dictyostelium discoideum has a vmp1-related gene that we identified previously in a functional genomic study. Loss-of-function of this gene leads to a severe phenotype that compromises Dictyostelium growth and development. The expression of mammalian Vmp1 in a vmp1 Dictyostelium mutant complemented the phenotype, suggesting a functional conservation of the protein among evolutionarily distant species and highlights Dictyostelium as a valid experimental system to address the function of this gene. Dictyostelium Vmp1 is an endoplasmic reticulum protein necessary for the integrity of this organelle. Cells deficient in Vmp1 display pleiotropic defects in the secretory pathway and organelle biogenesis. The contractile vacuole, which is necessary to survive under hypoosmotic conditions, is not functional in the mutant. The structure of the Golgi apparatus, the function of the endocytic pathway and conventional protein secretion are also affected in these cells. Transmission electron microscopy of vmp1 cells showed the accumulation of autophagic features that suggests a role of Vmp1 in macroautophagy. In addition to these defects observed at the vegetative stage, the onset of multicellular development and early developmental gene expression are also compromised.

Mechanical properties of cultured human airway smooth muscle cells from 0.05 to 0.4 Hz.

We investigated the rheological properties of living human airway smooth muscle cells in culture and monitored the changes in rheological properties induced by exogenous stimuli. We oscillated small magnetic microbeads bound specifically to integrin receptors and computed the storage modulus (G') and loss modulus (G") from the applied torque and the resulting rotational motion of the beads as determined from their remanent magnetic field. Under baseline conditions, G' increased weakly with frequency, whereas G" was independent of the frequency. The cell was predominantly elastic, with the ratio of G" to G' (defined as eta) being ~0.35 at all frequencies. G' and G" increased together after contractile activation and decreased together after deactivation, whereas eta remained unaltered in each case. Thus elastic and dissipative stresses were coupled during changes in contractile activation. G' and G" decreased with disruption of the actin fibers by cytochalasin D, but eta increased. These results imply that the mechanisms for frictional energy loss and elastic energy storage in the living cell are coupled and reside within the cytoskeleton.

Thrombin-induced contraction in alveolar epithelial cells probed by traction microscopy

Contractile tension of alveolar epithelial cells plays a major role in the force balance that regulates the structural integrity of the alveolar barrier. The aim of this work was to study thrombin-induced contractile forces of alveolar epithelial cells. A549 alveolar epithelial cells were challenged with thrombin, and time course of contractile forces was measured by traction microscopy. The cells exhibited basal contraction with total force magnitude 55.0 ± 12.0 nN (mean ± SE, n = 12). Traction forces were exerted predominantly at the cell periphery and pointed to the cell center. Thrombin (1 U/ml) induced a fast and sustained 2.5-fold increase in traction forces, which maintained peripheral and centripetal distribution. Actin fluorescent staining revealed F-actin polymerization and enhancement of peripheral actin rim. Disruption of actin cytoskeleton with cytochalasin D (5 µM, 30 min) and inhibition of myosin light chain kinase with ML-7 (10 µM, 30 min) and Rho kinase with Y-27632 (10 µM, 30 min) markedly depressed basal contractile tone and abolished thrombin-induced cell contraction. Therefore, the contractile response of alveolar epithelial cells to the inflammatory agonist thrombin was mediated by actin cytoskeleton remodeling and actomyosin activation through myosin light chain kinase and Rho kinase signaling pathways. Thrombin-induced contractile tension might further impair alveolar epithelial barrier integrity in the injured lung.

De la mano de Keynes: "A tract on monetary reform"

En Tract on Monetary Reform, John Maynard Keynes propuso utilizar la base monetaria y el coeficiente de reserva bancaria como variables instrumentales d¿una política monetaria que había sido considerada hasta entonces innecesaria. En este trabajo se intenta desvelar las primeras contribuciones de Keynes al progreso del análisis económico

De la mano de Keynes: "A tract on monetary reform"

En Tract on Monetary Reform, John Maynard Keynes propuso utilizar la base monetaria y el coeficiente de reserva bancaria como variables instrumentales d¿una política monetaria que había sido considerada hasta entonces innecesaria. En este trabajo se intenta desvelar las primeras contribuciones de Keynes al progreso del análisis económico

Multiple processes regulate long-term population dynamics of sea urchins on Mediterranean rocky reefs

We annually monitored the abundance and size structure of herbivorous sea urchin populations (Paracentrotus lividus and Arbacia lixula) inside and outside a marine reserve in the Northwestern Mediterranean on two distinct habitats (boulders and vertical walls) over a period of 20 years, with the aim of analyzing changes at different temporal scales in relation to biotic and abiotic drivers. P. lividus exhibited significant variability in density over time on boulder bottoms but not on vertical walls, and temporal trends were not significantly different between the protection levels. Differences in densities were caused primarily by variance in recruitment, which was less pronounced inside the MPA and was correlated with adult density, indicating density-dependent recruitment under high predation pressure, as well as some positive feedback mechanisms that may facilitate higher urchin abundances despite higher predator abundance. Populations within the reserve were less variable in abundance and did not exhibit the hyper-abundances observed outside the reserve, suggesting that predation effects maybe more subtle than simply lowering the numbers of urchins in reserves. A. lixula densities were an order of magnitude lower than P. lividus densities and varied within sites and over time on boulder bottoms but did not differ between protection levels. In December 2008, an exceptionally violent storm reduced sea urchin densities drastically (by 50% to 80%) on boulder substrates, resulting in the lowest values observed over the entire study period, which remained at that level for at least two years (up to the present). Our results also showed great variability in the biological and physical processes acting at different temporal scales. This study highlights the need for appropriate temporal scales for studies to fully understand ecosystem functioning, the concepts of which are fundamental to successful conservation and management.

Experimental evidence that intra-specific competition in seagrass meadows reduces reproductive potential in the sea urchin Paracentrotus lividus (Lamarck)

To better understand the biological controls that regulate sea urchin dynamics, we studied the effects of potential inter- and intra-specific competition for food on several biological variables of the main sea urchin in the Mediterranean (Paracentrotus lividus). We carried out a caging experiment in which we manipulated sea urchin density (natural vs. high density) and herbivorous fish (Sarpa salpa) accessibility (free access vs. exclusion) in a Posidonia oceanica meadow. No evidence of competition between fish and urchins was detected. Neither density-dependent mortality nor changes in the somatic variables were found; however, we detected that intra-specific competition affected the reproductive potential of P. lividus. The gonad index of urchins at high population densities was ca. 30% lower than that of urchins at natural densities. As a spawning event had just occurred when urchins were collected, these differences probably reflect differences in reserve content, which may compromise the following reproductive period and decrease survival in the long term, as the gonads are also used as storage organs. For the time period studied, mortality rates appeared to be independent of local densities. The results indicate that a long-term negative feedback mechanism appears to take place in P. lividus in response to increased population density.

Una reflexión sobre la impronta romana del 'beneficio de separación de patrimonios' en el Código Civil catalán

The roman institution of the separatio bonorum is a pretorian remedy that relies on the principle of equity, created as to protect the deceased creditors and/or legatees. It provides them a"benefit" in the case of selling the goods of the heir-deubtor, enabling them to separate and reserve for themselves that whole patrimonium, as to avoid that by the act of selling, the heirs creditors could go to it; and like this they maintain intact their guarantee, which relies on the whole goods and assets left by the deceased. The separation of patrimonies implied the existence of 2 different groups of goods: that of the heirs" and that one of the deceased, which are not the same in legal terms, in spite of having a common owner at this point, the heir. This institution was regulated in the 6th title of the 42nd book of the Digesto, and in the 72th title, 7th book of the Justinean Code, and its interest is really high due to its material complexity and its procedure. The aim of this work is to analyze the institution of the separatio bonorum in Roman Law, and its importance in the same figure, actually regulated in the 4th book of the Catalan civil code.

Spontaneous aggregation and global polar ordering in squirmer suspensions

We have developed numerical simulations of three dimensional suspensions of active particles to characterize the capabilities of the hydrodynamic stresses induced by active swimmers to promote global order and emergent structures in active suspensions. We have considered squirmer suspensions embedded in a fluid modeled under a Lattice Boltzmann scheme. We have found that active stresses play a central role to decorrelate the collective motion of squirmers and that contractile squirmers develop significant aggregates.

Multiple processes regulate long-term population dynamics of sea urchins on Mediterranean rocky reefs

We annually monitored the abundance and size structure of herbivorous sea urchin populations (Paracentrotus lividus and Arbacia lixula) inside and outside a marine reserve in the Northwestern Mediterranean on two distinct habitats (boulders and vertical walls) over a period of 20 years, with the aim of analyzing changes at different temporal scales in relation to biotic and abiotic drivers. P. lividus exhibited significant variability in density over time on boulder bottoms but not on vertical walls, and temporal trends were not significantly different between the protection levels. Differences in densities were caused primarily by variance in recruitment, which was less pronounced inside the MPA and was correlated with adult density, indicating density-dependent recruitment under high predation pressure, as well as some positive feedback mechanisms that may facilitate higher urchin abundances despite higher predator abundance. Populations within the reserve were less variable in abundance and did not exhibit the hyper-abundances observed outside the reserve, suggesting that predation effects maybe more subtle than simply lowering the numbers of urchins in reserves. A. lixula densities were an order of magnitude lower than P. lividus densities and varied within sites and over time on boulder bottoms but did not differ between protection levels. In December 2008, an exceptionally violent storm reduced sea urchin densities drastically (by 50% to 80%) on boulder substrates, resulting in the lowest values observed over the entire study period, which remained at that level for at least two years (up to the present). Our results also showed great variability in the biological and physical processes acting at different temporal scales. This study highlights the need for appropriate temporal scales for studies to fully understand ecosystem functioning, the concepts of which are fundamental to successful conservation and management.

Seguiment de la diagnosi socioambiental del Camí de Cavalls: sector nord-est

El Camí de Cavalls és un element característic amb una importància històrica, cultural i recreativa considerable a Menorca. Aquesta illa va ser declarada Reserva de la Biosfera per l UNESCO l’any 1993; com a conseqüència, a l’any 2000 es va implantar el Pla Especial del Camí de Cavalls amb diversos objectius: definir les característiques del Camí i els seus instruments de gestió i aplicació; implantar mecanismes i normes que permetin l’ús públic que garanteixin la seva protecció i conservació; i finalment definir polítiques de sostenibilitat i conscienciació ambiental. Al llarg dels anys, la seva gestió ha permès que el Camí presenti una millora del seu estat de conservació i fer-ne un ús favorable a nivell socioambiental. L’any 2008 es va realitzar una diagnosi del Sector nord-est de la illa, aplicant-ne diversos indicadors per tal de determinar l’estat del Cam,í coincidint amb l’aplicació dels criteris plantejats pel Pla Especial del 2000 (Diagnosi Socioambiental del Camí de Cavalls de Menorca 2008). En aquest document s’explica la realització de la segona diagnosi, a partir del protocol dissenyat cinc anys abans, per tal de valorar l’estat actual del Camí i observar i definir les variacions que s’han produït en aquest període de temps. Els resultats mostren una tendència global positiva de millora del Camí, tal i com es planteja en la hipòtesis del projecte, tot i presentar-se una sèrie d’inconvenients a l’hora d’aplicar i valorar qualitativament els indicadors utilitzats. L’estudi s’ha realitzat amb la col·laboració dels centres de estudis ambientals de l’ICTA (Institut de Ciència i Tecnologia Ambientals) amb seu a la UAB (Universitat Autònoma de Barcelona), i l’OBSAM (Observatori Socioambiental de Menorca) amb seu a l’IME (Institut Menorquí d’Estudis).