Credit constraints, firms' precautionary investment and the business cycle

This paper studies the macroeconomic implications of firms' investment composition choices in the presence of credit constraints. Following a negative andpersistent aggregate productivity shock, firms shift into short-term investments because they produce more pledgeable output and because they help alleviate futureborrowing constraints. This produces a short-run dampening of the effects of theshock, at the expense of lower long-term investment and future output, relativeto an economy with no credit market imperfections. The effects are exacerbatedby a steepening of the term structure of interest rates that further encourages ashift towards short-term investments in the short-run. Small temporary shocks tothe severity of financing frictions generate large and long-lasting effects on outputthrough their impact on the composition of investment. A positive financial shockproduces much stronger effects than an identical negative shock, while the responsesto positive and negative shocks to aggregate productivity are roughly symmetric.Finally, the paper introduces a novel explanation for the countercyclicality of financing constraints of firms.

Trends in hours, balanced growth and the role of technology in the business cycle

The present paper revisits a property embedded in most dynamic macroeconomic models: the stationarity of hours worked. First, I argue that, contrary to what is often believed, there are many reasons why hours could be nonstationary in those models, while preserving the property of balanced growth. Second, I show that the postwar evidence for most industrialized economies is clearly at odds with the assumption of stationary hours per capita. Third, I examine the implications of that evidence for the role of technology as a source of economic fluctuations in the G7 countries.

Annual reproductive cycle and fecundity of Scorpaena notata (Teleostei, Scorpaenidae)

Scorpaena notata (Teleostei: Scorpaenidae) is an oviparous species with external fertilisation that shows some unusual features in its gonadal morphology and gametogenesis. In this work we analyse the annual reproductive cycle and the fecundity of this species by studying the monthly histological changes in the gonads and of various indices related to reproduction. Sexual dimorphism does not occur in the population we studied, which is clearly dominated by males. Multiple spawning takes place between July and October, consisting of between 6,000 and 33,000 eggs per female, each of about 500 µm in diameter. The fecundity of the species is determined by the size and weight of the individuals

Posada en funcionament d'una oficina de tramitació ràpida (OTRA) de la Direcció General d'Indústria, del Govern de les Illes Balears

La Direcció General d’Indústria té com a principal finalitat el control de les instal•lacions i de diferents activitats de l’àmbit industrial; exerceix aquesta funció mitjançant la tramitació de documentacions tècniques i la inspecció. Com tota Administració Pública, es troba en un entorn molt dinàmic, on només les empreses més competitives poden subsistir i els ciutadans tenen noves necessitats molt diferents de les de fa un temps. Ambdós, empreses i ciutadans, exigeixen serveis de qualitat a un sector públic que no té altra alternativa que caminar en la mateixa direcció. L’objectiu d’aquest treball és planificar una sèrie d’accions estratègiques que permetran la millora dels serveis oferts a fi de complir amb les expectatives de la ciutadania. S’ha realitzat una anàlisi interna i de l’entorn de l’organització, el resultat de la qual ha estat la detecció d’una sèrie de punts de millora. A continuació s’ha definit una pla operatiu de qualitat, emmarcat dins del segon Pla Estratègic de Qualitat del Govern de les Illes Balears, amb tres propostes d’actuació: la separació de funcions, la tramitació ràpida d’expedients i el pla de formació. Les propostes esmentades constitueixen les bases d’una nova unitat orgànica (Oficina de Tramitació Ràpida), el model organitzatiu de la qual queda definit en els diferents apartats del treball. Igualment, s’hi descriu el procés de posada en funcionament dels distints procediments que es vagin adaptant al nou sistema i la planificació dels treballs a dur a terme, que seguiran el cicle de la qualitat de Deming, és a dir, planificar, fer, verificar i actuar.

Efecto de los usos del suelo en la emisión de dióxido de carbono del suelo a la atmósfera en un agroecosistema semiárido del Valle del Ebro

Los cambios en los usos del suelo han contribuido de manera importante al incremento de gases de efecto invernadero en la atmósfera, especialmente de dióxido de carbono, aumentando sus emisiones desde 1970 en un 80%. Estos cambios causan la alteración de los suelos provocando un impacto sobre el ciclo del carbono, aumentando las tasas de descomposición de la fracción orgánica creando así un flujo de CO2 a la atmosfera. Entre las recomendaciones del Panel Intergubernamental de expertos sobre el Cambio Climático (IPCC, en inglés), y contemplado en el Protocolo de Kyoto, se encuentra el proceso de secuestro de carbono en suelos, que implica la eliminación del CO2 atmosférico por parte de las plantas y su almacenamiento como materia orgánica del suelo. Para poder favorecer dicho proceso, en un determinado tipo de ecosistema, es fundamental conocer cuáles son los factores que gobiernan la respiración del suelo y el impacto que tienen los diferentes usos en la emisión de CO2. En el presente trabajo se han estudiado 4 usos del suelo representativos del secano aragonés: un monocultivo de cebada en siembra directa (NT), un suelo abandonado labrado (AC), un suelo abandonado no alterado (AU) y un suelo forestal (FR) con el objetivo de conocer sus tasas de respiración, la influencia de diferentes parámetros edáficos en ellas, y proponer cambios en el uso del suelo que ayuden a mitigar estas emisiones. Además, se ha dedicado un apartado para conocer cómo influyen diferentes técnicas de fertilización nitrogenada (mineral y orgánica) en la respiración de un monocultivo de cebada en siembra directa. En cuanto a los usos, los resultados obtenidos tanto in situ como en laboratorio muestran una mayor respiración en AC, siendo los valores más bajos los de NT y FR. Una de las principales conclusiones es que la supresión del laboreo y del periodo de barbecho largo, así como la conversión de tierras abandonadas y marginales a cultivos y zonas forestales se presentan en este tipo de ecosistemas como prácticas de secuestro de carbono. En el estudio de aplicación de fertilizantes, no se observó ningún cambio en la respiración del suelo después de la aplicación de nitrógeno mineral. En cambio, el suelo fertilizado con purín sí que mostró picos de emisión durante las siguientes horas a la incorporación de éste, debido fundamentalmente a su alto contenido de carbono lábil.

Radar analysis of the life cycle of mesoscale convective systems during the 10 June 2000 event

The 10 June 2000 event was the largest flash flood event that occurred in the Northeast of Spain in the late 20th century, both as regards its meteorological features and its considerable social impact. This paper focuses on analysis of the structures that produced the heavy rainfalls, especially from the point of view of meteorological radar. Due to the fact that this case is a good example of a Mediterranean flash flood event, a final objective of this paper is to undertake a description of the evolution of the rainfall structure that would be sufficiently clear to be understood at an interdisciplinary forum. Then, it could be useful not only to improve conceptual meteorological models, but also for application in downscaling models. The main precipitation structure was a Mesoscale Convective System (MCS) that crossed the region and that developed as a consequence of the merging of two previous squall lines. The paper analyses the main meteorological features that led to the development and triggering of the heavy rainfalls, with special emphasis on the features of this MCS, its life cycle and its dynamic features. To this end, 2-D and 3-D algorithms were applied to the imagery recorded over the complete life cycle of the structures, which lasted approximately 18 h. Mesoscale and synoptic information were also considered. Results show that it was an NS-MCS, quasi-stationary during its stage of maturity as a consequence of the formation of a convective train, the different displacement directions of the 2-D structures and the 3-D structures, including the propagation of new cells, and the slow movement of the convergence line associated with the Mediterranean mesoscale low.

Ultrastructural data on the life cycle of the parasite, Perkinsus atlanticus (Apicomplexa), on the clam, Ruditapes phillipinarum, in the Mediterranean

An Apicomplexan Perkinsus species has been found parasitizing the clam Ruditapes philippinarum (= Tapes semidecussatus) collected on the Mediterranean coast in the region of the Ebro Delta (Tarragona, Spain). Light and transmission electron microscopy were used to study different stages of this parasite during zoosporulation induced by incubation in thioglycollate medium and seawater. During incubation the trophozoites began zoosporulation, which originated prezoosporangia and zoosporangia at different developmental stages. Successive cytokinesis and nucleokinesis gave rise to prezoospores, which became elongate and differentiated in biflagellated zoospores. The latter presented large mitochondria and an apical complex formed by a conoid, polar ring, micronemes, rhophtries and subpellicular microtubules. The zoosporangium wall showed some typical lamosomes and a discharge tube developed in early phases of incubation. Ultrastructural data were compared with the only four species of the genus Perkinsus previously described. The morphological data, the host and the geographic proximity suggest that the species located on the Mediterranean coast was Perkinsus atlanticus.

ß-Catenin Regulation during the Cell Cycle: Implications in G2/M and Apoptosis

ß-catenin is a multifunctional protein involved in cell-cell adhesion and Wnt signal transduction. ß-Catenin signaling has been proposed to act as inducer of cell proliferation in different tumors. However, in some developmental contexts and cell systems ß-catenin also acts as a positive modulator of apoptosis. To get additional insights into the role of ß-Catenin in the regulation of the cell cycle and apoptosis, we have analyzed the levels and subcellular localization of endogenous ß-catenin and its relation with adenomatous polyposis coli (APC) during the cell cycle in S-phase¿synchronized epithelial cells. ß-Catenin levels increase in S phase, reaching maximum accumulation at late G2/M and then abruptly decreasing as the cells enter into a new G1 phase. In parallel, an increased cytoplasmic and nuclear localization of ß-catenin and APC is observed during S and G2 phases. In addition, strong colocalization of APC with centrosomes, but not ß-catenin, is detected in M phase. Interestingly, overexpression of a stable form of ß-catenin, or inhibition of endogenous ß-catenin degradation, in epidermal keratinocyte cells induces a G2 cell cycle arrest and leads to apoptosis. These results support a role for ß-catenin in the control of cell cycle and apoptosis at G2/M in normal and transformed epidermal keratinocytes.

Inhibition of glutathione efflux in the perfused rat liver and isolated hepatocytes by organic anions and bilirubin. Kinetics, sidedness, and molecular forms.

Using isolated, in situ, single-pass perfused rat livers, incubations of freshly isolated hepatocytes, and sinusoidal membrane-enriched vesicles, we and others have shown the saturability of transport (efflux) of hepatic glutathione (GSH). These observations have implicated a carrier mechanism. Our present studies were designed to provide further evidence in support of a carrier mechanism for hepatic GSH efflux by demonstrating competition by liver-specific ligands which are taken up by hepatocytes. Perfusing livers with different substances, we found that: (a) sulfobromophthalein-GSH (BSP-GSH) had a dose-dependent and fully reversible inhibitory effect on GSH efflux, while GSH alone did not have any effect; (b) taurocholate had no inhibitory effect; (c) all of the organic anions studied, i.e., BSP, rose bengal, indocyanine green, and unconjugated bilirubin (UCB), manifested potent, dose-dependent inhibitory effects, with absence of toxic effects and complete reversibility of inhibition in the case of UCB. The inhibitory effects of UCB could be overcome partially by raising (CoCl2-induced) hepatic GSH concentration. Because of the physiological importance of UCB, we conducted a detailed study of its inhibitory kinetics in the isolated hepatocyte model in the range of circulating concentrations of UCB. Studies with Cl- -free media, to inhibit the uptake of UCB by hepatocytes, showed that the inhibition of GSH efflux by UCB is apparently from inside the cell. This point was confirmed by showing that the inhibition is overcome only when bilirubin-loaded cells are cleared of bilirubin (incubation with 5% bovine serum albumin). Using Gunn rat hepatocytes and purified bilirubin mono- and diglucuronides, we found that both UCB and glucuronide forms of bilirubin inhibit GSH efflux in a dose-dependent manner. We conclude that the organic anions, although taken up by a mechanism independent of GSH, may competitively inhibit the carrier for GSH efflux from inside the hepatocyte.

Nanomechanical properties of molecular organic thin films

Using atomic force microscopy we have studied the nanomechanical response to nanoindentations of surfaces of highly oriented molecular organic thin films (thickness¿1000¿nm). The Young¿s modulus E can be estimated from the elastic deformation using Hertzian mechanics. For the quasi-one-dimensional metal tetrathiafulvalene tetracyanoquinodimethane E~20¿GPa and for the ¿ phase of the p-nitrophenyl nitronyl nitroxide radical E~2GPa. Above a few GPa, the surfaces deform plastically as evidenced by discrete discontinuities in the indentation curves associated to molecular layers being expelled by the penetrating tip.

High-Temperature magnetic ordering in a new organic magnet

Magnetization, heat capacity, and neutron diffraction experiments on the beta-phase of the dithiadiazolyl radical, p-NC.C6F4.CNSSN., provide conclusive evidence that this system exhibits noncollinear antiferromagnetism at 35.5 K, an unprecedented temperature for an organic radical. On the basis of magnetization and powder neutron diffraction results, coupled with theoretical calculations of the spin distribution within the molecule, a magnetic structure for this compound is proposed in which the interactions propagate through S . . .N contacts.

Spatial distribution and biomass of aquatic rooted macrophytes and their relevance in the metabolism of a Mediterranean coastal lagoon

This work aims to characterise the current autotrophic compartment of the Albufera des Grau coastal lagoon (Menorca, Balearic Islands) and to assess the relationship between the submerged macrophytes and the limnological parameters of the lagoon. During the study period the submerged vegetation was dominated by the macrophyte Ruppia cirrhosa, which formed dense extensive meadows covering 79% of the surface. Another macrophyte species, Potamogeton pectinatus, was also observed but only forming small stands near the rushing streams. Macroalgae were only occasionally observed. Macrophyte biomass showed a clear seasonal trend, with maximum values in July. The biomass of R. cirrhosa achieved 1760 g DW m-2, the highest biomass ever reported for this species in the literature. The seasonal production-decomposition cycle of the macrophyte meadows appears to drive the nutrient dynamics and carbon fluxes in the lagoon. Despite the significant biomass accumulation and the absence of a washout of nutrients and organic matter to the sea, the lagoon did not experience a dystrophic collapse. These results indicate that internal metabolism is more important than exchange processes in the lagoon.

Occurrence of patulin in organic and conventional apple juice. Risk assessment

Organic foods are promoted as environmentally friendly and its consumption has become increasingly popular. Nevertheless,organic farming practices could produce commodities more susceptible to fungal attack and as a result, food with higher levels of mycotoxins. Patulin is a mycotoxin mainly present in apples and apple-based products. In this paper, we report our recent results and an update of the patulin occurrence and their risk in conventional and organic apple juices around Europe.