Monetary policy rules and financial stress: does financial instability matter for monetary

We examine whether and how main central banks responded to episodes of financial stress over the last three decades. We employ a new methodology for monetary policy rules estimation, which allows for time-varying response coefficients as well as corrects for endogeneity. This flexible framework applied to the U.S., U.K., Australia, Canada and Sweden together with a new financial stress dataset developed by the International Monetary Fund allows not only testing whether the central banks responded to financial stress but also detects the periods and type of stress that were the most worrying for monetary authorities and to quantify the intensity of policy response. Our findings suggest that central banks often change policy

Perfil y grado de la hiperglucemia tras la infiltración de corticoesteroides intra-articular en pacientes con y sin diabetes tipo 2

Las infiltraciones intra-articulares de concorticoesteroides suelen indicarse como tratamiento coadyuvante en casos de presencia de dolor y limitación de la movilidad. La información existente sobre los efectos en el metabolismo hidrocarbonado son muy escasos y dispares. El objetivo de este estudio es definir el patrón y grado de la hiperglucemia después de la administración intra-articular de acetónido de triamcinolona en pacientes sin diabetes y con diabetes tipo 2. Se realiza un estudio observacional y prospectivo dónde se incluyen 14 pacientes a quienes se les ha indicado una infiltración en la rodilla o el hombro. Recogemos las glucemias preprandiales y 2 horas postprandiales, del día previo y los 6 días posteriores a la infiltración. En los pacientes sin diabetes, únicamente las glucemias medias el día de la infiltración y el siguiente fueron superiores a las del día previo a la infiltración. En los pacientes con diabetes no observamos diferencias estadísticamente significativas.

Biopsia percutánea de la interfase protésica: técnica para el aislamiento preoperatorio del microorganismo patógeno en casos de infección periprotésica crónica con aspirado articular “seco”.

El objetivo de este estudio es determinar la valía diagnóstica de una biopsia de interfase protésica (BIP) preoperatoria para aislar la bacteria en casos de infección periprotésica crónica con aspirado articular “seco”. Para ello se realizó una revisión retrospectiva de 24 pacientes. Los resultados de los cultivos de la BIP se compararon con los resultados de los cultivos de las muestras intraoperatorias. La sensibilidad fue de un 88,2%, la especificidad del 100%, el valor predictivo positivo del 100% y el valor predictivo negativo del 77,9%. La eficacia global fue del 91,6%. La BIP resultó una prueba efectiva.

Inflation, political instability and stockmarket volatility in interwar Germany

What determined the volatility of asset prices in Germany between thewars? This paper argues that the influence of political factors has beenoverstated. The majority of events increasing political uncertainty hadlittle or no effect on the value of German assets and the volatility ofreturns on them. Instead, it was inflation (and the fear of it) that islargely responsible for most of the variability in asset returns.

Articular el desenvolupament de la competència matemàtica amb la resolució de problemes

L’objectiu central del treball es analitzar si, tal i com assenyalen els Standards (NCTM, 2000), una seqüenciació acurada de problemes pot servir com a vehicle per a aprendre els continguts que marca el currículum. Amb aquesta finalitat, es van enregistrar diversos episodis amb alumnes que cobrien un ampli espectre de la diversitat de l’alumnat. S’han seleccionat i analitzat aquelles que han semblat més representatives.

Nonlinear Saffman-Taylor instability

We show, both theoretically and experimentally, that the interface between two viscous fluids in a Hele-Shaw cell can be nonlinearly unstable before the Saffman-Taylor linear instability point is reached. We identify the family of exact elastica solutions [Nye et al., Eur. J. Phys. 5, 73 (1984)] as the unstable branch of the corresponding subcritical bifurcation which ends up at a topological singularity defined by interface pinchoff. We devise an experimental procedure to prepare arbitrary initial conditions in a Hele-Shaw cell. This is used to test the proposed bifurcation scenario and quantitatively asses its practical relevance.

Model for curvature-driven pearling instability in membranes

A phase-field model for dealing with dynamic instabilities in membranes is presented. We use it to study curvature-driven pearling instability in vesicles induced by the anchorage of amphiphilic polymers on the membrane. Within this model, we obtain the morphological changes reported in recent experiments. The formation of a homogeneous pearled structure is achieved by consequent pearling of an initial cylindrical tube from the tip. For high enough concentration of anchors, we show theoretically that the homogeneous pearled shape is energetically less favorable than an inhomogeneous one, with a large sphere connected to an array of smaller spheres.

Interfacial instability induced by external fluctuations

The dynamics of an interface separating the two coexistent phases of a binary system in the presence of external fluctuations in temperature is studied. An interfacial instability is obtained for an interface that would be stable in the absence of fluctuations or in the presence of internal fluctuations. Analytical stability analysis and numerical simulations are in accordance with an explanation of these effects in terms of a quenchlike instability induced by fluctuations.

Lateral instability in normal viscous fingers

We study a low-amplitude, long-wavelength lateral instability of the Saffman-Taylor finger by means of a phase-field model. We observe such an instability in two situations in which small dynamic perturbations are overimposed to a constant pressure drop. We first study the case in which the perturbation consists of a single oscillatory mode and then a case in which the perturbation consists of temporal noise. In both cases the instability undergoes a process of selection.

External fluctuations in a pattern-forming instability

The effect of external fluctuations on the formation of spatial patterns is analyzed by means of a stochastic Swift-Hohenberg model with multiplicative space-correlated noise. Numerical simulations in two dimensions show a shift of the bifurcation point controlled by the intensity of the multiplicative noise. This shift takes place in the ordering direction (i.e., produces patterns), but its magnitude decreases with that of the noise correlation length. Analytical arguments are presented to explain these facts.

Dynamics of sweeping through an instability: Passage-time statistics for colored noise

A calculation of passage-time statistics is reported for the laser switch-on problem, under the influence of colored noise, when the net gain is continuously swept from below to above threshold. Cases of fast and slow sweeping are considered. In the weak-noise limit, asymptotic results are given for small and large correlation times of the noise. The mean first passage time increases with the correlation time of the noise. This effect is more important for fast sweeping than for slow sweeping.

Growth and melting of the nematic phase: sample thickness dependence of the Mullins-Sekerka instability

In this article we report our systematic studies of the dependence on the sample thickness of the onset parameters of the instability of the nematic-isotropic interface during directional growth and melting, in homeotropic or planar anchoring.

Prevalence of articular chondrocalcinosis in elderly subjects in a rural area of Catalonia

The occurrence of rheumatic disorders did not differ significantly between subjects with articular chondrocalcinosis and those without. CONCLUSIONS--Articular chondrocalcinosis is an age related disorder, which could partly explain the discrepancies in its prevalence reported in previous studies. In most subjects with articular chondrocalcinosis recruited from an unselected population the clinical manifestations are probably mild or even absent.

A subcritical instability of wave-driven alongshore currents

The development of shear instabilities of a wave-driven alongshore current is investigated. In particular, we use weakly nonlinear theory to investigate the possibility that such instabilities, which have been observed at various sites on the U.S. coast and in the laboratory, can grow in linearly stable flows as a subcritical bifurcation by resonant triad interaction, as first suggested by Shrira eta/. [1997]. We examine a realistic longshore current profile and include the effects of eddy viscosity and bottom friction. We show that according to the weakly nonlinear theory, resonance is possible and that these linearly stable flows may exhibit explosive instabilities. We show that this phenomenon may occur also when there is only approximate resonance, which is more likely in nature. Furthermore, the size of the perturbation that is required to trigger the instability is shown in some circumstances to be consistent with the size of naturally occurring perturbations. Finally, we consider the differences between the present case examined and the more idealized case of Shrira et a/. [ 1997]. It is shown that there is a possibility of coupling between triads, due to the richer modal structure in more realistic flows, which may act to stabilize the flow and act against the development of subcritical bifurcations. Extensive numerical tests are called for.

Full instability behavior of N-dimensional dynamical systems with a one-directional nonlinear vector field

We show how certain N-dimensional dynamical systems are able to exploit the full instability capabilities of their fixed points to do Hopf bifurcations and how such a behavior produces complex time evolutions based on the nonlinear combination of the oscillation modes that emerged from these bifurcations. For really different oscillation frequencies, the evolutions describe robust wave form structures, usually periodic, in which selfsimilarity with respect to both the time scale and system dimension is clearly appreciated. For closer frequencies, the evolution signals usually appear irregular but are still based on the repetition of complex wave form structures. The study is developed by considering vector fields with a scalar-valued nonlinear function of a single variable that is a linear combination of the N dynamical variables. In this case, the linear stability analysis can be used to design N-dimensional systems in which the fixed points of a saddle-node pair experience up to N21 Hopf bifurcations with preselected oscillation frequencies. The secondary processes occurring in the phase region where the variety of limit cycles appear may be rather complex and difficult to characterize, but they produce the nonlinear mixing of oscillation modes with relatively generic features