Meeting technologies and optimal trading mechanisms in competitive search markets

In a market in which sellers compete by posting mechanisms, we study how the properties of the meeting technology affect the mechanism that sellers select. In general, sellers have incentive to use mechanisms that are socially efficient. In our environment, sellers achieve this by posting an auction with a reserve price equal to their own valuation, along with a transfer that is paid by (or to) all buyers with whom the seller meets. However, we define a novel condition on meeting technologies, which we call “invariance,” and show that the transfer is equal to zero if and only if the meeting technology satisfies this condition.

The Monetary policy rules and the inflation process in open emerging

This paper has three objectives. First, it aims at revealing the logic of interest rate setting pursued by monetary authorities of 12 new EU members. Using estimation of an augmented Taylor rule, we find that this setting was not always consistent with the official monetary policy. Second, we seek to shed light on the inflation process of these countries. To this end, we carry out an estimation of an open economy Philips curve (PC). Our main finding is that inflation rates were not only driven by backward persistency but also held a forward-looking component. Finally, we assess the viability of existing monetary arrangements for price stability. The analysis of the conditional inflation variance obtained from GARCH estimation of PC is used for this purpose. We conclude that inflation targeting is preferable to an exchange rate peg because it allowed decreasing the inflation rate and anchored its volatility.

Social rules govern vocal competition in the barn owl

To resolve the share of limited resources, animals often compete through exchange of signals about their relative motivation to compete. When two competitors are similarly motivated, the resolution of conflicts may be achieved in the course of an interactive process. In barn owls, Tyto alba, in which siblings vocally compete during the prolonged absence of parents over access to the next delivered food item, we investigated what governs the decision to leave or enter a contest, and at which level. Siblings alternated periods during which one of the two individuals vocalized more than the other. Individuals followed turn-taking rules to interrupt each other and momentarily dominate the vocal competition. These social rules were weakly sensitive to hunger level and age hierarchy. Hence, the investment in a conflict is determined not only by need and resource-holding potential, but also by social interactions. The use of turn-taking rules governing individual vocal investment has rarely been shown in a competitive context. We hypothesized that these rules would allow individuals to remain alert to one another's motivation while maintaining the cost of vocalizing at the lowest level.

Adult human adipose tissue contains several types of multipotent cells.

Multipotent mesenchymal stromal cells (MSCs) are a type of adult stem cells that can be easily isolated from various tissues and expanded in vitro. Many reports on their pluripotency and possible clinical applications have raised hopes and interest in MSCs. In an attempt to unify the terminology and the criteria to label a cell as MSC, in 2006 the International Society for Cellular Therapy (ISCT) proposed a standard set of rules to define the identity of these cells. However, MSCs are still extracted from different tissues, by diverse isolation protocols, are cultured and expanded in different media and conditions. All these variables may have profound effects on the selection of cell types and the composition of heterogeneous subpopulations, on the selective expansion of specific cell populations with totally different potentials and ergo, on the long-term fate of the cells upon in vitro culture. Therefore, specific molecular and cellular markers that identify MSCs subsets as well as standardization of expansion protocols for these cells are urgently needed. Here, we briefly discuss new useful markers and recent data supporting the rapidly emerging concept that many different types of progenitor cells are found in close association with blood vessels. This knowledge may promote the necessary technical improvements required to reduce variability and promote higher efficacy and safety when isolating and expanding these cells for therapeutic use. In the light of the discussed data, particularly the identification of new markers, and advances in the understanding of fundamental MSC biology, we also suggest a revision of the 2006 ISCT criteria.

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

Chronic Airflow Obstruction Briefing: Technical Documentation

Chronic airflow obstruction (CAO) is a chronic lung condition that interferes with normal breathing. CAO includes chronic obstructive pulmonary disease (COPD), chronic bronchitis and emphysema. IPH has systematically estimated and forecast the prevalence of CAO on the island of Ireland. This document details the methods used to calculate these estimates and forecasts.

Diabetes Briefing: Technical Documentation

Diabetes mellitus is a group of metabolic disorders characterised by too much glucose in the blood. The body breaks down digested food into a sugar called glucose from which it derives energy. The hormone insulin allows the body to use that sugar by helping glucose to enter the cells. When a person has diabetes, either the pancreas fails to produce enough insulin or the body cannot properly use the insulin it has. As a result there is a build-up of glucose in the blood causing the cells to be starved of energy.  There are two types of diabetes: Type 1 diabetes is characterised by a lack of insulin production and occurs most frequently in children; Type 2 diabetes is the most common form in persons aged over 40 but cases are starting to emerge at younger ages, and is caused by the body’s ineffective use of insulin.   This document details hoe the IPH has systematically estimated and forecast the prevalence of diabetes on the island of Ireland

Coronary Heart Disease Briefing: Technical Documentation

Coronary heart disease (CHD) is a collective term for diseases that occur when the walls of the coronary arteries become narrowed by a gradual build up of fatty material called atheroma. This document details how the IPH has systematically estimated and forecast the prevalence of heart attack and/or angina (which we refer to as CHD) on the island of Ireland.

Hypertension Briefing: Technical documentation

Blood pressure is the force exerted on artery walls as the heart pumps blood through the body. Hypertension, or high blood pressure, occurs when blood pressure is constantly higher than the pressure needed to carry blood through the body. This document details how the IPH uses a systematic and consistent method to produce prevalence data for hypertension on the island of Ireland.

Musculoskeletal Conditions Briefing: Technical Documentation

Musculoskeletal conditions (MSCs) are a group of diseases that affect the body’s bones, joints, muscles and the tissues that connect them. Common MSCs include back pain, rheumatoid arthritis, osteoarthritis, osteoporosis, and spinal disorders. MSCs are the most common cause of severe long term pain and physical disability in developed countries. They significantly affect the psychosocial wellbeing of individuals as well as their families and carers. They are responsible for substantial costs to the health and social care system and the economy. They are a leading cause of absence from work and lost productivity at work. MSCs comprise a diverse group of conditions. Some have a specific medical diagnosis (eg rheumatoid arthritis) but others have no clear medical diagnosis (eg back pain). Risk factors for the development and progression of MSCs include age, sex, family history, obesity, physical inactivity, injury and biomechanical occupational health issues. This document details the methods used to calculate the estimates and forecasts.

Proposed Sugar Sweetened Drinks Tax: Health Impact Assessment Technical Report

The Institute of Public Health in Ireland (IPH) was requested by the Department of Health to undertake a Health Impact Assessment (HIA) of a proposed tax on sugar sweetened drinks (SSDs) in 2012. The public health priority for this proposal was to consider the potential of such a tax to address the problem of overweight and obesity in Ireland. The HIA was overseen by the Special Action Group on Obesity (SAGO) and guided by a steering group. The HIA process involved a population profile, a stakeholder consultation event and a literature review. This information, paralleled by a modelling exercise undertaken by Dr. Mike Rayner and his team in the University of Oxford was presented to the steering group to inform their conclusions.  This is the Technical Report.

Stroke Briefing: Technical Documentation

A stroke happens when blood flow to a part of the brain is interrupted by a blocked or burst blood vessel. A lack of blood supply can damage brain cells and affect body functions. IPH has systematically estimated and forecast the prevalence of stroke on the island of Ireland. This document details the methods used to calculate these estimates and forecasts. Technical documentation