Is bank debt special for the transmission of monetary policy? Evidence from the stock market

We combine existing balance sheet and stock market data with two new datasets to studywhether, how much, and why bank lending to firms matters for the transmission of monetarypolicy. The first new dataset enables us to quantify the bank dependence of firms precisely,as the ratio of bank debt to total assets. We show that a two standard deviation increase inthe bank dependence of a firm makes its stock price about 25% more responsive to monetarypolicy shocks. We explore the channels through which this effect occurs, and find that thestock prices of bank-dependent firms that borrow from financially weaker banks display astronger sensitivity to monetary policy shocks. This finding is consistent with the banklending channel, a theory according to which the strength of bank balance sheets mattersfor monetary policy transmission. We construct a new database of hedging activities andshow that the stock prices of bank-dependent firms that hedge against interest rate riskdisplay a lower sensitivity to monetary policy shocks. This finding is consistent with aninterest rate pass-through channel that operates via the direct transmission of policy ratesto lending rates associated with the widespread use of floating-rates in bank loans and creditline agreements.

International Union of Pharmacology. XXXV. The glucagon receptor family.

Peptide hormones within the secretin-glucagon family are expressed in endocrine cells of the pancreas and gastrointestinal epithelium and in specialized neurons in the brain, and subserve multiple biological functions, including regulation of growth, nutrient intake, and transit within the gut, and digestion, energy absorption, and energy assimilation. Glucagon, glucagon-like peptide-1, glucagon-like peptide-2, glucose-dependent insulinotropic peptide, growth hormone-releasing hormone and secretin are structurally related peptides that exert their actions through unique members of a structurally related G protein-coupled receptor class 2 family. This review discusses advances in our understanding of how these peptides exert their biological activities, with a focus on the biological actions and structural features of the cognate receptors. The receptors have been named after their parent and only physiologically relevant ligand, in line with the recommendations of the International Union of Pharmacology Committee on Receptor Nomenclature and Drug Classification (NC-IUPHAR).

Monetary policy and rational asset price bubbles

I examine the impact of alternative monetary policy rules on arational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interestrates in response to a growing bubble is shown to enhance the fluctuations in the latter, through its positive effect on bubble growth. Theoptimal monetary policy seeks to strike a balance between stabilization of the bubble and stabilization of aggregate demand. The paper'smain findings call into question the theoretical foundations of the casefor "leaning against the wind" monetary policies.

En route to a more democratic European Union – An analysis of the communication strategies of European Citizens’ Initiatives (ECIs)

L’èxit de l’iniciativa ciutadana europea (ICE) com a instrument de democràcia directa a nivell europeu està directament relacionat amb la seva promulgació. Els ciutadans d’arreu Europa han d’estar informats sobre aquest nou mecanisme per tal que es dugui a terme, la qual cosa suposa una dificultat. Aquest estudi qualitatiu ens mostra els recursos i problemes en la divulgació de les ICE. Una anàlisi basat en entrevistes amb diferents organitzadors d’aquestes ICE que ens dona algunes idees sobre les seves estratègies de comunicació, així com l’ús d’eines de comunicació i relacions amb els mitjans de comunicació. A banda de les dificultats lingüístiques i financeres hi ha altres obstacles més específics relacionats amb l’ICE.

Department of Commerce, Credit Union FY2007

These Facts sheets have been developed to provide a multitude of information about executive branch agencies/departments on a single sheet of paper. The Facts provides general information, contact information, workforce data, leave & benefits information, and affirmative action data. This is the most recent update of information for the fiscal year 2007.

Department of Commerce, Credit Union FY2008

These Facts sheets have been developed to provide a multitude of information about executive branch agencies/departments on a single sheet of paper. The Facts provides general information, contact information, workforce data, leave & benefits information, and affirmative action data. This is the most recent update of information for the fiscal year 2007.

L'enseignant de yoga européen entre adhikāra et pédagogie : une analyse de la qualification socio-religieuse des enseignants dans la rencontre entre l' Union européenne de yoga et le lignage de T. Krishnamacharya

Résumé: Ce travail porte sur la formation des enseignants de yoga européens dans la deuxième partie du 20ème s. Il analyse la construction de leur qualification et de leur éligibilité par rapport aux modalités indiennes de la transmission. Pour ce faire, il étudie l'émergence de l'enseignant de yoga européen au sein de l'Union européenne de yoga (fondée en 1972), une institution promouvant un yoga holiste qui n'a pas encore fait l'objet d'une étude de cas. Le devenir européen des modalités de transmission est étudié à travers la rencontre de l'Union européenne de yoga avec son partenaire indien privilégié, le lignage de l'ācārya T. Krishnamacharya et en particulier avec le fils de ce dernier, T.K.V. Desikachar. Privilégiant l'analyse du matériel constitué par les revues de yoga, ce travail démontre comment la qualification de l'enseignant de yoga européen se construit dans les années 1960- 1990 dans l'interaction que les formateurs européens entretiennent avec le partenaire indien de la rencontre (chap. 2 et 3). L'Union, qui réunit plusieurs fédérations nationales de yoga et plusieurs traditions de yoga, est l'une des premières institutions à mettre en place, en 1976, un diplôme à l'intention des enseignants de yoga. Les caractéristiques de cette formation sont identifiées à travers l'analyse des curriculums mis en place par les formateurs de l'Union (chap. 4). Les acteurs prennent soin de motiver les spécificités de leur enseignement - celles qu'ils revendiquent et celles dont leurs adversaires les accusent - par des notions empruntées aux textes indiens du yoga et par la construction d'une « scène autorisante », le Congrès annuel de yoga de Zinal (chap. 5). Ce travail étudie la mise en place, par l'Union, d'un discours de la « pédagogie européenne du yoga » et d'une logique d'alliance entre certains lignages européens de yoga et celui de T. Krishnamacharya pour revendiquer des innovations dans la transmission du yoga en Europe : par exemple, la promotion des Yoga-Sūtra, le respect des différences individuelles chez l'élève, l'autorité féminine sur le yoga et la réhabilitation d'un christianisme alternatif. Ce travail démontre aussi que, dans le contexte contemporain, le yoga est un lieu de débats entre une conception traditionnelle et initiatique de la transmission et une conception pédagogique imprégnée de valeurs égalitaires et libertaires. Le travail identifie les points d'achoppement de cette rencontre autour des notions de la transmission indienne telle qu'adhikāra (l'éligibilité différenciée) ou sraddhā (la confiance dans le maître) en concluant par une analyse de la négociation de l'autorité spirituelle entre T.K.V. Desikachar et ses élèves (chap. 6).

Audit report on Union County, Iowa for the year ended June 30, 2010

Audit report on Union County, Iowa for the year ended June 30, 2010

Regional economic dynamics and convergence in the european union

Deepening in the European Union (EU) integration process has enhanced the question of economic disparities at a regional level. Theconvergence process observed until the late seventies was exhausted onwards incoincidence with important changes in the economic activity. The paper showshow these factors would have provoked a regional differenciated response that,despite being important, would have not strengthened the decrease in regionalinequalities. We use an alternative and (in our opinion) richer approach to thetraditional convergence analysis, where the evolution of the whole regionaldistribution is what matters and not that of a representative economy. Moreover,when analysing inequalities among regional economies, the geographical spaceacquire an outstanding role. Hence, we apply spatial association tests and relatethem to the convergence analysis

An analysis of inflation rates in the European Union using wavelets : strong evidence against unit roots

In this paper we assume inflation rates in European Union countries may in fact be fractionally integrated. Given this assumption, we obtain estimations of the order of integration by means a method based on wavelets coefficients. Finally, results obtained allow reject the unit root hypothesis on inflation rates. It means that a random shock on the rate of inflation in these countries has transitory effects that gradually diminish with the passage of time, that this, said shock hasn¿t a permanent effect on future values of inflation rates