When do central banks prefer to intervene secretly?

Central banks often intervene secretly in the foreign exchange market. This secrecy seems to be at odds with the signalling channel. In this article we will analyse when a central bank intervening in the foreign exchange rate market purely through the signalling channel would prefer to act secretly or publicly. By using a microstructure model, we will show that the consistency of the intervention with fundamentals, the volume of noise trading, the weight given to the effectiveness of intervention and the degree of superior information held by the central bank will influence the decision to intervene secretly or publicly. Keywords: foreign exchange intervention, market microstructure. JEL Classifi…cation: D82, E58, F31, G14.

The Teggiolo zone: a key to the Helvetic-Penninic connection (stratigraphy and tectonics in the Val Bavona, Ticino, Central Alps)

The Teggiolo zone is the sedimentary cover of the Antigorio nappe, one of the lowest tectonic units of the Penninic Central Alps. Detailed mapping, stratigraphic and structural analyses, and comparisons with less metamorphic series in several well-studied domains of the Alps, provide a new stratigraphic interpretation. The Teggiolo zone is comprised of several sedimentary cycles, separated by erosive surfaces and large stratigraphic gaps, which cover the time span from Triassic to Eocene. At Mid-Jurassic times it appears as an uplifted, partially emergent block, marking the southern limit of the main Helvetic basin (the Limiting South-Helvetic Rise LSHR). The main mass of the Teggiolo calcschists, whose base truncates the Triassic-Jurassic cycles and can erode the Antigorio basement, consists of fine-grained clastic sediments analogous to the deep-water flyschoid deposits of Late Cretaceous to Eocene age in the North-Penninic (or Valais s.l.) basins. Thus the Antigorio-Teggiolo domain occupies a crucial paleogeographic position, on the boundary between the Helvetic and Penninic realms: from Triassic to Early Cretaceous its affinity is with the Helvetic; at the end of Cretaceous it is incorporated into the North-Penninic basins. An unexpected result is the discovery of the important role played by complex formations of wildflysch type at the top of the Teggiolo zone. They contain blocks of various sizes. According to their nature, three different associations are distinguished that have specific vertical and lateral distributions. These blocks give clues to the existence of territories that have disappeared from the present-day level of observation and impose constraints on the kinematics of early folding and embryonic nappe emplacement. Tectonics produced several phases of superimposed folds and schistosities, more in the metasediments than in the gneissic basement. Older deformations that predate the amplification of the frontal hinge of the nappe generated the dominant schistosity and the km-wide Vanzèla isoclinal fold.

Description of Lutzomyia (Coromyia) disneyi, n. sp. (Diptera: Psychodidae-Phlebotominae) from Belize, Central America

The commonest sand fly in limestone caves in Belize, Central America, previously, referred to as Lutzomyia beltrani (Belize form), is described as Lutzomyia (Coromyia) disneyi n. sp.

New Sorex araneus karyotypes from Germany and the postglacial recolonization of central Europe

New G-banded karyotypes from populations of the common shrew Sorex araneus Linnaeus, 1758 provide a clearer picture of the distribution of chromosome races in central Europe. As expected according to their occurrence in neighbouring countries, the Jutland (kq, no), Laska (k/o) and Drnholec (ko, nr) races are also found in Germany. A new chromosome race "Rugen" (kq) is described from this Baltic Island. Together with the previously recorded races Ulm and Mooswald (kr), six chromosome races are now known from Germany. The resulting distribution pattern is characterized by high frequencies of different race-specific metacentrics at the periphery of the country and clines with decreasing frequencies towards the centre which is occupied by the Ulm race. This race is acrocentric for all chromosome arms involved in the observed race-specific fusions and represents a buffer between the surrounding, more metacentric races. According to the present distribution of these metacentrics, a scenario for the postglacial recolonization of central Europe by S. araneus populations on three different routes is proposed: from the east along the northern slopes of the Carpathian Arc, from the south-east along the Danube Valley and from the south-west through the Upper Rhine Valley.

Remeis casolans per a bèsties i humans: medicina i veterinària popular a la catalunya central

Treball de recerca realitzat per un alumne d’ensenyament secundari i guardonat amb un Premi CIRIT per fomentar l'esperit científic del Jovent l’any 2008. Consisteix en un diccionari informàtic que recull plantes i productes, cadascun amb les seves propietats medicinals i altres usos que se’ls atribueixen popularment i la forma de preparar remeis i aplicar-los per a cada malaltia o afecció. La informació s’ha extret de les entrevistes fetes a informants d’entre 60 i 90 anys del Bages, Berguedà i Solsonès, i es complementa amb un herbari i una mostra de preparacions dels remeis.

Official Central Bank Interventions in the Foreign Exchange Markets: A DCC Approach with Exogenous Variables

This paper assesses the impact of official central bank interventions (CBIs) on exchange rate returns, their volatility and bilateral correlations. By exploiting the recent publication of intervention data by the Bank of England, this study is able to investigate fficial interventions by a total number of four central banks, while the previous studies have been limited to three (the Federal Reserve, Bundesbank and Bank of Japan). The results of the existing literature are reappraised and refined. In particular, unilateral CBI is found to be more successful than coordinated CBI. The likely implications of these findings are then discussed.

Does the euro dominate Central and Eastern European money markets?

The so-called German Dominance Hypothesis (GDH) claimed that Bundesbank policies were transmitted into other European Monetary System (EMS) interest rates during the pre-euro era. We reformulate this hypothesis for the Central and Eastern European (CEE) countries that are on the verge of accessing the eurozone. We test this \Euro Dominance Hypothesis (EDH)" in a novel way using a global vector autoregressive (GVAR) approach that combines country-speci c error correction models in a global system. We nd that euro area monetary policies are transmitted into CEE interest rates which provides evidence for monetary integration between the eurozone and CEE countries. Our framework also allows for introducing global monetary shocks to provide empirical evidence regarding the e ects of the recent nancial crisis on monetary integration in Europe.

Flebotomíneos (Diptera: Psychodidae) no estado de Roraima, Brasil: I. espécies coletadas nas regiões sul e central

Durante 1987, nas regiões sul e central do Estado de Roraima, foram realizadas coletas de flebotomineos nas bases de árvores e em armadilhas CDC colocadas a 1,5 e 10m de altura do solo. Foram obtidos 2812 espécimes, de 45 espécies: 35 na região sul e 27 na região cental; 18 espécies foram comuns as duas áreas e 21 estão sendo aqui assinaladas pela primeira vez no Estado. A presente publicação eleva a 54 o número de espécies conhecidad no Estado.

Evolució del poblament i organització del territori a la Catalunya interior durant l'Antiguitat Tardana i l'Alta Edat Mitjana: els casos de la Catalunya Central (Bages, Berguedà i Solsonès) i la Garrotxa (segles V-X)

Projecte de recerca elaborat a partir d’una estada a la Université de Toulouse 2 – Le Mirail entre gener i juny del 2007. En concret, l’estada efectuada ha suposat la integració de qui signa aquesta memòria dins l’equip al-Andalus/Hispaniae, dirigit pel professor Philippe Sénac, una de les diverses branques que conformen el grup FRAMESPA d’aquella universitat, unitat de recerca adscrita al CNRS (UMR 5136). El títol proposat per al contingut de la recerca en la sol•licitud presentada, Evolució del poblament i organització del territori a la Catalunya interior a l’Alta Edat Mitjana, encapçalava un pla de treball que tenia per objectiu la recopilació i l’anàlisi de dades arqueològiques i textuals que oferissin un escenari a partir del qual establir una seqüència evolutiva en relació a les diferents tendències pel que fa al poblament tardoantic i altmedieval en dues zones diferenciades com són les conques mitjanes dels rius Llobregat i Cardener, a la Catalunya Central, i la capçalera del riu Fluvià, a la Garrotxa. Així, s’han pogut detectar, a partir de la contrastació de les diferents dades, fenòmens diversos que reflecteixen la incidència dels successius canvis històrics a nivell territorial i de poblament.

GLUTX1, a novel mammalian glucose transporter expressed in the central nervous system and insulin-sensitive tissues.

Based on homology with GLUT1-5, we have isolated a cDNA for a novel glucose transporter, GLUTX1. This cDNA encodes a protein of 478 amino acids that shows between 29 and 32% identity with rat GLUT1-5 and 32-36% identity with plant and bacterial hexose transporters. Unlike GLUT1-5, GLUTX1 has a short extracellular loop between transmembrane domain (TM) 1 and TM2 and a long extracellular loop between TM9 and TM10 that contains the only N-glycosylation site. When expressed in Xenopus oocytes, GLUTX1 showed strong transport activity only after suppression of a dileucine internalization motif present in the amino-terminal region. Transport activity was inhibited by cytochalasin B and partly competed by D-fructose and D-galactose. The Michaelis-Menten constant for glucose was approximately 2 mM. When translated in reticulocytes lysates, GLUTX1 migrates as a 35-kDa protein that becomes glycosylated in the presence of microsomal membranes. Western blot analysis of GLUTX1 transiently expressed in HEK293T cells revealed a diffuse band with a molecular mass of 37-50 kDa that could be converted to a approximately 35-kDa polypeptide following enzymatic deglycosylation. Immunofluorescence microscopy detection of GLUTX1 transfected into HEK293T cells showed an intracellular staining. Mutation of the dileucine internalization motif induced expression of GLUTX1 at the cell surface. GLUTX1 mRNA was detected in testis, hypothalamus, cerebellum, brainstem, hippocampus, and adrenal gland. We hypothesize that, in a similar fashion to GLUT4, in vivo cell surface expression of GLUTX1 may be inducible by a hormonal or other stimulus.

Synanthropic trends in urban andextraurban taxocenoses of Sarcophaginae (Diptera) in three central european cities

An attempt has been made to characterize the synanthropic trends in Sarcophaginae of three Central European cities, viz. Brno, Bratislava and Budapest. The polar ordination of both sarcophagine taxa and of their taxocenoses revealed clear-cut trends towards culturophily and synanthropy in the male preconnubial aggregations of Sarchophaginae evidencing that this group of high Diptera represent an excellent model for the study of this phenomenon.

Marbles and carbonate rocks from central Morocco: a petrographic, mineralogical and geochemical study

Petrographic, mineralogical, and stable isotopes (delta C-13, delta O-18 values) compositions were used to characterise marbles and sedimentary carbonate rocks from central Morocco, which are considered to be a likely source of ornamental and building material from Roman time to the present day. This new data set was used in the frame of an archaeometric provenance study on Roman artefacts from the town of Thamusida (Kenitra, north Morocco), to assess the potential employment of these rocks for the manufacture of the archaeological materials. A representative set of samples from marbles and other carbonate rocks (limestone, dolostone) were collected in several quarries and outcrops in the Moroccan Meseta, in a region extending from the Meknes-Khenifra alignment to the Atlantic Ocean. All the samples were studied using a petrographic, mineralogical and geochemical methods. The petrographic and minerological investigations (optical microscopy, electron microscopy, X-ray diffraction) allowed to group the carbonate rocks in limestones, foliated limestone, diagenetic breccias and dolostone. The limestones could be further grouped as mudstones, wackestones-packstones, crinoid grainstones, oolitic grainstone and floatstones. Textural differences allowed to define marbles varieties. The stable carbon and oxygen isotope composition proved to be quite useful in the discrimination of marble sources, with apparently less discriminatory potential for carbonate rocks.