The ‘Visible Hand’ of the ECB’s Quantitative Easing. CEPS Working Document No. 407/May 2015

Quantitative easing à la ECB has produced so far an impact on long-term nominal rates through ex ante channels: signalling channels, term duration channels, and risk premia channels. The term duration channel will also lead to a lengthening of the average maturity of government debts, with possible implications for fiscal policy. The ECB’s determination to buy government bonds in a fragmented market with a low net supply may also produce an ex post impact, during the actual asset purchases, but less on nominal rates and more on financial plumbing, as recent volatility suggests. As the effects of scarce supply in collateral markets are felt, repo rates remain well below zero. Lower supply and limited re-usability of high quality collateral, capped by regulatory requirements, is a constraint on market liquidity and compresses dealers’ balance sheets. By keeping a depressed yield curve and asset prices high, QE may also accelerate the consolidation of both traditional and capital-market based (dealer) bank business models. What is less clear is how these changing business models will interact with the sharp rise of the asset management industry in the aftermath of the crisis, which raises questions about the implications for global collateral flows and deposit-like funding channels.

Changes in oral microflora in prosthetic patients on hygiene protocol

Poster presented at the 1st International Congress of CiiEM - From Basic Sciences to Clinical Research, 27-28 November 2015, Egas Moniz, Caparica, Portugal.

Little girl with one hand in air, the other holding cupcake, sitting on woman's lap

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Catálogo del material escolar enviado á la exposición anexa al IIIer Congreso Internacional de Higiene Escolar, Paris, 2-7 de agosto de 1910 con una noticia sobre la instrucción pública primaria. Catalogue de matériel scolaire présenté á l'exposition annexe au IIIe Congres International d'Hygiene Scolaire, Paris, 2-7 aoút 1910, avec une notice sur l'instruction publique primaire.

Mode of access: Internet.

Occupational exposure to hand-arm vibration.

Mode of access: Internet.

Industrial hygiene.

Mode of access: Internet.

The farmer's and emigrant's hand-book : being a full and complete guide for the farmer and the emigrant [...] /

Mode of access: Internet.

Lend a hand. A record of progress.

Mode of access: Internet.