The optimum quantity of money: Theory and evidence

In this paper we propose a simple and general model for computing the Ramsey optimal inflation tax, which includes several models from the previous literature as special cases. We show that it cannot be claimed that the Friedman rule is always optimal (or always non--optimal) on theoretical grounds. The Friedman rule is optimal or not, depending on conditions related to the shape of various relevant functions. One contribution of this paper is to relate these conditions to {\it measurable} variables such as the interest rate or the consumption elasticity of money demand. We find that it tends to be optimal to tax money when there are economies of scale in the demand for money (the scale elasticity is smaller than one) and/or when money is required for the payment of consumption or wage taxes. We find that it tends to be optimal to tax money more heavily when the interest elasticity of money demand is small. We present empirical evidence on the parameters that determine the optimal inflation tax. Calibrating the model to a variety of empirical studies yields a optimal nominal interest rate of less than 1\%/year, although that finding is sensitive to the calibration.

Window-dressing in German interwar balance sheets

German accounting rules value assets and liabilities asymmetricallyand thus lead to grossly distorted balance sheets. In the interwardebate on a reform of disclosure regulation, financial expertsconsidered the (undisclosed) tax balance sheet, which had to bedrawn up separately for the corporate tax assessment, as a paradigmfor adequate financial disclosure. However, due to tax secrecy thaywere barred from analyzing tax documents. Using archival evidence,we analyze tax balance sheets from which the reliability of disclosedbalance sheets of the interwar period can be assessed. It emergesthat companies overstated their profits in the middand late 1920s,but grossly understated them in the Nazi economy.

The biased balance: Observation, formalism and interpretation of a dissymmetric measuring device

This paper studies a balance whose unobservable fulcrum is not necessarilylocated at the middle of its two pans. It presents three differentmodels, showing how this lack of symmetry modifies the observation, theformalism and the interpretation of such a biased measuring device. Itargues that the biased balance can be an interesting source of inspirationfor broadening the representational theory of measurement.

Gestão Integrada dos Recursos Hídricos da Ilha do Maio (Cabo Verde): o Contributo das Águas Subterrâneas

Cabo Verde é constituído por 10 ilhas, sendo a ilha do Maio a mais antiga do arquipélago, com uma área de 269 km2, tendo como comprimento máximo 24100 m, uma largura máxima de 16300 m e uma população total de 6740 habitantes. No que concerne à geomorfologia e geologia, a ilha é considerada plana e é composta por formações eruptivas e sedimentares, sendo as formações sedimentares dominantes na ilha. Apresenta as formações mais antigas de Cabo Verde, de idade jurássica e cretácica. No entanto, não apresenta as formações eruptivas mais recentes como as restantes ilhas. A ilha do Maio enquadra-se num clima do tipo árido e semiárido, com uma temperatura média de 24.5 ºC e uma precipitação anual de 125.4 mm. Estimativas efectuadas com base no modelo do balanço hídrico sequencial diário mostram que cerca de 7% da precipitação corresponde a escoamento superficial e 14.1% a escoamento subterrâneo. Pela aplicação deste modelo e do método do balanço químico do ião cloreto, os recursos hídricos subterrâneos renováveis anualmente na ilha do Maio estão, em ano médio, compreendidos entre 3.44 x 106 m3 e 4.76 x 106 m3.por sua vez, o escoamento total é estimado em 7.8 x 106 m3 anuais, o que equivale a cerca de 21 400 m3/dia. O escoamento subterrâneo na ilha do Maio faz-se globalmente de um modo centrífugo a partir das elevações do maciço central. O gradiente hidráulico assume valores entre 0.05% e 2.9%, sendo que o valor mais baixo ocorre no sector norte da ilha, o que favorece o fenómeno de intrusão salina. Relativamente à qualidade da água, verifica-se que as amostras recolhidas correspondem a águas muito mineralizadas, com valores de condutividade eléctrica compreendidos entre 832 μS/cm e 7730 μS/cm. Por sua vez, os valores de TDS estão compreendidos entre 705.8 mg/L e 4210.4 mg/L. Nestas condições, as águas subterrâneas analisadas podem ser consideradas águas salobras. A fácies hidroquímica dominante é a cloretada sódica, sendo que grande parte das amostras pode ser considerada cloretada-bicarbonatada sódica. Admitindo que a amostragem efectuada tem significado estatístico, poderá dizer-se que, a nível físico-químico, cerca de 20% das águas subterrâneas são próprias para o consumo humano. No que respeita à utilização da água para rega, as águas analisadas apresentam baixo a alto perigo de alcalinização do solo e alto a muito alto perigo de salinização. Em síntese, pode concluir-se que, não obstante o carácter árido da ilha do Maio, a mesma apresenta um potencial de recursos hídricos não negligenciável, eventualmente suficiente para suprir as necessidades hídricas da população. No entanto, o estudo desenvolvido mostra a necessidade de implementar medidas susceptíveis de proporcionarem um aproveitamento sustentado dos recursos hídricos, no quadro da gestão integrada dos recursos hídricos da ilha do Maio.

Abnormal balance between proliferation and apoptotic cell death in fibroblasts derived from keloid lesions.

A new culture model was developed to study the role of proliferation and apoptosis in the etiology of keloids. Fibroblasts were isolated from the superficial, central, and basal regions of six different keloid lesions by using Dulbecco's Modified Eagle Medium containing 10% fetal calf serum as a culture medium. The growth behavior of each fibroblast fraction was examined in short-term and long-term cultures, and the percentage of apoptotic cells was assessed by in situ end labeling of fragmented DNA. The fibroblasts obtained from the superficial and basal regions of keloid tissue showed population doubling times and saturation densities that were similar to those of age-matched normal fibroblasts. In contrast, the fibroblasts from the center of the keloid lesions showed significantly reduced doubling times (25.9 +/- 6.3 hours versus 43.5 +/- 6.3 hours for normal fibroblasts) and reached higher cell densities. In long-term culture, central keloid fibroblasts formed a stratified three-dimensional structure, contracted the self-produced extracellular matrix, and gave rise to nodular cell aggregates, mimicking the formation of keloid tissue. Apoptotic cells were detected in both normal and keloid-derived fibroblasts, but their numbers were twofold higher in normal cells compared with all keloid fibroblasts. To examine whether apoptosis mediates the therapeutic effect of ionizing radiation on keloids, the cells were exposed to gamma rays at a dose of 8 Gy. Under these conditions, a twofold increase in the population of apoptotic cells was detected. These results indicate that the balance between proliferation and apoptosis is impaired in keloid fibroblasts, which could be responsible for the formation of keloid tumors. The results also suggest that keloids contain at least two different fibroblast fractions that vary in growth behavior and extracellular matrix metabolism.

Balance Between Investment Protection and Sustainable Development in BITs: the Example of Switzerland

The objective of this article is to examine how substantive and procedural rights granted to foreign investors by Swiss bits are gradually being balanced with social and environmental provisions. Switzerland has enjoyed a long bit practice, as it signed its first treaty with Tunisia fifty years ago. Swiss bits rely on the post-establishment model and include usual standards of treatment. From 1981, they also systematically provide for a dispute settlement mechanism for disputes arising between an investor and a host State. Since the Switzerland - El Salvador bit in 1994, sustainable development concerns have been expressly inserted in some Swiss bits, as well as in several recent free trade agreements. Provisions on this theme are however far from being systematic in Switzerland's bit practice and essentially remain declaratory in nature. The trend towards wider inclusion of sustainable development provisions in bits still faces several practical and political challenges.

Respiration, metabolic balance, and attention in affective picture processing

The jointly voluntary and involuntary control of respiration, unique among essential physiological processes, the interconnection of breathing with and its influence on the autonomic nervous system, and disease states associated with the interface between psychology and respiration (e.g., anxiety disorders, hyperventilation syndrome, asthma) make the study of the relationship between respiration and emotion both theoretically and clinically of great relevance. However, the respiratory behavior during affective states is not yet completely understood. We studied breathing pattern responses to 13 picture series varying widely in their affective tone in 37 adults (18 men, 19 women, mean age 26). Time and volume parameters were recorded with the LifeShirt system (VivoMetrics Inc., Ventura, California, USA, see image). We also measured end-tidal pCO2 (EtCO2) with a Microcap Handheld Capnograph (Oridion Medical 1987 Ltd., Jerusalem, Israel) to determine if ventilation is in balance with metabolic demands and spontaneous eye-blinking to investigate the link between respiration and attention. At the end of each picture series, the participants reported their subjective feeling in the affective dimensions of pleasantness and arousal. Increasing self-rated arousal was associated with increasing minute ventilation but not with decreases in EtCO2, suggesting that ventilatory changes during picture viewing paralleled variations in metabolic activity. EtCO2 correlated with pleasantness, and eye-blink rate decreased with increasing unpleasantness in line with a negativity bias in attention. Like MV, inspiratory drive (i.e., mean inspiratory flow) increased with arousal. This relationship reflected increases in inspiratory volume rather than shortening of the time parameters. This study confirms that respiratory responses to affective stimuli are organized to a certain degree along the dimensions of pleasantness and arousal. It shows, for the first time, that during picture viewing, ventilatory increases with increasing arousal are in balance with metabolic activity and that inspiratory volume is modulated by arousal. MV emerges as the most reliable respiratory index of self-perceived arousal. Finally, end-tidal pCO2 is slightly lower during processing of negative as compared to positive picture contents, which is proposed to enhance sensory perception and reflect a negativity bias in attention.

Total shoulder arthroplasty: downward inclination of the glenoid component to balance supraspinatus deficiency.

HYPOTHESIS: Supraspinatus deficiency associated with total shoulder arthroplasty (TSA) provokes eccentric loading and may induce loosening of the glenoid component. A downward inclination of the glenoid component has been proposed to balance supraspinatus deficiency. METHODS: This hypothesis was assessed by a numeric musculoskeletal model of the glenohumeral joint during active abduction. Three cases were compared: TSA with normal muscular function, TSA with supraspinatus deficiency, and TSA with supraspinatus deficiency and downward inclination of the glenoid. RESULTS: Supraspinatus deficiency increased humeral migration and eccentric loading. A downward inclination of the glenoid partly balanced the loss of stability, but this potential advantage was counterbalanced by an important stress increase within the glenoid cement. The additional subchondral bone reaming required to incline the glenoid component indeed reduced the bone support, increasing cement deformation and stress. CONCLUSION: Glenoid inclination should not be obtained at the expense of subchondral bone support.

On the timing of balance of payments crises: Disaggregated information and interest rate policy

This paper proposes a dynamic framework to study the timing of balance of paymentscrises. The model incorporates two main ingredients: (i) investors have private information; (ii)investors interact in a dynamic setting, weighing the high returns on domestic assets against the incentives to pull out before the devaluation. The model shows that the presence of disaggregated information delays the onset of BOP crises, giving rise to discrete devaluations. It also shows that high interest rates can be eective in delaying and possibly avoiding the abandonment of the peg. The optimal policy is to raise interest rates sharply as fundamentals become very weak. However, this policy is time inconsistent, suggesting a role for commitment devices such as currency boards or IMF pressure.

Impact of physical activity on energy balance, food intake and choice in normal weight and obese children in the setting of acute social stress: a randomized controlled trial.

BACKGROUND: Psychological stress negatively influences food intake and food choices, thereby contributing to the development of childhood obesity. Physical activity can also moderate eating behavior and influence calorie intake. However, it is unknown if acute physical activity influences food intake and overall energy balance after acute stress exposure in children. We therefore investigated the impact of acute physical activity on overall energy balance (food intake minus energy expenditure), food intake, and choice in the setting of acute social stress in normal weight (NW) and overweight/obese (OW/OB) children as well as the impact of psychological risk factors. METHOD: After receiving written consent from their parents, 26 NW (BMI < 90(th) percentile) and 24 7-to 11-year-old OW (n = 5)/OB (n = 19, BMI ≥ 90(th) percentile) children were randomly allocated using computer-generated numbers (1:1, after stratification for weight status) to acute moderate physical or to sedentary activity for 30 min. Afterwards, all children were exposed to an acute social stressor. Children and their parents completed self-report questionnaires. At the end of the stressor, children were allowed to eat freely from a range of 12 different foods (6 sweet/6 salty; each of low/high caloric density). Energy balance, food intake/choice and obesity-related psychological risk factors were assessed. RESULTS: Lower overall energy balance (p = 0.019) and a decreased choice of low density salty foods (p < 0.001) in NW children compared with OW/OB children was found after acute moderate physical activity but not sedentary activity. Independent of their allocation, OW/OB children ate more high density salty foods (104 kcal (34 to 173), p = 0.004) following stress. They scored higher on impulsive behavior (p = 0.005), restrained eating (p < 0.001) and parental corporal punishment (p = 0.03), but these psychological factors were not related to stress-induced food intake/choice. Positive parenting tended to be related to lower intake of sweet high density food (-132 kcal, -277 to 2, p = 0.054). CONCLUSIONS: In the setting of stress, acute moderate physical activity can address energy balance in children, a benefit which is especially pronounced in the OW/OB. Positive parenting may act as a protective factor preventing stress-induced eating of comfort food. TRIAL REGISTRATION: clinicaltrials.gov NCT01693926 The study was a pilot study of a project funded by the Swiss National Science Foundation (CRSII3_147673).

Informe de balance poblacional de los recursos pelagicos a fines de 1980

Analiza el balance poblacional de las pesquería pelágicas con el fin de conocer la situación de los recursos y su respectiva explotación inmmediata.

Ubiquitylation and control of renal na+ balance and blood pressure.

Ubiquitylation is crucial for regulating numerous cellular functions. In the kidney, ubiquitylation regulates the epithelial Na(+) channel ENaC. The importance of this process is highlighted in Liddle's syndrome, where mutations interfere with ENaC ubiquitylation, resulting in constitutive Na(+) reabsorption and hypertension. There is emerging evidence that NCC, involved in hypertensive diseases, is also regulated by ubiquitylation. Here, we discuss the current knowledge and recent findings in this field.

Mice carrying ubiquitin-specific protease 2 (Usp2) gene inactivation maintain normal sodium balance and blood pressure.

Ubiquitylation plays an important role in the control of Na⁺ homeostasis by the kidney. It is well established that the epithelial Na⁺ channel ENaC is regulated by the ubiquitin-protein ligase NEDD4-2, limiting ENaC cell surface expression and activity. Ubiquitylation can be reversed by the action of deubiquitylating enzymes (DUBs). One such DUB, USP2-45, was identified previously as an aldosterone-induced protein in the kidney and is also a circadian output gene. In heterologous expression systems, USP2-45 binds to ENaC, deubiquitylates it, and enhances channel density and activity at the cell surface. Because the role of USP2-45 in renal Na⁺ transport had not been studied in vivo, we investigated here the effect of Usp2 gene inactivation in this process. We demonstrate first that USP2-45 protein has a rhythmic expression with a peak at ZT12. Usp2-KO mice did not show any differences from wild-type littermates with respect to the diurnal control of Na⁺ or K⁺ urinary excretion and plasma levels either on a standard diet or after acute and chronic changes to low- and high-Na⁺ diets, respectively. Moreover, they had similar aldosterone levels on either a low- or high-Na⁺ diet. Blood pressure measurements using telemetry did not reveal variations compared with control mice. Usp2-KO mice did not display alterations in expression of genes involved in sodium homeostasis or the ubiquitin system, as evidenced by transcriptome analysis in the kidney. Our data suggest that USP2 does not play a primary role in the control of Na⁺ balance or blood pressure.

Balance de la adopción internacional en España y perspectivas de futuro

El present Treball Fi de Carrera tracta de dur a terme un estudi sobre l'adopció internacional a Espanya. Per analitzar els aspectes d'aquesta figura ens centrarem primerament en la protecció del menor i el seu desenvolupament en el nostre ordenament a través de diverses normatives, tant estatals com convencionals. Únicament amb el desenvolupament de la protecció del menor, podem parlar de l'aparició de l'adopció internacional com a tal a Espanya. Investigarem amb quins materials jurídics comptava Espanya abans i després de la Llei 54/2007 d'adopció internacional, així com els aspectes històrics i demogràfics i les seves respectives causes i conseqüències. Així mateix, observarem el perfil de l'adoptant, així com el de l'adoptat quan arriba al nostre país.