The Relevance of International Spillovers and Asymmetric Effects in the Taylor Rule. CEPS Working Document No. 403, February 2015

Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent before the financial crisis and increased especially after the turn of the century. Compared to the Taylor benchmark, policy rates were often too low. This paper provides evidence that both international spillovers, for instance international dependencies in the interest rate-setting of central banks, and nonlinear reaction patterns can offer a more realistic specification of the Taylor rule in the main industrial countries. The inclusion of international spillovers and, even more, nonlinear dynamics improves the explanatory power of standard Taylor reaction functions. Deviations from Taylor rates tend to be smaller and their negative trend can be eliminated.

Natural old-growth forest stands in Maine and its relevance to the Critical Areas Program : a report /

"October 1983."

The 'parallel bridge' and its relevance to biotechnology new ventures

A firm's competitive strategy and innovation processes are strongly influenced by, and must be responsive to, its competitive environment. This is nowhere more strongly evident than in the high technology industries. In the present work, case studies of biotechnology new ventures are presented. These studies illustrate how an initial market entry strategy of parallel competition (through creative imitation) has enabled several biotechnology start-ups to reduce their mortality risk. We coin the term ''parallel bridge'' to describe this strategy. The parallel bridge provides early cash flows which support research and development and provide time for new ventures to develop core competencies, including a capacity to produce second and third horizon products that will sustain longer term competitiveness.

Conditional performance evaluation and the relevance of money flows for Australian international equity funds

This paper assesses the importance of fund flows in the performance evaluation of Australian international equity funds. Two concepts of fund flows are considered in the context of a conditional asset pricing model. The first measure is net fund flow relative to fund size and the second is net fund flow relative to sector flows. We find that incorporating a fund flow measure relative to the sector flow results in a reduction of measured perverse market timing. The results indicate that, at the individual fund level, cash flows are relevant in assessing management outcomes.

Rumors denials as persuasive messages: Effects of personal relevance, source, and message characteristics

Denial is a commonly used strategy to rebut a false rumor. However, there is a dearth of empirical research on the effectiveness of denials in combating rumors. Treating denials as persuasive messages, we conducted 3 laboratory-based simulation studies testing the overall effectiveness of denials in reducing belief and anxiety associated with an e-mail virus rumor. Under the framework of the elaboration likelihood model, we also tested the effects of denial message quality and source credibility, and the moderating effects of personal relevance. Overall, the results provided some support for the effectiveness of denials with strong arguments and an anxiety-alleviating tone in reducing rumor-related belief and anxiety. The effects of denial wording and source credibility were visible for participants who perceived high personal relevance of the topic. Limitations of the current research and future research directions are discussed.

Of snakes and flowers: Does preferential detection of pictures of fear-relevant animals in visual search reflect on fear-relevance?

Previous research in visual search indicates that animal fear-relevant deviants, snakes/spiders, are found faster among non fear-relevant backgrounds, flowers/mushrooms, than vice versa. Moreover, deviant absence was indicated faster among snakes/spiders and detection time for flower/mushroom deviants, but not for snake/spider deviants, increased in larger arrays. The current research indicates that the latter 2 results do not reflect on fear-relevance, but are found only with flower/mushroom controls. These findings may reflect on factors such as background homogeneity, deviant homogeneity, or background-deviant similarity. The current research removes contradictions between previous studies that used animal and social fear-relevant stimuli and indicates that apparent search advantages for fear-relevant deviants seem likely to reflect on delayed attentional disengagement from fear-relevance on control trials.

Relevance of the deletion polymorphisms of the glutathione S-transferases GSTT1 and GSTM1 in pharmacology and toxicology

Although cytosolic glutathione S-transterase (GST) enzymes occupy a key position in biological detoxification processes, two of the most relevant human isoenzymes. GST1-1 and GSTM1-1, are genetically deleted (non-functional alleles GSTT1*0 and GsTM1*0) in a high percentage of the human population, with major ethnic differences. The structures of the GSTT and GSTM gene areas explain the underlying genetic processes. GSTT1-1 is highly conserved during evolution and plays a major role in phase-II biotransformation of a number of drugs and industrial chemicals. e.g. cytostatic drugs, hydrocarbons and halogenated hydrocarbons. GSTM1-1 is particularly relevant in the deactivation of carcinogenic intermediates of polycyclic aromatic hydrocarbons. Several lines of evidence Suggest that hGSTT1-1 and/or hGSTM1-1 play a role in the deactivation of reactive oxygen species that are likely to be involved in cellular processes of inflammation, ageing and degenerative diseases. There is cumulating evidence that combinations of the GSTM1*0 state with other genetic traits affecting the metabolism of carcinogens (CYP1A1, GSTP1) may predispose the aero-digestivc tract and lung, especially in smokers, to a higher risk of cancer. The GSTM1*0 status appears also associated with a modest increase in the risk of bladder cancer, consistent with a GSTM1 interaction with carcinogenic tobacco smoke constituents. Both human GST deletions, although largely counterbalanced by overlapping substrate affinities within the GST superfamily, have consequences when the organism comes into contact with distinct man-made chemicals. This appears relevant in industrial toxicology and in drug metabolism.

Cardiac syndrome X: relevance of arterial pressure waveform analysis to patients with chest pain and normal coronary arteries

We report the case study of a 68-year-old female with cardiac syndrome X presenting with abnormal pressure waveforms and a hypertensive response to exercise with ST-segment depression. After amlodipine treatment, pressure waveform morphology was significantly improved, exercise testing was normal and symptoms had resolved. This case emphasizes the potential clinical value of arterial waveform analysis.