Regional business cycles and the emergence of sheltered economies in the southern periphery of Europe. Bruges European Economic Research (BEER) Papers 7/November 2006

Recent research has highlighted that in the last few years the evolution of regional disparities in many European states has become pro-cyclical. This represents a change with respect to the predominantly anti-cyclical pattern of the 1960s and 1970s. This paper addresses the question of whether and when this change has taken place in the southern periphery of Europe, before analyzing the factors that may have played a role in such a change. The analysis relies on a regional database that includes the evolution of the GDP per capita of NUTS II regions in five European countries (France, Greece, Italy, Portugal, and Spain) between 1980 and 2000. The results of the analysis support the hypothesis of a change towards a pro-cyclical evolution of regional disparities in the cases of Italy, Portugal, and Spain, but not in those of Greece and France. A relationship between these pro-cyclical patters and the emergence of less dynamic sheltered economies is also detected in peripheral regions. This lack of dynamism is related to the fact that numerous peripheral areas in southern Europe have become increasingly dependent on factors such as transfers or public investment and employment, and therefore are less exposed to changes in market conditions.

Offshoring of Information-intensive Services: Structural Breaks in Industry Life Cycles. ACES Working Papers, August 2010

The emergence of widespread offshoring of information-intensive services is arguably one of the more impactful phenomena to transform business in the last ten years. A growing body of research has examined the firm-level drivers andlocation factors (i.e., the why's and where's) of services offshoring. However, little empirical research has examined the maturation sequencing (or when's) of services offshoring. Adopting industry life cycle theory as a framework, the key research questions examined in the paper are: when do different categories of offshoring services provision change from being emergent sectors to more mature ones, and how does the timing of this sequence relate to the type of service offshored. Using a database of 1420 offshore services FDI projects, we find that the value-add as well as the information sensitivity of the service category are related to when the service categories progress through the industry life cycle. Implications for future waves of service offshoring are discussed.

One money with several cycles? Evaluation of European business cycles using cluster analysis. ACES Cases No. 2009.3

Optimal currency area theory suggests that business cycle comovement is a sufficient condition for monetary union, particularly if there are low levels of labour mobility between potential members of the monetary union. Previous studies of co-movement of business cycle variables (mainly authored by Artis and Zhang in the late 1990s) found that there was a core of member states in the EU that could be grouped together as having similar business cycle comovements, but these studies always used Germany as the country against which to compare. In this study, the analysis of Artis and Zhang is extended and updated but correlating against both German and euro area macroeconomic aggregates and using more recent techniques in cluster analysis, namely model-based clustering techniques.

Squaring the cycle: capital flows, financial cycles, and macro-prudential policy in the euro area. Bruegel Working Paper 2015/14, November 2015

• Before the financial and economic crisis, monetary policy unification and interest rate convergence resulted in the divergence of euroarea countries’ financial cycles. This divergence is deeply rooted in the financial integration spurred by currency union and strongly correlated with intra-euro area capital flows. Macro-prudential policy will need to deal with potentially divergent financial cycles, while catering for potential cross-border spillovers from domestic policies, which domestic authorities have little incentive to internalise. • The current framework is unfit to deal effectively with these challenges. The European Central Bank should be responsible for consistent and coherent application of macro-prudential policy, with appropriate divergences catering for national differences in financial conditions. The close link between domestic financial cycles and intra-euro area capital flows raises the question of whether macro-prudential policy in the euro area can be compatible with free flows of capital. Financial cycle divergence had its counterpart in the build-up of macroeconomic imbalances, so effective implementation of the Macroeconomic Imbalance Procedure would support and strengthen macro-prudential policy.

Tachykinins Processing is Significantly Impaired in PC1 and PC2 Mutant Mouse Spinal Cord S9 Fractions

Substance P (SP) play a central role in nociceptive transmission and it is an agonist of the Neurokinin-1 receptor located in the lamina I of the spinal cord. SP is a major proteolytic product of the protachykinin-1 primarily synthesized in neurons. Proprotein convertases (PCs) are extensively expressed in the central nervous system (CNS) and specifically cleave at C-terminal of either a pair of basic amino acids, or a single basic residue. The proteolysis control of endogenous protachykinins has a profound impact on pain perception and the role of PCs remain unclear. The objective of this study was to decipher the role of PC1 and PC2 in the proteolysis surrogate protachykinins (i.e. Tachykinin 20-68 and Tachykinin 58-78) using cellular fractions of spinal cords from wild type (WT), PC1-/+ and PC2-/+ animals and mass spectrometry. Full-length Tachykinin 20-68 and Tachykinin 58-78 was incubated for 30 minutes in WT, PC1-/+ and PC2-/+ mouse spinal cord S9 fractions and specific C-terminal peptide fragments were identified and quantified by mass spectrometry. The results clearly demonstrate that both PC1 and PC2 mediate the formation of SP and Tachykinin 58-71, an important SP precursor, with over 50% reduction of the rate of formation in mutant PC 1 and PC2 mouse S9 spinal cord fractions. The results obtained revealed that PC1 and PC2 are involved in the C-terminal processing of protachykinin peptides and suggest a major role in the maturation of the protachykinin-1 protein.

(Table 1) Ooze/chalk cycles: frequency of occurrence at DSDP Leg 74 Sites

Shallow- to deep-water environments are represented by the sediments and rocks recovered from the Walvis Ridge- Angola Basin transect. These calcareous oozes, chalks, limestones, and volcaniclastic sedimentary rocks are used to define and correlate four lithostratigraphic units. The sediments were deposited in cycles which represent recurring tectonic or Oceanographic events and may be related to climatic fluctuations and orbital perturbations. Turbidites are the most common and easily identified sedimentary cycle. They are Late Cretaceous to Paleocene in age and are repeated in intervals ranging from thousands to tens of thousands of years. They are also found interbedded between basalt layers. Turbidites are easily distinguished from the other cycles present by their sedimentary structures, mineral composition, alteration products, and physical properties (GRAPE) data. Large-scale turbidites, debris, or slump breccias are found at or just above the Cretaceous/Tertiary boundary and indicate an event of considerable energy possibly related to intense tectonic activity. Diagenetic cycles, interpreted as small-scale dissolution cycles or sequences produced by biogenic activity, occur in early Paleocene chalks. The recurrence intervals average -20,000 y. but have a wide range of values. Variations in CaCO3 content, color, gradational boundaries, and trace fossil content characterize these sediments. These cycles reflect bottom-water conditions. Ooze-chalk cycles occur in upper Oligocene to upper Paleocene sediments and represent conditions that once existed at the sediment/water interface where they obtained their diagenetic potential. These oscillations are repeated over tens of thousands of years and may have no modern analogs. Color variations in sediments at the Cretaceous/Tertiary boundary indicate local fluctuations in oxygen content within the sediments or the water column. This situation lasted for several hundred thousand years and is not repeated elsewhere in the sequence. Large dissolution cycles are recorded in the sediments at Site 527 that are of middle Miocene and early Oligocene to middle Eocene age. During this time the seafloor at this site appears to have been located at or subsided to a depth occupied by a fluctuating CCD and lysocline.

Amplitude and phase curves for ground-wave propagation in the band 200 cycles per second to 500 kilocycles

Bibliography: p. 4.

Social consequences of business cycles,

Mode of access: Internet.

Economics of business cycles,

Bibliography: p. 260-262.

Investment and Business cycles /

Includes index.

Beach cycles in southern California.

Mode of access: Internet.