Effectiveness and transmission of the ECB’s balance sheet policies. National Bank of Belgium Working Paper No. 275, December 2014

We estimate the effects of exogenous innovations to the balance sheet of the ECB since the start of the financial crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial markets, and has a positive impact on economic activity and prices. The effects on bank lending and output turn out to be smaller in the member countries that have been more affected by the financial crisis, in particular those countries where the banking system is less well-capitalized.

Telecommunications and Internet Services: The digital side of the TTIP. Paper No. 8 in the CEPS-CTR project ‘TTIP in the Balance’ and CEPS Special Report No. 112/July, 17 July 2015

In the overall negotiations on the Transatlantic Trade and Investment Partnership (TTIP), the digital chapter appears to be growing in importance. This is due to several factors, including the recent Datagate scandal that undermined trust between the negotiating parties and led to calls to suspend the US-EU Safe Harbour agreement as well as the furious debate currently ongoing in both legal systems on key issues such as policies to encourage broadband infrastructure deployment, network neutrality policies and the application of competition policy in cyberspace. This paper explores the current divergences between the two legal systems on these key issues and discusses possible scenarios for the ultimate agreement to be reached in the TTIP: from a basic, minimal agreement (which would essentially include e-labelling and e-accessibility measures) to more ambitious scenarios on network neutrality, competition rules, privacy and interoperability measures.

Cyberbullying: The hidden side of college students

The purpose of this study was to investigate how university students perceive their involvement in the cyberbullying phenomenon, and its impact on their well-being. Thus, this study presents a preliminary approach of how college students’ perceived involvement in acts of cyberbullying can be measured. Firstly, Exploratory Factor Analysis (N = 349) revealed a unidimensional structure of the four scales included in the Cyberbullying Inventory for College Students. Then, Item Response Theory (N = 170) was used to analyze the unidimensionality of each scale and the interactions between participants and items. Results revealed good item reliability and Cronbach’s α for each scale. Results also showed the potential of the instrument and how college students underrated their involvement in acts of cyberbullying. Additionally, aggression types, coping strategies and sources of help to deal with cyberbullying were identified and discussed. Lastly, age, gender and course-related issues were considered in the analysis. Implications for researchers and practitioners are discussed.

Verbs as Linguistic Markers of Agency - The Social Side of Grammar

Basic grammatical categories may carry social meaning irrespective of their semantic content. In a set of four studies, we demonstrate that verbs – a basic linguistic category present and distinguishable in most languages – are related to the perception of agency, a fundamental dimension in social perception. In an archival analysis on actual language use in Polish and German, we found that targets stereotypically associated with high agency (men and young people) are presented in the immediate neighborhood of a verb more often than non-agentic social targets (women and old people). Moreover, in three experiments using a pseudo-word paradigm, verbs (but not adjectives and nouns) were consistently associated with agency (but not communion). These results provide consistent evidence that verbs, as grammatical vehicles of action, are linguistic markers of agency. In demonstrating meta-semantic effects of language, these studies corroborate the view of language as a social tool and of language as an integral part of social perception.

Geochemistry of basalts from ODP Leg 49, North Atlantic Ocean

The geochemistry of basalts recovered from seven sites in the North Atlantic is described with particular reference to minor elements. Three sites (407, 408, and 409) along the same mantle flow line, transverse to the Reykjanes Ridge at about 63°N, provide information on the composition of basalts erupted over a 34-m.y. interval between 2.3 and 36 m.y. ago. At Site 410, at 45°N, penetration into 10 m.y.-old crust west of the ridge axis permits comparisons with young basalts dredged from the median valley at 45°N. Three sites in the FAMOUS area at about 36°N provided material from very young (1 m.y.) basaltic crust (Site 411), and material to test the geochemical coherence of basalts of different ages (1.5 and 3.5 m.y.) on either side of a fracture zone (Sites 412 and 413). These sites complement earlier data from dredged and drilled sites (Leg 37) in the FAMOUS area. At Site 407, four geochemically distinct basalt units occur, with different normative and rare-earth element (REE) characteristics, and there is a clear correlation with magnetic stratigraphy. Yet there is a remarkable consistency in incompatible element ratios between these units, indicating derivation from an essentially similar mantle source. The basalts from the younger sites, 408 and 409, show a similar range of normative and REE variation, but incompatible element ratios are identical to those at Site 407, indicating that basalts at all three sites were produced from a mantle source which was geochemically relatively uniform. Rare-earth differences between the basalts can be interpreted in terms of variations in the degree and depth of partial melting causing HREE (+Y) retention in the source, although there may be some inter-site differences with respect to REE. A similar picture is presented at 45°N. Apparently a range of tholeiitic, transitional, and alkalic basalts were being erupted 10 m.y. ago, which have almost identical geochemical characteristics to those recently erupted in the median valley at 45°N. Incompatible element ratios are markedly different from those recorded at the Reykjanes Ridge. Basalts recovered from the FAMOUS sites are geochemically similar to previous samples recovered from the FAMOUS area, and their incompatible element ratios are similar, but not identical, to those at 45°N. However, total trace element levels are consistently lower than in 45°N basalts, which might imply smaller degrees of partial melting and/or greater depths of magma generation at 45°N, or higher trace element levels in the mantle source at 45°N. Few of the basalts recovered on Leg 49 have the geochemical characteristics of typical "MORB" (e.g., Nazca Plate, Leg 34). The data strongly support models invoking geochemical inhomogeneity in the source regions of basalts produced at the Mid-Atlantic Ridge. However, the data also introduce an additional time factor into such models and demonstrate the uniformity of the mantle source at a particular ridge sector (over periods in excess of 30 m.y.), while emphasizing the marked differences along the ridge. Mixing models invoking "depleted" and "enriched" mantle sources would seem to be inadequate to account for the observed variations.