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This dissertation consists of three essays, which study the relation between stock prices and the macroeconomy using vector autoregressions (VARs). The first essay focuses on the link between stock prices and the current account. I find that stock markets provide a channel, in addition to the traditional exchange rate channel, through which external balance for a country with a current account imbalance can be restored. The second essay explores the transmission of U.S. stock price shocks to real activity and prices in G-7 countries. I achieve identification by imposing a small number of sign restrictions on impulse responses, while controlling for monetary policy, business cycle and government spending shocks. The results suggest that stock price movements are important for fluctuations in G-7 real activity and prices, but do not qualify as demand side business cycle shocks. The third essay investigates the impact of monetary and technology shocks on the stock market. I find an important role for technology shocks, but not monetary shocks, in explaining variations in real stock prices. The identification method is flexible enough to study the effects of technology news shocks. The responses are consistent with the idea that news on technology improvements have an immediate impact on stock prices.
Plasticity supports the remarkable adaptability and robustness of cortical processing. It allows the brain to learn and remember patterns in the sensory world, to refine motor control, to predict and obtain reward, or to recover function after injury. Behind this great flexibility hide a range of plasticity mechanisms, affecting different aspects of neuronal communication. However, little is known about the precise computational roles of some of these mechanisms. Here, we show that the interaction between spike-timing dependent plasticity (STDP), intrinsic plasticity and synaptic scaling enables neurons to learn efficient representations of their inputs. In the context of reward-dependent learning, the same mechanisms allow a neural network to solve a working memory task. Moreover, although we make no any apriori assumptions on the encoding used for representing inputs, the network activity resembles that of brain regions known to be associated with working memory, suggesting that reward-dependent learning may be a central force in working memory development. Lastly, we investigated some of the clinical implications of synaptic scaling and showed that, paradoxically, there are situations in which the very mechanisms that normally are required to preserve the balance of the system, may act as a destabilizing factor and lead to seizures. Our model offers a novel explanation for the increased incidence of seizures following chronic inflammation.
Die Entwicklung des Verständnisses von globaler Ordnung ist eng mit der Etablierung dessen verbunden, was in den Internationalen Beziehungen gemeinhin als „Westfälisches Staatensystem“ bezeichnet wird. Der Abschluss der Westfälischen Friedensverträge im Jahr 1648, die den Beginn einer auf rechtlicher Gleichheit und Selbstbestimmung basierenden internationalen Ordnung in Europa markieren sollen, wird dabei häufig auch als ein zentraler Meilenstein in der Entstehung der spezifischen politischen Praxis „Außenpolitik“ verstanden. Deren konstitutives Merkmal wird insbesondere im Konzept der „Souveränität“ verortet, eine befähigende Eigenschaft politischer Akteure, frei von Fremdeinfluss in einem größeren Kontext unter Herstellung von Innen-/Außen-Grenzen handeln zu können. Somit ist dieser Begriff einer der Grundprämissen, die in der Vorstellung eines „internationalen Systems“ zum Ausdruck kommt, in dem „souveräne“ Akteure in Beziehungen zu anderen „souveränen“ Akteuren treten – also „Außenpolitik“ betreiben. Nun ist die Denkfigur des Westfälischen Staatensystems bereits aus mehreren disziplinären Perspektiven heraus kritisiert worden, dennoch scheint die Vorstellung eines Systems souveräner Nationalstaaten beachtliche Standfestigkeit zu beweisen. Das Westfälische Staatenmodell – mit seinem „master concept“ Souveränität - verbindet das Konzept von politischer Autorität mit Territorialität und Gruppe und stellt somit ein einschlägiges wie analytisch handliches Ordnungsprinzip internationaler Beziehungen bereit. Oder in Stephen Krasners Worten: „it orders the minds of the policy-makers“.
The physical and functional borders of transit peptide-like sequences in secondary endosymbionts
(2010)
Background: Plastids rely on protein supply by their host cells. In plastids surrounded by two membranes (primary plastids) targeting of these proteins is facilitated by an N-terminal targeting signal, the transit peptide. In secondary plastids (surrounded by three or four membranes), transit peptide-like regions are an essential part of a bipartite topogenic signal sequence (BTS), and generally found adjacent to a N-terminally located signal peptide of the plastid pre-proteins. As in primary plastids, for which no wealth of functional information about transit peptide features exists, the transit peptide-like regions used for import into secondary ones show some common features only, which are also poorly characterised. Results: We modified the BTS (in the transit peptide-like region) of the plastid precursor fucoxanthin-chlorophyll a/c binding protein D (FcpD) fused to GFP as model substrate for the characterisation of pre-protein import into the secondary plastids of diatoms. Thereby we show that (i) pre-protein import is highly charge dependent. Positive net charge is necessary for transport across the plastid envelope, but not across the periplastid membrane. Acidic net charge perturbs pre-protein import within the ER. Moreover, we show that (ii) the mature domain of the pre-protein can provide intrinsic transit peptide functions. Conclusions: Our results indicate important characteristics of targeting signals of proteins imported into secondary plastids surrounded by four membranes. In addition, we show a self-targeting mechanism, in which the mature protein domain contributes to the transit peptide function. Thus, this phenomenon lowers the demand for pre-sequences evolved during the course of endosymbiosis.
Aus postkolonialer Perspektive gilt der Exotismus im Anschluss an Edward Said als die spezifische Ästhetik des Imperialismus, als Projektion westlicher Wunschphantasien, als ästhetische Ausbeutung des Fremden im Imperium der westlichen Kulturproduktion. Von einem „Ausstieg aus dem kolonialen Syndrom“, mithin von Postkolonialismus, könne man erst sprechen, wenn die diskursive Strategie des Exotismus nicht mehr funktioniere. Die einschlägigen literaturwissenschaftlichen Nachschlagewerke erklären, dass der Begriff Exotismus als Entlehnung aus dem Französischen zu Beginn des 20. ahrhunderts Eingang in die deutsche Sprache gefunden habe. Gerhart Pickerodt verweist im Reallexikon der deutschen Literaturwissenschaft auf „früheste bekannte Belege“ bei dem österreichischen Expressionisten Robert Müller aus dem Jahr 1914.
This essay examines the differing contexts and modes of encounter with Islamic culture in the travel writing of two contrasting women, the Prussian Countess Ida Hahn-Hahn and the Austrian Maria Schuber: both travelled to and wrote from the Middle East in the 1830s and 1840s and published their letters as collections. The encounters both women had with Islam were conditioned, at least in part, by their respective stance on religion, issues of gender and social class, and by the obligations of patronage and the expectations of distinct readerships. Whilst both women can be seen to write about Islam as a religion and culture defined by its difference to Christianity, both can also be seen in differing ways and to differing extents to represent Islam and Muslims as simultaneously belonging to a universal and inclusive notion of humanity and human religion. Thus, without embracing high philosophical discourse of Kant or Hegel, both women can be seen to demonstrate cosmopolitan impulses towards Islam, although these jostle for ascendancy with a more Eurocentric, Christian and indeed völkisch vision of the relationship between cultures.
Fasst man das Konzept der Katharsis als die wohltuende Auflösung eines durch eine Erzählung ausgelösten, emotionalen Spannungszustandes auf, dann lässt sich wohl behaupten, dass diese nach wie vor das aristotelisch-klassische Ziel des modernen Mainstream Kinos ist. Das Besondere an dem Film The Reader ist nun, dass diese Katharsis nicht nur ein latent verfolgtes Ziel des Filmes, d.h. ein unbewusstes Nebenprodukt eines Happy Ends ist, sondern gleichzeitig auch expliziter Teil der Erzählung (und somit eine begriffliche Ausweitung erfährt): Ist eine Katharsis angesichts der Schrecken von Auschwitz überhaupt möglich? Die folgende Deutung glaubt, dass der Film diese Frage versucht zu bejahen, indem er auf die Möglichkeiten eines ‚poetischen Kinos’ verweist. Diese bestehen nicht zuletzt in der Symbolisierung des ‚Unaussprechlichen’, die zwar keine rationale, dafür aber eine emotionale Integration der NS-Vergangenheit zu leisten können beansprucht.
Within the visual cortex, it has been proposed that interhemispheric interactions serve to re-establish the continuity of the visual field across its vertical meridian (VM) by mechanisms similar to those used by intrinsic connections within a hemisphere. However, other specific functions of transcallosal projections have also been proposed, including contributing to disparity tuning and depth perception. Here, we consider whether interhemispheric connections modulate specific response properties, orientation and direction selectivity, of neurons in areas 17 and 18 of the ferret by combining reversible thermal deactivation in one hemisphere with optical imaging of intrinsic signals and single-cell electrophysiology in the other hemisphere. We found interhemispheric influences on both the strength and specificity of the responses to stimulus orientation and direction of motion, predominantly at the VM. However, neurons and domains preferring cardinal contours, in particular vertical contours, seem to receive stronger interhemispheric input than others. This finding is compatible with interhemispheric connections being involved in horizontal disparity tuning. In conclusion, our results support the view that interhemispheric interactions mainly perform integrative functions similar to those of connections intrinsic to one hemisphere. Key words: cooling deactivation , corpus callosum , ferret , optical imaging , orientation selectivity
Studying the role of human parietal cortex in visuospatial attention with concurrent TMS-fMRI
(2010)
Combining transcranial magnetic stimulation (TMS) with concurrent functional magnetic resonance imaging (fMRI) allows study of how local brain stimulation may causally affect activity in remote brain regions. Here, we applied bursts of high- or low-intensity TMS over right posterior parietal cortex, during a task requiring sustained covert visuospatial attention to either the left or right hemifield, or in a neutral control condition, while recording blood oxygenation-level–dependent signal with a posterior MR surface coil. As expected, the active attention conditions activated components of the well-described “attention network,” as compared with the neutral baseline. Also as expected, when comparing left minus right attention, or vice versa, contralateral occipital visual cortex was activated. The critical new finding was that the impact of high- minus low-intensity parietal TMS upon these visual regions depended on the currently attended side. High- minus low-intensity parietal TMS increased the difference between contralateral versus ipsilateral attention in right extrastriate visual cortex. A related albeit less pronounced pattern was found for left extrastriate visual cortex. Our results confirm that right human parietal cortex can exert attention-dependent influences on occipital visual cortex and provide a proof of concept for the use of concurrent TMS–fMRI in studying how remote influences can vary in a purely top–down manner with attentional demands. Key words: concurrent TMS--fMRI, posterior parietal cortex, statedependence, visuospatial attention
Gamma synchronization has generally been associated with grouping processes in the visual system. Here, we examine in monkey V1 whether gamma oscillations play a functional role in segmenting surfaces of plaid stimuli. Local field potentials (LFPs) and spiking activity were recorded simultaneously from multiple sites in the opercular and calcarine regions while the monkeys were presented with sequences of single and superimposed components of plaid stimuli. In accord with the previous studies, responses to the single components (gratings) exhibited strong and sustained gamma-band oscillations (30–65 Hz). The superposition of the second component, however, led to profound changes in the temporal structure of the responses, characterized by a drastic reduction of gamma oscillations in the spiking activity and systematic shifts to higher frequencies in the LFP (~10% increase). Comparisons between cerebral hemispheres and across monkeys revealed robust subject-specific spectral signatures. A possible interpretation of our results may be that single gratings induce strong cooperative interactions among populations of cells that share similar response properties, whereas plaids lead to competition. Overall, our results suggest that the functional architecture of the cortex is a major determinant of the neuronal synchronization dynamics in V1. Key words: attention , gamma , gratings , oscillation , visual cortex