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Using a unique data set of regional inflation rates we are examining the extent and dynamics of inflation dispersion in major EMU countries before and after the introduction of the euro. For both periods, we find strong evidence in favor of mean reversion (ß-convergence) in inflation rates. However, half-lives to convergence are considerable and seem to have increased after 1999. The results indicate that the convergence process is nonlinear in the sense that its speed becomes smaller the further convergence has proceeded. An examination of the dynamics of overall inflation dispersion (ó-convergence) shows that there has been a decline in dispersion in the first half of the 1990s. For the second half of the 1990s, no further decline can be observed. At the end of the sample period, dispersion has even increased. The existence of large persistence in European inflation rates is confirmed when distribution dynamics methodology is applied. At the end of the paper we present evidence for the sustainability of the ECB's inflation target of an EMU-wide average inflation rate of less than but close to 2%. Klassifikation: E31, E52, E58
Using a set of regional inflation rates we examine the dynamics of inflation dispersion within the U.S.A., Japan and across U.S. and Canadian regions. We find that inflation rate dispersion is significant throughout the sample period in all three samples. Based on methods applied in the empirical growth literature, we provide evidence in favor of significant mean reversion (ß-convergence) in inflation rates in all considered samples. The evidence on ó-convergence is mixed, however. Observed declines in dispersion are usually associated with decreasing overall inflation levels which indicates a positive relationship between mean inflation and overall inflation rate dispersion. Our findings for the within-distribution dynamics of regional inflation rates show that dynamics are largest for Japanese prefectures, followed by U.S. metropolitan areas. For the combined U.S.-Canadian sample, we find a pattern of within-distribution dynamics that is comparable to that found for regions within the European Monetary Union (EMU). In line with findings in the so-called 'border literature' these results suggest that frictions across European markets are at least as large as they are, e.g., across North American markets. Klassifikation: E31, E52, E58
We use consumer price data for 205 cities/regions in 21 countries to study deviations from the law-of-one-price before, during and after the major currency crises of the 1990s. We combine data from industrialised nations in North America (Unites States, Canada, Mexico), Europe (Germany, Italy, Spain and Portugal) and Asia (Japan, Korea, New Zealand, Australia) with corresponding data from emerging market economies in the South America (Argentine, Bolivia, Brazil, Columbia) and Asia (India, Indonesia, Malaysia, Philippines, Taiwan, Thailand). We confirm previous results that both distance and border explain a significant amount of relative price variation across different locations. We also find that currency attacks had major disintegration effects by significantly increasing these border effects, and by raising within country relative price dispersion in emerging market economies. These effects are found to be quite persistent since relative price volatility across emerging markets today is still significantly larger than a decade ago. JEL classification: F40, F41
We use consumer price data for 81 European cities (in Germany, Austria, Switzerland, Italy, Spain and Portugal) to study deviations from the law-of-one-price before and during the European Economic and Monetary Union (EMU) by analysing both aggregate and disaggregate CPI data for 7 categories of goods we find that the distance between cities explains a significant amount of the variation in the prices of similar goods in different locations. We also find that the variation of the relative price is much higher for two cities located in different countries than for two equidistant cities in the same country. Under EMU, the elimination of nominal exchange rate volatility has largely reduced these border effects, but distance and border still matter for intra-European relative price volatility. JEL classification: F40, F41
Für die Ernährung der Waldbiozönose spielt der Honigtau, das Exkret phloemsaugender Homopteren, eine wesentliche ernährungsphysiologische Rolle (ZÖBELEIN 1954a, b, WELLENSTEIN 1952). Insbesonders stehen Ameisen mit zahlreichen Spezies von Aphiden und Cocciden in mehr oder weniger enger trophobiotischer Beziehung, denn sie decken ihren Kohlenhydratbedarf fast ausschließlich durch den Honigtau ab (WELLENSTEIN 1952, BUCKLEY 1987; HÖLLDOBLER & WILSON 1990). Die Sesshaftigkeit und der Aufbau großer volkstarker Kolonien bei den forstlich bedeutsamen Waldameisen (Formica s.str.) in den gemäßigten Breiten ist wesentlich auf die trophobiotische Nutzung quantitativ besonders starker Honigtauerzeuger, wie etwa die Lachniden und Lecanien, zurückzuführen (GÖßWALD 1990). An der Fichte (Picea abies) leben 5 Lachnidenarten (Cinara spec.) und 2 Lecanienarten (Physokermes spec.), deren Beziehung zu Ameisen unterschiedlich stark ist (KLOFT et al. 1985). Die vorliegende Freilandstudie befasst sich mit der saisonalen Entwicklung von 2 koexistierenden Fichtenlachnidenarten – der obligatorisch myrmekophilen Cinara piceicola (CHOLODKOVSKY) und der fakultativ myrmekophilen Cinara pruinosa (HARTIG) – in Abhängigkeit des Besuches der Kleinen Roten Waldameise Formica polyctena FÖRSTER. Inwieweit eine interspezifische Konkurrenz der beiden Cinara-Arten um den Mutualisten F. polyctena vorherrscht, ist ebenso Gegenstand der Untersuchung.
Signal transducers and activators of transcription (Stats) play central roles in the conversion of extracellular signals, e.g., cytokines, hormones and growth factors, into tissue and cell type specific gene expression patterns. In normal cells, their signaling potential is strictly limited in extent and duration. The persistent activation of Stat3 or Stat5 is found in many human tumor cells and contributes to their growth and survival. Stat5 activation plays a pivotal role in nearly all hematological malignancies and occurs downstream of oncogenic kinases, e.g., Bcr-Abl in chronic myeloid leukemias (CML) and Jak2(V617F) in other myeloproliferative diseases (MPD). We defined the mechanisms through which Stat5 affects growth and survival of K562 cells, representative of Bcr-Abl positive CML, and HEL cells, representative for Jak2(V617F) positive acute erythroid leukemia. In our experiments we suppressed the protein expression levels of Stat5a and Stat5b through shRNA mediated downregulation and demonstrated the dependence of cell survival on the presence of Stat5. Alternatively, we interfered with the functional capacities of the Stat5 protein through the interaction with a Stat5 specific peptide ligand. This ligand is a Stat5 specific peptide aptamer construct which comprises a 12mer peptide integrated into a modified thioredoxin scaffold, S5-DBD-PA. The peptide sequence specifically recognizes the DNA binding domain (DBD) of Stat5. Complex formation of S5-DBD-PA with Stat5 causes a strong reduction of P-Stat5 in the nuclear fraction of Bcr-Abl-transformed K562 cells and a suppression of Stat5 target genes. Distinct Stat5 mediated survival mechanisms were detected in K562 and Jak2(V617F)-transformed HEL cells. Stat5 is activated in the nuclear and cytosolic compartments of K562 cells and the S5-DBD-PA inhibitor most likely affects the viability of Bcr-Abl+ K562 cells through the inhibition of canonical Stat5 induced target gene transcription. In HEL cells, Stat5 is predominantly present in the cytoplasm and the survival of the Jak2(V617F)+ HEL cells is impeded through the inhibition of the cytoplasmic functions of Stat5.
The signal transducer and activator of transcription Stat5 is transiently activated by growth factor and cytokine signals in normal cells, but its persistent activation has been observed in a wide range of human tumors. Aberrant Stat5 activity was initially observed in leukemias, but subsequently also found in carcinomas. We investigated the importance of Stat5 in human tumor cell lines. shRNA mediated downregulation of Stat5 revealed the dependence of prostate and breast cancer cells on the expression of this transcription factor. We extended these inhibition studies and derived a peptide aptamer (PA) ligand, which directly interacts with the DNA-binding domain of Stat5 in a yeast-two-hybrid screen. The Stat5 specific PA sequence is embedded in a thioredoxin (hTRX) scaffold protein. The resulting recombinant protein S5-DBD-PA was expressed in bacteria, purified and introduced into tumor cells by protein transduction. Alternatively, S5-DBD-PA was expressed in the tumor cells after infection with a S5-DBD-PA encoding gene transfer vector. Both strategies impaired the DNA-binding ability of Stat5, suppressed Stat5 dependent transactivation and caused its intracellular degradation. Our experiments describe a peptide based inhibitor of Stat5 protein activity which can serve as a lead for the development of a clinically useful compound for cancer treatment.
Die phylogenetisch hochkonservierte Jak/Stat‐Signaltransduktionskaskade repräsentiert eines der zentralen Säulen zellulärer Signalübertragung eukaryotischer Organismen. Ubiquitär im Organismus exprimiert und über eine Vielzahl von Zytokinen, Hormonen und Wachstumsfaktoren aktiviert, sind Stat‐Transkriptionsfaktoren maßgeblich an dem Erhalt der Physiologie und Homöostase von Organen und Geweben beteiligt. So sind die Mitglieder Stat5A und Stat5B (als homologe Proteine im Verbund als Stat5 bezeichnet) entscheidende Regulatoren des Immunsystems und der Hämatopoese, der Funktion und Entwicklung des Prostata‐ und Brustdrüsengewebes (Mammogenese) oder bestimmter Funktionen der Leber. Wie auch Stat3, konnten Stat5 Proteine in aberrant aktiver Form in verschiedensten Typen und Stadien humaner Tumore nachgewiesen werden, wo sie über die Expression ihrer Zielgene sowie über weitere nicht‐kanonische Funktionen im Zytoplasma und im Zellkern einer fortschreitend malignen Entartung entscheidend beitragen. Als Folge der Unterstützung essentieller Tumorgenese‐
Mechanismen, wie gesteigertes Zellwachstum, Apoptosehemmung, Migration und Metastasierung, Sauerstoff‐unabhängiger Energiestoffwechsel, Angiogenese oder Umgehung der Immunabwehr, entwickeln Tumore häufig eine Abhängigkeit gegenüber der gesteigerten Aktivität dieser Vertreter der Stat‐Proteinfamilie und reagieren mit einem Wachstumsstopp und Apoptoseinduktion auf ihre Inhibierung. Perspektivisch stellt die gezielte Interferenz mit aberranten, Tumortyp‐spezifischen Stat5‐Aktivitäten einen relevanten Ansatz in der personalisierten Therapie Stat5‐abhängiger Tumore, vorrangig leukämischen Ursprungs, dar. ...
We use consumer price data for 81 European cities (in Germany, Austria, Finland, Italy, Spain, Portugal and Switzerland) to study the impact of the introduction of the euro on goods market integration. Employing both aggregated and disaggregated consumer price index (CPI) data we confirm previous results which showed that the distance between European cities explains a significant amount of the variation in the prices of similar goods in different locations. We also find that the variation of relative prices is much higher for two cities located in different countries than for two equidistant cities in the same country. Under the EMU, the elimination of nominal exchange rate volatility has largely reduced these border effects, but distance and border still matter for intra-European relative price volatility.
We use consumer price data for 205 cities/regions in 21 countries to study PPP deviations before, during and after the major currency crises of the 1990s. We combine data from industrialized nations in North America (Unites States, Canada and Mexico), Europe (Germany, Italy, Spain and Portugal), Asia (Japan and South Korea), and Oceania (Australia and New Zealand) with corresponding data from emerging market economies in South America (Argentina, Bolivia, Brazil, Columbia) and Asia (India, Indonesia, Malaysia, Philippines, Taiwan, Thailand). By doing so, we confirm previous results that both distance and border explain a significant amount of relative price variation across different locations. We also find that currency attacks had major disintegration effects by considerably increasing these border effects and by raising within-country relative price dispersion in emerging market economies. These effects are found to be quite persistent since relative price volatility across emerging markets today is still significantly larger than a decade ago.