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I present a new business cycle model in which decision making follows a simple mental process motivated by neuroeconomics. Decision makers first compute the value of two different options and then choose the option that offers the highest value, but with errors. The resulting model is highly tractable and intuitive. A demand function in level replaces the traditional Euler equation. As a result, even liquid consumers can have a large marginal propensity to consume. The interest rate affects consumption through the cost of borrowing and not through intertemporal substitution. I discuss the implications for stimulus policies.
This paper analyses whether the post-crisis regulatory reforms developed by global-standard-setting bodies have created appropriate incentives for different types of market participants to centrally clear Over-The-Counter (OTC) derivative contracts. Beyond documenting the observed facts, we analyze four main drivers for the decision to clear: 1) the liquidity and riskiness of the reference entity; 2) the credit risk of the counterparty; 3) the clearing member’s portfolio net exposure with the Central Counterparty Clearing House (CCP) and 4) post trade transparency. We use confidential European trade repository data on single-name Sovereign Credit Derivative Swap (CDS) transactions, and show that for all the transactions reported in 2016 on Italian, German and French Sovereign CDS 48% were centrally cleared, 42% were not cleared despite being eligible for central clearing, while 9% of the contracts were not clearable because they did not satisfy certain CCP clearing criteria. However, there is a large difference between CCP clearing members that clear about 53% of their transactions and non-clearing members, even those that are subject to counterparty risk capital requirements, that almost never clear their trades. Moreover, we find that diverse factors explain clearing members’ decision to clear different CDS contracts: for Italian CDS, counterparty credit risk exposures matter most for the decision to clear, while for French and German CDS, margin costs are the most important factor for the decision. Clearing members use clearing to reduce their exposures to the CCP and largely clear contracts when at least one of the traders has a high counterparty credit risk.
The longevity of the population in the Okinawa Islands of Japan has been ascribed to genetic factors and the traditional Okinawa cuisine, which is low in calories and high in plant content. This diet includes shell ginger (Alpinia zerumbet (Pers.) B.L. Burtt & R.M. Sm) of the ginger family (Zingiberaceae). Due to its local popularity, Alpinia zerumbet has become the subject of a good deal of study at the University of the Ryukyus in Okinawa. Personal local experience and review of the literature now suggest that culinary shell ginger may contribute to longevity among the population in Okinawa. This is supported by its abundant phytochemical content, with antioxidant and anti-obesity properties. The major bioactive phytochemicals are dihydro-5,6-dehydrokawain (DDK; 80–410 mg g−1 fresh weight), 5,6-dehydrokawain (DK; ≤100 mg g−1), and essential oils, phenols, phenolic acids, and fatty acids (≤150 mg g−1 each). Further, Alpinia zerumbet extends the lifespan in animals by 22.6%. In conclusion, culinary shell ginger may significantly contribute to human longevity in Okinawa.
The blue light-dependent interaction between the proteins iLID and Nano allows recruiting and patterning proteins on GUV membranes, which thereby capture key features of patterns observed in nature. This photoswitchable protein interaction provides non-invasive, reversible and dynamic control over protein patterns of different sizes with high specificity and spatiotemporal resolution.
Compared to their protein-coding counterparts, almost nothing is known about the role of long noncoding RNAs (lncRNAs) in cardiac fibrosis. In the current report, Liang and Pan et al. characterized the pro-fibrotic lncRNA PFL in respect to cardiac fibrosis in mice. PFL was upregulated in the hearts of mice after myocardial infarction and in fibrotic cardiac fibroblasts. Moreover, PFL competitively sponged the cardio-protective miRNA let-7d in cardiac fibroblasts. Knockdown of platelet activating factor receptor (PTAFR) was shown to affect the pro-fibrotic collagen production mediated by PFL. PTAFR overexpression also led to collagen production and RNA abundance of PTAFR was also regulated by miRNA let-7d. Therefore, the PFL/PTAFR/let-7d-dependent gene regulatory mechanism proposed by the authors manifests the hypothesis of competing endogenous RNAs to cardiac fibrosis.
Digitalization expands the possibility for corporations to reduce taxes, mainly, but not exclusively, by allowing improved planning where profits can be shifted. Against this background, the European Commission and several countries emphatically demand and design new tax instruments. However, a selective turning away from internationally accepted principles of international taxation will bring up more questions than solutions. While there are good reasons to think about a fundamental regime switch in international corporate taxation, there are also good arguments for not turning to ad hoc measures that selectively target the relatively small market of Google and Facebook and raise only negligible tax revenues.
Monetary policy and prudential supervision – from functional separation to a holistic approach?
(2018)
When prudential supervision was put in the hands of the European Central Bank (ECB), it was the political understanding that the ECB should follow a policy of meticulous separation between monetary policy and financial supervision. However, the financial crisis showed that monetary policy and prudential supervision deeply affect each other and that an overly strict separation might generate systemic risk. As a consequence, the prevalent model of “functional separation” – central banking and financial supervision in separate entities – has been questioned and calls for a more holistic approach increased.
This policy letter states that from a legal perspective, such a holistic approach would be in conformity with the current legal framework of the Economic and Monetary Union. Although the realization of a holistic approach might intensify the doubts of democratic legitimation under the framework of the ESCB, the independence of the ECB should not be given up. As viable alternatives to protect monetary policy against the time inconsistency problem that would render central bank independence moot do not seem to be available and given the great importance of the independence of the European institutions for the European integration, the democratic control over the ECB should be strengthened instead of stripping the ECB of its independence.
Se registra por primera vez el ácaro rojo de las palmas, Raoiella indica Hirst (Acari: Tenuipalpidae), en Guatemala. Este ácaro invasivo se encontró en los departamentos de Petén e Izabal infestando palma de coco (Cocos nucifera), palma de Navidad (Adonidia merrillii) y palmera robeleni (Phoenix roebelenii).
En este estudio se describen dos nuevas especies de hemípteros del género Aleuropleurocelus (Hemiptera: Aleyrodidae): Aleuropleurocelus mexicanus Carapia y Sánchez sp. nov., encontrada en los estados de Coahuila, México, Puebla, Sonora, y Tlaxcala en hojas de Quercus agrifolia Née y Quercus sp., y Aleuropleurocelus anahuac Carapia y Sánchez sp. nov. encontrada en los estados de México, Morelos y Puebla en el envés de hojas de Quercus. Se proporcionan microfotografías de estructuras morfológicas de puparios y se discute la separación con otras especies ovales de Aleuropleurocelus.
An early, overlooked description of the genus Atelodesmis (Coleoptera, Cerambycidae, Lamiinae) is attributed to Chevrolat (in Duponchel and Chevrolat 1841), with A. mannerheimii Duponchel and Chevrolat, 1841 as its type species, and the genus redescribed. Atelodesmis Buquet, 1857, is a junior synonym and primary homonym of Atelodesmis Chevrolat. Atelodesmis hirticornis Buquet, 1857 and A. vestita Buquet, 1857 are synonymized with A. mannerheimii. Fallaxdesmis is described as a new genus with Atelodesmis unicolor Buquet, 1857 as type species. Atelodesmis piperita Bates, 1855 is transferred to Eupogonius and newly recorded for the state of Oaxaca, Mexico. A new species for Mexico and Guatemala, Eupogonius giesberti, is described. The following new combinations are established: Fallaxdesmis unicolor (Buquet, 1857) and Eupogonius piperita (Bates, 1855). Illustrations of A. mannerheimii, Fallaxdesmis unicolor, and the holotypes of A. hirticornis, A. vestita, A. unicolor, A. piperita and Eupogonius giesberti are included.
The Trichoptera of Panama V. Descriptions of new species, new country records, and a synonymy
(2018)
The Río Chiriqui basin is one of 52 major watershed areas, or cuencas, in the Republic of Panama. It occurs in western Panama, discharges into the Pacific Ocean, and includes portions of Volcán Barú on its northern extent. The Río Caldera occupies the northernmost subbasin of this basin. Two of its tributaries, Quebrada Grande and Quebrada Jaramillo, occur in close proximity and on opposite sides, and have different recent geologic histories and current land use patterns. During the course of investigating the caddisfly fauna of these two drainages, three new species of the microcaddisfly genus Neotrichia Morton (Trichoptera: Hydroptilidae) were identified: N. collierorum and N. anzuelo from Quebrada Jaramillo and N. tatianae from Quebrada Grande. These are described and figured herein. We also add one new genus (Rhyacopsyche Mueller) and five new country records (Hydroptila paschia Mosely, Metrichia ancora Bueno-Soria and Holzenthal, Ochrotrichia jolandae BuenoSoria and Holzenthal, Rhyacopsyche obliqua Flint, and Chimarra (Curgia) maritza Flint) for Panama. Finally, we designate Ochrotrichia abrelata Harris and Armitage, 2015 as a junior synonym of Ochrotrichia jolandae Bueno-Soria and Holzenthal, 2008. This synonymy and the newly recorded species and country records increase Panama’s known trichopteran fauna to 350 species, distributed among 15 families and 52 genera.
After publication of Blahnik and Holzenthal (2017), it was noticed that a large portion of the text had been accidentally removed from the "Phylogenetic and evolutionary comments" section during the proofing stage. The beginning of the deleted section completes the sentence on line 6 of page 129, which begins "The species included in the subgenus...". The Insecta Mundi editorial staff apologizes for this oversight. In order to provide context for the deleted excerpt, the entire "Phylogenetic and evolutionary comments" section is reproduced here, with the deleted text reincorporated. Insecta Mundi has also released a revised version of the Blahnik and Holzenthal (2017) manuscript, with this error corrected. However, the revised version is merely for convenience, and not an official peerreviewed article. Anyone wishing to reference the findings of Blahnik and Holzenthal (2017) should cite the original 2017 manuscript or this erratum. The references and figure plates cited in this section have also been reproduced here. ...
Automated deduction in higher-order program calculi, where properties of transformation rules are demanded, or confluence or other equational properties are requested, can often be done by syntactically computing overlaps (critical pairs) of reduction rules and transformation rules. Since higher-order calculi have alpha-equivalence as fundamental equivalence, the reasoning procedure must deal with it. We define ASD1-unification problems, which are higher-order equational unification problems employing variables for atoms, expressions and contexts, with additional distinct-variable constraints, and which have to be solved w.r.t. alpha-equivalence. Our proposal is to extend nominal unification to solve these unification problems. We succeeded in constructing the nominal unification algorithm NomUnifyASC. We show that NomUnifyASC is sound and complete for these problem class, and outputs a set of unifiers with constraints in nondeterministic polynomial time if the final constraints are satisfiable. We also show that solvability of the output constraints can be decided in NEXPTIME, and for a fixed number of context-variables in NP time. For terms without context-variables and atom-variables, NomUnifyASC runs in polynomial time, is unitary, and extends the classical problem by permitting distinct-variable constraints.
1998 ACM Subject Classification F.4.1 Mathematical Logic
Strong imprints of Indian culture in various forms or modes of expressions are significantly found in Java. Sanskrit-Old Javanese texts, amongst those texts and traditions, were produced in the island in the periods between 9th to 15th cen. A.D. It covers various genres and subjects enriching indigenous culture in the archipelago. Tutur or tattva texts were one genre of them recorded the dynamic of Javanese intellectuals or poet-sages in pursuing the truth; they reveal metaphysical or theological aspects of Brahmanism, Saivism, Buddhism, Tantrism, Samkhya, Yoga, etc. This paper attempts to study ideas behind the Hindi transliteration and translation of those texts. This is a library reserach, the data were collected from Hindi translation of those texts. This attempt is of high scientific and cultural values as Indian scholars paid attention to Indian culture spreading in foreign lands. With this attempt Indian intellectuals/scholars/students got acquainted with their own culture flourished outside India in different forms, since the works were written and produced in Devanagari script and Hindi language. It creates nuances of being Indian. It can widen their understanding on philosophical point of view, religious elements, and culture of Java, that unity in diversity does not only exist in native land but also abroad.
Dieser Artikel ist eine Einführung in die islamische Religionspädagogik im osmanischen Reiches von der Vormoderne bis zur Gründung der türkischen Republik. Der Frage nach dem Beginn einer islamischen Erziehung wird vor allem anhand primärer Quellen nachgegangen. Die Wissensvermittlung von einzelnen und bestimmten Wissenschaften geschieht hauptsächlich mit Hilfe arabischer Handbücher, die auf die Zeit der Vormoderne zurückgehen und sich mit islamischer Pädagogik befassen. Zudem werden anhand von konkreten Einzelfällen kulturelle Einflüsse beleuchtet und die Veränderungen eines erziehungsliterarischen Themas chronologisch und tabellarisch aufgezeigt. In diesem Artikel finden jeweils drei weitere Aspekte punktuell Berücksichtigung: Der Austausch von Erziehung, Religion und Sprache. Das Osmanische Reich hat, um die Bevölkerung nach seinen eigenen ideologischen Vorstellungen zu erziehen, dafür wie alle anderen Staaten Bildungseinrichtungen geschaffen. In der osmanischen Zeit lag der Schwerpunkt dieser Institutionen hauptsächlich auf Religionslehre. Bis zum 17. Jahrhundert wurden Religions- und Naturwissenschaften in derselben Institution gelehrt. Von der Gründung des Reiches bis zu seinem Niedergang blieben diese Bildungseinrichtungen bestehen; wurden aber mit der Zeit inhaltlich reformiert. Man kann diese Einrichtungen, welche vom Staat und von verschiedenen Stiftungen gegründet und weiterentwickelt wurden, in zwei Hauptgruppen unterteilen: in formale Bildungsinstitute und verbreitete Bildungsinstitute.
This study investigated associations between parenting stress in parents and self-reported stress in children with children's diurnal cortisol secretion and whether these associations are moderated by known stress-regulating capacities, namely child cognitive control. Salivary cortisol concentrations were assessed from awakening to evening on two weekend days from 53 6-to-7-year-old children. Children completed a cognitive control task and a self-report stress questionnaire with an experimenter, while parents completed a parenting stress inventory. Hierarchical, linear mixed effects models revealed that higher parenting stress was associated with overall reduced cortisol secretion in children, and this effect was moderated by cognitive control. Specifically, parenting stress was associated with reduced diurnal cortisol levels in children with lower cognitive control ability and not in children with higher cognitive control ability. There were no effects of self-reported stress in children on their cortisol secretion, presumably because 6-to-7-year-old children cannot yet self-report on stress experiences. Our results suggest that higher cognitive control skills may buffer the effects of parenting stress in parents on their children’s stress regulation in middle childhood. This could indicate that training cognitive control skills in early life could be a target to prevent stress-related disorders.
Background: We evaluated the sensitivity of the D-statistic, a parsimony-like method widely used to detect gene flow between closely related species. This method has been applied to a variety of taxa with a wide range of divergence times. However, its parameter space and thus its applicability to a wide taxonomic range has not been systematically studied. Divergence time, population size, time of gene flow, distance of outgroup and number of loci were examined in a sensitivity analysis.
Result: The sensitivity study shows that the primary determinant of the D-statistic is the relative population size, i.e. the population size scaled by the number of generations since divergence. This is consistent with the fact that the main confounding factor in gene flow detection is incomplete lineage sorting by diluting the signal. The sensitivity of the D-statistic is also affected by the direction of gene flow, size and number of loci. In addition, we examined the ability of the f-statistics, fˆGf^G and fˆhomf^hom, to estimate the fraction of a genome affected by gene flow; while these statistics are difficult to implement to practical questions in biology due to lack of knowledge of when the gene flow happened, they can be used to compare datasets with identical or similar demographic background.
Conclusions: The D-statistic, as a method to detect gene flow, is robust against a wide range of genetic distances (divergence times) but it is sensitive to population size. The D-statistic should only be applied with critical reservation to taxa where population sizes are large relative to branch lengths in generations.
The influenza vaccination is recommended for all German pregnant women and health care personnel (HCP). We are the first to publish vaccination rates of mothers of hospitalized newborns and HCP in neonatal units. Between September 2016 and March 2017, data were collected in our level-III neonatology department in this descriptive multidisciplinary study, using an anonymous questionnaire. As a result, 513 persons were asked to participate, including 330 parents and 183 HCP. We received an 80.3% (412/513) response rate, 87.3% (288/330), and 67.8% (124/183) from parents and HCP, respectively. Ten percent (16/160) of mothers and 4.7% (6/127) of fathers had been vaccinated in 2016–2017 and 54.4% (87/160) mothers and 52.2% (66/127) fathers ever in their lifetime. In 2016–2017, 51.2% (21/41) of physicians had been vaccinated, 25.5% (14/55) of nurses, and 50.0% (14/28) of other staff members. When comparing those who had more than five influenza vaccinations in their life time, physicians were at 43.9% (18/41) versus nurses at 10.9% (6/55) (p < 0.01), and other HCP at 7.4% (2/27) (p < 0.01). The influenza vaccine uptake rate of 10% in mothers of hospitalized neonates is disappointingly low, resulting in 90% of hospitalized neonates being potentially vulnerable to influenza infection at a time where the risk for influenza-related complication can be severe.