Money demand in the euro area: new insights from disaggregated data

Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity remains stable. The corresponding deep parameters of the utility function have not changed. Aggregate money demand instability does therefore not result from altered standard factors determining the preference for holding money. Instead, other factors determine the aggregate monetary overhang. Since monetary developments cannot easily be explained by changing preferences, they should be closely monitored and might be a sign of imbalances.Money demand, euro area, deep parameters of money demand function, panel data

Money demand in the euro area: new insights from disaggregated data

Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity remain stable. The corresponding deep parameters of the utility function have not changed. Aggregate money demand instability does therefore not result from altered standard factors determining the preference for holding money. Instead, other factors determine the aggregate monetary overhang. Since monetary developments cannot easily be explained by changing preferences, they should be closely monitored and might be a sign of imbalances.Money demand, M3, national contributions, euro area

Heterogeneity in money holdings across euro area countries: The role of housing

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also connected with structural features of the housing market. --Money,housing,national contribution,euro area

Running with Triplets: How Slepton Masses Change With Doubly-Charged Higgses

We examine the slepton masses of SUSYLR models and how they change due the presence of light-doubly charged higgs bosons. We discover that the measurement of the slepton masses could bound and even predict the value of the third generation Yukawa coupling of leptons to the SU(2)_R Triplets. We also consider the unification prospects for this model with the addition of left-handed, B - L = 0 triplets--a model we call the Triplet Extended Supersymmetric Standard Model (TESSM). Finally, we discuss the changes in the slepton masses due to the presence of the SU(2)_L triplets.Comment: 20 pages, 6 figures, 4 table

Heterogeneity in money holdings across euro area countries: the role of housing

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also connected with structural features of the housing market. We infer from these findings that housing developments should feature prominently in the ECB's monetary analysis

Unnesting of Copatterns

Inductive data such as finite lists and trees can elegantly be defined by constructors which allow programmers to analyze and manipulate finite data via pattern matching. Dually, coinductive data such as streams can be defined by observations such as head and tail and programmers can synthesize infinite data via copattern matching. This leads to a symmetric language where finite and infinite data can be nested. In this paper, we compile nested pattern and copattern matching into a core language which only supports simple non-nested (co)pattern matching. This core language may serve as an intermediate language of a compiler. We show that this translation is conservative, i.e. the multi-step reduction relation in both languages coincides for terms of the original language. Furthermore, we show that the translation preserves strong and weak normalisation: a term of the original language is strongly/weakly normalising in one language if and only if it is so in the other. In the proof we develop more general criteria which guarantee that extensions of abstract reduction systems are conservative and preserve strong or weak normalisation. \ua9 2014 Springer International Publishing Switzerland

Fuzzy automata and pattern matching

A wide-ranging search for articles and books concerned with fuzzy automata and syntactic pattern recognition is presented. A number of survey articles on image processing and feature detection were included. Hough's algorithm is presented to illustrate the way in which knowledge about an image can be used to interpret the details of the image. It was found that in hand generated pictures, the algorithm worked well on following the straight lines, but had great difficulty turning corners. An algorithm was developed which produces a minimal finite automaton recognizing a given finite set of strings. One difficulty of the construction is that, in some cases, this minimal automaton is not unique for a given set of strings and a given maximum length. This algorithm compares favorably with other inference algorithms. More importantly, the algorithm produces an automaton with a rigorously described relationship to the original set of strings that does not depend on the algorithm itself

Heterogeneity in money holdings across euro area countries: The role of housing

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also connected with structural features of the housing market

On higher congruences between cusp forms and Eisenstein series

In this paper we present several finite families of congruences between cusp forms and Eisenstein series of higher weights at powers of prime ideals. We formulate a conjecture which describes properties of the prime ideals and their relation to the weights. We check the validity of the conjecture on several numerical examples.Comment: 20 page

Gene Expression and Immunohistochemistry in Adipose Tissue of HIV Type 1-Infected Patients with Nucleoside Analogue Reverse-Transcriptase Inhibitor-Associated Lipoatrophy

BackgroundLong-term use of both zidovudine (AZT) and stavudine (d4T) is associated with lipoatrophy, but it occurs possibly through different mechanisms MethodsSurgical biopsy specimens of subcutaneous adipose tissue were obtained from 18 human immunodeficiency virus type 1 (HIV-1)-infected lipoatrophic patients (the LA+ group) who were treated with either zidovudine (the AZT+LA+ group; n=10) or stavudine (the d4T+LA+ group; n=8) and from 10 nonlipoatrophic HIV-1-infected patients (the LA− group) who received antiretroviral therapy. Mitochondrial DNA (mtDNA) copy numbers, gene expression, and immunohistochemistry data were analyzed ResultsmtDNA copy numbers were significantly reduced in the LA+ group, compared with the LA− group, and in the d4T+LA+ group, compared with the AZT+LA+ group. The ratio of mtDNA-encoded cytochrome COX3 to nuclear DNA-encoded COX4 expression was significantly lower in the LA+ group than in the LA− group. Compared with the LA− group, the LA+ group had significantly lower expression of genes involved in adipogenesis (SREBP1cand CEBPB) lipid (fatty acid synthase), and glucose (GLUT4) metabolism. Expression of genes involved in mitochondrial biogenesis (PGC1B) apoptosis (FAS) inflammation (IL1B) oxidative stress (PCNA and SOD1) and lamin B was significantly higher in the LA+ group than in the LA− group. The d4T+LA+ group had significantly lower expression of genes involved in mitochondrial biogenesis (POLG1) energy metabolism (the COX3/COX4 ratio), adipogenesis (SREBP1c and CEBPA) perilipin, and hexokinase than did the AZT+LA+ group. There were 7-fold more macrophages in adipose tissue specimens obtained from patients in the LA+ group, compared with the LA− group ConclusionsLipoatrophy is characterized by mtDNA depletion, inflammation, and signs of apoptosis. Changes were more profound in the d4T+LA+ group than in the AZT+LA+ grou