ESTIMATING CORE INFLATION IN NORWAY

Central banks are continually considering the problem of how to identify which price changes should be considered permanent and which entirely temporary. Indeed, due to the delayed effect that monetary policy uses to put its choices into action, a wrong valuation of the type of inflation can prove extremely costly for the economy and does not produce the desired results. Since price indexes (as CPI) deliver a distorted picture of underlying inflation, it is necessary to devise a more appropriate target for monetary policy. The need to find a good measure for the latter variable becomes more marked when the central bank adopts price stability as the overriding aim of monetary policy. In this paper we apply the Quah and Vahey (1995) methodology to Norway, oil producing OECD country, and derive measures of core inflation by imposing restrictions from economic theory within the context of a multivariate econometric analysis. To estimate long-term movements of inflation, we present two models that enable the distinction between core and non-core inflation and also between domestic and imported inflation. We conclude that in all the models presented core inflation is a �prime mover� of inflation.Core inflation, Monetary Policy, Norway

Macroeconomic Modelling and the Effects of Policy Reforms: an Assessment for Italy using ITEM and

In this paper we compare the dynamic properties of the Italian Treasury Econometric Model (ITEM) with those of QUEST III, the endogenous growth model of the European Commission (DG ECFIN) in the version calibrated for Italy. We consider an array of shocks often examined in policy simulations and investigate their implications on macro variables. In doing so, we analyse the main transmission channels in the two models and provide a comparative assessment of the magnitude and the persistence of the effects, trying to ascertain whether the responses to shocks are consistent with the predictions of economic theory. We show that, despite substantial differences between the two models, the responses of the key variables are qualitatively similar when we consider competition enhancing policies and labour productivity improvements. On the other hand, we observe quantitative disparities between the two models, mainly due to the forward-looking behaviour and the endogenous growth mechanism incorporated into the QUEST model but not in ITEM. The simulation results show that Quest III is a powerful tool to capture the effects of structural economic reforms, like competitionenhancing policies or innovation-promoting policies. On the other hand, owing to the breakdown of fiscal variables in a large number of components, ITEM is arguably more suitable for the quantitative evaluation of fiscal policy and the study of the impact of reforms on the public sector balance sheet.Economic Modelling, DSGE, Structural Reforms, Italy

A stochastic estimated version of the Italian dynamic General Equilibrium Model (IGEM)

We estimate with Bayesian techniques the Italian dynamic General Equilibrium Model (IGEM), which has been developed at the Italian Treasury Department, Ministry of Economy and Finance, to assess the effects of alter-native policy interventions. We analyze and discuss the estimated effects of various shocks on the Italian economy. Compared to the calibrated version used for policy analysis, we find a lower wage rigidity and higher adjustment costs. The degree of prices and wages indexation to past inflation is much smaller than the indexation level assumed in the calibrated model. No substantial difference is found in the estimated monetary parameters. Estimated fiscal multipliers are slightly smaller than those obtained from the calibrated version of the model

Introductory editorial: drug-eluting stents or drug-eluting grafts? Insights from proteomic analysis

No abstract available

Neophobia in food consumption: An empirical application of the FTNS scale in southern Italy

Through the Food Technology Neophobia Scale (FTNS) proposed by Cox and Evans (2008) this work investigates the role of consumer attitudes to food technology in determining the probability of purchasing innovative products by using a set of commonly purchased food. Six food categories with different processing levels were analyzed. Consumer choices were empirically modeled through a simultaneous system of three equations. The results confirm the strength of the FTNS scale, reflecting the dichotomy between neophobia and neophilia attitudes even in southern Italy, characterized by a very different socio-cultural context from that analyzed by Cox and Evans. The model highlights the role of both consumer attitudes to technology and socio-demographic characteristics in determining the probability of buying innovative products, providing some initial elements to define ideal customer profiles for the products considered

Brain imaging in Kufs disease type B. case reports

The clinical traits of Kufs disease (KD) type B (CLN13), an adult-onset neuronal ceroid lipofuscinosis (NCL), are well established according to the neurological features of the cases reported with mutations in CTSF. The neuroradiological characteristics of this uncommon disease have not yet been outlined

Effects of Chickpea in Substitution of Soybean Meal on Milk Production, Blood Profile and Reproductive Response of Primiparous Buffaloes in Early Lactation

This study aimed to evaluate the effects of the use of chickpea meal in substitution of soybean meal on plasma metabolites, reproductive response, milk yield and composition and milk coagulation traits of primiparous buffaloes in early lactation. Eighteen primiparous buffaloes were blocked by age, body weight and days in milk and equally allotted to two experimental groups from 10 to 100 days of lactation. The experimental diets consisted of the same forage integrated with two different isonitrogenous and isoenergetic concentrates containing either 210 g/kg of soybean meal or 371 g/kg chickpea. The use of chickpea meal had no negative effects on dry matter intake (p = 0.69), body condition score (p = 0.33) and milk yield (p = 0.15). Neither milk composition nor blood metabolites were influenced by dietary treatments (p > 0.05), but an increment of urea concentrations in milk (p 0.05) of the dietary treatment was highlighted on milk coagulation traits as well as buffalo reproductive responses. We concluded that soybean meal can be replaced by chickpea meal in the diet for primiparous dairy buffaloes in the early lactation period without impairing their productive and reproductive performance

A new polystyrene-based ionomer/MWCNT nanocomposite for wearable skin temperature sensors

The present work outlines the fabrication and testing of a novel skin temperature sensor based on exfoliated and undamaged multi-walled carbon nanotubes (MWCNTs) dispersed in a poly(vinylbenzyl chloride) derivative with triethylamine (PVBC_Et3N). The dispersions were prepared by sonicating MWCNT/ PVBC_Et3N mixtures in dimethylformamide for 5 min and the quantification of the MWCNTs dispersed was evaluated by UV–vis spectroscopy investigations and thermogravimetric analyses. The investigations demonstrated the realization of MWCNT/PVBC_Et3N sensors with a resistance sensitivity to temperature close to 0.004 K1, an absolute value that is comparable to the highest values found in metals. The temperature dependence of the resistance was also found very reproducible in the range 20–40 C, thus suggesting the possibility of using the MWCNT/PVBC_Et3N system for the fabrication of small wearable temperature sensors for the monitoring of chronic wounds

Pharmacologic approaches against advanced glycation end products (ages) in diabetic cardiovascular disease

Advanced Glycation End-Products (AGEs) are signaling proteins associated to several vascular and neurological complications in diabetic and non-diabetic patients. AGEs proved to be a marker of negative outcome in both diabetes management and surgical procedures in these patients. The reported role of AGEs prompted the development of pharmacological inhibitors of their effects, giving rise to a number of both preclinical and clinical studies. Clinical trials with anti-AGEs drugs have been gradually developed and this review aimed to summarize most relevant reports