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An Event Study Analysis of ECB Unconventional Monetary Policy
No full textThis paper analyzes the impact of the unconventional monetary policy measures implemented by the European Central Bank since 2007 to cope with the financial and sovereign debt crisis. The focus is on government bond yields of 10 European countries and 6 extra-Euro countries to evaluate the monetary policy transmission mechanism. In particular, I evaluate the effects of monetary policy announcements and liquidity injections on the yield curve. The econometric tool applied is the event-study methodology on policy announcements and liquidity injections (longer-term refinancing operations). Results support the existence of an expectational channel of transmission and, more important, they show that the effects of unconventional measures are not unique inside the monetary union but vary between countries and over time. In particular, the unfolding of the European sovereign debt crisis completely changed the impact of liquidity injections as they led to a rise in interest rate spreads for highly indebted countries
The credit channel of the Sovereign Spread: A Bayesian SVAR analysis
Get PDFSovereign bond spread shocks are thought to threaten debt sustainability mainly through their impact on refinancing costs. Our analysis sheds light on a less evident channel, we call it the spread-credit channel. It originates from the negative impact of spread shocks on bank loans, which can trigger a “diabolic loop” between slowing economic activity, high debt, increasing spreads and banks’ vulnerability. Contrary to other studies in the literature, we identify the structural shocks to the Italian spread using a Proxy-SVAR model. The Bayesian estimation of the Proxy-SVAR shows that spread shocks negatively affect bank lending and economic activity making the debt-to-GDP ratio increase. Debt sustainability also depends on how investors react to shocks. We find evidence that foreigners disinvest, while domestic investors buy more debt when it becomes riskier
Tecniche vecchie e nuove per la diagnosi di broncopneumopatia professionale : il lavaggio broncoalveolare (BAL)
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Factors predicting weight reduction in response to a novel dietary supplement (n-oleyl-phosphatidylethanolamine and epigallocatechin-3-gallate formula): a neural network analysis
No full textRainfall Nowcasting from Satellite imaginery using an Artificial Neural Network Approach
No full textUS7018433 B2
No full textA fuel of an emulsion between water and a liquid hydrocarbon. The emulsion is stabilized by adding a polymeric surfactant obtainable by reaction between: (i) a polyolefin oligomer functionalized with at least one group deriving from a dicarboxylic acid, or a derivative thereof; and (ii) a polyoxyalkylene of linear oxyalkylene units. The polyoxyalkylene is linked to a long-chain alkyl group optionally containing one or more ethylenic unsaturations. The fuel has high stability over time, without forming carbonaceous deposits which adhere to metal surfaces
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Fuel comprising an emulsion between water and a liquid hydrocarbon
No full textEmulsion fuels have a polymeric emulsifier synthesized by: (1) prepg. an intermediate by reaction of a dicarboxylic acid-functionalized polyolefin oligomer with a linear polyoxyalkylene optionally linked to a long-chain alkyl group with ethylenically unsatn. (e.g., by an ester group), followed by (2) reaction of the product of step (1) with a nitrogen compd. selected from monoamines, polyamines, and quaternary ammonium hydroxides. Preferred reactants for step (1) are polyisobutenyl succinic anhydride and ester-functionalized polyethylene glycol (d.p. 2-40) contg. minor amts. (?12 units per 2-30 oxyethylene groups) of branched polyoxyalkylene units of structure -CH2-CH(R)O- (R = C1-3-alkyl). Suitable nitrogen compds. for step (2) include amines, with general structure R1R2R3N, R5R4N-[R7-N(R6)]n-H, and [R10R11R9R8N]+.OH-, in which: (1) R1, R2, and R3 = H, C1-24-hydrocarbyl (optionally OH-substituted) and C1-4-alkoxy; (2) R4, R5, and R7 are as described for R1-3, as well as C1-30-hydrocarbyl; n = 1-10 (preferably 2-7); and R7 = C1-18-alkylene; (3) and R8-11 are as described for R1-3. The emulsifiers are esp. suitable for diesel fuels and can include an alc. extender, and biocides and cetane no. improver
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