Fiscal consolidation strategy
John F. Cogan
John B. Taylor
Maik H. Wolters
- In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In this paper we consider a fiscal consolidation strategy that brings the budget to balance by gradually reducing this spending ratio over time to the level that prevailed prior to the crisis. A crucial issue is the impact of such a consolidation strategy on the economy. We use structural macroeconomic models to estimate this impact focussing primarily on a dynamic stochastic general equilibrium model with price and wage rigidities and adjustment costs. We separate out the impact of reductions in government purchases and transfers, and we allow for a reduction in both distortionary taxes and government debt relative to the baseline of no consolidation. According to the model simulations GDP rises in the short run upon announcement and implementation of this fiscal consolidation strategy and remains higher than the baseline in the long run. We explore the role of the mix of expenditure cuts and tax reductions as well as gradualism in achieving this policy outcome. Finally, we conduct sensitivity studies regarding the type of model used and its parameterization.
Hypoxia-induced alternative splicing in endothelial cells
Julia E. Weigand
- BACKGROUND: Adaptation to low oxygen by changing gene expression is vitally important for cell survival and tissue development. The sprouting of new blood vessels, initiated from endothelial cells, restores the oxygen supply of ischemic tissues. In contrast to the transcriptional response induced by hypoxia, which is mainly mediated by members of the HIF family, there are only few studies investigating alternative splicing events. Therefore, we performed an exon array for the genome-wide analysis of hypoxia-related changes of alternative splicing in endothelial cells.
METHODOLOGY/PRINCIPAL FINDINGS: Human umbilical vein endothelial cells (HUVECs) were incubated under hypoxic conditions (1% O(2)) for 48 h. Genome-wide transcript and exon expression levels were assessed using the Affymetrix GeneChip Human Exon 1.0 ST Array. We found altered expression of 294 genes after hypoxia treatment. Upregulated genes are highly enriched in glucose metabolism and angiogenesis related processes, whereas downregulated genes are mainly connected to cell cycle and DNA repair. Thus, gene expression patterns recapitulate known adaptations to low oxygen supply. Alternative splicing events, until now not related to hypoxia, are shown for nine genes: six which are implicated in angiogenesis-mediated cytoskeleton remodeling (cask, itsn1, larp6, sptan1, tpm1 and robo1); one, which is involved in the synthesis of membrane-anchors (pign) and two universal regulators of gene expression (cugbp1 and max).
CONCLUSIONS/SIGNIFICANCE: For the first time, this study investigates changes in splicing in the physiological response to hypoxia on a genome-wide scale. Nine alternative splicing events, until now not related to hypoxia, are reported, considerably expanding the information on splicing changes due to low oxygen supply. Therefore, this study provides further knowledge on hypoxia induced gene expression changes and presents new starting points to study the hypoxia adaptation of endothelial cells.
A comprehensive microarray-based DNA methylation study of 367 hematological neoplasms
Jose Ignacio Martin-Subero
Maria J. Calasanz
Ming Q. Du
Martin J. S. Dyer
Juan Cruz Cigudosa
- Background: Alterations in the DNA methylation pattern are a hallmark of leukemias and lymphomas. However, most epigenetic studies in hematologic neoplasms (HNs) have focused either on the analysis of few candidate genes or many genes and few HN entities, and comprehensive studies are required. Methodology/Principal Findings: Here, we report for the first time a microarray-based DNA methylation study of 767 genes in 367 HNs diagnosed with 16 of the most representative B-cell (n = 203), T-cell (n = 30), and myeloid (n = 134) neoplasias, as well as 37 samples from different cell types of the hematopoietic system. Using appropriate controls of B-, T-, or myeloid cellular origin, we identified a total of 220 genes hypermethylated in at least one HN entity. In general, promoter hypermethylation was more frequent in lymphoid malignancies than in myeloid malignancies, being germinal center mature B-cell lymphomas as well as B and T precursor lymphoid neoplasias those entities with highest frequency of gene-associated DNA hypermethylation. We also observed a significant correlation between the number of hypermethylated and hypomethylated genes in several mature B-cell neoplasias, but not in precursor B- and T-cell leukemias. Most of the genes becoming hypermethylated contained promoters with high CpG content, and a significant fraction of them are targets of the polycomb repressor complex. Interestingly, T-cell prolymphocytic leukemias show low levels of DNA hypermethylation and a comparatively large number of hypomethylated genes, many of them showing an increased gene expression. Conclusions/Significance: We have characterized the DNA methylation profile of a wide range of different HNs entities. As well as identifying genes showing aberrant DNA methylation in certain HN subtypes, we also detected six genes—DBC1, DIO3, FZD9, HS3ST2, MOS, and MYOD1—that were significantly hypermethylated in B-cell, T-cell, and myeloid malignancies. These might therefore play an important role in the development of different HNs.
Forces between static-light mesons
- The isospin, spin and parity dependent potential of a pair of static-light mesons is computed
using Wilson twisted mass lattice QCD with two flavors of degenerate dynamical quarks. From
the results a simple rule can be deduced stating, which isospin, spin and parity combinations
correspond to attractive and which to repulsive forces.
Syk-dependent phosphorylation of CLEC-2 : a novel mechanism of hem-immunoreceptor tyrosine-based activation motif signaling
Alice Y. Pollitt
Craig A. Nash
Johannes Andreas Eble
Yotis A. Senis
Steve P. Watson
- The C-type lectin-like receptor CLEC-2 signals via phosphorylation of a single cytoplasmic YXXL sequence known as a hem-immunoreceptor tyrosine-based activation motif (hemITAM). In this study, we show that phosphorylation of CLEC-2 by the snake toxin rhodocytin is abolished in the absence of the tyrosine kinase Syk but is not altered in the absence of the major platelet Src family kinases, Fyn, Lyn, and Src, or the tyrosine phosphatase CD148, which regulates the basal activity of Src family kinases. Further, phosphorylation of CLEC-2 by rhodocytin is not altered in the presence of the Src family kinase inhibitor PP2, even though PLCγ2 phosphorylation and platelet activation are abolished. A similar dependence of phosphorylation of CLEC-2 on Syk is also seen in response to stimulation by an IgG mAb to CLEC-2, although interestingly CLEC-2 phosphorylation is also reduced in the absence of Lyn. These results provide the first definitive evidence that Syk mediates phosphorylation of the CLEC-2 hemITAM receptor with Src family kinases playing a critical role further downstream through the regulation of Syk and other effector proteins, providing a new paradigm in signaling by YXXL-containing receptors.
Newsletter / House of Finance, Goethe-Universität Frankfurt 4/11
- 1 Editorial ; 2 Increased Disclosure Requirements for the Supervisory Boards of Stock Corporations ; 3 Can Facebook Predict Stock Market Activity? ; 4 Combining Structured and Unstructured Data :Sources for Support in Financial Decision Making ; 5 Liikanen Commission makes proposals for an efficient and sustainable financial system ; 6 INTERVIEW: What Economists Can Learn from Neuroscientists ; 7 News ; 8 Selected Research and Policy Publications
Newsletter / House of Finance, Goethe-Universität Frankfurt 3/12
- Parallel Banking – Frankfurt Can Bring some Light into the Darkness_3
Inflation and Growth: New Evidence from a Dynamic Panel Threshold Analysis_4
ALEXANDER BICK | STEPHANIE KREMER | DIETER NAUTZ
Who Benefits from Building Insurance Groups?_6
SEBASTIAN SCHLÜTTER | HELMUT GRÜNDL
IT Innovation: Mindfully Resisting the Bandwagon_8
ROMAN BECK | WOLFGANG KÖNIG | IMMANUEL PAHLKE | MARTIN WOLF
“The Part-Time Master in Finance is GBS' Answer to the Bologna Process”_10
House of Finance Wins New LOEWE Center_12
Newsletter / House of Finance, Goethe-Universität Frankfurt 1/12
- Editorial : Andreas Dombret "Regulating Systemically Important Financial Institutions is Vitally Important" ; Research Money/Macro : Dimitris Christelis, Dimitris Georgarakos, Michael Haliassos "International Portfolio Differences: Environment versus Characteristics" ; Research Finance : Raimond Maurer, Ralph Rogalla, Yuanyuan Shen "Optimal Asset Allocation in Retirement with Open-end Real Estate Funds" ; Research Law : Theodor Baums "Shareholder Suits in German Company Law – An Empirical Study" ; Policy Platform : Helmut Siekmann, Patrick Tuschl "Constitutional Ruling on Court of Auditors' Review of Banks" ; Interview : Michael S. Barr "Information Does not Necessarily Lead to Understanding"
Newsletter / House of Finance, Goethe-Universität Frankfurt 4/11
Newsletter / House of Finance, Goethe-Universität Frankfurt 3/11
- Editorial: Jens Weidmann : "Central Banks and Monetary Policy after the Crisis" Research Finance: Holger Kraft,Claus Munk : "Optimal Housing, Consumption, and Investment Decisions over the Life Cycle" Research Money/Macro: Ester Faia, Eleni Iliopulos : "Financial Globalization and Monetary Policy" Research Law: Andreas Cahn, D. Schöneberger : "Shareholder Governance in Europe" Policy Platform: Michael Haliassos, Dimitri Vayanos : "Getting Greece Back on Track: How?" Interview: Raimond Maurer, Ralph Rogalla : "Longevity Risk and Capital Markets Solutions"