We reinvestigate the relationship between revenue decentralization (RD), central bank independence (CBI) and inflation by modifying the paper by (ECO 72 (2001) 95). We show that, in contrast to the ...earlier findings, RD has a negative impact on inflation if accompanied by both CBI and local accountability. In low inflation countries, however, RD has a negative impact on inflation even without these additional factors, though CBI accentuates this effect.
We investigate the efficiency and equity implications of a redistributive rule that takes into account both local tax collection efforts and deviation of local incomes from respective targets under ...alternative fiscal mechanisms. We show that, if the general budget constraint is binding, the proposed transfer rule leads to higher fiscal discipline under fiscal decentralization (FD) than under centralized redistribution. Although the centralized decision yields better income distribution than FD, FD also improves income distribution unambiguously when equalization across regions is targeted explicitly. When localities act strategically, the private sector's utility weight enhances the disciplinary effect of decentralization.
Ontogenetic variation in 4 trace element (88Sr,137Ba,24Mg,23Na) concentrations and their ratios to Ca were measured in statoliths of the jumbo flying squidDosidicus gigasoff the Exclusive Economic ...Zone of Chilean and Peruvian waters using laser ablation inductively coupled plasma mass spectrometry (LA-ICP-MS). The element compositions of statoliths showed no significant differences between females and males. All of the elements in different growth zones showed significant variations, except for Mg. Sr:Ca and Mg:Ca were good indicators for distinguishing squid from autumn and winter spawning seasons. Sr:Ca and Ba:Ca distribution patterns in statoliths confirmed that paralarvae and juvenile squid inhabit surface waters, while subadult squid migrate into deeper waters. An increasing Sr:Ca ratio of subadult squid could be explained by declining temperature gradients from northern to southern sampling locations, although no significant Sr:Ca differences were observed (p > 0.05). Mg:Ca ratios decreased progressively from the nucleus to the peripheral zone, which might be correlated with statolith growth rates. Na:Ca ratios slightly declined from paralarvae to the subadult phase. Quantitative relationships between statolith trace elements and environmental conditions under different growth stages are needed to improve our understanding of life history ofD. gigas.
Robust steering control based on a specific two degree-of-freedom control structure is used here for improving the yaw dynamics of a passenger car. The usage of an auxiliary-steering actuation system ...for imparting the corrective action of the steering controller is assumed. The design study is based on six operating conditions for vehicle speed and the coefficient of friction between the tires and the road representing the boundary of the operating domain of the vehicle. The design is carried out by finding the region in controller parameter plane where Hurwitz stability and a mixed-sensitivity frequency-domain constraint are simultaneously satisfied. A velocity-based gain scheduling type implementation is used. Moreover, the steering controller has a fading effect that leaves the low-frequency driving task to the driver, intervening only when necessary. The effectiveness of the final design is demonstrated with linear simulations and nonlinear simulations using a highly realistic model of an actual car.
This article investigates the relationship between budget deficits and inflation with the view that the nature of this relationship depends on the characteristics of monetary and financial ...institutions. The main hypothesis is that budget deficits are especially inflationary when both the central bank is not independent and the financial market is not developed enough to contain inflationary expectations. The empirical analysis using a panel data that comprises 54 developed and less developed countries, with one to two decades of observations for each, supports this hypothesis. The findings are also robust to subsets of the sample. (JEL E58, H62)
Making the central bank an agency with the mandate and reputation for maintaining price stability is a means by which a government can choose the strength of its commitment to price stability. This ...article develops four measures of central bank independence and explores their relation with inflation outcomes. An aggregate legal index is developed for four decades in 72 countries. Three indicators of actual independence are developed: the rate of turnover of central bank governors, an index based on a questionnaire answered by specialists in 23 countries, and an aggregation of the legal index and the rate of turnover. Legal independence is inversely related to inflation in industrial, but not in developing, countries. In developing countries the actual frequency of change of the chief executive officer of the bank is a better proxy for central bank independence. An inflation-based index of overall central bank independence contributes significantly to explaining cross-country variations in the rate of inflation.
Workers' remittance flows to Turkey have dramatically increased since the 1960s, constituting a significant proportion of imports. The empirical evidence in this paper indicates that black market ...premium, interest rate differential, inflation rate, growth, home and host country income levels, and periods of military administration in Turkey have significantly affected these flows. Among them, the negatively significant effects of the black market premium, inflation, and a dummy for periods of military administration point at the importance of sound exchange rate policies and economic and political stability in attracting remittance flows. In addition, both investment and consumption-smoothing motives are observed, though the former of which appears more prevalent after the 1980s.
Abstract
Background
GS-9674 is a non-steroidal Farnesoid X Receptor (FXR) agonist in development for the treatment of nonalcoholic steatohepatitis (NASH) and cholestatic liver disorders. Oral GS-9674 ...increased plasma fibroblast growth factor 19 (FGF19), decreased 7-α-hydroxy-4-cholesten-3-one (C4), and improved liver histology in rodent and primate models of NASH.
Aims
This first-in-human study evaluated the safety, pharmacokinetics (PK), and pharmacodynamic (PD) effects of GS-9674 in healthy volunteers. Data on PD markers (FGF19 and C4), PK/PD and PD/PD relationships, and the effects of GS-9674 on serum cholesterol are presented herein.
Methods
In this randomized, double-blind, placebo-controlled study, subjects received single and multiple doses (QD, 14 days) of GS-9674 (10, 30, 100, or 300 mg while fasting N=12/cohort) or matching placebo (N=3/cohort) with a 6-day washout between the single and multiple dose periods. Plasma FGF19 (by ELISA) and serum C4 (by LC-MS/MS) were measured over 24 hours pre-dose (Day -1) and after single (Day 1) and multiple dose administration (Day 20). PD parameters for FGF19 and C4 (AUC2-8hr and Cmax or Cmin) were calculated and normalized to Day -1 values. Changes in serum cholesterol were also assessed.
Results
PD responses to GS-9674 observed on Day 1 and Day 20 were comparable. GS-9674 doses ≥30 mg significantly increased FGF19 and reduced C4 exposure compared to placebo (Table). Changes in FGF19 and C4 AUC2-8hr were inversely correlated (r= -0.335 p =0.02). While FGF19 exposure did not show dose-dependent changes, changes in C4 AUC2-8hr were inversely associated with GS-9674 AUCtau (r= -0.45 p <0.01). Effects of GS-9674 on serum cholesterol at Day 20 were mild and not significantly different from placebo.
Conclusions
Oral GS-9674 administration results in increased levels of FGF19 and decreased C4 confirming its biological activity. These data support the evaluation of GS-9674 in patients with NASH and cholestatic liver disorders.
Funding Agencies
Gilead Sciences, Inc.
A robust 2-DOF add-on controller design based on the disturbance observer is presented in this paper for improved performance in vehicle automatic steering. The application example is the benchmark ...problem on automatic steering of a city bus with large variations in mass and speed and for which the reference maneuvers and specifications are available in the literature. The analytical formulation of the compensator is presented, followed by evaluation and demonstration of the enhanced model regulation and disturbance rejection properties achieved by its use. Improved steering dynamics can be achieved using yaw rate feedback without the need for a yaw rate sensor. Noting that the steering angle rate actuator saturation forms a major limitation of performance, especially in the presence of the integrating actuator used in the city bus example, the performance enhancement due to the disturbance observer-based add-on compensator is investigated in the presence of actuator saturation. Finally, a disturbance feedforward-based add-on compensator is also presented for well-defined reference trajectories like the entering a bus stop bay maneuver, enabling preview.
The numerous discussions regarding the advantages and disadvantages of Turkey's becoming a member of the Customs Union has been inconclusive. The empirical analysis that mostly focus on the changes ...in the volume of trade without much regard to the conjectural changes have also been insufficient. This study attempts to shed light on this issue in a formal analysis of Turkey's international trade by empirically accounting for the changes before and after the Customs Union Agreement (CUA). In doing so, we explicitly account for the concurrent changes in the macroeconomic environment that may have affected Turkey's trade with the rest of the world. Our empirical findings indicate that CUA has not only positively impacted on Turkey's trade, but also led to changes in the behaviour of both exports and imports with regards to their responsiveness to underlying variables.
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