bluuebunny/crossref_metadata_2025_split huggingface dataset:
Monetary Rules:A Preliminary Analysis*
Authors: JONSON P. D. , TREVOR R. G. 
Published: October 2007

This paper examines the effects of three simple rules for monetary policy in an econometric model of the Australian economy. Its main contribution is to examine such rules under a range of exogenous shocks to the economy. rather than over a particular historical episode. A second contribution is to show that, in the model used, the money supply may be controlled by variations in interest rates under official control. However. lags of two to four quarters are involved for the shocks considered in the paper.The results are consistent, in the short run, with those obtained by Poole—that is, it is sensible to fix the money supply when the shocks are ‘real’ and to fix the interest rate when the shocks are ‘financial’. In the medium to long run. however, it is shown that the variability of inflation and unemployment may be less when money is controlled even for a financial shock. These conclusions are strengthened if allowance is made for the ‘underwriting’ problem.
A Comparison of Four Macroeconometric Models of the Australian Economy*
Authors: McKIBBIN W. J. 
Published: October 2007

For more than a decade, macroeconometric models have been used in Australia as tools in policy analysis and as aids in the task of forecasting major economic variables. Until recently, however, not much work had been done in comparing these models. Challen and Hagger (1979a, 1979b) provide a useful introduction to existing Australian models which includes a summary of simulation studies previously undertaken with these models. In the current paper, the economic content of four of these models is summarized in a simple theoretical framework. Simulation analysis is also used to examine the dynamic adjustment mechanisms associated with the theoretical structure of each model.A general conclusion of this paper is that more work is needed on model evaluation in Australia, based on a wider range of criteria than have been used in the past.
Inflation and Profits — The SVA and Depreciation Adjustments in the National Accounts*
Authors: HAIG BRYAN 
Published: October 2007

This paper argues that the figures of profits contained in the national accounts are inappropriate in assessing the performance of industry. The error lies in deducting amounts for stock valuation adjustment from recorded profits.There is a discussion of the arguments usually proposed by national accountants for the deduction and it is concluded that these arguments are invalid. A suggestion is made that the amount of the stock valuation adjustment should be regarded as reflecting the delay in passing on costs of production, and this should be recorded in the national accounts as a timing difference between estimates of national expenditure (which exclude the stock valuation adjustment) and national product (where profits include the stock valuation adjustment).
A Geometric Analysis of Exchange Rate Adjustment Under Static and Rational Expectations*
Authors: FANE GEORGE 
Published: October 2007

This note presents a simple geometric apparatus for analyzing macroeconomic questions relating to small open economies.The particular problem analyzed here for illustrative purposes is the adjustment of a floating exchange rate regime, under both static and rational expectations, to a step increase in the money supply. We consider both an unanticipated immediate increase and an unanticipated announcement of a forthcoming increase. We derive the general criterion which determines whether the exchange rate initially overshoots or undershoots the change required for long‐run equilibrium.
The Nation's Private Wealth ‐Some New Calculations for Australia*
Authors: PIGGOTT JOHN 
Published: October 2007

This paper has two related purposes. The first is to bring together and review a number of earlier studies which have attempted to estimate the value of Australia's privately held wealth stock. The second is to present new estimates covering the 1980s. based partly on these earlier studies, which value all major components of the nation's private wealth at their market value, or a close approximation. The calculations reported here represent the first aggregate Australian wealth series for which comprehensive market valuation can be claimed. Australia's aggregate non‐human private wealth was found to be $794 billion at 30 June 1985. The series as a whole suggests that previous estimates have significantly under‐valued Australia's wealth. At 30 June 1981 the Helliwell‐Boxall (1978) study. updated by the Reserve Bank, reported a value of $294.7 billion, while Williams (1983) gave a value of $360.5 billion. The corresponding estimate for the new series is $532.5 billion. Because the new calculations presented here value wealth by component. it is possible to identify omissions and valuation differences which account for most of the variation between these estimates.
Money, Credit, and Business Fluctuations*
Authors: STIGLITZ JOSEPH E. 
Published: October 2007

This paper provides a critique of standard theories of money, in particular those based on money as a medium of exchange. Money is important because of the relationship between money and credit The process of judging credit worthiness, in which banks play a central role, invokes the collection and processing of information. Like many other economic activities involving information, these processes are not well described by means of standard production functions. Changes in economic circumstances can have marked effects on the relevance of previously accumulated information and accordingly on the supply of credit Changes in the availability of credit may have marked effects on the level of economic activity, while changes in real interest rates seem to play a relatively minor role in economic fluctuations.This alternative view has a number of implications for policy, both at the macroeconomic level (for instance, on the role of monetary policy for stabilization purposes and the choice of targets) and at the microeconomic level.
Australian Macroeconomic Policy Experience*
Authors: CORDEN W.M. 
Published: October 2007

This paper looks at Australian macroeconomic experience from approximately 1912 to 1985. The whole period is divided into five episodes. The idea in preparing this paper was to try to answer three questions namely: how did Australian experience differ from that of other OECD countries, what policy lessons could be learnt, and finally, what light could be shed on the relevance of various macroeconomic theories notably rational expectations. In fact. the questions have by no means been adequately answered though the paper goes furthest in dealing with the first question. I hope it will encourage further discussion and research1Anticipating some of the conclusions, the historical review suggests that Australian experiences have been fairly similar to those of other OECD countries. notably European countries. But the timing has sometimes differed the Australian wages explosions have been (more or less) exceptional and recently Australia has been special in having on incomes policy, It also appears that the theory of rational expectations does not get much support from Australian was behaviour, that policy from 1916 to 1981 was not really monetarist, and that fiscal expansions since 1982 have been made possible by the availability of the international capital market.
Event Studies of Efficiency in the Australian Interest Rate Futures Market
Authors: TAN TING‐YEAN 
Published: October 2007

In this paper, the responses of 90‐day Bank Accepted Bill futures prices to the unexpected components in the announcements of money supply, inflation rate and balance of payments are examined Expectations of these variables are generated using VAR and ARIMA models. The unexpected components were extracted by deducting the expected changes from the announced changes. The results show that the efficient market hypothesis cannot be rejectedSummaryIn this paper, the responses of interest rate futures prices to the unexpected components in the announcement of money supply, inflation rate and balance of payments respectively are examined. Expectations on these economic variables are generated using BVAR, UVAR or ARIMA time‐series econometric models. Empirical results are obtained by regressing the changes in futures price on the unexpected and the expected changes in the economic variables concerned with a constant term using ordinary least squares method.There are a few points worth mentioning here. First, futures prices did not respond to the expected changes in all the three economic variables announced. This complies to the EMH since all known information has already been incorporated into the price prior to the announcements. Any change in the price immediately after the announcement is due to the new information contained in the unexpected component of the announcement. Second, futures prices did not respond to the unexpected changes in all the three economic variables either. This seems to reject the hypothesis that interest rate futures market is efficient. However, after careful analysis, it is deemed that the EMH cannot be rejected based on the empirical results obtained from the price data which are at least a few hours after the announcements. It is also possible that the new information contained in the announcements is not an important determinant of the futures prices in Australia. The market may simply ignore this information unless it is of significant importance to the future course of the economy. Therefore, the EMH in this case cannot be rejected.
Costing the Job Compact*
Authors: PIGGOTT JOHN , CHAPMAN BRUCE 
Published: October 2007

The budgetary cost of any government program should be measured by its impact on the public sector budget balance, over its effective timeframe. Typically, official cost estimates focus on the value of outlays only, and thus create a misleading impression of the opportunity cost of some policy initiatives. This paper offers estimates of the budgetary cost of the Job Compact, using a simple labour force transition flows model of unemployment. Deadweight, displacement and effectiveness impacts are explicitly addressed. We find that, depending on the values chosen for displacement and effectiveness parameters, budgetary cost can be greater or less than outlay estimates. However, for plausible values of these parameters, the budgetary cost is calculated to be substantially lower than official estimates, and may even be negative.
The Lags of Monetary Policy
Authors: GRUEN DAVID , ROMALIS JOHN , CHANDRA NAVEEN 
Published: October 2007

The length of the transmission lags from monetary pblicy to output has been the subject of much research over the years, but there are serious problems in isolating the lags with any precision. This paper uses a simple model of Australian output to estimate the length of the lags, and then examines how attempts to grapple with the estimation problems might change the results.We estimate that output growth falls by about one‐third of one per cent in both the first and second years after a one percentage point rise in the short‐term real interest rate, and by about one‐sixth of one per cent in the third year. This implies an average lag of about five or six quarters in monetary policy's impact on output growth. Each of these estimates is, however, subject to considerable uncertainty. We discuss the implications for policy of these relatively long and uncertain lags. Finally, we find no evidence that the average lag from monetary policy to output growth has become any shorter in the 1990s.
In Vitro Monitoring of
Plasmodium falciparum
Drug Resistance in French Guiana: a Synopsis of Continuous Assessment from 1994 to 2005
Authors: Legrand Eric , Volney Béatrice , Meynard Jean-Baptiste , Mercereau-Puijalon Odile , Esterre Philippe 
Published: October 2007

ABSTRACT

Implemented as one arm of the malaria control program in French Guiana in the early 1990s, our laboratory has since established in vitro profiles for parasite drug susceptibility to a panel of eight antimalarials for more than 1,000
Plasmodium falciparum
isolates from infected patients. The quinine-doxycycline combination was introduced in 1995 as the first-line drug treatment against uncomplicated
P. falciparum
malaria, replacing chloroquine, and the first-line drug combination was changed to the artemether-lumefantrine combination in 2002. Resistance to chloroquine declined 5 years after it was dropped in 1995 as the first-line drug, but unlike similar situations in Africa, there was a rapid halt to this decline. Doxycycline susceptibility substantially decreased from 2002 to 2005, suggesting parasite selection under quinine-doxycycline drug pressure. Susceptibility to mefloquine decreased from 1997 onward. Throughout the period from 1994 to 2005, most isolates were sensitive in vitro to quinine, amodiaquine, and atovaquone. Susceptibility to amodiaquine was strongly correlated with that to chloroquine and to a lesser extent with that to mefloquine and halofantrine. Susceptibilities to mefloquine and to halofantrine were also strongly correlated. There were two alerts issued for in vitro artemether resistance in the period from 2002 to 2003 and again in 2005, both of which could be associated with the presence of an S769N polymorphism in the sarcoplasmic/endoplasmic reticulum calcium ATPase (SERCA)-type
P. falciparum ATPase6
(Pf
ATPase6
) gene. Analysis of susceptibility to lumefantrine, conducted for the first time in 2005, indicates an alarming rate of elevated 50% inhibitory concentrations. In vitro monitoring of parasite drug susceptibility should be pursued to further document the consequences of specific drug policies on the local parasite population and, in particular, to establish profiles of susceptibility to individual components of drug combinations to provide early warning signs of emerging parasite resistance.
Anaerobic NADH-Fumarate Reductase System Is Predominant in the Respiratory Chain of
Echinococcus multilocularis
, Providing a Novel Target for the Chemotherapy of Alveolar Echinococcosis
Authors: Matsumoto Jun , Sakamoto Kimitoshi , Shinjyo Noriko , Kido Yasutoshi , Yamamoto Nao , Yagi Kinpei , Miyoshi Hideto , Nonaka Nariaki , Katakura Ken , Kita Kiyoshi , Oku Yuzaburo 
Published: October 2007

ABSTRACT

Alveolar echinococcosis, which is due to the massive growth of larval
Echinococcus multilocularis
, is a life-threatening parasitic zoonosis distributed widely across the northern hemisphere. Commercially available chemotherapeutic compounds have parasitostatic but not parasitocidal effects. Parasitic organisms use various energy metabolic pathways that differ greatly from those of their hosts and therefore could be promising targets for chemotherapy. The aim of this study was to characterize the mitochondrial respiratory chain of
E. multilocularis
, with the eventual goal of developing novel antiechinococcal compounds. Enzymatic analyses using enriched mitochondrial fractions from
E. multilocularis
protoscoleces revealed that the mitochondria exhibited NADH-fumarate reductase activity as the predominant enzyme activity, suggesting that the mitochondrial respiratory system of the parasite is highly adapted to anaerobic environments. High-performance liquid chromatography-mass spectrometry revealed that the primary quinone of the parasite mitochondria was rhodoquinone-10, which is commonly used as an electron mediator in anaerobic respiration by the NADH-fumarate reductase system of other eukaryotes. This also suggests that the mitochondria of
E. multilocularis
protoscoleces possess an anaerobic respiratory chain in which complex II of the parasite functions as a rhodoquinol-fumarate reductase. Furthermore, in vitro treatment assays using respiratory chain inhibitors against the NADH-quinone reductase activity of mitochondrial complex I demonstrated that they had a potent ability to kill protoscoleces. These results suggest that the mitochondrial respiratory chain of the parasite is a promising target for chemotherapy of alveolar echinococcosis.
Oral Therapy with Amlodipine and Lacidipine, 1,4-Dihydropyridine Derivatives Showing Activity against Experimental Visceral Leishmaniasis
Authors: Palit Partha , Ali Nahid 
Published: October 2007

ABSTRACT

Amlodipine and lacidipine, conventional antihypertensive drugs, inhibited
Leishmania donovani
infection in vitro and in BALB/c mice when administered orally. These 1,4-dihydropyridine derivatives functioned through dose-dependent inhibition of oxygen consumption, triggering caspase 3-like activation-mediated programmed cell death of the parasites.
Mutated Response Regulator
graR
Is Responsible for Phenotypic Conversion of
Staphylococcus aureus
from Heterogeneous Vancomycin-Intermediate Resistance to Vancomycin-Intermediate Resistance
Authors: Neoh Hui-min , Cui Longzhu , Yuzawa Harumi , Takeuchi Fumihiko , Matsuo Miki , Hiramatsu Keiichi 
Published: October 2007

ABSTRACT

Multistep genetic alteration is required for methicillin-resistant
Staphylococcus aureus
(MRSA) to achieve the level of vancomycin resistance of vancomycin-intermediate
S. aureus
(VISA). In the progression of vancomycin resistance, strains with heterogeneous vancomycin resistance, designated hetero-VISA, are observed. In studying the whole-genome sequencing of the representative hetero-VISA strain Mu3 and comparing it with that of closely related MRSA strains Mu50 (VISA) and N315 (vancomycin-susceptible
S. aureus
[VSSA]), we identified a mutation in the response regulator of the
graSR
two-component regulatory system. Introduction of mutated
graR
, designated
graR
*, but not intact
graR
, designated
graRn
, could convert the hetero-VISA phenotype of Mu3 into a VISA phenotype which was comparable to that of Mu50. The same procedure did not appreciably increase the vancomycin resistance of VSSA strain N315, indicating that
graR
* expression was effective only in the physiological milieu of hetero-VISA cell to achieve a VISA phenotype. Interestingly, the overexpression of
graR
* increased the daptomycin MICs in both Mu3 and N315 and decreased the oxacillin MIC in N315.
Results of a Double-Blind, Randomized Trial of Ceftobiprole Treatment of Complicated Skin and Skin Structure Infections Caused by Gram-Positive Bacteria
Authors: Noel Gary J. , Strauss Richard S. , Amsler Karen , Heep Markus , Pypstra Rienk , Solomkin Joseph S. 
Published: October 2007

ABSTRACT

Ceftobiprole is the first broad-spectrum cephalosporin with activity against methicillin-resistant
Staphylococcus aureus
(MRSA) to be assessed in late-stage clinical trials. As a pivotal step in the clinical development of ceftobiprole, a multicenter, global, randomized, double-blind trial was conducted to compare the efficacy of ceftobiprole to that of vancomycin in patients with complicated skin and skin structure infections (cSSSIs) caused by gram-positive bacteria. The primary objective was to assess noninferiority on the basis of the cure rates 7 to 14 days after the completion of therapy in patients administered ceftobiprole 500 mg every 12 h or vancomycin 1 g every 12 h. Of 784 patients randomized, 282 receiving ceftobiprole and 277 receiving vancomycin were clinically evaluable. Of these patients, 93.3% treated with ceftobiprole and 93.5% treated with vancomycin were cured (95% confidence interval of difference, −4.4%, 3.9%). The cure rates for patients with MRSA infections were 91.8% (56/61) with ceftobiprole treatment and 90.0% (54/60) with vancomycin treatment (95% confidence interval of difference, −8.4%, 12.1%). At least one adverse event (AE) was reported by 52% of the ceftobiprole-treated patients and 51% of the vancomycin-treated patients. The most common AEs reported by the ceftobiprole-treated patients were nausea (14%) and taste disturbance (8%). Discontinuation of the study drug because of treatment-emergent AEs occurred in 4% (
n
= 17) of the ceftobiprole-treated patients and 6% (
n
= 22) of the vancomycin-treated patients. The results of this trial support the use of ceftobiprole as an effective and well-tolerated treatment option for patients with cSSSIs caused by a spectrum of gram-positive bacteria.
Subinhibitory Concentrations of Azithromycin Decrease Nontypeable
Haemophilus influenzae
Biofilm Formation and Diminish Established Biofilms
Authors: Starner Timothy D. , Shrout Joshua D. , Parsek Matthew R. , Appelbaum Peter C. , Kim GunHee 
Published: October 2007

ABSTRACT

Nontypeable
Haemophilus influenzae
(NTHi) commonly causes otitis media, chronic bronchitis in emphysema, and early airway infections in cystic fibrosis. Long-term, low-dose azithromycin has been shown to improve clinical outcomes in chronic lung diseases, although the mechanism of action remains unclear. The inhibition of bacterial biofilms by azithromycin has been postulated to be one mechanism mediating these effects. We hypothesized that subinhibitory concentrations of azithromycin would affect NTHi biofilm formation. Laboratory strains of NTHi expressing green fluorescent protein and azithromycin-resistant clinical isolates were grown in flow-cell and static-culture biofilm models. Using a range of concentrations of azithromycin and gentamicin, we measured the degree to which these antibiotics inhibited biofilm formation and persistence. Large biofilms formed over 2 to 4 days in a flow cell, displaying complex structures, including towers and channels. Subinhibitory concentrations of azithromycin significantly decreased biomass and maximal thickness in both forming and established NTHi biofilms. In contrast, subinhibitory concentrations of gentamicin had no effect on biofilm formation. Furthermore, established NTHi biofilms became resistant to gentamicin at concentrations far above the MIC. Biofilm formation of highly resistant clinical NTHi isolates (azithromycin MIC of >64 μg/ml) was similarly decreased at subinhibitory azithromycin concentrations. Clinically obtainable azithromycin concentrations inhibited biofilms in all but the most highly resistant isolates. These data show that subinhibitory concentrations of azithromycin have antibiofilm properties, provide mechanistic insights, and supply an additional rationale for the use of azithromycin in chronic biofilm infections involving
H. influenzae
.
Betulinic Acid Derivatives That Target gp120 and Inhibit Multiple Genetic Subtypes of Human Immunodeficiency Virus Type 1
Authors: Lai Weihong , Huang Li , Ho Phong , Li Zhijun , Montefiori David , Chen Chin-Ho 
Published: October 2007

ABSTRACT

Betulinic acid (BA) derivatives can inhibit human immunodeficiency virus type 1 (HIV-1) entry or maturation depending on side chain modifications. While BA derivatives with antimaturation activity have attracted considerable interest, the anti-HIV-1 profile and molecular mechanism of BA derivatives with anti-HIV-1 entry activity (termed BA entry inhibitors) have not been well defined. In this study, we have found that two BA entry inhibitors, IC9564 and A43D, exhibited a broad spectrum of anti-HIV-1 activity. Both compounds inhibited multiple strains of HIV-1 from clades A, B, and C at submicromolar concentrations. Clade C viruses were more sensitive to the compounds than clade A and B viruses. Interestingly, IC9564 at subinhibitory concentrations could alter the antifusion activities of other entry inhibitors. IC9564 was especially potent in increasing the sensitivity of HIV-1
YU2
Env-mediated membrane fusion to the CCR5 inhibitor TAK-779. Results from this study suggest that the V3 loop of gp120 is a critical determinant for the anti-HIV-1 activity of IC9564. IC9564 escape viruses contained mutations near the tip of the V3 loop. Moreover, IC9564 could compete with the binding of V3 monoclonal antibodies 447-52D and 39F. IC9564 also competed with the binding of gp120/CD4 complexes to chemokine receptors. In summary, these results suggest that BA entry inhibitors can potently inhibit a broad spectrum of primary HIV-1 isolates by targeting the V3 loop of gp120.