ECB Monetary Policy Surprises: Identification Through Cojumps in Interest Rates

This paper proposes a new econometric approach to disentangle two distinct response patterns of the yield curve to monetary policy announcements. Based on cojumps in intraday tick data of short‐ and long‐term interest rate futures, we develop a day‐wise test that detects the occurrence of a significant policy surprise and identifies the market perceived source of the surprise. The new test is applied to 133 policy announcements of the European Central Bank (ECB) in the period from 2001 to 2012. Our main findings indicate a good predictability of ECB policy decisions and remarkably stable perceptions about the ECB's policy preferences. Copyright © 2015 John Wiley & Sons, Ltd.     

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Abstract

This article examines the cultural field of fitness as a network of producers, consumers, products and practices that has developed around the care of the body through physical exercise. Drawing on a thematic text analysis of US exercise manuals, the paper focuses on how the commercial fitness field naturalizes associations between physical exercise and leisure, and between leisure and self‐work. In particular, the analysis examines three themes and their relevance to our broader understanding of leisure in contemporary consumer society: the management of leisure time; the use of leisure for self‐investment strategies; and the promotion of consumption as the framework for leisure and an accompanying notion of pleasure. The fitness field casts light on how leisure more generally is constructed as a sphere of obligations to make productive use of one’s time, to improve one’s body and self, and to do so through the wares of the consumer marketplace. The cultural imaginary of leisure as a time of freedom from work and responsibility is thus recast, in an age of individualization, as a time of freedom to accomplish the work of self‐production.     

Hygiene bei verzögerter Wundheilung

Ultraschall-assistierte Wundbehandlung - Trotz der Therapie der Ursache einer Wunde und phasengerechter Wundbehandlung heilen Wunden nicht immer ad?quat. Dann besteht die M?glichkeit, alternative Therapietechniken, wie die Ultraschall-assistierte Wundbehandlung, anzuwenden. Worauf muss dabei geachtet werden?     

Tracheotomie bei Kindern

Indikationen, Durchführung, Komplikationen - Dank des medizinischen Fortschritts überleben immer mehr p?diatrische Patienten die intensivmedizinische Behandlung. Ein Teil von ihnen bleibt jedoch danach chronisch krank und bedarf medizinischer Ma?nahmen. So kann anhaltende respiratorische Insuffizienz die Anlage eines Tracheostomas erforderlich machen. Etwa 3% aller intensivpflichtigen Kinder erhalten eine Tracheotomie.