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Monetary Policy Rule under Inflation Targeting in Mongolia
Hiroyuki Taguchi,Erdenechuluun Khishigjargal 대외경제정책연구원 2018 East Asian Economic Review Vol.22 No.4
This article aims to review the monetary policy rule under inflation targeting framework focusing on Mongolia. The empirical analysis estimates the policy reaction function to see if the inflation targeting has been linked with a monetary policy rule emphasizing on inflation stabilization since its adoption in 2007. The study contributes to the literature by examining the linkage between Mongolian monetary policy rule and inflation targeting directly and thoroughly for the first time and also by taking into account a recent progress in the inflation targeting framework toward forward-looking mode. The main findings were: the Mongolian current monetary policy rule under inflation targeting is characterized as inflation-responsive rule with forward-looking manner (one quarter ahead); the inflation responsiveness is, however, weak enough to be pro-cyclical to inflation pressure; and the rule is also responsive to exchange rate due to the "fear of floating", which weakens the policy reaction to inflation and output gap.
Hiroyuki Taguchi 한국국제경제학회 2011 International Economic Journal Vol.25 No.3
This paper analyzes the exchange rate regimes from the perspective of monetary independence. To be specific, using recent and global data, we examine the sensitivity of domestic interest rates to the international interest rate, by conducting co-integration tests and by estimating the adjustment speeds through error-correction model, for different de facto currency regimes and for different types of capital markets. Our estimation results basically support the traditional views of ‘impossible trinity’, as far as the cases with open capital markets are concerned. The floating regime shows the less sensitivity of domestic interest rates to the international interest rate than the fixed regime does, which implies some capacity for domestic monetary autonomy under the floating regime. The cases with closed capital markets, on the other hand, include the cases showing high sensitivity of interest rates in some emerging market economies, which might imply the ‘fear of floating’ hypothesis.
Chieko Taguchi,Fuyuki Sato,Chen Wang,Shigeru Nakamura,Kosuke Oikawa,Ujjal Kumar Bhawal,Hiroyuki Okada,Kazumune Arikawa 조선대학교 치의학연구원 2022 Oral Biology Research (Oral Biol Res) Vol.46 No.4
Aberrant wound closure occurs in a broad range of wounds and scars, and the altered regulation of transcription factors in wound areas can account for both of those conditions. This study aimed to explore the function of the transcription factor Smad3 in wound healing using a tongue wound model in Smad3 knockout (Smad3–/–) mice and with Smad3 small interfering RNA (siRNA) transfected human gingival fibroblasts (HGFs). Smad3 –/–mice were used to examine the extent of repair in tongue wounds. Cell migration was evaluated in HGFs using wound healing assays. The mRNA expression levels of Sox2, E-cadherin, fibronectin, and vimentin were examined in HGFs using reverse transcription-quantitative polymerase chain reaction. Histopathological analysis of wound closure in Smad3–/– mice showed rapid re-epithelialization and remodeling in tongue wound repair compared with Smad3+/+ mice. Increased numbers of neutrophils were identified in the wounds of Smad3 –/– mice. Sox2 and phospho-E-cadherin expression levels were increased in Smad3–/– mice. Smad3 knockdown by siRNA increased cell migration of HGFs. In addition, Sox2, E-cadherin, fibronectin, and vimentin mRNA levels were significantly increased in Smad3 siRNA-transfected HGFs compared with controls. Collectively, these findings demonstrate that a Smad3 deficiency can expedite wound healing and increase immune reactions and extracellular matrix formation after tongue injuries, boosting recovery through Sox2 and E-cadherin. Consequently, Smad3 inhibition would help stimulate tongue wound healing.
Screening Test Robot for Functional Decline of Shoulder Joint
Keita Kamada,Noritaka Sato,Yoshifumi Morita,Hiroyuki Ukai,Kenji Komori,Shinya Taguchi 제어로봇시스템학회 2014 제어로봇시스템학회 국제학술대회 논문집 Vol.2014 No.10
In this paper, we propose a screening test robot for prevention and early detection of functional decline of the shoulder joint. For this purpose, we used a three-dimensional reaction force display robot (3D robot) that executed a method for quantitatively evaluating shoulder joint functions. We focused on two shoulder joint functions: one is flexibility/stability, and the other is cooperativeness. In the screening test for functional decline of flexibility/stability, the 3D robot measured the maximum isometric force exerted on the brace of the 3D robot by a subject. In the screening test for functional decline in cooperativeness, the 3D robot measured the maximum isokinetic force exerted on the brace by the subject and the rotational angle of the upper limb during the testing motion. We propose procedures for implementing the two kinds of screening tests using the 3D robot, and we developed a control method. We verified the effectiveness of the proposed screening robot in executing these procedures, the control method, and the quantitative evaluation method.
Mikio Kamimura,Shota Ikegami,Keijiro Mukaiyama,Hidefumi Koiwai,Yukio Nakamura,Akira Taguchi,Hiroyuki Kato 대한골다공증학회 2019 Osteoporosis and Sarcopenia Vol.5 No.2
Objectives: We examined whether eldecalcitol (ELD) provided additive bone mineral density (BMD) and bone turnover marker gains in patients undergoing long-term bisphosphonate (BP) usage, especially in osteoporotic individuals exhibiting a poor response to BPs. Methods: Forty-two post-menopausal patients with primary osteoporosis and low lumbar BMD (L-BMD) and/or bilateral total hip BMD (H-BMD) values receiving long-term BP treatment were prospectively enrolled. Serum bone alkaline phosphatase (BAP) was measured as a bone formation marker and urinary N-terminal telopeptide of type I collagen (NTX) was assessed as a bone resorption marker. L-BMD, HBMD, and femoral neck BMD (N-BMD) were recorded before, at the commencement of, and during ELD administration. Results: BAP and urinary NTX were significantly decreased by BP therapy prior to ELD. ELD addition further significantly decreased the bone turnover markers (both p < 0.01). The mean L-BMD increase rate was 0.2% (p = 0.81) from 2 to 1 years before ELD administration, -0.7% (p = 0.30) during the year before ELD, and 2.9% (p < 0.01) during 1 year of ELD. Similar findings were observed for the mean increase rate of H-BMD, with values of 0.2% (p = 0.55), -0.7% (p < 0.01), and 1.2% (p < 0.01), respectively. The mean NBMD increase rate was significantly increased after ELD administration (1.1%, p = 0.03) despite no gains by BP therapy alone. Conclusions: This study suggests that ELD addition may be useful for osteoporotic patients exhibiting a diminished long-term BP therapy response.