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Articles : The Terms of Trade, Investment and the Current Account
( Robert G. Murphy ) 세종대학교 경제통합연구소 1992 Journal of Economic Integration Vol.7 No.1
This paper develops an optimizing model of a small open economy to study the adjustment of investment, saving, and the current account to a deterioration in the terms of trade. The analysis highlights the role of the real exchange rate as a channel through which changes in the terms of trade are transmitted to the rest of the economy. The results indicate that the response of investment and the current account to a permanent change in the terms of trade depends importantly on the relative strengths of income and substitution effects in determining household demand for non-traded goods. Furthermore, the paper finds that a temporary deterioration in the terms of trade is always associated with a current account deficit and capital accumulation in the long run, although the current account and investment may rise or fall in the short run.
The Terms of Trade, Investment, and the Current Account
Murphy, Robert G. 세종대학교 국제경제연구소 1992 Journal of Economic Integration Vol.7 No.1
This paper develops an optimizing model of a small open economy to study the adjustment of investment, saving, and the current account to a deterioration in the terms of trade. The analysis highlights the role of the real exchange rate as channel through which changes in the terms of trade are transmitted to the rest of the economy. The results indicate that the response of investment and the current account to a permanent change in the terms of trade depends importantly on the relative strengths of income and substitution effects in determining household deterioration in the terms of trade is always associated with a current account deficit and capital accumulation in the long run, although the current account and investment may rise or fall in the short run.
Thomas B. Russell,Peter L. Labib,Paula Murphy,Fabio Ausania,Elizabeth Pando,Keith J. Roberts,Ambareen Kausar,Vasileios K. Mavroeidis,Gabriele Marangoni,Sarah C. Thomasset,Adam E. Frampton,Pavlos Lykou 한국간담췌외과학회 2024 Annals of hepato-biliary-pancreatic surgery Vol.28 No.1
Backgrounds/Aims: After pancreatoduodenectomy (PD), an early oral diet is recommended; however, the postoperative nutritional management of PD patients is known to be highly variable, with some centers still routinely providing parenteral nutrition (PN). Some patients who receive PN experience clinically significant complications, underscoring its judicious use. Using a large cohort, this study aimed to determine the proportion of PD patients who received postoperative nutritional support (NS), describe the nature of this support, and investigate whether receiving PN correlated with adverse perioperative outcomes. Methods: Data were extracted from the Recurrence After Whipple’s study, a retrospective multicenter study of PD outcomes. Results: In total, 1,323 patients (89%) had data on their postoperative NS status available. Of these, 45% received postoperative NS, which was “enteral only,” “parenteral only,” and “enteral and parenteral” in 44%, 35%, and 21% of cases, respectively. Body mass index < 18.5 kg/m2 (p = 0.03), absence of preoperative biliary stenting (p = 0.009), and serum albumin < 36 g/L (p = 0.009) all correlated with receiving postoperative NS. Among those who did not develop a serious postoperative complication, i.e., those who had a relatively uneventful recovery, 20% received PN. Conclusions: A considerable number of patients who had an uneventful recovery received PN. PN is not without risk, and should be reserved for those who are unable to take an oral diet. PD patients should undergo pre- and postoperative assessment by nutrition professionals to ensure they are managed appropriately, and to optimize perioperative outcomes.
Ning, Fangkun,Wang, Chao,Berry, Karin Zemski,Kandasamy, Pitchaimani,Liu, Haolin,Murphy, Robert C.,Voelker, Dennis R.,Nho, Chu Won,Pan, Choel-Ho,Dai, Shaodong,Niu, Liwen,Chu, Hong-Wei,Zhang, Gongyi The Federation of American Societies for Experimen 2014 The FASEB Journal Vol.28 No.12
<P>The short palate, lung and nasal epithelial clone 1 (SPLUNC1) protein is a member of the palate, lung, and nasal epithelium clone (PLUNC) family, also known as bactericidal/permeability-increasing (BPI) fold-containing protein, family A, member 1 (BPIFA1). SPLUNC1 is an abundant protein in human airways, but its function remains poorly understood. The lipid ligands of SPLUNC1 as well as other PLUNC family members are largely unknown, although some reports provide evidence that lipopolysaccharide (LPS) could be a lipid ligand. Unlike previous hypotheses, we found significant structural differences between SPLUNC1 and BPI. Recombinant SPLUNC1 produced in HEK 293 cells harbored several molecular species of sphingomyelin and phosphatidylcholine as its ligands. Significantly, <I>in vitro</I> lipid-binding studies failed to demonstrate interactions between SPLUNC1 and LPS, lipoteichoic acid, or polymyxin B. Instead, one of the major and most important pulmonary surfactant phospholipids, dipalmitoylphosphatidylcholine (DPPC), bound to SPLUNC1 with high affinity and specificity. We found that SPLUNC1 could be the first protein receptor for DPPC. These discoveries provide insight into the specific determinants governing the interaction between SPLUNC1 and lipids and also shed light on novel functions that SPLUNC1 and other PLUNC family members perform in host defense.—Ning, F., Wang, C., Berry, K. Z., Kandasamy, P., Liu, H., Murphy, R. C., Voelker, D. R., Nho, C. W., Pan, C.-H., Dai, S., Niu, L., Chu, H.-W., Zhang, G. Structural characterization of the pulmonary innate immune protein SPLUNC1 and identification of lipid ligands.</P>
Surgical revascularization for Moyamoya disease in the United States: A cost-effectiveness analysis
Wali Arvin R.,Santiago-Dieppa David. R.,Srinivas Shanmukha,Brandel Michael G.,Steinberg Jeffrey A.,Rennert Robert C,Mandeville Ross,Murphy James D.,Olson Scott,Pannell J. Scott,Khalessi Alexander A. 대한뇌혈관외과학회 2021 Journal of Cerebrovascular and Endovascular Neuros Vol.23 No.1
Objective Moyamoya disease (MMD) is a vasculopathy of the internal carotid arteries with ischemic and hemorrhagic sequelae. Surgical revascularization confers upfront peri-procedural risk and costs in exchange for long-term protective benefit against hemorrhagic disease. The authors present a cost-effectiveness analysis (CEA) of surgical versus non-surgical management of MMD. Methods A Markov Model was used to simulate a 41-year-old suffering a transient ischemic attack (TIA) secondary to MMD and now faced with operative versus nonoperative treatment options. Health utilities, costs, and outcome probabilities were obtained from the CEA registry and the published literature. The primary outcome was incremental cost-effectiveness ratio which compared the quality adjusted life years (QALYs) and costs of surgical and nonsurgical treatments. Base-case, one-way sensitivity, two-way sensitivity, and probabilistic sensitivity analyses were performed with a willingness to pay threshold of $50,000. Results The base case model yielded 3.81 QALYs with a cost of $99,500 for surgery, and 3.76 QALYs with a cost of $106,500 for nonsurgical management. One-way sensitivity analysis demonstrated the greatest sensitivity in assumptions to cost of surgery and cost of admission for hemorrhagic stroke, and probabilities of stroke with no surgery, stroke after surgery, poor surgical outcome, and death after surgery. Probabilistic sensitivity analyses demonstrated that surgical revascularization was the cost-effective strategy in over 87.4% of simulations. Conclusions Considering both direct and indirect costs and the postoperative QALY, surgery is considerably more cost-effective than non-surgical management for adults with MMD.