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We study the impact of the US quantitative easing (QE) on both the emerging and advanced economies, estimating a global vector error-correction model (GVECM) and conducting counterfactual analyses. We focus on the effects of reductions in the US term and corporate spreads. First, US QE measures reducing the US corporate spread appear to be more important than lowering the US term spread. Second, US QE measures might have prevented episodes of prolonged recession and deflation in the advanced economies. Third, the estimated effects on the emerging economies have been diverse but often larger than those recorded in the US and other advanced economies. The heterogeneous effects from US QE measures indicate unevenly distributed benefits and costs.

The emergence of ionotronic materials has substantially extended the applications of artificial skins by allowing intimate interfaces between electronics and biological/bionic surfaces toward achieving improved sensing and communication with surrounding stimuli. However, ionotronic skins are intrinsically temperature dependent, since water molecules play crucial roles in regulating both mechanical and ionic conductivity of the materials. Hence, most of the ionotronic skins will fail at temperatures below 0 °C. In this study, a highly sensitive ionotronic skin that can be used in the entire natural environmental temperature range (−30–80 °C) is developed by using silk fibroin and Ca(II) ions as starting materials. In such a system, silk fibroin serves as both structural supports and ion capture agent to provide structural stability, mechanical flexibility, and interfacial adhesion ability, while Ca(II) ions work as ionic conductor, hygroscopic agent, and deicing salt to offer highly stable ionic conductivity at a temperature range from −30 to 80 °C. These synergetic merits, together with favorable advances of silk fibroin ionotronic skins in biocompatibility, transparency, and self‐healing, allow them to be used in multiple emerging fields, such as regenerative medicine, implantable electronics, and human–machine interface.

Soft electronic devices have rapidly developed and gained increasing attention in the past few years. Herein, a conductive silk-based hydrogel is prepared by crosslinking regenerated silk fibroin (RSF) aqueous solution...

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Monetary policy in mainland China differs from conventional central banking in several respects. The central bank regulates retail lending and deposit rates, influences the credit supply via window guidance, and, in recent years has even used the required reserve ratio as a tool for fine-tuning monetary policy. This paper develops a New Keynesian DSGE model to captures China's unconventional monetary policy toolkit. We find that credit quotas are important as the interest-rate corridor distorts the efficient reactions of the economy. Moreover, for China's central bankers the choice of a particular monetary policy tool or a the appropriate combination of instruments depends on the source of the shock.

Patients with inflammatory bowel diseases, including Crohn’s disease and ulcerative colitis, often suffer drug intolerance. This resistance can be divided into intrinsic resistance and acquired resistance. Although there is agreement on acquired resistance, studies regarding intrinsic resistance have demonstrated inconsistencies, especially for Crohn’s disease. For this reason, an animal model of Crohn’s disease was induced with 2,4,6-trinitrobenzene sulfonic acid solution (TNBS), and intrinsic resistance was analyzed by measuring the function and expression of P-glycoprotein (P-gp) in peripheral mononuclear blood cells (PMBC), followed by mechanistic studies. The results revealed reduced retention of cyclosporine A in PMBC over-expressing P-gp in a TNBS-treated group and enhanced secretion of the cytokines IL-1β, IL-6, IL-17, and TNF-α as well as LPS in plasma. These cytokines and LPS can induce P-gp expression through the STAT3/Nf-κb pathway, contributing to a decrease of cyclosporine A retention, which can be reversed by the application of a P-gp inhibitor. Our results demonstrated that the sustained chronic inflammation could induce the intrinsic resistance presented as P-gp over-expression in PBMC in Crohn’s disease through STAT3/Nf-κb pathway and this resistance might be reversed by combinational usage of P-gp inhibitors.