This paper investigates the time-varying relationship between economic/financial uncertainty and oil price shocks in the US. A structural VAR (SVAR) model and a time-varying parameter VAR (TVP-VAR) model are estimated, using six indicators that reflect economic and financial uncertainty. The findings of the study reveal that static frameworks (SVAR) do not show the full dynamics of the oil price shocks effects to the US economic/financial uncertainty. This is owing to the evidence provided by the time-varying framework (TVP-VAR), which convincingly shows that uncertainty responses to the three oil price shocks are heterogeneous both over time and over the different oil price shocks. In particular, uncertainty responses seem to experience a shift in the post global financial crisis period. Thus, the conventional findings that economic fundamentals response marginally, positively or negatively to supply-side, aggregate demand and oil specific demand shocks, respectively, do not necessarily hold at all periods. Rather, they are impacted by the prevailing economic conditions at each time period. The findings are important to policy makers and investors, as they provide new insights on the said relationships.
To predict the spread of coronavirus disease globally and consequently prepare the hospital facilities with the required technology is a challenge. The availability of essential medical equipment to support patients affected by Covid-19 is globally limited. Areas covered: This perspective gives a technical view of the pandemic focusing on the main actions taken by regulatory agencies to cope with the shortage of devices. The risk/benefit assessment and the main infection control policies in the clinical practices are also looked at. Expert opinion: Regulatory agencies have amended their medical devices directives to address the pandemic, but each in a different way. In this exceptional situation scientist and technology experts in collaboration with medical specialists should work together to reassess the risk analysis on medical equipment management and their use and re-use in this context with the aim to improve global health care Every effort must be made to provide the necessary devices at least with the minimum acceptable performances for Covid-19 patients while maintaining a high standard of safety for users. The aim of the present manuscript is to highlight the technical challenges in order to prevent, through targeted actions, operating standards from falling below the standards of care due to a lack of medical devices.
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