Dissertation deals with the Federal reserve system, which is the central Bank of the United states of America. The dissertation is supposed to analyze monetary politics of FED with regard to the possible connection of this institution with the last financial crisis. Chapter nbr. I. introduces short history of the central banking in the USA, the situation before FED was created, circumstances with the enactment of Federal Reserve act from 1913, followed by foundation of FED and first of all about its task during the period of Great depression in the 30th of the 20th century. Enclosed is the overview of critical economical opinions how the FED was functioning. The second part of the dissertation describes the monetary politics of FED before the crisis years 2000-2007. It evaluates the main steps the FED undertook to prevent or alleviate the incomming crisis. Further it evaluates these steps with recommendations of renowned and respected economists. Next chapter deals with the mortgage market crisis and with the monetary politics of FED between the years 2007-2011. This chapter also describes different situation of FED and European central bank and their monetary politics as a reaction to the mortgage crisis. Fourth and last chapter is aimed at the possible cause of the financial crisis and present development of FED.

Background Ovarian follicular fluid serves as the microenvironment for a maturing oocyte prior to ovulation. Previous studies have shown that gilts fed a high fibre (HF) diet before ovulation have improved fertility compared to gilts fed a control (C) diet, including a higher proportion of metaphase II oocytes following in vitro maturation (IVM). Hypothesis The molecular composition of porcine follicular fluid (pFF) was altered by the diet and that these alterations conferred the fertility benefits. Aims The aim of this study was to compare the protein composition of pFF from pigs fed a control diet with pFF of pigs fed a high fibre diet, to identify whether a high fibre diet fed to pigs during their oestrous cycle altered the composition of pFF. Additionally, the pFF of fertile animals was compared with the pFF of non-fertile animals to identify whether pFF composition was associated with fertility; fertile animals produced an embryo following in vitro fertilisation (IVF). Differences in the molecular composition were to be used to ascertain the potential underlying mechanism(s) involved in dietary induced improvements to oocyte maturation. Results The protein composition of pooled pFF from 12 HF-pigs and 12 C-pigs was compared by liquid chromatography tandem mass spectrometry (LC-MS/MS). Additionally, within each dietary group, the composition of pooled pFF from pigs whose oocytes produced blastocysts following in vitro fertilisation (C-Bl and HF-Bl) was compared with pFF from pigs whose oocytes did not produce blastocysts (C-No and HF-No respectively; n=6 per group). These proteomic analyses identified differentially expressed proteins, associated with several canonical pathways including acute phase response signalling, complement system and LXR/RXR activation, as determined by Ingenuity Pathway Analysis. Quantitative western blots revealed the differential expression of candidates associated with these canonical pathways. Plasminogen expression was lower (P≤0.05) in pFF of HF-pigs compared to pFF of C-pigs. In pFF from C-Bl gilts, apolipoprotein A4 (P≤0.01) and apolipoprotein M (P≤0.05) expression were higher compared to pFF from C-No gilts. Plasmin expression was lower (P≤0.05) in pFF from HF-Bl gilts compared to pFF from C-Bl gilts. Due to the interest in the differentially expressed apolipoproteins (involved in cholesterol and lipid efflux), a targeted metabolomic analysis was carried out to measure the concentration of nine fatty acids (FAs) in pFF of individual pigs in C-No, C-Bl, HF-No, HF-Bl groups (n=6 per group); adrenic, arachadonic, arachidic, dihomo- γ-linolenic, docosapentaenoic, erucic, linoleic, palmitoleic and oleic acids were measured by LC-MS/MS. The analysis revealed the lower concentration of linoleic acid (LA, p≤0.05) and higher concentration of erucic acid (P≤0.05) in HF-pFF compared to C-pFF. Following the results of the targeted metabolomic analysis, cumulus-oocytecomplexes (COCs) were matured in TCM 199 medium supplemented with 0 (No-LA), 50, 100 or 200 μM LA for 44 hours (n = 320 per treatment). COC diameters were measured and the COCs were categorised into "full", "partial" or "no" expansion. COCs were denuded, fixed and stained to determine their stage of maturation. IVM with 200 μM LA resulted in the reduced diameter of COCs (p≤0.01), fewer COCs with full cumulus expansion (p≤0.05) and fewer metaphase II oocytes (p≤0.05). Discussion Plasminogen is the precursor to plasmin, a proteolytic enzyme involved in weakening the follicular wall prior to ovulation. The lower expression of plasminogen and plasmin in pFF of high fibre pigs implies a delay in the accumulation of the inflammatory proteins required for ovulation. The delay in ovulation can result in the lengthening of the oocyte maturation process, leading to more mature oocytes, as observed in the previous studies. A disruption in the expression of apolipoproteins may also occur in high fibre-fed pigs. The increase in apolipoproteins associated with blastocyst development was only observed with pFF of control pigs but not high fibre pigs. An alteration in lipid homeostasis in the high fibre pigs could potentially affect oocyte energy consumption. LA concentration was also lower in pFF of high fibre pigs. LA is an essential fatty acid, indicating that the difference in concentration is directly from the diet. The lower levels of LA can potentially be beneficial to oocyte maturation, which is substantiated by the negative effects of a high LA concentration on IVM of abattoir derived oocytes.

Abstract Potential lethal diarrhoea caused by enterotoxigenic Escherichia coli strains is one of the most common diseases in young pigs. It can be cured by single-chain antibody fragments (scFv), which can be produced in recombinant microorganisms. Pichia pastoris, a methylotrophic yeast, is generally considered an interesting production system candidate, as it can secrete properly folded proteins. These proteins accumulate in high concentrations during fermentation, reducing the cost for product recovery. Strong inducible AOX1 promoter, widely used in P. pastoris for fast, inexpensive production, is typically induced by methanol. The high oxygen demand of methanol metabolism makes oxygen supply a major parameter in cultivations requiring special process design strategies. In standard fed-batch cultivation, dissolved oxygen concentration inside a bioreactor is kept at a certain level by pumping air and pure oxygen into the reactor. There are safety concerns over the handling of oxygen, especially at a large scale. Therefore, there is a need to develop a production process under oxygen-limited conditions. This dissertation studies the development of a cost-efficient production process of scFv in P. pastoris. Both methanol and oxygen parameters influence the production process and the objective was to find a robust production process. Fed-batch cultivations were performed in a 10 L scale bioreactor. The effects of lower oxygen level, methanol concentration, glycerol feeding duration and specific substrate-uptake rates on product formation were studied. A P. pastoris GS115 his4 strain under an AOX1 promoter system expressing scFv was used in this study. The fed-batch fermentations were carried out in a bioreactor with basal salt media. In this doctoral dissertation, a process was developed for a single-chain antibody fragment (scFv) production in P. pastoris. The product levels of 3.5 g L-1 scFv in culture supernatant were achieved and a production process was designed without additional need of pure oxygen, thus relieving safety requirements and lowering the amount of methanol. The process developed during this research may potentially be utilised by both academia and industry having interests in expressing proteins in P. pastoris. The methanol-uptake control strategy is beneficial for those products that suffer from degradation or modification during limited feeding of methanol. / Tiivistelmä Enterotoksigeenisten E.coli kantojen aiheuttama ripuli on porsaiden tavallisimpia tauteja, joka voi johtaa jopa kuolemaan. Tautia voidaan hoitaa yhdistelmä-DNA-tekniikalla tuotetuilla vasta-ainefragmenteilla (scFv). Metylotrofista Pichia pastoris hiivaa pidetään kiinnostavana vasta-ainefragmenttien tuottoisäntänä, koska se pystyy erittämään oikealla tavalla laskostuneita proteiineja. Näitä proteiineja kertyy fermentointiprosessissa solujen ulkopuolelle korkeina pitoisuuksina, mikä vähentää tuotteiden talteenottokustannuksia. Vahva metanolilla indusoituva AOX1-promoottori on laajassa käytössä P. pastoris tuottosysteemissä tuoton nopeuden ja alhaisten kustannusten ansiosta. Metanolin aineenvaihdunta vaatii paljon happea, joten riittävän tehokas hapen liuottaminen on tärkeimpiä fermentointiparametreja ja vaatii erityisiä prosessin toteutusstrategioita. Perinteisessä fed-batch-fermentoinnissa liuenneen hapen pitoisuus bioreaktorissa pidetään halutulla tasolla lisäämällä ilmaa ja puhdasta happea reaktoriin. Koska hapen käsittelyyn liittyy turvallisuusriskejä erityisesti teollisuusmittakaavassa, happirajoitteisissa olosuhteissa toimiva tuotantoprosessi olisi hyödyllinen. Tässä väitöstutkimuksessa kehitettiin kustannustehokasta prosessia scFv-:n tuottoon P. pastoris hiivalla. Metanoliin ja happeen liittyvät parametrit ovat olennaisia prosessiin vaikuttavia tekijöitä. Tavoite oli kehittää yksinkertainen ja käytännöllinen prosessi. Työssä tutkittiin alhaisen happitason, metanolin pitoisuuden, glyserolisyötön keston ja substraattien spesifisten kulutusnopeuksien vaikutuksia tuotteen muodostumiseen 10 litran bioreaktorissa. Isäntäkantana oli P. pastoris GS115 his4, jossa scFv-ekspressiota säädeltiin AOX1 promoottorilla. Fed-batch fermentointien kasvatusalustana käytettiin Basal Salt Medium alustaa (BSM). Väitöstyössä kehitettiin tavoitteiden mukainen vasta-ainefragmenttien tuottoprosessi P.pastoris hiivalle. Menetelmällä saavutettiin tuotepitoisuus 3,5 g L-1 kasvatusliemen supernatantissa ilman puhtaan hapen lisäystarvetta, ja siten metanolin kulutus väheni ja prosessiturvallisuus parani verrattuna perinteisiin prosesseihin. Kehitetty prosessi soveltuu käytettäväksi sekä akateemisessa tutkimuksessa että teollisuudessa tuotettaessa erilaisia proteiineja P. pastoris hiivalla. Metanolin kulutuksen säätöstrategia on erityisen hyödyllinen tuotteille, joilla ongelmana on proteolyysi tai muokkautuminen metanolirajoitteisessa fermentoinnissa.

The diploma thesis describes the implementation of the monetary policy by FED and its goals. Afterwards the aim of the thesis is focus on the plain definition of a crisis followed by describtion of the causes and the course of the recent crisis and the monetary policy reactions of FED regarding the recent crisis. Finally, the thesis plots the assumed impacts of the crisis with a probable prediction of the following course of the crisis in the financial sector and the real economy.

Les Streptomyces sont des bactéries filamenteuses à Gram positif que l’on retrouve dans les couches superficielles du sol. La souche modèle S. coelicolor M145 est capable de produire des antibiotiques et accumuler de faibles quantités de triacylglycérol lorsqu’elle est mise en culture avec le glucose ou le glycérol comme source de carbone. La souche produit de l’actinorhodine seulement en culture avec le glycérol comme source de carbone, et nous assistons à une accumulation d’acides gras, notamment sous forme d’esters d’acide oléique avec l’une ou l’autre source de carbone. Ces accumulations d’acides gras ne durent que pendant une certaine période de temps, à l’issu de laquelle l’accumulation s’arrête, et on assiste à la production de métabolites secondaires qui peut s’accompagner de la consommation des acides gras précédemment accumulés. Ces observations suggèrent d’une part que la source de carbone est un effecteur différentiel dans la production de métabolites secondaire, et que d’autre part le métabolisme des lipides est lié au métabolisme secondaire. Ce travail de thèse va tenter d’établir les liens entre le métabolisme primaire et le métabolisme secondaire chez S.coelicolor via le métabolisme des lipides. Pour se faire, nous avons dans un premier temps défini un milieu synthètique, ainsi que des stratégies d’alimentation de type fed-batch en bioréacteur, pour permettre d’obtenir d’une part une phase de croissance exponentielle, et d’autre part une phase de croissance non exponentielle et imposée par une limitation en azote. Cette limitation nutritionnelle est classiquement utilisée à la fois lors des études de l’accumulation de lipides chez les microorganismes oléagineux tels que Yarrowia lipilytica ou Rhodotorula glutinis, et aussi dans le cas d’études de la production d’antibiotiques par les Streptomyces. L’étude du métabolome couplée à l’étude du protéome nous a permis d’établir la direction générale des flux globaux de carbone, d’énergie et de pouvoir réducteur lors des différentes phases de croissances. Ces travaux démontrent une hétérogénéité métabolique dans la population bactérienne totale, avec la présence de 2 à 3 sous-populations différentes pouvant coexister. Les évolutions temporelles du protéome et notamment des régulateurs transcritptomiques montrent des réactions tardives, très certainement dues à la présence d’effecteurs intracellulaires accumulés, ainsi qu’au dynamisme de la culture. / Streptomyces are filamentous Gram positive bacteria found in the soil upper layers. The model strain S. coelicolor M145 can produce antiobiotics and accumulate low levels of triacylglycerol when cultivated with glucose or glycerol as carbon source. This strain produces actinorhodin only when glycerol is used as carbone source, but the fatty acids accumulation as esterified oleic acid occurs with both carbon sources. However, the fatty acids accumulation only last for a short period of time, and afterward, a production of secondary metabolites is observed and the previously accumulated fatty acids are consummed. Those results suggest that the carbon source act as an effector for the production of secondary metabolites and the lipids metabolism is some ways linked to the secondary metabolism. With this work, we will try to establish the links between the primary and secondary metabolism via the lipids metabolism with S. coelicolor. First, in order to obtain cultures with an exponential growth phase and a non-exponential growth phase under a nitrogen limitation, a synthetic media and fed-batch feeding strategies have been designed. The nitrogen limitation is usually used to study lipids accumulation with oleaginous microorganisms such as Yarrowia lipilytica or Rhodotorula glutinis, and also during studies of antibiotics production with Streptomyces. The metabolomics study paired with the proteomics study made possible to establish the global directions of carbon, energy and reduced power fluxes during all the obtained growth phases. This work also showed that the microbial population is heterogeneous and 2 to 3 subpopulations can coexist with both carbon sources. The proteomics temporal changes and in particular of transciptional regulators show some late reactions to the nitrogen limitation especially when glycerol is used, probably because of the intracellular accumulation of effector compounds over time, and because of growth kinetics.

La thèse étudie plusieurs problématiques centrales et actuelles de la finance moderne : la rationalité limitée des agents et leurs biais comportementaux vis-à-vis des valeurs nominales,le problème de la juste évaluation du prix des actions, la refonte du paysage de l'industrie post-négociation en Europe suite à l'introduction du projet de l'Euro système Target-2 Securities, ainsi que les modèles de défaut et les méthodes d’estimation des cycles de défaut pour un secteur donné. Les techniques employées sont variées: enquêtes sur données individuelles, économétrie, théorie des jeux, théorie des graphes, simulations de Monte-Carlo,chaînes de Markov cachées. Concernant l’illusion monétaire, les résultats confirment la robustesse des résultats d’études précédentes tout en dévoilant de nouvelles perspectives de recherche, par exemple tenter d’expliquer la disparité des réponses selon les caractéristiques individuelles des répondants,en particulier leur formation universitaire. L’étude du modèle de la Fed montre que la relation de long terme entre taux nominal des obligations d’Etat et rendement des actions n’est ni robuste, ni utile à la prédiction sur des horizons temporels réduits. L’étude sur Target 2 Securities a été confirmée par les faits. Enfin, le modèle d’estimation des défauts à partir de chaînes de Markov cachées fait preuve de bonnes performances dans un contexte européen, malgré la relative rareté des données pour sa calibration. / The thesis studies various themes that are central to modern finance : economic agents rationality and behavioural biases with respect to nominal values, the problem of asset fundamental valuation, the changing landscape of the European post-trade industry catalysed by the Eurosystem project Target 2 Securities, and models of defaults and methods to estimate defaults cycles for a given sector. Techniques employed vary: studies on individual data,econometrics, game theory, graph theory, Monte-Carlo simulations and hidden Markov chains. Concerning monetary illusion, results confirm those of previous study while emphasizing new areas for investigation concerning the interplay of individual characteristics, such as university education, and money illusion. The study of the Fed model shows that the long term relationship assumed between nominal government bond yield and dividend yield is neither robust, nor useful for reduced time horizons. The default model based on hidden Markov chains estimation gives satisfactory results in a European context, and this besides the relative scarcity of data used for its calibration.

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L’objectif de notre travail était d’étudier les bascules métaboliques chez Yarrowia li-polytica d’un métabolisme purement oxydatif vers l’accumulation de lipides puis à l’excretion d’acide citrique.Le développement d’un procédé D-stat et d’un mode de conduite fed-batch nous a permis, dans un premier temps, de quantifier les ratios N/C caractéristiques pour chacune des bascules étudiées. Nos résultats montrent que les ratios rN/rC critiques aux bascules métaboliques sont de 0,085 molN.Cmol-1 et de 0,018-0,022 molN.Cmol-1 pour l’accumulation de lipides et production de citrate, respectivement.L’analyse systémique des cultures réalisées nous a permis de mettre en évidence des mécanismes de co-régulation de certaines enzymes du métabolisme lipidique ainsi qu’une prépondérance de mécanismes post-transcriptionnels dans l’établissement des bascules étudiées.Enfin, l’utilisation de souches génétiquement modifiées au niveau de l’ATP citrate lyase, la malate déshydrogénase et de la glycérol-3-phosphate déshydogénase a permis d’évaluer l’impact de ces enzymes sur le métabolisme lipidique / This thesis aimed at studying the metabolic shifts in Yarrowia lipolytica from the pure oxidative metabolism to lipid accumulation and citric acid excretion.The development of a D-stat culture and of a monitoring fed-batch strategy allowed us to determine the N/C ratio characteristic for each of metabolic shifts. rN/rC ratio were determined equal to 0,085 molN.Cmol-1 and 0,018-0,022 molN.Cmol-1 for the lipid accumu-lation and the citric acid production, respectively.Systemic analysis of the cultivations showed coregulation phenomena among some enzymes of the lipidic metabolism and post-transcriptional modifications in the onset of the metabolic shifts.Finally, the impact of enzymes (ATP citrate lyase, malate dehydrogenase and gly-cérol-3-phosphate dehydrogenase) on the lipidic metabolism was evaluated through systemic analysis of 3 genetically modified strains

Diploma Thesis focuses on Fed Model testing and its credibility on market data. The research is based on Gordon Model and Capital Asset Pricing Model (CAPM), it explains, what the basic features of the Fed Model are and describes its derivation from Gordon Model. The Thesis shows possible Fed Model limitation. It uses the US market, Great Britain and Germany 1979 -- 2011 data to demonstrate validity of the model. Eventually possible reasons of Fed Model development in period 2002 -- 2011 are presented.

La thèse se propose, dans une première partie, de décrire l'origine des débats sur la nécessité d'une banque centrale jusqu'aux formulations actuelles. Sont examinés les éléments qui ont posé les bases d'un prêteur ultime et favorisé la maturation de ce métier, de même que sont mis en relief les résultats accumulés depuis deux siècles. Notre attention porte sur la Réserve Fédérale des Etats-Unis. Les économistes sont en quête de solutions afin de prévenir les crises financières. Ainsi a été proposé un élargissement du tableau de bord de manière à contenir les prix d'actif dans une approche macro et micro-prudentielle. Parallèlement, sont analysés les canaux par lesquels la politique monétaire influence les variables réelles et financières de l'économie, et qui attestent alors du rôle pouvant être théoriquement assumé par la banque centrale sur les marchés financiers. La deuxième partie concentre le propos sur les ressorts des crises financières. Nous nous intéressons au paradoxe de la surliquidité et du surendettement, en insistant sur les particularités des marchés financiers devenant plus vulnérables. La contribution de la thèse dans cette étape consiste à vérifier si la banque centrale contribue à la manifestation de comportements abusifs et excessifs sur les marchés financiers par l'abondante création de liquidité. Notre étude empirique devrait permettre de répondre à cette question à travers une modélisation économétrique et des tests statistiques (dont le test de Chow) appliqués à une politique monétaire active (type règle de Taylor). En ce sens, cette recherche sur les actions de la Fed vise à forger une opinion sur le métier de banquier central et sur son devenir. / The thesis proposes, in a first part, to describe the origin of the debate on the need for a central bank up until the recent formulations. They were examined the elements which have posed the bases of an "ultimate lender" and promoted the maturation of this function, as were highlighted the results accumulated over two centuries. Our attention is drawn to the Federal Reserve of the United States. The economists are always in search for solutions to prevent financial crises. It has thus been proposed to extend the dashboard of central banks as to contain asset prices in a macro and micro-prudential approach. In parallel, in order to support this debate, we analyze the mechanisms by which the monetary policy affects the real and financial variables of the economy, which also affirm the role that can be assumed in theory by a central bank on financial markets. The second part focuses on the recurrence and intensity of financial crises. We consider the paradox of excess liquidity and over-indebtedness, with an emphasis on properties of financial markets becoming more vulnerable and their recent development. The contribution of the thesis in this stage consists of checking whether the central bank is responsible of abusive and excessive behavior on the financial markets by the abundant creation of liquidity. Our empirical study should help to answer this question through an econometric modeling and statistical tests (including the Chow test) applied to an active monetary policy (type Taylor rule). In this way, our research on the actions of the Fed aims to forge an opinion on the profession of modern central bankers, and perhaps on the future of central banks themselves.