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Background and purpose: Inhibition of cholesteryl ester transfer protein (CETP) with torcetrapib in humans increases plasma high density lipoprotein (HDL) cholesterol levels but is associated with increased blood pressure. In a phase 3 clinical study, evaluating the effects of torcetrapib in atherosclerosis, there was an excess of deaths and adverse cardiovascular events in patients taking torcetrapib. The studies reported herein sought to evaluate off‐target effects of torcetrapib. Experimental approach: Cardiovascular effects of the CETP inhibitors torcetrapib and anacetrapib were evaluated in animal models. Key results: Torcetrapib evoked an acute increase in blood pressure in all species evaluated whereas no increase was observed with anacetrapib. The pressor effect of torcetrapib was not diminished in the presence of adrenoceptor, angiotensin II or endothelin receptor antagonists. Torcetrapib did not have a contractile effect on vascular smooth muscle suggesting its effects in vivo are via the release of a secondary mediator. Treatment with torcetrapib was associated with an increase in plasma levels of aldosterone and corticosterone and, in vitro, was shown to release aldosterone from adrenocortical cells. Increased adrenal steroid levels were not observed with anacetrapib. Inhibition of adrenal steroid synthesis did not inhibit the pressor response to torcetrapib whereas adrenalectomy prevented the ability of torcetrapib to increase blood pressure in rats. Conclusions and implications: Torcetrapib evoked an acute increase in blood pressure and an acute increase in plasma adrenal steroids. The acute pressor response to torcetrapib was not mediated by adrenal steroids but was dependent on intact adrenal glands. British Journal of Pharmacology (2008) 154, 1465–1473; doi:fn2; published online 9 June 2008

Central banks have evolved over many years, and sometimes centuries, as policy-making, not profit-making, institutions, and yet they are structured legally and financially like ‘for-profit’ companies of the twenty-first century. The question is what is an appropriate level of equity, or capital, for a central bank to have so that it can function for policy effectiveness over profit-maximisation, without hindrance to the achievement and maintenance of policy goals? This collection takes the reader through historical, theoretical and factual discussions on why central banks exist and the role – actual and intended – they have in assisting their home nation in achieving monetary and financial stability. The contributions analyse the different ways central banks are funded and how funding arrangements may impact on their independence. The objective is to explore these themes first from the academic and practitioner’s views – those of the economist, accountant and lawyer’s – and then to introduce practical experiences from a range of different central banks, in terms of their economic and socio-political environments. It will be the first time that the theorist and practitioner, the accountant, the economist and the lawyer come together in one volume. The reader will be able to access the full breadth of views on this important subject. The main observations are that there is no single, quantifiable formula that central banks can use to calculate capital levels. Factors to consider are the historical context of central banks and whether capital was ever appropriate to needs at their foundation; the cultural, social and political contexts; and, in terms of the presentation of financial statements, profit and loss sharing arrangements and what accounting conventions are being used. If these are considered alongside the, often idiosyncratic, mandates individual central banks have, a qualitative understanding of what is an appropriate level of capital is achieved. This collection will be of interest to postgraduates and researchers focusing on the role of central banks in monetary economics; as well as a professional audience of central bankers, the BIS, the IMF, World Bank, EBRD and government departments. Sue Milton works in the Bank of England’s Centre for Central Banking Studies, where she is an adviser on central bank governance. Peter Sinclair is Professor of Economics at the University of Birmingham, UK. 1. Central bank’s capital: An Introduction Peter Sinclair and Sue Milton 2. Central bank finances and independence: how much capital should a central bank have? Alex Cukierman 3. Central bank financial strength and macroeconomic policy performance Peter Stella 4. Financing the central bank: capital adequacy and financial independence – an accountant’s perspective Robin Darbyshire 5. Securing financial independence in the legal basis of a central bank Fabian Amtenbrink 6. Central bank capital adequacy: the cases of central banks with or without monetary policy Luca Papi 7. Exchange rate appreciation and negative central bank capital: is there a problem? Jan Frait and Tomáš Holub 8. Central bank losses, electronic money and contestable central banking Yúksel Górmez 9. Funding models for central banks: is the European Central Bank a special case? Ian Ingram 10. The evolving financial arrangements and independence of the National Bank of Poland Wojciech Kolodziej 11. Central bank funding models and their risk-return profile J Ramón Martínez-Resanó 12. How asset liability management techniques can help central banks Age Bakker, Han van der Hoorn and Leonard Zwikker

Combining thorough scholarship with illuminating real-world examples, this edited collection provides insights on the causes and consequences of movements in both exchange rates and external assets and has a strong focus on the policy implications of operating in an open economy, particularly the choice of exchange rate and monetary policy, exchange rate intervention and policies on capital mobility.

This book was first published in 2002. The transmission mechanism of monetary policy explains how monetary policy works - which variables respond to interest rate changes, when, why, how, how much and how predictably. It is vital that central banks and their observers, worldwide, understand the transmission mechanism so that they know what monetary policy can do and what it should do to stabilize inflation and output. The volume sets out different aspects of the transmission mechanism. Some chapters scrutinize the relevance of practical issues such as asymmetries, recent structural changes and estimation errors using data on the USA, the Euro area and developing countries. Other chapters focus on modelling crucial aspects such as productivity, the exchange rate and the monetary sector. These issues are counterpointed by contributions that analyse monetary policy in Japan and the UK.

Ankle sprains account for a large percentage of injuries sustained in netball. The identification of risk factors for ankle sprain is the preliminary action required to inform future prevention strategies. Prospective study. Ninety-four netball players from club and inter-district teams. Preseason data were collected for; vertical jump height, perceived ankle instability, sprain history, arthrometry inversion-eversion angles, star excursion balance test reach distances, the number of foot lifts during unilateral stance and demi-pointe balance test results. Participants were followed for the duration of one netball season and ankle sprains were recorded. Eleven sprains were recorded for eleven players using a time-loss definition of injury. Ankle sprains occurred at an incidence rate of 1.74/1000 h of netball exposure. One risk factor was identified to increase the odds of sustaining an ankle sprain during netball participation – a reach distance in the posterior-medial direction of the star excursion balance test of less than or equal to 77.5% of leg length (OR = 4.04, 95% CI = 1.00–16.35). The identified risk factor can be easily measured and should be considered for preseason injury risk profiling of netball players. Netball players may benefit from training programs aimed at improving single leg balance. •A lower posterior-medial reach distance was found to be associated with ankle sprain.•Netball players may benefit from improving single leg balance abilities.•A previous ankle sprain was not identified as a risk factor for ankle sprain.

To quantify the impact attenuation properties of the jazz shoes, and to investigate the in-vivo effect of four jazz shoe designs on lower limb joint stiffness during a dance-specific jump. Repeated measures. A custom-built mechanical shoe tester similar to that used by athletic shoe companies was used to vertically impact the forefoot and heel region of four different jazz shoe designs. Additionally, dancers performed eight sautés in second position in bare feet and the shoe conditions. Force platforms and 3D-motion capture were used to analyse the joint stiffness of the midfoot, ankle, knee and hip during the jump landings. Mechanical testing of the jazz shoes revealed significant differences in impact attenuation characteristics among each of the jazz shoe designs. Gross knee and midfoot joint stiffness were significantly affected by the jazz shoe designs in the dancers’ jump landings. The tested jazz shoe designs altered the impact attenuating capacity of jump landing technique in dancers. The cushioned jazz shoes are recommended particularly for injured dancers to reduce impact on the lower limb. Jazz shoe design should consider the impact attenuation properties of the forefoot region, due to the toe-strike landing technique in dance movement.

The objective of this study was to explore relationships among constants used in musculo-skeletal models predicting torque generated about the knee by the quadriceps muscles. A model was developed and matched to data collected from individuals with spinal cord injury performing quadriceps contractions evoked using neuromuscular electrical stimulation. After fitting tendon slack lengths to the quadriceps muscles, the model was able to accurately match experimentally measured knee extension torques using previously reported values for the moment arm–knee angle and force–velocity relationships. Fitting new constants to these relationships did not improve the match between measured and modelled knee extension torques. There was significant interaction between variables used within the model. Using a narrower active force–length relationship for the muscles required the model to have smaller moment arms about the knee to accurately match measured torque across the full range of motion. Reduced moment arms, however, lowered the model's linear velocity of muscle shortening for each angular velocity of the knee, requiring different constants within the force–velocity relationship to predict the appropriate amount of torque decline. The present study demonstrates that, when a model does not fit the observed data, it is difficult to determine exactly which components are responsible because of the interdependent nature of parameters.