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“Prosperity: Crises, Debt & the Future of American Economic Policy”

That’s the name of the economic session at the La Follette Forum on American Power, Prosperity and Democracy. A video of this panel is available through…

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That’s the name of the economic session at the La Follette Forum on American Power, Prosperity and Democracy. A video of this panel is available through Wisconsin Eye (registration required). Here are some recounting and thoughts on the panel discussion.

 

 

In the first session, with Catherine Rampell (Washington Post), Adam Posen (Peterson Institute), Mike Knetter (UW Foundation) and myself (UW), chaired by Mark Copelovitch (UW).

Catherine Rampell‘s presentation clearly laid out the interpretation of recent macro developments with respect to inflation and employment as a combination of policy choice and bad luck. On policy choices, there was the clear intent to avoid the mistakes of the (recent) past, especially the inadequately power fiscal stimulus of 2009-11. On bad luck, there was the unexpected (at least by some policymakers) arrival of covid variants both here and abroad,  supply chain constraints given the persistent shift towards goods consumption, and most recently the Russian incursion into the rest of Ukraine. She highlighted as an avoidable misstep the delay in nominating candidates for Fed governorships, one that could’ve prevented a more nimble response to persistent inflation.

As for policies to address both inflation — as well as growth — she tapped immigration reform and administration (highlighting the shortfall in foreign born workforce in recent years as exacerbating labor market tightness as well as inflation), and trade policy (the failure to remove the bulk of Trump’s tariffs, and continuing uncertainty in the form of investigations on circumvention of tariffs on solar panels).

Adam Posen presented a perspective taking in the broad sweep of America’s participation — or non-participation — in the process of globalization (a view explicated further in his recent Foreign Affairs article).

In particular, he points out that in terms of some standard metrics, such as the sum of exports and imports to GDP, the US stopped becoming more open by 1995. Perceptions have unfairly treated China as the main driver of changes in the economic prospects of workers (as represented by the work of Autor et al.) , when technical change could arguably be a much more decisive factor.

Hence, we (at home and abroad) are facing a corrosion of of globalization – where the corrosion denotes uneven decay, something which the covid pandemic and Russia’s assault on Ukriane have only served to accelerate. One dimension of this corrosion is the politicization of investment decisions (FDI, “friendshoring”) which feeds into declining dynamism.

In the end, Posen links economic performance to whether America becomes more divided, with a right wing swing to extremism, or manages to overcome this tendency.

Mike Knetter discussed some other aspects of the outlook. His main point was that we should look to  technological change, rather than trade or globalization, as the source of the tremendous churn in labor markets. Moreover, the way in which technological change — particularly in information technologies — proceeds (with greater concentration) will be a crucial factor in outcomes.

My presentation focused on the international role of the dollar, and how the aggressive use of sanctions is unlikely to induce a rapid move away from the dollar primacy.

My notes probably do not do justice to the panelists’ remarks and Q&A from the floor, so see the entire panel presentation here.

And here are video links to Panel 2 (The Rise of China & the Future of American Foreign Policy) and Panel 3 (Democracy: The Authoritarian Challenge & the Future of American Democracy).

 

 

 

 

 

 

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FDA to soon authorize Pfizer’s COVID booster shot for younger kids – NYT

U.S. health regulators are expected to authorize a booster shot of Pfizer/BioNTech’s COVID-19 vaccine for children aged 5 to 11 as soon as May 17, the…

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FDA to soon authorize Pfizer’s COVID booster shot for younger kids – NYT

(Reuters) – U.S. health regulators are expected to authorize a booster shot of Pfizer (PFE.N)/BioNTech’s COVID-19 vaccine for children aged 5 to 11 as soon as Tuesday, the New York Times reported on Monday, citing people familiar with the matter.

The companies submitted an application to the U.S. Food and Drug Administration for the authorization last month.

They have cited data from a mid- to late-stage study showing a third dose of their shot increased protection against the original coronavirus version and the Omicron variant among children in the age group. read more

It is unclear how much demand there is for the third dose in the age group. Just 28.8% of children aged 5 to 11 are fully vaccinated, according to data from the U.S. Centers for Disease Control and Prevention.

Empty vials of the Pfizer-BioNTech coronavirus disease (COVID-19) vaccine are seen at The Michener Institute, in Toronto, Canada January 4, 2021 in this file photo. REUTERS/Carlos Osorio/File Photo

A meeting of outside vaccine experts on an advisory committee to the Centers for Disease Control and Prevention has been scheduled for Thursday, the report said.

The FDA declined to comment, while Pfizer and BioNTech did not respond to requests for comment.

Reporting by Mrinalika Roy in Bengaluru; Editing by Anil D’Silva

Our Standards: The Thomson Reuters Trust Principles.

 

Reuters source:

https://www.reuters.com/business/healthcare-pharmaceuticals/fda-authorize-pfizers-covid-booster-shot-younger-kids-soon-nyt-2022-05-16

 

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FDA declines to authorize common antidepressant as COVID treatment

The U.S. Food and Drug Administration decided not to authorize the antidepressant fluvoxamine to treat COVID-19, saying the data has not shown the drug…

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FDA declines to authorize common antidepressant as COVID treatment

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(Reuters) – The U.S. Food and Drug Administration has decided not to authorize the antidepressant fluvoxamine to treat COVID-19, saying that the data has not shown the drug to be an effective therapeutic for fighting the virus.

“Based on the review of available scientific evidence, the FDA has determined that the data are insufficient to conclude that fluvoxamine may be effective in the treatment of nonhospitalized patients with COVID-19 to prevent progression to severe disease and/or hospitalization,” the agency said in a document published on Monday.

University of Minnesota professor Dr. David Boulware submitted the emergency use authorization request to the FDA that would have allowed doctors to prescribe fluvoxamine maleate to treat COVID-19 in non-hospitalized patients.

The generic drug belongs to an old, widely-used class of antidepressants called selective serotonin reuptake inhibitors, or SSRIs.

Boulware said that his request is less urgent with the availability of drugs like Pfizer Inc’s (PFE.N) Paxlovid, but he still believes the data supports the drug’s use in some COVID patients.

“There are effective therapeutics that are available. But not everyone has access to them. Not everyone can tolerate them. Some people have contraindications,” Boulware said in an interview. “And if you go elsewhere in the world, low- and middle-income countries, they have access to no therapeutics.”

Boulware’s submission relied on data from three trials, especially a study of 1,497 non-hospitalized COVID patients in Brazil.

While the Brazilian study met its primary endpoint, showing a roughly 30% drop in hospitalizations in the group that received fluvoxamine, the FDA said there were uncertainties about the assessment, which measured reduction in emergency department visits lasting more than 6 hours.

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

Boulware said FDA had used a different measure to count hospitalizations in other drug trials, including only acute care that lasted at least 24 hours.

“The standard that they were holding for fluvoxamine was a different standard than the other big pharma trials, with Paxlovid and (Merck’s) molnupiravir and the monoclonals,” he said of other authorized COVID therapeutics.

“I was really quite disappointed that they did that,” he said.

Reporting by Leroy Leo in Bengaluru and Michael Erman in New Jersey; Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles.

 

Reuters source:

https://www.reuters.com/business/healthcare-pharmaceuticals/fda-declines-authorize-common-antidepressant-covid-treatment-2022-05-16

 

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Spread & Containment

Coronavirus may be linked to cases of severe hepatitis in children

A chain of events possibly triggered by unrecognized infection with the SARS-CoV-2 coronavirus could be causing the mysterious cases of severe hepatitis…

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Coronavirus may be linked to cases of severe hepatitis in children

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(Reuters) – The following is a summary of some recent studies on COVID-19. They include research that warrants further study to corroborate the findings and that has yet to be certified by peer review.

SARS-CoV-2 could be at root of mysterious hepatitis in kids

A chain of events possibly triggered by unrecognized infection with the SARS-CoV-2 coronavirus could be causing the mysterious cases of severe hepatitis reported in hundreds of young children around the world, researchers suggest.

Children with COVID-19 are at significantly increased risk for liver dysfunction afterward, according to a report posted on Saturday on medRxiv ahead of peer review. But most of the children with acute hepatitis – which is generally rare in that age group – do not report a previous SARS-CoV-2 infection. Instead, the majority have been found to be infected with an adenovirus called 41F, which is not known to attack the liver. It is possible that the affected children, many of whom are too young to be vaccinated, may have had mild or asymptomatic COVID infections that went unnoticed, a separate team of researchers suggest in The Lancet Gastroenterology & Hepatology. If that were true, they theorize, then lingering particles of the coronavirus in the gastrointestinal tract in these children could be priming the immune system to over-react to adenovirus-41F with high amounts of inflammatory proteins that ultimately damage the liver.

A firefighter from the Marins-Pompiers of Marseille (Marseille Naval Fire Battalion) administers a nasal swab to a child at a testing site for coronavirus disease (COVID-19) in Marseille, France, September 17, 2020. REUTERS/Eric Gaillard

“We suggest that children with acute hepatitis be investigated for SARS-CoV-2 persistence in stool” and for other signals that the liver damage is happening because the spike protein of the coronavirus is a “superantigen” that over-sensitizes the immune system, they said.

Face-down position unhelpful for awake patients

For hospitalized COVID-19 patients who are breathing on their own but with supplemental oxygen, lying face down might not help prevent them from eventually needing mechanical ventilation, according to a new study.

In the study, 400 patients were randomly assigned to usual care or to standard care plus intermittently lying on their stomach, a position known to improve the course of illness in sedated patients on mechanical ventilators. Over the next 30 days, 34.1% in the prone-positioning group and 40.5% in the usual-care group needed to be intubated and put on a ventilator, a difference that was not statistically significant. There might have been a reduction in the risk for intubation with prone positioning among some of the patients, researchers said on Monday in JAMA, but they could not confirm it statistically from their data. The average duration of prone positioning per day was roughly five hours, less than the target of eight to 10 hours per day.

“Long hours of awake prone positioning are challenging and highly influenced by patient comfort and preference,” the researchers said. “The most common reason for interruption of prone positioning was patient request, which might have been related to overall subjective improvement or related to discomfort from prone positioning.”

Click for a Reuters graphic on vaccines in development.

Reporting by Nancy Lapid and Megan Brooks; Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles.

 

Reuters source:

https://www.reuters.com/business/healthcare-pharmaceuticals/coronavirus-may-be-linked-cases-severe-hepatitis-children-2022-05-16

 

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