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1
Di Giacinto, Valter. "Il grado di integrazione economica tra mezzogiorno e centro-nord: evidenze empiriche da un modello var multi-regionale." RIVISTA DI ECONOMIA E STATISTICA DEL TERRITORIO, no. 1 (May 2012): 11–41. http://dx.doi.org/10.3280/rest2012-001002.
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Nel lavoro si propone una nuova metodologia empirica di misurazione del grado di integrazione economica tra il Mezzogiorno e il resto dell'Italia. La metodologia prevede la specificazione e la stima di un modello VAR (Vector Autoregressive) multi-regionale. La misura model-based di integrazione economica che si propone viene successivamente ottenuta in base all'entitŕ della risposta all'interno di una data area a shock macro-economici registrati nella rimanente area territoriale. I risultati di stima, una volta aggregati a livello delle due ripartizioni, mostrano un significativo grado di propagazione degli shock tra le due macro-aree, principalmente sostenuto dall'esistenza di relazioni di tipo commerciale. L'elasticitŕ del PIL meridionale rispetto a fluttuazioni della domanda nel Centro-Nord risulta piů elevata rispetto al caso opposto, principalmente per la maggiore dimensione dell'economia centro-settentrionale rispetto a quella del Mezzogiorno. L'effetto marginale in termini assoluti sul PIL di uno shock esogeno di domanda di pari entitŕ in termini monetari nella rimanente macro-area č invece superiore nel Centro-Nord rispetto al Mezzogiorno.
2
Kulig, Melissa, and Heath Ecroyd. "The small heat-shock protein αB-crystallin uses different mechanisms of chaperone action to prevent the amorphous versus fibrillar aggregation of α-lactalbumin." Biochemical Journal 448, no. 3 (November 21, 2012): 343–52. http://dx.doi.org/10.1042/bj20121187.
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Stress conditions can destabilize proteins, promoting them to unfold and adopt intermediately folded states. Partially folded protein intermediates are unstable and prone to aggregation down off-folding pathways leading to the formation of either amorphous or amyloid fibril aggregates. The sHsp (small heat-shock protein) αB-crystallin acts as a molecular chaperone to prevent both amorphous and fibrillar protein aggregation; however, the precise molecular mechanisms behind its chaperone action are incompletely understood. To investigate whether the chaperone activity of αB-crystallin is dependent upon the form of aggregation (amorphous compared with fibrillar), bovine α-lactalbumin was developed as a model target protein that could be induced to aggregate down either off-folding pathway using comparable buffer conditions. Thus when α-lactalbumin was reduced it aggregated amorphously, whereas a reduced and carboxymethylated form aggregated to form amyloid fibrils. Using this model, αB-crystallin was shown to be a more efficient chaperone against amorphously aggregating α-lactalbumin than when it aggregated to form fibrils. Moreover, αB-crystallin forms high molecular mass complexes with α-lactalbumin to prevent its amorphous aggregation, but prevents fibril formation via weak transient interactions. Thus, the conformational stability of the protein intermediate, which is a precursor to aggregation, plays a critical role in modulating the chaperone mechanism of αB-crystallin.
3
Ou, Jiang-Rong, Meng-Shan Tan, An-Mu Xie, Jin-Tai Yu, and Lan Tan. "Heat Shock Protein 90 in Alzheimer’s Disease." BioMed Research International 2014 (2014): 1–7. http://dx.doi.org/10.1155/2014/796869.
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Alzheimer’s disease (AD) is the first most common neurodegenerative disease. Despite a large amount of research, the pathogenetic mechanism of AD has not yet been clarified. The two hallmarks of the pathology of AD are the extracellular senile plaques (SPs) of aggregated amyloid-beta (Aβ) peptide and the accumulation of the intracellular microtubule-associated protein tau into fibrillar aggregates. Heat shock proteins (HSPs) play a key role in preventing protein misfolding and aggregation, and Hsp90 can be viewed as a ubiquitous molecular chaperone potentially involved in AD pathogenesis. A role of Hsp90 regulates the activity of the transcription factor heat shock factor-1 (HSF-1), the master regulator of the heat shock response. In AD, Hsp90 inhibitors may redirect neuronal aggregate formation, and protect against protein toxicity by activation of HSF-1 and the subsequent induction of heat shock proteins, such as Hsp70. Therefore, we review here to further discuss the recent advances and challenges in targeting Hsp90 for AD therapy.
4
Specht, Sebastian, Stephanie B. M. Miller, Axel Mogk, and Bernd Bukau. "Hsp42 is required for sequestration of protein aggregates into deposition sites in Saccharomyces cerevisiae." Journal of Cell Biology 195, no. 4 (November 7, 2011): 617–29. http://dx.doi.org/10.1083/jcb.201106037.
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The aggregation of proteins inside cells is an organized process with cytoprotective function. In Saccharomyces cerevisiae, aggregating proteins are spatially sequestered to either juxtanuclear or peripheral sites, which target distinct quality control pathways for refolding and degradation. The cellular machinery driving the sequestration of misfolded proteins to these sites is unknown. In this paper, we show that one of the two small heat shock proteins of yeast, Hsp42, is essential for the formation of peripheral aggregates during physiological heat stress. Hsp42 preferentially localizes to peripheral aggregates but is largely absent from juxtanuclear aggregates, which still form in hsp42Δ cells. Transferring the amino-terminal domain of Hsp42 to Hsp26, which does not participate in aggregate sorting, enables Hsp26 to replace Hsp42 function. Our data suggest that Hsp42 acts via its amino-terminal domain to coaggregate with misfolded proteins and perhaps link such complexes to further sorting factors.
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Kaku, Hiroaki, Allison R. Balaj, and Thomas L. Rothstein. "Small Heat Shock Proteins Collaborate with FAIM to Prevent Accumulation of Misfolded Protein Aggregates." International Journal of Molecular Sciences 23, no. 19 (October 6, 2022): 11841. http://dx.doi.org/10.3390/ijms231911841.
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Cells and tissues are continuously subject to environmental insults, such as heat shock and oxidative stress, which cause the accumulation of cytotoxic, aggregated proteins. We previously found that Fas Apoptosis Inhibitory Molecule (FAIM) protects cells from stress-induced cell death by preventing abnormal generation of protein aggregates similar to the effect of small heat shock proteins (HSPs). Protein aggregates are often associated with neurodegenerative diseases, including Alzheimer’s disease (AD). In this study, we sought to determine how FAIM protein dynamics change during cellular stress and how FAIM prevents the formation of amyloid-β aggregates/fibrils, one of the pathological hallmarks of AD. Here, we found that the majority of FAIM protein shifts to the detergent-insoluble fraction in response to cellular stress. A similar shift to the insoluble fraction was also observed in small heat shock protein (sHSP) family molecules, such as HSP27, after stress. We further demonstrate that FAIM is recruited to sHSP-containing complexes after cellular stress induction. These data suggest that FAIM might prevent protein aggregation in concert with sHSPs. In fact, we observed the additional effect of FAIM and HSP27 on the prevention of protein aggregates using an in vitro amyloid-β aggregation model system. Our work provides new insights into the interrelationships among FAIM, sHSPs, and amyloid-β aggregation.
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Andersson, Rebecca, Anna Maria Eisele-Bürger, Sarah Hanzén, Katarina Vielfort, David Öling, Frederik Eisele, Gustav Johansson, Tobias Gustafsson, Kristian Kvint, and Thomas Nyström. "Differential role of cytosolic Hsp70s in longevity assurance and protein quality control." PLOS Genetics 17, no. 1 (January 11, 2021): e1008951. http://dx.doi.org/10.1371/journal.pgen.1008951.
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70 kDa heat shock proteins (Hsp70) are essential chaperones of the protein quality control network; vital for cellular fitness and longevity. The four cytosolic Hsp70’s in yeast, Ssa1-4, are thought to be functionally redundant but the absence of Ssa1 and Ssa2 causes a severe reduction in cellular reproduction and accelerates replicative aging. In our efforts to identify which Hsp70 activities are most important for longevity assurance, we systematically investigated the capacity of Ssa4 to carry out the different activities performed by Ssa1/2 by overproducing Ssa4 in cells lacking these Hsp70 chaperones. We found that Ssa4, when overproduced in cells lacking Ssa1/2, rescued growth, mitigated aggregate formation, restored spatial deposition of aggregates into protein inclusions, and promoted protein degradation. In contrast, Ssa4 overproduction in the Hsp70 deficient cells failed to restore the recruitment of the disaggregase Hsp104 to misfolded/aggregated proteins, to fully restore clearance of protein aggregates, and to bring back the formation of the nucleolus-associated aggregation compartment. Exchanging the nucleotide-binding domain of Ssa4 with that of Ssa1 suppressed this ‘defect’ of Ssa4. Interestingly, Ssa4 overproduction extended the short lifespan of ssa1Δ ssa2Δ mutant cells to a lifespan comparable to, or even longer than, wild type cells, demonstrating that Hsp104-dependent aggregate clearance is not a prerequisite for longevity assurance in yeast.
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Maiti, Panchanan, Jayeeta Manna, Shobi Veleri, and Sally Frautschy. "Molecular Chaperone Dysfunction in Neurodegenerative Diseases and Effects of Curcumin." BioMed Research International 2014 (2014): 1–14. http://dx.doi.org/10.1155/2014/495091.
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The intra- and extracellular accumulation of misfolded and aggregated amyloid proteins is a common feature in several neurodegenerative diseases, which is thought to play a major role in disease severity and progression. The principal machineries maintaining proteostasis are the ubiquitin proteasomal and lysosomal autophagy systems, where heat shock proteins play a crucial role. Many protein aggregates are degraded by the lysosomes, depending on aggregate size, peptide sequence, and degree of misfolding, while others are selectively tagged for removal by heat shock proteins and degraded by either the proteasome or phagosomes. These systems are compromised in different neurodegenerative diseases. Therefore, developing novel targets and classes of therapeutic drugs, which can reduce aggregates and maintain proteostasis in the brains of neurodegenerative models, is vital. Natural products that can modulate heat shock proteins/proteosomal pathway are considered promising for treating neurodegenerative diseases. Here we discuss the current knowledge on the role of HSPs in protein misfolding diseases and knowledge gained from animal models of Alzheimer’s disease, tauopathies, and Huntington’s diseases. Further, we discuss the emerging treatment regimens for these diseases using natural products, like curcumin, which can augment expression or function of heat shock proteins in the cell.
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LINDNER, Robyn A., Teresa M. TREWEEK, and John A. CARVER. "The molecular chaperone α-crystallin is in kinetic competition with aggregation to stabilize a monomeric molten-globule form of α-lactalbumin." Biochemical Journal 354, no. 1 (February 8, 2001): 79–87. http://dx.doi.org/10.1042/bj3540079.
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In vivo, α-crystallin and other small heat-shock proteins (sHsps) act as molecular chaperones to prevent the precipitation of ‘substrate’ proteins under stress conditions through the formation of a soluble sHsp–substrate complex. Using a range of different salt conditions, the rate and extent of precipitation of reduced α-lactalbumin have been altered. The interaction of α-crystallin with reduced α-lactalbumin under these various salt conditions was then studied using a range of spectroscopic techniques. Under conditions of low salt, α-lactalbumin aggregates but does not precipitate. α-Crystallin is able to prevent this aggregation, initially by stabilization of a monomeric molten-globule species of α-lactalbumin. It is proposed that this stabilization occurs through weak transient interactions between α-crystallin and α-lactalbumin. Eventually a stable, soluble high-molecular-mass complex is formed between the two proteins. Thus it appears that a tendency for α-lactalbumin to aggregate (but not necessarily precipitate) is the essential requirement for α-crystallin–α-lactalbumin interaction. In other words, α-crystallin interacts with a non-aggregated form of the substrate to prevent aggregation. The rate of precipitation of α-lactalbumin is increased significantly in the presence of Na2SO4 compared with NaCl. However, in the former case, α-crystallin is unable to prevent this aggregation and precipitation except in the presence of a large excess of α-crystallin, i.e. at mass ratios more than 10 times greater than in the presence of NaCl. It is concluded that a kinetic competition exists between aggregation and interaction of unfolding proteins with α-crystallin.
9
Sikhwal, Shweta. "Effects of US interest rate shocks in the emerging market economies: Evidence from panel structural VAR." Russian Journal of Economics 8, no. 3 (October 6, 2022): 234–54. http://dx.doi.org/10.32609/j.ruje.8.89717.
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We examine, using a monthly dataset from 2007 to 2020, the US interest rate shocks’ effects on exchange rates, broad money aggregates, and foreign exchange reserves in emerging market economies (EMEs) post global financial crisis. To evaluate the impact of unconventional monetary policy initiatives, we employ Wu-Xia’s shadow interest rates. There are two parts to the methodology. The first part focuses on the identification of the unanticipated US interest rate shock in a SVAR model. In the second part, we incorporate the US interest rate shock into the panel structural VAR to analyze its impact on 29 countries from various regions. A positive shock to US interest rates depreciates the exchange rate of EMEs against the US dollar. According to our findings, it results in a decline in the broad money aggregate and foreign exchange reserves. The findings are consistent across multiple EME regions.
10
Grousl, Tomas, Sophia Ungelenk, Stephanie Miller, Chi-Ting Ho, Maria Khokhrina, Matthias P. Mayer, Bernd Bukau, and Axel Mogk. "A prion-like domain in Hsp42 drives chaperone-facilitated aggregation of misfolded proteins." Journal of Cell Biology 217, no. 4 (January 23, 2018): 1269–85. http://dx.doi.org/10.1083/jcb.201708116.
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Chaperones with aggregase activity promote and organize the aggregation of misfolded proteins and their deposition at specific intracellular sites. This activity represents a novel cytoprotective strategy of protein quality control systems; however, little is known about its mechanism. In yeast, the small heat shock protein Hsp42 orchestrates the stress-induced sequestration of misfolded proteins into cytosolic aggregates (CytoQ). In this study, we show that Hsp42 harbors a prion-like domain (PrLD) and a canonical intrinsically disordered domain (IDD) that act coordinately to promote and control protein aggregation. Hsp42 PrLD is essential for CytoQ formation and is bifunctional, mediating self-association as well as binding to misfolded proteins. Hsp42 IDD confines chaperone and aggregase activity and affects CytoQ numbers and stability in vivo. Hsp42 PrLD and IDD are both crucial for cellular fitness during heat stress, demonstrating the need for sequestering misfolded proteins in a regulated manner.
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Kilian, Lutz. "Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market." American Economic Review 99, no. 3 (May 1, 2009): 1053–69. http://dx.doi.org/10.1257/aer.99.3.1053.
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Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for all industrial commodities, or demand shocks that are specific to the crude oil market. Each shock has different effects on the real price of oil and on US macroeconomic aggregates. Changes in the composition of shocks help explain why regressions of macroeconomic aggregates on oil prices tend to be unstable. Evidence that the recent surge in oil prices was driven primarily by global demand shocks helps explain why this shock so far has failed to cause a major recession in the United States. (JEL E31, E32, Q41, Q43)
12
Patnaik, Anuradha. "Measuring Demand and Supply Shocks From COVID-19: An Industry-Level Analysis for India." Margin: The Journal of Applied Economic Research 16, no. 1 (February 2022): 76–105. http://dx.doi.org/10.1177/09738010211067392.
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The present article attempts to decompose the COVID-19-induced shock to output and inflation of the Indian economy at the aggregate and disaggregate levels into demand and supply shocks for the period March 2020 to June 2020, using a structural Bayesian VAR model following Baumeister and Hamilton (2015, 2019). The results of the empirical analysis reveal that while the negative supply shocks dominate at the aggregate and disaggregate levels, their magnitude varies across industries. Demand shocks to output were positive in some industries like the manufacture of food products (10), textiles (13), chemicals and chemical products (20), and electrical equipment (27), but were outweighed by the negative supply shocks. In response to the COVID-19 shock the government announced the three pronged Atmanirbhar Bharat Abhiyan (ABA), which is a blend of demand management, supply management and structural policies. It not only promises to address the short-term distress caused to the industries due to the COVID-19 shock but also attempts to make them self-reliant and resilient to such shocks in future. JEL Classification: E10, C32, C40, E30
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Michl, Thomas R., and Kayla M. Oliver. "Combating hysteresis with output targeting." Review of Keynesian Economics 7, no. 1 (January 2019): 6–27. http://dx.doi.org/10.4337/roke.2019.01.02.
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Hysteresis, path dependence, and multiple equilibria are characteristic features of post-Keynesian economics. This paper constructs an otherwise conventional three-equation model that includes a hysteresis-generating mechanism and an invariant output target. We use it to explore the implications for monetary policy of an output-targeting policy framework that seeks to reverse the damage caused by hysteresis. We restrict ourselves to negative aggregate demand shocks and positive inflation shocks that in most instances require a disinflationary response from the central bank. One important finding is that as long as inflation expectations are to some degree anchored, the central bank can achieve its output target after an aggregate demand shock by overshooting its inflation target temporarily and running a ‘high-pressure labor market.’ If expectations are unanchored, an aggregate demand shock will not have long-run hysteresis effects because the central bank is obliged to reflate aggressively, replacing on a cumulative basis all the demand that was lost through the shock. However, with unanchored expectations a pure inflation shock will create hysteresis effects since the central bank will need to disinflate and it does not have the option of running a high-pressure labor market. Anchoring gives the central bank this option, making inflation shocks manageable.
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Cooper, Russell, and João Ejarque. "FINANCIAL INTERMEDIATION AND AGGREGATE FLUCTUATIONS: A QUANTITATIVE ANALYSIS." Macroeconomic Dynamics 4, no. 4 (December 2000): 423–47. http://dx.doi.org/10.1017/s1365100500017016.
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We investigate the quantitative behavior of business-cycle models in which the intermediation process acts either as a source of fluctuations or as a propagator of real shocks. In neither case do we find convincing evidence that the intermediation process is an important element of aggregate fluctuations. For an economy driven by intermediation shocks, consumption is not smoother than output, investment is negatively correlated with output, variations in the capital stock are quite large, and interest rates are procyclical. The model economy thus fails to match unconditional moments for the U.S. economy. We also structurally estimate parameters of a model economy in which intermediation and productivity shocks are present, allowing for the intermediation process to propagate the real shock. The unconditional correlations are closer to those observed only when the intermediation shock is relatively unimportant.
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Kötter, Sebastian, Andreas Unger, Nazha Hamdani, Patrick Lang, Matthias Vorgerd, Luitgard Nagel-Steger, and Wolfgang A. Linke. "Human myocytes are protected from titin aggregation-induced stiffening by small heat shock proteins." Journal of Cell Biology 204, no. 2 (January 13, 2014): 187–202. http://dx.doi.org/10.1083/jcb.201306077.
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In myocytes, small heat shock proteins (sHSPs) are preferentially translocated under stress to the sarcomeres. The functional implications of this translocation are poorly understood. We show here that HSP27 and αB-crystallin associated with immunoglobulin-like (Ig) domain-containing regions, but not the disordered PEVK domain (titin region rich in proline, glutamate, valine, and lysine), of the titin springs. In sarcomeres, sHSP binding to titin was actin filament independent and promoted by factors that increased titin Ig unfolding, including sarcomere stretch and the expression of stiff titin isoforms. Titin spring elements behaved predominantly as monomers in vitro. However, unfolded Ig segments aggregated, preferentially under acidic conditions, and αB-crystallin prevented this aggregation. Disordered regions did not aggregate. Promoting titin Ig unfolding in cardiomyocytes caused elevated stiffness under acidic stress, but HSP27 or αB-crystallin suppressed this stiffening. In diseased human muscle and heart, both sHSPs associated with the titin springs, in contrast to the cytosolic/Z-disk localization seen in healthy muscle/heart. We conclude that aggregation of unfolded titin Ig domains stiffens myocytes and that sHSPs translocate to these domains to prevent this aggregation.
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Boháčik, Ján. "Financial shocks and their effects on velocity of money in agent-based model." Review of Economic Perspectives 22, no. 4 (December 1, 2022): 241–66. http://dx.doi.org/10.2478/revecp-2022-0011.
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Abstract The interaction of debt and economic performance has been getting more attention over the last few years. However, models making provision for debt are still outnumbered by models completely ignoring it. This paper is the first one to analyze the relationship between household debt (in the form of bank loans) and economic performance (in terms of aggregate income) considering both the impact of wealth and income distribution, and the impact of the MPC distribution under various financial shocks. The outcomes of the model are velocities calculated as ratios of aggregate income to aggregate debt. The paper demonstrates how financial shocks affect the income velocity of money under different distributions of wealth/income and marginal propensity to consume across the population. For this purpose, an original agent-based simulation model with a limited loan supply was designed. Proposed model shocks are shocks to loan demand, loan supply, marginal propensity to consume, macro-prudential regulatory ratios, real estate capital gains, repayment ratios, shocks to the structure of loans provided and to the structure of real estate property transactions. It is shown that the more equal the distributions of wealth/income and of the marginal propensity to consume, the higher is the income velocity of money. From financial shocks, the marginal propensity to consume shock and the shock to the structure of new real estate property purchases have the largest impact on velocity. The shock to regulatory ratios has generally the lowest magnitude.
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Autrey, Romana L., Shane S. Dikolli, and D. Paul Newman. "Performance Measure Aggregation, Career Incentives, and Explicit Incentives." Journal of Management Accounting Research 22, no. 1 (January 1, 2010): 115–31. http://dx.doi.org/10.2308/jmar.2010.22.1.115.
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ABSTRACT: We examine a setting in which managers have differential career concerns and firm performance is publicly observed using disaggregated measures that are incrementally informative but costly to contract upon. In such a setting, when do firms contract on aggregated rather than disaggregated performance measures? We show that at intermediate levels of managerial career concerns contracting on an aggregate measure can be welfare-enhancing. In this case, the net cost of both contracting directly on an aggregate measure and exploiting career incentives based on disaggregated measures is smaller than the cost of contracting directly on disaggregate measures. Our findings also imply that detailed performance disclosures will be accompanied by lower incentive weights based on aggregate performance when career incentives mitigate distortions caused by aggregation. Further, if performance measures become noisier due to transient shocks, we find that contractual incentive weights on aggregate performance can be either increasing or decreasing, depending on the magnitude of a manager’s career incentives.
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Costello, Gregory, Patricia Fraser, and Garry MacDonald. "Monetary policy influences in Australian housing markets." International Journal of Housing Markets and Analysis 8, no. 2 (June 1, 2015): 265–86. http://dx.doi.org/10.1108/ijhma-08-2014-0032.
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Purpose – This paper aims to analyze the impact of common monetary policy shocks on house prices at national and capital city levels of aggregation, using Australian data and the Lastrapes (2005) two-part structural vector autoregressive (SVAR) empirical method. Design/methodology/approach – The Lastrapes (2005) two-part SVAR empirical method is applied to Australian housing market and macroeconomic data to assess the impact of common monetary policy shocks on house prices. Findings – Results show that while the impact of shocks to interest rates on aggregate house prices is almost neutral, the responses of state capital city house prices to the same shock can exhibit significant asymmetries. Originality/value – This paper contributes to the monetary policy–asset price debate by examining the influence of Australian monetary policy on capital city housing markets over the period 1982-2012. To the authors’ knowledge, this is the first empirical study that has adapted this Lastrapes (2005) methodology to the analysis of housing markets.
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Baek, Jeongho, and Hong-Youl Kim. "Analyzing the Effects of Oil Price Shocks on the Trade Balance: New Evidence from Korea-China Trade." Korea International Trade Research Institute 18, no. 4 (August 31, 2022): 111–21. http://dx.doi.org/10.16980/jitc.18.4.202208.111.
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Purpose - The primary contribution of this paper is to investigate the impacts of oil supply shocks, aggregate demand shocks, and oil-specific demand shocks on three measures of South Korea’s trade balance oil, non-oil, and total trade balance with its top trading partner China.
Design/Methodology/Approach - In order to investigate how trade balance is influenced by three types of oil price shocks, we used a Structural Vector Autoregressive (SVAR). Also, Impulse Response Function (IRF) was used to calculate degree of the trade balance response to the oil price shock.
Findings - We discover that aggregate demand shocks have the greatest impact on Korea’s trade balances, while oil supply shocks have negligible impacts. Additionally, the overall impact of the three oil shocks on Korea’s trade balances with China appears to rely on the response of the non-oil trade balance.
Research Implications - This outcome explains why the roles of the different shock components of crude oil prices should be accounted for when modeling the nexus between oil price shocks and Korea’s balance of trade
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O., Saibu M. "Sectoral Output Responses to Trade Openness, Oil Price and Policy Shocks in Nigeria: A CVAR Approach." Journal of Social and Development Sciences 1, no. 2 (March 15, 2011): 48–59. http://dx.doi.org/10.22610/jsds.v1i2.627.
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This study investigated the relative effectiveness of trade and policy shocks on sectoral output growth in a small open Nigerian economy. It is a country-specific, time series study verifies whether there is difference in the effect of sectoral output response to policy shocks in Nigeria. A CVAR model was specified to assess the effects of policy shocks on real aggregate and sectoral output measures. The model included oil price shock and an interactive term of trade openness as measures of supply and external shocks to the economy. The empirical results showed that there was remarkably difference in sectoral output responses to policy distortion. The effects of monetary policy shocks were positive and significant on manufacturing, service and industrial sector while fiscal policy shock was only significant and positive on agricultural output growth. The result further showed that international oil price shock and trade openness had pronounced negative effects on both sectoral and aggregate outputs. In addition, oil and trade openness’ negative effects overwhelmed the positive effects of fiscal and monetary policy shocks. The policy implication of the finding is that the effectiveness of domestic macroeconomic policy is constrained by the external shocks from both oil price and trade openness. Thus, confirming the open economic version of policy ineffectiveness proposition of the New classical macroeconomic in Nigeria
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Gogas, Periklis, and Ioannis Pragidis. "Are there asymmetries in fiscal policy shocks?" Journal of Economic Studies 42, no. 2 (May 11, 2015): 303–21. http://dx.doi.org/10.1108/jes-04-2013-0059.
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Purpose – The purpose of this paper is to test the effects of unanticipated fiscal policy shocks on the growth rate and the cyclical component of real private output and reveal different types of asymmetries in fiscal policy implementation. Design/methodology/approach – The authors use two alternative vector autoregressive systems in order to construct the fiscal policy shocks: one with the simple sum monetary aggregate MZM and one with the alternative CFS Divisia MZM aggregate. From each one of these systems we extracted four types of shocks: a negative and a positive government spending shock and a negative and a positive government revenue shock. These eight different types of unanticipated fiscal shocks were used next to empirically examine their effects on the growth rate and cyclical component of real private GNP in two sets of regressions: one that assumes only contemporaneous effects of the shocks on output and one that is augmented with four lags of each fiscal shock. Findings – The authors come up with three key findings: first, all fiscal multipliers are below unity but with signs as predicted by Keynesian theory. Second, government expenditures have a larger impact as compared to the tax policy and finally, positive government spending shocks are more significant than negative spending shocks. All these results are in line with previous studies and are robust through many tests using structural identification proposed by Blanchard and Perotti (2002). Practical implications – The empirical findings in this manuscript can be used for conducting a more efficient fiscal policy. The importance of government spending shocks is empirically verified along with the asymmetries related to price stickiness predicted by Keynesian theory. According to the results an efficient fiscal policy would: in terms of an expansionary policy, use government spending as a means to stimulate the economy instead of tax cuts and in the case of a contractionary policy use government revenue (higher taxes) so that the costs of this policy in terms of output lost are lower. Originality/value – In this study the authors introduce three main innovations: first, to the best of our knowledge the Divisia monetary aggregates have not yet been used to previous research pertaining to fiscal policy. Second, following Cover’s (1992) procedure of identifying monetary policy shocks we extract the unanticipated fiscal policy shocks on government spending and revenue. Finally, the authors explicitly test for the asymmetric effects on the growth rate and the cyclical component of real private GNP of a contractionary and expansionary fiscal policy.
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Fehr, Ernst, and Jean-Robert Tyran. "Does Money Illusion Matter?" American Economic Review 91, no. 5 (December 1, 2001): 1239–62. http://dx.doi.org/10.1257/aer.91.5.1239.
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This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. In addition, our results indicate that negative and positive nominal shocks have asymmetric effects because of money illusion. While nominal inertia is quite substantial and long lasting after a negative shock, it is rather small after a positive shock. (JEL C92, E32, E52)
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Yu, Huayi, and Yanfen Huang. "Regional heterogeneity and the trans-regional interaction of housing prices and inflation: Evidence from China’s 35 major cities." Urban Studies 53, no. 16 (July 21, 2016): 3472–92. http://dx.doi.org/10.1177/0042098015617882.
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This paper proposes a theoretical framework to analyse the regionally heterogeneous responses of housing prices and inflation to the monetary aggregates shock and the trans-regional interaction of housing prices and inflation, which has seldom been discussed in previous literature. Using a GVAR (Globe Vector Autoregression) model, evidence based on China’s 35 major cities for this framework is provided. The results show that (1) the housing price shocks have weak positive influence on CPIs (consumer price index); (2) the housing price shocks, especially the shocks in first-tier cities and eastern cities, have strong positive influence on domestic housing price dynamics and housing prices of other cities; (3) monetary aggregates shock has strong influence on the housing prices of first-tier cities and eastern cities, while weak influence on that of central and western cities. CPIs are barely influenced by monetary aggregates shocks. The empirical results are in accordance with the theoretical explanation. Based on empirical results, this paper proposes policy recommendations for stabilising housing prices.
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Karadi, Peter, and Adam Reiff. "Menu Costs, Aggregate Fluctuations, and Large Shocks." American Economic Journal: Macroeconomics 11, no. 3 (July 1, 2019): 111–46. http://dx.doi.org/10.1257/mac.20160054.
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We document that the aggregate price level responds flexibly and asymmetrically to large positive and negative value-added tax changes. We present a price-setting model with menu costs, trend inflation, and fat-tailed product-level shocks that is consistent with these observations. The model predicts a flexible price-level response to standard monetary policy shocks because it anticipates a large number of firms on the verge of price adjustment and far from their optimal prices when the shock hits. (JEL E31, E32, E52, E62, H25)
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Oncioiu, Ionica, Ioana Duca, Mirela Anca Postole, Georgiana Camelia Georgescu (Crețan), Rodica Gherghina, and Robert-Adrian Grecu. "Transforming the COVID-19 Threat into an Opportunity: The Pandemic as a Stage to the Sustainable Economy." Sustainability 13, no. 4 (February 16, 2021): 2088. http://dx.doi.org/10.3390/su13042088.
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The aim of this research is to assess the impact of the economic shocks of supply and demand generated by the COVID-19 crisis on the climate sphere at the level of the Member States of the European Union. In this respect, a macroeconomic model was used to obtain firstly an estimate of the measure of demand shock and secondly an estimate of the supply of the economy. These milestones were eventually used to estimate the impact of the two economic shocks on the level of greenhouse gas emissions. The obtained results show that both the shock from the aggregate demand area and that from the aggregate supply area had the effect of decreasing the level of greenhouse gases, leading to a positive effect on the environment. From a quantitative point of view, the model estimates show that, as a result of the manifestation of the two cumulative shocks, the level of greenhouse gas emissions could decrease by about 10%.
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Sun, Li, and Ying Wei Yun. "Experiment on Improving Performance of Recycled Coarse Aggregate from Waste Concrete." Applied Mechanics and Materials 174-177 (May 2012): 198–201. http://dx.doi.org/10.4028/www.scientific.net/amm.174-177.198.
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Recently recycled coarse aggregate concrete tends to be developed by using waste concrete considering environmental issues and conserving natural resources. However, performances of recycled coarse aggregate concrete are relative low compared with ordinary concrete due to the differences between recycled coarse aggregates and natural ones. In this research, developed mill is used to shuck the cement paste adhering on the surface of coarse aggregates to obtain shucking recycled coarse aggregates. Experimental results demonstrate that the performances of shucking recycled aggregates and concerned concrete are both improved.
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Tang, Hai, Chunxue Li, Jianying Gao, Bruno Touzo, Chunfeng Liu, and Wenjie Yuan. "Optimization of Properties for Alumina-Spinel Refractory Castables by CMA (CaO-MgO-Al2O3) Aggregates." Materials 14, no. 11 (June 3, 2021): 3050. http://dx.doi.org/10.3390/ma14113050.
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Aiming at optimizing properties of alumina-spinel refractory castables, coarse corundum particles were replaced partially with the particles of a novel porous multi-component CMA (CaO-MgO-Al2O3) aggregate in the same size. Properties including the bulk density, apparent porosity, strength, slag corrosion resistance, thermal shock resistance and thermal fatigue resistance of alumina-spinel refractory castables containing CMA aggregates were evaluated contrastively. The results demonstrated that the incorporation of CMA aggregates can significantly improve thermal shock resistance and thermal fatigue resistance of castables, although companying with slight decrease in the bulk density and strength. Moreover, slag penetration resistance of castables can also be enhanced by CMA aggregates with appropriate particle size. The influence of CMA aggregates on properties of alumina-spinel refractory castables depended strongly on their particle size.
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Salomons, Florian A., Victoria Menéndez-Benito, Claudia Böttcher, Brett A. McCray, J. Paul Taylor, and Nico P. Dantuma. "Selective Accumulation of Aggregation-Prone Proteasome Substrates in Response to Proteotoxic Stress." Molecular and Cellular Biology 29, no. 7 (January 21, 2009): 1774–85. http://dx.doi.org/10.1128/mcb.01485-08.
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ABSTRACT Conditions causing an increase in misfolded or aberrant proteins can impair the activity of the ubiquitin/proteasome system (UPS). This observation is of particular interest, given the fact that proteotoxic stress is closely associated with a large variety of disorders. Although impairment of the UPS appears to be a general consequence of proteotoxic insults, the underlying mechanisms remain enigmatic. Here, we show that heat shock-induced proteotoxic stress resulted in conjugation of ubiquitin to detergent-insoluble protein aggregates, which coincided with reduced levels of free ubiquitin and impediment of ubiquitin-dependent proteasomal degradation. Interestingly, whereas soluble proteasome substrates returned to normal levels after a transient accumulation, the levels of an aggregation-prone substrate remained high even when the free ubiquitin levels were restored. Consistently, overexpression of ubiquitin prevented accumulation of soluble but not aggregation-prone substrates in thermally stressed cells. Notably, cells were also unable to resume degradation of aggregation-prone substrates after treatment with the translation inhibitor puromycin, indicating that selective accumulation of aggregation-prone proteins is a consistent feature of proteotoxic stress. Our data suggest that the failure of the UPS to clear aggregated proteins in the aftermath of proteotoxic stress episodes may contribute to the selective deposition of aggregation-prone proteins in conformational diseases.
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Ljungqvist, Lars, and Thomas J. Sargent. "A Labor Supply Elasticity Accord?" American Economic Review 101, no. 3 (May 1, 2011): 487–91. http://dx.doi.org/10.1257/aer.101.3.487.
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A dispute about the size of the aggregate labor supply elasticity has been fortified by a contentious aggregation theory used by real business cycle theorists. The replacement of that aggregation theory with one more congenial to microeconomic observations opens possibilities for an accord about the aggregate labor supply elasticity. The new aggregation theory drops features to which empirical microeconomists objected and replaces them with life-cycle choices. Whether the new aggregation theory ultimately indicates a small or large macro labor supply elasticity will depend on how shocks and government institutions interact to put workers at interior solutions for career length.
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Hwang, HyunTae V., Yun Lin, Michelle N. Rebuffatti, Darlene T. Tran, Lily Lee, Aldrin V. Gomes, Chin-Shang Li, and Anne A. Knowlton. "Impaired proteostasis in senescent vascular endothelial cells: a perspective on estrogen and oxidative stress in the aging vasculature." American Journal of Physiology-Heart and Circulatory Physiology 316, no. 2 (February 1, 2019): H421—H429. http://dx.doi.org/10.1152/ajpheart.00318.2018.
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The heat shock response is an important cytoprotective mechanism for protein homeostasis and is an essential protective response to cellular stress and injury. Studies on changes in the heat shock response with aging have been mixed with regard to whether it is inhibited, and this, at least in part, reflects different tissues and different models. Cellular senescence is a key feature in aging, but work on the heat shock response in cultured senescent (SEN) cells has largely been limited to fibroblasts. Given the prevalence of oxidative injury in the aging cardiovascular system, we investigated whether SEN primary human coronary artery endothelial cells have a diminished heat shock response and impaired proteostasis. In addition, we tested whether this downregulation of heat shock response can be mitigated by 17β-estradiol (E2), which has a critical cardioprotective role in women, as we have previously reported that E2 improves the heat shock response in endothelial cells (Hamilton KL, Mbai FN, Gupta S, Knowlton AA. Arterioscler Thromb Vasc Biol 24: 1628–1633, 2004). We found that SEN endothelial cells, despite their unexpectedly increased proteasome activity, had a diminished heat shock response and had more protein aggregation than early passage cells. SEN cells had increased oxidative stress, which promoted protein aggregation. E2 treatment did not decrease protein aggregation or improve the heat shock response in either early passage or SEN cells. In summary, cellular senescence in adult human endothelial cells is accompanied by increased oxidative stress and a blunting of proteostasis, and E2 did not mitigate these changes. NEW & NOTEWORTHY Senescent human endothelial cells have a diminished heat shock response and increased protein aggregates. Senescent human endothelial cells have increased basal oxidative stress, which increases protein aggregates. Physiological level of 17β-estradiol did not improve proteostasis in endothelial cells. Listen to this article's corresponding podcast at https://ajpheart.podbean.com/e/proteostasis-in-senescent-endothelial-cells/ .
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Banerjee, Shesadri, and Parantap Basu. "TECHNOLOGY SHOCKS AND BUSINESS CYCLES IN INDIA." Macroeconomic Dynamics 23, no. 5 (July 26, 2017): 1721–56. http://dx.doi.org/10.1017/s1365100517000438.
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In this paper, we develop a small open economy New Keynesian dynamic stochastic general equilibrium (DSGE) model to understand the relative importance of two key technology shocks, Hicks neutral total factor productivity (TFP) shock and investment specific technology (IST) shock for an emerging market economy like India. In addition to these two shocks, our model includes three demand side shocks such as fiscal spending, home interest rate, and foreign interest rate. Using a Bayesian approach, we estimate our DSGE model with Indian annual data for key macroeconomic variables over the period of 1971–2010, and for subsamples of pre-liberalization (1971–1990) and post-liberalization (1991–2010) periods. Our study reveals three main results. First, output correlates positively with TFP, but negatively with IST. Second, TFP and IST shocks are the first and the second most important contributors to aggregate fluctuations in India. In contrast, the demand side disturbances play a limited role. Third, although TFP plays a major role in determining aggregate fluctuations, its importance vis-à-vis IST has declined during the post liberalization era. We find that structural shifts of nominal friction and relative home bias for consumption to investment in the post-liberalization period can account for the rising importance of the IST shocks in India.
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Furlanetto, Francesco, and Martin Seneca. "NEW PERSPECTIVES ON DEPRECIATION SHOCKS AS A SOURCE OF BUSINESS CYCLE FLUCTUATIONS." Macroeconomic Dynamics 18, no. 6 (June 11, 2013): 1209–33. http://dx.doi.org/10.1017/s1365100512000910.
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In this paper we study the transmission of capital depreciation shocks. The existing literature in the real business cycle tradition has concluded that these shocks are irrelevant to business cycle fluctuations. We show that they are potentially important drivers of aggregate fluctuations in a new Keynesian model. Nominal rigidities and some persistence in the shock process are the key ingredients that generate co-movement across real variables.
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Guerrieri, Veronica, Guido Lorenzoni, Ludwig Straub, and Iván Werning. "Macroeconomic Implications of COVID-19: Can Negative Supply Shocks Cause Demand Shortages?" American Economic Review 112, no. 5 (May 1, 2022): 1437–74. http://dx.doi.org/10.1257/aer.20201063.
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Motivated by the effects of the COVID-19 pandemic, we present a theory of Keynesian supply shocks: shocks that reduce potential output in a sector of the economy, but that, by reducing demand in other sectors, ultimately push aggregate activity below potential. A Keynesian supply shock is more likely when the elasticity of substitution between sectors is relatively low, the intertemporal elasticity of substitution is relatively high, and markets are incomplete. Fiscal policy can display a smaller multiplier, but the insurance benefit of fiscal transfers can be enhanced. Firm exits and job destruction can amplify and propagate the shock. (JEL D52, E23, E24, E32, E62, I12, I18)
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Kharohmayani, Desy, and Sudarso Kaderi Wiryono. "The Impact of Banking Policies to the Macroprudential Policy." JEJAK 13, no. 2 (October 27, 2020): 367–80. http://dx.doi.org/10.15294/jejak.v13i2.25754.
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The interaction between banks and macroeconomics is of crucial importance to financial stability. This study aims to answer the question of how macroeconomic shocks are transmitted to banking variables or vice versa. The study investigated the impact of the banking policies, the principal component of analysis (PCA) of banking quality indicators (CAMEL), and BI's rate to the aggregate of GDP and GDP priority sectors. The methodology used is the Factor Augmented Vector Autoregressive (FAVAR) model to observe the endogeneity of the observed variables. The results show that there is substantial heterogeneity in the transmission of macroeconomic shocks, caused by CAR, CAMEL and BI rate. In the short run, we find that the impulse response functions of aggregate GDP and GDP per sector of priority to the shock of the CAR decrease and close to zero in the long term. Our findings align with the expected effects that the CAMEL has implications to the decline of GDP of priority sector. Finally, we find that the impulse response of aggregate GDP and GDP of the priority sector to monetary policy shock decreases in the short run and near to zero in the more extended period
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Barigozzi, Matteo, Marc Hallin, and Stefano Soccorsi. "Identification of Global and Local Shocks in International Financial Markets via General Dynamic Factor Models*." Journal of Financial Econometrics 17, no. 3 (March 1, 2018): 462–94. http://dx.doi.org/10.1093/jjfinec/nby006.
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AbstractWe employ a two-stage general dynamic factor model to analyze co-movements between returns and between volatilities of stocks from the U.S., European, and Japanese financial markets. We find two common shocks driving the dynamics of volatilities—one global shock and one United States–European shock—and four local shocks driving returns, but no global one. Co-movements in returns and volatilities increased considerably in the period 2007–2012 associated with the Great Financial Crisis and the European Sovereign Debt Crisis. We interpret this finding as the sign of a surge, during crises, of interdependencies across markets, as opposed to contagion. Finally, we introduce a new method for structural analysis in general dynamic factor models which is applied to the identification of volatility shocks via natural timing assumptions. The global shock has homogeneous dynamic effects within each individual market but more heterogeneous effects across them, and is useful for predicting aggregate realized volatilities.
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Atems, Bebonchu, and Mark Melichar. "DO GLOBAL CRUDE OIL MARKET SHOCKS HAVE DIFFERENTIAL EFFECTS ON US REGIONS?" Macroeconomic Dynamics 23, no. 5 (November 7, 2017): 1978–2008. http://dx.doi.org/10.1017/s1365100517000542.
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The paper investigates whether US regions respond differently to shocks in the crude oil market. We disentangle oil market shocks into distinct demand and supply shocks and examine the response of regional personal income to these shocks. Results indicate that for most regions, oil supply shocks decrease real personal income. Except for the Rocky Mountains and the Southwest, global aggregate demand shocks are recessionary, typically about a year and a half after the shock. When we split our data into oil-producing and non-oil-producing regions, we find that global aggregate demand shocks have no effect on oil-producing regions but cause a decrease in income in non-oil-producing regions. Our analysis further indicates that oil-specific demand shocks have positive and persistent impacts on oil-producing regions but are recessionary in non-oil-producing regions. We also document significant asymmetries in the regional responses to small versus large oil shocks. In addition, the paper shows that regional differences in industrial composition explain some of the variation in the responses of real regional personal income to oil shocks.
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Redding, Stephen J., and David E. Weinstein. "Measuring Aggregate Price Indices with Taste Shocks: Theory and Evidence for CES Preferences*." Quarterly Journal of Economics 135, no. 1 (September 30, 2019): 503–60. http://dx.doi.org/10.1093/qje/qjz031.
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Abstract We develop an approach to measuring the cost of living for CES preferences that treats demand shocks as taste shocks that are equivalent to price shocks. In the presence of relative taste shocks, the Sato-Vartia price index is upward biased because an increase in the relative consumer taste for a variety lowers its taste-adjusted price and raises its expenditure share. By failing to allow for this association, the Sato-Vartia index underweights drops in taste-adjusted prices and overweights increases in taste-adjusted prices, leading to what we call a “taste-shock bias.” We show that this bias generalizes to other invertible demand systems.
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Rigg, Rachel A., Laura D. Healy, Marie S. Nowak, Jérémy Mallet, Marisa L. D. Thierheimer, Jiaqing Pang, Owen J. T. McCarty, and Joseph E. Aslan. "Heat shock protein 70 regulates platelet integrin activation, granule secretion and aggregation." American Journal of Physiology-Cell Physiology 310, no. 7 (April 1, 2016): C568—C575. http://dx.doi.org/10.1152/ajpcell.00362.2015.
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Molecular chaperones that support protein quality control, including heat shock protein 70 (Hsp70), participate in diverse aspects of cellular and physiological function. Recent studies have reported roles for specific chaperone activities in blood platelets in maintaining hemostasis; however, the functions of Hsp70 in platelet physiology remain uninvestigated. Here we characterize roles for Hsp70 activity in platelet activation and function. In vitro biochemical, microscopy, flow cytometry, and aggregometry assays of platelet function, as well as ex vivo analyses of platelet aggregate formation in whole blood under shear, were carried out under Hsp70-inhibited conditions. Inhibition of platelet Hsp70 blocked platelet aggregation and granule secretion in response to collagen-related peptide (CRP), which engages the immunoreceptor tyrosine-based activation motif-bearing collagen receptor glycoprotein VI (GPVI)-Fc receptor-γ chain complex. Hsp70 inhibition also reduced platelet integrin-αIIbβ3activation downstream of GPVI, as Hsp70-inhibited platelets showed reduced PAC-1 and fibrinogen binding. Ex vivo, pharmacological inhibition of Hsp70 in human whole blood prevented the formation of platelet aggregates on collagen under shear. Biochemical studies supported a role for Hsp70 in maintaining the assembly of the linker for activation of T cells signalosome, which couples GPVI-initiated signaling to integrin activation, secretion, and platelet function. Together, our results suggest that Hsp70 regulates platelet activation and function by supporting linker for activation of T cells-associated signaling events downstream of platelet GPVI engagement, suggesting a role for Hsp70 in the intracellular organization of signaling systems that mediate platelet secretion, “inside-out” activation of platelet integrin-αIIbβ3, platelet-platelet aggregation, and, ultimately, hemostatic plug and thrombus formation.
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Goyal, Ashima, and Abhishek Kumar. "The effect of oil shocks and cyclicality in hiding Indian twin deficits." Journal of Economic Studies 45, no. 1 (January 8, 2018): 27–45. http://dx.doi.org/10.1108/jes-11-2016-0248.
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Purpose The purpose of this paper is to estimate the relationship between the current account (CA) and fiscal deficit (FD), and the real exchange rate for India, for the managed float period 1996 Q2 to 2015 Q4, after controlling for output growth and oil shocks. It also examines the cyclicality of the CA, the size of each shock, and assesses whether aggregate demand, forward-looking smoothing, or supply shocks dominate outcomes. Design/methodology/approach The authors use several variants of structural vector autoregression (SVAR), implemented with quarterly Indian data, to control for effects of oil prices, and the output cycle, and then see how FD shocks affect the current account deficit (CAD) and the real exchange rate. For robustness, the authors tried different identifications, changed variable definitions, added new variables, or substituted with other variables. The cyclicality issue is addressed by examining the effect of growth shocks. The relative size of each shock is assessed through co-movement decompositions of the forecast errors. Responses to shocks help identify dominant influences on India’s CAD. Findings The CAD is found to be countercyclical. A FD shock raises the CAD, but high impact growth shocks and large variance oil shocks lead to overall divergence of the deficits. There is some support for the aggregate demand channel, but it is moderated by supply shocks and compositional effects. Consumption is sticky rather than forward-looking. Originality/value The paper contributes to the literature by including supply shocks, compositional effects, cyclicality, real interest and exchange rate in a theoretically and empirically consistent way for the analysis of twin deficits. The large empirical literature on twin deficits in EMs has not yet done this. There is no study using quarterly data in an SVAR allowing the dynamic relationship between the variables to be explored. The extensions bring in the supply side and compositional effects qualify the working of both the channels, with empirical exercises supporting theoretical predictions.
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Bazhenova, Olena, and Yuliya Bazhenova. "Modelling the impact of external shocks on economy of Ukraine: DSGE approach." Ekonomika 95, no. 1 (April 12, 2016): 64–83. http://dx.doi.org/10.15388/ekon.2016.1.9907.
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The paper explores the dynamic stochastic general equilibrium model to study the impact of external shocks on the economy of Ukraine. The dynamic stochastic general equilibrium model is constructed for a small open economy that includes households, firms (domestic manufacturers and importers), government, the National Bank and external sector. The model assumes the new-Keynesian approach that includes the so-called “rigidities” of prices and wages, the existence of the households’ consumption habits and investments with adjustment costs. Also, it takes into account the country’s significant dependence on mineral products imports. All goods in the economy are divided into the domestic ones (that are exported and consumed in the country), imports and mineral products. So the purpose of the model is to study the impact of external shocks on the economy of Ukraine, such as a positive shock in world output, a positive shock in the world aggregate demand, a positive shock in the world interest rate, and a positive shock in world prices.
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Clementi, Gian Luca, and Berardino Palazzo. "Entry, Exit, Firm Dynamics, and Aggregate Fluctuations." American Economic Journal: Macroeconomics 8, no. 3 (July 1, 2016): 1–41. http://dx.doi.org/10.1257/mac.20150017.
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Firm entry and exit amplify and propagate the effects of aggregate shocks, leading to greater persistence and unconditional variation of aggregate quantities. Following a positive aggregate shock, entry rises. As in the data, entrants are small and their initial impact on aggregate dynamics is negligible. However, as the common productivity component reverts to its unconditional mean, the youngsters that survive grow larger, generating a wider and longer expansion than in a scenario without entry or exit. The model also identifies a causal link between the drop in establishments at the outset of the Great Recession and the subsequent slow recovery. (JEL D21, D92, E22, E24, E32, G31, L11)
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Omotosho, Babatunde S. "Oil Price Shocks, Fuel Subsidies and Macroeconomic (In)stability in Nigeria." Central Bank of Nigeria Journal of Applied Statistics, Vol. 10 No. 2 (February 21, 2020): 1–38. http://dx.doi.org/10.33429/cjas.10219.1/6.
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This paper studies the macroeconomic implications of oil price shocks and the extant fuel subsidy regime for Nigeria. To do this, we develop and estimate a New-Keynesian DSGE model that accounts for pass-through effect of international oil price into the retail price of fuel. Our results show that oil price shocks generate significant and persistent impacts on output, accounting for about 22 percent of its variations up to the fourth year. Under our benchmark model (i.e. with fuel subsidies), we show that a negative oil price shock contracts aggregate GDP, boosts non-oil GDP, increases headline inflation, and depreciates the exchange rate. However, results generated under the model without fuel subsidies indicate that the contractionary effect of a negative oil price shock on aggregate GDP is moderated, headline inflation decreases, while the exchange rate depreciates more in the short-run. Counterfactual simulations also reveal that fuel subsidy removal leads to higher macroeconomic instabilities and generates non-trivial implications for the response of monetary policy to an oil price shock. Thus, this study cautions that a successful fuel subsidy reform must necessarily encompass the deployment of well-targeted safety nets as well as the evolution of sustainable adjustment mechanisms.
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Aufricht, Christoph, Ellen Lu, Gunilla Thulin, Michael Kashgarian, Norman J. Siegel, and Scott K. Van Why. "ATP releases HSP-72 from protein aggregates after renal ischemia." American Journal of Physiology-Renal Physiology 274, no. 2 (February 1, 1998): F268—F274. http://dx.doi.org/10.1152/ajprenal.1998.274.2.f268.
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The pattern of 72-kDa heat-shock protein (HSP-72) induction after renal ischemia suggests a role in restoring cell structure. HSP-72 activity in the repair and release from denatured and aggregated proteins requires ATP. Protein aggregates were purified from normal and ischemic rat renal cortex. The addition of ATP to cortical homogenates reduced HSP-72, Na+-K+-ATPase, and actin in aggregates subsequently isolated, suggesting that their interaction is ATP dependent. Altering ATP hydrolysis in the purified aggregates, however, had different effects. ATP released HSP-72 during reflow and preserved Na+-K+-ATPase association with aggregates at 2 h but had no effect in controls or at 6 h reflow and caused no change in actin. These results indicate that HSP-72 complexes with aggregated cellular proteins in an ATP-dependent manner and suggests that enhancing HSP-72 function after ischemic renal injury assists refolding and stabilization of Na+-K+-ATPase or aggregated elements of the cytoskeleton, allowing reassembly into a more organized state.
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Herrera, Ana María. "OIL PRICE SHOCKS, INVENTORIES, AND MACROECONOMIC DYNAMICS." Macroeconomic Dynamics 22, no. 3 (January 30, 2018): 620–39. http://dx.doi.org/10.1017/s1365100516000225.
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This paper investigates the time delay in the transmission of oil price shocks using disaggregated manufacturing data on inventories and sales. VAR estimates indicate that industry-level inventories and sales respond faster to an oil price shock than aggregate gross domestic product, especially in industries that are energy-intensive. In response to an unexpected oil price increase, sales drop and inventories are accumulated. This leads to future reductions in production. We estimate a modified linear–quadratic inventory model to inquire whether the patterns observed in the VAR impulse responses are consistent with rational behavior by the firms. Estimation results suggest that three mechanisms play a role in the industry-level dynamics. First, oil prices act as a negative demand shock. Second, the shock catches manufacturers by surprise, resulting in higher-than-anticipated inventories. Third, because of their desire to smooth production, manufacturers deviate from the target level of inventories and spread the decline in production over various quarters; hence the delay in the response of aggregate output.
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Bell, Brian, Nicholas Bloom, and Jack Blundell. "Income dynamics in the United Kingdom and the impact of the Covid‐19 recession." Quantitative Economics 13, no. 4 (2022): 1849–78. http://dx.doi.org/10.3982/qe1872.
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In this paper, we use an employer‐based survey of earnings and hours to set out the key patterns in UK earnings dynamics from 1975 to 2020, with a particular focus on the most recent recession. We demonstrate that (log) earnings changes exhibit strongly procyclical skewness and have become increasingly leptokurtic, and thus less well approximated by a log‐normal distribution, over the period of study. This holds across genders and sectors. Exploiting the long duration of our panel, we then explore the responsiveness of earnings and hours to aggregate and firm‐level shocks, finding ample heterogeneity in the exposure of different types of workers to aggregate shocks. Exposure is falling in age, firm size, skill level, and permanent earnings, and is lower for unionized and public sector workers. The qualitative patterns of earnings changes across workers observed in the Covid‐19 recession of 2020 are broadly as predicted using the previously estimated exposures and size of the shock. Firm‐specific shocks are important for wages given the variation in within‐firm productivity and the patterns of heterogeneity are markedly different than for aggregate shocks.
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Goberis, Stasys, Liutauras Merlinskaja, and Ina Pundienė. "INVESTIGATIONS OF LOW-CEMENT CASTABLES WITH SHAMOTTE AGGREGATE/MAŽACEMENČIO KAITRAI ATSPARAUS BETONO SU ŠAMOTO UŽPILDU TYRIMAI." JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT 5, no. 1 (February 28, 1999): 32–35. http://dx.doi.org/10.3846/13921525.1999.10531430.
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The castables with low-cement and normal quantity cement in its composition physical and mechanical properties was investigated. Aggregates of recycled shamotte waste, which are characterised by high water absorption, were used for castables. The results of influence of firing temperature on density and cold crushing strength for three series castables were determined (Fig 1 and 2). Thermal shock resistance, bending strength and deformations of the castables were investigated additionally (Table 2 and Fig 4). The results of investigations showed the advantage of low-cement castables: better thermal shock resistance, higher cold crushing and bending strength after firing at high temperature. The properties of developed low-cement and traditional castables produced with schamotte waste aggregates were compared with the data from German, Danish and Polish castables, a special quality shamotte aggregate was used (Table 1). Low-cement castable based on shamotte waste aggregates were developed and used for producing “Ipsen” furnace lining items.
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Laksanalamai, Pongpan, Dennis L. Maeder, and Frank T. Robb. "Regulation and Mechanism of Action of the Small Heat Shock Protein from the Hyperthermophilic ArchaeonPyrococcus furiosus." Journal of Bacteriology 183, no. 17 (September 1, 2001): 5198–202. http://dx.doi.org/10.1128/jb.183.17.5198-5202.2001.
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ABSTRACT The small heat shock protein (sHSP) from the hyperthermophilePyrococcus furiosus was specifically induced at the level of transcription by heat shock at 105°C. The gene encoding this protein was cloned and overexpressed in Escherichia coli. The recombinant sHSP prevented the majority of E. coli proteins from aggregating in vitro for up to 40 min at 105°C. The sHSP also prevented bovine glutamate dehydrogenase from aggregating at 56°C. Survivability of E. colioverexpressing the sHSP was enhanced approximately sixfold during exposure to 50°C for 2 h compared with the control culture, which did not express the sHSP. Apparently, the sHSP confers a survival advantage on mesophilic bacteria by preventing protein aggregation at supraoptimal temperatures.
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Rodriguez, Karl. "INCREASE IN HSP25 EXTENDS LIFESPAN AND IMPROVES RESPONSE TO TAU TOXICITY THROUGH A CELL, NON-AUTONOMOUS MECHANISM." Innovation in Aging 3, Supplement_1 (November 2019): S730. http://dx.doi.org/10.1093/geroni/igz038.2678.
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Abstract The accrual of aggregation-prone cytotoxic proteins underlies neural pathologies seen in aging, Alzheimer’s disease and other dementias. Recent evidence indicates that heat shock protein 25kDa (HSP25) interacts with tau. To demonstrate a causal role for HSP25 in these pathologies, we overexpressed HSP25 protein in worms. This manipulation led to an increase in life span. Moreover, the longevity-effect was associated with increased expression of genes downstream of the SKN-1/Nrf2 stress-response transcription factor. HSP25 over-expression also reduces aggregate pathology and extends lifespan in a C. elegans neuronal-specific, aggregate-prone tau model . We propose that over-expression of HSP25 could provide protection from protein aggregation induced neurodegeneration. However, it is not yet clear whether this HSP25 effect could be efficaciously provided exogenously by other cell types. Thus, we will test whether increased peripheral HSP25 will reduce protein aggregation and stimulate a global Skn-1 stress-response pathway, reduce toxicity in neurons, and improve health outcomes.
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Mumtaz, Haroon, and Francesco Zanetti. "THE EFFECT OF LABOR AND FINANCIAL FRICTIONS ON AGGREGATE FLUCTUATIONS." Macroeconomic Dynamics 20, no. 1 (December 29, 2014): 313–41. http://dx.doi.org/10.1017/s1365100514000406.
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This paper embeds labor market search frictions into a New Keynesian model with financial frictions. The econometric estimation establishes that labor market frictions substantially improve the empirical fit of the model. The effect of the interaction between labor and financial frictions on aggregate fluctuations depends on the nature of the shock. For monetary policy, technology, and entrepreneurial wealth shocks, labor market frictions amplify the effect of financial frictions, because robust changes in hiring lead to persistent movements in employment and return on capital that reinforce the original effect of financial frictions. For cost-push, labor supply, marginal efficiency of investment, and preference shocks, labor market frictions dampen the effect of financial frictions by reducing the real cost of repaying existing debt, which lowers the external finance premium.
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Hodicky, Jan, Gökhan Özkan, Hilmi Özdemir, Petr Stodola, Jan Drozd, and Wayne Buck. "Analytic Hierarchy Process (AHP)-Based Aggregation Mechanism for Resilience Measurement: NATO Aggregated Resilience Decision Support Model." Entropy 22, no. 9 (September 16, 2020): 1037. http://dx.doi.org/10.3390/e22091037.
Full textAbstract:
Resilience is a complex system that represents dynamic behaviours through its complicated structure with various nodes, interrelations, and information flows. Like other international organizations NATO has also been dealing with the measurement of this complex phenomenon in order to have a comprehensive understanding of the civil environment and its impact on military operations. With this ultimate purpose, NATO had developed and executed a prototype model with the system dynamics modelling and simulation paradigm. NATO has created an aggregated resilience model as an upgrade of the prototype one, as discussed within this study. The structure of the model, aggregation mechanism and shock parametrization methodologies used in the development of the model comprise the scope of this study. Analytic Hierarchy Process (AHP), which is a multi-criteria decision-making technique is the methodology that is used for the development of the aggregation mechanism. The main idea of selecting the AHP methodology is its power and usefulness in mitigating bias in the decision-making process, its capability to increase the number of what-if scenarios to be created, and its contribution to the quality of causal explanations with the granularity it provides. The parametrized strategic shock input page, AHP-based weighted resilience and risk parameters input pages, one more country insertion to the model, and the decision support system page enhance the capacity of the prototype model. As part of the model, the decision support system page stands out as the strategic level cockpit where the colour codes give a clear idea at first about the overall situational picture and country-wise resilience and risk status. At the validation workshop, users not only validated the model but also discussed further development opportunities, such as adding more strategic shocks into the model and introduction of new parameters that will be determined by a big data analysis on relevant open source databases. The developed model has the potential to inspire high-level decision-makers dealing with resilience management in other international organizations, such as the United Nations.