Smooth it Like the “Joneses?” Estimating Peer-Group Effects in Intertemporal Consumption Choice

Recent theoretical contributions have suggested peer-group effects as a potential explanation for several puzzles in macroeconomics, but their empirical relevance for intertemporal consumption choice is an open question. We derive an extension of the standard life-cycle model that allows for consumption externalities. In this framework, we propose a social multiplier approach to distinguish true externalities from merely correlated effects. Estimating our model using US panel data, we find strong predictable co-movement of household consumption within peer groups. Although much of this co-movement reflects correlated effects only, there is statistically significant evidence for moderate consumption externalities across several plausible peer-group specifications.

Do the "Joneses" really matter? Peer-group versus correlated effects in intertemporal consumption choice

Recent theoretical contributions have suggested consumption externalities, or peergroup effects, as a potential explanation for some of the puzzles in macroeconomics and finance. However, the empirical relevance of peer effects for intertemporal consumption choice is a completely open question. To shed some light on the issue, we derive an extension of the standard life-cycle model that allows for consumption externalities. The analysis is complicated by the challenge of disentangling actual peer effects from merely correlated effects operating through common features or shocks within peer groups. We show how to conduct reliable inference under these circumstances based on within-group equilibrium conditions that give rise to a social multiplier. This approach can be understood as an adaptation of Manski's "reflection problem framework" to the case of dynamic models with endogenous regressors. We estimate our model using US panel data from the PSID. While there is strong predictable consumption co-movement within peer groups, the evidence for true consumption externalities vanishes once correlated effects are adequately accounted for.Consumption, Life-Cycle Model, Peer Effects, Reflection Problem

Fleshing out the monetary transmission mechanism: output composition and the role of financial frictions

Financial frictions affect the way in which different components of GDP respond to a monetary policy shock. We embed the financial accelerator of Bernanke, Gertler and Gilchrist (1999) into a medium-scale Dynamic General Equilibrium model and evaluate the relative importance of financial frictions in explaining monetary transmission. Specifically, we match the impulse responses generated by the model with empirical impulse response functions obtained from a vector autoregression on US time series data. This allows us to provide estimates for the structural parameters of our model and judge the relevance of different model features. In addition, we propose a set of simple and instructive specification tests that can be used to assess the relative fit of various restricted models. Although our point estimates suggest some role for financial accelerator effects, they are actually of minor importance for the descriptive success of the model. JEL Classification: E32, E44, E51Financial Frictions, Minimum Distance Estimation, monetary policy, Output Composition

What accounts for the changes in U.S. fiscal policy transmission?

Using vector autoregressions on U.S. time series for 1957-1979 and 1983-2004, we find government spending shocks to have stronger effects on output, consumption, and wages in the earlier sample. We try to account for this observation within a DSGE model featuring price rigidities and limited asset market participation. Specifically, we estimate the structural parameters of the model for both samples by matching impulse responses. Model-based counterfactual experiments suggest that increased asset market participation accounts for some of the changes in fiscal transmission. However, the key quantitative factor appears to be the more active monetary policy of the Volcker-Greenspan period. JEL Classification: E21, E62, E63Asset Market Participation, DSGE, Fiscal Policy, government spending, Minimum Distance Estimation, monetary policy, Vector autoregression

Cross-Border Spillovers from Fiscal Stimulus

The global recession of 2008–09 has revived interest in the international repercussions of domestic policy choices. This paper focuses on the case of fiscal stimulus, investigating cross-border spillovers from an increase in exhaustive government spending on the basis of a two-country business-cycle model. Our model allows spillovers to be affected by a range of features, including trade elasticities, the size and openness of economies, and financial imperfections. Beyond these well-known determinants, however, we highlight the central importance of policy frameworks, notably the medium-term debt consolidation regime. We consider the plausible case in which a temporary debt-financed increase in government spending gives rise to higher future taxes along with some reduction in spending over time. The anticipated spending reversal not only strengthens the domestic stimulus effect but also enhances positive cross-border spillovers through its impact on global long-term interest rates. Thus, our findings lend support to the notion that coordinated short-term stimulus policies are most effective when coupled with credible medium-term consolidation plans featuring at least some spending restraint

Who eats healthily? A population-based study among young Swiss residents

Abstract Objective To assess whether Swiss residents aged 15-24 years follow current nutritional guidelines and whether differences exist according to gender and weight status. Design Cross-sectional national survey. Setting Switzerland. Subjects The 1786 participants (48·4 % women) were divided into overweight, normal weight and underweight. We used traditional BMI cut-offs for people ≥18 years of age (underweight = BMI < 18·5 kg/m2, normal weight = BMI ≥ 18·5 kg/m2 and <25 kg/m2, overweight = BMI ≥ 25 kg/m2) and age- and gender-appropriate tables for people aged <18 years, with BMI calculated from self-reported weight and height. We performed bivariate analyses by gender, and then bivariate and multivariate analyses comparing overweight to normal weight people (excluding underweight, n 129, 71·6 % women) regarding adherence to recommendations for fruit, vegetables, meat, fish and dairy products; physical activity; attitude towards body weight; depression, smoking and alcohol consumption. Results Overall, adherence to nutritional guidelines was low, particularly for vegetables and dairy products. Women had a higher adherence than men except for fish and dairy products. In the multivariate analyses, overweight women had a lower vegetable intake, were less satisfied with body weight and had more often been on a diet, whereas overweight men were less satisfied with body weight and wanted to lose weight more often than their normal weight peers. There were no significant differences for physical activity. Conclusions Overweight prevention programmes should target youth specifically by gender and promote an appropriate self-perception. Overweight women should be encouraged to eat more vegetables and men to be more sensitised on healthy food. Further research is needed to assess how to make nutritional guidelines more adaptable to young people's daily lif

Análise da resistência ao cisalhamento de interfaces entre solos granulares e concretos

Orientador: Prof. Dr. Vitor Pereira FaroCoorientador: Prof. Dr. Edgar OdebrechtDissertação (mestrado) - Universidade Federal do Paraná, Setor de Tecnologia, Programa de Pós-Graduação em Engenharia de Construção Civil. Defesa : Curitiba, 26/02/2021Inclui referências: p. 143-149Resumo: Na execução de estacas escavadas ocorrem pequenos deslocamentos ao longo do fuste devido à cura do concreto, que geram tensões cisalhantes entre a estaca e o solo, denominadas tensões residuais. Uma consequência prática desse fenômeno pode ser a extração imprecisa dos resultados de provas de carga estática. Portanto, com este estudo se busca melhorar o entendimento dos mecanismos de interação solo-estrutura na interface de estacas escavadas de concreto, moldadas em solos arenosos. Além disso, almejou-se quantificar a resistência ao cisalhamento da interface e identificar os fatores que influenciam na resposta. Foram realizados ensaios de cisalhamento direto em interface entre duas amostras de areia (média e grossa) e concreto curado sob tensão. A partir dos resultados dos ensaios foi analisada, de forma estatística, a influência dos fatores densidade relativa, umidade, tempo de cura e diâmetro médio dos grãos sobre à resistência ao cisalhamento da interface. Ainda, foram elaborados modelos matemáticos, através da Metodologia de Superfície de Resposta (RSM), que descrevem o comportamento da resistência ao cisalhamento. Esses modelos foram comparados com os resultados experimentais e foi percebida uma grande semelhança entre os valores de adesão e dos ângulos de atrito. Também foi medida a rugosidade obtida nos corpos de prova através da impressão da areia durante a cura sob tensão do concreto, que resultou em superfícies rugosas. Outro objetivo da pesquisa foi a avaliação da superfície de ruptura, realizada por meio da comparação entre medições de deslocamentos verticais da interface e da areia pura e de ensaios de cisalhamento direto em interface, através dos quais foi concluído que o cisalhamento ocorre em uma superfície areia-areia. Por fim, foi realizada a comparação dos resultados experimentais da presente pesquisa com os dados de cisalhamento na interface areia-concreto de 9 autores, através dos seguintes fatores: rugosidade, diâmetro médios dos grãos, densidade relativa, morfologia das partículas e classificação SUCS. Concluiu-se que os resultados deste estudo obtiveram valores com comportamento coerente, mas superiores à literatura. Infere-se que a causa desta discrepância sejam os dois fatores analisados neste trabalho que não foram utilizados pelos outros autores: a umidade e o tempo de cura. Palavras chave: Interface areia-concreto. Cura sob tensão. Resistência ao cisalhamento. Rugosidade. Metodologia de Superfície de Resposta.Abstract: In the execution of bored piles, small displacements occur along the shaft due to concrete curing, which generate shear stresses between the pile and the soil, called residual stresses. A practical consequence of this phenomenon can be the inaccurate extraction of static load test results. Therefore, this study aims to improve the understanding of soil-structure interaction mechanisms at the interface of concrete bored piles, cast in sandy soils. In addition, it was intended to quantify the shear strength of the interface and identify the factors that influence the response. Direct shear tests were performed at the interface between two samples of sand (medium and coarse) and concrete cured under stress. From the test results, the influence of the factors relative density, water content, curing time and average grain diameter on the interface shear strength was statistically analyzed. Also, mathematical models were developed, through the Response Surface Methodology (RSM), that describe the behavior of the shear strength. These models were compared with the experimental results and a great similarity between the adhesion and friction angle values was noticed. The roughness obtained on the specimens was also measured through the sand impression during stress curing of the concrete, which resulted in rough surfaces. Another aim of the research was the evaluation of the rupture surface, carried out by comparing measurements of vertical displacements of the interface and pure sand and direct shear tests on the interface, through which it was concluded that shear occurs on a sand-sand surface. Finally, the comparison of the experimental results of the present research with the shear data at the sand-concrete interface of 9 authors was carried out, through the following factors: roughness, average grain diameter, relative density, particle morphology and USCS classification. It was concluded that the results of this study obtained values with consistent behavior, but higher than the literature. It is inferred that the cause of this discrepancy are the two factors analyzed in this work that were not used by other authors: water content and curing time. Keywords: Soil-concrete interface. Curing under stress. Shear strength. Roughness. Response Surface Methodology

Magnetic Properties of Monolayer Co Islands on Ir(111) Probed by Spin-Resolved Scanning Tunneling Microscopy

As the characteristic length scale of devices continues to decrease, it is essential to understand the fundamental magnetic properties of reduced dimension structures. This paper examines the electronic and magnetic properties of two-dimensional nanoscale Co islands on an Ir(111) surface using spin-polarized scanning tunneling microscopy. The pseudomorphic Co islands investigated are ferromagnetic and single domain, with the magnetic easy axis normal to the sample surface. Remarkably, the coercivity of these islands is greater than 4 T and magnetic saturation of the islands requires an applied field of at least 5 T

Environmentally realistic concentrations of chlorinated, brominated, and fluorinated persistent organic pollutants induce the unfolded protein response as a shared stress pathway in the liver of Atlantic cod (Gadus morhua)

In the North Sea and North Atlantic coastal areas, fish experience relatively high background levels of persistent organic pollutants. This study aimed to compare the mode of action of environmentally relevant concentrations of mixtures of halogenated compounds in Atlantic cod. Juvenile male cod with mean weight of 840 g were exposed by gavage to dietary mixtures of chlorinated (PCBs, DDT analogs, chlordane, lindane, and toxaphene), brominated (PBDEs), and fluorinated (PFOS) compounds for 4 weeks. One group received a combined mixture of all three compound groups. The results showed that the accumulated levels of chemicals in cod liver after 4 weeks of exposure reflected concentrations found in wild fish in this region. Pathway analysis revealed that the treatment effects by each of the three groups of chemicals (chlorinated, brominated, and fluorinated) converged on activation of the unfolded protein response (UPR). Upstream regulator analysis predicted that almost all the key transcription factors (XBP1, ERN1, ATF4, EIF2AK3, and NFE2L2) regulating the UPR were significantly activated. No additive effect was observed in cod co-treated with all three compound groups. In conclusion, the genome-wide transcriptomic study suggests that the UPR pathway is a sensitive common target of halogenated organic environmental pollutants in fish.publishedVersio

Magnetic Properties of Monolayer Co Islands on Ir(111) Probed by Spin-Resolved Scanning Tunneling Microscopy

As the characteristic length scale of devices continues to decrease, it is essential to understand the fundamental magnetic properties of reduced dimension structures. This paper examines the electronic and magnetic properties of two-dimensional nanoscale Co islands on an Ir(111) surface using spin-polarized scanning tunneling microscopy. The pseudomorphic Co islands investigated are ferromagnetic and single domain, with the magnetic easy axis normal to the sample surface. Remarkably, the coercivity of these islands is greater than 4 T and magnetic saturation of the islands requires an applied field of at least 5 T