Credit shocks and equilibrium dynamics in consumer durable goods markets

This article studies equilibrium dynamics in consumer durable goods markets after aggregate credit shocks. We introduce two novel features into a general-equilibrium model of durable consumption with heterogeneous households facing idiosyncratic income risk and borrowing constraints: (1) indivisible durable goods are vertically differentiated in their quality and (2) trade on secondary markets at market-clearing prices, with households endogenously choosing when to trade or scrap their durables. The model highlights a new transmission mechanism for macroeconomic shocks and successfully matches several empirical patterns that we document using data on U.S. car markets around the Great Recession. After a tightening of the borrowing limit, debt-constrained households postpone the decision to scrap and upgrade their low-quality cars, which depresses mid-quality car prices. In turn, this effect reduces wealthy households’ incentives to replace their mid-quality cars with high-quality ones, thereby decreasing new-car sales. We further use our framework to evaluate targeted fiscal stimulus policies such as the Car Allowance Rebate System in 2009 (“Cash for Clunkers”)

Three essays in macroeconomics: capital reallocation, capital utilization and optimal policy with partial information

This thesis is composed of three chapters. In the first chapter, I show that capital reallocation is highly procyclical, in contrast to the prediction of existing businesscycle models with firm heterogeneity, where it is highly countercyclical. I argue that endogenizing the price of used capital relative to new solves this puzzle. First I show empirically that in several sectors the price of used investment goods relative to new is procyclical. Then I build a dynamic general equilibrium model with heterogeneous firms facing both aggregate and idiosyncratic productivity shocks. Used capital is an imperfect substitute for new capital because of firm-level capital specificity. In equilibrium both the price of used capital and the volume of reallocation become procyclical. The second chapter studies the link between investment irreversibility and capital utilization. I show that when it is costly to downsize, firms respond to negative transitory profitability shocks by underutilizing their capital stock. In a partial equilibrium setting I derive both analytical and numerical results on the links between the level of irreversibility, the size and persistence of the shocks and the optimal utilization decision. In an industry-equilibrium model with heterogeneous firms and aggregate shocks, I endogenize the resale price of capital as in the first chapter and show that when this price falls, the option value of idle capital rises and the aggregate utilization rate decreases. The third chapter, co-authored with Esther Hauk and Albert Marcet, studies optimal policy in a class of models of endogenous partial information. The economy is hit by multiple shocks and the policy-maker cannot observe their realizations, but only aggregate outcomes. In general the solution to this signal extraction problem cannot be separated from the solution to the problem of finding the optimal policy and we show how to solve them jointly. We apply the result to a model of optimal fiscal policy with incomplete markets and show that the endogeneity of the signal extraction may lead to highly non-linear optimal policies

Fiscal Policy with Limited-Time Commitment

We propose a theory of optimal fiscal policy consistent with the observation that governments typically inherit their predecessors’ plans and formulate their policies over a finite future horizon. We use this framework, which we call “Limited-Time Commitment” (LTC), to make two contributions. First, in a general stochastic model, we show that, under an intuitive sufficient condition, a chain of successive governments with LTC sustains the Full Commitment (FC) Ramsey equilibrium. This equivalence result clarifies in which cases existing recursive methods to solve for FC plans have a positive interpretation based on partial commitment. We apply this result in two benchmark models of optimal fiscal policy (with and without capital), in which the FC policy is time-inconsistent. Second, we investigate the implications of LTC in a model of capital taxation in which the FC outcome cannot be achieved with finite commitment. We show that the internalisation of near- future tax distortions represents a key distinction with respect to the literature on No Commitment (NC). In a calibrated version of the model, we find that a single year of fiscal commitment leads to large welfare gains (approximately a third of the difference between FC and NC). Finally, we use LTC to analyse commitment to different fiscal instruments and to study the importance of state-contingency in fiscal plans

The Effect of Reproductive System on Invasiveness: Lessons from South American Weevils

Successful invasion of a species into novel, marginal areas often requires the ability to face different ecological characteristics than those prevailing in its native environment. In insects, one of the factors that affect invasiveness is the reproductive system. Unisexuality provides advantages because a single specimen can initiate a new population. Unisexual reproduction precludes breakup of genetic combinations that promote ecological specialization, although it may limit evolutionary potential for colonization. In order to assess the importance of the reproductive mode in the colonization ability of the weevils that are native to South America, we compared 1 bisexual and 2 parthenogenetic species that expanded their ranges in the last 2 centuries. First, for parthenogenetic species we tested clonality of the sample. Second, we proposed central and marginal areas through phylogeographic and habitat modeling analyses, and identified the pathways of dispersal for each species. Bisexual Naupactus xanthographus (Germar) (Coleoptera: Curculionidae) expanded its range westward to areas with similar environmental constraints than in its native ecosystem. Conversely, parthenogenetic Naupactus leucoloma Boheman and Naupactus cervinus Boheman (both Coleoptera: Curculionidae) invaded other continents where they had low to null predicted habitat suitability. While a single clone of N. cervinus successfully established around the world in areas with apparently adverse conditions, clones of N. leucoloma expanded their range to areas only moderately suitable. We conclude that parthenogenesis is a driver in these particular species for colonization of marginal habitats. However, N. cervinus also would have pre-existing adaptations that allowed it to establish in areas with apparently low potential to survive.Fil: Rodriguero, Marcela Silvina. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Ecología, Genética y Evolución de Buenos Aires. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Ecología, Genética y Evolución de Buenos Aires; ArgentinaFil: Guzman, Noelia Veronica. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Ecología, Genética y Evolución de Buenos Aires. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Ecología, Genética y Evolución de Buenos Aires; ArgentinaFil: Lanteri, Analia Alicia. Universidad Nacional de La Plata. Facultad de Ciencias Naturales y Museo; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - La Plata; ArgentinaFil: Confalonieri, Viviana Andrea. Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Departamento de Ecología, Genética y Evolución. Grupo de Investigación en Filogeografía y Filogenias Moleculares; Argentin

Actores para un nuevo orden nacional. Los 'abogados de la Confederación' argentina: la idoneidad entre lo jurídico y lo político

En septiembre de 1854, Justo José de Urquiza dio los primeros pasos para establecer el poder judicial a través de un decreto por el que estipulaba los requisitos y las formas de habilitación de los “abogados de la Confederación” argentina. En el mismo, converge una serie de elementos que involucran nuestros problemas de investigación y que constituyen el núcleo de este artículo. Los debates legislativos sobre el decreto/ley permiten recrear los términos del reconocimiento de los abogados en tanto personas idóneas para ejercer los cargos judiciales nacionales en su etapa de conformación. Dichos debates y las claves en las que se basaba dicha idoneidad, fundamentan una nueva lectura sobre el decreto y su significación en el contexto jurídico-político de esos años.El trabajo transita por hipótesis que involucran a las funciones públicas en un sentido amplio, y específicamente a la conformación del poder judicial nacional como fruto de una decisión política. Se enfatiza tanto en los requisitos de saber, como en las redes de relaciones y lealtades políticas y en las trayectorias públicas de los actores. Se relaciona la problemática con las redefiniciones de los vínculos político-institucionales de las autoridades provinciales y la nacional y del poder judicial con el ejecutivo y legislativo.Fil: Lanteri, Ana Laura. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Mar del Plata; ArgentinaFil: Piazzi, Carolina Andrea. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina. Universidad Nacional de Rosario; Argentin

The isolation and mapping of a novel hydroxycinnamoyltransferase in the globe artichoke chlorogenic acid pathway

<p>Abstract</p> <p>Background</p> <p>The leaves of globe artichoke and cultivated cardoon (<it>Cynara cardunculus </it>L.) have significant pharmaceutical properties, which mainly result from their high content of polyphenolic compounds such as monocaffeoylquinic and dicaffeoylquinic acid (DCQ), and a range of flavonoid compounds.</p> <p>Results</p> <p>Hydroxycinnamoyl-CoA:quinate hydroxycinnamoyltransferase (HQT) encoding genes have been isolated from both globe artichoke and cultivated cardoon (GenBank accessions <ext-link ext-link-type="gen" ext-link-id="DQ915589">DQ915589</ext-link> and <ext-link ext-link-type="gen" ext-link-id="DQ915590">DQ915590</ext-link>, respectively) using CODEHOP and PCR-RACE. A phylogenetic analysis revealed that their sequences belong to one of the major acyltransferase groups (anthranilate N-hydroxycinnamoyl/benzoyltransferase). The heterologous expression of globe artichoke HQT in <it>E. coli </it>showed that this enzyme can catalyze the esterification of quinic acid with caffeoyl-CoA or <it>p</it>-coumaroyl-CoA to generate, respectively, chlorogenic acid (CGA) and <it>p</it>-coumaroyl quinate. Real time PCR experiments demonstrated an increase in the expression level of HQT in UV-C treated leaves, and established a correlation between the synthesis of phenolic acids and protection against damage due to abiotic stress. The HQT gene, together with a gene encoding hydroxycinnamoyl-CoA:shikimate/quinate hydroxycinnamoyltransferase (HCT) previously isolated from globe artichoke, have been incorporated within the developing globe artichoke linkage maps.</p> <p>Conclusion</p> <p>A novel acyltransferase involved in the biosynthesis of CGA in globe artichoke has been isolated, characterized and mapped. This is a good basis for our effort to understand the genetic basis of phenylpropanoid (PP) biosynthesis in <it>C. cardunculus</it>.</p