Furlough and household financial distress during the COVID-19 pandemic

We study how being furloughed affects household financial distress during the COVID-19 pandemic in the United Kingdom. Furlough increases the probability of late housing and bill payments by 30% and 19%, respectively. At the aggregate level, furlough increases the incidence of financial distress by 3.38 percentage points. To offset furlough-induced income reductions, individuals significantly reduce consumption and spend savings. Relative to unemployment, the potential alternative in the absence of a furlough scheme, furlough reduces the incidence of financial distress by 95%. Estimates show an 80% government contribution to furloughed workers' wages minimizes the incidence of financial distress at the lowest cost to taxpayers

Asymmetries in risk premia, macroeconomic uncertainty and business cycles

A large literature suggests that the expected equity risk premium is countercyclical. Using a variety of different measures for this risk premium, we document that it also exhibits growth asymmetry, i.e. the risk premium rises sharply in recessions and declines much more gradually during the following recoveries. We show that a model with recursive preferences, in which agents cannot perfectly observe the state of current productivity, can generate the observed asymmetry in the risk premium. Key for this result are endogenous fluctuations in uncertainty which induce procyclical variations in agent’s nowcast accuracy. In addition to matching moments of the risk premium, the model is also successful in generating the growth asymmetry in macroeconomic aggregates observed in the data, and in matching the cyclical relation between quantities and the risk premium

Suivi spectroscopique d'un caillot sanguin

Z2008.0001 Projet de fin d'études troisième année. Février-Juin 200

Asymmetries in risk premia, macroeconomic uncertainty and business cycles

A large literature suggests that the expected equity risk premium is countercyclical. Using a variety of different measures for this risk premium, we document that it also exhibits growth asymmetry, i.e. the risk premium rises sharply in recessions and declines much more gradually during the following recoveries. We show that a model with recursive preferences, in which agents cannot perfectly observe the state of current productivity, can generate the observed asymmetry in the risk premium. Key for this result are endogenous fluctuations in uncertainty which induce procyclical variations in agent’s nowcast accuracy. In addition to matching moments of the risk premium, the model is also successful in generating the growth asymmetry in macroeconomic aggregates observed in the data, and in matching the cyclical relation between quantities and the risk premium

Nanoporous Organosilicates Thin Films for Selective Enrichment of Metabolites

International audienc

SiOCH thin films deposited by chemical vapor deposition: From low-κ to chemical and biochemical sensors

International audienc

Filament Assisted Chemical Vapor Deposited organosilicate as chemical layer for nanometric hydrocarbon gas sensors

International audienceThe fabrication of gravimetric gas sensors based on Nano Electro Mechanical System (NEMS) requires the use ofa chemical sensitive layer that is uniformly deposited by a solvent-free deposition technique. In this work, weshow than an organosilicate layer deposited by Filament-Assisted Chemical Vapor Deposition using methyl-triethoxysilane presents very high affinity toward hydrocarbon gas. High partition coefficients toward tolueneand pentane were obtained on Quartz Crystal Microbalance sensors after being annealed at 400 °C. It is shownthat the hydrophobic nature of this material composed of a SieOeSi backbone with methyl groups bonded tosilicon, combined with the presence of isolated ethoxy groups and microporosity, allow a very high sensibility incomparison to others SiOCH. Furthermore, the functionalization of NEMS-based gas sensors was demonstrated.This material, deposited using a CMOS compatible technique, constitutes a promising solution for the devel-opment of a complete and portable multi-gas analysis system