House Price Shocks, Negative Equity and Household Consumption in the UK in the 1990s

We examine the impact of housing capital gains on savings behaviour during the 1990s British housing market cycle using microdata from the British Household Panel Survey and county-level house price data. We condition the models on household real financial capital gains using Family Resources Survey data. We find a marginal propensity to consume out of housing wealth of between 0.01 and 0.03, depending on specification. Among our novel findings are asymmetric behaviour between periods of house price rises and falls, with stronger consumption response during periods of house price increases, and a disproportionate impact on saving if the household has negative housing equity.

Farm diversification, entrepreneurship and technology adoption:Analysis of upland farmers in Wales

Farm businesses face increasing challenges in the face of policy reform which envisages multifunctional rural economies with objectives which span the environmental, the social as well as the production of food. This leads to uncertainties and ambiguities in the way in which farms respond to incentives and pressures to become entrepreneurial, to diversify, to become more efficient at food production and to adopt new technology. This paper examines these tensions in the context of upland agricultural business in rural Wales. Qualitative and quantitative results support a conclusion of significant heterogeneity in farm response, and highlight tensions between maintaining a focus towards current on-farm activity or pursuing entrepreneurial diversification, as well as differing levels of technology adoption in support of these income streams. Supported by a descriptive cluster analysis based on survey data, the paper proposes a new conceptual categorisation of entrepreneurial strategy, distinguished on the basis of attitudes towards on- and off-farm income generation and on stated stance towards current and future policy grant streams. The paper discusses some of the factors that may determine how particular farmers and farming businesses lie within this categorisation

An XMM-Newton Survey of the Soft X-ray Background. II. An All-Sky Catalog of Diffuse O VII and O VIII Emission Intensities

We present an all-sky catalog of diffuse O VII and O VIII line intensities, extracted from archival XMM observations. The O VII and O VIII intensities are typically ~2-11 and <~3 ph/cm^2/s/sr (LU), respectively, although much brighter intensities were also recorded. Our data set includes 217 directions observed multiple times by XMM. The time variation of the intensities from such directions may be used to constrain SWCX models. The O VII and O VIII intensities typically vary by <~5 and <~2 LU between repeat observations, although several intensity enhancements of >10 LU were observed. We compared our measurements with SWCX models. The heliospheric SWCX intensity is expected to vary with ecliptic latitude and solar cycle. We found that the observed oxygen intensities generally decrease from solar maximum to solar minimum, both at high ecliptic latitudes (as expected) and at low ecliptic latitudes (not as expected). The geocoronal SWCX intensity is expected to depend on the solar wind proton flux and on the sightline's path through the magnetosheath. The intensity variations seen in directions that have been observed multiple times are in poor agreement with the predictions of a geocoronal SWCX model. The oxygen lines account for ~40-50% of the 3/4 keV X-ray background that is not due to unresolved AGN, in good agreement with a previous measurement. However, this fraction is not easily explained by a combination of SWCX emission and emission from hot plasma in the halo. The line intensities tend to increase with longitude toward the inner Galaxy, possibly due to an increase in the supernova rate in that direction or the presence of a halo of accreted material centered on the Galactic Center. The variation of intensity with Galactic latitude differs in different octants of the sky, and cannot be explained by a single simple plane-parallel or constant-intensity halo model. (Abridged)Comment: Accepted for publication in the Astrophysical Journal Supplement Series. 29 pages (main body of paper) plus 85 pages (full versions of Tables 1, 2, and 4 - these tables will be published as machine-readable tables in the journal, and appear in abbreviated form in the main body of the paper). 12 figures. v2: Minor corrections, conclusions unaltere