Housing Finance Imperfections and Private Saving: A Comparative Simulation Analysis of the U.S. and Japan

This paper presents a life-cycle simulation analysis of the interaction among savings decisions, housing purchase decisions, and the tax system in the United States and Japan. To investigate this issue, we first document the stylized fact that the typical Japanese household purchases a house later in the life-cycle with a higher downpayment ratio than its U.S. counterpart. Second, a life-cycle simulation model that includes the housing purchase decision is constructed and used to compare the behavior of typical U.S. and Japanese households. The Japanese household is induced to save more early in the life cycle in order to meet the higher downpayment requirement. The saving-consumption pattern resulting from a higher growth rate is shown to contribute to a higher aggregate saving rate in Japan compared to the U.S. However, the contribution of the induced early saving due to the downpayment requirement seems to be too small to explain a large differential in the saving rates of the two countries. Only if we introduce a bequest motive can the model generate the observed saving rate in Japan. Finally, tax reform concerning the tax deductibility of mortgage interest payments or the tax exempt status of interest income is shown to have a small impact on the aggregate saving rate in either country. For example, the introduction of tax-exempt saving in the U.S. would increase the saving rate by only 1.5%.

Housing finance imperfections and private saving: A comparative simulation analysis of the U.S. and Japan

This paper presents a life-cycle simulation analysis of the interaction among savings decisions, housing purchase decisions, and the tax system in the United States and Japan. To investigate this issue, we first document the stylized fact that the typical Japanese household purchases a house later in the life-cycle with a higher downpayment ratio than its U.S. counterpart. Second, a life-cycle simulation model that includes the housing purchase decision is constructed and used to compare the behavior of typical U.S. and Japanese households. The Japanese household is induced to save more early in the life cycle in order to meet the higher downpayment requirement. The saving-consumption pattern resulting from a higher growth rate is shown to contribute to a higher aggregate saving rate in Japan compared to the U.S. However, the contribution of the induced early saving due to the downpayment requirement seems to be too small to explain a large differential in the saving rates of the two countries. Only if we introduce a bequest motive, can the model generate the observed saving rate in Japan. Finally, tax reform concerning the tax deductibility of mortgage interest payments or the tax exempt status of interest income is shown to have a small impact on the aggregate saving rate in either country. For example, the introduction of tax-exempt saving in the U.S. would increase the saving rate by only 1.5%

Estimating the time between drinking and death from tissue distribution patterns of ethanol.

To establish a method for estimating the time between the last consumption of alcohol and death, we examined the ethanol levels in body fluids and tissues of rats that had been orally administered 1 g/kg ethanol. We observed the following relationships between ethanol levels in the cardiac blood (blood in the heart itself), vitreous humor, and urine: cardiac blood &#62; vitreous humor &#62; urine at 10 min (early absorption stage); vitreous humor &#62; cardiac blood &#62; urine from 20 to 50 min (late absorption stage); vitreous humor &#62; urine &#62; cardiac blood from 60 to 120 min (distribution stage); and urine &#62; vitreous humor &#62; cardiac blood at 180 min (excretion stage). It was also observed that, in cases of death immediately following drinking, ethanol levels in the stomach contents are very high, and the following ratios of ethanol levels were observed: skeletal muscle to cardiac blood--less than 1; liver to cardiac blood--around 1. buccal mucosa to cardiac blood-greater than 1. These ratios at equilibrium after drinking were around 1, lower than 1 and around 1, respectively. We also measured alcohol levels in the cardiac blood, urine, vitreous humor and stomach contents of nine cadavers who had consumed alcohol prior to death. The relationships between the time since last consumption of alcohol and relative ethanol levels in these specimens were in good accordance with the results of the animal experiments. </p

In Vivo Studies on Fast and Slow Muscle Fibers in Cat Extraocular Muscles

In anesthetized in vivo preparations, responses of two types of extraocular muscle fibers have been studied. The small, multiply innervated slow fibers have been shown to be capable of producing propagated impulses, and thus have been labeled slow multi-innervated twitch fibers. Fast and slow multi-innervated twitch fibers are distinguished by impulse conduction velocities, by ranges of membrane potentials, by amplitudes and frequencies of the miniature end plate potentials, by responses to the intravenous administration of succinylcholine, by the frequency of stimulation required for fused tetanus, and by the velocities of conduction of the nerve fibers innervating each of the muscle fiber types

Detecção do antigeno rábico através das provas de imunofluorescência e ímunoperoxidase direta em camundongos, experimentalmente inoculados, sacrificados em fase assintomática e agônica.

A positividade, para raiva, dos materiais cerebrais procedentes de camundongos, foi avaliada comparativamente através das reações de Imunofluorescência Direta (IFD) e Imunoperoxidase Direta (IPD), inoculando-se com vírus rábico de rua, sessenta (60) camundongos jovens pela via intracerebral. Sacrificaram-se trinta (30) dos inoculados em fase assintomática e os demais trinta (30) em fase agônica. No grupo de animais assintomáticos, obteve-se um percentual de 83,3% de positividade com a IPD e 86,6% com a IFD, em materiais cerebrais correspondentes aos mesmos animais. Nos materiais obtidos de animais sacrificados em fase agônica, os resultados foram 100% positivos em ambas as provas. Os resultados demonstraram que a IFD apresentou uma sensibilidade aparentemente superior à da IPD na detecção do antígeno rábico.The positivity of the direct immunoperoxidase and the fluorescent antibody test for rabies virus antigen was comparatively evaluated in sixty young mice inoculated intracerebrally with street rabies virus. Thirty mice were sacrificed in assymptomatic state and the others in their agonizing state. The positive results obtained from impression brain smears of assymptomatic animals by direct immunoperoxidase and fluorescent antibody test were 83.3% and 86.6%, respectively. The results found in impression brain smears of agonizing animals revelead 100% positivity in both techniques. The direct immunoperoxidase test presented a relative sensitivity comparable to thefluorescent antibody test for the detection of rabies virus antigen

数種緑藻の遊離アミノ酸とペプチッド

7種の海産緑藻のエキスの遊離アミノ酸組成を調べた。その結果,アナアオサ(Ulva pertusa)にジペプチッド,L-arginyl-L-glutamineが著量に存在することを認めた。このペプチッドはイオン交換樹脂カラムクロマトグラフィーにより単離され,加水分解生成物の同定および合成によりその構造が確認された。アナアオサではL-arginyl-L-glutamineは全エキス窒素の約20%を占め,主成分をなしていた。さらにウスバアオノリ(Enteromorpha linza)にも検出されたが,外の5種には認められなかった。ウスバアオノリではarginyl-glutamineとともにprolineの含量が比較的高かった。この外,アサミドリシオグサ(Cladophora densa)ではglycineとproline,マユハキモ(Chlorodesmis comosa),ハイミル(Codium adhaerens)およびミル(Codium fragile)ではglutamic acidとglutamine,スリコギイワヅタ(Caulerpa racemosa)ではglycineの含量がそれぞれ高かった。 またこれら緑藻におけるアミノスルフォン酸の分布をペーパークロマトグラフィーにより調べた。その結果,taurineを4種の海藻に,D-cysteinolic acidを3種に,N-monomethyltaurineを2種に,homotaurineを1種にそれぞれ検出した。このうちアサミドリシオグサではhomotaurineを分離して確認した。The amino acid compositions of 7 marine green algal extracts were examined by means of an amino acid analyzer. Ulva pertusa was for the first time found to contain a dipeptide, L-arginyl-L-glutamine, in a large quantity. This peptide was detected also in Enteromorpha linza but not in the other five species. Glutamic acid and glutamine were relatively predominant in Codium fragile, C. adhaerens and Chlorodesmis comosa. In Caulerpa racemosa, the level of glycine was remarkably high. Glycine and proline were predominant in Cladophora densa. Aminosulfonic acids in these algae were examined by paper chromatography. Taurine was detected in 4 species, D-cysteinolic acid in 3, N-monomethyltaurine in 2, and homotaurine in 1, respectively. Occurrence of homotaurine in Cladophora densa was also established

35Sによるアサクサノリ及びアオサの硫黄の吸収に関する研究Ⅱ.

35Sを添加した海水中でアサクサノリを培養し，その葉体をFig. 1のように分割lし，各フラクションへの35Sの吸収を明暗両条件下で経時的に観察した. 1) 各フラクションの硫黄含量は培養期間 (24-48時間)中，ほとんど一定であった. 2) 35S の吸収は明条件下ではきわめて活発で，暗条件下では著しくにぶい.また明条件下の各フラクションの吸収状態は前報アオサの場合とほぼ同様の傾向を示した. 3) アルコール可溶部中の35S は大部分が陽イオン交換樹脂非吸着性の物質中に移った. 4) 陽イオン交換樹脂非吸着性物質のうちで35Sの存在を最も強く示しているものはタウリンであって，そのほか少量の未確認の物質にもみられ，また35SO4--のままのものも少量存在した. 5) 陽イオン交換樹脂非吸着性物質における35Sの所在について， ヒトエグサとオゴノリで実験した結果， ヒトエグサではDーシステノール酸に，オゴノリではアサクサノリと同じくタウリンに最も強く認められた.1. Sulfur contents of each fractions (ethanol soluble and insoluble, and hot water insoluble) of Porphyra tenera were almost stationary throughout the culture. 2. Aspects of sulfur uptake in various fractions of Porphyra tenera were as like as those of UIva pertusa. 3. Under light, sulfur uptake by Porphyra was very active, but under darkness it was very dull, particularly in ethanol insoluble fraction. 4. In Porphyra and Gracilaria, a considerable amount of 35S of the non-adsorbable was incorporated into taurine, while in Monostroma it was incorporated into Dcysteinolic acid

Studies on the sulfur uptake by porphyra tenera and ulva pertusa, using 35S

　アオサを35SO4，添加海水で、培養し熱水可溶，不溶， 80%アノレコール可溶，不容の各成分への硫黄の移行を時間的lこ追究した.またアサクサノリ及びアオサを同様に48時間培養し，同じく各成分への硫黄の移行を調べ，更にアノレコール可溶部分については， イオン交換樹脂を用いacidic，basic 及びneutral の3 fraction に分割し，各fraction における硫黄の動向について考察した. ① アオサでは硫黄の大部分は熱水可溶部及びその80% アノレコール不溶部にかなり短時間に入り24時間乃至48時間後lこはほぼ平衡に達する. ② 80%アノレコール可溶の部分ではやや異なり，培養開始後24時間までは比絞的緩慢であるが，その後はかなり大きく増加する. ③ アサクサノリ，アオサいずれも80%アルコール不溶の部分に多く吸収され， 80%アノレコール可容の部分ではアサクサノリの方がアオサに比して少い. ④ このfraction にはtaurine，cysteic acid， cysteinolic acid などのようなアミノスルフォン酸の存在が認められ，それらへの移行が考えられるが確認は出来なかった.The time-course of sulfur uptake and transferring to the fronds of Ulva pertusa was investigated, by means of culturing for I, 6, 12, 24 and 48 hours in the media added 35S04 • Distribution of sulfur and 35S-actiyity in the fronds were looked over from the fractions separated under the procedure of Text-fig. I. And also the sulfur uptake of Porphya tenera and of Ulva pertusa were compared, after the culturing for 48 hours with 35SO4 • The results are as follows. (1) 35S was taken rapidly into each fraction from the outset by Ulva pertusa and poised after 48 hours (see Table 1). (2) However, in the 80% ethanol soluble fraction, 35S-activity increased slowly at the beginning of culture, but after 24 hours, became faster. (3) Making a comparison between Porphyra tenera and Ulva pertusa, a good deal of 35S was taken up into the 80 % ethanol insoluble fractions of both, on the contrary, less activity was found in the 80 % ethanol soluble fraction of Porphyra tenera than Ulva pert usa (see Table 2). (4) In the latter fractions, there were found sulfonyl amino compounds such as taurine, cysteinolic acid or cysteic acid in either Porphyra tenera or Ulva pertusa. It is probable that 35 S-activity exists in these compounds