A Nonbehavioral Theory of Saving

We present a model where the saving rate of the household sector, especially households at the bottom of the income distribution, becomes the endogenous variable that adjusts in order for full employment to be maintained over time. An increase in income inequality and the current account deficit and a consolidation of the government budget lead to a decrease in the saving rate of the household sector. Such a process is unsustainable because it leads to an increase in the household debt-to-income ratio, and maintaining it depends on some sort of asset bubble. This framework allows us to better understand the factors that led to the Great Recession and the dilemma of a repeat of this kind of unsustainable process or secular stagnation. Sustainable growth requires a decrease in income inequality, an improvement in the external position, and a relaxation of the fiscal stance of the government

The Catalina Surveys Periodic Variable Star Catalog

We present ~47,000 periodic variables found during the analysis of 5.4 million variable star candidates within a 20,000 square degree region covered by the Catalina Surveys Data Release-1 (CSDR1). Combining these variables with type-ab RR Lyrae from our previous work, we produce an on-line catalog containing periods, amplitudes, and classifications for ~61,000 periodic variables. By cross-matching these variables with those from prior surveys, we find that > 90% of the ~8,000 known periodic variables in the survey region are recovered. For these sources we find excellent agreement between our catalog and prior values of luminosity, period and amplitude, as well as classification. We investigate the rate of confusion between objects classified as contact binaries and type-c RR Lyrae (RRc's) based on periods, colours, amplitudes, metalicities, radial velocities and surface gravities. We find that no more than few percent of these variables in these classes are misidentified. By deriving distances for this clean sample of ~5,500 RRc's, we trace the path of the Sagittarius tidal streams within the Galactic halo. Selecting 146 outer-halo RRc's with SDSS radial velocities, we confirm the presence of a coherent halo structure that is inconsistent with current N-body simulations of the Sagittarius tidal stream. We also find numerous long-period variables that are very likely associated within the Sagittarius tidal streams system. Based on the examination of 31,000 contact binary light curves we find evidence for two subgroups exhibiting irregular lightcurves. One subgroup presents significant variations in mean brightness that are likely due to chromospheric activity. The other subgroup shows stable modulations over more than a thousand days and thereby provides evidence that the O'Connell effect is not due to stellar spots.Comment: Accepted ApJS, 43 pages, 9 tables, 44 figures (some at reduced resolution

Iron Behaving Badly: Inappropriate Iron Chelation as a Major Contributor to the Aetiology of Vascular and Other Progressive Inflammatory and Degenerative Diseases

The production of peroxide and superoxide is an inevitable consequence of aerobic metabolism, and while these particular "reactive oxygen species" (ROSs) can exhibit a number of biological effects, they are not of themselves excessively reactive and thus they are not especially damaging at physiological concentrations. However, their reactions with poorly liganded iron species can lead to the catalytic production of the very reactive and dangerous hydroxyl radical, which is exceptionally damaging, and a major cause of chronic inflammation. We review the considerable and wide-ranging evidence for the involvement of this combination of (su)peroxide and poorly liganded iron in a large number of physiological and indeed pathological processes and inflammatory disorders, especially those involving the progressive degradation of cellular and organismal performance. These diseases share a great many similarities and thus might be considered to have a common cause (i.e. iron-catalysed free radical and especially hydroxyl radical generation). The studies reviewed include those focused on a series of cardiovascular, metabolic and neurological diseases, where iron can be found at the sites of plaques and lesions, as well as studies showing the significance of iron to aging and longevity. The effective chelation of iron by natural or synthetic ligands is thus of major physiological (and potentially therapeutic) importance. As systems properties, we need to recognise that physiological observables have multiple molecular causes, and studying them in isolation leads to inconsistent patterns of apparent causality when it is the simultaneous combination of multiple factors that is responsible. This explains, for instance, the decidedly mixed effects of antioxidants that have been observed, etc...Comment: 159 pages, including 9 Figs and 2184 reference

Microfinance: Does it Hold its Promises? A Survey of Recent Literature

Poverty alleviation has been the main target of developmental projects world-wide. However, only a few ideas have stirred so much attention in the last two decades as that of the provision of microfinance through specialised institutions. This paper provides a survey of the vast literature that has developed in this field. Though most of the evidence and literature on the subject appears self-praising, nonetheless there is much more to the concept than one can imagine. The establishment of microfinance institutions (MFIs) world-wide for the provision of collateral free loans to the poor through mechanisms and instruments not known to normal commercial banks has set new milestones in the field of financial services. With 900 million households in the less developed countries left without any access to formal financial services, this might just be the key to address market failures in the financial landscape