Volatility and growth: credit constraints and productivity-enhancing investment

We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less procyclical return but also a higher liquidity risk. Under complete financial markets, long-term investment is countercyclical, thus mitigating volatility. But when firms face tight credit constraints, long-term investment turns procyclical, thus amplifying volatility. Tighter credit therefore leads to both higher aggregate volatility and lower mean growth for a given total investment rate. We next confront the model with a panel of countries over the period 1960-2000 and find that a lower degree of financial development predicts a higher sensitivity of both the composition of investment and mean growth to exogenous shocks, as well as a stronger negative effect of volatility on growth

Mössbauer and magnetic study of Co x Fe3−x O4 nanoparticles

Magnetic nanoparticles of cobalt ferrites Co x Fe3−x O4 (x = 1 or 2) have been obtained either by mechanical milling or thermal treatment of pre-prepared layered double hydroxide carbonate x-LDH–CO3. Mechanical milling of the 1-LDH–CO3 leads to the large-scale preparation of nearly spherical nanoparticles of CoFe2O4, the size of which (5 to 20 nm) is controlled by the treatment time. Core-shell structure with surface spin-canting has been considered for the nanoparticles formed to explain the observed hysteresis loop shift (from ZFC–FC) in the magnetic properties. Annealing treatment of the 2-LDH–CO3 below 673 K results in the formation of nearly spherical pure Co2FeO4 nanoparticles. At 673 K and above, the LDH decomposition leads to the formation of a mixture of both spinels phases Co2FeO4 and CoFe2O4, the amount of the latter increases with annealing temperature. Unusually high magnetic hardness characterized by a 22 kOe coercive field at 1.8 K has been observed, which reflects the high intrinsic anisotropy for Co2FeO4

Characterization of nanodimensional Ni-Zn ferrite prepared by mechanochemical and thermal methods.

Nickel zinc ferrite nanoparticles, Ni1−xZnxFe2O4 (x = 0, 0.2, 0.5, 0.8, 1.0), with dimensions below 10 nm have been prepared by combining chemical precipitation with high-energy ball milling. For comparison, their analogues obtained by thermal synthesis have also been studied. Mössbauer spectroscopy, X-ray diffraction, and magnetic measurements are used for the characterization of the obtained materials. X-ray diffraction shows that after 3h of mechanical treatment ferrites containing zinc are formed, while 6h of treatment is needed to obtain NiFe2O4. The magnetic properties of the samples exhibit a strong dependence on the phase composition, particle size and preparation method

The Neuromelanin-related T2* Contrast in Postmortem Human Substantia Nigra with 7T MRI

High field magnetic resonance imaging (MRI)-based delineation of the substantia nigra (SN) and visualization of its inner cellular organization are promising methods for the evaluation of morphological changes associated with neurodegenerative diseases; however, corresponding MR contrasts must be matched and validated with quantitative histological information. Slices from two postmortem SN samples were imaged with a 7 Tesla (7T) MRI with T1 and T2* imaging protocols and then stained with Perl???s Prussian blue, Kluver-Barrera, tyrosine hydroxylase, and calbindin immunohistochemistry in a serial manner. The association between T2* values and quantitative histology was investigated with a co-registration method that accounts for histology slice preparation. The ventral T2* hypointense layers between the SNr and the crus cerebri extended anteriorly to the posterior part of the crus cerebri, which demonstrates the difficulty with an MRI-based delineation of the SN. We found that the paramagnetic hypointense areas within the dorsolateral SN corresponded to clusters of neuromelanin (NM). These NM-rich zones were distinct from the hypointense ventromedial regions with high iron pigments. Nigral T2* imaging at 7T can reflect the density of NM-containing neurons as the metal-bound NM macromolecules may decrease T2* values and cause hypointense signalling in T2* imaging at 7T.ope