Estimating the excess returns to housing at a disaggregated level: An application to sydney 2003-2011

The returns to housing are particularly important because this asset class makes up such a large fraction of household wealth. Yet they are not straightforward to calculate given both the heterogeneity in homes and the fact they sell only infrequently. We outline a methodology for constructing the excess returns to housing at a disaggregated level, essentially that of the individual home. Our approach explicitly takes account of the inherent risk in homeownership with regard to the capital gain or loss component of housing returns. This approach is applied to a rich data set for Sydney, Australia, from 2003Q1 to 2011Q2. Our findings indicate that the returns to housing are on average quite weak though they exhibit significant diversity across dwelling types and regions. Excess returns are also strongly influenced by assumptions regarding the level of risk aversion. © 2014 American Real Estate and Urban Economics Association

Reversible Keap1 inhibitors are preferential pharmacological tools to modulate cellular mitophagy

Mitophagy orchestrates the autophagic degradation of dysfunctional mitochondria preventing their pathological accumulation and contributing to cellular homeostasis. We previously identified a novel chemical tool (hereafter referred to as PMI), which drives mitochondria into autophagy without collapsing their membrane potential (ΔΨm). PMI is an inhibitor of the protein-protein interaction (PPI) between the transcription factor Nrf2 and its negative regulator, Keap1 and is able to up-regulate the expression of autophagy-associated proteins, including p62/SQSTM1. Here we show that PMI promotes mitochondrial respiration, leading to a superoxide-dependent activation of mitophagy. Structurally distinct Keap1-Nrf2 PPI inhibitors promote mitochondrial turnover, while covalent Keap1 modifiers, including sulforaphane (SFN) and dimethyl fumarate (DMF), are unable to induce a similar response. Additionally, we demonstrate that SFN reverses the effects of PMI in co-treated cells by reducing the accumulation of p62 in mitochondria and subsequently limiting their autophagic degradation. This study highlights the unique features of Keap1-Nrf2 PPI inhibitors as inducers of mitophagy and their potential as pharmacological agents for the treatment of pathological conditions characterized by impaired mitochondrial quality control

The pharmacological regulation of cellular mitophagy

Small molecules are pharmacological tools of considerable value for dissecting complex biological processes and identifying potential therapeutic interventions. Recently, the cellular quality-control process of mitophagy has attracted considerable research interest; however, the limited availability of suitable chemical probes has restricted our understanding of the molecular mechanisms involved. Current approaches to initiate mitophagy include acute dissipation of the mitochondrial membrane potential (ΔΨm) by mitochondrial uncouplers (for example, FCCP/CCCP) and the use of antimycin A and oligomycin to impair respiration. Both approaches impair mitochondrial homeostasis and therefore limit the scope for dissection of subtle, bioenergy-related regulatory phenomena. Recently, novel mitophagy activators acting independently of the respiration collapse have been reported, offering new opportunities to understand the process and potential for therapeutic exploitation. We have summarized the current status of mitophagy modulators and analyzed the available chemical tools, commenting on their advantages, limitations and current applications

A new vesicle trafficking regulator CTL1 plays a crucial role in ion homeostasis

Ion homeostasis is essential for plant growth and environmental adaptation, and maintaining ion homeostasis requires the precise regulation of various ion transporters, as well as correct root patterning. However, the mechanisms underlying these processes remain largely elusive. Here, we reported that a choline transporter gene, CTL1, controls ionome homeostasis by regulating the secretory trafficking of proteins required for plasmodesmata (PD) development, as well as the transport of some ion transporters. Map-based cloning studies revealed that CTL1 mutations alter the ion profile of Arabidopsis thaliana. We found that the phenotypes associated with these mutations are caused by a combination of PD defects and ion transporter misregulation. We also established that CTL1 is involved in regulating vesicle trafficking and is thus required for the trafficking of proteins essential for ion transport and PD development. Characterizing choline transporter-like 1 (CTL1) as a new regulator of protein sorting may enable researchers to understand not only ion homeostasis in plants but also vesicle trafficking in general

The Endoplasmic Reticulum Stress Response in Neuroprogressive Diseases: Emerging Pathophysiological Role and Translational Implications

The endoplasmic reticulum (ER) is the main cellular organelle involved in protein synthesis, assembly and secretion. Accumulating evidence shows that across several neurodegenerative and neuroprogressive diseases, ER stress ensues, which is accompanied by over-activation of the unfolded protein response (UPR). Although the UPR could initially serve adaptive purposes in conditions associated with higher cellular demands and after exposure to a range of pathophysiological insults, over time the UPR may become detrimental, thus contributing to neuroprogression. Herein, we propose that immune-inflammatory, neuro-oxidative, neuro-nitrosative, as well as mitochondrial pathways may reciprocally interact with aberrations in UPR pathways. Furthermore, ER stress may contribute to a deregulation in calcium homoeostasis. The common denominator of these pathways is a decrease in neuronal resilience, synaptic dysfunction and even cell death. This review also discusses how mechanisms related to ER stress could be explored as a source for novel therapeutic targets for neurodegenerative and neuroprogressive diseases. The design of randomised controlled trials testing compounds that target aberrant UPR-related pathways within the emerging framework of precision psychiatry is warranted

How well do Australian homeowners know the value of their home

Owners' estimates of the value of their home arewidely used in research and form the basis ofmuch of our understanding of householdwealth. But are these estimates accurate? Usinghedonic methods and data from the Household,Income, and Labour Dynamics in AustraliaSurvey, I investigate this for Australian home‐owners. The findings indicate that owners over‐estimate their home's value by around 2.5 percent or $100 billion economy‐wide. Important-ly, the extent of mis‐estimation depends upon theage of the home‐owner and the size of the home.Thus, some caution needs to be exercised whencomparing reported housing wealth acrossgroups, as part of these differences may reflectdifferential estimation errors

Prices over the business cycle: micro-level evidence from scanner data

A controversy has recently developed surrounding the extent to which prices are influenced by the business cycle. We provide some micro-level evidence on this issue using a large US scanner data set. Our model identifies the business cycle effect by looking at variation in unemployment and house price growth across US regions and compares this with individual price movements based upon a general hedonic formulation. We find little support for goods prices moving in response to fluctuations in the unemployment rate or house prices

Benchmark averaging and the measurement of changes in international income inequality

Using data for 113 countries covering the period 1980-2005 we show how international comparisons of income inequality and the way it changes over time are inherently sensitive to (i) the choice of multilateral price index formula used to convert per capita incomes into units of the same currency, (ii) the approach (if any) used for reconciling spatial benchmarks with national growth rates, and (iii) the way inequality is measured. We then consider how best to deal with these issues and highlight some distortions that can arise in such comparisons. Based on our preferred methods we observe convergence when countries are population weighted and divergence when they are not

Eco-labelling and the trade-environment debate

The purpose of this paper is to consider the potential global environmental benefits of eco-labelling programmes, paying attention in particular, to internationally traded commodities. This is important for two reasons. First, we shall argue that in some instances the impetus behind the introduction of eco-labels is that they are seen as an alternative to more trade-restrictive environmental policies, such as import bans or tariffs on goods with harmful environmental effects. In such cases, however, it is desirable to consider the extent to which eco-labelling programmes and trade restrictions might be substitutable with respect to their impact on the environment. Second, eco-labelling requirements for traded goods may be quite costly due to the potential for abuse of labelling requirements as technical trade barriers, and the costs of compliance, such as monitoring foreign production methods. In view of these costs, there is a presumption that ecolabelling requirements for imported goods should yield significant environmental benefits

Examining the Economic Interactions Between Australia's Regions: Results From a Global VAR

Australia's economy, like most national economies, is made up of several regional sub-economies. How these regional economies interact is not well understood but is relevant to macroeconomic policy setting. We outline and estimate a flexible Global Vector Autoregression model using quarterly data on house prices, output, unemployment and population for the eight Australian states and territories from 1986 to 2016. Using region-to-region impulse response functions from this model we quantify the influence of shocks in one region on another. Our results highlight the high degree of influence of New South Wales on other regions over and above its size