The Home Bias and Capital Income Flows between Countries and Regions

This paper documents a marked increase in international consumption risk sharing throughout the recent globalization period. Unlike earlier studies that have found it difficult to document a consistent effect of financial globalization on international consumption comovements, we make use of the information implicit in the relative levels of consumption and output to measure long-run risk sharing among OECD countries and US federal states. We derive our empirical setup from a deliberately simplistic model in which countries can trade perpetual claims to each other?s output (Shiller securities). This model allows us to identify the channels through which improvements in international risk sharing have come about. The model predicts crosscountry and cross-regional income flows with considerable precision. Both international income flows as well as consumption risk sharing have increased since 1990, in line with the gradual removal of country portfolio home bias documented elsewhere. Still, the increase in international income flows falls short of explaining all of the consumption risk sharing we see in international data. We show that heterogeneity in countries? gross foreign asset positions is important in explaining this result. While countries with less portfolio home bias enjoy better consumption risk sharing, our findings also suggest that heterogeneity in country portfolios opens an separate channel for consumption risk sharing, possibly through asymmetric valuation effects that have been emphasized in the recent literature. --Consumption Risk Sharing,International and regional business cycles,Capital flows,Home Bias,Non-stationary panel data

How Phenol and α-Tocopherol React with Ambient Ozone at Gas/Liquid Interfaces

The exceptional ability of α-tocopherol (α-TOH) for scavenging free radicals is believed to also underlie its protective functions in respiratory epithelia. Phenols, however, can scavenge other reactive species. Herein, we report that α-TOH/α-TO^− reacts with closed-shell O_3(g) on the surface of inert solvent microdroplets in <1 ms to produce persistent α-TO−O_n^−(n = 1−4) adducts detectable by online thermospray ionization mass spectrometry. The prototype phenolate PhO^−, in contrast, undergoes electron transfer under identical conditions. These reactions are deemed to occur at the gas/liquid interface because their rates: (1) depend on pH, (2) are several orders of magnitude faster than within microdroplets saturated with O_3(g). They also fail to incorporate solvent into the products: the same α-TO−On^− species are formed on acetonitrile or nucleophilic methanol microdroplets. α-TO−O_n(=1−3)^− signals initially evolve with [O_3(g)] as expected from first-generation species, but α-TO−O^− reacts further with O_3(g) and undergoes collisionally induced dissociation into a C_(19)H_(40) fragment (vs C_(19)H_(38) from α-TO^−) carrying the phytyl side chain, whereas the higher α-TO−O_(n≥2)^− homologues are unreactive toward O_3(g) and split CO_2 instead. On this basis, α-TO−O^− is assigned to a chroman-6-ol (4a, 8a)-ene oxide, α-TO−O2^− to an endoperoxide, and α-TO−O3^− to a secondary ozonide. The atmospheric degradation of the substituted phenols detected in combustion emissions is therefore expected to produce related oxidants on the aerosol particles present in the air we breathe

Absorption of Inhaled NO_2

Nitrogen dioxide (NO_2), a sparingly water-soluble π-radical gas, is a criteria air pollutant that induces adverse health effects. How is inhaled NO_2(g) incorporated into the fluid microfilms lining respiratory airways remains an open issue because its exceedingly small uptake coefficient (γ 10^(−7)−10^(−8)) limits physical dissolution on neat water. Here, we investigate whether the biological antioxidants present in these fluids enhance NO_2(g) dissolution by monitoring the surface of aqueous ascorbate, urate, and glutathione microdroplets exposed to NO_2(g) for 1 ms via online thermospray ionization mass spectrometry. We found that antioxidants catalyze the hydrolytic disproportionation of NO_2(g), 2NO_2(g) + H_2O(l) = NO_3^−(aq) + H^+(aq) + HONO, but are not consumed in the process. Because this function will be largely performed by chloride, the major anion in airway lining fluids, we infer that inhaled NO_2(g) delivers H^+, HONO, and NO_3^− as primary transducers of toxic action without antioxidant participation

Proton Availability at the Air/Water Interface

The acidity of the water surface sensed by a colliding gas is determined in experiments in which the protonation of gaseous trimethylamine (TMA) on aqueous microjets is monitored by online electrospray mass spectrometry as a function of the pH of the bulk liquid (pH_(BLK)). TMAH^+ signal intensities describe a titration curve whose equivalence point at pH_(BLK) 3.8 is dramatically smaller than the acidity constant of trimethylammonium in bulk solution, pK_A(TMAH^+) = 9.8. Notably, the degree of TMA protonation above pH_(BLK) 4 is enhanced hundred-fold by submillimolar LiCl or NaCl and weakly inhibited at larger concentrations. Protonation enhancements are associated with the onset of significant direct kinetic solvent hydrogen isotope effects. Since TMA(g) can be protonated by H_2O itself only upon extensive solvent participation, we infer that H3O^+ emerges at the surface of neat water below pH_(BLK) 4

Prompt Formation of Organic Acids in Pulse Ozonation of Terpenes on Aqueous Surfaces

A major atmospheric process, the gas-phase ozonation of terpenes yields suites of products via a cascade of chemically activated intermediates that ranges from primary ozonides to dioxiranes. If a similar mechanism operated in water, as it is generally assumed, such intermediates would be deactivated within picoseconds and, henceforth, be unable to produce carboxylic acids in microseconds. Herein, we report the online electrospray mass spectrometric detection of (M + 2O – H^+) and (M + 3O – H^+) carboxylates on the surface of aqueous β-caryophyllene (C_(15)H_(24), M = 204 Da) microjets exposed to a few ppmv of O_3(g) for < 10 μs. Since neither species is formed on dry solvent microjets and both incorporate deuterium from D_2O, we infer that carboxylates ensue from the interaction of nascent intermediates with interfacial water via heretofore unreported processes. These interfacial events proceed much faster than those in bulk liquids saturated with ozone

Ranking the Risks: The 10 Pathogen-Food Combinations With the Greatest Burden on Public Health

Examines food-borne pathogens with the highest disease burdens and the top ten foods most commonly contaminated by them, such as salmonella in poultry, toxoplasma in pork, and listeria in deli meats. Makes policy recommendations for improving prevention

Confocal Fluorescence Microscopy of the Morphology and Composition of Interstitial Fluids in Freezing Electrolyte Solutions

Ice rheology, the integrity of polar ice core records, and ice−atmosphere interactions are among the phenomena controlled by the morphology and composition of interstitial fluids threading polycrystalline ice. Herein, we investigate how ionic impurities affect such features via time-resolved confocal fluorescence microscopy of freezing electrolyte solutions doped with a pH probe. We find that the 10 μM probe accumulates into 12 μm thick glassy channels in frozen water, but it is incorporated into randomly distributed <1 μm diameter inclusions in freezing 1 mM NaCl. We infer that morphology is largely determined by the dynamic instabilities generated upon advancing ice by the rejected solute, rather than by thermodynamics. The protracted alkalinization of the fluid inclusions reveals that the excess negative charge generated by the preferential incorporation of Cl^− over Na^+ in ice is neutralized by the seepage of the OH^− slowly produced via H_2O → H^+ + OH^− thermal dissociation

Superacid Chemistry on Mildly Acidic Water

The mechanism of proton transfer across water−hydrophobic media boundaries is investigated in experiments in which the protonation of gaseous n-hexanoic acid (PCOOH) upon collision with liquid water microjets is monitored by online electrospray mass spectrometry as a function of pH. Although PCOOH(aq) is a very weak base (pK_(BH+) < −3), PCOOH(g) is converted to PC(OH)_2^+ on pH < 4 water via a process that ostensibly retains some of the exoergicity of its gas-phase counterpart, PCOOH + H_3O^+ = PC(OH)_2^+ + H_2O, ΔG < −22 kcal mol^(−1). The large kinetic isotope effects observed on H_2O/D_2O microjets, PC(OH)_2^+/PC(OH)OD^+ = 88 and PC(OH)OD^+/PC(OD)_2^+ = 156 at pD = 2, and their inverse dependences on pH indicate that PCOOH(g) hydronation on water (1) involves tunneling, (2) is faster than H-isotope exchange, and (3) is progressively confined to the outermost layers as water becomes more acidic. Proton transfers across steep water density gradients appear to be promoted by both dynamic and thermodynamic factors