Essays on Debt in Macroeconomics

My dissertation consists of three chapters, where the common theme among them is debt and saving. My work contributes to our understanding of how debt markets function for entrepreneurs, large corporations and households. The first chapter studies how entrepreneurs used personal borrowing to fund their businesses during the Great Recession. One of the defining characteristics of this period was a “credit crunch” during which the supply of credit dropped for all borrowers. I show that changes in the finances of entrepreneurs between 2007 and 2009 are consistent with entrepreneurs using personal assets to secure lending for their businesses and overcome this credit crunch. In particular, I find that home equity loan balances increased by 10%, despite a 12% drop in the value of aggregate housing stock. Entrepreneurs were responsible for 76% of the increase in home equity loan balances, while they only represent 13% of the population. In the second chapter, I study the use of credit ratings by large corporations in the bond market. Over the last 25 years, there has been a drastic change in the distribution of corporate bond ratings: between 1985 and 2010 the number of firms issuing AAA or AA-rated debt dropped by 70%, while the number of firms issuing debt with lower ratings increased. I propose a mechanism whereby investors learn about firms through credit ratings and publicly available financial information and develop a model that incorporates this mechanism such that firms must devote resources to improving their rating. Under general conditions, the number of high-rated firms decreases in response to an increase in public signal accuracy. The third chapter explores the role of financial market access on household consumption inequality. The standard macroeconomic models of consumption and saving with stochastic income processes have failed to match the rise in consumption inequality between 1980 and 2004. I present a model with idiosyncratic earnings risk and endogenous market segmentation between incomplete and complete markets for financial assets. This model improves upon the qualitative predictions regarding between-group and within-group consumption inequality of a standard incomplete markets model and a standard complete markets model with limited commitment

A mems approach to submillimetre-wave frequency multiplier design

SIGLEAvailable from British Library Document Supply Centre-DSC:DXN041423 / BLDSC - British Library Document Supply CentreGBUnited Kingdo

The nuclear pore complex has entered the atomic age

Nuclear pore complexes (NPCs) perforate the nuclear envelope and represent the exclusive passageway into and out of the nucleus of the eukaryotic cell. Apart from their essential transport function, components of the NPC have important, direct roles in nuclear organization and in gene regulation. Because of its central role in cell biology, it is of considerable interest to determine the NPC structure at atomic resolution. The complexity of these large, 40–60 MDa protein assemblies has for decades limited such structural studies. More recently, exploiting the intrinsic modularity of the NPC, structural biologists are making progress toward understanding this nanomachine in molecular detail. Structures of building blocks of the stable, architectural scaffold of the NPC have been solved, and distinct models for their assembly proposed. Here we review the status of the field and lay out the challenges and the next steps toward a full understanding of the NPC at atomic resolution.Pew Charitable Trusts (Scholars Program)National Institutes of Health (U.S.) (Grant GM077537

The effect of dietary fat intake on hepatic gene expression in LG/J AND SM/J mice

Background The liver plays a major role in regulating metabolic homeostasis and is vital for nutrient metabolism. Identifying the genetic factors regulating these processes could lead to a greater understanding of how liver function responds to a high-fat diet and how that response may influence susceptibilities to obesity and metabolic syndrome. In this study we examine differences in hepatic gene expression between the LG/J and SM/J inbred mouse strains and how gene expression in these strains is affected by high-fat diet. LG/J and SM/J are known to differ in their responses to a high-fat diet for a variety of obesity- and diabetes-related traits, with the SM/J strain exhibiting a stronger phenotypic response to diet. Results Dietary intake had a significant effect on gene expression in both inbred lines. Genes up-regulated by a high-fat diet were involved in biological processes such as lipid and carbohydrate metabolism; protein and amino acid metabolic processes were down regulated on a high-fat diet. A total of 259 unique transcripts exhibited a significant diet-by-strain interaction. These genes tended to be associated with immune function. In addition, genes involved in biochemical processes related to non-alcoholic fatty liver disease (NAFLD) manifested different responses to diet between the two strains. For most of these genes, SM/J had a stronger response to the high-fat diet than LG/J. Conclusions These data show that dietary fat impacts gene expression levels in SM/J relative to LG/J, with SM/J exhibiting a stronger response. This supports previous data showing that SM/J has a stronger phenotypic response to high-fat diet. Based upon these findings, we suggest that SM/J and its cross with the LG/J strain provide a good model for examining non-alcoholic fatty liver disease and its role in metabolic syndrome

Initial Metabolic Profiles Are Associated with 7-Day Survival among Infants Born at 22-25 Weeks of Gestation.

OBJECTIVE:To evaluate the association between early metabolic profiles combined with infant characteristics and survival past 7 days of age in infants born at 22-25 weeks of gestation. STUDY DESIGN:This nested case-control consisted of 465 singleton live births in California from 2005 to 2011 at 22-25 weeks of gestation. All infants had newborn metabolic screening data available. Data included linked birth certificate and mother and infant hospital discharge records. Mortality was derived from linked death certificates and death discharge information. Each death within 7 days was matched to 4 surviving controls by gestational age and birth weight z score category, leaving 93 cases and 372 controls. The association between explanatory variables and 7-day survival was modeled via stepwise logistic regression. Infant characteristics, 42 metabolites, and 12 metabolite ratios were considered for model inclusion. Model performance was assessed via area under the curve. RESULTS:The final model included 1 characteristic and 11 metabolites. The model demonstrated a strong association between metabolic patterns and infant survival (area under the curve [AUC] 0.885, 95% CI 0.851-0.920). Furthermore, a model with just the selected metabolites performed better (AUC 0.879, 95% CI 0.841-0.916) than a model with multiple clinical characteristics (AUC 0.685, 95% CI 0.627-0.742). CONCLUSIONS:Use of metabolomics significantly strengthens the association with 7-day survival in infants born extremely premature. Physicians may be able to use metabolic profiles at birth to refine mortality risks and inform postnatal counseling for infants born at <26 weeks of gestation

A Mortality Cost of Virginity at Older Ages in Female Mediterranean Fruit Flies

Mortality rates were measured over the lifetime of 65,000 female Mediterranean fruit flies, Ceratitis capitata, maintained in either all-female (virgin) cages or cages with equal initial numbers of males, to determine the effect of sexual activity and mating on the mortality trajectory of females at older ages. Although a greater fraction of females maintained in all-female (virgin) cages survived to older ages, the life expectancy of the surviving virgins was less than the life expectancy of surviving non-virgins at older ages. This was due to a mortality crossover where virgin flies experience lower mor-tality than mated flies from eclosion to Day 20 but higher mortality thereafter. These results suggest that there are two consequences of mating—a short-term mortality increase (cost) and a longer term mortality decrease (benefit)

Female Sensitivity to Diet and Irradiation Treatments Underlies Sex-Mortality Differentials in the Mediterranean Fruit Fly

Large-scale experiments on medflies that were subjected to sterilizing doses of ionizing radiation (plus intact controls) and maintained on either sugar-only or full, protein-enriched diets revealed that, whereas the mortality trajectories of both intact and irradiated male cohorts maintained on both diets are similar, the mortality patterns of females are highly variable. Mean mortality rates at 35 days in male cohorts ranged from 0.2 to 0.3 but in female cohorts ranged from 0.09 to 0.35, depending on treatment. The study reports three main influences: (a) qualitative differences exist in the sex–mortality response of medflies subjected to dietary manipulations and irradiation, (b) the female mortality response is linked to increased vulnerability due to the nutritional demands of reproduction, and (c) female sensitivity to environmental changes underlies the dynamics of the sex-mortality differential

Food Pulses Increase Longevity and Induce Cyclical Egg Production in Mediterranean Fruit Flies

1. Inasmuch as virtually all studies on mortality and reproduction in insects are conducted under conditions in which food availability is constant, little is known about the demographic response of insects to variable food environments. For example, it is not known if and to what extent the life expectancy of insects subjected to shortages of high-quality food will increase and/or whether this increase is associated with major decreases in lifetime reproduction. 2. Therefore cohorts of 100 individual female medflies were subjected to different sets of conditions of protein availability (interspersed with sugar-only diets) including ad libitum sugar-only (no protein), ad libitum protein and full (protein) diet either every 2nd, 4th, 6th, 11th, or 21st day, as well as two lag-treatments (1 day full diet followed by 30 days sugar-only, followed by one of two cyclical treatments). 3. Both life expectancy and lifetime reproduction were strongly affected by specific treatments. Specifically (i) mortality was inversely related to frequency of protein availability whereas lifetime reproduction was directly related; (ii) distinct cycles in reproduction began to appear when food pulse cycles were as short as every 4 days. However, egg-laying peaks and troughs were particularly pronounced in the 10- and 20-day food pulse cycles; (iii) the peak and trough levels were inversely related to cycle length; and (iv) the within-cycle height was independent of cycle length, occurring 4 days after protein food was made available to the cohort whether the cycle length was 5, 10 or 20 days. 4. The results shed new light on the within- and between-cycle and lifetime dynamics of reproduction when insects are subjected to variable food environments and indicate that medfly females track food level very closely