Booms and busts: consumption, house prices and expectations

Over much of the past 25 years, the cycles of house price and consumption growth have been closely synchronised. Three main hypotheses for this co-movement have been proposed in the literature. First, that an increase in house prices raises households’ wealth, particularly for those in a position to trade down the housing ladder, which increases their desired level of expenditure. Second, that house price growth increases the collateral available to homeowners, reducing credit constraints and thereby facilitating higher consumption. And third, that house prices and consumption have tended to be influenced by common factors. This paper finds that the relationship between house prices and consumption is stronger for younger than older households, which appears to contradict the wealth channel. These findings therefore suggest that common causality has been the most important factor behind the link between house price and consumption

Robustness of the 0−π0 -\pi transition against compositional and structural ageing in S/F/S heterostructures

We have studied the temperature induced $0 -\pi$ thermodynamic transition in Nb/PdNi/Nb Superconductor/Ferromagnetic/Superconductor (SFS) heterostructures by microwave measurements of the superfluid density. We have observed a shift in the transition temperature with the ageing of the heterostructures, suggesting that structural and/or chemical changes took place. Motivated by the electrodynamics findings, we have extensively studied the local structural properties of the samples by means of X-ray Absorption Spectroscopy (XAS) technique, and the compositional profile by Time-of-Flight Secondary Ion Mass Spectrometry (ToF-SIMS). We found that the samples have indeed changed their properties, in particular for what concerns the interfaces and the composition of the ferromagnetic alloy layer. The structural and compositional data are consistent with the shift of the $0-\pi$ transition toward the behaviour of heterostructures with different F layers. An important emerging indication to the physics of SFS is the weak relevance of the ideality of the interfaces: even in aged samples, with less-than-ideal interfaces, the temperature-induced $0-\pi$ transition is still detectable albeit at a different critical F thickness.Comment: 11 pages, 9 figures, accepted for publication on Phys. Rev. B, http://journals.aps.org/prb

Microcredit Contracts, Risk Diversification and Loan Take-Up

We study theoretically and empirically the demand for microcredit under different liability arrangements and risk environments. A theoretical model shows that the demand for joint-liability loans can exceed that for individual-liability loans when risk-averse borrowers value their long-term relationship with the lender. Joint liability then offers a way to diversify risk and reduce the chance of losing access to future loans. We also show that the demand for loans depends negatively on the riskiness of projects. Using data from a randomised controlled trial in Mongolia we find that these model predictions hold true empirically. In particular, we use innovative data on subjective risk perceptions to show that expected project risk negatively affects the demand for loans. In line with an insurance role of joint-liability contracts, this effect is muted in villages where joint-liability loans are available

A PRELIMINARY APPROACH TO ASSESS PEACH FRUIT TEXTURE BY TIME-RESOLVED SPECTROSCOPY (TRS)

Most fruits can be modeled for their internal composition as a diffusive medium at visible and near-infrared wavelengths. The low absorption in this spectral range allows exploiting VIS/NIR spectroscopic techniques to probe non-destructively the internal food properties. Time-resolved reflectance spectroscopy (TRS), in particular, allows the separate, but simultaneous estimation of absorption and scattering coefficients. Absorption and scattering properties give very different information about the medium investigated. The possibility of applying TRS to assess the texture type of peach fruit was tested. To this purpose, an instrument for TRS developed at Politecnico di Milano-Department of Physics, was exploited. At least two cultivars for each peach flesh phenotype (melting, non-melting, stony hard and slow melting) and a total of 30 fruits for each cultivar were analyzed over the spectral range 540-940 nm. The absorption spectra exhibit high values around 550 nm due to the anthocyanins' absorption features. Furthermore, an absorption peak is visible at 670 nm, linked to the chlorophyll a content and then gives an idea about the fruit ripeness (a high chlorophyll content corresponds to a less ripe fruit). With the exception of the cultivar 'Iride', particularly rich in anthocyanins, and 'Ghiaccio', anthocyaninless, the absorption spectra of all of the samples were similar. Concerning the scattering properties of peaches, by considering the equivalent density and the scatter power Mie parameters, it was possible to discriminate between three out of four texture types (melting, slow melting and stony hard). Further improvements may lead to a full discrimination in the future

Sustainable solutions for the construction sector: integration of secondary raw materials in the production cycle of concrete

The construction industry is one of the largest consumers of raw materials and energy and one of the highest contributor to green-houses gases emissions. In order to become more sustainable it needs to reduce the use of both raw materials and energy, thus lim-iting its environmental impact. Developing novel technologies to integrate secondary raw materials (i.e. lightweight recycled aggre-gates and alkali activated “cementless” binders - geopolymers) in the production cycle of concrete is an all-inclusive solution to im-prove both sustainability and cost-efficiency of construction industry. SUS-CON “SUStainable, Innovative and Energy-Efficiency CONcrete, based on the integration of all-waste materials” is an European project (duration 2012-2015), which aim was the inte-gration of secondary raw materials in the production cycle of concrete, thus resulting in innovative, sustainable and cost-effective building solutions. This paper presents the main outcomes related to the successful scaling-up of SUS-CON concrete solutions in traditional production plants. Two European industrial concrete producers have been involved, to design and produce both pre-cast components (blocks and panels) and ready-mixed concrete. Recycled polyurethane foams and mixed plastics were used as aggre-gates, PFA (Pulverized Fuel Ash, a by-product of coal fuelled power plants) and GGBS (Ground Granulated Blast furnace Slag, a by-product of iron and steel industries) as binders. Eventually, the installation of SUS-CON concrete solutions on real buildings has been demonstrated, with the construction of three mock-ups located in Europe (Spain, Turkey and Romania

Psychopharmacology

Psychopharmacology is the scientific study of the effects drugs have on mood, sensation, thinking, and behavior. Particularly it concerns the use of medications in the treatment of mental disorders. The goal of this chapter is to define the major classes of psychotropic drugs, introducing general pharmacological concepts, explaining the different mechanisms of action and the main clinical applications of the drugs used to treat psychiatric disorders. Psychotropic drugs are commonly categorized according to their major clinical applications: antidepressants, anxiolytics, antipsychotics, and mood stabilizers. However, almost every drug used in psychiatry has multiple therapeutic roles and many clinical applications. For example, SSRIs are considered the first-line pharmacological treatment for several disorders, such as depressive disorders, anxiety disorders, and OCD. Similarly, antipsychotics are indicated as first-choice drugs for psychotic disorders, but many guidelines recommend their use, in combination with mood stabilizers, also in the treatment of acute mania

Evidence of double-gap superconductivity in noncentrosymmetric Nb0.18Re0.82 single crystals

We combine point contact spectroscopy with specific heat measurements to probe the superconducting state in noncentrosymmetric Nb0.18Re0.82 single crystals. The conductance spectra clearly exhibit a two-peak structure that is well reproduced within a two-band model with isotropic gaps in the spectrum. Such an observation is confirmed by distinct features of the specific heat both at low temperatures and in the range approaching the transition to the normal state. The analyses provide convincing evidence that the two-gap superconducting pairing is a robust feature of Nb0.18Re0.82

Use of thyroid hormones in hypothyroid and euthyroid patients: A survey of members of the Endocrine Society of Australia

\ua9 2024 The Authors. Clinical Endocrinology published by John Wiley & Sons Ltd.Objective: Hypothyroidism is a common endocrine condition usually managed with levothyroxine (LT4). However, controversy remains around the use of liothyronine (LT3). We aimed to investigate the practices of Australian endocrinologists when managing patients with hypothyroidism, their use of LT3 + LT4 combination therapy and use of thyroid hormones in euthyroid patients. Design and Participants: Members of the Endocrine Society of Australia (ESA) were invited to participate in an online questionnaire. Measurements: We analysed questionnaires that had complete demographic data. Results: Eighty-seven questionnaires fulfilled the criteria. LT4 was used as first line treatment for hypothyroidism by all respondents. Only 45% reported that their patients were dispensed the brand of LT4 that they recommend. LT3 (alone or in combination) was prescribed by 44% in their clinical practice. Although 49% of respondents would consider LT3 + LT4 in patients with normal TSH who had ongoing symptoms of hypothyroidism, the inability of LT4 to restore normal physiology was ranked the least likely explanation for persistent symptoms and only 32% would consider it for themselves if they were diagnosed with hypothyroidism. The majority (55%), in accordance with evidence, would not prescribe thyroid hormone to euthyroid individuals but 39% would consider use in euthyroid female infertility with high levels of thyroid antibodies and 11% in euthyroid patients with a simple goitre growing over time. LT4 use in pregnancy was variable among members. Conclusions: Australian endocrinologists mostly follow international guidelines when prescribing thyroid hormone therapy and many prescribe combination LT3 and LT4 therapy, particularly for patients who remain symptomatic on LT4 monotherapy. Prescribing practices are largely similar to other countries who have completed similar questionnaires

Superconducting properties of Nb thin films deposited on porous silicon templates

Porous silicon, obtained by electrochemical etching, has been used as a substrate for the growth of nanoperforated Nb thin films. The films, deposited by UHV magnetron sputtering on the porous Si substrates, inherited their structure made of holes of 5 or 10 nm diameter and of 10 to 40 nm spacing, which provide an artificial pinning structure. The superconducting properties were investigated by transport measurements performed in the presence of magnetic field for different film thickness and substrates with different interpore spacing. Perpendicular upper critical fields measurements present peculiar features such as a change in the H_c2(T) curvature and oscillations in the field dependence of the superconducting resistive transition width at H=1 Tesla. This field value is much higher than typical matching fields in perforated superconductors, as a consequence of the small interpore distance.Comment: accepted for publication on Journal of Applied Physic