Household wealth, portfolio selection and consumption behavior

In the past twenty years, household wealth undergoes profound changes and in particular a notable increase of the share of financial wealth. The hike of stock market prices in the late 1990s, the burst of the speculative bubble since the summer of 2000 and the continued upsurge of housing prices lead to important swings of the value of household wealth. These large changes raise a number of issues concerning their consequences, both real - in terms of consumption and savings - and financial - in terms of portfolio selection. This article studies the break up of wealth between different assets (portfolio choice theory) and the impact of aggregate wealth on consumption (wealth effect), taking into account population ageing. The age of consumers indeed influences both the level of their savings (life-cycle theory) and their investment horizon (short vs. long-run). We should expect that older households, on average, would lean towards more liquid assets as their remaining life span is narrowing. The share of housing wealth in aggregate wealth should decrease. Population aging should also lead to an increase of the aggregate saving rate for at least the coming twenty years.household wealth, wealth effect, portfolio selection, population ageing

Protective role of st. John’s wort and its components hyperforin and hypericin against diabetes through inhibition of inflammatory signaling: Evidence from in vitro and in vivo studies

Diabetes mellitus is a very common chronic disease with progressively increasing prevalence. Besides the well-known autoimmune and inflammatory pathogenesis of type 1 diabetes, in many people, metabolic changes and inappropriate lifestyle favor a subtle chronic inflammatory state that contributes to development of insulin resistance and progressive loss of β-cell function and mass, eventually resulting in metabolic syndrome or overt type 2 diabetes. In this paper, we review the anti-inflammatory effects of the extract of Hypericum perforatum L. (St. John’s wort, SJW) and its main active ingredients firstly in representative pathological situations on inflammatory basis and then in pancreatic β cells and in obese or diabetic animal models. The simultaneous and long-lasting inhibition of signal transducer and activator of transcription (STAT)-1, nuclear factor kappa-light-chain-enhancer of activated B cells (NF-κB) and mitogen-activated protein kinases (MAPKs)/c-jun N-terminal kinase (JNK) signaling pathways involved in pro-inflammatory cytokine-induced β-cell dysfunction/death and insulin resistance make SJW particularly suitable for both preventive and therapeutic use in metabolic diseases. Hindrance of inflammatory cytokine signaling is likely dependent on the hyperforin content of SJW extract, but recent data reveal that hypericin can also exert relevant protective effects, mediated by activation of the cyclic adenosine monophosphate (cAMP)/protein kinase cAMP-dependent (PKA)/adenosine monophosphate activated protein kinase (AMPK) pathway, against high-fat-diet-induced metabolic abnormalities. Actually, the mechanisms of action of the two main components of SJW appear complementary, strengthening the efficacy of the plant extract. Careful quantitative analysis of SJW components and suitable dosage, with monitoring of possible drug–drug interaction in a context of remarkable tolerability, are easily achievable pre-requisites for forthcoming clinical applications

The NAIRU and the Wage-setting / price setting loop: a new skilled/unskilled specification

The long-term equilibrium unemployment rate has returned to the center of the economic debate in France. It derives from two macroeconomic equations. Wages are the result of wage bargaining on the labor market (wage-setting equation) and firms set the corresponding level of employment (price-setting equation). We revisit the wage-price loop by introducing two types of workers : skilled and unskilled. This enables us to distinguish two effects of social contributions on labor : a substitution effect due to the change in relative cost of workers, and the effect on the wedge of the wage bargaining process. We compute a long-term equilibrium unemployment rate that depends, in France, on the terms of trade, the employer social contributions rate for low-wage workers, and the real cost of capital. We finally include the wage-setting and price-setting equations in the French macroeconometric MESANGE model and carry out dynamic simulations in order to analyze the impact upon the French economy of simple shocks such as an increase in long-term labor productivity or an decrease in the rate of social contributions.wage bargaining, skills, unemployment, labor market policy

Discussions on "Riemann manifold Langevin and Hamiltonian Monte Carlo methods"

This is a collection of discussions of `Riemann manifold Langevin and Hamiltonian Monte Carlo methods" by Girolami and Calderhead, to appear in the Journal of the Royal Statistical Society, Series B.Comment: 6 pages, one figur

Demographic changes and economic growth: a macroeconomic projection for 2020

Exploring the economic consequences of demographic changes is often carried out within simple accounting frameworks. Such approaches consist of projecting the impact of ageing on social security expenditures under exogenous assumptions about economic growth, productivity, wages and employment. Alternative attempts to consider richer interactions between economic and demographic variables are carried out with calibrated computable general equilibrium models with overlapping generations. These models are basically neoclassical. Up to now in France, this question seldom has been examined with macroeconometric models of keynesian inspiration. Studying the results provided by such models for France may therefore be of interest. This is the purpose of this work, which presents an economic outlook for 2020 carried out with MESANGE macroeconometric model. This model has short term keynesian and long term neo-classical properties. This exercise integrates the impact of demographic changes on savings, consumption, social expenditures and disequilibrium on the labour market. Labour force projections and the natural dynamics of the model lead to employment levels that remain insufficient to ensure balance in social accounts. Additional taxes would therefore be required. Two possibilities are explored: the CSG or Generalized Social Contribution (a constant tax rate on capital and labor income) or employers and employees social contributions (with or without an impact of employees contributions on the fiscal wedge). The model predicts that the level of employment is less penalised by the former modality. We also explore the consequences of tougher conditions to get full pensions which, at the 2020 horizon, would lead to a one-year increase of the age of new retirees. In this case, the increase of the CSG that would be required to meet Maastricht criteria amounts to 4.3 points. Choosing between CSG and social contributions might nevertheless depend on other considerations, such as their incidence on the relative standards of living of workers and pensioners, or the wish to keep a strong correspondence between pension benefits and contributions paid during working life.retirement, ageing, growth, sustainability of public spending

Alteration of beta-cell constitutive NO synthase activity is involved in the abnormal insulin response to arginine in a new rat model of type 2 diabetes.

We have previously obtained a new type 2 diabetic syndrome in adult rats given streptozotocin and nicotinamide, characterized by reduced beta-cell mass, partially preserved insulin response to glucose and tolbutamide and excessive responsiveness to arginine. We have also established that the neuronal isoform of constitutive NO synthase (nNOS) is expressed in beta-cells and modulates insulin secretion. In this study, we explored the kinetics of glucose- and arginine-stimulated insulin release in perifused isolated islets as well as the effect of N-omega-nitro-L-arginine methyl ester (L-NAME), a NOS inhibitor, to get insight into the possible mechanisms responsible for the arginine hypersensitivity observed in vitro in this and other models of type 2 diabetes. A reduced first phase and a blunted second phase of insulin secretion were observed upon glucose stimulation of diabetic islets, confirming previous data in the isolated perfused rat pancreas. Exposure of diabetic islets to 10 mM arginine, in the presence of 2.8 mM glucose, elicited a remarkable monophasic increment in insulin release, which peaked at 639 +/- 31 pg/islet/min as compared to 49 +/- 18 pg/islet/min in control islets (P << 0.01). The addition of L-NAME to control islets markedly enhanced the insulin response to arginine, as expected from the documented inhibitory effect exerted by nNOS activity in normal beta-cells, whereas it did not further modify the insulin secretion in diabetic islets, thus implying the occurrence of a defective nNOS activity in these islets. A reduced expression of nNOS mRNA was found in the majority but not in all diabetic islet preparations and therefore cannot totally account for the absence of L-NAME effect, that might also be ascribed to post-transcriptional mechanisms impairing nNOS catalytic activity. In conclusion, our results provide for the first time evidence that functional abnormalities of type 2 experimental diabetes, such as the insulin hyper-responsiveness to arginine, could be due to an impairment of nNOS expression and/or activity in beta-cell

Synthesis and preliminary biological profile of new NO-donor tolbutamide analogues.

We describe a new class of NO-donor hypoglycemic products obtained by joining tolbutamide, a typical hypoglycemic sulfonylurea, with a NO-donor moiety through a hard link. As NO-donors we chose either furoxan (1,2,5-oxadiazole 2-oxide) derivatives or the classical nitrooxy function. A preliminary biological characterization of these compounds, including stimulation of insulin release from cultured rat pancreatic β-cells and in vitro vasodilator and anti-aggregatory activities, is reported

Direct interation of garcinol and related polyisoprenylated benzophenones of Garcinia cambogia fruits with the transcription factor STAT-1 as a likely mechanism of their inhibitory effect on cytokine signaling pathways.

Garcinol (1), a polyisoprenylated benzophenone occurring in Garcinia species, has been reported to exert anti-inflammatory activity in LPS-stimulated macrophages, through inhibition of NF-κB and/or JAK/STAT-1 activation. In order to provide deeper insight into its effects on the cytokine signaling pathway and to clarify the underlying molecular mechanisms, 1 was isolated from the fruits of Garcinia cambogia along with two other polyisoprenylated benzophenones, guttiferones K (2) and guttiferone M (3), differing from each other in their isoprenyl moieties and their positions on the benzophenone core. The affinities of 1-3 for the STAT-1 protein have been evaluated by surface plasmon resonance and molecular docking studies and resulted in KD values in the micromolar range. Consistent with the observed high affinity toward the STAT-1 protein, garcinol and guttiferones K and M were able to modulate cytokine signaling in different cultured cell lines, mainly by inhibiting STAT-1 nuclear transfer and DNA binding, as assessed by an electrophorectic mobility shift assay

Interpersonal violence against women and maternity care in Migori County, Kenya: evidence from a cross-sectional survey

BackgroundInterpersonal violence (IPV) is an issue of major public health concern, with 24% of Kenyan women reporting physical violence perpetrated by a current husband or partner. IPV has profound impacts on physical and mental health outcomes, particularly for pregnant women; it has been found to increase the risk of perinatal mortality, low birth weight, and preterm birth. This study aims to identify variables associated with IPV and assess the effects of IPV experience on prenatal and peripartum maternal healthcare in Migori County, Kenya. Findings build on a previous study that investigated a smaller region of Migori County.MethodsResponses to cross-sectional household surveys conducted in six wards of Migori County, Kenya in 2021 from female respondents aged 18 and older were analyzed. The survey contained validated screening tools for interpersonal violence. Group-wise comparisons, and bivariate and multivariate logistic regression analyses were performed to describe community prevalence, factors associated with IPV against women, and the effect of IPV exposure on prenatal and peripartum health care.ResultsThis study finds that 2,306 (36.7%) of the 6,290 respondents had experienced lifetime IPV. IPV experience was associated with the age group 25–49 (adjusted odds ratio (aOR) 1.208; 95%CI: [1.045–1.397]; p = 0.011), monogamous marriage [aOR 2.152; 95%CI: (1.426–3.248); p &lt; 0.001], polygamous marriage [aOR 2.924; 95%CI: (1.826–4.683); p &lt; 0.001], being widowed/divorced/separated [aOR 1.745; 95%CI: (1.094–2.786); p &lt; 0.001], feeling an attitude of “sometimes okay” toward wife beating [aOR 2.002 95%CI: (1.651, 2.428); p &lt; 0.001], having been exposed to IPV in girlhood [aOR 2.525; 95%CI: (2.202–2.896); p &lt; 0.001] and feeling safe in the current relationship [aOR 0.722; 95%CI: (0.609, 0.855); p &lt; 0.001]. A depression score of mild [aOR 1.482; 95%CI: (1.269, 1.73); p &lt; 0.001] and severe [aOR 2.403; 95%CI: (1.429, 4.039); p = 0.001] was also associated with IPV experience, and women who experienced emotional abuse were much more likely to have experienced IPV [aOR 10.462; 95% CI: (9.037, 12.112); p &lt; 0.001]. Adjusted analyses showed that having experienced IPV was negatively associated with attending at least four antenatal care visits during the most recent pregnancy (OR 0.849, p = 0.044) and with having a skilled birth attendant (OR 0.638, p = 0.007).ConclusionsIPV is prevalent in Migori County, Kenya, with increased prevalence among women aged 25–49, those residing in West Kanyamkago, those in a monogamous or polygamous marriage, those who have been widowed/divorced/separated, and those with severe depressive symptoms. Further, IPV exposure is associated with lower use of maternal care services and may lead to worse maternal health outcomes. There is need for enhanced effort in addressing social and gender norms that perpetuate IPV, and this study can contribute to guiding policy interventions and community responses towards IPV