A re‐examination of the excess smoothness puzzle when consumers estimate the income process

The excess smoothness puzzle is explored using a simple version of the permanent income hypothesis. The new feature is that consumers do not know the observed data‐generating process for income. Instead they estimate the income process every period using the past income data and update their income forecasts as new data arrive. Two scenarios are examined: first, where the income has a linear deterministic trend and second, where the income has a constant trend. There is a misspecification bias in the estimate of the marginal propensity to consume (MPC). This bias is of second‐order importance in the first scenario while it is of first‐order importance in the second. We conclude that the second scenario, which may be relevant for less developed countries, may offer a potential solution to the excess smoothness puzzle. Copyright © 2001 John Wiley & Sons, Ltd.     

Performance evaluation for selectivity of the flocculant on hematite in selective flocculation

Increased demand for iron ore necessitates the utilization of low-grade iron ore fines, slimes, and existing tailings. Selective flocculation can be an alternative physico-chemical process for utilizing these low-grade fines, slimes, and tailings. In selective flocculation, the most critical objective is the selection of proper reagents that will make floc of desired minerals. In present study, selective flocculation was applied to ultra-fine synthetic mixtures of hematite and kaolinite, and the Fe value was upgraded up to 65.78% with the reduction of Al₂O₃ and SiO₂ values to 2.65% and 3.66%, respectively. Here, degraded wheat starch was used as a flocculant.In this process, separation occurs on the basis of the selectivity of the flocculant. The selectivity of the flocculant can be quantified in terms of separation efficiency. Here, an attempt was also made to develop a correlation between separation efficiency and major operating parameters such as flocculent dose, pH value, and solid concentration to predict the separation performance.     

Toxic substances produced byFusarium. VII. Control of fusarial wilt of safflower by root exudates and extractives ofRuellia tuberosa

Summary Exudates and extractives of roots ofRuellia tuberosa, containing 2,6-dimethoxyquinone, acacetin and a C₁₆-quinone, have been shown to produce significant protective and curative actions againstFusarium oxysporum-incited wilt of safflower. The potentiality of the root extractives as a foliar fungicide is appraised.     

Effects of low-temperature oxidation on natural remanent magnetization of Chinese loess

This study systematically investigates changes in both compositions and grain-sizes of magnetic minerals in the Chinese loess/paleosol samples (Yichuan, China) during thermal demagnetization processes. Between 100 and 200℃, (1) H_c and H_cr significantly decrease while M_rs and M_s remain stable; (2) concentration of the multi-domain (MD) grains increases while that of superparamagnetic (SP) grains decreases; and (3) there exists the abnormal behavior of the thermal demagnetization in the natural remanent magnetization (NRM). In addition, the corresponding changes in all these parameters are gradually muted with the increase of the pedogenesis degree. The results indicate that the observed alteration probably relates to reducing processes caused by the burning of the organic matter in samples. Before the thermal treatment, the MD grains in loess samples had been partially altered in nature by low-temperature oxidization (LTO). This CRM can be sufficiently attenuated or even removed by the reducing process between 100 and 200℃ during the thermal treatment and has no apparent harmful effects on the characteristic remanent magnetization (ChRM) between 300 and 500℃.     

Raf-1 activates MAP kinase-kinase.

The normal cellular homologue of the acutely transforming oncogene v-raf is c-raf-1, which encodes a serine/threonine protein kinase that is activated by many extracellular stimuli. The physiological substrates of the protein c-Raf-1 are unknown. The mitogen-activated protein (MAP) kinases Erk1 and 2 are also activated by mitogens through phosphorylation of Erk tyrosine and threonine residues catalysed by a protein kinase of relative molecular mass 50,000, MAP kinase-kinase (MAPK-K). Here we report that MAPK-K as well as Erk1 and 2 are constitutively active in v-raf-transformed cells. MAPK-K partially purified from v-raf-transformed cells or from mitogen-treated cells can be deactivated by phosphatase 2A. c-Raf-1 purified after mitogen stimulation can reactivate the phosphatase 2A-inactivated MAPK-K over 30-fold in vitro. c-Raf-1 reactivation of MAPK-K coincides with the selective phosphorylation at serine/threonine residues of a polypeptide with M(r) 50,000 which coelutes precisely on cation-exchange chromatography with the MAPK-K activatable by c-Raf-1. These results indicate that c-Raf-1 is an immediate upstream activator of MAPK-K in vivo. To our knowledge, MAPK-K is the first physiological substrate of the c-raf-1 protooncogene product to be identified.