Essays in Macro Finance

I study the link between capital markets and sources of macroeconomic risk. In chapter 1 I show that expected inflation risk is priced in the cross section of stock returns even after controlling for cash flow growth and volatility risks. Motivated by this evidence I study a long run risk model with a built-in inflation non-neutrality channel that allows me to decompose the real stochastic discount factor into news about current and expected cash flow growth, news about expected inflation and news about volatility. The model can successfully price a broad menu of assets and provides a setting for analyzing cross sectional variation in expected inflation risk premium. For industries like retail and durable goods inflation risk can account for nearly a third of the overall risk premium while the energy industry and a broad commodity index act like inflation hedges. Nominal bonds are exposed to expected inflation risk and have inflation premiums that increase with bond maturity. The price of expected inflation risk was very high during the 70's and 80's, but has come down a lot since being very close to zero over the past decade. On average, the expected inflation price of risk is negative, consistent with the view that periods of high inflation represent a "bad" state of the world and are associated with low economic growth and poor stock market performance. In chapter 2 I look at the way capital markets react to predetermined macroeconomic announcements. I document significantly higher excess returns on the US stock market on macro release dates as compared to days when no macroeconomic news hit the market. Almost the entire equity premium since 1997 is being realized on days when macroeconomic news are released. At high frequency, there is a pattern of returns increasing in the hours prior to the pre-determined announcement time, peaking around the time of the announcement and dropping thereafter.

Molecular Insights of CD4+ T Cell Differentiation, Effector Formation and Helper Function

CD4+ T cells play a crucial in the adaptive immune system. They function as the central hub to orchestrate the rest of immunity: CD4+ T cells are essential governing machinery in antibacterial and antiviral responses by facilitating B cell affinity maturation and coordinating the innate and adaptive immune systems to boost the overall immune outcome; on the contrary, hyperactivation of the inflammatory lineages of CD4+ T cells, as well as the impairments of suppressive CD4+ regulatory T cells, are the etiology of various autoimmunity and inflammatory diseases. The broad role of CD4+ T cells in both physiological and pathological contexts prompted me to explore the modulation of CD4+ T cells on the molecular level.

microRNAs (miRNAs) are small RNA molecules capable of regulating gene expression post-transcriptionally. miRNAs have been shown to exert substantial regulatory effects on CD4+ T cell activation, differentiation and helper function. Specifically, my lab has previously established the function of the miR-17-92 cluster in Th1 differentiation and anti-tumor responses. Here, I further analyzed the role of this miRNA cluster in Th17 differentiation, specifically, in the context of autoimmune diseases. Using both gain- and loss-of-function approaches, I demonstrated that miRNAs in miR-17-92, specifically, miR-17 and miR-19b in this cluster, is a crucial promoter of Th17 differentiation. Consequently, loss of miR-17-92 expression in T cells mitigated the progression of experimental autoimmune encephalomyelitis and T cell-induced colitis. In combination with my previous data, the molecular dissection of this cluster establishes that miR-19b and miR-17 play a comprehensive role in promoting multiple aspects of inflammatory T cell responses, which underscore them as potential targets for oligonucleotide-based therapy in treating autoimmune diseases.

To systematically study miRNA regulation in effector CD4+ T cells, I devised a large-scale miRNAome profiling to track in vivo miRNA changes in antigen-specific CD4+ T cells activated by Listeria challenge. From this screening, I identified that miR-23a expression tightly correlates with CD4+ effector expansion. Ectopic expression and genetic deletion strategies validated that miR-23a was required for antigen-stimulated effector CD4+ T cell survival in vitro and in vivo. I further determined that miR-23a targets Ppif, a gatekeeper of mitochondrial reactive oxygen species (ROS) release that protects CD4+ T cells from necrosis. Necrosis is a type of cell death that provokes inflammation, and it is prominently triggered by ROS release and its consequent oxidative stress. My finding that miR-23a curbs ROS-mediated necrosis highlights the essential role of this miRNA in maintaining immune homeostasis.

A key feature of miRNAs is their ability to modulate different biological aspects in different cell populations. Previously, my lab found that miR-23a potently suppresses CD8+ T cell cytotoxicity by restricting BLIMP1 expression. Since BLIMP1 has been found to inhibit T follicular helper (Tfh) differentiation by antagonizing the master transcription factor BCL6, I investigated whether miR-23a is also involved in Tfh differentiation. However, I found that miR-23a does not target BLIMP1 in CD4+ T cells and loss of miR-23a even fostered Tfh differentiation. This data indicate that miR-23a may target other pathways in CD4+ T cells regarding the Tfh differentiation pathway.

Although the lineage identity and regulatory networks for Tfh cells have been defined, the differentiation path of Tfh cells remains elusive. Two models have been proposed to explain the differentiation process of Tfh cells: in the parallel differentiation model, the Tfh lineage is segregated from other effector lineages at the early stage of antigen activation; alternatively, the sequential differentiation model suggests that naïve CD4+ T cells first differentiate into various effector lineages, then further program into Tfh cells. To address this question, I developed a novel in vitro co-culture system that employed antigen-specific CD4+ T cells, naïve B cells presenting cognate T cell antigen and BAFF-producing feeder cells to mimic germinal center. Using this system, I were able to robustly generate GC-like B cells. Notably, well-differentiated Th1 or Th2 effector cells also quickly acquired Tfh phenotype and function during in vitro co-culture, which suggested a sequential differentiation path for Tfh cells. To examine this path in vivo, under conditions of classical Th1- or Th2-type immunizations, I employed a TCRβ repertoire sequencing technique to track the clonotype origin of Tfh cells. Under both Th1- and Th2- immunization conditions, I observed profound repertoire overlaps between the Teff and Tfh populations, which strongly supports the proposed sequential differentiation model. Therefore, my studies establish a new platform to conveniently study Tfh-GC B cell interactions and provide insights into Tfh differentiation processes.

Between Principle and Practicality: A Dynamic Realist Examination of Independence in the Canadian Justice System

This work examines independence in the Canadian justice system using an approach adapted from new legal realist scholarship called ‘dynamic realism’. This approach proposes that issues in law must be considered in relation to their recursive and simultaneous development with historic, social and political events. Such events describe ‘law in action’ and more holistically demonstrate principles like independence, rule of law and access to justice. My dynamic realist analysis of independence in the justice system employs a range methodological tools and approaches from the social sciences, including: historical and historiographical study; public administrative; policy and institutional analysis; an empirical component; as well as constitutional, statutory interpretation and jurisprudential analysis. In my view, principles like independence represent aspirational ideals in law which can be better understood by examining how they manifest in legal culture and in the legal system. This examination focuses on the principle and practice of independence for both lawyers and judges in the justice system, but highlights the independence of the Bar. It considers the inter-relation between lawyer independence and the ongoing refinement of judicial independence in Canadian law. It also considers both independence of the Bar and the Judiciary in the context of the administration of justice, and practically illustrates the interaction between these principles through a case study of a specific aspect of the court system. This work also focuses on recent developments in the principle of Bar independence and its relation to an emerging school of professionalism scholarship in Canada. The work concludes by describing the principle of independence as both conditional and dynamic, but rooted in a unitary concept for both lawyers and judges. In short, independence can be defined as impartiality, neutrality and autonomy of legal decision-makers in the justice system to apply, protect and improve the law for what has become its primary normative purpose: facilitating access to justice. While both independence of the Bar and the Judiciary are required to support access to independent courts, some recent developments suggest the practical interactions between independence and access need to be the subject of further research, to better account for both the principles and the practicalities of the Canadian justice system.

The Material Dynamics of a London-French Blog: A Multimodal Reading of Migrant Habitus

Through a fine-grained reading of a London-French blog, this article aims to shed light on the lived experience of the French community in London. The ethnosemiotic conceptual framework brings together ethnographic and semiotic schools of thought, focusing in particular on Pierre Bourdieu’s concept of habitus and Gunther Kress’s multimodal social semiotic analytical model. Habitus is broken down into its material manifestations of habitat, habit and habituation, all displayed in the blog and revealing of the blogger’s identity and positioning within the migration setting. As all modes are considered to be of equal semiotic potential, equivalent emphasis is placed on the multiple modes of meaning-making present in the blog, such as layout, colour, typography and language. By examining the dynamic relationships between blogger and audience, subjectivity and objectivity, on-line and on-land habitus, and intermodal dynamics themselves, through the prism of multimodality, hidden facets of the blogger’s cultural identity and sense of community belonging within the diasporic context begin to materialise.

Forward-in-Time, Spatially Explicit Modeling Software to Simulate Genetic Lineages Under Selection

SELECTOR is a software package for studying the evolution of multiallelic genes under balancing or positive selection while simulating complex evolutionary scenarios that integrate demographic growth and migration in a spatially explicit population framework. Parameters can be varied both in space and time to account for geographical, environmental, and cultural heterogeneity. SELECTOR can be used within an approximate Bayesian computation estimation framework. We first describe the principles of SELECTOR and validate the algorithms by comparing its outputs for simple models with theoretical expectations. Then, we show how it can be used to investigate genetic differentiation of loci under balancing selection in interconnected demes with spatially heterogeneous gene flow. We identify situations in which balancing selection reduces genetic differentiation between population groups compared with neutrality and explain conflicting outcomes observed for human leukocyte antigen loci. These results and three previously published applications demonstrate that SELECTOR is efficient and robust for building insight into human settlement history and evolution.

Investigative journalism in Mexico: between ideals and realities. The case of Morelia

The aim of this paper is to analyse the state of the investigative journalism in Mexico, especially the one that is practiced at the local level in the provinces. That is, this research is based upon a case study conducted in Morelia, the capital city of the state of Michoacán. The empirical evidence will show that there is an evident divergence regarding the practice of the investigative journalism: on the one hand, journalists are aware of what this concept involves and they consider that they practice it on a regular basis; but, on the other, the content analysis prove otherwise. In other words, the account of what is actually printed significantly differs from the news workers’ perceptions, because the former shows a poorly developed journalistic investigation practice.

Saberes expertos en la encrucijada: Razas, anti/racismo y ciencias en la UNESCO 1949-1950

El presente artículo se propone estudiar, retomando diversos aspectos del Análisis Materialista del Discurso, una serie de discusiones de la inmediata posguerra que colocaron la cuestión racial y al racismo en el centro de la agenda de las ciencias (naturales y sociales) así como de los organismos internacionales. Antes que reponer y reproducir una imagen de coherencia u homogeneidad en estos debates, propondremos una lectura a contrapelo capaz de mostrar la articulación contingente de elementos de diversa procedencia, las contradicciones, las tensiones y, sobre todo, las luchas involucradas en ellos.En un primer apartado presentaremos algunos aspectos generales de las discusiones en torno de la cuestión racial en la Segunda Posguerra y el papel que en ello tendrían UNESCO y las ciencias sociales. Luego, nos referiremos sintéticamente a los debates fascistas en torno de la cuestión racial para, en el siguiente apartado, desarrollar la primera de nuestras tesis: la existencia de una relación de diálogo/antagonismo entre la declaración de 1949 de UNESCO y los debates fascistas en torno de las leyes raciales entre 1935 y 1938. A partir de ello, en la sección siguiente, desplegaremos nuestra segunda hipótesis, derivada de la primera: las discusiones de UNESCO además de dirigirse a un público general resultan de una disputa al interior de diversos campos científicos. En este tramo, analizaremos los vínculos entre ciencia y política que recorren los diversos documentos que conforman nuestro estudio. Finalmente, propondremos algunas reflexiones a modo de cierre.

Looking for Determinants of Ontological Security in the Spain of the Crisis

The concept of ontological security has a remarkable echo in the current sociology to describe emotional status of men of late modernity. However, the concept created by Giddens in the eighties has been little used in empirical research covering various sources of risk or uncertainty. In this paper, a scale for ontological security is proposed. To do this, we start from the results of a research focused on the relationship between risk, uncertainty and vulnerability in the context of the economic crisis in Spain. These results were produced through nine focus groups and a telephone survey with standardized questionnaire applied to a national sample of 2,408 individuals over 18 years. This work is divided into three main sections. In the fi rst, a scale has been built from the results of the application of different items present in the questionnaire used. The second part explores the relationships of the scale obtained with the variables further approximate the emotional dimensions of individuals. The third part observes the variables that contribute to changes in the scale: These variables show the structural feature of the ontological security.

La actualidad de la hermenéutica. Entrevista a Jean Grondin y Ramón Rodríguez

De manera paradójica, la actualidad de la hermenéutica debe buscarse en su diálogo con la tradición filosófica. Diálogo que daría comienzo, en primer lugar, con su recepción de Husserl, la cual no se puede entender tanto como una traición al proyecto fenomenológico cuanto como un llevarlo hasta sus últimas consecuencias. En segundo lugar, la vuelta sobre el proyecto moderno (no concebida como destrucción sino como intento de comprensión) conduciría a un dialógo con Kant y a la discusión de la posición de un sujeto trascendental como condición de la objetividad. Es precisamente esta idea de diálogo la que define la hermenéutica como una apertura a lo otro en tanto que otro y no como un ejercicio de asimilación. Finalmente, si esta apertura al otro no cristaliza en un proyecto ético definido es, justamente, porque trata de pensar el fundamento de lo ético.

Hegel’s Non-Metaphysical Idea of Freedom

the article explores the putatively non-metaphysical – non-voluntarist, and even non-causal – concept of freedom outlined in Hegel’s work and discusses its influential interpretation by robert Pippin as an ‘essentially practical’ concept. I argue that Hegel’s affirmation of freedom must be distinguished from that of Kant and Fichte, since it does not rely on a prior understanding of self-consciousness as an originally teleological relation and it has not the nature of a claim ‘from a practical point of view’.

El dinero en la historia del pensamiento económico: la teoría monetaria postkeynesiana y su confrontación con la ortodoxia

Las disputas en torno a determinados aspectos del dinero, como su neutralidad y el carácter endógeno o exógeno de la oferta monetaria, han sido permanentes entre las distintas escuelas de pensamiento y autores, estando su origen, probablemente, en la época de desarrollo del pensamiento escolástico. En este artículo pretendemos, en primer lugar, realizar un recorrido cronológico e histórico sobre el tratamiento científico económico del dinero, para, en segundo lugar, poner sobre la mesa la macroeconomía ortodoxa a la que han dado lugar las interpretaciones al respecto, así como los enfoques alternativos frente a este pensamiento dominante. Finalmente, intentamos poner en valor los desarrollos monetarios post-keynesianos, integrados en lo que denominan “Economía Monetaria de Producción”, confrontándolos con la llamada Nueva Síntesis Neoclásica.

The role of the National Audit Office in Private Finance Initiative endurance

The Private Finance Initiative (PFI) has become one of the UK’s most contentious public policies. Despite New Labour’s advocacy of PFI as a means of achieving better value for money, criticisms of PFI have centred on key issues such as a lack of cost effectiveness, exaggerated pricing of risk transfers, excessive private sector profits, inflexibility and cumbersome administrative arrangements. Nevertheless, PFI has persisted as a key
infrastructure procurement method in the UK and has been supported as such by successive governments, as well as influencing policy in the Republic of Ireland and other European Nations. This paper explores this paradoxical outcome in relation to the role played in the UK by the National Audit Office (NAO). Under pressure to justify its support for PFI, the Blair government sought support for its policies by encouraging the NAO to investigate issues relating to PFI as well as specific PFI projects. It would have been expected that in fulfilling its role as independent auditor, the NAO would have examined whether PFI projects could have been delivered more efficiently, effectively or economically through other means. Yet, in line with earlier research, we find evidence that the NAO failed to comprehensively assess
key issues such as the value for money of PFI projects, and in so doing effectively acted as a legitimator of PFI policy. Using concepts relating to legitimacy theory and the idea of framing, our paper looks into 67 NAO private finance reports published between 1997 and 2011, with the goal of identifying the preferences, values and ideology underpinning the
NAO’s view on PFI during this period. Our analysis suggests that the NAO sought to legitimise existing PFI practices via a selective framing of problems and questions. Utilising a longitudinal approach, our analysis further suggests that this patterns of selective framing persisted over an extended time period during which fundamental parameters of the policy (such as contract length, to name one of the most important issues) were rarely addressed.
Overall the NAO’ supportive stance toward PFI seems to have relied on 1) a focused on positive aspects of PFI, such as on time delivery or lessons learned, and 2) positive comments on aspects of PFI that were criticised elsewhere, such as the lack of flexibility of underlying contractual arrangements. Our paper highlights the possibility that, rather than providing for a critical assessment of existing policies, national auditing bodies can
contribute to the creation of legitimatory environments. In terms of accounting research we would suggests that the objectivity and independence of accounting watchdogs should not be taken for granted, and that instead a critical investigation of the biases which can characterise these bodies can contribute to a deeper understanding of the nature of lobbying networks in the modern state.

‘I don’t think I’d be frightened if the statins went’: a phenomenological qualitative study exploring medicines use in palliative care patients, carers and healthcare professionals

Background

A boron nitride - graphene - C60 heterostructure

We have fabricated a new van-der-Waals heterostructure composed by BN/graphene/C60. We performed transport measurements on the preliminary BN/graphene device finding a sharp Dirac point at the neutrality point. After the deposition of a C60 thin film by thermal evaporation, we have observed a significant n-doping of the heterostructure. This suggests an unusual electron transfer from C60 into the BN/graphene structure. This BN/graphene/C60 heterostructure can be of interest in photovoltaic applications. It can be used to build devices like p-n junctions, where C60 can be easily deposited in defined regions of a graphene junction by the use of a shadow mask. Our results are contrasted with theoretical calculations.

Justice envers les enfants et légitimité politique en éducation

L’idée selon laquelle les enfants sont des sujets à part entière de considérations de justice n’est pas très contestée. Les enfants ont des intérêts qui leur sont propres et ont un statut moral indépendant de leurs parents : ils ne sont ni la propriété de ces derniers ni une simple extension de leur personne. Pourtant, les travaux des plus grands théoriciens de la justice en philosophie politique contemporaine ne contiennent pas de discussion systématique du statut moral et politique des enfants et du contenu de nos obligations à leur égard. Cette thèse contribue à remédier à cette omission à travers l’examen de quatre grandes questions principales. (1) Quelles sont les obligations de justice de l’état libéral envers les enfants ? (2) Quels types de politiques publiques en matière d’éducation des enfants sont moralement légitimes ? (3) Jusqu’à quel point est-il moralement acceptable pour les parents de délibérément forger la vision du monde de leurs enfants ? (4) Quels critères moraux devraient guider l’élaboration de politiques en matière d’éducation morale dans les écoles ? Cette thèse est constituée de quatre articles. Le premier, « Political Liberalism and Children’s Education », aborde les questions du fondement normatif et des implications du principe de ‘neutralité éducative’ ou ‘anti-perfectionnisme éducatif’. Selon ce principe, il n’est pas légitime pour l’État libéral de délibérément promouvoir, à travers ses politiques publiques en éducation, une conception particulière de la vie bonne. L’article défend les idées suivantes. D’abord, ledit principe est exclusivement fondé sur des raisons de justice envers les parents. Ensuite, l’anti-perfectionnisme libéral n’est pas, pour autant, ‘mauvais pour les enfants’, puisqu’une vaste gamme d’interventions politiques dans la vie familiale et l’éducation des enfants sont, de manière surprenante, justifiables dans ce cadre théorique. Le deuxième article, « On the Permissibility of Shaping Children’s Values », examine la question de savoir si les parents ont un droit moral de forger délibérément l’identité, la conception du monde et les valeurs de leurs enfants. L’article développe une critique de la conception anti-perfectionniste des devoirs parentaux et propose un nouvel argument libéral à l’appui d’un droit parental conditionnel de forger l’identité de leurs enfants. L’article introduit également une distinction importante entre les notions d’éducation compréhensive et d’« enrôlement » compréhensif. Le troisième article, « Common Education and the Practice of Liberal Neutrality: The Loyola High School Case », défend trois thèses principales à travers une analyse normative de l’affaire juridique de l’école Loyola. Premièrement, il est légitime pour l’État libéral d’adopter un modèle d’éducation commune fort. Deuxièmement, la thèse selon laquelle la neutralité comme approche éducative serait impossible est injustifiée. Troisièmement, il existe néanmoins de bonnes raisons pour l’État libéral d’accommoder plusieurs écoles religieuses qui rejettent le modèle de la neutralité. Le quatrième article, « Which Moral Issues Should be Taught as Controversial? », critique à la fois le critère ‘épistémique’ dominant pour déterminer quels enjeux moraux devraient être enseignés aux jeunes comme ‘controversés’, et à la fois la manière dont le débat sur l’enseignement des enjeux controversés fut construit au cours des dernières années, d’un point de vue substantiel et méthodologique. L’article propose une manière alternative d’aborder le débat, laquelle prend adéquatement en compte la pluralité des objectifs de l’éducation et un ensemble d’autres considérations morales pertinentes.