Recent Developments in the Analysis of the Black Mat Layer and Cosmic Impact at 12.8ka

Recent analyses of sediment samples from "black mat" sites in South America and Europe support previous interpretations of an ET impact event that reversed the Late Glacial demise of LGM ice during the Bølling Allerød warming, resulting in a resurgence of ice termed the Younger Dryas (YD) cooling episode. The breakup or impact of a cosmic vehicle at the YD boundary coincides with the onset of a 1-kyr long interval of glacial resurgence, one of the most studied events of the Late Pleistocene. New analytical databases reveal a corpus of data indicating that the cosmic impact was a real event, most possibly a cosmic airburst from Earth's encounter with the Taurid Complex comet or unknown asteroid, an event that led to cosmic fragments exploding interhemispherically over widely dispersed areas, including the northern Andes of Venezuela and the Alps on the Italian/French frontier. While the databases in the two areas differ somewhat, the overall interpretation is that microtextural evidence in weathering rinds and in sands of associated paleosols and glaciofluvial deposits carry undeniable attributes of melted glassy carbon and Fe spherules, planar deformation features, shock-melted and contorted quartz, occasional transition and platinum metals, and brecciated and impacted minerals of diverse lithologies. In concert with other black mat localities in the Western USA, the Netherlands, coastal France, Syria, Central Asia, Peru, Argentina and Mexico, it appears that a widespread cosmic impact by an asteroid or comet is responsible for deposition of the black mat at the onset of the YD glacial event. Whether or not the impact caused a 1-kyr interval of glacial climate depends upon whether or not the Earth had multiple centuries-long episodic encounters with the Taurid Complex or asteroid remnants; impact-related changes in microclimates sustained climatic forcing sufficient to maintain positive mass balances in the reformed ice; and/or inertia in the Atlantic thermohaline circulation system persisted for 1kyr. 

Introduction: the impact of the 'War on Terror' on executive–legislative relations: a global perspective

In democratic polities, constitutional equilibria or balances of power between the executive and the legislature shift over time. Normative and empirical political theorists have long recognised that war, civil unrest, economic and political crises, terrorist attacks, and other events strengthen the power of the executive, disrupt and threaten constitutional politics, and damage democratic institutions: crises require swift action and executives are thought to be more capable than parliaments and legislatures of taking such actions. The terrorist attacks on New York and Washington on 11 September 2001 and the ensuing so-called 'war on terror' declared by President Bush clearly constituted a crisis, not only in the United States but also in other political systems, in part because of the US's hegemonic position in defining and shaping many other states' foreign and domestic policies. Dicey, Schmitt, and Rossiter suggest that critical events and political crises inevitably trigger the concentration of (emergency) powers in the hands of the executive. Aristotle and Machiavelli questioned the inevitability of this process. This article and the articles that follow in this Special Issue utilise empirical evidence, through the use of case studies of the United States, the United Kingdom, Russia, Australia, Israel, Italy and Indonesia, to address this debate. Specifically, the issue explores to what extent the external shock or crisis of 9/11 (and other terrorist attacks) and the ensuing 'war on terror' significantly changed the balance of executive-legislative relations from t (before the crisis) to t+1 (after the crisis) in these political systems, all of which were the targets of actual or foiled terrorist attacks. The most significant findings are that the shock of 9/11 and the 'war on terror' elicited varied responses by national executives and legislatures/parliaments and thus the balance of executive-legislative relations in different political systems; that, therefore, executive-legislative relations are positive rather than zero-sum; and that domestic political contexts conditioned these institutional responses.

The impact of oligofructose on stimulation of gut hormones, appetite regulation and adiposity

Objective: To investigate the effect of nutrient stimulation of gut hormones by oligofructose supplementation on appetite, energy intake (EI), body weight (BW) and adiposity in overweight and obese volunteers. Methods: In a parallel, single-blind and placebo-controlled study, 22 healthy overweight and obese volunteers were randomly allocated to receive 30 g day−1 oligofructose or cellulose for 6 weeks following a 2-week run-in. Subjective appetite and side effect scores, breath hydrogen, serum short chain fatty acids (SCFAs), plasma gut hormones, glucose and insulin concentrations, EI, BW and adiposity were quantified at baseline and post-supplementation. Results: Oligofructose increased breath hydrogen (P < 0.0001), late acetate concentrations (P = 0.024), tended to increase total area under the curve (tAUC)420mins peptide YY (PYY) (P = 0.056) and reduced tAUC450mins hunger (P = 0.034) and motivation to eat (P = 0.013) when compared with cellulose. However, there was no significant difference between the groups in other parameters although within group analyses showed an increase in glucagon-like peptide 1 (GLP-1) (P = 0.006) in the cellulose group and a decrease in EI during ad libitum meal in both groups. Conclusions: Oligofructose increased plasma PYY concentrations and suppressed appetite, while cellulose increased GLP-1 concentrations. EI decreased in both groups. However, these positive effects did not translate into changes in BW or adiposity.

The Impact of Uncertainty Shocks under Measurement Error: A Proxy SVAR approach

A growing literature considers the impact of uncertainty using SVAR models that include proxies for uncertainty shocks as endogenous variables. In this paper we consider the impact of measurement error in these proxies on the estimated impulse responses. We show via a Monte-Carlo experiment that measurement error can result in attenuation bias in impulse responses. In contrast, the proxy SVAR that uses the uncertainty shock proxy as an instrument does not su¤er from this bias. Applying this latter method to the Bloom (2009) data-set results in impulse responses to uncertainty shocks that are larger in magnitude and more persistent than those obtained from a recursive SVAR.

Creation of an Age-Adjusted, Dual-Energy X-ray Absorptiometry-Derived Trabecular Bone Score Curve for the Lumbar Spine in Non-Hispanic US White Women.

The trabecular bone score (TBS, Med-Imaps, Pessac, France) is an index of bone microarchitecture texture extracted from anteroposterior dual-energy X-ray absorptiometry images of the spine. Previous studies have documented the ability of TBS of the spine to differentiate between women with and without fractures among age- and areal bone mineral density (aBMD)-matched controls, as well as to predict future fractures. In this cross-sectional analysis of data collected from 3 geographically dispersed facilities in the United States, we investigated age-related changes in the microarchitecture of lumbar vertebrae as assessed by TBS in a cohort of non-Hispanic US white American women. All subjects were 30 yr of age and older and had an L1-L4aBMDZ-score within ±2 SD of the population mean. Individuals were excluded if they had fractures, were on any osteoporosis treatment, or had any illness that would be expected to impact bone metabolism. All data were extracted from Prodigy dual-energy X-ray absorptiometry devices (GE-Lunar, Madison, WI). Cross-calibrations between the 3 participating centers were performed for TBS and aBMD. aBMD and TBS were evaluated for spine L1-L4 but also for all other possible vertebral combinations. To validate the cohort, a comparison between the aBMD normative data of our cohort and US non-Hispanic white Lunar data provided by the manufacturer was performed. A database of 619 non-Hispanic US white women, ages 30-90 yr, was created. aBMD normative data obtained from this cohort were not statistically different from the non-Hispanic US white Lunar normative data provided by the manufacturer (p = 0.30). This outcome thereby indirectly validates our cohort. TBS values at L1-L4 were weakly inversely correlated with body mass index (r = -0.17) and weight (r = -0.16) and not correlated with height. TBS values for all lumbar vertebral combinations decreased significantly with age. There was a linear decrease of 16.0% (-2.47 T-score) in TBS at L1-L4 between 45 and 90 yr of age (vs. -2.34 for aBMD). Microarchitectural loss rate increased after age 65 by 50% (-0.004 to -0.006). Similar results were obtained for other combinations of lumbar vertebra. TBS, an index of bone microarchitectural texture, decreases with advancing age in non-Hispanic US white women. Little change in TBS is observed between ages 30 and 45. Thereafter, a progressive decrease is observed with advancing age. The changes we observed in these American women are similar to that previously reported for a French population of white women (r(2) > 0.99). This reference database will facilitate the use of TBS to assess bone microarchitectural deterioration in clinical practice.

Impact of considering the effects of latent heat on caldera-hosted hydrothermal systems

To investigate the thennal effects of latent heat in hydrothennal settings, an extension was made to the existing finite-element numerical modelling software, Aquarius. The latent heat algorithm was validated using a series of column models, which analysed the effects of penneability (flow rate), thennal gradient, and position along the two-phase curve (pressure). Increasing the flow rate and pressure increases displacement of the liquid-steam boundary from an initial position detennined without accounting for latent heat while increasing the thennal gradient decreases that displacement. Application to a regional scale model of a caldera-hosted hydrothennal system based on a representative suite of calderas (e.g., Yellowstone, Creede, Valles Grande) led to oscillations in the model solution. Oscillations can be reduced or eliminated by mesh refinement, which requires greater computation effort. Results indicate that latent heat should be accounted for to accurately model phase change conditions in hydrothennal settings.

Impact du sexe et du profil génétique sur la sécrétion d’insuline dans une cohorte de patients atteints de fibrose kystique

Introduction : La Fibrose Kystique (FK) est la maladie autosomique récessive la plus fréquente chez les Caucasiens et est due à une mutation du gène Cystic Fibrosis Transmembrane Regulator (CFTR), codant pour un canal chlore. La principale mutation est la délétion de l'acide aminé phénylalanine en position 508. En raison de l’augmentation de l'espérance de vie, de nouvelles complications telles que le diabète associé à la FK (DAFK) ont vu le jour. Le DAFK semble principalement dû à un défaut de sécrétion d'insuline. Des études ont montré que les femmes et les personnes homozygotes ΔF508 ont un risque plus élevé de développer le DAFK. Objectifs : Comparer la sécrétion d'insuline entre les hommes et les femmes FK selon leur génotype CFTR. Notre hypothèse était que les femmes FK présentaient une sécrétion d'insuline moins élevée que des hommes. Méthodes : Deux cents sujets adultes sans diabète connu ont été recrutés dans la clinique de FK du CHUM et inclus dans cette étude. Cent seize ont été revus après un suivi de 24 ± 10 mois. Leur génotype CFTR a été extrait à partir des dossiers médicaux. Tous les sujets ont subi une hyperglycémie provoquée par voie orale de 2-h (HGPO) afin de déterminer leur tolérance au glucose : normale (NGT), intolérance (IGT) ou DAFK. Des échantillons de sang ont été prélevés aux temps 0, 30, 60, 90, et 120 min de l’HGPO. À partir de ces derniers, la sécrétion d'insuline et la sensibilité à l’insuline des sujets ont été évaluées en utilisant les indices de Stumvoll et les aires sous la courbe de l’insuline durant l’HGPO. Résultats : Pour une excursion glycémique comparable, il y avait des différences significatives dans les concentrations d'insuline entre les hommes et les femmes et selon le génotype CFTR. Ainsi, les femmes et les sujets hétérozygotes avaient des concentrations d’insuline plus élevées que les hommes et les sujets homozygotes. Cela restait significatif quelle que soit leur tolérance au glucose. Le calcul du disposition index représentant la sécrétion d'insuline ajustée pour le degré de sensibilité à l’insuline a suggéré une sécrétion d'insuline plus élevée chez les femmes que les hommes. Le suivi prospectif nous a permis de déterminer que cette sécrétion plus élevée d’insuline était associée à une évolution plus favorable pour la tolérance au glucose. Fait intéressant, cette constatation n'était vraie que pour les femmes. Conclusion : Dans une vaste cohorte prospective observationnelle de patients FK sans diabète connu, nous avons démontré qu’en dépit d’un âge et d’une fonction pulmonaire semblables, les femmes présentaient une sécrétion d'insuline supérieure à celle des hommes et que cela pourrait avoir un effet protecteur, à court terme, chez celles-ci pour le développement du DAFK.

Des pères non-agresseurs face au dévoilement de l'agression sexuelle de leur enfant : impact psychologique et soutien paternel

Les agressions sexuelles envers les enfants sont un fléau social important. Elles portent atteinte à l’intégrité physique et psychologique des enfants qui en sont victimes, entraînant des conséquences délétères pour l’enfant et ses parents. Ces derniers sont d’ailleurs considérés comme des personnes clés dans le rétablissement des enfants. Toutefois, les connaissances scientifiques dans ce domaine ont été principalement acquises auprès des mères, reléguant ainsi le père à une place secondaire. Cette thèse a pour objectif général d’élargir notre compréhension du vécu et du rôle des pères ayant à faire face au dévoilement de l’agression sexuelle de leur enfant. La présente thèse est composée de deux articles empiriques. L’objectif du premier article est de décrire le vécu des pères non agresseurs ayant un ou plusieurs enfants victimes d’agression sexuelle extra ou intrafamiliale sous l’angle de leurs réactions émotionnelles, cognitives et comportementales à la suite du dévoilement de l’AS. Pour ce faire, 17 pères provenant soit du Centre d’Expertise Marie-Vincent de Montréal, soit du Centre d’Intervention en Abus Sexuels pour la Famille de Gatineau ou encore soit de la population générale et ayant un ou plusieurs enfants victimes d’agression sexuelle intra ou extra-familiale ont été rencontrés pour une entrevue individuelle semi-dirigée. Les résultats démontrent que les pères rencontrés dans le cadre de cette étude vivent un véritable choc psychologique, s’apparentant à un traumatisme secondaire, à l’annonce du dévoilement. Cette étude a également mis en lumière la mise en place d’un travail de deuil chez les pères qui sont confrontés à la perte de l’innocence de leur enfant. Les objectifs du deuxième article est de décrire les répercussions du dévoilement de l’agression sexuelle sur la façon dont les pères s’engagent auprès de leurs enfants et de dégager les dimensions du soutien paternel offert à l’enfant. L’analyse du discours de 17 pères ayant vécus le dévoilement d’une agression sexuelle par leur(s) enfant(s) suggèrent que le dévoilement peut être considéré comme un élément de rupture dans le lien à l’enfant nécessitant une adaptation à cette nouvelle réalité. Bien que l’ensemble pères rencontrés expriment leurs inquiétudes pour leur(s) enfant(s) et leur désir de le(s) soutenir, les résultats mettent en évidence les difficultés pour certains pères de s’engager auprès de leurs enfants en raison soit d’une détresse psychologique personnelle importante, soit d’une ambivalence à l’égard de l’enfant ou encore en raison d’une sensation d’inconfort ressentie lors des contacts physiques au cours des soins primaires à prodiguer ou des situations de jeu physique. Leurs propos témoignent également de leurs volontés et de leurs capacités à aider l’enfant à composer avec les conséquences de l’agression sexuelle subie. La mise à jour d’une nouvelle dimension spécifiquement paternelle soit la capacité d’ouvrir son enfant victime d’AS sur le monde extérieur et ainsi jouer un rôle dans le développement de sa confiance en soi apparait comme un résultat novateur de la présente thèse. Les implications cliniques concernant les résultats obtenus dans le cadre de cette thèse ainsi que les pistes de recherche sont finalement abordées.

Impact des cavines sur le phénotype invasif et inflammatoire des cellules souches mésenchymateuses

L’évolution d’une cellule tumorale initiée à une tumeur solide nécessite, à chaque étape, un microenvironnement favorable à sa survie et à sa croissance. Le microenvironnement tumoral est comparé à un foyer d’inflammation chronique dont la composition cellulaire et moléculaire est complexe. Les cellules souches mésenchymateuses (CSM) représentent l’un des principaux acteurs cellulaires présents. Elles migrent vers les sites tumoraux où elles soutiennent l’inflammation, l’angiogenèse et le développement tumoral en activant plusieurs voies de signalisation. Une des voies majeures qui contribuent à l’inflammation est la voie de signalisation NF-B. L’initiation de cette voie provient de la membrane cellulaire entre autres des cavéoles. Nous soumettons l’hypothèse que l’une des cavines, protéines associées aux cavéoles, modulerait le phénotype inflammatoire etou migratoire dans les CSM traitées à la cytokine TNF- (facteur de nécrose tumorale ) en modulant la voie de signalisation NF-B. En effet, nous avons observé une régulation à la hausse de l’expression de la COX-2 (cyclooxygénase-2) et une diminution de l’expression d’IκB qui sont synonymes de l’activation de la voie NF-B dans les CSM que nous avons traitées au TNF-. Nous avons trouvé que le TNF- induit la migration des CSM, et que la répression génique de la Cavine-2 augmente significativement la migration des CSM traitées par le TNF-. La répression génique de la Cavine-2 vient aussi amplifier la tubulogenèse dans les CSM en réponse au TNF-. D’un point de vue moléculaire, la répression génique de la Cavine-2 a montré une très forte amplification de l'expression protéique de la COX-2 dans les CSM en réponse au TNF-. Dans ces mêmes cellules où la Cavine-2 a été réprimée, et suite à un traitement au TNF-, le pic de phosphorylation est plus intense et la courbe de phosphorylation est plus prolongée dans le temps. Ces observations nous permettent d’affirmer que la Cavine-2 a un rôle répresseur sur l’expression de COX-2. Collectivement, nos résultats montrent que la Cavine-2 peut être proposée comme un gène suppresseur de tumeur et est de ce fait, une bonne cible thérapeutique dans les CSM qui permettraient d’agir à des stades précoces du développement tumoral.

Individual Decision-Making and Inflation Persistence

The traditional task of a central bank is to preserve price stability and, in doing so, not to impair the real economy more than necessary. To meet this challenge, it is of great relevance whether inflation is only driven by inflation expectations and the current output gap or whether it is, in addition, influenced by past inflation. In the former case, as described by the New Keynesian Phillips curve, the central bank can immediately and simultaneously achieve price stability and equilibrium output, the so-called ‘divine coincidence’ (Blanchard and Galí 2007). In the latter case, the achievement of price stability is costly in terms of output and will be pursued over several periods. Similarly, it is important to distinguish this latter case, which describes ‘intrinsic’ inflation persistence, from that of ‘extrinsic’ inflation persistence, where the sluggishness of inflation is not a ‘structural’ feature of the economy but merely ‘inherited’ from the sluggishness of the other driving forces, inflation expectations and output. ‘Extrinsic’ inflation persistence is usually considered to be the less challenging case, as policy-makers are supposed to fight against the persistence in the driving forces, especially to reduce the stickiness of inflation expectations by a credible monetary policy, in order to reestablish the ‘divine coincidence’. The scope of this dissertation is to contribute to the vast literature and ongoing discussion on inflation persistence: Chapter 1 describes the policy consequences of inflation persistence and summarizes the empirical and theoretical literature. Chapter 2 compares two models of staggered price setting, one with a fixed two-period duration and the other with a stochastic duration of prices. I show that in an economy with a timeless optimizing central bank the model with the two-period alternating price-setting (for most parameter values) leads to more persistent inflation than the model with stochastic price duration. This result amends earlier work by Kiley (2002) who found that the model with stochastic price duration generates more persistent inflation in response to an exogenous monetary shock. Chapter 3 extends the two-period alternating price-setting model to the case of 3- and 4-period price durations. This results in a more complex Phillips curve with a negative impact of past inflation on current inflation. As simulations show, this multi-period Phillips curve generates a too low degree of autocorrelation and too early turnings points of inflation and is outperformed by a simple Hybrid Phillips curve. Chapter 4 starts from the critique of Driscoll and Holden (2003) on the relative real-wage model of Fuhrer and Moore (1995). While taking the critique seriously that Fuhrer and Moore’s model will collapse to a much simpler one without intrinsic inflation persistence if one takes their arguments literally, I extend the model by a term for inequality aversion. This model extension is not only in line with experimental evidence but results in a Hybrid Phillips curve with inflation persistence that is observably equivalent to that presented by Fuhrer and Moore (1995). In chapter 5, I present a model that especially allows to study the relationship between fairness attitudes and time preference (impatience). In the model, two individuals take decisions in two subsequent periods. In period 1, both individuals are endowed with resources and are able to donate a share of their resources to the other individual. In period 2, the two individuals might join in a common production after having bargained on the split of its output. The size of the production output depends on the relative share of resources at the end of period 1 as the human capital of the individuals, which is built by means of their resources, cannot fully be substituted one against each other. Therefore, it might be rational for a well-endowed individual in period 1 to act in a seemingly ‘fair’ manner and to donate own resources to its poorer counterpart. This decision also depends on the individuals’ impatience which is induced by the small but positive probability that production is not possible in period 2. As a general result, the individuals in the model economy are more likely to behave in a ‘fair’ manner, i.e., to donate resources to the other individual, the lower their own impatience and the higher the productivity of the other individual. As the (seemingly) ‘fair’ behavior is modelled as an endogenous outcome and as it is related to the aspect of time preference, the presented framework might help to further integrate behavioral economics and macroeconomics.

The crime kuznets curve

We document the existence of a Crime Kuznets Curve in US states since the 1970s. As income levels have risen, crime has followed an inverted U-shaped pattern, first increasing and then dropping. The Crime Kuznets Curve is not explained by income inequality. In fact, we show that during the sample period inequality has risen monotonically with income, ruling out the traditional Kuznets Curve. Our finding is robust to adding a large set of controls that are used in the literature to explain the incidence of crime, as well as to controlling for state and year fixed effects. The Curve is also revealed in nonparametric specifications. The Crime Kuznets Curve exists for property crime and for some categories of violent crime.

Influence of apoA-V gene variants on postprandial triglyceride metabolism: impact of gender

Although apolipoprotein AN (apoA-V) polymorphisms have been consistently associated with fasting triglyceride (TG) levels, their impact on postprandial lipemia remains relatively unknown. In this study, we investigate the impact of two common apoA-V polymorphisms (-1131 T>C and S19W) and apoA-V haplotypes on fasting and postprandial lipid metabolism in adults in the United Kingdom (n = 259). Compared with the wild-type TT, apoA-V -1131 TC heterozygotes had 15% (P = 0.057) and 21% (P = 0.002) higher fasting TG and postprandial TG area under the curve (AUC), respectively. Significant (P = 0.038) and nearly significant (P = 0.057) gender X genotype interactions were observed for fasting TG and TG AUC, with a greater impact of genotype in males. Lower HDL-cholesterol was associated with the rare TC genotype (P = 0.047). Significant linkage disequilibrium was found between the apoA-V -1131 T>C and the apoC-III 3238 C>G variants, with univariate analysis indicating an impact of this apoC-III single nucleotide polymorphism (SNP) on TG AUC (P = 0.015). However, in linear regression analysis, a significant independent association with TG AUC (P = 0.007) was only evident for the apoA-V -1131 T>C SNP, indicating a greater relative importance of the apoA-V genotype.

Impact of age and menopausal status on the postprandial triacylglycerol response in healthy women

Objective: To examine the impact of age and the natural menopause on the postprandial triacylglycerol (TAG) response in healthy women. Methods and results: Thirty-seven premenopausal and sixty-one postmenopausal women underwent a sequential meal postprandial investigation, in which blood samples were taken at regular intervals after a test breakfast and lunch given at 0 and 330 min respectively. Lipids and glucose were measured in the fasting sample, with TAG analysed in the postprandial samples. Postmenopausal women were shown to have higher fasting total cholesterol, low density lipoprotein cholesterol (LDL-C) and glucose (P < 0.02). Marked differences in the postprandial TAG response were evident between the groups, with a greater incremental area under the curve (IAUC) and maximum TAG concentration in the postmenopausal women (P < 0.04). Multivariate regression analysis revealed both age and fasting TAG to be independently associated with the summary measures of the postprandial TAG response in the premenopausal women only. Interestingly, sub-division of the women into both younger and older pre- and postmenopausal subgroups, showed the most marked difference in TAG-IAUC to be between the younger and the older premenopausal women, whereas differences in fasting LDL-C were most evident between the older premenopausal and the younger postmenopausal women. Conclusions: Our results suggest a divergence in the relationship of age and menopausal status with fasting LDL-C and postprandial TAG which may reflect differences in the metabolic effects of age and the menopause on these lipid risk markers or a greater impact of early oestrogen decline on pathways of TAG rather than LDL metabolism.

In vitro fermentation of potential prebiotic flours from natural sources: impact on the human colonic microbiota and metabolome

Scope: Fibers and prebiotics represent a useful dietary approach for modulating the human gut microbiome. Therefore, aim of the present study was to investigate the impact of four flours (wholegrain rye, wholegrain wheat, chickpeas and lentils 50:50, and barley milled grains), characterized by a naturally high content in dietary fibers, on the intestinal microbiota composition and metabolomic output. Methods and results: A validated three-stage continuous fermentative system simulating the human colon was used to resemble the complexity and diversity of the intestinal microbiota. Fluorescence in situ hybridization was used to evaluate the impact of the flours on the composition of the microbiota, while small-molecule metabolome was assessed by NMR analysis followed by multivariate pattern recognition techniques. HT29 cell-growth curve assay was used to evaluate the modulatory properties of the bacterial metabolites on the growth of intestinal epithelial cells. All the four flours showed positive modulations of the microbiota composition and metabolic activity. Furthermore, none of the flours influenced the growth-modulatory potential of the metabolites toward HT29 cells. Conclusion: Our findings support the utilization of the tested ingredients in the development of a variety of potentially prebiotic food products aimed at improving gastrointestinal health.

A bank lending channel or a credit supply shock?

Shifts in credit supply could have a bearing on house prices e.g. through financial innovations and changes in regulation independently of the existence of a bank lending channel of monetary policy. This paper assesses the responses of US house prices to an exogenous credit supply shock and compares them with the effects from variations in credit supply associated with a bank lending channel. The contribution of the study is twofold. First, innovations in credit supply are identified using a mortgage mix variable, thereby accounting for the market-based financial intermediaries. As a robustness check a survey variable of bank lending standards for mortgage loans is also used. Second, the policy-induced credit supply effect on house prices is disentangled and compared with the effect from an exogenous credit supply shock. It is shown that in the first 3 years credit supply shocks affect house prices exogenously rather than through the bank lending channel. Monetary policy has still a large impact on house prices, even when the bank lending channel is ‘turned off’.