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Story - antoq - 10/13/2010 - 07:15 - 0 comments - 0 attachments
Antioxidants are defined as “any substance which significantly delays or inhibits oxidation of a substrate when present at low concentrations compared to that of an oxidizable substrate” (Jun, Park, Jung, & Kim, 2004). Antioxidants are commonly used in the food industry to prevent lipid oxidation which can lead to product degradation and production of off-flavours, but they also have applications in other fields where oxidation will degrade the product quality (Gao, Miller, & Han, 2004).
Compounds such as polyphenols and carotenoids found in brightly coloured fruits and vegetables have been shown to possess beneficial health properties such as preventing cancer, diabetes, arthritis, atherosclerosis, and other age-related diseases (Kaur & Kapoor, 2001). The primary focus has been on the antioxidant properties of molecules such as flavonoids, polyphenols, and carotenoids derived from fruit and vegetable sources (Fukumoto & Mazza, 2000, Pulido, Bravo, & Saura-Calixto, 2000, Kaur et al., 2001, Sanchez-Moreno, 2002) but some groups are also investigating the antioxidant properties of proteins and peptides derived from both animal and non-animal sources (Chen, Muramoto, Yamauchi, Fujimoto, & Nokihara, 1998, Jao & Do, 2002, Saito et al., 2003). Wayner and co-workers recognized that 10-50% of the antioxidant properties found in human blood plasma could not be explained by known antioxidants such as vitamin E, urate, or ascorbate and theorized that a number of essential amino acids possessing labile hydrogen atoms could allow amino acids and peptides to behave as antioxidants (Wayner, Burton, Ingold, Barclay, & Locke, 1987). Research currently underway covers a wide range of potential antioxidant peptide sources such as rice, soybean, fish, skeletal muscle tissue, chicken eggs, and bovine milk.
This paper studies the effects of monetary policy, in the sense of fully anticipated inflation, on capital formation. The relation between money and capital is a classic issue, going back to Tobin (1965), Sidrauski (1967a,1967b), Stockman (1981), Cooley and Hansen (1989,1991), Gomme (1993), Ireland (1994) and many others. All of these papers adopt reduced$form approaches: they either put money in the utility function or impose cash$in$advance con$ straints, in an attempt to capture implicitly the role of money in the exchange process, but in other respects use frictionless models. An alternative literature on money, going back to Kiy$ otaki and Wright (1989,1993), Aiyagari and Wallace (1991), Shi (1995), Trejos and Wright (1995), Kocherlakota (1998), Wallace (2001) and others, is more explicit about the frictions that make money essential, and in doing so has introduced some new elements into monetary economics, including detailed descriptions of specialization, information, matching, pricing, etc. Our goal is to see how these elements matter for the impact of inflation on investment, and other variables, including welfare. It turns out that modeling microfoundations in more detail does indeed make a difference for the quantitative results.
We build on the two$sector model in Lagos and Wright (2005), where some economic activity takes place in centralized markets and some in decentralized markets. This is useful because, in addition to providing microfoundations for the role of a medium of exchange, decentralized markets allow us to introduce ingredients like stochastic trading opportunities and bargaining, while centralized markets allow us to incorporate capital as in standard growth theory. This contrasts sharply with other attempts to study money and capital in models with frictions, including Shi (1999), Shi and Wang (2006), and Menner (2006), who build on Shi (1997), and Molico and Zhang (2005), who build on Molico (2006). Those models have only decentralized markets. It is much easier to connect with mainstream macro and to incorporate not only capital but other ingredients, like fiscal policy, in a model with some centralized trade. In particular, as a special case, in nonmonetary equilibrium, our model reduces to the textbook growth model, while those mentioned above reduce to something quite different pautarky.
The recent financial crisis highlights the importance of both regulatory and market discipline, which seem to have been lacking in some cases. One of the reactions of government authorities in the United States (US) and the European Union (EU) was to increase deposit insurance coverage. In the US, the deposit insurance cap on the dollar amount of funds insured was raised from $100,000 to $250,000. In the EU, moves were made to eliminate co-insurance and raise the deposit insurance coverage caps. Government authorities in both the US and EU also came to the rescue with capital injections and government takeovers of many large and in some cases, not so large banking organizations, which may have had the effect of expanding the coverage of financial institutions that are considered to be too big or too important to fail.
