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Borrowing against the increase in home equity by existing homeowners was responsible for a significant fraction of the rise in US household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Instrumental variables estimation shows that homeowners extracted 25 cents for every dollar increase in home equity. Home equity–based borrowing was stronger for younger households and households with low credit scores. The evidence suggests that borrowed funds were used for real outlays. Home equity–based borrowing added $1.25 trillion in household debt from 2002 to 2008, and accounts for at least 39 percent of new defaults from 2006 to 2008. JEL: D14, R31

Nipa palm vinegar (NPV) is a naturally fermented vinegar derived from the nipa palm (Nypa fruticans Wurmb) sap. This work optimized production of spray-dried nipa palm vinegar powder. The influence of the various drier air inlet temperatures (150, 170, and 190 °C) and maltodextrin DE10 carrier concentrations (15 and 20% w/v) in the feed, on the characteristics of the product powder was investigated. Nipa palm vinegar powder (NPVp) was evaluated in terms of the following responses: physicochemical and nutritional properties, sensory acceptability, and storage stability. All processing variables affected the responses. Based on product desirability as the optimization criterion, spray-drying with a hot air inlet temperature of 170 °C with a 15% w/v maltodextrin DE10 in the feed was optimal. The nutritional characteristics of the product made under the above identified optimal conditions were (per 100 g dry product): a calorific value of 366.2 kcal; 1.3 g protein; 88.1 g carbohydrate; 0.96 g fat; 883.9 mg potassium; 12.7 mg vitamin C; and 105 mg gallic acid equivalent (GAE) phenolics content. The product, vacuum-packed and heat-sealed in aluminum laminated polyethylene bags, could be stored at 25 °C for at least 180 days without noticeable loss in quality.

The aim of this article was to investigate the possible relationship between energy production and GDP growth. This problem is of a crucial importance because as a numerous studies show, it is difficult to give an unambiguous answer to the question of whether there is a relationship between GDP and energy production and what direction it takes if it exists, i.e., whether energy production drives GDP growth or GDP growth drives energy production. The research conducted by the authors used data on hourly power production in MWh/h averaged over a whole day, which were converted into total quarterly production. The data were divided in terms of the type of energy into conventional, renewable, other and total. Next, the correlation coefficient was calculated for proper data sets in order to determine whether there was a correlation between the variables. The main conclusion from the study is the fact that a correlation measured with the Pearson correlation coefficient is not reflected in the data. Changes in power production independent of the source of power do not influence the GDP directly. Naturally, in some countries, the connection between power production and GDP was stronger; however, comparing this to the rest of the researched countries, where correlation was low or even extremely low, it can be seen that the relationship is random. This study should be seen as an introductory one with a perspective of broadening research in terms of causality between variables, which, nowadays, has great application in terms of climate change and sustainable development.

This paper provides an explanation for why garbage implies a much lower relative risk aversion in the consumption-based asset pricing model than National Income and Product Accounts (NIPA) consumption expenditure: Unlike garbage, NIPA consumption is filtered to mitigate measurement error. I apply a simple model of the filtering process that allows one to undo the filtering inherent in NIPA consumption. \"Unfiltered NIPA consumption\" well explains the equity premium and is priced in the cross-section of stock returns. I discuss the likely properties of true consumption (i.e., without measurement error and filtering) and quantify implications for habit and long-run risk models.

Most available estimates of U.S. wealth and income concentration indicate that the top shares are high and have been rising in recent decades, but there is some disagreement about specific levels and trends. Household surveys are the traditional data source used to measure the top shares, but recent studies using administrative tax records suggest that these survey-based top share estimates may not be capturing all of the increasing concentration. In this paper, we reconcile the divergent top share estimates, showing how the choices of data sets and methodological decisions affect levels and trends. Relative to the new and most widely cited top share estimates based on administrative tax data alone, our preferred estimates for both wealth and income concentration are lower and have been rising less rapidly in recent years.

We examine changes in consumption and income inequality between 2000 and 2011. During the most recent recession, unemployment rose and asset values declined sharply. We investigate how the recession affected inequality while addressing concerns about underreporting in consumption data. Income inequality rose throughout the period from 2000 to 2011. The 90/10 ratio was 19 percent higher at the end of this period than at the beginning. In contrast, consumption inequality rose during the first half of this period but then fell after 2005. By 2011, the 90/10 ratio for consumption was slightly lower than it was in 2000.

The application of ozone as a treatment system for reducing microbial contaminant in Nipa bowls which are local products of the Palian river basin community, Trang province in Southern Thailand, was presented in this research. The ozone treatment system was designed and investigated for its performance to reduce microbial contaminant in nipa bowl products. Parameters affecting the performance of the system were optimized as well as ozone amount and treatment time. Under optimum condition (600 mg/h ozone and treatment time of 4 hours), the microbial decontamination was 4 log reduction, and the products could be stored for one month. The moisture content and the brightness of the ozone-treated products were significantly different from the untreated products when statistically tested at 95% confidence level. The moisture contents were 9.46 ± 0.10 and 10.54±0.31 %, and the brightness (L* value) were 74.93 ± 0.49 and 70.47 ± 0.65 for the ozone-treated and untreated products, respectively. Furthermore, the residual heavy metals were investigated, and no trace of metals was reported in nipa bowl samples. As a result, the nipa bowl products had met the standards as regards safety of food containers required by the Department of Medical Sciences Ministry of Public Health, Thailand. Following this collaboration between the university and the community, over 251,564 pieces of nipa bowls were sold which generated a total income of more than 84,000 USD to the Palian river basin community. RESUMO: A aplicação do ozônio como um sistema de tratamento para reduzir o contaminante microbiano em Nipa bowl-a produtos locais da comunidade da bacia do rio Palian, província de Trang no sul da Tailândia, é apresentada neste trabalho. O sistema de tratamento de ozônio foi projetado e investigado por seu desempenho na redução de contaminantes microbianos em produtos de palmeira. Os parâmetros que afetam o desempenho do sistema foram otimizados, incluindo a quantidade de ozônio e o tempo de tratamento. Em condições ótimas (600 mg de ozônio e tempo de tratamento de 4 horas), a descontaminação microbiana foi de 100% e os produtos puderam ser armazenados por um mês. As propriedades físicas dos produtos tratados com ozônio foram significativamente diferentes dos produtos não tratados quando testados estatisticamente no nível de confiança de 95%. Os conteúdos de umidade foram 9,46 ± 0,10 e 10,54 ± 0,31%, e o brilho (valor L *) foram 74,93 ± 0,49 e 70,47 ± 0,65 para produtos tratados e não tratados com ozônio, respectivamente. Além disso, os metais pesados residuais foram investigados e nenhum traço de metais foi encontrado nas amostras da palmeira Nipa .Como resultado, os produtos da palmeira Nipa atenderam aos requisitos de segurança de recipientes de alimentos do Departamento de Ciências Médicas do Ministério da Saúde Pública da Tailândia. Após esta colaboração entre a universidade e a comunidade, mais de 251.564 peças de taças de palmeira nipa foram vendidas, gerando uma renda total de mais de US $ 84.000 para a comunidade da bacia do rio Palian.

The synthesis of poly(N-isopropyl acrylamide) (pNIPA)-based polymers via the surfactant-free precipitation polymerization (SFPP) method produced thermosensitive nanospheres with a range of distinctive physicochemical properties. Nano- and microparticles were generated using various initiators, significantly influencing particle characteristics, including the hydrodynamic diameter (DH), which varied from 87.7 nm to 1618.1 nm. Initiators, such as potassium persulfate and 2,2′-azobis(2-methylpropionamidine) dihydrochloride, conferred anionic and cationic functionalities, respectively, impacting the electrokinetic potential (EP) of the particles. Notably, certain particles with cationic initiators exhibited negative EP values at 18 °C, attributed to residual initiator components that affected the surface charge distribution. The presence of hydrophilic N-(2-hydroxyethyl)acrylamide (HEAA) segments also influenced solubility and phase transition behaviors, with critical dependencies on the HEAA/NIPA (N-isopropyl acrylamide) molar ratios. EP measurements taken at 18 °C and 42 °C revealed substantial differences, primarily governed by the initiator type and polymer composition. Observed variations in particle stability and size were associated with the choice of crosslinking agents and comonomer content, which affected both DH and EP in distinct ways. This study provides insights into key factors influencing colloidal stability and electrostatic interactions within thermosensitive polymer systems, underscoring their potential applications in biomedical and industrial fields.

This was the first study to use local Southern Thai ingredients, namely, nipa palm syrup (NS) and nipa palm vinegar (NV), in the formulation of natural deep eutectic solvent (NADES) for the recovery of bioactive curcumin from turmeric. Five NADES formulations (A to E) were obtained by varying concentration of liquid media (NS, NV, and water) and characterized using FTIR. When compared to other formulations and 80% methanol, the NADES D with a NS to NV to water ratio of 1:5:5 (w/w/w) recovered the most curcumin content (p < 0.05). The extraction conditions of microwave-assisted extraction (MAE) with selected NADES were optimized using response surface methodology (RSM) to maximize curcumin recovery. NADES D achieved the highest curcumin content (43.04 mg/g) from turmeric at a solvent ratio of 1:10, microwave power of 1000 W, and extraction time of 51 s. The NADES D-based curcumin extract outperformed all antioxidant activities (DPPH∙ scavenging activity and FRAP). The NADES D–based extract is non-toxic to RAW264.7 cells at up to 62.50 µg/mL. As a result, NADES-based NS and NV are a viable green solvent for obtaining bioactive compounds, particularly curcumin from turmeric.

This paper studies household beliefs during the recent US housing boom. The first part presents evidence from the Michigan Survey of Consumers. To characterize the heterogeneity in households' views about housing and the economy, a cluster analysis is performed on survey responses at different stages of the boom. The estimation always finds a small cluster of households that believe it is a good time to buy a house because house prices will rise further. The size of this \"momentum\" cluster strongly increased toward the end of the boom. The second part of the paper provides a simple search model of the housing market to show how a small number of optimistic investors can have a large effect on prices without buying a large share of the housing stock.