Sectoral Money Demand Behaviour and the Welfare Cost of Inflation in the UK

Abstract

In this paper, we estimate separate UK money demand functions for the household and corporate sectors; and calculate estimates of the welfare cost of inflation. We find that the household sector bears most of the welfare burden which is in sharp contrast to previous (US) evidence. Also, we find aggregate welfare cost estimates that are much smaller than previous (largely US) estimates—sufficiently smaller as to challenge the oft‐quoted Lucas finding that shoe leather costs are by no means trivial. For the UK, we find welfare costs no greater than one tenth of a per cent of real income.

Estrogen deficiency - a central paradigm in age-related impaired healing?

“…3) ; References in Figure 3: Webb et al, 1999[ 149 ]; Klinge, 2000[ 69 ]; Begam et al, 2017[ 21 ]; El Mohtadi, 2019[ 41 ]) that is typical of the NR family, consisting of six domains ( A-F ) (Kuiper et al, 1998[ 72 ]; Klinge, 2000[ 69 ]; Begam et al, 2017[ 21 ]). ER proteins are expressed in skin, suggesting estrogen regulates skin function, maintenance and/or turnover (Ashworth, 2005[ 14 ]). While ER-α and ER-β have 97 % homology in the C domain that acts as a DNA-binding domain (DBD), they only have 55 % homology in the E domain which forms the ligand-binding domain (LBD) (Barkhem et al, 1998[ 18 ]; Webb et al, 1999[ 149 ]; Klinge, 2000[ 69 ]), enabling targeted ER activation using artificial ligands with ER-specific binding affinity.…”

“…Moreover, estrogen replacement therapy in ovariectomized mice lacking functional ER-β retards wound healing, suggesting ER-β may be critical to establishing prompt tissue formation during wound repair (Campbell et al, 2010[ 33 ]). In addition, a human study conducted by Ashworth (2005[ 14 ]) indicates that polymorphisms in the 0N promoter region of the human ER-β gene are significantly associated with chronic venous ulceration in the British Caucasian population.…”

Possibility of Inter-Sector Money Demand Conflict: A General Note

“…It has been well-documented that inter-sector money demands vary between the households and the rest of the economy (Ashworth et. Al., 2014;Ireland 2009; Caza and Zahini 2010).…”