Equilibrium Effects Research Articles

Investigation of the relationship between economic growth and mismanaged construction waste: evidence from 268 cities in China

Developing countries face the unprecedented environmental protection challenges associated with urban regeneration and economic development. These challenges are particularly evident in managing the vast quantities of construction waste (CW) generated by new building construction and demolition at an urban scale. Capturing the dynamic relationships between CW and urban economic development is a key step in addressing the imbalance between the two and in exploring effective management strategies. This study innovatively uses urban-level data to analyze the non-linear relationship between CW and economic development, while verifying the applicability of the Environmental Kuznets Curve (EKC) hypothesis in the context of CW management. By exploring both short-term and long-term equilibrium effects using data from selected Chinese cities, the study investigates the heterogeneity among four agglomerations through hybrid panel econometric methods. Subsequently, quantitative data analysis is conducted to uncover the socioeconomic drivers of CW generation and to explore their unidirectional causality relationships. This approach not only provides crucial evidence for developing a strategic framework for CW management, but also extends the applicability of the EKC hypothesis to the domain of CW.

Microalloy Mg-based degradation implant for intra-osteal fixation

The bottleneck for Mg-based degradable implants lies in the mismatching relationship between mechanical properties and degradable rate, resulting in the rapid failure during the in-vivo degradable process and potential toxic role. Herein microalloy-conception has been involved to rectify the equilibrium effects among several aspects. Microstructure, mechanical properties, degradable properties and in-vitro/in-vivo biocompatibility properties of as-extruded pure Mg, Mg-0.15Ca, and Mg-0.15Ca-0.10Mn samples have been investigated. The results show that the Mg-0.15Ca-0.1Mn alloy exhibits a high yield strength (110 MPa) and a low degradable rate (0.82 mm/y). Attractively, the mechanical integrity has been remained in Mg-0.15Ca-0.1Mn alloy after 14 weeks in the rat femoral mode, and a homogenous degradable rate with 0.92 mm/y has been confirmed, which are far lower than those in-vitro values. Simultaneously, the low concentration of ions also reveals satisfactory biocompatibility equal to pure Mg, based on organ function and pathological morphology. Our findings reveal that microalloy paves a possible route to design high performance Mg-based intra-osteal fixation implants, resolving the contradictions among the degradable requirements under different body environments.

The GAPS programme at TNG. LXII. Studies of atmospheric FeII winds in ultra-hot Jupiters KELT-9b and KELT-20b using the HARPS-N spectrograph

Ultra-hot Jupiters (UHJs) are gas giant planets orbiting close to their host star, with equilibrium temperatures exceeding 2000 K, and among the most studied planets in terms of their atmospheric composition. Thanks to a new generation of ultra-stable high-resolution spectrographs, it is possible to detect the signal from the individual lines of the species in the exoplanetary atmospheres. We employed two techniques in this study. First, we used transmission spectroscopy, which involved examining the spectra around single lines of Fe ii . Then we carried out a set of cross-correlation studies for two UHJs: KELT-9b and KELT-20b. Both planets orbit fast-rotating stars, which resulted in the detection of the strong Rossiter-McLaughlin (RM) effect and center-to-limb variations in the transmission spectrum. These effects had to be corrected to ensure a precise analysis. Using the transmission spectroscopy method, we detected 21 single lines of Fe ii in the atmosphere of KELT-9b. All of the detected lines are blue-shifted, suggesting strong day-to-night side atmospheric winds. The cross-correlation method leads to the detection of the blue-shifted signal with a signal-to-noise ratio (S/N) of 13.46. Our results are in agreement with models based on non-local thermodynamical equilibrium (NLTE) effects, with a mean micro-turbulence of $ mic $ and macro-turbulence of $ mac $. In the atmosphere of KELT-20b, we detected 17 single lines of Fe ii . Considering different measurements of the systemic velocity of the system, we conclude that the existence of winds in the atmosphere of KELT-20b cannot be determined conclusively. The detected signal with the cross-correlation method presents a S/N of 11.51. The results are consistent with NLTE effects, including means of $ mic $ and $ mac

Numerical Investigation of CO and NO Production From Premixed Hydrogen/Methane Fuel Blends

Abstract There is significant interest in utilizing hydrogen as an energy carrier in a net-zero carbon energy economy. A variety of fundamental and practical issues associated with premixed hydrogen/methane combustion must be addressed, particularly flame flashback, combustion instabilities, and NOx emissions. Significantly less attention has been given to CO emissions from hydrogen blending. However, recent H2 blending engine tests have clearly noted major reductions in CO emissions, reductions which substantially exceed what would be expected based upon C atom mass balances in the fuel. Moreover, NOx, CO, and combustor operability always tradeoff with each other, and so, for example, these CO reductions can also enable operational or design modifications to reduce NOx emissions and/or wider operability windows. This paper addresses H2 blending effects on CO emissions, addressing both the direct influences on CO emissions, as well as how it influences NOx–CO tradeoffs. The paper presents computations that differentiate between the kinetic and equilibrium effects of H2 blending, as well as how H2 blending can lead to reductions in both NOx and CO by moving the Pareto front downward. Finally, this work suggests that H2 blending, in addition to its CO2 reductions, can also increase plant operational flexibility and so provide additional value propositions to an evolving electricity market.

Trade Elasticities in General Equilibrium: Demand, Supply, and Aggregation

Abstract We develop a general equilibrium model of international trade that incorporates imperfect factor mobility, product entry, and external returns to scale into a unified framework. The effects from these microeconomic channels can be summarized by two composite elasticities that govern supply and aggregation. We structurally derive export supply and import demand curves, develop a heteroskedastic estimator, and estimate supply, aggregation, and demand elasticities across international product markets. Employing our estimated model, we evaluate the impact of recent US protectionist policies and highlight the importance of our estimates and general equilibrium effects for tariff passthrough rates and cross-industry employment reallocations.

Unveiling the Role of Filler Characteristics in Enhancing the High-Voltage Performance of Succinonitrile-Based Solid-State Lithium-Metal Batteries.

For exploiting high-energy lithium-metal batteries, it is of utmost importance to develop electrolytes that possess exceptional ionic conductivity and an extensive electrochemical stability range. In this study, 3D PAN nanofibers and polymer electrolytes incorporating various inorganic fillers with different Lewis acid-base properties were fabricated. PAN@Al-SSE exhibits exceptional ionic conductivity (0.48 mS·cm-2 at room temperature), a high Li+ transference number (0.41), and a wide electrochemical window (5.26 V). The device is able to operate stably in Li symmetric cells for more than 1000 h under a potential of 0.03 V under a current density of 0.2 mA·cm-2. Besides, the groundbreaking technology equips high-voltage Li-LiCoO2 solid-state batteries with exceptional cycling performance (91.3% and 82.1% retention after 100 cycles at 0.2 and 1 C, respectively) at room temperature. Mechanistic studies indicate that the Lewis acid-base properties of surface fillers are instrumental and crucial to form a stable solid-electrolyte interphase layer. γ-Al2O3, in particular, with more Lewis acid sites, ensures the dissociation of LiTFSI and induces the excessive decomposition and polymerization of succinonitrile. There exists an equilibrium effect between dissociation and polymerization in a succinonitrile-based solid electrolyte, which plays a critical role in improving the manifestation of succinonitrile-based solid-state lithium cells, especially under high-voltage conditions.

The formation of social groups under status concern

I study the interaction of two forces in the formation of social groups: the preference for high quality peers and the desire for status among one's peers. I examine their equilibrium effects under different market structures and find that status concern reduces the potential for and benefit of sorting - both for a social planner and a monopolist - but the interaction between preference for quality and status can make the exclusion of some agents a second-best outcome. Even in settings with complementarities, price discrimination and screening can be necessary to facilitate sorting and increase welfare. Nevertheless, positional concerns can be beneficial for welfare if they provide sufficient incentive to engage more with one's group and thus increase positive spillovers. In those cases, welfare is higher if individuals have at least some degree of status concern, even if the welfare measure ignores such relative comparisons.

The Production Population of Impact Craters in the Chang’E-6 Landing Mare

The Chang’E-6 mission accomplished the first sample return from the lunar farside. Earlier crater population measurements estimated the model age of the landing mare to range from the Eratosthenian to Late Imbrian, both of which are underrepresented by earlier returned samples. Establishing a new calibration point for lunar impact flux based on isotopic ages of the samples is promising, but the representative crater density for the landing mare (i.e., spatial density of craters with D ≥ 1 km; N (1)) is equally important for this purpose, which lacks good constraints. After excluding the effects of background secondaries, crater equilibrium, and observational uncertainties on crater statistics, this work extracts production populations in different diameter ranges (∼200 m–2 km) from multiple subareas of the landing mare. Cross-validation of the production populations verifies that N (1) derived from direct measurements of craters with D ≥ 1 km in sketched areas are reliable, which is (2.01 ± 0.90) × 10−3 and (6.05 ± 2.71) × 10−3 km2 for the western and eastern mare, respectively.

A network of cooler white dwarfs as infrared standards for flux calibration

ABSTRACT The accurate flux calibration of observational data is vital for astrophysics and cosmology because absolute flux uncertainties of stellar standards propagate into scientific results. With the ever higher precision achieved by telescopic missions (e.g. JWST) in the infrared (IR), suitable calibrators are required for this regime. The basis of the Hubble Space Telescope (HST) flux scale is defined by model fits of three hot (${T_\mathrm{eff}} > 30\, 000$ K) hydrogen-atmosphere (DA) white dwarfs, which achieve an accuracy better than 1 per cent at optical wavelengths but falls below this level in the IR range. We present a network of 17 cooler DA white dwarfs with ${T_\mathrm{eff}} < 20\, 000$ K as spectrophotometric flux standards that are equally, if not more, accurate at IR wavelengths. Cooler white dwarfs do not suffer from non-local thermal equilibrium effects in continuum flux or from ultraviolet metal line blanketing, have a larger sky density, are generally closer to Earth with little or negligible interstellar reddening, and have energy distributions peaking in the optical or near-IR. Using the latest grid of DA local thermal equilibrium atmosphere models with three-dimensional convection, the observed Space Telescope Imaging Spectrometer (STIS) and Wide Field Camera 3 (WFC3) fluxes of our network are accurate to 3 per cent over most of the range $1450\!\! - \!\!16\, 000$ Å, with a median standard deviation of 1.41 per cent. Fitting the HST STIS and WFC3 white dwarf spectral energy distributions (SEDs) and Balmer lines independently yields SEDs that agree within $3\sigma$, which demonstrates the precision of the models for our network.

On the experimental identification of equilibrium relations and the separation of inelastic effects in soft biological tissues

The mechanical characterization of vascular tissues has been mainly focused on the measurement of elastic properties, while the investigation of inelastic effects has received comparatively little attention. Even the relatively simple, purely elastic description of the material behavior requires an appropriate set of experimental data that cannot be easily isolated using standard testing procedures. The presence of viscous and damage-related phenomena poses some challenges in the definition of appropriate testing protocols capable of identifying an equilibrium response, which in general does not solely represent the elastic material behavior. The primary goal of the present study is therefore to devise an experimental procedure that can distinguish and evaluate the different constitutive phenomena separately. To this end, we apply methodologies widely used in the mechanical testing of rubber-like materials and transfer them to the field of biomechanics. We performed two types of experiments in equibiaxial extension on porcine thoracic aorta: a continuous cyclic test followed by a single-step relaxation test and a cyclic multi-step relaxation test, each at varying stretch rates. We demonstrate that the approximation of quasi-stationarity through continuous testing at slow rates is inadequate for the identification of an equilibrium relation. Alternatively, a step-wise protocol allows for the separation of equilibrium and viscous effects. This motivates a thermodynamic discussion of the experimental results in terms of energy dissipation and a closer look at the interplay of inelastic phenomena.

Characteristics and Effects of the Last Kilometre of the Tourist City from the Dynamic and Static Perspectives

The accessibility of the “last kilometre” of a tourist city has a profound impact on the travelling experience of tourists. In-depth understanding of the characteristics and spatial effects of the “last-kilometre” traffic accessibility in tourist cities is conducive to further enhancing the accessibility of traffic travel and forming a new industry development pattern of deep integration of traffic and tourism. The results show that: (1) Private transport accessibility is significantly better than public transport accessibility, and the strong economic strength of large cities such as Peking, Shanghai, and Nanjing support a wider coverage of public transport compared with cities such as Qinhuangdao, Dalian, Ningbo, etc. Even for the middle-income and high-income groups of the large cities, the advantage of the broader travelling cost of public transport is still significant. (2) The average values of the fluctuation coefficients of travel time of public transport in tourist cities are all smaller than those of private transport, and public transport is less sensitive to traffic congestion, making it a more reliable choice for tourist travel. The higher number of public transport grids with more anomalous fluctuations and much larger fluctuations than private transport grids suggests that there is an urgent need to strengthen the standardisation of public transport services in the corresponding areas. (3) Urban tourism development has been moving from single-line to network development, and the impact of urban transport on urban–regional tourism development has been manifested in the place fission effect, corridor diffusion effect, and regional equilibrium effect. In general, our findings have been useful in understanding the accessibility characteristics of the “last kilometre” in tourist cities, optimizing the efficiency of inter-regional and intra-city transport connections, constructing a fast and convenient travel transport system, improving the accessibility of transport trips, and forming a new development pattern for the deep integration of transport and tourism.

Exploring and Re-Assessing Reverse Anomeric Effect in 2-Iminoaldoses Derived from Mono- and Polynuclear Aromatic Aldehydes.

A curious and noticeable structural feature in Schiff bases from 2-aminoaldoses is the fact that imino tautomers arranged equatorially in the most stable ring conformation exhibit a counterintuitive reverse anomeric effect (RAE) in the mutarotational equilibrium, i.e., the most stable and abundant anomer is the equatorial one (β). As shown by our very recent research, this effect arises from the total or partial inhibition of the exo-anomeric effect due to the presence of an intramolecular hydrogen bond between the anomeric hydroxyl and the iminic nitrogen in the axial anomer (α). When the Schiff base adopts either an enamine structure or the imino group is protonated, the exo-anomeric effect is restored, and the axial α-anomer becomes the most stable species. Although the intramolecular H-bonding should appropriately be interpreted as a genuine stereoelectronic effect, the magnitude of the RAE could be affected by other structural parameters. Herein and through a comprehensive analysis of benzylidene, cinnamylidene, naphthalene, phenanthrene, and anthracene aldehydes, we show the robustness of the RAE effect, which is similar in extent to simple aldehydes screened so far, irrespective of the size and/or hydrophobicity of the substituent at the nitrogen atom.

Time-varying relative risk aversion: Theoretical mechanism and empirical evidence

This paper explores the issue of understanding time-varying relative risk aversion with household-level data on two classical portfolio choice problems. First, we derive an analytic form solution to a parsimonious portfolio choice model with the preference given by Greenwood, Hercowitz and Huffman (1988, GHH), and then, the solution identifies four partial equilibrium effects in our model with the GHH preference on risky shares through two channels and two net effects whose signs hinge on the value of a key structural parameter. Based on household-level data, our empirical results from both mean and quantile regression models show clearly that wealth negatively affects risky shares and the estimated effects are statistically significant and robust, which is in line with the theory. Finally, we show that the GHH preference alone is not sufficient in explaining how risky shares respond to labor income in the household-level data.

Microtopographic response of tilled loess slopes during stages of water erosion development

The tilled slopes in the loess region are characterized by artificial management practices that result in variations in microtopography, which serve as both the site of water erosion and a significant factor contributing to further slope erosion development. However, the response of microtopography during the process of erosion development on tilled loess slopes is unclear. In this study, artificial rainfall simulations were conducted to simulate the development of water erosion (splash erosion (SpE), sheet erosion (ShE), and rill erosion (RE)) under three slope gradients (5°, 10°, and 20°) and three tillage practices (artificial backhoe (AB), artificial digging (AD), and contour tillage (CT)) at a rainfall intensity of 60 mm h−1. The spatial correlation and heterogeneity of the microtopography were analysed using semivariogram functions and fractal dimensions. The response characteristics of microtopography during the water erosion development process on tilled loess slopes were analysed from three perspectives: microtopography factors, erosion equilibrium areas, and slope strips M-ΔDEM. The results indicated that the microtopography process data exhibited moderate to high spatial autocorrelation. There is a positive correlation between microtopographic factors and the slope gradient. Tilled slopes exhibit erosion equilibrium effects during the processes of splash erosion, sheet erosion, and rill erosion. These equilibrium effects are located in the longitudinal ranges of 700 to 1200 mm, 700 to 1300 mm, and 800 to 1100 mm, respectively. Soil erosion and deposition primarily occur in the middle and lower parts of the slope, with 70 % of the slope’s elevation changing within 10 mm, while the remaining changes can reach 25 mm. Among the three tillage practices, AB is the most susceptible to slope influences, which can lead to soil loss, and an optimal slope gradient exists for implementing AB measures. In the case of CT at a slope of 20°, ridge breaking is more likely to occur, but considering the combined effects of soil loss suppression and the difficulty in forming rills, it is recommended to prioritize CT as the preferred tillage practice among the three practices. This study can provide a theoretical foundation for understanding the mechanisms through which microtopography influences water erosion. Additionally, it can serve as a theoretical basis for calibrating parameters in soil erosion models for sloping cultivated lands.

Welfare and economic implications of universal child benefits

Universal child benefits are an important component of the social protection systems in many developed economies, particularly in Europe. When evaluating their impact, most studies tend to focus primarily on the empirical evidence and short-term effects. However, given their large-scale implementation, such programs can have sizable general equilibrium effects. The aim of this paper is to study the long-run implications of universal child benefits within a theoretical framework that can capture the complexities of household decisions regarding consumption, labor participation, and the timing of children. To this end, I develop an overlapping generations model with idiosyncratic earnings risk, infertility shocks, and endogenous temporal fertility. According to the model simulations, universal child benefits lead to a reduction in the spacing between children and, on average, lower maternal age at childbirth for all births. This, in turn, alleviates some of the negative aggregate effects typically associated with redistributive policies, but has a detrimental impact on the average quality of children. Finally, universal child benefits increase ex-ante welfare by 0.42% of lifetime adult consumption, significantly outperforming broad-based transfer policies not tied to the number of children.

Competitive Bidding in Drug Procurement: Evidence from China

We study the equilibrium effects of introducing competitive bidding in drug procurement. In 2019, China introduced a competitive bidding program where drug companies bid for a prespecified procurement quantity in nine provinces. Using a difference-in-differences design, we show the program reduced average drug prices by 47.4 percent. Generic drugs won most bids and cut prices by 75.0 percent. We develop an equilibrium model to quantify the trade-off between lower prices and potential choice distortions. Competitive bidding increases consumer welfare if policymakers believe consumers should value branded and bioequivalent generic drugs equally. The program also reduced government expenditure on insurance by 19.8 percent. (JEL D44, G22, I18, L13, L65, P25, P31)

Abundances of neutron-capture elements in selected solar-type stars

The primary objective of this study is to accurately determine the abundances of Cu, Sr, Y, Zr, Ba, La, and Ce in selected solar-type stars. This will allow us to establish observational abundance--metallicity and abundance--age relations and to explore the reasons for the excess of Ba compared to other $s$-elements in younger solar-type stars. The chosen $s$-process elements are critical diagnostics for understanding the chemical evolution of our Galaxy. We analysed HARPS spectra with a high resolution ($R$ = 115\,000) and high signal-to-noise ratio (close to 100) of main-sequence solar-type FGK stars with metallicities from $-0.15$ to +0.35 dex and ages from 2 to 14 Gyr using one-dimensional (1D) local thermodynamic equilibrium (LTE) synthesis and MARCS atmospheric models. In the procedure of fitting synthetic to observed line profiles, the free parameters included abundance and microturbulent and macroturbulent velocity. The macroturbulent velocity can substantially compensate for non-local thermodynamic equilibrium (NLTE) effects in the line core. The resulting elemental abundance X/H increases with metallicity and age for solar-type stars. The ratio of the abundances of $s$-process elements s/Fe increases with decreasing metallicity and age, while the Cu/Fe ratio increases with both metallicity and age. These observed trends agree well with published observational data and with predictions from Galactic chemical evolution (GCE) models. A small Ba/Fe enhancement of 0.08 ± 0.08 dex has been detected in seven younger stars with an average age of $2.8 0.6$ Gyr. Compared to the abundances of other $s$-process elements Ba/Fe is 0.07 and 0.08 dex higher than La and Ce on average, respectively. Furthermore, we find that the Ba/Fe ratio increases with increasing chromospheric activity. The average Ba/Fe for the three most active stars is $0.15 0.10$ dex higher than that of the other stars. Chromospheric activity, characterised by stronger magnetic fields found in active regions such as pores, spots, plages, and networks, can significantly alter the physical conditions in the formation layers of the Ba lines. Our primary conclusion is that to account for the observed excess of Ba/Fe abundance in younger stars, it is essential to use more complex atmospheric models that incorporate magnetic structures.

Discovery of an Extremely r-process-enhanced Thin-disk Star with [Eu/H] = +0.78

Highly r-process-enhanced (RPE) stars are rare and usually metal poor ([Fe/H] < −1.0), and they mainly populate the Milky Way halo and dwarf galaxies. This study presents the discovery of a relatively bright (V = 12.72), highly RPE (r-II) star ([Eu/Fe] = +1.32, [Ba/Eu] = −0.95), LAMOST J020623.21+494127.9. This star was selected from the Large Sky Area Multi-Object Fiber Spectroscopic Telescope medium-resolution (R ∼ 7500) spectroscopic survey; follow-up high-resolution (R ∼ 25,000) observations were conducted with the High Optical Resolution Spectrograph installed on the Gran Telescopio Canarias. The stellar parameters (T eff = 4130 K, logg = 1.52, [Fe/H] = −0.54, ξ = 1.80 km s−1) have been inferred taking into account nonlocal thermodynamic equilibrium effects. The abundances of [Ce/Fe], [Pr/Fe], and [Nd/Fe] are +0.19, +0.65, and +0.64, respectively, relatively low compared to the Solar r-process pattern normalized to Eu. This star has a high metallicity ([Fe/H] = −0.54) compared to most other highly RPE stars and has the highest measured abundance ratio of Eu to H ([Eu/H] = +0.78). It is classified as a thin-disk star based on its kinematics and does not appear to belong to any known stream or dwarf galaxy.

Seasonal oxidative dynamics and isotopic fractionation of NOx and SO2 in Ostrava, Czech Republic: Insights from stable isotope analysis

The city of Ostrava, NE Czech Republic, is known for its industrial pollution. It has well-characterized emission sources and stable air movement patterns. These features are conveniently used to generalize on atmospheric NOx and SO2 oxidation processes. In 2021, we conducted a series of sampling campaigns to assess the isotopic fractionation conducive to NO3− and SO42− aerosols in PM10. These sampling campaigns were timed to capture varying atmospheric conditions, including climatic inversion periods, providing also insights into urban emission dynamics over the course of the year. Gaseous NOx and SO2 were collected on passive filters, while their oxidized forms, NO3− and SO42, were captured on PM10 particle filters, enabling us to analyze the transformation dynamics of these pollutants. Isotopic analyses distinguished the sources of NOx emissions—coal combustion (δ15N = −3‰) and vehicular emissions (δ15N = −7 ‰)—and allowed quantifying isotope fractionation during their conversion to NO3− (εNOx-NO3- = 11.5 ± 1.15 ‰). This fractionation, however, was influenced by seasonal variations, and appears to be notably affected by NH4NO3 decomposition during warmer months. The correlation of the NO3− to NOx ratio with PM10 and atmospheric moisture highlighted the interplay between particulate matter and humidity in relevant atmospheric transformations. Similarly, for SO2, primarily emitted from coal combustion (δ34S = −2‰), we identified distinct fractionation patterns during oxidation to SO42− encompassing both kinetic (εSO2-H2O = −1.3 ± 0.5‰) and equilibrium (εSO2- SO42- = 2.24 ± 0.67‰) effects. The SO42−/SO2 ratio was correlated with PM10 but showed no dependence on humidity. Significantly, atmospheric inversion conditions accelerated oxidation, modifying the fractionation patterns for both NOx (εNOx-NO3- = 7‰) and SO2 (εSO2- SO42-= −0.9 ± 0.3‰). Our methodology elucidates pivotal mechanisms in atmospheric pollution transformation, underlined by the tracing of NOx and SO2 to aerosol conversions via δ15N and δ34S isotopic analyses. The isotope fractionation underscores equilibrium processes in oxidation reactions, while the effect of PM10 and humidity reveals the complexity of these atmospheric oxidative transformations. The role of wet deposition in removing SO2 highlights an essential pathway in the atmospheric sulfur cycle.

Stock Market Participation, Inequality, and Monetary Policy

Abstract Recent literature has shown that the fraction of liquidity-constrained households in the population critically determines the mix of transmission channels of monetary policy. In this article, we bring a different but important dimension of heterogeneity to the forefront: stock market participation. We show that the stock market participation rate not only shapes the mix of policy channels but also heavily affects the aggregate responses. This happens as direct rebalancing effects and indirect equilibrium effects into investment are both increasing in the number of stock market participants, reinforcing each other. We show this in a quantitative New Keynesian model designed to account for the population share of stock market participants, their position in the income and wealth distribution, and their saving rates. The model implies that, as stock market participation has increased since the 1980s, the power of monetary policy on the real economy has strengthened considerably.