Evidence on entrepreneurs in the United States: data from the 1989–2004 survey of consumer finances

Using data from the Federal Reserve Board’s Survey of Consumer Finances, the authors examine characteristics of entrepreneurs and the businesses they run. Their analysis confirms that business owners are important sources of saving and wealth creation in the U.S. and that they are less risk averse than other wealthy households. This discounts the notion that the wealth of entrepreneurs disproportionately reflects a buildup of precautionary balances to guard against financial risk.Consumer surveys ; Business enterprises

Risk Management for Monetary Policy Near the Zero Lower Bound

As projections have inflation heading back toward target and the labor market continuing to improve, the Federal Reserve has begun to contemplate an increase in the federal funds rate. There is however substantial uncertainty around these projections. How should this uncertainty affect monetary policy? In many standard models uncertainty has no effect. In this paper, we demonstrate that the zero lower bound on nominal interest rates implies that the central bank should adopt a looser policy when there is uncertainty. In the current context this result implies that a delayed liftoff is optimal. We demonstrate this result theoretically in two canonical macroeconomic models. Using numerical simulations of our models, calibrated to the current environment, we find optimal policy calls for 2 to 3 quarters delay in liftoff relative to a policy that does not take into account uncertainty about policy being constrained by the ZLB. We then use a narrative study of Federal Reserve communications and estimated policy reaction functions to show that risk management is a longstanding practice in the conduct of monetary policy

Non-characteristic Half-lives in Radioactive Decay

Half-lives of radionuclides span more than 50 orders of magnitude. We characterize the probability distribution of this broad-range data set at the same time that explore a method for fitting power-laws and testing goodness-of-fit. It is found that the procedure proposed recently by Clauset et al. [SIAM Rev. 51, 661 (2009)] does not perform well as it rejects the power-law hypothesis even for power-law synthetic data. In contrast, we establish the existence of a power-law exponent with a value around 1.1 for the half-life density, which can be explained by the sharp relationship between decay rate and released energy, for different disintegration types. For the case of alpha emission, this relationship constitutes an original mechanism of power-law generation

Macroscopic superpositions via nested interferometry: finite temperature and decoherence considerations

Recently there has been much interest in optomechanical devices for the production of macroscopic quantum states. Here we focus on a proposed scheme for achieving macroscopic superpositions via nested interferometry. We consider the effects of finite temperature on the superposition produced. We also investigate in detail the scheme's feasibility for probing various novel decoherence mechanisms.Comment: 12 pages, 2 figure

The implications of noninertial motion on covariant quantum spin

It is shown that the Pauli-Lubanski spin vector defined in terms of curvilinear co-ordinates does not satisfy Lorentz invariance for spin-1/2 particles in noninertial motion along a curved trajectory. The possibility of detecting this violation in muon decay experiments is explored, where the noninertial contribution to the decay rate becomes large for muon beams with large momenta and trajectories with radius of curvature approaching the muon's Compton wavelength scale. A new spacelike spin vector is derived from the Pauli-Lubanski vector that satisfies Lorentz invariance for both inertial and noninertial motion. In addition, this spin vector suggests a generalization for the classification of spin-1/2 particles, and has interesting properties that are applicable for both massive and massless particles.Comment: REVTeX file; 7 pages; 2 figures; slightly revised with new abstract; accepted for publication in Classical and Quantum Gravit

Confirmation of Parity Violation in the Gamma Decay of 180Hfm^{180}Hf^{m}

This paper reports measurements using the technique of On Line Nuclear Orientation (OLNO) which reexamine the gamma decay of isomeric $^{\rm 180}$Hf$^{\rm m}$ and specifically the 501 keV 8$^{\rm -}$ -- 6$^{\rm +}$ transition. The irregular admixture of E2 to M2/E3 multipolarity in this transition, deduced from the forward-backward asymmetry of its angular distribution, has for decades stood as the prime evidence for parity mixing in nuclear states. The experiment, based on ion implantation of the newly developed mass-separated $^{\rm 180}$Hf$^{\rm m}$ beam at ISOLDE, CERN into an iron foil maintained at millikelvin temperatures, produces higher degrees of polarization than were achieved in previous studies of this system. The value found for the E2/M2 mixing ratio, $\epsilon$ = -0.0324(16)(17), is in close agreement with the previous published average value $\epsilon$ = - 0.030(2), in full confirmation of the presence of the irregular E2 admixture in the 501 keV transition. The temperature dependence of the forward-backward asymmetry has been measured over a more extended range of nuclear polarization than previously possible, giving further evidence for parity mixing of the 8$^{\rm -}$ and 8$^{\rm +}$ levels and the deduced E2/M2 mixing ratio.Comment: 28 pages, 9 figures, accepted for publication in Physical Review

Neutrino-nucleus interaction rates at a low-energy beta-beam facility

We compute the neutrino detection rates to be expected at a low-energy beta-beam facility. We consider various nuclei as neutrino detectors and compare the case of a small versus large storage ring.Comment: 6 pages, 3 figure

Necessary conditions for accurate computations of three-body partial decay widths

The partial width for decay of a resonance into three fragments is largely determined at distances where the energy is smaller than the effective potential producing the corresponding wave function. At short distances the many-body properties are accounted for by preformation or spectroscopic factors. We use the adiabatic expansion method combined with the WKB approximation to obtain the indispensable cluster model wave functions at intermediate and larger distances. We test the concept by deriving conditions for the minimal basis expressed in terms of partial waves and radial nodes. We compare results for different effective interactions and methods. Agreement is found with experimental values for a sufficiently large basis. We illustrate the ideas with realistic examples from $\alpha$-emission of $^{12}$C and two-proton emission of $^{17}$Ne. Basis requirements for accurate momentum distributions are briefly discussed.Comment: To be published in Physical Review

Recommendations for Care of the Asymptomatic Patient

We present a set of reasonable guidelines for the care of healthy, asymptomatic individuals based upon recommendations prepared by an Internal Medicine review committee of Henry Ford Hospital. There recommendations have four goals: to prevent disease, to detect disease in an asymptomatic and potentially curable state, to enhance the patient\u27s quality of life, and to help physicians teach patients good health habits. Recommendations are made for infectious diseases, cancer, metabolic diseases, neurosensory conditions like visual and hearing loss, and general health habits. Some recommendations are at variance with those of well recognized authorities and should be viewed only as a suggested protocol for the care of the asymptomatic patient. Results of ongoing studies may alter our understanding of some areas of controversy and mandate revision of these guidelines periodically