Money, sticky wages, and the Great Depression

This paper examines the ability of a simple stylized general equilibrium model that incorporates nominal wage rigidity to explain the magnitude and persistence of the Great Depression in the United States. The impulses to our analysis are money supply shocks. The Taylor contracts model is surprisingly successful in accounting for the behavior of major macroaggregates and real wages during the downturn phase of the Depression, i.e., from 1929:3 through mid-1933. Our analysis provides support for the hypothesis that a monetary contraction operating through a sticky wage channel played a significant role in accounting for the downturn, and also provides an interesting refinement to this explanation. In particular, both the absolute severity of the Depression's downturn and its relative severity compared to the 1920-21 recession are likely attributable to the price decline having a much larger unanticipated component during the Depression, as well as less flexible wage-setting practices during this latter period. Another finding casts doubt on explanations for the 1933-36 recovery that rely heavily on the substantial remonetization that began in 1933.Money supply ; Wages ; Depressions

Financial Restraints in the South Korean Miracle

We provide novel empirical evidence on the effects of financial restraints on South Korean financial development. The evidence is linked to a simple model of the Korean banking system that encapsulates its cartelised nature, which predicts a positive association between financial development and (i) the degree of state control over the banking system, (ii) mild repression of lending rates. The model also predicts that in the presence of lending rate controls, increases in the level of the administered deposit rate are unlikely to influence financial deepening. We test the model empirically by constructing individual and summary measures of financial restraints. Our empirical findings are consistent with our theoretical predictions but contrast sharply with the predictions of earlier literature that postulates that interest rate ceilings and other financial restraints constitute sources of ‘financial repression’.Financial deepening; financial restraints

Strongly Localized State of a Photon at the Intersection of the Phase Slips in 2D Photonic Crystal with Low Contrast of Dielectric Constant

Two-dimensional photonic crystal with a rectangular symmetry and low contrast (< 1) of the dielectric constant is considered. We demonstrate that, despite the {\em absence} of a bandgap, strong localization of a photon can be achieved for certain ``magic'' geometries of a unit cell by introducing two $\pi/2$ phase slips along the major axes. Long-living photon mode is bound to the intersection of the phase slips. We calculate analytically the lifetime of this mode for the simplest geometry -- a square lattice of cylinders of a radius, $r$. We find the magic radius, $r_c$, of a cylinder to be 43.10 percent of the lattice constant. For this value of $r$, the quality factor of the bound mode exceeds $10^6$. Small ($\sim 1$) deviation of $r$ from $r_c$ results in a drastic damping of the bound mode.Comment: 6 pages, 2 figure

New results for the missing quantum numbers labeling the quadrupole and octupole boson basis

The many $2^k$-pole boson states, $|N_kv_k\alpha_k I_kM_k>$ with $k=2,3$, realize the irreducible representation (IR) for the group reduction chains $SU(2k+1)\supset R_{2k+1}\supset R_3\supset R_2$. They have been analytically studied and widely used for the description of nuclear systems. However, no analytical expression for the degeneracy $d_v(I)$ of the $R_{2k+1}$'s IR, determined by the reduction $R_{2k+1}\supset R_3$, is available. Thus, the number of distinct values taken by $\alpha_k$ has been so far obtained by solving some complex equations. Here we derive analytical expressions for the degeneracy $d_v(I)$ characterizing the octupole and quadrupole boson states, respectively. The merit of this work consists of the fact that it completes the analytical expressions for the $2^k$-pole boson basis.Comment: 10page

Noncommutative Gravity and the *-Lie algebra of diffeomorphisms

We construct functions and tensors on noncommutative spacetime by systematically twisting the corresponding commutative structures. The study of the deformed diffeomorphisms (and Poincare) Lie algebra allows to construct a noncomutative theory of gravity.Comment: 12 pages. Presented at the Erice International School of Subnuclear Physics, 44th course, Erice, Sicily, 29.8- 7.9 2006, and at the Second workshop and midterm meeting of the MCRTN ``Constituents, Fundamental Forces and Symmetries of the Universe" Napoli, 9-13.10 200

The sound motion controller: a distributed system for interactive music performance

We developed an interactive system for music performance, able to control sound parameters in a responsive way with respect to the user’s movements. This system is conceived as a mobile application, provided with beat tracking and an expressive parameter modulation, interacting with motion sensors and effector units, which are connected to a music output, such as synthesizers or sound effects. We describe the various types of usage of our system and our achievements, aimed to increase the expression of music performance and provide an aid to music interaction. The results obtained outline a first level of integration and foresee future cognitive and technological research related to it

Whalesong

Auke Bay Micro-Computer Lab summer hours slated -- New business director thrilled with the challenge of UAJ -- Lind meets with USUAJ representatives to discuss reorganization task force -- UAJ weathers its stormiest year -- Broccoli: Patron vegetable of yuppies -- UAJ hosts guest instructors for summer -- UAJ student chosen for internship -- Social Services aids families in crisis -- Cooperative program benefits Native youth in Southeast Alask