The admission of accession countries to an enlarged monetary union: a tentative assessment

The enlargement of the European monetary union to include the accession countries (ACs) will not lead to higher average inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy framework is preserved. In the short term, unanticipated shocks to the real exchange rate may instead affect aggregate inflation if member countries' economic structure differs. When comparing welfare, inflation and output stabilisation, we find that the size, differences in economic structure and the variance-covariance matrix of supply and real exchange rate shocks play a key role. The numerical results indicate that the implications for the euro area are significant only if we assume a strong real exchange rate appreciation and if ACs are weighted in terms of purchasing power parity standards. In the event of real exchange rate or country-specific supply shocks in ACs, the consequences would be limited for both the current and the enlarged euro area, but sizeable for ACs themselves. JEL Classification: E52, E58, F33, F40Accession Countries, Balassa-Samuelson Effect, European Monetary Union, Exchange Rate Regimes, monetary policy

The Eastward Enlargement of the European Monetary Union

The enlargement of the European monetary union to include new EU Member States (NMs) will not lead to higher expected inflation in the enlarged euro area, but only to some redistribution of inflation at the country level, if the policy framework of the monetary authority remains invariant. Shocks to the real exchange rate may affect instead aggregate inflation, if member countries' economic structure differs. The numerical results indicate that the impact on steady state inflation of the current euro area is limited if participating countries are weighted on the basis of nominal GDP and if the upward pressure on the real exchange rate is postulated to be in line with most estimates of the Balassa-Samuelson effect. In the event of real exchange rate or country-specific supply shocks in NMs, the consequences are found to be limited for the current and the enlarged euro area, but sizeable for the NMs themselves.EMU; enlargement; East-Central Europe

Slow dynamics in a primitive tetrahedral network model

We report extensive Monte Carlo and event-driven molecular dynamics simulations of the fluid and liquid phase of a primitive model for silica recently introduced by Ford, Auerbach and Monson [J. Chem. Phys. 17, 8415 (2004)]. We evaluate the iso-diffusivity lines in the temperature-density plane to provide an indication of the shape of the glass transition line. Except for large densities, arrest is driven by the onset of the tetrahedral bonding pattern and the resulting dynamics is strong in the Angell's classification scheme. We compare structural and dynamic properties with corresponding results of two recently studied primitive models of network forming liquids -- a primitive model for water and a angular-constraint free model of four-coordinated particles -- to pin down the role of the geometric constraints associated to the bonding. Eventually we discuss the similarities between "glass" formation in network forming liquids and "gel" formation in colloidal dispersions of patchy particles.Comment: 9 pages, 10 figure

Welfare implications of joining a common currency

This paper examines the welfare implications of a country joining a currency union as opposed to operating in a flexible exchange rate regime. At the country level, the suboptimal response to domestic and foreign shocks and the inability of setting inflation at the desired level may be offset by a positive impact on potential output. We show that for entry to be welfare enhancing, the potential output gain must be the larger, the smaller the country, the larger the difference between the standard deviation of supply shocks across the participating countries, the smaller the correlation of countries’ supply shocks and the larger the variance of real exchange rate shocks. JEL Classification: E52, E58, F33, F40Balassa-Samuelson Effect, Currency union, monetary policy, Welfare

Alx1, a member of the Cart1/Alx3/Alx4 subfamily of Paired-class homeodomain proteins, is an essential component of the gene network controlling skeletogenic fate specification in the sea urchin embryo

In the sea urchin embryo, the large micromeres and their progeny function as a critical signaling center and execute a complex morphogenetic program. We have identified a new and essential component of the gene network that controls large micromere specification, the homeodomain protein Alx1. Alx1 is expressed exclusively by cells of the large micromere lineage beginning in the first interphase after the large micromeres are born. Morpholino studies demonstrate that Alx1 is essential at an early stage of specification and controls downstream genes required for epithelial-mesenchymal transition and biomineralization. Expression of Alx1 is cell autonomous and regulated maternally through ß-catenin and its downstream effector, Pmar1. Alx1 expression can be activated in other cell lineages at much later stages of development, however, through a regulative pathway of skeletogenesis that is responsive to cell signaling. The Alx1 protein is highly conserved among euechinoid sea urchins and is closely related to the Cart1/Alx3/Alx4 family of vertebrate homeodomain proteins. In vertebrates, these proteins regulate the formation of skeletal elements of the limbs, face and neck. Our findings suggest that the ancestral deuterostome had a population of biomineral-forming mesenchyme cells that expressed an Alx1-like protein

Spectral properties of a two-orbital Anderson impurity model across a non-Fermi liquid fixed point

We study by NRG the spectral properties of a two-orbital Anderson impurity model in the presence of an exchange splitting which follows either regular or inverted Hund's rules. The phase diagram contains a non-Fermi liquid fixed point separating a screened phase, where conventional Kondo effect occurs, from an unscreened one, where the exchange-splitting takes care of quenching the impurity degrees of freedom. On the Kondo screened side close to this fixed point the impurity density of states shows a narrow Kondo-peak on top of a broader resonance. This narrow peak transforms in the unscreened phase into a narrow pseudo-gap inside the broad resonance. Right at the fixed point only the latter survives. The fixed point is therefore identified by a jump of the density of states at the chemical potential. We also show that particle-hole perturbations which simply shift the orbital energies do not wash out the fixed point, unlike those perturbations which hybridize the two orbitals. Consequently the density-of-state jump at the chemical potential remains finite even away from particle-hole symmetry, and the pseudo-gap stays pinned at the chemical potential, although it is partially filled in. We also discuss the relevance of these results for lattice models which map onto this Anderson impurity model in the limit of large lattice-coordination. Upon approaching the Mott metal-insulator transition, these lattice models necessarily enter a region with a local criticality which reflects the impurity non-Fermi liquid fixed point. However, unlike the impurity, the lattice can get rid of the single-impurity fixed-point instability by spontaneously developing bulk-coherent symmetry-broken phases, which we identify for different lattice models.Comment: 43 pages, 11 figures. Minor corrections in the Appendi

Boosting infrared energy transfer in 3D nanoporous gold antennas

The applications of plasmonics to energy transfer from free-space radiation to molecules are currently limited to the visible region of the electromagnetic spectrum due to the intrinsic optical properties of bulk noble metals that support strong electromagnetic field confinement only close to their plasma frequency in the visible/ultraviolet range. In this work, we show that nanoporous gold can be exploited as a plasmonic material for the mid-infrared region to obtain strong electromagnetic field confinement, co-localized with target molecules into the nanopores and resonant with their vibrational frequency. The effective optical response of the nanoporous metal enables the penetration of optical fields deep into the nanopores, where molecules can be loaded thus achieving a more efficient light–matter coupling if compared to bulk gold. In order to realize plasmonic resonators made of nanoporous gold, we develop a nanofabrication method based on polymeric templates for metal deposition and we obtain antenna arrays resonating at mid-infrared wavelengths selected by design. We then coat the antennas with a thin (3 nm) silica layer acting as the target dielectric layer for optical energy transfer. We study the strength of the light–matter coupling at the vibrational absorption frequency of silica at 1240 cm−1 through the analysis of the experimental Fano lineshape that is benchmarked against identical structures made of bulk gold. The boost in the optical energy transfer from free-space mid-infrared radiation to molecular vibrations in nanoporous 3D nanoantenna arrays can open new application routes for plasmon-enhanced physical–chemical reactions

Convective Excitation of Inertial Modes in Binary Neutron Star Mergers

We present the first very long-term simulations (extending up to ~140 ms after merger) of binary neutron star mergers with piecewise polytropic equations of state and in full general relativity. Our simulations reveal that at a time of 30-50 ms after merger, parts of the star become convectively unstable, which triggers the excitation of inertial modes. The excited inertial modes are sustained up to several tens of milliseconds and are potentially observable by the planned third-generation gravitational-wave detectors at frequencies of a few kilohertz. Since inertial modes depend on the rotation rate of the star and they are triggered by a convective instability in the postmerger remnant, their detection in gravitational waves will provide a unique opportunity to probe the rotational and thermal state of the merger remnant. In addition, our findings have implications for the long-term evolution and stability of binary neutron star remnantsComment: 6 pages, 4 figure

The admission of accession countries to an enlarged monetary union: a tentative assessment

The enlargement of the European monetary union to include the accession countries (ACs) will not lead to higher average inflation in the enlarged euro area, but only to inflation redistribution across countries if continuity of the monetary policy framework is preserved. In the short term, unanticipated shocks to the real exchange rate may instead affect aggregate inflation if member countries' economic structure differs. When comparing welfare, inflation and output stabilisation, we find that the size, differences in economic structure and the variance-covariance matrix of supply and real exchange rate shocks play a key role. The numerical results indicate that the implications for the euro area are significant only if we assume a strong real exchange rate appreciation and if ACs are weighted in terms of purchasing power parity standards. In the event of real exchange rate or country-specific supply shocks in ACs, the consequences would be limited for both the current and the enlarged euro area, but sizeable for ACs themselves

Non-gaussian effects in the cage dynamics of polymers

The correlation between the fast cage dynamics and structural relaxation is investigated in a model polymer system. It is shown that the cage vibration amplitude, as expressed by the Debye-Waller factor, and the relaxation time $\tau_\alpha$ collapse on a single universal curve with a simple analytic form when the temperature, the density, the chain length and the monomer-monomer interaction potential are changed. For the physical states with the same $\tau_\alpha$ coincidence of the mean-square displacement, the intermediate scattering function and the non-Gaussian parameter is observed in a wide time window spanning from the ballistic regime to the onset of the Rouse dynamics driven by the chain connectivity. The role of the non-Gaussian effects is discussed.Comment: 8 pages, 5 figure