Sharing Asymmetric Tail Risk Smoothing, Asset Pricing and Terms of Trade

With the Global Financial Crisis, the COVID-19 pandemic, and the looming Climate Change, investors and policymakers around the world are bracing for a new global environment with heightened tail risk. Asymmetric exposure to this risk across countries raises the private and social value of arrangements improving insurance. We offer an analytical decomposition of the welfare effects of efficient capital market integration into a "smoothing" and a "level effect". Enhancing risk sharing affects the volatility of consumption, but also brings about equilibrium adjustment in asset and goods prices. This in turn drives relative wealth and consumption, as well as labor and capital allocation, across borders. Using model simulation, we explore quantitatively the empirical relevance of the different channels through which riskier and safer countries benefit from sharing macroeconomic risk. We offer an algorithm for the correct solution of the equilibrium using DSGE models under complete markets, at higher order of approximation

Microstructure evolution in aluminium 6060 during incremental ECAP

An AA6060 Al-Mg-Si alloy was used to investigate the microstructure evolution on X, Y and Z planes after processing by Incremental Equal Channel Angular Pressing (IECAP) at room temperature after 1 and 4 passes. The basic microstructural parameters (mean grain size, grain boundary statistics) were evaluated

Origin of ferromagnetism in (Zn,Co)O from magnetization and spin-dependent magnetoresistance

In order to elucidate the nature of ferromagnetic signatures observed in (Zn,Co)O we have examined experimentally and theoretically magnetic properties and spin-dependent quantum localization effects that control low-temperature magnetoresistance. Our findings, together with a through structural characterization, substantiate the model assigning spontaneous magnetization of (Zn,Co)O to uncompensated spins at the surface of antiferromagnetic nanocrystal of Co-rich wurtzite (Zn,Co)O. The model explains a large anisotropy observed in both magnetization and magnetoresistance in terms of spin hamiltonian of Co ions in the crystal field of the wurtzite lattice.Comment: 6 pages, 6 figure

Social status and diet. Reconstruction of diet of individuals buried in some early medieval chamber graves from Poland by carbon and nitrogen stable isotopes analysis

YesThe study presents results of the investigations of diet based on carbon and nitrogen stable isotope ratios (δ13C and δ15N) of the bone collagen of individuals buried in medieval elite chamber graves from the territory of the state of the first Piasts, Poland (the second half of the 10th and the first half of the 11th century). The aim of the research was to determine the diet of individuals buried in such funerary structures, to compare this with commoners buried in ordinary graves, and investigate any sex-related patterns. Rib bone samples were taken from individuals buried in chamber graves at Bodzia, Dziekanowice, Pień and Sowinki. Results indicate that the elite male diet was based on C3 plants with possible contribution of some C4 plants (millet) and substantial consumption of animal proteins including fish. The bone collagen δ13C and δ15N of male chamber burials suggested consumption of higher trophic level foodstuffs (meat and fish) whilst the female diet, and that of the juveniles, was similar to the commoners in the rest of the population

Thin polymer films based on poly(vinyl alcohol) containing graphene oxide and reduced graphene oxide with functional properties

10 pags., 7 figs., 2 tabs.In this article, the effect of the addition of graphene oxide (GO) and reduced graphene oxide (rGO) on the mechanical properties, thermal stability, and electrical conductivity of polyvinyl alcohol (PVA) has been investigated. Different weight percentages of nanofillers ranging from 0.5 to 5 wt% have been combined with PVA. The ultrasonic technique has been applied to disperse nanofillers in the PVA solution. The nanocomposite films have been prepared via solution casting technique and the dispersion of nanofillers into the PVA has been studied through optical microscopy. The microstructure, crystallization behavior, and interfacial interaction were characterized through X-ray diffraction and Fourier transform infrared spectroscopy. Differential scanning calorimetry (DSC) and thermogravimetric analysis have been applied to study the thermal properties of the prepared nanocomposites. The DSC results revealed that the crystallization temperature and melting temperature were enhanced in the presence of GO nanofiller. Besides, the tensile strength at break was improved along with the addition of GO; however, elongation at break for PVA/GO and PVA/rGO was diminished. Moreover, all specimens showed insulating behavior and the only sample was electrically conducting, which contain a high amount of rGO (5 wt%).Spanish Ministry of Science and Innovation, Grant/Award Number:PID2019-107514GB-I0

The dynamics of the non-heme iron in bacterial reaction centers from Rhodobacter sphaeroides

AbstractWe investigate the dynamical properties of the non-heme iron (NHFe) in His-tagged photosynthetic bacterial reaction centers (RCs) isolated from Rhodobacter (Rb.) sphaeroides. Mössbauer spectroscopy and nuclear inelastic scattering of synchrotron radiation (NIS) were applied to monitor the arrangement and flexibility of the NHFe binding site. In His-tagged RCs, NHFe was stabilized only in a high spin ferrous state. Its hyperfine parameters (IS=1.06±0.01mm/s and QS=2.12±0.01mm/s), and Debye temperature (θD0~167K) are comparable to those detected for the high spin state of NHFe in non-His-tagged RCs. For the first time, pure vibrational modes characteristic of NHFe in a high spin ferrous state are revealed. The vibrational density of states (DOS) shows some maxima between 22 and 33meV, 33 and 42meV, and 53 and 60meV and a very sharp one at 44.5meV. In addition, we observe a large contribution of vibrational modes at low energies. This iron atom is directly connected to the protein matrix via all its ligands, and it is therefore extremely sensitive to the collective motions of the RC protein core. A comparison of the DOS spectra of His-tagged and non-His-tagged RCs from Rb. sphaeroides shows that in the latter case the spectrum was overlapped by the vibrations of the heme iron of residual cytochrome c2, and a low spin state of NHFe in addition to its high spin one. This enabled us to pin-point vibrations characteristic for the low spin state of NHFe

The investigation of YAlO3-NdAlO3 system, synthesis and characterization

The binary phase diagram of the YAlO3 (YAP) - NdAlO3 (NAP) system was determined by differential thermal analysis (DTA) and X-ray powder diffraction (XRD) measurements. High purity nanocrystalline powders and small single crystals of Y_{1-x}Nd_{x}AlO_3 (0 \leq x \leq 1) have been produced successfully by modified sol-gel (Pechini) and micro-pulling-down methods, respectively. Both end members show high mutual solubility >25% in the solid phase, with a miscibility gap for intermediate compositions. A solid solution with x \approx 0.2 melts azeotropic ca. 20 degrees below pure YAP. Such crystals can be grown from the melt without segregation. The narrow solid/liquid region near the azeotrope point could be measured with a "cycling" DTA measurement technique.Comment: 12 pages, 8 figures, submitted to J. Alloys. Comp