Can Fiscal Policy Stimulus Boost Economic Recovery?

We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the implementation of fiscal stimulus packages. In addition, our results suggest that when governments run a budget deficit, they place an upward pressure on real interest rates, which "crowds-out" private consumption and investment. In contrast, during bust periods, unexpected variation in the fiscal stance crowds-in private spending, which reflects the "direct" and "indirect" effects of policy actions impact arising from a downward movement in real interest rates and an upward revision in price level expectations.Fiscal policy, asset prices, panel VAR.

Optical properties of Ge-oxygen defect center embedded in silica films

The photo-luminescence features of Ge-oxygen defect centers in a 100nm thick Ge-doped silica film on a pure silica substrate were investigated by looking at the emission spectra and time decay detected under synchrotron radiation excitation in the 10-300 K temperature range. This center exhibits two luminescence bands centered at 4.3eV and 3.2eV associated with its de-excitation from singlet (S1) and triplet (T1) states, respectively, that are linked by an intersystem crossing process. The comparison with results obtained from a bulk Ge-doped silica sample evidences that the efficiency of the intersystem crossing rate depends on the properties of the matrix embedding the Ge-oxygen defect centers, being more effective in the film than in the bulk counterpart.Comment: 10 pages, 3 figures, in press on J. Non cryst. solids (2007

The A(Kstop−,π±Σ∓)A′A(K^-_{stop},\pi^\pm\Sigma^\mp)A' reaction on p-shell nuclei

This letter is concerned with the study of the $K^-_{stop}A\rightarrow \pi^\pm\Sigma^\mp A'$ reaction in p-shell nuclei, i.e., $^{6,7}Li$, $^9Be$, $^{13}C$ and $^{16}O$. The $\pi^\pm\Sigma^\mp / K^-_{stop}$ emission rates are reported as a function of $A$. These rates are discussed in comparison with previous findings. The ratio $\pi^-\Sigma^+/\pi^+\Sigma^-$ in p-shell nuclei is found to depart largely from that on hydrogen, which provides support for large in-medium effects possibly generated by the sub-threshold $\Lambda(1405)$. The continuum momentum spectra of prompt pions and free sigmas are also discussed as well as the $\pi^\pm\Sigma^\mp$ missing mass behavior and the link with the reaction mechanism. The apparatus used for the investigation is the FINUDA spectrometer operating at the DA$\Phi$NE $\phi$-factory (LNF-INFN, Italy).Comment: 14 pages, 5 figures, accepted for publication in Phys. Lett.

How does fiscal consolidation impact on income inequality?

In this paper, we assess the impact of fiscal consolidation on income inequality. Using a panel of 18 industrialized countries from 1978 to 2009, we find that income inequality significantly rises during periods of fiscal consolidation. In addition, while fiscal policy that is driven by spending cuts seems to be detrimental for income distribution, tax hikes seem to have an equalizing effect. We also show that the size of the fiscal consolidation program (in percentage of GDP) has an impact on income inequality. In particular, when consolidation plans represent a small share of GDP, the income gap widens, suggesting that the burden associated with the effort affects disproportionately households at the bottom of the income distribution. Considering the linkages between banking crises and fiscal consolidation, we find that the effect on the income gap is amplified when fiscal adjustments take place after the resolution of such financial turmoils. Similarly, fiscal consolidation programs combined with inflation are likely to increase inequality and the effects of fiscal adjustments on inequality are amplified during periods of relatively low growth. Our results also provide support for a nonlinear relationship between inequality and income and corroborate the idea that trade can promote a more equal distribution of income

H(II) centers in natural silica under repeated UV laser irradiations

We investigated the kinetics of H(II) centers (=Ge'-H) in natural silica under repeated 266nm UV irradiations performed by a Nd:YAG pulsed laser. UV photons temporarily destroy these paramagnetic defects, their reduction being complete within 250 pulses. After re-irradiation, H(II) centers grow again, and the observed recovery kinetics depends on the irradiation dose; multiple 2000 pulses re-irradiations induce the same post-irradiation kinetics of H(II) centers after each exposure cycle. The analysis of these effects allows us to achieve a deeper understanding of the dynamics of the centers during and after laser irradiation.Comment: Submitted to Journal of Non Crystalline Solid

Fiscal policy discretion, private spending and crises episodes

In this paper, we assess the impact of fiscal policy discretion on economic activity in the short and medium-term. Using a panel of 132 countries from 1960 to 2008, we find that fiscal policy discretion provides a net stimulus to the economy in the short-run and crowding-in effects are amplified once crisis episodes are controlled for\u2013 in particular, banking crises - giving a great scope for fiscal policy stimulus packages. However, crowding-out effects take over in the long-run \u2013 especially, in the case of debt crises -, in line with the concerns about long-term debt sustainability

Structural relaxation of E' gamma centers in amorphous silica

We report experimental evidence of the existence of two variants of the E' gamma centers induced in silica by gamma rays at room temperature. The two variants are distinguishable by the fine features of their line shapes in paramagnetic resonance spectra. These features suggest that the two E' gamma differ for their topology. We find a thermally induced interconversion between the centers with an activation energy of about 34 meV. Hints are also found for the existence of a structural configuration of minimum energy and of a metastable state.Comment: 4 pages, 2 figures, submitted to Phys. Rev. Let

KiDS0239-3211: A new gravitational quadruple lens candidate

We report the discovery of a candidate to quadrupole gravitationally lensed system KiDS0239-3211 based on the public data release 3 of the KiDS survey and machine learning techniques