Is Globalization Today Really Different than Globalization a Hunderd Years Ago?

This paper pursues the comparison of economic integration today and pre 1914 for trade as well as finance, primarily for the United States but also with reference to the wider world. We establish the outlines of international integration a century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial integration before World War I was more limited. Given that integration today is even more pervasive than a hundred years ago, it is surprising that trade tensions and financial instability have not been worse in recent years. In the conclusion we point to the institutional innovations that have taken place in the past century as an explanation. This in turn suggests the way forward for national governments and multilaterals.

Selection rules in symmetry-broken systems by symmetries in synthetic dimensions

Selection rules are often considered a hallmark of symmetry. Here, we employ symmetry-breaking degrees of freedom as synthetic dimensions to demonstrate that symmetry-broken systems systematically exhibit a specific class of symmetries and selection rules. These selection rules constrain the scaling of a system’s observables (non-perturbatively) as it transitions from symmetric to symmetry-broken. Specifically, we drive bi-elliptical high harmonic generation (HHG), and observe that the scaling of the HHG spectrum with the pump’s ellipticities is constrained by selection rules corresponding to symmetries in synthetic dimensions. We then show the generality of this phenomenon by analyzing periodically-driven (Floquet) systems subject to two driving fields, tabulating the resulting synthetic symmetries for (2 + 1)D Floquet groups, and deriving the corresponding selection rules for high harmonic generation (HHG) and other phenomena. The presented class of symmetries and selection rules opens routes for ultrafast spectroscopy of phonon-polarization, spin-orbit coupling, symmetry-protected dark bands, and more

Credibility and adjustment: gold standards versus currency boards

It is often maintained that currency boards (CBs) and gold standards (GSs) are alike in that they are stringent monetary rules, the two basic features of which are high credibility of monetary authorities and the existence of automatic adjustment (non discretionary) mechanism. This article includes a comparative analysis of these two types of regimes both from the perspective of the sources and mechanisms of generating confidence and credibility, and the elements of operation of the automatic adjustment mechanism. Confidence under the GS is endogenously driven, whereas it is exogenously determined under the CB. CB is a much more asymmetric regime than GS (the adjustment is much to the detriment of peripheral countries) although asymmetry is a typical feature of any monetary regime. The lack of credibility is typical for peripheral countries and cannot be overcome completely even by “hard” monetary regimes.http://deepblue.lib.umich.edu/bitstream/2027.42/40078/3/wp692.pd

Helicity-selective phase-matching and quasi-phase matching of circularly polarized high-order harmonics: Towards chiral attosecond pulses

Phase matching of circularly polarized high-order harmonics driven by counter-rotating bi-chromatic lasers was recently predicted theoretically and demonstrated experimentally. In that work, phase matching was analyzed by assuming that the total energy, spin angular momentum and linear momentum of the photons participating in the process are conserved. Here we propose a new perspective on phase matching of circularly polarized high harmonics. We derive an extended phase matching condition by requiring a new propagation matching condition between the classical vectorial bi-chromatic laser pump and harmonics fields. This allows us to include the influence of the laser pulse envelopes on phase matching. We find that the helicity dependent phase matching facilitates generation of high harmonics beams with a high degree of chirality. Indeed, we present an experimentally measured chiral spectrum that can support a train of attosecond pulses with a high degree of circular polarization. Moreover, while the degree of circularity of the most intense pulse approaches unity, all other pulses exhibit reduced circularity. This feature suggests the possibility of using a train of attosecond pulses as an isolated attosecond probe for chiral-sensitive experiments

A dynamical symmetry triad in high-harmonic generation revealed by attosecond recollision control

A key element of optical spectroscopy is the link between observable selection rules and the underlying symmetries of an investigated physical system. Typically, selection rules directly relate to the sample properties probed by light, yielding information on crystalline structure or chirality, for example. Considering light-matter coupling more broadly may extend the scope of detectable symmetries, to also include those directly arising from the interaction. In this letter, we experimentally demonstrate an emerging class of symmetries in the electromagnetic field emitted by a strongly driven atomic system. Specifically, generating high-harmonic radiation with attosecond-controlled two-color fields, we find different sets of allowed and forbidden harmonic orders. Generalizing symmetry considerations of circularly polarized high-harmonic generation, we interpret these selection rules as a complete triad of dynamical symmetries. We expect such emergent symmetries also for multi-atomic and condensed-matter systems, encoded in the spectral and spatial features of the radiation field. Notably, the observed phenomenon gives robust access to chiral processes with few-attosecond time precision

Interlocked attosecond pulse trains in slightly bi-elliptical high harmonic generation

The ellipticity of high harmonics driven by bi-chromatic (e.g. w - 2w) fully tuned by varying the polarization of the pump components. In order to start revealing the underlying mechanism of this control, we explore a relatively simple regime of this scheme that still gives rise to full control over the harmonics ellipticities. In this regime, the pumps are only slightly elliptical and the high harmonic radiation consists of two (different) interlocked attosecond pulse trains (APTs). We formulate a semi-analytic model that maps the high harmonic ellipticity to properties of the APTs harmonic decompositions. Utilizing this model, we reconstruct these APTs variables from measurements of the high harmonics ellipticities. This ellipticity-resolved spectroscopy of interlocked APTs may be useful for ultrafast probing of chiral degrees of freedom

Target Zones in History and Theory: Lessons from an Austro-Hungarian Experiment (1896-1914)

The first known experiment with an exchange rate band took place in Austria- Hungary between 1896 and 1914. The rationale for introducing this policy rested on precisely those intuitions that the modern literature has emphasized: the band was designed to secure both exchange rate stability and monetary policy autonomy. However, unlike more recent experiences, such as the ERM, this policy was not undermined by credibility problems. The episode provides an ideal testing ground for some important ideas in modern macroeconomics: specifically, can formal rules, when faithfully adhered to, provide policy makers with some advantages such as short term autonomy? First, we find that a credible band has a "microeconomic" influence on exchange rate stability. By reducing uncertainty, a credible fluctuation band improves the quality of expectations, a channel that has been neglected in the modern literature. Second, we show that the standard test of the basic target zone model is flawed and develop an alternative methodology. We believe that these findings shed a new light on the economics of exchange rate bands