Securities Transaction Taxes for U.S. Financial Markets

This paper examines the viability of security transaction excise taxes (STETs) as one policy tool for promoting a more stable financial environment, specifically with respect to the U.S. economy. Contrary to a large recent critical literature, we show that a STET can be designed without creating large distortions between segments of the financial market. We also show that a modest STET for the U.S.—beginning with a 0.5 percent tax on equity trades and scaled appropriately for other financial instruments—would generate substantial new government revenues, on the order of $100 billion per year.Financial Market; Securities

Securities Transaction Taxes for U.S. Financial Markets

This paper examines the viability of security transaction excise taxes (STETs) as one policy tool for promoting a more stable financial environment, specifically with respect to the U.S. economy. Contrary to a large recent critical literature, we show that a STET can be designed without creating large distortions between segments of the financial market. We also show that a modest STET for the U.S.—beginning with a 0.5 percent tax on equity trades and scaled appropriately for other financial instruments—would generate substantial new government revenues, on the order of $100 billion per year.

The costs of uncoordinated infrastructure management in multi-reservoir river basins

Though there are surprisingly few estimates of the economic benefits of coordinated infrastructure development and operations in international river basins, there is a widespread belief that improved cooperation is beneficial for managing water scarcity and variability. Hydro-economic optimization models are commonly-used for identifying efficient allocation of water across time and space, but such models typically assume full coordination. In the real world, investment and operational decisions for specific projects are often made without full consideration of potential downstream impacts. This paper describes a tractable methodology for evaluating the economic benefits of infrastructure coordination. We demonstrate its application over a range of water availability scenarios in a catchment of the Mekong located in Lao PDR, the Nam Ngum River Basin. Results from this basin suggest that coordination improves system net benefits from irrigation and hydropower by approximately 3–12% (or US$12-53 million/yr) assuming moderate levels of flood control, and that the magnitude of coordination benefits generally increases with the level of water availability and with inflow variability. Similar analyses would be useful for developing a systematic understanding of the factors that increase the costs of non-cooperation in river basin systems worldwide, and would likely help to improve targeting of efforts to stimulate complicated negotiations over water resources

Hyperfine splitting in positronium to O(α7me){\cal O}(\alpha^7m_e): one-photon annihilation contribution

We present the complete result for the ${\cal O}(\alpha^7m_e)$ one-photon annihilation contribution to the hyperfine splitting of the ground state energy levels in positronium. Numerically it increases the prediction of quantum electrodynamics by $217\pm 1$ kHz.Comment: 5 pages, 2 figure

Polymer-stabilized sialylated nanoparticles : synthesis, optimization, and differential binding to influenza hemagglutinins

During influenza infection, hemagglutinins (HAs) on the viral surface bind to sialic acids on the host cell's surface. While all HAs bind sialic acids, human influenza targets terminal α2,6 sialic acids and avian influenza targets α2,3 sialic acids. For interspecies transmission (zoonosis), HA must mutate to adapt to these differences. Here, multivalent gold nanoparticles bearing either α2,6- or α2,3-sialyllactosamine have been developed to interrogate a panel of HAs from pathogenic human, low pathogenic avian, and other species' influenza. This method exploits the benefits of multivalent glycan presentation compared to monovalent presentation to increase affinity and investigate how multivalency affects selectivity. Using a library-orientated approach, parameters including polymer coating and core diameter were optimized for maximal binding and specificity were probed using galactosylated particles and a panel of biophysical techniques [ultraviolet-visible spectroscopy, dynamic light scattering, and biolayer interferometry]. The optimized particles were then functionalized with sialyllactosamine and their binding analyzed against a panel of HAs derived from pathogenic influenza strains including low pathogenic avian strains. This showed significant specificity crossover, which is not observed in monovalent formats, with binding of avian HAs to human sialic acids and in agreement with alternate assay formats. These results demonstrate that precise multivalent presentation is essential to dissect the interactions of HAs and may aid the discovery of tools for disease and zoonosis transmission

A Brownian sheet martingale with the same marginals as the arithmetic average of geometric Brownian motion.

We construct a martingale which has the same marginals as the arithmetic average of geometric Brownian motion. This provides a short proof of the recent result due to P. Carr et al [5] that the arithmetic average of geometric Brownian motion is increasing in the convex order. The Brownian sheet plays an essential role in the construction. Our method may also be applied when the Brownian motion is replaced by a stable subordinator

Volume and homology of one-cusped hyperbolic 3-manifolds

Let M be a complete, finite-volume, orientable hyperbolic manifold having exactly one cusp. If we assume that pi_1(M) has no subgroup isomorphic to a genus-2 surface group, and that either (a) H_1(M;Z_p) has dimension at least 5 for some prime p, or (b) H_1(M;Z_2) has dimension at least 4, and the subspace of H^2(M;Z_2) spanned by the image of the cup product has dimension at most 1, then vol M > 5.06 If we assume that H_1(M;Z_2) has dimension at least 7, and that the compact core of M does not contain a genus-2 closed incompressible surface, then vol M > 5.06.Comment: 31 pages. This version agrees with the published version of the paper, except that an error in the published abstract has been corrected. In particular, the result which applies to manifolds with mod 2 homology of dimension at least 7 is stronger and has a shorter proof than the corresponding result in version

«В очікуванні залізниці»: Як периферія сполучалася з центрами індустріалізації

3-5 листопада 2011 р. у м. Львові відбулася Міжнародна конференція з залізничної історії «В очікуванні залізниці»: Як периферія сполучалася з центрами індустріалізації», присвячена 150-літтю відкриття першого залізничної лінії на території сучасної України