Ben Bernanke and the Zero Bound

From 2000 to 2003, when Ben Bernanke was a professor and then a Fed Governor, he wrote extensively about monetary policy at the zero bound on interest rates. He advocated aggressive stimulus policies, such as a money-financed tax cut and an inflation target of 3-4%. Yet, since U.S. interest rates hit zero in 2008, the Fed under Chairman Bernanke has taken more cautious actions. This paper asks when and why Bernanke changed his mind about zero-bound policy. The answer, at one level, is that he was influenced by analysis from the Fed staff that was presented at the FOMC meeting of June 2003. This answer raises another question: why did the staff's views influence Bernanke so strongly? I seek answers to this question in the social psychology literature on group decision-making.

Quasistatic nonlinear viscoelasticity and gradient flows

We consider the equation of motion for one-dimensional nonlinear viscoelasticity of strain-rate type under the assumption that the stored-energy function is $\lambda$-convex, which allows for solid phase transformations. We formulate this problem as a gradient flow, leading to existence and uniqueness of solutions. By approximating general initial data by those in which the deformation gradient takes only finitely many values, we show that under suitable hypotheses on the stored-energy function the deformation gradient is instantaneously bounded and bounded away from zero. Finally, we discuss the open problem of showing that every solution converges to an equilibrium state as time $t \to \infty$ and prove convergence to equilibrium under a nondegeneracy condition. We show that this condition is satisfied in particular for any real analytic cubic-like stress-strain function.Comment: 40 pages, 1 figur

Geometry of polycrystals and microstructure

We investigate the geometry of polycrystals, showing that for polycrystals formed of convex grains the interior grains are polyhedral, while for polycrystals with general grain geometry the set of triple points is small. Then we investigate possible martensitic morphologies resulting from intergrain contact. For cubic-to-tetragonal transformations we show that homogeneous zero-energy microstructures matching a pure dilatation on a grain boundary necessarily involve more than four deformation gradients. We discuss the relevance of this result for observations of microstructures involving second and third-order laminates in various materials. Finally we consider the more specialized situation of bicrystals formed from materials having two martensitic energy wells (such as for orthorhombic to monoclinic transformations), but without any restrictions on the possible microstructure, showing how a generalization of the Hadamard jump condition can be applied at the intergrain boundary to show that a pure phase in either grain is impossible at minimum energy.Comment: ESOMAT 2015 Proceedings, to appea

Handbook of Higher Twist Distribution Amplitudes of Vector Mesons in QCD

We give a summary of existing results on higher twist distribution amplitudes of vector mesons in QCD. Special attention is payed to meson mass corrections which turn out to be large. A ``shopping list'' is presented of most important nonperturbative parameters which enter distribution amplitudes.Comment: Talk presented by V.M. Braun at 3rd workshop ``Continuous Advances in QCD'', Minneapolis, MN, USA, April 16--19, 1998; 17 pages, 2 figures, requires sprocl.sty (included

Controllability and stabilizability of distributed bilinear systems: Recent results and open problems

This paper describes recent results for controlling and stabilizing control systems of the form ú(t) = Au(t) + p(t) B(u(t)) where A is the infinitesimal generator C∞ semigroup on a Banach space X, B' map from X into X, and p(t) is a real valued control. Application to a vibrating beam problem is given for illusstration of the theory

A Constituent Quark Anti-Quark Effective Lagrangian Based on the Dual Superconducting Model of Long Distance QCD

We review the assumptions leading to the description of long distance QCD by a Lagrangian density expressed in terms of dual potentials. We find the color field distribution surrounding a quark anti-quark pair to first order in their velocities. Using these distributions we eliminate the dual potentials from the Lagrangian density and obtain an effective interaction Lagrangian $L_I ( \vec x_1 \, , \vec x_2 \, ; \vec v_1 \, , \vec v_2 )$ depending only upon the quark and anti-quark coordinates and velocities, valid to second order in their velocities. We propose $L_I$ as the Lagrangian describing the long distance interaction between constituent quarks. Elsewhere we have determined the two free parameters in $L_I$, $\alpha_s$ and the string tension $\sigma$, by fitting the 17 known levels of $b \bar b$ and $c \bar c$ systems. Here we use $L_I$ at the classical level to calculate the leading Regge trajectory. We obtain a trajectory which becomes linear at large $M^2$ with a slope $\alpha' \simeq .74 \, \hbox{GeV}^{-1}$, and for small $M^2$ the trajectory bends so that there are no tachyons. For a constituent quark mass between 100 and 150 MeV this trajectory passes through the two known Regge recurrences of the $\pi$ meson. In this paper, for simplicity of presentation, we have treated the quarks as spin-zero particles.Comment: {\bf 32,UW/PT94-0

Incompatible sets of gradients and metastability

We give a mathematical analysis of a concept of metastability induced by incompatibility. The physical setting is a single parent phase, just about to undergo transformation to a product phase of lower energy density. Under certain conditions of incompatibility of the energy wells of this energy density, we show that the parent phase is metastable in a strong sense, namely it is a local minimizer of the free energy in an $L^1$ neighbourhood of its deformation. The reason behind this result is that, due to the incompatibility of the energy wells, a small nucleus of the product phase is necessarily accompanied by a stressed transition layer whose energetic cost exceeds the energy lowering capacity of the nucleus. We define and characterize incompatible sets of matrices, in terms of which the transition layer estimate at the heart of the proof of metastability is expressed. Finally we discuss connections with experiment and place this concept of metastability in the wider context of recent theoretical and experimental research on metastability and hysteresis.Comment: Archive for Rational Mechanics and Analysis, to appea