The Liquidity Channel of Fiscal Policy

We provide evidence that expansionary fiscal policy lowers the return difference between more and less liquid assets—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete markets and portfolio choice, in which public debt affects private liquidity. In this environment, the short-run fiscal multiplier is amplified by the countercyclical liquidity premium. This liquidity channel stabilizes investment and crowds in consumption. We then quantify the long-run effects of higher public debt, and find a sizable decline of the liquidity premium, increasing the fiscal burden of debt, but little crowding out of capital

Time-varying business volatility, price setting, and the real effects of monetary policy

Does time-varying business volatility affect the price setting of firms and thus the transmission of monetary policy into the real economy? To address this question, we estimate from the firm-level micro data of the German IFO Business Climate Survey the impact of idiosyncratic volatility on the price setting behavior of firms. In a second step, we use a calibrated New Keynesian business cycle model to gauge the effects of time-varying volatility on the transmission of monetary policy to output. Our results are twofold. Heightened business volatility increases the probability of a price change, though the effect is small: the tripling of volatility during the recession of 08/09 caused the average quarterly likelihood of a price change to increase from 31.6% to 32.3%. Second, the effects of this increase in volatility on monetary policy are also small; the initial effect of a 25 basis point monetary policy shock to output declines from 0.347% to 0.341%

First-principles calculations of the vibrational properties of bulk CdSe and CdSe nanowires

We present first-principles calculations on bulk CdSe and CdSe nanowires with diameters of up to 22 \AA. Density functional linear combination of atomic orbitals and plane wave calculations of the electronic and structural properties are presented and discussed. We use an iterative, symmetry-based method to relax the structures into the ground state. We find that the band gap depends on surface termination. Vibrational properties in the whole Brillouin zone of bulk CdSe and the zone-center vibrations of nanowires are calculated and analyzed. We find strongly size-dependent and nearly constant modes, depending on the displacement directions. A comparison with available experimental Raman data is be given

Pushing Open Government Through Social Media

E-government aims to enhance the interaction between citizens, business, and government. Recently, the term open government is increasingly used to emphasize the importance of co-creation in governmental issues. In this study, the social media activities of the municipalities of North Rhine-Westphalia, Germany, are investigated with regard to the topic “open government” as one pillar of e-government. The findings show that user interaction is mostly represented through likes and shares and rarely by comments. A topic detection of the posted content reveals that different terms are covered by the municipalities and shows that open government is getting more and more diverse in recent years. The number of posts is still increasing each year on the social media platforms Facebook and Twitter, but the topic of open government is still a peripheral phenomenon

A Role for Central Nervous Growth Hormone-Releasing Hormone Signaling in the Consolidation of Declarative Memories

Contributions of somatotropic hormonal activity to memory functions in humans, which are suggested by clinical observations, have not been systematically examined. With previous experiments precluding a direct effect of systemic growth hormone (GH) on acute memory formation, we assessed the role of central nervous somatotropic signaling in declarative memory consolidation. We examined the effect of intranasally administered growth hormone releasing-hormone (GHRH; 600 µg) that has direct access to the brain and suppresses endogenous GHRH via an ultra-short negative feedback loop. Twelve healthy young men learned word-pair associates at 2030 h and were administered GHRH and placebo, respectively, at 2100 h. Retrieval was tested after 11 hours of wakefulness. Compared to placebo, intranasal GHRH blunted GH release within 3 hours after substance administration and reduced the number of correctly recalled word-pairs by ∼12% (both P<0.05). The impairment of declarative memory consolidation was directly correlated to diminished GH concentrations (P<0.05). Procedural memory consolidation as examined by the parallel assessment of finger sequence tapping performance was not affected by GHRH administration. Our findings indicate that intranasal GHRH, by counteracting endogenous GHRH release, impairs hippocampal memory processing. They provide first evidence for a critical contribution of central nervous somatotropic activity to hippocampus-dependent memory consolidation

On the efficiency of quantum lithography

Quantum lithography promises, in principle, unlimited feature resolution, independent of wavelength. However, in the literature at least two different theoretical descriptions of quantum lithography exist. They differ in to which extent they predict that the photons retain spatial correlation from generation to the absorption, and while both predict the same feature size, they differ vastly in predicting how efficiently a quantum lithographic pattern can be exposed. Until recently, essentially all experiments reported have been performed in such a way that it is difficult to distinguish between the two theoretical explanations. However, last year an experiment was performed which gives different outcomes for the two theories. We comment on the experiment and show that the model that fits the data unfortunately indicates that the trade-off between resolution and efficiency in quantum lithography is very unfavourable.Comment: 19 pages, extended version including a thorough mathematical derivatio

Räumliche Mobilität und Regionalstichprobe: zum Zusammenhang von Regionalität und Repräsentativität in der Lebenslaufforschung

"Das hier vorliegende Arbeitspapier des Feilprojektes B1 greift die Problematik um Verallgemeinerung/Repräsentativität auf und diskutiert sie im Kontext eines empirischen Forschungsvorhabens mit quantitativ erhobenen, großen Datensätzen. Tenor der Ausführungen ist, dass auch in der Lebenslaufforschung Repräsentativität wichtig und ernst zu nehmen ist, jedoch von der jeweiligen Fragestellung ausgehende Verfahrensschritte zur Sicherung der Verallgemeinerung der Ergebnisse ebenfalls gangbar sind. Dies bedeutet, Maßnahmen zur Sicherung der Stichprobengüte durch eine möglichst präzise Dokumentation der Vorgehensweisen offen zu legen. Als besonderes Problem stellt sich die Repräsentativität in empirischen Studien dar, die mit retrospektiven Längsschnittdaten arbeiten. Dies ist, wie insgesamt häufig im Sonderforschungsbereich 186, in der hier vorliegenden Studie der Fall: Aufgrund von eingeschränkten Datenzugangsmöglichkeiten wurde bei der Zusammenstellung der Stichprobe auf einen Zufallsprozess verzichtet. Da eine Regionalstichprobe gezogen wurde besteht die Möglichkeit, die Verallgemeinerbarkeit der Ergebnisanalysen genauer auszuloten. Anhand des Forschungsprojektes soll nachgewiesen werden, dass die Mobilität der Befragtenpopulation ihr das Charakteristikum einer Regionalstichprobe nimmt. Die gewonnenen Erkenntnisse und Überlegungen gehen über den hier dargestellten Einzelfall hinaus: Hinsichtlich der Konsequenzen der Mobilität der Stichprobenpopulation besitzen sie für weite Teile der Lebensverlaufsforschung Bedeutung und Gültigkeit." (Textauszug

Развитие чирлидинга в городе Таганроге

Современное общество, высочайшие темпы его развития предъявляют все новые, более высокие требования к человеку и его здоровью. В последние годы наблюдается значительное ухудшение здоровья молодежи. В молодежном обществе пока еще медленно вырабатывается «мода» на здоровье, культура здорового поведения. Физическое воспитание студентов проводится на протяжении всего обучения в вузе и осуществляется в многообразных формах, которые взаимосвязаны, дополняют друг друга и представляют собой единый процесс учебно-воспитательной работы