The Specification and Influence of Asset Markets

This paper is a chapter in the forthcoming Handbook of International Economics. It surveys the literature on the specification of models of asset markets and the implications of differences in specification for the macroeconomic adjustment process. Builders of portfolio balance models have generally employed "postulated" asset demand functions, rather than deriving these directly from micro foundations. The first major sec-tion of the paper lays out a postulated general specification of asset markets and summarizes the fundamental short-run results of portfolio balance models using a very basic specification of asset markets. Then,rudimentary specifications of a balance of payments equation and goods market equilibrium conditions are supplied, so that the dynamic distribution effects of the trade account under static and rational expectations with both fixed goods prices and flexible goods prices can be analyzed.The second major section of the paper surveys and analyzes microfoundation models of asset demands using stochastic calculus. The microeconomic theory of asset demands implies some but not all of the properties of the basic specification of postulated asset demands at the macrolevel. Since the conclusions of macroeconomic analysis depend crucially on the form of asset demand functions, it is important to continue to explore the implications of micro foundations for macro specification.

Spectral Action for Robertson-Walker metrics

We use the Euler-Maclaurin formula and the Feynman-Kac formula to extend our previous method of computation of the spectral action based on the Poisson summation formula. We show how to compute directly the spectral action for the general case of Robertson-Walker metrics. We check the terms of the expansion up to a_6 against the known universal formulas of Gilkey and compute the expansion up to a_{10} using our direct method

Boundary dynamics and multiple reflection expansion for Robin boundary conditions

In the presence of a boundary interaction, Neumann boundary conditions should be modified to contain a function S of the boundary fields: (\nabla_N +S)\phi =0. Information on quantum boundary dynamics is then encoded in the $S$-dependent part of the effective action. In the present paper we extend the multiple reflection expansion method to the Robin boundary conditions mentioned above, and calculate the heat kernel and the effective action (i) for constant S, (ii) to the order S^2 with an arbitrary number of tangential derivatives. Some applications to symmetry breaking effects, tachyon condensation and brane world are briefly discussed.Comment: latex, 22 pages, no figure

Evolution of magnetized, differentially rotating neutron stars: Simulations in full general relativity

We study the effects of magnetic fields on the evolution of differentially rotating neutron stars, which can form in stellar core collapse or binary neutron star coalescence. Magnetic braking and the magnetorotational instability (MRI) both redistribute angular momentum; the outcome of the evolution depends on the star's mass and spin. Simulations are carried out in axisymmetry using our recently developed codes which integrate the coupled Einstein-Maxwell-MHD equations. For initial data, we consider three categories of differentially rotating, equilibrium configurations, which we label normal, hypermassive and ultraspinning. Hypermassive stars have rest masses exceeding the mass limit for uniform rotation. Ultraspinning stars are not hypermassive, but have angular momentum exceeding the maximum for uniform rotation at the same rest mass. We show that a normal star will evolve to a uniformly rotating equilibrium configuration. An ultraspinning star evolves to an equilibrium state consisting of a nearly uniformly rotating central core, surrounded by a differentially rotating torus with constant angular velocity along magnetic field lines, so that differential rotation ceases to wind the magnetic field. In addition, the final state is stable against the MRI, although it has differential rotation. For a hypermassive neutron star, the MHD-driven angular momentum transport leads to catastrophic collapse of the core. The resulting rotating black hole is surrounded by a hot, massive, magnetized torus undergoing quasistationary accretion, and a magnetic field collimated along the spin axis--a promising candidate for the central engine of a short gamma-ray burst. (Abridged)Comment: 27 pages, 30 figure

The ground state energy of a spinor field in the background of a finite radius flux tube

We develop a formalism for the calculation of the ground state energy of a spinor field in the background of a cylindrically symmetric magnetic field. The energy is expressed in terms of the Jost function of the associated scattering problem. Uniform asymptotic expansions needed are obtained from the Lippmann-Schwinger equation. The general results derived are applied to the background of a finite radius flux tube with a homogeneous magnetic field inside and the ground state energy is calculated numerically as a function of the radius and the flux. It turns out to be negative, remaining smaller by a factor of $\alpha$ than the classical energy of the background except for very small values of the radius which are outside the range of applicability of QED.Comment: 25 pages, 3 figure

The hybrid spectral problem and Robin boundary conditions

The hybrid spectral problem where the field satisfies Dirichlet conditions (D) on part of the boundary of the relevant domain and Neumann (N) on the remainder is discussed in simple terms. A conjecture for the C_1 coefficient is presented and the conformal determinant on a 2-disc, where the D and N regions are semi-circles, is derived. Comments on higher coefficients are made. A hemisphere hybrid problem is introduced that involves Robin boundary conditions and leads to logarithmic terms in the heat--kernel expansion which are evaluated explicitly.Comment: 24 pages. Typos and a few factors corrected. Minor comments added. Substantial Robin additions. Substantial revisio

X-ray Spectral Survey of WGACAT Quasars, II: Optical and Radio Properties of Quasars with Low Energy X-ray Cut-offs

We have selected quasars with X-ray colors suggestive of a low energy cut-off, from the ROSAT PSPC pointed archive. We examine the radio and optical properties of these 13 quasars. Five out of the seven quasars with good optical spectra show associated optical absorption lines, with two having high delta-v candidate systems. Two other cut-off quasars show reddening associated with the quasar. We conclude that absorption is highly likely to be the cause of the X-ray cut-offs, and that the absorbing material associated with the quasars, not intervening along the line-of-sight. The suggestion that Gigahertz Peaked Sources are associated with X-ray cut-offs remains unclear with this expanded sample.Comment: 17 pages, LaTeX, including 2 Tables and 1 figure. Ap.J. in pres

A Conformally Invariant Holographic Two-Point Function on the Berger Sphere

We apply our previous work on Green's functions for the four-dimensional quaternionic Taub-NUT manifold to obtain a scalar two-point function on the homogeneously squashed three-sphere (otherwise known as the Berger sphere), which lies at its conformal infinity. Using basic notions from conformal geometry and the theory of boundary value problems, in particular the Dirichlet-to-Robin operator, we establish that our two-point correlation function is conformally invariant and corresponds to a boundary operator of conformal dimension one. It is plausible that the methods we use could have more general applications in an AdS/CFT context.Comment: 1+49 pages, no figures. v2: Several typos correcte

Multiple reflection expansion and heat kernel coefficients

We propose the multiple reflection expansion as a tool for the calculation of heat kernel coefficients. As an example, we give the coefficients for a sphere as a finite sum over reflections, obtaining as a byproduct a relation between the coefficients for Dirichlet and Neumann boundary conditions. Further, we calculate the heat kernel coefficients for the most general matching conditions on the surface of a sphere, including those cases corresponding to the presence of delta and delta prime background potentials. In the latter case, the multiple reflection expansion is shown to be non-convergent.Comment: 21 pages, corrected for some misprint