The Euro-project at risk

In contrast to Robert Mundell's Optimum Currency Area theory and his recommendation of forming a monetary union, the economic fundamentals of Euro area member countries have not harmonized. The opposite holds: the Euro core countries - most of all Germany, but also the Netherlands and Finland - increased productivity growth while limiting nominal wage growth. However, Mediterranean countries - particularly Greece, but also Spain, Portugal, and Italy - have dramatically lost international competitiveness. Although the overall balance of payments for the Euro area at large is almost balanced, internal disequilibria are skyrocketing and default risk premiums and tensions within the Euro area are rising, thus jeopardizing the stability of the monetary union. The findings confirm that a common currency without fiscal union is inherently unstable. The international financial and economic crisis has merely triggered events which highlight this instability. The paper discusses three possible scenarios for the future of the Euro: a laissez faire approach, a bailout, and finally an exit strategy for the Mediterranean countries, or an organized exit by a group of core countries led by Germany, forming their own smaller monetary union. --Optimum currency areas,monetary union,risk spreads,central banking,exchange rates,fiscal policy

The Euro-Project at Risk

In contrast to Robert Mundell‘s Optimum Currency Area theory and his recommendation of forming a monetary union, the economic fundamentals of Euro area member countries have not harmonized. The opposite holds: the Euro core countries - most of all Germany, but also the Netherlands and Finland - increased productivity growth while limiting nominal wage growth. However, Mediterranean countries - particularly Greece, but also Spain, Portugal, and Italy - have dramatically lost international competitiveness. Although the overall balance of payments for the Euro area at large is almost balanced, internal disequilibria are skyrocketing and default risk premiums and tensions within the Euro area are rising, thus jeopardizing the stability of the monetary union. The findings confirm that a common currency without fiscal union is inherently unstable. The international financial and economic crisis has merely triggered events which highlight this instability. The paper discusses three possible scenarios for the future of the Euro: a laissez faire approach, a bailout, and finally an exit strategy for the Mediterranean countries, or an organized exit by a group of core countries led by Germany, forming their own smaller monetary union.Optimum currency areas, monetary union, risk spreads, central banking, exchange rates, fiscal policy

Evaluation of Magnetic Meters for Irrigation Pipeline Measurement

Magnetic flow meters are used to measure the flow rate of a liquid in a closed pipeline. This type of meter is becoming increasingly popular for measurement with agriculture applications. Electromagnetic meters were tested by the Irrigation Training and Research Center in pipelines located less than the 10 diameters upstream of disturbances with good results. Results show that location guidelines for placing a magnetic meter can be decreased even for turbulent conditions. This paper will discuss how a magnetic flow meter works, advantages and disadvantages of this type of meter, test results, and new guidelines for field applications

From the Quantum Approximate Optimization Algorithm to a Quantum Alternating Operator Ansatz

The next few years will be exciting as prototype universal quantum processors emerge, enabling implementation of a wider variety of algorithms. Of particular interest are quantum heuristics, which require experimentation on quantum hardware for their evaluation, and which have the potential to significantly expand the breadth of quantum computing applications. A leading candidate is Farhi et al.'s Quantum Approximate Optimization Algorithm, which alternates between applying a cost-function-based Hamiltonian and a mixing Hamiltonian. Here, we extend this framework to allow alternation between more general families of operators. The essence of this extension, the Quantum Alternating Operator Ansatz, is the consideration of general parametrized families of unitaries rather than only those corresponding to the time-evolution under a fixed local Hamiltonian for a time specified by the parameter. This ansatz supports the representation of a larger, and potentially more useful, set of states than the original formulation, with potential long-term impact on a broad array of application areas. For cases that call for mixing only within a desired subspace, refocusing on unitaries rather than Hamiltonians enables more efficiently implementable mixers than was possible in the original framework. Such mixers are particularly useful for optimization problems with hard constraints that must always be satisfied, defining a feasible subspace, and soft constraints whose violation we wish to minimize. More efficient implementation enables earlier experimental exploration of an alternating operator approach to a wide variety of approximate optimization, exact optimization, and sampling problems. Here, we introduce the Quantum Alternating Operator Ansatz, lay out design criteria for mixing operators, detail mappings for eight problems, and provide brief descriptions of mappings for diverse problems.Comment: 51 pages, 2 figures. Revised to match journal pape

Recessions and Local Labor Market Hysteresis

This paper studies the effects of each U.S. recession since 1973 on local labor markets. We find that recession-induced declines in employment are permanent, suggesting that local areas experience permanent declines in labor demand relative to less-affected areas. Population also falls, primarily due to reduced in-migration, but by less than employment. As a result, recessions generate long-lasting hysteresis: persistent decreases in the employment-to-population ratio and earnings per capita. Changes in the composition of workers explain less than half of local hysteresis. We further show that finite sample bias in vector autoregressions leads to artificial convergence, which can explain why some previous work finds no evidence of hysteresis in employment rates

Case Study: Flow Measurement and Control in Walker River Irrigation District

Walker River Irrigation District (WRID) is located in Nevada around the community of Yerington and contains approximately 95,000 hectares (235,000 acres), 32,000 hectares (80,000 acres) of which are irrigated. The district operates a canal system centered around the three forks of the Walker River. Starting in 2009, the district has worked with the Irrigation Training and Research Center (ITRC) to modernize its system by improving the accuracy of the measured diversions from the Walker River and enhancing the real-time control capabilities of the water managers. A “package” was developed for the headworks of canals diverting water from the river, consisting of a combination of the following based on site conditions: a Replogle flume for flow measurement, a self-contained motorized slide gate(s) in a district-standard configuration, a remote terminal unit (RTU) for automatic control of the slide gate(s) and communication with the office base station in Yerington (SCADA), an ITRC flap gate and modifications to the existing spill structure, sediment control features, and off-grid solar power for the entire site. To date, variations of the package have been successfully applied at over ten sites throughout the district, with more sites in progress and planned for the future. Modifications to the initial package have been made over the last eight years to reflect advances in technology, challenges found at completed sites, as well as additional needs identified at the sites. The district plans on continuing the modernization based on the success of the program to date