International R&D Transfer and Technical Efficiency: Evidence from Panel Study Using Stochastic Frontier Analysis

We study the effect of foreign research and development (R&D) transferred through imports and foreign direct investment (FDI) on domestic technical efficiency using stochastic frontier analysis. Unbalanced panel results from a 77-country sample over 1986–2007 show that FDI- and imports-transferred foreign R&D have a significant impact on domestic country’s technical efficiency. Furthermore, we observe a complementarity between FDI-transferred R&D and domestic human capital. In other words, the domestic country needs to obtain a threshold level of human capital to benefit from FDI-transferred R&D. Other macro conditions such as infrastructure, political stability, and urbanization also help to improve the technical efficiency of a country

Anomalous Soft Photons in Hadron Production

Anomalous soft photons in excess of what is expected from electromagnetic bremsstrahlung have been observed in association with the production of hadrons, mostly mesons, in high-energy (K+)p, (pi+)p, (pi-)p, pp, and (e+)(e-) collisions. We propose a model for the simultaneous production of anomalous soft photons and mesons in quantum field theory, in which the meson production arises from the oscillation of color charge densities of the quarks of the underlying vacuum in the flux tube. As a quark carries both a color charge and an electric charge, the oscillation of the color charge densities will be accompanied by the oscillation of electric charge densities, which will in turn lead to the simultaneous production of soft photons during the meson production process. How the production of these soft photons may explain the anomalous soft photon data will be discussed. Further experimental measurements to test the model will be proposed.Comment: 19 pages, 2 figures, to be published in Physical Review

Leisure and Happiness in the U.S.: Evidence from Survey Data

We study the relationship between leisure and happiness, controlling for income and other determinants. Using survey data for the United States in 2007, our results show that certain aspects of leisure, such as leisure activity satisfaction, have a significant impact on individual well-being whereas the amount of leisure time may not play an important role in affecting happiness

Learning Dynamics in Monetary Policy: The Robustness of an Aggressive Price Stabilizing Policy

This paper investigates the effect of an aggressive inflation stabilizing monetary policy on the ability of agents to reach a rational expectations equilibrium for inflation and output. Using an adaptive learning framework, we develop a model that combines a real wage contracting rigidity with an interest rate rule. We show that an AR(1) equilibrium requires more aggressive monetary policy to achieve both determinacy and learnability. This model and policy findings contrast with Bullard and Mitra’s [Determinacy, learnability and monetary policy inertia (2001); Journal of Monetary Economics 49 (2002) 1105] model (no inflation persistence) and policy findings (less aggressive policy). These results suggest that aggressive policy is robust in different model specifications

Information Diffusion in a Cobweb World

Based on an assumption of one-way learning, Granato and Wong (2004) consider a framework with two groups of agents, Group L and Group H, where Group L is less attentive and uses the expectations of the more or highly attentive Group H to update their forecasts. The paper shows the boomerang effect, which is defined as a situation where the inaccurate forecasts of a less attentive group confound a more attentive group\u27s forecasts. This extended paper relaxes the one-way learning assumption and investigates the case that both groups are learning from each other, i.e., dual learning. Simulations suggest that a boomerang effect still exists. Surprisingly, although the highly attentive group has a full set of information to make forecasts, they still learn from Group L. The reason is that Group H adjusts their forecasts because there is available information in Group L\u27s forecast measurement error

Reestimation of the production spectra of cosmic ray secondary positrons and electrons in the ISM

A detailed calculation of the production spectra of charged hadrons produced by interactions of cosmic rays in the interstellar medium is presented along with a thorough treatment of pion and muon decays. Newly parameterized inclusive cross sections of hadrons were used and exact kinematic limitations were taken into account. Single parametrized expressions for the production spectra of both secondary positrons and electrons in the energy range .1 to 100 GeV are presented. The results are compared with other authors' predictions. Equilibrium spectra using various models are also presented

The Effect of Foreign Direct Investment on International Migration: Does Education Matter?

Using migration data in 1990 and 2000, we find that inward foreign direct investment (FDI) in non-OECD countries affects the out-migration of individuals with tertiary and secondary education to OECD countries originating the investments, but has no significant effect on the out-migration of individuals with primary education. Distinguishing between linkage and home effects, our results show a dominant home effect of FDI for individuals with tertiary education, but a stronger linkage effect for those with secondary education. The existing stock of former migrants in foreign countries influences the out-migration of individuals with primary education