Euler solutions using an implicit multigrid technique

A coarse-grid correction algorithm has been implemented into an implicit upwind Euler solver and tested for transonic airfoil problems. The Euler solver uses split-flux formulation and penta-diagonal scalar equations, respectively, for the explicit and implicit operators. The multigrid sequence starts at the fine grid level, then steps down to each coarse grid level to smooth error components using implicit operators. Estimate of residuals can be obtained by two approaches, which differ in the level where the residuals are collected. Both approaches will lead to a work reduction factor of 12 for a Mach 0.75 flow at 2 degrees incidence on a 65x26 grid. The work reduction factor is found to increase proportional to the number of grid levels

Factorization of Standard Model cross sections at ultra high energy

The factorization theorem for organizing multiple electroweak boson emissions at future colliders with energy far above the electroweak scale is formulated. Taking the inclusive muon-pair production in electron-positron collisions as an example, we argue that the summation over isospins is demanded for constructing the universal distributions of leptons and gauge bosons in an electron. These parton distributions are shown to have the same infrared structure in the phases of broken and unbroken electroweak symmetry, an observation consistent with the Goldstone Equivalence Theorem. The electroweak factorization of processes involving protons is sketched, with an emphasis on the subtlety of the scalar distributions.Comment: 5 pages, 3 figure

The Market Price of Aggregate Risk and the Wealth Distribution

We introduce limited liability in a model with a continuum of ex ante identical agents who face aggregate and idiosyncratic income risk. These agents can trade a complete menu of contingent claims, but they cannot commit and shares in a Lucas tree serve as collateral to back up their state-contingent promises. The limited liability option gives rise to a second risk factor, in addition to aggregate consumption growth risk. This liquidity risk is created by binding solvency constraints, and it is measured by the growth rate of one moment of the wealth distribution. The economy is said to experience a negative liquidity shock when this growth rate is high and a large fraction of agents faces severely binding solvency constraints. The adjustment to the Breeden-Lucas stochastic discount factor induces substantial time variation in equity risk premia that is consistent with the data at business cycle frequencies.