UK Business Investment: Long-Run Elasticities and Short-Run Dynamics

From neoclassical theory output, capital stock and the user cost are cointegrated; capital and investment also (multi)cointegrate through the capital accumulation identity. An investment equation is estimated on UK data using a new capital stock series and a long series for the weighted cost of capital. Assuming CES technology, the elasticity of substitution is well-determined and below unity. Over-identifying restrictions are accepted. The long-run parameter is robust to alternative specifications, but single-equation investment relationships may obscure the dynamics. The Johansen method is over-sized, but outperforms a single equation test for excluding the capital accumulation identity from the investment equation.investment, capital stock, identification, multicointegration

Dynamic reorganization of the middle fusiform gyrus: long-term bird expertise predicts decreased face selectivity

What is the functional relationship between face-selective and expertise-predicated object-selective regions in the human middle fusiform gyrus? In two separate fMRI experiments, superior behaviorally-measured bird expertise predicts both higher middle fusiform gyrus selectivity for birds and, concomitantly, lower selectivity for faces. This finding suggests a long-term dynamic reorganization of the neural mechanisms underlying the visual recognition of faces and non-face

What lies beneath? A time-varying FAVAR model for the UK transmission mechanism

This paper uses a time-varying Factor Augmented VAR to investigate the evolving transmission of monetary policy and demand shocks in the UK. Simultaneous estimation of time-varying impulse responses of a large set of macroeconomic variables and disaggregated prices suggest that the response of inflation, money supply and asset prices to monetary policy and demand shocks has changed over the sample period. In particular, during the post-1992 inflation targeting period, monetary policy shocks started having a bigger impact on prices, a smaller impact on activity and began contributing more to overall volatility. In contrast, demand shocks had the largest impact on these variables before the 1990s. We also document changes in the response of disaggregated prices, with the median reaction to contractionary policy shocks becoming more negative and the distribution more dispersed post-1992. JEL Classification: C38, E44, E52Factor Augmented VAR, monetary policy, sign restrictions, timevarying coefficients, transmission mechanism

What lies beneath? A time-varying FAVAR model for the UK transmission mechanism

This paper uses a time-varying Factor Augmented VAR to investigate the evolving transmission of monetary policy and demand shocks in the UK. Simultaneous estimation of time-varying impulse responses of a large set of macroeconomic variables and disaggregated prices suggest that the response of inflation, money supply and asset prices to monetary policy and demand shocks has changed over the sample period. In particular, during the post-1992 inflation targeting period, monetary policy shocks started having a bigger impact on prices, a smaller impact on activity and began contributing more to overall volatility. In contrast, demand shocks had the largest impact on these variables before the 1990s. We also document changes in the response of disaggregated prices, with the median reaction to contractionary policy shocks becoming more negative and the distribution more dispersed post-1992

Spatially Continuous Depletion Algorithm for Monte Carlo Simulations

To correctly predict reactor behavior during cycle operations, the evolution of nuclide number densities throughout the core must be accurately modeled. The time-varying spatial distribution of nuclide number densities is typically resolved by discretizing the Monte Carlo geometry into smaller cells over which number densities are assumed to be spatially invariant. The nuclide number densities in these smaller cells are integrated through time using reaction rate tallies on the same discretized geometry. However, detailed distributions of nuclide number densities in a full three dimensional simulation can require a prohibitive amount of tallies, and the spatial discretization of the base geometry makes coupling to external multiphysics tools difficult. In this paper a method for solving for spatially continuous number density distributions during depletion calculations will be described. The spatially continuous number densities can be used in the transport method proposed by Brown and Martin which allows for transporting neutrons through a material with continuously varying properties such as temperature and nuclide number densities. Coupled with the ability of Functional Expansion Tallies (FETs) [2] to represent tallied quantities as continuous functions, it is possible to both solve for and make use of spatially continuous nuclide number densities. The need for this capability was alluded to by Brown et. al., but no solution has yet been proposed. With a continuous depletion method, recent work which utilized FETs and continuous material tracking to incorporate multiphysics feedback in Monte Carlo simulations can be extended to simulations that include depletion analysis.United States. Department of Energy (Nuclear Energy University Programs Graduate Fellowship

A stratigraphical basis for the Anthropocene?

Recognition of intimate feedback mechanisms linking changes across the atmosphere, biosphere, geosphere and hydrosphere demonstrates the pervasive nature of humankind's influence, perhaps to the point that we have fashioned a new geological epoch, the Anthropocene. To what extent will these changes be evident as long-lasting signatures in the geological record? To establish the Anthropocene as a formal chronostratigraphical unit it is necessary to consider a spectrum of indicators of anthropogenically induced environmental change, and to determine how these show as stratigraphic signals that can be used to characterize an Anthropocene unit and to recognize its base. It is important to consider these signals against a context of Holocene and earlier stratigraphic patterns. Here we review the parameters used by stratigraphers to identify chronostratigraphical units and how these could apply to the definition of the Anthropocene. The onset of the range of signatures is diachronous, although many show maximum signatures which post-date1945, leading to the suggestion that this date may be a suitable age for the start of the Anthropocene

The oxidation chemistry of the xylenes and related aromatic hydrocarbons

The research was concerned with obtaining kinetic data and product information for the oxidation chemistry of the isomeric xylenes and benzyl radicals at 753K.A trace amount (0.01 % for kinetic study, 0.5% for product study) of each xylene was separately added to slowly reacting mixtures of H₂ + O₂ in aged boric-acid-coated Pyrex reaction vessels at 753K and 500 Torr total pressure. From measurements of the relative loss of H₂ and hydrocarbon rate constants for the reactions of the radicals H and H0₂ with each xylene were obtained.H + Xylene → Productsk=1.3* 10⁹ 1 mol¯¹ S¯¹ (p-xylene), 1.4*10⁹ I mol¯¹ S¯¹ (m-xylene), 1.8* 10⁹ 1 mol¯¹ S¯¹ (a-xylene).HO₂ + Xylene → Productsk=9.4*10⁴ I mol¯¹ S¯¹ (p-xylene), 1.03*10⁵ 1 mol¯¹ S¯¹ (m-xylene), 1.2*10⁵ 1 mol¯¹ S¯¹ (o-xylene).A detailed examination of the reaction products was carried out over a wide range of mixture composition. The major aromatic products from the oxidation of the xylenes were the isomeric tolualdehydes, toluene and a-xylylcne oxide (from a-xylene). These were found to be similar to the products formed from the oxidation of toluene at 753K. From examination of the products available it was also possible to obtain more detailed rate constants for the attack of H radicals at each xylene giving specific products.H + Xylene → Methylbenzylk=7.3*10⁸ 1 mol¯¹ s¯¹ (p-xylene), 8.3*10⁸ 1 mol¯¹ s¯¹ (m-xylene), 1.2*10⁹ 1 mol¯¹ s¯¹ (o-xylene).H + Xylene → Toluenek=5.6*10⁸ 1 mol¯¹ s¯¹ (for all three xylenes).H + Xylene → CH₃-C₆H₃-CH₃k=9.1 * 10⁶ I mol¯¹ s¯¹ (p-xylene), 8.4 * 10⁶ I mol¯¹ s¯¹ (m-xylene), 9* 10⁵ I mol¯¹ s¯¹ (a-xylene).In the case of H0₂ + RH, thermochemical considerations lead to the conclusion that both abstraction from and addition to the ring will be considerably less energetically favourable than the equivalent reaction of H atoms. Consequently k(HO₂₊xylene) should be taken to be the rate constant forHO₂ + Xylene → Methylbenzyl.The decomposition of neopentylbenzene in the presence of oxygen and propene at 753K and a total pressure of 60Torr in an aged boric-acid-coated Pyrex reaction vessel was used to determine rate constant" for the reactions between H0₂ and benzyl radicals.The decomposition of neopentylbenzene at 753K produced t-butyl and benzyl radicals. The t-butyl radicals react with O₂ to produce HO₂ radicals. The presence of propene was used to determine the concentration of HO₂ radicals by monitoring the rate of production of propylene oxide. From measurement of the yields of benzaldehyde and toluene yields, and the rate of production of propylene oxide, rate constants for the reactions of HO₂ with benzyl radicals producing benzaldehyde and toluene were determined as 4.36* 10⁹ I mol¯¹ s¯¹ and 8.44* 10⁸ I mol¯¹ s¯¹ respectively at 753K.A detailed examination of the products produced from the decomposition of neopentylbenzene in the presence of oxygen showed that the primary products were benzaldehyde, toluene, i-butene and 2-methyl-l-phenylprop-l-ene.The key features highlighted in this research are the similarity in the oxidation chemistry between the xylenes and toluene and the importance of the reactions of the benzyl radical in the oxidation of methyl-substituted benzenes

Fermionic partner of Quintessence field as candidate for dark matter

Quintessence is a possible candidate for dark energy. In this paper we study the phenomenologies of the fermionic partner of Quintessence, the Quintessino. Our results show that, for suitable choices of the model parameters, the Quintessino is a good candidate for cold or warm dark matter. In our scenario, dark energy and dark matter of the Universe are connected in one chiral superfield.Comment: 4 pages, 3 figures, version to appear in PR