Regional Debt in Monetary Unions: Is it Inflationary?

This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with no inflationary consequences? Or will the circulation of region debt induce monetization by a central bank? We argue here that both outcomes can arise in equilibrium. In the model economy, there are multiple equilibria which reflect the perceptions of agents regarding the manner in which the debt obligations will be met. In one equilibrium, termed Ricardian, the future obligations are met with taxation by a regional government while in the other, termed Monetization, the central bank is induced to print money to finance the region's obligations. The multiplicity of equilibria reflects a commitment problem of the central bank. A key indicator of the selected equilibrium is the distribution of the holdings of the regional debt. We show that regional governments, anticipating central bank financing of their debt obligations, have an incentive to create excessively large deficits. We use the model to assess the impact of policy measures within a monetary union.Monetary Union ; Inflation tax ; Seigniorage ; Public debt.

Microwave diode amplifiers with low intermodulation distortion

Distortions can be greatly reduced in narrow-band applications by using the second harmonic. The ac behavior of simplified diode amplifier has negative resistance depending on slope of equivalent I-V curve

Non-equilibrium dynamics in quantum field theory at high density: the tsunami

The dynamics of a dense relativistic quantum fluid out of thermodynamic equilibrium is studied in the framework of the Phi^4 scalar field theory in the large N limit. The time evolution of a particle distribution in momentum space (the tsunami) is computed. The effective mass felt by the particles in such a high density medium equals the tree level mass plus the expectation value of the squared field. The case of negative tree level squared mass is particularly interesting. In such case dynamical symmetry restoration as well as dynamical symmetry breaking can happen. Furthermore, the symmetry may stay broken with vanishing asymptotic squared mass showing the presence of out of equilibrium Goldstone bosons. We study these phenomena and identify the set of initial conditions that lead to each case. We compute the equation of state which turns to depend on the initial state. Although the system does not thermalize, the equation of state for asymptotically broken symmetry is of radiation type. We compute the correlation functions at equal times. The two point correlator for late times is the sum of different terms. One stems from the initial particle distribution. Another term accounts for the out of equilibrium Goldstone bosons created by spinodal unstabilities when the symmetry is asymptotically broken.Both terms are of the order of the inverse of the coupling for distances where causal signals can connect the two points. The contribution of the out of equilibrium Goldstones exhibits scaling behaviour in a generalized sense.Comment: LaTex, 49 pages, 15 .ps figure

A proposed test of the Einstein theory of gravitation by means of an unshielded orbiting gyro using passive telemetry

Proposed test of theory of gravitation by an unshielded earth orbiting gyroscope using passive telemetr

The Proposed U.S.-South Korea Free Trade Agreement (KORUS FTA): Provisions and Implications

[Excerpt] On June 30, 2007, U.S. and South Korean trade officials signed the proposed U.S.-South Korean Free Trade Agreement (KORUS FTA) for their respective countries. If approved, the KORUS FTA would be the second-largest FTA that South Korea has signed to date, after the agreement with the European Union (EU). It would be the second-largest (next to North American Free Trade Agreement, NAFTA) in which the United States participates. South Korea is the seventhlargest trading partner of the United States and the United States is South Korea’s third-largest trading partner. Various studies conclude that the agreement would increase bilateral trade and investment flows. The final text of the proposed KORUS FTA covers a wide range of trade and investment issues and, therefore, could have substantial economic implications for both the United States and South Korea. The agreement will not enter into force unless Congress approves implementation legislation. The negotiations were conducted under the trade promotion authority (TPA), also called fast-track trade authority, that Congress granted the President under the Bipartisan Trade Promotion Act of 2002 (P.L. 107-210). Under TPA the President has the discretion on when to submit the implementing legislation to Congress. President Bush did not submit the legislation because of differences with the Democratic leadership over treatment of autos and beef, among other issues. Early in his Administration, President Obama indicated the need to resolve those issues before he would submit the implementing legislation. On December 3, 2010, after a series of arduous negotiations and missed deadlines, President Obama and President Lee announced that their negotiators reached agreement on modifications in the KORUS FTA, and that they were prepared to move ahead to getting the agreement approved by the respective legislatures. The White House is expected to send implementing legislation to the 112th Congress and that it would like to see Congress approve the agreement by July 1 of this year. The modifications are in the form of changes in phase-out periods for tariffs on autos, a new safeguard provision on autos, and concessions by South Korea on allowing a larger number of U.S. cars into South Korea under U.S. safety standards than was the case under the original KORUS FTA provisions. The issue of full U.S. beef access was not resolved because of the political sensitivity of the issue in South Korea. In 2008, when President Lee reached a separate agreement with the United States to lift South Korea’s ban on U.S. beef imports, massive anti-South Korean government protests forced the two governments to renegotiate its terms. The U.S. beef sector has largely supported the KORUS FTA. A broad swath of the U.S. business community supports the KORUS FTA . With the modifications in the agreement reached in December, this group also includes the three Detroit-based auto manufacturers and the United Auto Workers (UAW) union. It still faces opposition from some labor unions and other groups, including Public Citizen. Many U.S. supporters view passage of the KORUS FTA as important to secure new opportunities in the South Korean market, while opponents claim that the KORUS FTA does not go far enough to break down South Korean trade barriers or that the agreement will encourage U.S. companies to move their production offshore at the expense of U.S. workers. Other observers have suggested the outcome of the KORUS FTA could have implications for the U.S.-South Korean alliance as a whole, as well as on U.S. Asia policy and U.S. trade policy, particularly in light of an FTA signed in by South Korea and the EU that is expected to go into effect on July 1, 2011

Symbolic Powers of Monomial Ideals

We investigate symbolic and regular powers of monomial ideals. For a square-free monomial ideal $I$ in $k[x_0, \ldots, x_n]$ we show $I^{t(m+e-1)-e+r)}$ is a subset of $M^{(t-1)(e-1)+r-1}(I^{(m)})^t$ for all positive integers $m$, $t$ and $r$, where $e$ is the big-height of $I$ and $M = (x_0, \ldots, x_n)$. This captures two conjectures ($r=1$ and $r=e$): one of Harbourne-Huneke and one of Bocci-Cooper-Harbourne. We also introduce the symbolic polyhedron of a monomial ideal and use this to explore symbolic powers of non-square-free monomial ideals.Comment: 15 pages. Fixed typ

Resumming the large-N approximation for time evolving quantum systems

In this paper we discuss two methods of resumming the leading and next to leading order in 1/N diagrams for the quartic O(N) model. These two approaches have the property that they preserve both boundedness and positivity for expectation values of operators in our numerical simulations. These approximations can be understood either in terms of a truncation to the infinitely coupled Schwinger-Dyson hierarchy of equations, or by choosing a particular two-particle irreducible vacuum energy graph in the effective action of the Cornwall-Jackiw-Tomboulis formalism. We confine our discussion to the case of quantum mechanics where the Lagrangian is $L(x,\dot{x}) = (1/2) \sum_{i=1}^{N} \dot{x}_i^2 - (g/8N) [ \sum_{i=1}^{N} x_i^2 - r_0^2 ]^{2}$. The key to these approximations is to treat both the $x$ propagator and the $x^2$ propagator on similar footing which leads to a theory whose graphs have the same topology as QED with the $x^2$ propagator playing the role of the photon. The bare vertex approximation is obtained by replacing the exact vertex function by the bare one in the exact Schwinger-Dyson equations for the one and two point functions. The second approximation, which we call the dynamic Debye screening approximation, makes the further approximation of replacing the exact $x^2$ propagator by its value at leading order in the 1/N expansion. These two approximations are compared with exact numerical simulations for the quantum roll problem. The bare vertex approximation captures the physics at large and modest $N$ better than the dynamic Debye screening approximation.Comment: 30 pages, 12 figures. The color version of a few figures are separately liste

The use of the LANDSAT data collection system and imagery in reservoir management and operation

The author has identified the following significant results. An increase in the data collection system's (DCS) ability to function in the flood control mission with no additional manpower was demonstrated during the storms which struck New England during April and May of 1975 and August 1976. It was found that for this watershed, creditable flood hydrographs could be generated from DCS data. It was concluded that an ideal DCS for reservoir regulation would draw features from LANDSAT and GOES. MSS grayscale computer printout and a USGS topographic map were compared, yielding an optimum computer classification map of the wetland areas of the Merrimack River estuary. A classification accuracy of 75% was obtained for the wetlands unit, taking into account the misclassified and the unclassified pixels. The MSS band 7 grayscale printouts of the Franklin Falls reservoir showed good agreement to USGS topographic maps in total area of water depicted at the low water reservoir stage and at the maximum inundation level. Preliminary analysis of the LANDSAT digital data using the GISS computer algorithms showed that the radiance of snow cover/vegetation varied from approximately 20 mW/sq cm sr in nonvegetated areas to less than 4 mW/sq cm sr for densely covered forested area