The Deflationary Bias of the ZLB and the FED’s Strategic Response

The paper shows, in a simple analytical framework, the existence of a deflationary bias in an economy with a low natural rate of interest, a Zero Lower Bound (ZLB) constraint on nominal interest rates and a discretionary Central Bank with an inflation mandate. The presence of the ZLB prevents the central bank from offsetting negative shocks to inflation whereas it can offset positive shocks. This asymmetry pushes average inflation below the target which in turn drags down inflation expectations and reinforces the likelihood of hitting the ZLB. We show that this deflationary bias is particularly relevant for a Central Bank with a symmetric dual mandate (i.e. minimizing deviations from inflation and employment), especially when facing demand shocks. But a strict inflation targeter cannot escape the suboptimal deflationary equilibrium either. The deflationary bias can be mitigated by targeting “shortfalls” instead of “deviations” from maximum employment and/or using flexible average inflation targeting. However, changing monetary policy strategy risks inflation expectations becoming entrenched above the target if the natural interest rate increases

Realistic continuous-variable quantum teleportation with non-Gaussian resources

We present a comprehensive investigation of nonideal continuous-variable quantum teleportation implemented with entangled non-Gaussian resources. We discuss in a unified framework the main decoherence mechanisms, including imperfect Bell measurements and propagation of optical fields in lossy fibers, applying the formalism of the characteristic function. By exploiting appropriate displacement strategies, we compute analytically the success probability of teleportation for input coherent states, and two classes of non-Gaussian entangled resources: Two-mode squeezed Bell-like states (that include as particular cases photon-added and photon-subtracted de-Gaussified states), and two-mode squeezed cat-like states. We discuss the optimization procedure on the free parameters of the non-Gaussian resources at fixed values of the squeezing and of the experimental quantities determining the inefficiencies of the non-ideal protocol. It is found that non-Gaussian resources enhance significantly the efficiency of teleportation and are more robust against decoherence than the corresponding Gaussian ones. Partial information on the alphabet of input states allows further significant improvement in the performance of the non-ideal teleportation protocol.Comment: 14 pages, 6 figure

Quasideterministic generation of maximally entangled states of two mesoscopic atomic ensembles by adiabatic quantum feedback

We introduce an efficient, quasideterministic scheme to generate maximally entangled states of two atomic ensembles. The scheme is based on quantum nondemolition measurements of total atomic populations and on adiabatic quantum feedback conditioned by the measurements outputs. The high efficiency of the scheme is tested and confirmed numerically for ideal photodetection as well as in the presence of losses.Comment: 7 pages, 6 figures, title changed, revised version published on Phys. Rev

Tunable non-Gaussian resources for continuous-variable quantum technologies

We introduce and discuss a set of tunable two-mode states of continuous-variable systems, as well as an efficient scheme for their experimental generation. This novel class of tunable entangled resources is defined by a general ansatz depending on two experimentally adjustable parameters. It is very ample and flexible as it encompasses Gaussian as well as non-Gaussian states. The latter include, among others, known states such as squeezed number states and de-Gaussified photon-added and photon-subtracted squeezed states, the latter being the most efficient non-Gaussian resources currently available in the laboratory. Moreover, it contains the classes of squeezed Bell states and even more general non-Gaussian resources that can be optimized according to the specific quantum technological task that needs to be realized. The proposed experimental scheme exploits linear optical operations and photon detections performed on a pair of uncorrelated two--mode Gaussian squeezed states. The desired non-Gaussian state is then realized via ancillary squeezing and conditioning. Two independent, freely tunable experimental parameters can be exploited to generate different states and to optimize the performance in implementing a given quantum protocol. As a concrete instance, we analyze in detail the performance of different states considered as resources for the realization of quantum teleportation in realistic conditions. For the fidelity of teleportation of an unknown coherent state, we show that the resources associated to the optimized parameters outperform, in a significant range of experimental values, both Gaussian twin beams and photon-subtracted squeezed states.Comment: 13 pages, 7 figure

Can Fiscal Budget-Neutral Reforms Stimulate Growth? Model-Based Results

This paper focuses on growth enhancing budget-neutral fiscal reforms, i.e. changes in the composition of government revenues and spending that stimulate GDP growth while keeping the ratio of the fiscal budget to GDP constant. To this aim, we present simulation results using a multi-country DSGE model with three large economic regions, the US, the euro area and the rest of the world. The model features constrained and unconstrained non-Ricardian households and a detailed government sector; its multi-country nature allows investigating cross-country spillovers. The paper focuses on the most growth-friendly budget-neutral fiscal measures: (i) an incomplete fiscal devaluation (ii) a rise in government investment compensated by a fall in government consumption and (iii) a rise in government investment compensated by a rise in consumption and labor taxes. Dampening or amplifying effects due to coordination across policies (monetary and fiscal) and across economic regions are also considered. Three main results stand out. First, an increase in government investment financed by rising less distortionary taxes appears to be an effective growth-friendly budget-neutral reform in the sense that it generates both short- and long-run GDP growth and improves fiscal sustainability. Second, benefits and costs of budget-neutral reforms are not equally distributed across agents, giving rise to a policy trade-off between growth and distributional consequences. Third, budget-neutral reforms do not have large cross-border trade spillovers; however, reforms coordinated across all countries in periods of accommodative monetary policy do have amplified domestic effects

Geometric Effects and Computation in Spin Networks

When initially introduced, a Hamiltonian that realises perfect transfer of a quantum state was found to be analogous to an x-rotation of a large spin. In this paper we extend the analogy further to demonstrate geometric effects by performing rotations on the spin. Such effects can be used to determine properties of the chain, such as its length, in a robust manner. Alternatively, they can form the basis of a spin network quantum computer. We demonstrate a universal set of gates in such a system by both dynamical and geometrical means

The Interconnected Magmatic Plumbing System of the Natron Rift

Understanding the magmatic plumbing system of rift volcanoes is essential when examining the interplay between magmatic and tectonic forces. Recent seismicity, volcanic activity, magma emplacement, and volatile release make the Natron basin the ideal location to study these processes in the East African Rift System. Here, we present the first high-resolution tomographic imaging of Oldoinyo Lengai volcano and surrounding volcanic systems using attenuation mapping. High scattering and absorption features reveal fluid-filled fracture networks below regions of magmatic volatile release at the surface and a close spatial association between carbonatite volcanism and deeply penetrating, fluid-filled faults. High-absorption features appear sensitive to fluids and thermal gradients, revealing a central sill complex and connected plumbing system down to the mid-crust, which links volcanoes and rift segments across the developing magmatic rift

Engineering massive quantum memories by topologically time-modulated spin rings

We introduce a general scheme to realize perfect storage of quantum information in systems of interacting qubits. This novel approach is based on {\it global} external controls of the Hamiltonian, that yield time-periodic inversions in the dynamical evolution, allowing a perfect periodic quantum state recontruction. We illustrate the method in the particularly interesting and simple case of spin systems affected by XY residual interactions with or without static imperfections. The global control is achieved by step time-inversions of an overall topological phase of the Aharonov-Bohm type. Such a scheme holds both at finite size and in the thermodynamic limit, thus enabling the massive storage of arbitrarily large numbers of local states, and is stable against several realistic sources of noise and imperfections.Comment: 12 pages, 9 figure

An Experimental Approach to a Rapid Propulsion and Aeronautics Concepts Testbed

Modern aircraft design tools have limitations for predicting complex propulsion-airframe interactions. The demand for new tools and methods addressing these limitations is high based on the many recent Distributed Electric Propulsion (DEP) Vertical Take-Off and Landing (VTOL) concepts being developed for Urban Air Mobility (UAM) markets. We propose that low cost electronics and additive manufacturing can support the conceptual design of advanced autonomy-enabled concepts, by facilitating rapid prototyping for experimentally driven design cycles. This approach has the potential to reduce complex aircraft concept development costs, minimize unique risks associated with the conceptual design, and shorten development schedule by enabling the determination of many "unknown unknowns" earlier in the design process and providing verification of the results from aircraft design tools. A modular testbed was designed and built to evaluate this rapid design-build-test approach and to support aeronautics and autonomy research targeting UAM applications utilizing a complex, transitioning-VTOL aircraft configuration. The testbed is a modular wind tunnel and flight model. The testbed airframe is approximately 80% printed, with labor required for assembly. This paper describes the design process, fabrication process, ground testing, and initial wind tunnel structural and thermal loading of a proof-of-concept aircraft, the Langley Aerodrome 8 (LA-8)