Saving and Growth: A Reinterpretation

We examine the relationship between income growth and saving using both cross-country and household data. At the aggregate level, we find that growth Granger causes saving, but that saving does not Granger cause growth. Using household data, we find that households with predictably higher income growth save more than households with predictably low growth. We argue that standard Permanent Income models of consumption cannot explain these findings, but that a model of consumption with habit formation may. The positive effect of growth on saving implies that previous estimates of the effect of saving on growth may be overstated.

Human CLPP reverts the longevity phenotype of a fungal ClpP deletion strain

Mitochondrial maintenance crucially depends on the quality control of proteins by various chaperones, proteases and repair enzymes. While most of the involved components have been studied in some detail, little is known on the biological role of the CLPXP protease complex located in the mitochondrial matrix. Here we show that deletion of PaClpP, encoding the CLP protease proteolytic subunit CLPP, leads to an unexpected healthy phenotype and increased lifespan of the fungal ageing model organism Podospora anserina. This phenotype can be reverted by expression of human ClpP in the fungal deletion background, demonstrating functional conservation of human and fungal CLPP. Our results show that the biological role of eukaryotic CLP proteases can be studied in an experimentally accessible model organism

Solution of ordinary differential equations by means of Lie series

Solution of ordinary differential equations by Lie series - Laplace transformation, Weber parabolic-cylinder functions, Helmholtz equations, and applications in physic

Electrically detected magnetic resonance of carbon dangling bonds at the Si-face 4H-SiC/SiO2_2 interface

SiC based metal-oxide-semiconductor field-effect transistors (MOSFETs) have gained a significant importance in power electronics applications. However, electrically active defects at the SiC/SiO$_2$ interface degrade the ideal behavior of the devices. The relevant microscopic defects can be identified by electron paramagnetic resonance (EPR) or electrically detected magnetic resonance (EDMR). This helps to decide which changes to the fabrication process will likely lead to further increases of device performance and reliability. EDMR measurements have shown very similar dominant hyperfine (HF) spectra in differently processed MOSFETs although some discrepancies were observed in the measured $g$-factors. Here, the HF spectra measured of different SiC MOSFETs are compared and it is argued that the same dominant defect is present in all devices. A comparison of the data with simulated spectra of the C dangling bond (P$_\textrm{bC}$) center and the silicon vacancy (V$_\textrm{Si}$) demonstrates that the P$_\textrm{bC}$ center is a more suitable candidate to explain the observed HF spectra.Comment: Accepted for publication in the Journal of Applied Physic

Historical Perspectives on the Monetary Transmission Mechanism

This paper examines changes over time in the importance of the lending channel in the transmission of monetary shocks to the real economy. We first use a simple extension of the Bernanke-Blinder model to isolate the observable factors that affect the strength of the lending channel. We then show that based on changes in the structure of banks assets, reserve requirements, and the composition of external firm finance, the lending channel should have been stronger before 1929 than during the post-World War II period, especially the first half of this period. Finally, we demonstrate that conventional indicators of the importance of the lending channel, such as the spread between the loan rate and the bond rate and the correlation between loans and output, do not show the predicted decline in the importance of lending over time. From this we conclude that either the traditional indicators are not useful measures of the strength of the lending channel or that the lending channel has not been quantitatively important in any era.

SL(2,C) Chern-Simons theory and the asymptotic behavior of the colored Jones polynomial

We clarify and refine the relation between the asymptotic behavior of the colored Jones polynomial and Chern-Simons gauge theory with complex gauge group SL(2,C). The precise comparison requires a careful understanding of some delicate issues, such as normalization of the colored Jones polynomial and the choice of polarization in Chern-Simons theory. Addressing these issues allows us to go beyond the volume conjecture and to verify some predictions for the behavior of the subleading terms in the asymptotic expansion of the colored Jones polynomial.Comment: 15 pages, 7 figure

Manipulating the magnetic state of a carbon nanotube Josephson junction using the superconducting phase

The magnetic state of a quantum dot attached to superconducting leads is experimentally shown to be controlled by the superconducting phase difference across the dot. This is done by probing the relation between the Josephson current and the superconducting phase difference of a carbon nanotube junction whose Kondo energy and superconducting gap are of comparable size. It exhibits distinctively anharmonic behavior, revealing a phase mediated singlet to doublet transition. We obtain an excellent quantitative agreement with numerically exact quantum Monte Carlo calculations. This provides strong support that we indeed observed the finite temperature signatures of the phase controlled zero temperature level-crossing transition originating from strong local electronic correlations.Comment: 5 pages, 4 figures + supp. material

Peripheral separability and cusps of arithmetic hyperbolic orbifolds

For X = R, C, or H it is well known that cusp cross-sections of finite volume X-hyperbolic (n+1)-orbifolds are flat n-orbifolds or almost flat orbifolds modelled on the (2n+1)-dimensional Heisenberg group N_{2n+1} or the (4n+3)-dimensional quaternionic Heisenberg group N_{4n+3}(H). We give a necessary and sufficient condition for such manifolds to be diffeomorphic to a cusp cross-section of an arithmetic X-hyperbolic (n+1)-orbifold. A principal tool in the proof of this classification theorem is a subgroup separability result which may be of independent interest.Comment: Published by Algebraic and Geometric Topology at http://www.maths.warwick.ac.uk/agt/AGTVol4/agt-4-32.abs.htm