Heterogeneity and Aggregation in a Financial Accelerator Model

In this paper we present a macroeconomic model in which changes in the variance (and higher moments of the distribution) of firm's financial conditions - i.e. "distributive shocks" - are bound to play a crucial role in the determination of output fluctuations. Firms differ by degree of financial robustness, which affects (optimal) investment in a bankruptcy risk context (à la Greenwald-Stiglitz). As to households, for the sake of simplicity, we assume that they are homogeneous in every respect so that we can adopt the representative agent hypothesis. We can explore the properties of the macro-dynamic model either via the study of the two-dimensional map defining the laws of motion of the average equity ratio and of the variance of the distribution or via simulations in a multiagent framework.

Asset Prices and Monetary Policy: A New View of the Cost Channel

Should the central bank act to prevent "excessive" asset price dynamics or should it wait until the boom spontaneously turns into a crash and intervene afterwards to attenuate the fallout on the real economy? The standard "three equation" New Keynesian framework is inadequate to analyse this issue for the very simple reason that asset prices are not explicitly included in the model. There are two straightforward ways to take into account asset price dynamics in this framework. First of all, the objective function of the central bank - usually defined in terms of inflation and the output gap - could be "augmented" to take into account asset price inflation. Second, expected asset price inflation can affect the IS curve through a wealth effect. In this paper we follow a different route. In our model in fact, the expected asset price dynamics will be eventually incorporated into the NK Phillips curve. This is due to the assumption of a cost channel for monetary policy which is activated whenever monetary policy affects asset prices and dividends. In fact they determine the cost of external finance in the simple "equity only" financing model we consider, abstracting for simplicity from internal funds and the credit market.

RF performance measurement of the DSS-14 70-meter antenna at C-band/L-band

The calibration of the 70-meter antenna at C-band (5.01 GHz) and L-band (1.668 GHz) is described. This calibration comes after a modification to an existing L-band feed to include the C-band frequencies. The test technique employs noise-adding radiometers and associated equipment running simultaneously at both frequencies. The test procedure is described including block diagrams, and results are presented for efficiency, system temperature, and pointing

Backscattering Differential Ghost Imaging in Turbid Media

In this Letter we present experimental results concerning the retrieval of images of absorbing objects immersed in turbid media via differential ghost imaging (DGI) in a backscattering configuration. The method has been applied, for the first time to our knowledge, to the imaging of small thin black objects located at different depths inside a turbid solution of polystyrene nanospheres and its performances assessed via comparison with standard imaging techniques. A simple theoretical model capable of describing the basic optics of DGI in turbid media is proposed.Comment: 5 pages, 6 figure

Coherent imaging of a pure phase object with classical incoherent light

By using the ghost imaging technique, we experimentally demonstrate the reconstruction of the diffraction pattern of a {\em pure phase} object by using the classical correlation of incoherent thermal light split on a beam splitter. The results once again underline that entanglement is not a necessary feature of ghost imaging. The light we use is spatially highly incoherent with respect to the object ($\approx 2 \mu$m speckle size) and is produced by a pseudo-thermal source relying on the principle of near-field scattering. We show that in these conditions no information on the phase object can be retrieved by only measuring the light that passed through it, neither in a direct measurement nor in a Hanbury Brown-Twiss (HBT) scheme. In general, we show a remarkable complementarity between ghost imaging and the HBT scheme when dealing with a phase object.Comment: 13 pages, 11 figures. Published in Physical Review A. Replaced version fixes some problems with Figs. 1, 4 and 1

Coherent Near-Wall Structures and Drag Reduction by Spanwise Forcing

The effect of streamwise-traveling waves of spanwise wall velocity (StTW) on the quasistreamwise vortices (QSV) populating the near-wall region of turbulent channels is studied via a conditional averaging technique applied to flow snapshots obtained via direct numerical simulation. The analysis by Yakeno, Hasegawa, and Kasagi [Phys. Fluids 26, 085109 (2014)], where the special case of spatially uniform wall oscillation (OW) was considered, is extended to the general case of StTW, which yield both reduction and increase of turbulent skin-friction drag. StTW are found to significantly impact the wall-normal distribution of the vortex population. The conditionally averaged velocity field around the vortices shows that the contributions of the QSV to the quadrant Reynolds shear stresses change significantly during the control cycle. On the one hand, as for OW, the suppression of Q2 events (with upwelling of low-speed fluid away from the wall) dominates the drag-reduction process. On the other hand, the enhancement of Q2 and also Q4 events (with downwelling of high-speed fluid toward the wall) is related to drag increase. Based on the link identified between the phase changes of the Reynolds stresses and the principal directions of the rate-of-strain tensor induced by the StTW, a predictive correlation for drag reduction by StTW is proposed which uses physically significant parameters to overcome the shortcomings of existing models

I'm sensing in the rain: Spatial incongruity in visual-tactile mid-air stimulation can elicit ownership in VR users

Major virtual reality (VR) companies are trying to enhance the sense of immersion in virtual environments by implementing haptic feedback in their systems (e.g., Oculus Touch). It is known that tactile stimulation adds realism to a virtual environment. In addition, when users are not limited by wearing any attachments (e.g., gloves), it is even possible to create more immersive experiences. Mid-air haptic technology provides contactless haptic feedback and offers the potential for creating such immersive VR experiences. However, one of the limitations of mid-air haptics resides in the need for freehand tracking systems (e.g., Leap Motion) to deliver tactile feedback to the user's hand. These tracking systems are not accurate, limiting designers capability of delivering spatially precise tactile stimulation. Here, we investigated an alternative way to convey incongruent visual-tactile stimulation that can be used to create the illusion of a congruent visual-tactile experience, while participants experience the phenomenon of the rubber hand illusion in VR

Vitamin D: no efficacy without deficiency. What's new?

Not availabl