Are monetarists an endangered species?

Monetary policy

How Hot Is Radiation?

A self-consistent approach to nonequilibrium radiation temperature is introduced using the distribution of the energy over states. We begin rigorously with ensembles of Hilbert spaces and end with practical examples based mainly on the far from equilibrium radiation of lasers. We show that very high, but not infinite, laser radiation temperatures depend on intensity and frequency. Heuristic "temperatures" derived from a misapplication of equilibrium arguments are shown to be incorrect. More general conditions for the validity of nonequilibrium temperatures are also established.Comment: 26 pages, revised, LaTeX, 3 encapsulated PostScript figure