Quasidegeneracy of Majorana Neutrinos and the Origin of Large Leptonic Mixing

We propose that the observed large leptonic mixing may just reflect a quasidegeneracy of three Majorana neutrinos. The limit of exact degeneracy of Majorana neutrinos is not trivial, as leptonic mixing and even CP violation may occur. We conjecture that the smallness of $|U_{13}|$, when compared to the other elements of $U_{PMNS}$, may just reflect the fact that, in the limit of exact mass degeneracy, the leptonic mixing matrix necessarily has a vanishing element. We show that the lifting of the mass degeneracy can lead to the measured value of $|U_{13}|$ while at the same time accommodating the observed solar and atmospheric mixing angles. In the scenario we consider for the breaking of the mass degeneracy there is only one CP violating phase, already present in the limit of exact degeneracy, which upon the lifting of the degeneracy generates both Majorana and Dirac-type CP violation in the leptonic sector. We analyse some of the correlations among physical observables and point out that in most of the cases considered, the implied strength of leptonic Dirac-type CP violation is large enough to be detected in the next round of experiments.Comment: 16 pages, 4 figures. Matches published version, references added, improved discussion, results unchange

Measuring the importance of the uniform nonsynchronization hypothesis

In this paper we critically reappraise some measures of the importance of time-dependent price setting rules and propose an alternative way to gauge the significance of this type of price setting behaviour. The merits of the proposed measure are highlighted in an application using micro-data. Our results suggest that a large proportion of price trajectories may be compatible with simple time-dependent price setting mechanisms but the strength of this evidence very much depends on the way that is used to evaluate the importance of this type of behaviour. JEL Classification: D40, E31, L11perfect synchronization, Time-dependent price setting models, uniform staggering

Time or state dependent price setting rules? Evidence from Portuguese micro data

In this paper we analyse the ability of time and state dependent price setting rules to explain durations of price spells or the probability of changing prices. Our results suggest that simple time dependent models cannot be seen as providing a reasonable approximation to the data and that state dependent models are required to fully characterise the price setting behaviour of Portuguese firms. Inflation, the level of economic activity and the magnitude of the last price change emerge as relevant variables affecting the probability of changing prices. Moreover, it is seen that the impact differs for negative and positive values of these covariates. JEL Classification: C41, D40, E31CPI data, Hazard functions, inflation