Nominal stylized facts of U. S. business cycles

The authors investigate the basic nominal stylized facts of business cycles in the United States, using monthly data from 1960:1 to 1993:4 and the methodology suggested by Kydland and Prescott (1990). They make comparisons among simple sum and Divisia aggregates, using the Thornton and Yue (1992) series of Divisia monetary aggregates, and they investigate the robustness of the results to relevant nonstochastic stationarity-inducing transformations.Business cycles

Indirect Network Effects and Adoption Externalities

The conventional wisdom is that indirect network effects, unlike direct network effects, do not give rise to externalities. In this paper we show that under very general conditions, indirect network effects lead to adoption externalities. In particular we show that in markets where consumption benefits arise from hardware/software systems, adoption externalities will occur when there are (i) increasing returns to scale in the production of software, (ii) free-entry in software, and (iii) consumers have a preference for software variety. The private benefit of the marginal hardware purchaser is less than the social benefit since the marginal hardware purchaser does not internalize the welfare improving response of the software industry, particularly the increase in software variety, on inframarginal purchasers when the market for hardware expands.Network Externalities, Network Effects

Enhancement of magnetic fields arising from galactic encounters

Galactic encounters are usually marked by a substantial increase of synchrotron emission of the interacting galaxies compared to the typical emission from similar isolated galaxies. This is believed to be associated with an increase of the star formation rate and the associated turbulent magnetic fields. The regular magnetic field is usually believed to decrease. We consider a simple, however rather realistic, mean-field galactic dynamo model where the effects of small-scale generation are represented by random injections of magnetic field from star forming regions. We represent an encounter by the introduction of large-scale streaming velocities and by an increase in small-scale magnetic field injections. The latter describes the effect of an increase of the star formation rate caused by the encounter. We demonstrate that large-scale streaming, with associated deviations in the rotation curve, can result in an enhancement of the anisotropic turbulent (ordered) magnetic field strength, mainly along the azimuthal direction, leading to a significant temporary increase of the total magnetic energy during the encounter; the representation of an increase in star formation rate has an additional strong effect. In contrast to expectations, the large-scale (regular) magnetic field structure is not significantly destroyed by the encounter. It may be somewhat weakened for a relatively short period, and its direction after the encounter may be reversed. The encounter causes enhanced total and polarized emission without increase of the regular magnetic field strength. The increase of synchrotron emission caused by the large-scale streaming can be comparable to the effect of the increase of the star formation rate, depending on the choice of parameters.The effects of the encounter on the total magnetic field energy last only slightly longer than the duration of the encounter (ca. 1 Gyr).Comment: 9 pages, 11 figures minor changes in response to referee's comments+linguistic/stylistic change

Learning Generative Models across Incomparable Spaces

Generative Adversarial Networks have shown remarkable success in learning a distribution that faithfully recovers a reference distribution in its entirety. However, in some cases, we may want to only learn some aspects (e.g., cluster or manifold structure), while modifying others (e.g., style, orientation or dimension). In this work, we propose an approach to learn generative models across such incomparable spaces, and demonstrate how to steer the learned distribution towards target properties. A key component of our model is the Gromov-Wasserstein distance, a notion of discrepancy that compares distributions relationally rather than absolutely. While this framework subsumes current generative models in identically reproducing distributions, its inherent flexibility allows application to tasks in manifold learning, relational learning and cross-domain learning.Comment: International Conference on Machine Learning (ICML

Overcoming The Challenges of Establishing A Student-Managed Fixed Income Fund

Student-managed funds (SMFs) offer unique educational opportunities. In a typical SMF, students select common stocks and manage a real portfolio, gaining practical money management experience. Until recently, establishing a fixed income SMF has been unworkable for most academic institutions. Fixed income exchange traded funds (ETFs) are relatively new financial offerings that allow non-institutional investors the ability to trade shares of an entire bond portfolio as a single security. By combining different ETFs into a fund of funds, it is possible for students to implement various bond portfolio management strategies - a valuable learning opportunity previously unavailable to most business students

Gauge-independent Renormalization of the N2HDM

The Next-to-Minimal 2-Higgs-Doublet Model (N2HDM) is an interesting benchmark model for a Higgs sector consisting of two complex doublet and one real singlet fields. Like the Next-to-Minimal Supersymmetric extension (NMSSM) it features light Higgs bosons that could have escaped discovery due to their singlet admixture. Thereby, the model allows for various different Higgs-to-Higgs decay modes. Contrary to the NMSSM, however, the model is not subject to supersymmetric relations restraining its allowed parameter space and its phenomenology. For the correct determination of the allowed parameter space, the correct interpretation of the LHC Higgs data and the possible distinction of beyond-the-Standard Model Higgs sectors higher order corrections to the Higgs boson observables are crucial. This requires not only their computation but also the development of a suitable renormalization scheme. In this paper we have worked out the renormalization of the complete N2HDM and provide a scheme for the gauge-independent renormalization of the mixing angles. We discuss the renormalization of the $\mathbb{Z}_2$ soft breaking parameter $m_{12}^2$ and the singlet vacuum expectation value $v_S$. Both enter the Higgs self-couplings relevant for Higgs-to-Higgs decays. We apply our renormalization scheme to different sample processes such as Higgs decays into $Z$ bosons and decays into a lighter Higgs pair. Our results show that the corrections may be sizeable and have to be taken into account for reliable predictions

The formation of regular interarm magnetic fields in spiral galaxies

Observations of regular magnetic fields in several nearby galaxies reveal magnetic arms situated between the material arms. The nature of these magnetic arms is a topic of active debate. Previously we found a hint that taking into account the effects of injections of small-scale magnetic fields generated, e.g., by turbulent dynamo action, into the large-scale galactic dynamo can result in magnetic arm formation. We now investigate the joint roles of an arm/interarm turbulent diffusivity contrast and injections of small-scale magnetic field on the formation of large-scale magnetic field ("magnetic arms") in the interarm region. We use the relatively simple "no-$z$" model for the galactic dynamo. This involves projection on to the galactic equatorial plane of the azimuthal and radial magnetic field components; the field component orthogonal to the galactic plane is estimated from the solenoidality condition. We find that addition of diffusivity gradients to the effect of magnetic field injections makes the magnetic arms much more pronounced. In particular, the regular magnetic field component becomes larger in the interarm space compared to that within the material arms.The joint action of the turbulent diffusivity contrast and small-scale magnetic field injections (with the possible participation of other effects previously suggested) appears to be a plausible explanation for the phenomenon of magnetic arms.Comment: 9 pages, 9 figure