Discovery of a magnetic Dirac system with large intrinsic non-linear Hall effect

Magnetic materials exhibiting topological Dirac fermions are attracting significant attention for their promising technological potential in spintronics. In these systems, the combined effect of the spin-orbit coupling and magnetic order enables the realization of novel topological phases with exotic transport properties, including the anomalous Hall effect and magneto-chiral phenomena. Herein, we report experimental signature of topological Dirac antiferromagnetism in TaCoTe2 via angle-resolved photoelectron spectroscopy (ARPES) and first-principles density functional theory (DFT) calculations. In particular, we find the existence of spin-orbit coupling-induced gaps at the Fermi level, consistent with the manifestation of a large intrinsic non-linear Hall conductivity. Remarkably, we find that the latter is extremely sensitive to the orientation of the N\'eel vector, suggesting TaCoTe2 a suitable candidate for the realization of non-volatile spintronic devices with an unprecedented level of intrinsic tunability

Cyclical Analysis of India’s Economic Growth: Is Service Sector Catching up?

Presented at the GLOBELICS 6th International Conference 2008 22-24 September, Mexico City, Mexico.This paper analyses the cyclical fluctuations of economic growth in India emphasizing upon the service sector for the period 1952 to 2006. Using Hodrick and Prescott (HP) Filter method, we estimate the trend components and cyclical components of real GDP, agriculture, services and industry. The results show that service sector is subject to less cyclical volatility as compared to other sectors. Hence, it can be argued that service sector is more stable than industrial sector. After estimating the trend series, we again apply H-P filter method on the series of output deviation to derive cyclical movements and irregular components or short-term shocks. Thus the economy had undergone one completed business cycle and other ongoing cycle during the period of study

Is bitcoin a near stock? Linear and non-linear causal evidence from a price–volume relationship

The purpose of this paper is to examine the price–volume relationship in the bitcoin market to validate near-stock properties of bitcoin. Design/methodology/approach: Daily data of bitcoin returns, returns volatility and trading volume (TV) are utilized for the period August 17, 2010–April 16, 2017. Linear and non-linear causality tests are employed to examine price–volume relationship in the bitcoin market. Findings: The linear causality analysis indicates that the bitcoin TV cannot be used to predict return; however, the reverse causality is significant. In contrast, the non-linear causality analysis shows that there are non-linear feedbacks between the bitcoin TV and returns. The bitcoin TV, which represents new information, leads to price changes, and large positive price changes lead to increased trading activity. Similarly, in recent periods (post-break period), the results of the non-linear causality test show a unidirectional causality from TV to the volatility of returns. Research limitations/implications: This study uses the average index value of major bitcoin exchanges. But further research on this relationship using data from different bitcoin exchanges may provide further insights into the price–volume relationship of bitcoin and its near-stock properties. Practical implications: These findings from the non-linear causality analysis, therefore, suggest that investors cannot simply base their decisions on the linear dynamics of the bitcoin market. This is because new information in terms of the TV is neither linearly related to the price nor it is a one-to-one kind of relationship as most investors commonly understand it to be. Rather, investors’ decisions should be based on non-linear models, in general, and the best-fitting non-linear model, in particular. Originality/value: The study examines bitcoin’s near-stock properties in a price–volume relationship framework with the help of both linear and non-linear causality tests, which to the best of the authors’ knowledge remains unexplored

Examining the differential impact of monetary policy in India: a policy simulation approach

Purpose: Though an accumulating body of study has analysed monetary policy transmission in India, there are few studies examining the differential impact of monetary policy action. Against this backdrop, this study aims to analyse the differential impact of monetary policy on aggregate demand, aggregate supply and their components along with the general price level in India. Design/methodology/approach: The study develops a structural macroeconometric model, which is primarily aggregate and eclectic in nature. The generalized method of movements is used for estimation of behavioural equations, while a Gauss–Seidel algorithm is used for model simulation purposes. Findings: The paper presents the results of two policy simulations from the estimated model that highlight the differential impact of monetary policy. The first one, hike in the policy rate by 5% and second is a reduction in bank credit to the commercial sector by 10%. The results from the first policy simulation experiment reveal that interest hike has a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is borne by investment demand and imports followed by private consumption. While as among the components of aggregate supply maximum impact is born by infrastructure output followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. The results from the second policy simulation experiment revealed that pure monetary shocks have a significant negative impact on aggregate demand, aggregate supply and general price level. However, the maximum impact is born by private consumption and imports followed by investment demand. While as among components of aggregate supply maximum impact is borne by infrastructure followed by the manufacturing and services sector with the agriculture sector found to be insensitive in nature. From both policy simulation experiments, the study highlighted the relative importance of the income absorption approach as opposed to the expenditure switching effect. Practical implications: The results obtained in this study provides a strong framework for design the monetary policy framework. The results are in a view of the differential impact of monetary policy action among the components of both aggregate demand and aggregate supply. This reflection of differential impact has immense significance for the macroeconomic stabilization as the central bank will have to weigh the varying repercussion of its actions on different sectors. For instance, the decline in output after monetary tightening might be conceived as mild from an overall perspective, but it can be appreciable for some sectors. This differential influence will have an implication for policy design to care for distributional aspects, which otherwise could be neglected/disregarded. Similarly, the output decline may be as a result of either consumption postponement or a temporary slowdown in investment. However, the one emanating due to investment decline will have lasting growth implications compared to a decline in consumer demand. In addition, the relative strength of expenditure changing or expenditure switching policies of trade balance stabilization may have varying consequences in the aftermath of monetary policy shock. Accordingly information on the relative sensitiveness/insensitiveness of different sectors/ components of aggregate demand towards monetary policy actions furnish valuable insights to monetary authorities in framing appropriate policy. Originality/value: The work carried out in the present paper is motivated by the fact that although a number of studies have examined the monetary transmission mechanism in India, a very few studies examining the differential impact of monetary policy action. However, to the best of the knowledge, there is no such studies, which have examined the differential impact of monetary policy in the structural macroeconometric framework. The paper will enrich the existing literature by providing a detailed account of the differential impact of monetary policy among the components of both aggregate demand and aggregate supply in response to an interest rate hike, as well as a decrease in the money supply

Convergence in Monthly Per Capita Expenditure and the Rural–Urban Dichotomy: Evidence from Major Indian States

In this chapter we make an attempt to examine convergence in monthly per capita expenditure (MPCE) of Indian households utilising data obtained from the National Sample Survey Organisation(NSSO) over the period 1993–94 to 2011–12, for 17 major Indian states. In the process, a probable existence of the rural urban dichotomy in convergence is also being explored. The choice of time period is guided by consistsnt avaialbility of data coinciding with the post reform period and the PS panel club convergence test is employed to achieve the objectives set in the chapter. All the states taken together indicate a divergence in MPCE and the major 15 states of India do not follow a unique single transition path. The monthly per capita consumption across these states exhibit distinct transition paths. Further, there is existence of convergence at sub-group level except three states. The speed of covergence and the transition paths being different in rural areas from that of the urban also yield evidence on the rural urban dichotomy. Finally, we attempt to study the determinats underlying the convergence obatined from the empirical analysis carried out in the first stage