Orbital Polarization in Strained LaNiO3_{3}: Structural Distortions and Correlation Effects

Transition-metal heterostructures offer the fascinating possibility of controlling orbital degrees of freedom via strain. Here, we investigate theoretically the degree of orbital polarization that can be induced by epitaxial strain in LaNiO$_3$ films. Using combined electronic structure and dynamical mean-field theory methods we take into account both structural distortions and electron correlations and discuss their relative influence. We confirm that Hund's rule coupling tends to decrease the polarization and point out that this applies to both the $d^8\underline{L}$ and $d^7$ local configurations of the Ni ions. Our calculations are in good agreement with recent experiments, which revealed sizable orbital polarization under tensile strain. We discuss why full orbital polarization is hard to achieve in this specific system and emphasize the general limitations that must be overcome to achieve this goal.Comment: 13 pages, 13 figure

Low-energy description of the metal-insulator transition in the rare-earth nickelates

We propose a simple theoretical description of the metal-insulator transition of rare-earth nickelates. The theory involves only two orbitals per nickel site, corresponding to the low-energy anti-bonding $e_g$ states. In the monoclinic insulating state, bond-length disproportionation splits the manifold of $e_g$ bands, corresponding to a modulation of the effective on-site energy. We show that, when subject to a local Coulomb repulsion $U$ and Hund's coupling $J$, the resulting bond-disproportionated state is a paramagnetic insulator for a wide range of interaction parameters. Furthermore, we find that when $U-3J$ is small or negative, a spontaneous instability to bond disproportionation takes place for large enough $J$. This minimal theory emphasizes that a small or negative charge-transfer energy, a large Hund's coupling, and a strong coupling to bond-disproportionation are the key factors underlying the transition. Experimental consequences of this theoretical picture are discussed.Comment: 17 pages, 10 figures; published version in the updat

Rediscounting Under Aggregate Risk with Moral Hazard

Freeman (1999) proposes a model in which discount window lending and open market operations have different effects. This is important because in most of the literature, these policies are indistinguishable. However, Freeman's argument that the central bank should absorb losses associated with default to provide risk-sharing stands in stark contrast to the concern that central banks should limit their exposure to credit risk. We extend Freeman's model by introducing moral hazard. With moral hazard, the central bank should avoid absorbing losses and Freeman's argument breaks down. However, we show that policies resembling discount window lending and open market operations can still be distinguished in this new framework. The optimal policy is for the central bank to make a restricted number of creditors compete for funds. By restricting the number of agents, the central bank can limit the moral hazard problem. By making them compete with each other, the central bank can exploit market information that reveals the state of the economy.Payment, clearing, and settlement systems; Financial markets; Central bank research

Costly banknote issuance and interest rates under the national banking system

The behavior of interest rates under the U.S. National Banking System is puzzling because of the apparent presence of persistent and large unexploited arbitrage opportunities for note issuing banks. Previous attempts to explain interest rate behavior have relied on the cost or the inelasticity of note issue. These attempts are not entirely satisfactory. Here we propose a new rationale to solve the puzzle. Inelastic note issuance arises endogenously because the marginal cost of issuing notes is an increasing function of circulation. We build a spatial separation model where some fraction of agents must move each period. Banknotes can be carried between locations; deposits cannot. Taking the model to the data on national banks, we find it matches the movements in long-term interest rates well. It also predicts movements in deposit rates during panics. However, the model displays more inelasticity of notes issuance than is in the data.Bank notes ; Interest rates ; National banks (United States)

Extended MacMahon-Schwinger's Master Theorem and Conformal Wavelets in Complex Minkowski Space

We construct the Continuous Wavelet Transform (CWT) on the homogeneous space (Cartan domain) D_4=SO(4,2)/(SO(4)\times SO(2)) of the conformal group SO(4,2) (locally isomorphic to SU(2,2)) in 1+3 dimensions. The manifold D_4 can be mapped one-to-one onto the future tube domain C^4_+ of the complex Minkowski space through a Cayley transformation, where other kind of (electromagnetic) wavelets have already been proposed in the literature. We study the unitary irreducible representations of the conformal group on the Hilbert spaces L^2_h(D_4,d\nu_\lambda) and L^2_h(C^4_+,d\tilde\nu_\lambda) of square integrable holomorphic functions with scale dimension \lambda and continuous mass spectrum, prove the isomorphism (equivariance) between both Hilbert spaces, admissibility and tight-frame conditions, provide reconstruction formulas and orthonormal basis of homogeneous polynomials and discuss symmetry properties and the Euclidean limit of the proposed conformal wavelets. For that purpose, we firstly state and prove a \lambda-extension of Schwinger's Master Theorem (SMT), which turns out to be a useful mathematical tool for us, particularly as a generating function for the unitary-representation functions of the conformal group and for the derivation of the reproducing (Bergman) kernel of L^2_h(D_4,d\nu_\lambda). SMT is related to MacMahon's Master Theorem (MMT) and an extension of both in terms of Louck's SU(N) solid harmonics is also provided for completeness. Convergence conditions are also studied.Comment: LaTeX, 40 pages, three new Sections and six new references added. To appear in ACH

Is turbulent mixing a self convolution process ?

Experimental results for the evolution of the probability distribution function (PDF) of a scalar mixed by a turbulence flow in a channel are presented. The sequence of PDF from an initial skewed distribution to a sharp Gaussian is found to be non universal. The route toward homogeneization depends on the ratio between the cross sections of the dye injector and the channel. In link with this observation, advantages, shortcomings and applicability of models for the PDF evolution based on a self-convolution mechanisms are discussed.Comment: 4 page