The Role of Macroeconomic Policy in Overcoming Slow Economic Growth - International Comparisons and Policy Perspectives

A fundamental point of this paper is, that - given existing structures (!) - the persistent problem of high unemployment in Europe cannot be attributed to tendencies in "jobless-growth" but is mainly caused by the fact that GDP-growth has been - and is still too low. This argument is first based on the pronounced cyclical reagibility of employment and unemployment. A first glance at Figure 1 immediately reveals this cyclical reagibility of European labour-markets - which is, however combined with "hysteresis-effects", thus creating a tendency of increasing long-term unemployment. In the next section the question as to why growth-rates in the 80s and 90s were much lower than compared to the 60s and 70s will be studied. The connections between employment and economic growth will be discussed in more detail in section 3 of this paper.

The future of wind tunnel technology in Germany

The practical value of a wind tunnel which is not dependent solely on size or achievable Reynolds number was examined. Measurement, interpretative and evaluative procedures developed in small facilities were also studied

Hedge fund seeding via fees-for-seed swaps under idiosyncratic risk

We develop a dynamic valuation model of the hedge fund seeding business by solving the consumption and portfolio-choice problem for a risk-averse manager who launches a hedge fund through a seeding vehicle. This vehicle, i.e. fees-for-seed swap, specifies that a strategic partner (seeder) provides a critical amount of capital in exchange for participation in the funds revenue. Our results indicate that the new swap not only solves the serious problem of widespread financing constraints for new and early-stage funds (ESFs) managers, but can be highly beneficial to both the manager and the seeder if structured properly

Numerical simulations of the magnetorotational instability in protoneutron stars: I. Influence of buoyancy

The magneto-rotational instability (MRI) is considered to be a promising mechanism to amplify the magnetic field in fast rotating protoneutron stars. In contrast to accretion disks, radial buoyancy driven by entropy and lepton fraction gradients is expected to have a dynamical role as important as rotation and shear. We investigate the poorly known impact of buoyancy on the non-linear phase of the MRI, by means of three dimensional numerical simulations of a local model in the equatorial plane of a protoneutron star. The use of the Boussinesq approximation allows us to utilise a shearing box model with clean shearing periodic boundary conditions, while taking into account the buoyancy driven by radial entropy and composition gradients. We find significantly stronger turbulence and magnetic fields in buoyantly unstable flows. On the other hand, buoyancy has only a limited impact on the strength of turbulence and magnetic field amplification for buoyantly stable flows in the presence of a realistic thermal diffusion. The properties of the turbulence are, however, significantly affected in the latter case. In particular, the toroidal components of the magnetic field and of the velocity become even more dominant with respect to the poloidal ones. Furthermore, we observed in the regime of stable buoyancy the formation of long lived coherent structures such as channel flows and zonal flows. Overall, our results support the ability of the MRI to amplify the magnetic field significantly even in stably stratified regions of protoneutron stars.Comment: 22 pages, 15 figures, accepted for publication in MNRA