Co-movement, Capital and Contracts: 'Normal' Cycles Through Creative Destruction

We develop a unified theory of endogenous business cycles in which expansions are neoclassical growth periods driven by productivity improvements and capital accumulation, while downturns are the result of Keynesian contractions in aggregate demand below potential output. Recessions allow skilled labor to be reallocated to growth promoting activities which fuel subsequent expansions. However, rigidities in production and contractual limitations, inherent to the process of creative destruction, leave capital severely underutilized. A key feature of our equilibrium is the endogenous emergence of long term supply contracts between capitalist owners and producers.Long-term contracting;investment irreversibility;putty-clay technology;asset- specificity;Endogenous cycles and growth

Animal Spirits Meets Creative Destruction

We show how a Schumpeterian process of creative destruction can induce coordination in the timing of entrepreneurial activities across diverse sectors of the economy.Consequently, a multi-sector economy, in which sector-specific, productivity improvements are made by independent, profit-seeking entrepreneurs, can exhibit regular booms, slowdowns and downturns as an inherent part of the long-run growth process.The cyclical equilibrium that we study has a higher long-run growth rate but lower welfare than the corresponding acyclical one.We find that the cycles generated by our model share some features of actual business cycles, and that across cycling economies, a negative relationship emerges between volatility and growth.economic growth;entrepreneurship;innovation;business cycles

Analysis of phase transitions in the mean-field Blume-Emery-Griffiths model

In this paper we give a complete analysis of the phase transitions in the mean-field Blume-Emery-Griffiths lattice-spin model with respect to the canonical ensemble, showing both a second-order, continuous phase transition and a first-order, discontinuous phase transition for appropriate values of the thermodynamic parameters that define the model. These phase transitions are analyzed both in terms of the empirical measure and the spin per site by studying bifurcation phenomena of the corresponding sets of canonical equilibrium macrostates, which are defined via large deviation principles. Analogous phase transitions with respect to the microcanonical ensemble are also studied via a combination of rigorous analysis and numerical calculations. Finally, probabilistic limit theorems for appropriately scaled values of the total spin are proved with respect to the canonical ensemble. These limit theorems include both central-limit-type theorems when the thermodynamic parameters are not equal to critical values and non-central-limit-type theorems when these parameters equal critical values.Comment: 33 pages, revtex

Integrability of irrotational silent cosmological models

We revisit the issue of integrability conditions for the irrotational silent cosmological models. We formulate the problem both in 1+3 covariant and 1+3 orthonormal frame notation, and show there exists a series of constraint equations that need to be satisfied. These conditions hold identically for FLRW-linearised silent models, but not in the general exact non-linear case. Thus there is a linearisation instability, and it is highly unlikely that there is a large class of silent models. We conjecture that there are no spatially inhomogeneous solutions with Weyl curvature of Petrov type I, and indicate further issues that await clarification.Comment: Minor corrections and improvements; 1 new reference; to appear Class. Quantum Grav.; 16 pages Ioplpp

Gluino Condensation in Strongly Coupled Heterotic String Theory

Strongly coupled heterotic $E_8\times E_8$ string theory, compactified to four dimensions on a large Calabi-Yau manifold ${\bf X}$, may represent a viable candidate for the description of low-energy particle phenomenology. In this regime, heterotic string theory is adequately described by low-energy $M$-theory on ${\bf R}^4\times{\bf S}^1/{\bf Z}_2\times{\bf X}$, with the two $E_8$'s supported at the two boundaries of the world. In this paper we study the effects of gluino condensation, as a mechanism for supersymmetry breaking in this $M$-theory regime. We show that when a gluino condensate forms in $M$-theory, the conditions for unbroken supersymmetry can still be satisfied locally in the orbifold dimension ${\bf S}^1/{\bf Z}_2$. Supersymmetry is then only broken by the global topology of the orbifold dimension, in a mechanism similar to the Casimir effect. This mechanism leads to a natural hierarchy of scales, and elucidates some aspects of heterotic string theory that might be relevant to the stabilization of moduli and the smallness of the cosmological constant.Comment: 22 pages, harvmac, no figure

Local freedom in the gravitational field

In a cosmological context, the electric and magnetic parts of the Weyl tensor, E_{ab} and H_{ab}, represent the locally free curvature - i.e. they are not pointwise determined by the matter fields. By performing a complete covariant decomposition of the derivatives of E_{ab} and H_{ab}, we show that the parts of the derivative of the curvature which are locally free (i.e. not pointwise determined by the matter via the Bianchi identities) are exactly the symmetrised trace-free spatial derivatives of E_{ab} and H_{ab} together with their spatial curls. These parts of the derivatives are shown to be crucial for the existence of gravitational waves.Comment: New results on gravitational waves included; new references added; revised version (IOP style) to appear Class. Quantum Gra

Dark Matter in SuperGUT Unification Models

After a brief update on the prospects for dark matter in the constrained version of the MSSM (CMSSM) and its differences with models based on minimal supergravity (mSUGRA), I will consider the effects of unifying the supersymmetry-breaking parameters at a scale above M_{GUT}. One of the consequences of superGUT unification, is the ability to take vanishing scalar masses at the unification scale with a neutralino LSP dark matter candidate. This allows one to resurrect no-scale supergravity as a viable phenomenological model.Comment: 12 pages, 16 figures, To be published in the Proceedings of the 6th DSU Conference, Leon, Mexico, ed. D. Delepin

Astrophysical Probes of the Constancy of the Velocity of Light

We discuss possible tests of the constancy of the velocity of light using distant astrophysical sources such as gamma-ray bursters (GRBs), Active Galactic Nuclei (AGNs) and pulsars. This speculative quest may be motivated by some models of quantum fluctuations in the space-time background, and we discuss explicitly how an energy-dependent variation in photon velocity \delta c/ c \sim - E / M arises in one particular quantum-gravitational model. We then discuss how data on GRBs may be used to set limits on variations in the velocity of light, which we illustrate using BATSE and OSSE observations of the GRBs that have recently been identified optically and for which precise redshifts are available. We show how a regression analysis can be performed to look for an energy-dependent effect that should correlate with redshift. The present data yield a limit M \gsim 10^{15} GeV for the quantum gravity scale. We discuss the prospects for improving this analysis using future data, and how one might hope to distinguish any positive signal from astrophysical effects associated with the sources.Comment: 37 pages LaTeX, 9 eps figures included, uses aasms4.st

What if Supersymmetry Breaking Unifies beyond the GUT Scale?

We study models in which soft supersymmetry-breaking parameters of the MSSM become universal at some unification scale, $M_{in}$, above the GUT scale, \mgut. We assume that the scalar masses and gaugino masses have common values, $m_0$ and $m_{1/2}$ respectively, at $M_{in}$. We use the renormalization-group equations of the minimal supersymmetric SU(5) GUT to evaluate their evolutions down to \mgut, studying their dependences on the unknown parameters of the SU(5) superpotential. After displaying some generic examples of the evolutions of the soft supersymmetry-breaking parameters, we discuss the effects on physical sparticle masses in some specific examples. We note, for example, that near-degeneracy between the lightest neutralino and the lighter stau is progressively disfavoured as $M_{in}$ increases. This has the consequence, as we show in $(m_{1/2}, m_0)$ planes for several different values of $\tan \beta$, that the stau coannihilation region shrinks as $M_{in}$ increases, and we delineate the regions of the $(M_{in}, \tan \beta)$ plane where it is absent altogether. Moreover, as $M_{in}$ increases, the focus-point region recedes to larger values of $m_0$ for any fixed $\tan \beta$ and $m_{1/2}$. We conclude that the regions of the $(m_{1/2}, m_0)$ plane that are commonly favoured in phenomenological analyses tend to disappear at large $M_{in}$.Comment: 24 pages with 11 eps figures; references added, some figures corrected, discussion extended and figure added; version to appear in EPJ

Non-Critical Liouville String Escapes Constraints on Generic Models of Quantum Gravity

It has recently been pointed out that generic models of quantum gravity must contend with severe phenomenological constraints imposed by gravitational Cerenkov radiation, neutrino oscillations and the cosmic microwave background radiation. We show how the non-critical Liouville-string model of quantum gravity we have proposed escapes these constraints. It gives energetic particles subluminal velocities, obviating the danger of gravitational Cerenkov radiation. The effect on neutrino propagation is naturally flavour-independent, obviating any impact on oscillation phenomenology. Deviations from the expected black-body spectrum and the effects of time delays and stochastic fluctuations in the propagation of cosmic microwave background photons are negligible, as are their effects on observable spectral lines from high-redshift astrophysical objects.Comment: 15 pages LaTeX, 2 eps figures include