6,841 research outputs found
Microeconomic Effects of Capital Controls: The Chilean Experience During the 1990s.
This paper studies the experience with the use of capital controls in Chile during the 1990s. Rather than revisiting previous studies, it complements previous research by providing, for the first time, empirical evidence on some of the microeconomic effects of capital controls, in particular, the unremunerated reserve requirement (URR). By looking at financial statements for a group of 73 Chilean firms during 1986-2001, the paper attempts to identify the effects of the URR on the firms’ costs and ways of financing. Chilean firms are grouped by economic sector, size and access to international capital markets. Results show that the effects of the URR are firm specific; forinstance, there are striking differences in the response to the URR among firms of different size and those with or without access to international capital markets.
Channel Blockade in a Two-Path Triple-Quantum-Dot System
Electronic transport through a two-path triple-quantum-dot system with two
source leads and one drain is studied. By separating the conductance of the two
double dot paths, we are able to observe double dot and triple dot physics in
transport and study the interaction between the paths. We observe channel
blockade as a result of inter-channel Coulomb interaction. The experimental
results are understood with the help of a theoretical model which calculates
the parameters of the system, the stability regions of each state and the full
dynamical transport in the triple dot resonances.Comment: 6 pages, 6 figure
The distribution of stars around the Milky Way's central black hole II: Diffuse light from sub-giants and dwarfs
This is the second of three papers that search for the predicted stellar cusp
around the Milky Way's central black hole, Sagittarius A*, with new data and
methods. We aim to infer the distribution of the faintest stellar population
currently accessible through observations around Sagittarius A*. We use
adaptive optics assisted high angular resolution images obtained with the NACO
instrument at the ESO VLT. Through optimised PSF fitting we remove the light
from all detected stars above a given magnitude limit. Subsequently we analyse
the remaining, diffuse light density. The analysed diffuse light arises from
sub-giant and main-sequence stars with KS ~ 19 - 20 with masses of 1 - 2 Msol .
These stars can be old enough to be dynamically relaxed. The observed power-law
profile and its slope are consistent with the existence of a relaxed stellar
cusp around the Milky Way's central black hole. We find that a Nuker law
provides an adequate description of the nuclear cluster's intrinsic shape
(assuming spherical symmetry). The 3D power-law slope near Sgr A* is \gamma =
1.23 +- 0.05. At a distance of 0.01 pc from the black hole, we estimate a
stellar mass density of 2.3 +- 0.3 x 10^7 Msol pc^-3 and a total enclosed
stellar mass of 180 +- 20 Msol. These estimates assume a constant mass-to-light
ratio and do not take stellar remnants into account. The fact that no cusp is
observed for bright (Ks 16) giant stars at projected distances of roughly
0.1-0.3 pc implies that some mechanism has altered their appearance or
distribution.Comment: Accepted for publication A&
The distribution of old stars around the Milky Way's central black hole I: Star counts
(abridged) In this paper we revisit the problem of inferring the innermost
structure of the Milky Way's nuclear star cluster via star counts, to clarify
whether it displays a core or a cusp around the central black hole. Through
image stacking and improved PSF fitting we push the completeness limit about
one magnitude deeper than in previous, comparable work. Contrary to previous
work, we analyse the stellar density in well-defined magnitude ranges in order
to be able to constrain stellar masses and ages. The RC and brighter giant
stars display a core-like surface density profile within a projected radius
R<0.3 pc of the central black hole, in agreement with previous studies, but
show a cusp-like surface density distribution at larger R. The surface density
of the fainter stars can be described well by a single power-law at R<2 pc. The
cusp-like profile of the faint stars persists even if we take into account the
possible contamination of stars in this brightness range by young pre-main
sequence stars. The data are inconsistent with a core-profile for the faint
stars.Finally, we show that a 3D Nuker law provides a very good description of
the cluster structure. We conclude that the observed stellar density at the
Galactic Centre, as it can be inferred with current instruments, is consistent
with the existence of a stellar cusp around the Milky Way's central black hole,
Sgr A*. This cusp is well developed inside the influence radius of about 3 pc
of Sgr A* and can be described by a single three-dimensional power-law with an
exponent gamma=1.23+-0.05. The apparent lack of RC stars and brighter giants at
projected distances of R < 0.3 pc (R<8") of the massive black hole may indicate
that some mechanism has altered their distribution or intrinsic luminosity.Comment: Accepted for publication A&
Comments of the Max Planck Institute for Intellectual Property, Competition and Tax Law (Munich) on the DG Competition Green Paper of December 2005 on Damages actions for breach of the EC antitrust rules
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