(Un)anticipated monetary policy in a DSGE model with a shadow banking system : [Version 21 Juni 2012]

Motivated by the U.S. events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with bond financing via a shadow banking system, in which the bond spread is calibrated for normal and optimistic times. Our results suggest that the U.S. boom-bust was caused by the combination of (i) too low for too long interest rates, (ii) excessive optimism and (iii) a failure of agents to anticipate the extent of the abnormally favorable conditions

Monetary policy shocks in a DSGE model with a shadow banking system

This paper is motivated by the recent financial crisis and addresses whether a “too low for too long” interest rate policy may generate a boom-bust cycle. We suggest a model in which a microfounded shadow banking sector is included in an otherwise state-of-the-art DSGE model. When faced with perverse incentives, financial intermediaries within the shadow banking sector can divert a fraction of stockholders’ profits for their own benefits and extend credit at a discounted rate. The model predicts that long periods of accommodative monetary policy do create the preconditions for, but do not cause per se, a boom-bust cycle. Rather, it is the combination of a persistent monetary ease with microeconomic distortions in the financial system that causes a boom-bust.monetary policy; DSGE model; shadow banking system; boom-bust

Numerical solution of linear models in economics: The SP-DG model revisited

In general, complex and large dimensional models are needed to solve real economic problems. Due to these characteristics, there is either no analytical solution for them or they are not attainable. As a result, solutions can be only obtained through numerical methods. Thus, the growing importance of computers in Economics is not surprising. This paper focuses on an implementation of the SP-DG model, using Matlab,developed by the students as part of the Computational Economics course. We also discuss some of our teaching/learning experience within the course, given for the first time in the FEP Doctoral Programme in Economics.SP-DG Model, Output, Inflation, Numerical Simulation, Teaching of Economics

Photo-physical properties of He-related color centers in diamond

Diamond is a promising platform for the development of technological applications in quantum optics and photonics. The quest for color centers with optimal photo-physical properties has led in recent years to the search for novel impurity-related defects in this material. Here, we report on a systematic investigation of the photo-physical properties of two He-related (HR) emission lines at 535 nm and 560 nm created in three different diamond substrates upon implantation with 1.3 MeV He+ ions and subsequent annealing. The spectral features of the HR centers were studied in an "optical grade" diamond substrate as a function of several physical parameters, namely the measurement temperature, the excitation wavelength and the intensity of external electric fields. The emission lifetimes of the 535 nm and 560 nm lines were also measured by means of time-gated photoluminescence measurements, yielding characteristic decay times of (29 +- 5) ns and (106 +- 10) ns, respectively. The Stark shifting of the HR centers under the application of an external electrical field was observed in a CVD diamond film equipped with buried graphitic electrodes, suggesting a lack of inversion symmetry in the defects' structure. Furthermore, the photoluminescence mapping under 405 nm excitation of a "detector grade" diamond sample implanted at a 1x1010 cm-2 He+ ion fluence enabled to identify the spectral features of both the HR emission lines from the same localized optical spots. The reported results provide a first insight towards the understanding of the structure of He-related defects in diamond and their possible utilization in practical applicationsComment: 9 pages, 3 figure

Gate-source distance scaling effects in H-terminated diamond MESFETs

In this paper, an analysis of gate-source and gate-drain scaling effects in MESFETs fabricated on hydrogen-terminated single-crystal diamond films is reported. The experimental results show that a decrease in gate-source spacing can improve the device performance by increasing the device output current density and its transconductance. On the contrary, the gate--drain distance produces less pronounced effects on device performance. Breakdown voltage, knee voltage, and threshold voltage variations due to changes in gate-source and drain-source distances have also been investigated. The obtained results can be used as a design guideline for the layout optimization of H-terminated diamond-based MESFETs

A 3-dimensional interdigitated electrode geometry for the enhancement of charge collection efficiency in diamond detectors

In this work, a single crystal CVD diamond film with a novel three-dimensional (3D) interdigitated electrode geometry has been fabricated with the reactive ion etching (RIE) technique in order to increase the charge collection efficiency (CCE) with respect to that obtained by standard superficial electrodes. The geometrical arrangement of the electric field lines due to the 3D patterning of the electrodes results in a shorter travel path for the excess charge carriers, thus contributing to a more efficient charge collection mechanism. The CCE of the device was mapped by means of the ion beam induced charge (IBIC) technique. A 1MeV proton microbeam was raster-scanned over the active area of the diamond detector under different bias voltage conditions, enabling to probe the charge transport properties of the detector up to a depth of 8 ìm below the sample surface. The experimental results, supported by the numerical simulations, show a significant improvement in the 3D detector performance (i.e. CCE, energy resolution, extension of the active area) if compared with the results obtained by standard surface metallic electrodes

Measurement and modelling of anomalous polarity pulses in a multi-electrode diamond detector

In multi-electrode detectors, the motion of excess carriers generated by ionizing radiation induces charge pulses at the electrodes, whose intensities and polarities depend on the geometrical, electrostatic and carriers transport properties of the device. The resulting charge sharing effects may lead to bipolar currents, pulse height defects and anomalous polarity signals affecting the response of the device to ionizing radiation. This latter effect has recently attracted attention in commonly used detector materials, but different interpretations have been suggested, depending on the material, the geometry of the device and the nature of the ionizing radiation. In this letter, we report on the investigation in the formation of anomalous polarity pulses in a multi-electrode diamond detector with buried graphitic electrodes. In particular, we propose a purely electrostatic model based on the Shockley-Ramo-Gunn theory, providing a satisfactory description of anomalous pulses observed in charge collection efficiency maps measured by means of Ion Beam Induced Charge (IBIC) microscopy, and suitable for a general application in multi-electrode devices and detectors.Comment: 8 pages, 4 figure

Dosimetric characterization of a synthetic single crystal diamond detector in a clinical 62 MeV ocular therapy proton beam

A synthetic single crystal diamond based Schottky photodiode was tested at INFN-LNS on the proton beam line (62 MeV) dedicated to the radiation treatment of ocular disease. The diamond detector response was studied in terms of pre-irradiation dose, linearity with dose and dose rate, and angular dependence. Depth dose curves were measured for the 62 MeV pristine proton beam and for three unmodulated range-shifted proton beams; furthermore, the spread-out Bragg peak was measured for a modulated therapeutic proton beam. Beam parameters, recommended by the ICRU report 78, were evaluated to analyze depth-dose curves from diamond detector. Measured dose distributions were compared with the corresponding dose distributions acquired with reference plane-parallel ionization chambers. Field size dependence of the output factor (dose per monitor unit) in a therapeutic modulated proton beam was measured with the diamond detector over the range of ocular proton therapy collimator diameters (5-30 mm). Output factors measured with the diamond detector were compared to the ones by a Markus ionization chamber, a Scanditronix Hi-p Si stereotactic diode and a radiochromic EBT2 film. Signal stability within 0.5% was demonstrated for the diamond detector with no need of any pre-irradiation dose. Dose and dose rate dependence of the diamond response was measured: deviations from linearity resulted to be within ±0.5% over the investigated ranges of 0.5-40.0 Gy and 0.3-30.0 Gy/min respectively. Output factors from diamond detector measured with the smallest collimator (5 mm in diameter) showed a maximum deviation of about 3% with respect to the high resolution radiochromic EBT2 film. Depth-dose curves measured by diamond for unmodulated and modulated beams were in good agreement with those from the reference plane-parallel Markus chamber, with relative differences lower than ±1% in peak-to-plateau ratios, well within experimental uncertainties. A 2.5% variation in diamond detector response was observed in angular dependence measurements carried-out by varying the proton beam incidence angle in the polar direction. The dosimetric characterization of the tested synthetic single crystal diamond detector clearly indicates its suitability for relative dosimetry in ocular therapy proton beams, with no need of any correction factors accounting for dose rate and linear energy transfer dependence

Dedicated multichannel readout ASIC coupled with single crystal diamond for dosimeter application

This paper reports on the tests of a low-noise, multi-channel readout integrated circuit used as a readout electronic front-end for a diamond multi-pixel dosimeter. The system is developed for dose distribution measurement in radiotherapy applications. The first 10-channel prototype chip was designed and fabricated in a 0.18 um CMOS process. Every channel includes a charge integrator with a 10 pF capacitor and a double slope A/D converter. The diamond multi-pixel detector, based on CVD synthetic single crystal diamond Schottky diodes, is made by a 3 × 3 sensor matrix. The overall device has been tested under irradiation with 6 MeV radio therapeutic photon beams at the Policlinico ``Tor Vergata'' (PTV) hospital. Measurements show a 20 fA RMS leakage current from the front-end input stage and a negligible dark current from the diamond detector, a stable temporal response and a good linear behaviour as a function of both dose and dose rate. These characteristics were common to each tested channel