Business cycles: a role for imperfect competition in the banking system

This paper studies the cyclical pattern of ex post markups in the banking system using balance-sheet data for a large set of countries. Markups are strongly countercyclical even after controlling for financial development, banking concentration, operational costs, inflation, and simultaneity or reverse causation. The countercyclical pattern is explained by the procyclical entry of foreign banks, which occurs mostly at the wholesale level and signals the intention to spread to the retail level. My hypothesis is that wholesale entry triggers incumbents' limit-pricing strategies, which are aimed at deterring entry into retail niches and which, in turn, dampen bank markups. In the second part of the paper, I develop a general equilibrium model that accounts for these features of the data. I find that this monopolistic behavior in the intermediary financial sector increases the volatility of real variables and amplifies the business cycle. I interpret this bank-supply channel as an extension of the credit channel pioneered by Bernanke and Blinder (1988).

Scale Evolution of Unintegrated Distributions and the p_t Spectrum of Gauge Bosons

We present predictions for the $Z$-boson $p_t$-spectrum at Tevatron within the framework of unintegrated distributions evolved according to evolution equations recently proposed by us. We discuss the dependence of the results on the choice of non-perturbative parameters, the coupling constant and the impact of soft gluon resummation.Comment: proceedings of the workshop "Recent Advances in Perturbative QCD and Hadronic Physics", 20-25 July 2009, ECT*, Trento (Italy), in Honor of Prof. Anatoly Efremov's 75th Birthday Celebratio

Three-magnetic fields

A completely new mechanism to generate the observed amount of large-scale cosmological magnetic fields is introduced in the context of three-form inflation. The amplification of the fields occurs via fourth order dynamics of the vector perturbations and avoids the backreaction problem that plagues most previously introduced mechanisms.Comment: 4 pages, 2 figures -- v2 as published (title changed in the published version to "Cosmic magnetization in three-form inflation"

Doubly-boosted vector cosmologies from disformal metrics

A systematic dynamical system approach is applied to study the cosmology of anisotropic Bianchi I universes in which a vector field is assumed to operate on a disformal frame. This study yields a number of new fixed points, among which anisotropic scaling solutions. Within the simplifying assumption of (nearly) constant-slope potentials these are either not stable attractors, do not describe accelerating expansion or else they feature too large anisotropies to be compatible with observations. Nonetheless, some solutions do have an appeal for cosmological applications in that isotropy is retained due to rapid oscillations of the vector field.Comment: 11 pages, 4 figures, prepared during the NORDITA Extended Theories of Gravity program. arXiv admin note: substantial text overlap with arXiv:1407.344

Gauss-Codazzi thermodynamics on the timelike screen

It is a known result by Jacobson that the flux of energy-matter through a local Rindler horizon is related with the expansion of the null generators in a way that mirrors the first law of thermodynamics. We extend such a result to a timelike screen of observers with finite acceleration. Since timelike curves have more freedom than null geodesics, the construction is more involved than Jacobson's and few geometrical constraints need to be imposed: the observers' acceleration has to be constant in time and everywhere orthogonal to the screen. Moreover, at any given time, the extrinsic curvature of the screen has to be flat. The latter requirement can be weakened by asking that the extrinsic curvature, if present at the beginning, evolves in time like on a cone and just rescales proportionally to the expansion.Comment: 8+1 pages, final versio