A Rational Expectations Model for Simulation and Policy Evaluation of the Spanish Economy

This paper describes a Rational Expectations Model of the Spanish economy, REMS, which is in the tradition of small open economy dynamic general equilibrium models, with a strongly microfounded system of equations. The model is built on standard elements, but incorporates some distinctive features to provide an accurate description of the Spanish economy. We contribute to the existing models of the Spanish economy by adding search and matching rigidities to a small open economy framework. Our model also incorporates habits in consumption and rule-of-thumb households. As Spain is a member of EMU, we model the interaction between a small open economy and monetary policy in a monetary union. The model is primarily constructed to serve as a simulation tool at the Spanish Ministry of Economic Affairs and Finance. As such, it provides a great deal of information regarding the transmission of policy shocks to economic outcomes. The paper describes the structure of the model in detail, as well as the estimation and calibration technique and some examples of simulations.general equilibrium, rigidities, policy simulations

Enhancement of laser-driven ion acceleration in non-periodic nanostructured targets

Using particle-in-cell simulations, we demonstrate an improvement of the target normal sheath acceleration (TNSA) of protons in non-periodically nanostructured targets with micron-scale thickness. Compared to standard flat foils, an increase in the proton cutoff energy by up to a factor of two is observed in foils coated with nanocones or perforated with nanoholes. The latter nano-perforated foils yield the highest enhancement, which we show to be robust over a broad range of foil thicknesses and hole diameters. The improvement of TNSA performance results from more efficient hot-electron generation, caused by a more complex laser-electron interaction geometry and increased effective interaction area and duration. We show that TNSA is optimized for a nanohole distribution of relatively low areal density and that is not required to be periodic, thus relaxing the manufacturing constraints.Comment: 11 pages, 8 figure

The REMSDB Macroeconomic Database of The Spanish Economy

This paper presents a new macroeconomic database for the Spanish economy, REMSDB. The construction of this database has been oriented to conducting medium-term simulations for policy evaluation with the REMS model, a large Rational Expectations macroeconomic Model for Spain. The paper provides a detailed description of the data and documents its main statistical properties. The database is thought to be of major interest to related applications,whether strictly associated with the REMS model or, rather, with empirical macroeconomic studies.Spanish Data, Growth Data, Business Cycle Data, REMS

The Procyclical Role of Rating Agencies: Evidence from the East Asian Crisis

We demonstrate that credit rating agencies aggravated the East Asian crisis. In fact, having jailed to predict the emergence of the crisis, rating agencies became excessively conservative. They downgraded East Asian crisis countries more than the worsening in these countries' economic fundamentals would justify. This unduly exacerbated, for these countries, the cost of borrowing abroad and caused the supply of international capital to them to evaporate. In turn, lower than deserved ratings contributed -- at least for some time -- to amplify the East Asian crisis. Although this goes beyond the scope of our paper we also propose an endogenous rationale for rating agencies to become excessively conservative after having made blatant errors in predicting the East Asian crisis. Specifically, rating agencies would have an incentive to become more conservative, so as to recover from the damage these errors caused to them and to rebuild their own reputation

Experimental evidence of high-resolution ghost imaging and ghost diffraction with classical thermal light

High-resolution ghost image and ghost diffraction experiments are performed by using a single source of thermal-like speckle light divided by a beam splitter. Passing from the image to the diffraction result solely relies on changing the optical setup in the reference arm, while leaving untouched the object arm. The product of spatial resolutions of the ghost image and ghost diffraction experiments is shown to overcome a limit which was formerly thought to be achievable only with entangled photons.Comment: 5 pages, 4 figure

The narrative potential of the British Birth Cohort Studies

This paper draws attention to the narrative potential of longitudinal studies such as the British Birth Cohort Studies (BBCS), and explores the possibility of creating narrative case histories and conducting narrative analysis based on information available from the studies. The BBCS have historically adopted a quantitative research design and used structured interviews and questionnaires to collect data from large samples of individuals born in specific years. However, the longitudinal nature of these studies means that they follow the same sample of individuals from birth through childhood into adult life, and this leads to the creation of data that can be understood as a quantitative auto/biography

The 4 K outer cryostat for the CUORE experiment: construction and quality control

The external shell of the CUORE cryostat is a large cryogen-free system designed to host the dilution refrigerator and the bolometers of the CUORE experiment in a low radioactivity environment. The three vessels that form the outer shell were produced and delivered to the Gran Sasso underground Laboratories in July 2012. In this paper, we describe the production techniques and the validation tests done at the production site in 2012.Comment: 11 pages, 13 figures; to appear in NIM

Development of microwave superconducting microresonators for neutrino mass measurement in the HOLMES framework

The European Research Council has recently funded HOLMES, a project with the aim of performing a calorimetric measurement of the electron neutrino mass measuring the energy released in the electron capture decay of 163Ho. The baseline for HOLMES are microcalorimeters coupled to Transition Edge Sensors (TESs) read out with rf-SQUIDs, for microwave multiplexing purposes. A promising alternative solution is based on superconducting microwave resonators, that have undergone rapid development in the last decade. These detectors, called Microwave Kinetic Inductance Detectors (MKIDs), are inherently multiplexed in the frequency domain and suitable for even larger-scale pixel arrays, with theoretical high energy resolution and fast response. The aim of our activity is to develop arrays of microresonator detectors for X-ray spectroscopy and suitable for the calorimetric measurement of the energy spectra of 163Ho. Superconductive multilayer films composed by a sequence of pure Titanium and stoichiometric TiN layers show many ideal properties for MKIDs, such as low loss, large sheet resistance, large kinetic inductance, and tunable critical temperature $T_c$. We developed Ti/TiN multilayer microresonators with $T_c$ within the range from 70 mK to 4.5 K and with good uniformity. In this contribution we present the design solutions adopted, the fabrication processes and the characterization results