Radiative flux measurements in the stratosphere

The objective is to determine how the stratospheric tropospheric exchange of water vapor is affected by the interaction of solar (visible) and planetary (infrared) radiation with tropical cumulonimbus anvils. This research involves field measurements from the ER-2 aircraft as well as radiative transfer modelling to determine heating and cooling rates and profiles that directly affect the exchange between the troposphere and the stratosphere

LIBOR additive model calibration to swaptions markets

In the current paper, we introduce a new calibration methodology for the LIBOR market model driven by LIBOR additive processes based in an inverse problem. This problem can be splitted in the calibration of the continuous and discontinuous part, linking each part of the problem with at-the-money and in/out -of -the-money swaption volatilies. The continuous part is based on a semidefinite programming (convex) problem, with constraints in terms of variability or robustness, and the calibration of the Lévy measure is proposed to calibrate inverting the Fourier Transform

The Rise of the Service Economy

This paper analyzes the role of specialized high-skilled labor in the growth of the service sector as a share of the total economy. Empirically, we emphasize that the growth has been driven by the consumption of services. Rather than being driven by low-skill jobs, the importance of skill-intensive services has risen, and this has coincided with a period of rising relative wages and quantities of high-skilled labor. We develop a theory where demand shifts toward ever more skill-intensive output as income rises, and because skills are highly specialized this lowers the importance of home production relative to market services. The theory is also consistent with a rising level of skill and skill premium, a rising relative price of services that is linked to this skill premium, and rich product cycles between home and market, all of which are observed in the data.