Monetary policy shocks and transmission in Italy: A VAR analysis

This paper provides updated empirical evidence about the real and nominal effects of monetary policy in Italy, by using structural VAR analysis. We discuss different empirical approaches that have been used in order to identify monetary policy exogenous shocks. We argue that the data support the view that the Bank of Italy, at least in the recent past, has been targeting the rate on overnight interbank loans. Therefore, we interpret shocks to the overnight rate as purely exogenous monetary policy shocks and study how different macroeconomic variables react to such shocks.Monetary policy shocks and indicators, structural VAR

Effective forces in square well and square shoulder fluids

We derive an analytical expression for the effective force between a pair of macrospheres immersed in a sea of microspheres, in the case where the interaction between the two unlike species is assumed to be a square well or a square shoulder of given range and depth (or height). This formula extends a similar one developed in the case of hard core interactions only. Qualitative features of such effective force and the resulting phase diagram are then analyzed in the limit of no interaction between the small particles. Approximate force profiles are then obtained by means of integral equation theories (PY and HNC) combined with the superposition approximation and compared with exact ones from direct Monte Carlo simulations.Comment: 34 page

Analytical model of nanowire FETs in a partially ballistic or dissipative transport regime

The intermediate transport regime in nanoscale transistors between the fully ballistic case and the quasi equilibrium case described by the drift-diffusion model is still an open modeling issue. Analytical approaches to the problem have been proposed, based on the introduction of a backscattering coefficient, or numerical approaches consisting in the MonteCarlo solution of the Boltzmann transport equation or in the introduction of dissipation in quantum transport descriptions. In this paper we propose a very simple analytical model to seamlessly cover the whole range of transport regimes in generic quasi-one dimensional field-effect transistors, and apply it to silicon nanowire transistors. The model is based on describing a generic transistor as a chain of ballistic nanowire transistors in series, or as the series of a ballistic transistor and a drift-diffusion transistor operating in the triode region. As an additional result, we find a relation between the mobility and the mean free path, that has deep consequences on the understanding of transport in nanoscale devices

The estimation of Human Capital in structural models with flexible specification

The present paper focuses on statistical models for estimating Human Capital (HC) at disaggregated level (worker, household, graduates). The more recent literature on HC as a latent variable states that HC can be reasonably considered a broader multi-dimensional non-observable construct, depending on several and interrelate causes, and indirectly measured by many observed indicators. In this perspective, latent variable models have been assuming a prominent role in the social science literature for the study of the interrelationships among phenomena. However, traditional estimation methods are prone to different limitations, as stringent distributional assumptions, improper solutions, and factor score indeterminacy for Covariance Structure Analysis and the lack of a global optimization procedure for the Partial Least Squares approach. To avoid these limitations, new approaches to structural equation modelling, based on Component Analysis, which estimates latent variables as exact linear combinations of observed variables minimizing a single criterion, were proposed in literature. However, these methods are limited to model particular types of relationship among sets of variables. In this paper, we propose a class of models in such a way that it enables to specify and fit a variety of relationships among latent variables and endogenous indicators. Specifically, we extend this new class of models to allow for covariate effects on the endogenous indicators. Finally, an application aimed to measure, in a realistic structural model, the causal impact of formal Human capital (HC), accumulated during Higher education, on the initial earnings for University of Milan (Italy) graduates is illustrated.

Self-truncation and scaling in Euler-Voigt-α\alpha and related fluid models

A generalization of the $3D$ Euler-Voigt-$\alpha$ model is obtained by introducing derivatives of arbitrary order $\beta$ (instead of $2$) in the Helmholtz operator. The $\beta \to \infty$ limit is shown to correspond to Galerkin truncation of the Euler equation. Direct numerical simulations (DNS) of the model are performed with resolutions up to $2048^3$ and Taylor-Green initial data. DNS performed at large $\beta$ demonstrate that this simple classical hydrodynamical model presents a self-truncation behavior, similar to that previously observed for the Gross-Pitaeveskii equation in Krstulovic and Brachet [Phys. Rev. Lett. 106, 115303 (2011)]. The self-truncation regime of the generalized model is shown to reproduce the behavior of the truncated Euler equation demonstrated in Cichowlas et al. [Phys. Rev. Lett. 95, 264502 (2005)]. The long-time growth of the self-truncation wavenumber $k_{\rm st}$ appears to be self-similar. Two related $\alpha$-Voigt versions of the EDQNM model and the Leith model are introduced. These simplified theoretical models are shown to reasonably reproduce intermediate time DNS results. The values of the self-similar exponents of these models are found analytically.Comment: 14 figure

A Methodological Approach to Determine Sound Response Modalities to Coastal Erosion Processes in Mediterranean Andalusia (Spain)

Human occupation along coastal areas has been greatly increasing in recent decades and, in many places, human activities and infrastructures are threatened by erosion processes that can produce relevant economic and human losses. In order to reduce such impacts and design sound management strategies, which can range from the "no action" to the "protection" option, coastal managers need to know the intrinsic coastal sensitivity and the potential vulnerability and value of land uses. In this paper, in a first step, coastal sensitivity was determined by calculating the following: (i) the spatial distribution at the coast of the wave forcing obtained by using the ERA5 wave dataset and defined as the energy associated with the 50-year return period storm. Two storm conditions were considered, that is, one for the eastern and one for the western parts of the Andalusia Mediterranean coast, respectively, characterized by a height of 8.64-7.86 m and 4.85-4.68 m and (ii) the existence of a buffer zone, namely the dry beach width expressed as a multiple of the 20-year predicted shoreline position that was calculated using a dataset of aerial photographs covering a time span from 1956 to 2016. Coastal sensitivity values were divided into five classes with class 1 indicating the lowest sensitivity (i.e., the presence of a wide buffer zone associated with low wave energy flux values) and class 5 the highest sensitivity (i.e., a narrow buffer zone associated with very high wave energy flux values). In a second step, land uses were obtained from the official Land Use Map of the Andalusia Region, based on the results of the "Coordination of Information on the Environment" (CORINE) European Project. Such uses were divided into five classes from class 1 including natural areas (typologies "A" and "B" of the CORINE Project) to class 5 including very capital land uses (typologies "E1" and "E2"). In a third step, information concerning coastal sensitivity and land uses was crossed to determine the best mitigation strategies to cope with erosion processes. The "no action" option was observed at the westernmost area of Cadiz Province and at some areas from the west coast of Almeria Province, where both coastal sensitivity and land use classes show low values; the "adaptation" option was recorded along more than one half of the coast studied, essentially at natural areas with high sensitivity and at urbanized areas with low sensitivity; and the "protection" option was observed especially at some areas from the center and eastern part of Malaga Province and at the easternmost areas of Almeria Province, where both coastal sensitivity and land use classes presented high values

Optimization of force-limiting seismic devices connecting structural subsystems

This paper is focused on the optimum design of an original force-limiting floor anchorage system for the seismic protection of reinforced concrete (RC) dual wall-frame buildings. This protection strategy is based on the interposition of elasto-plastic links between two structural subsystems, namely the lateral force resisting system (LFRS) and the gravity load resisting system (GLRS). The most efficient configuration accounting for the optimal position and mechanical characteristics of the nonlinear devices is obtained numerically by means of a modified constrained differential evolution algorithm. A 12-storey prototype RC dual wall-frame building is considered to demonstrate the effectiveness of the seismic protection strategy

Forecasting Industrial Production in the Euro Area

The creation of the Euro area has increased the importance of obtaining timely information about short-term changes in the area's real activity. In this paper we propose a number of alternative short-term forecasting models, ranging from simple ARIMA models to more complex cointegrated VAR and conditional models, to forecast the index of industrial production in the euro area. A conditional error-correction model in which the aggregate index of industrial production for the area is explained by the US industrial production index and the business confidence index from the European Commission harmonised survey on manufacturing firms achieves the best score in terms of forecasting capacity.

Identifying the Community Structure of the International-Trade Multi Network

We study the community structure of the multi-network of commodity-specific trade relations among world countries over the 1992-2003 period. We compare structures across commodities and time by means of the normalized mutual information index (NMI). We also compare them with exogenous community structures induced by geographical distances and regional trade agreements. We find that commodity-specific community structures are very heterogeneous and much more fragmented than that characterizing the aggregate ITN. This shows that the aggregate properties of the ITN may result (and be very different) from the aggregation of very diverse commodity-specific layers of the multi network. We also show that commodity-specific community structures, especially those related to the chemical sector, are becoming more and more similar to the aggregate one. Finally, our findings suggest that geographical distance is much more correlated with the observed community structure than RTAs. This result strengthens previous findings from the empirical literature on trade.Networks; Community structure; International-trade multi-network; Normalized mutual information

Longterm Influence of Inertia on the Diffusion of a Brownian Particle

We demonstrate experimentally that a Brownian particle is subject to inertial effects at long time scales. By using a blinking optical tweezers, we extend the range of previous experiments by several orders of magnitude up to a few seconds. The measured mean square displacement of a freely diffusing Brownian particle in a liquid shows a deviation from the Einstein-Smoluchowsky theory that diverges with time. These results are consistent with a generalized theory that takes into account not only the particle inertia but also the inertia of the fluid surrounding the particle. This can lead to a bias in the estimation of the diffusion coefficient from finite-time measurements. We show that the decay of the relative error is polynomial and not exponential and, therefore, can have significant effects at time scales relevant for experiments.Comment: 5 pages, 4 figure