Co-movement, Capital and Contracts: 'Normal' Cycles Through Creative Destruction

We develop a unified theory of endogenous business cycles in which expansions are neoclassical growth periods driven by productivity improvements and capital accumulation, while downturns are the result of Keynesian contractions in aggregate demand below potential output. Recessions allow skilled labor to be reallocated to growth promoting activities which fuel subsequent expansions. However, rigidities in production and contractual limitations, inherent to the process of creative destruction, leave capital severely underutilized. A key feature of our equilibrium is the endogenous emergence of long term supply contracts between capitalist owners and producers.Long-term contracting;investment irreversibility;putty-clay technology;asset- specificity;Endogenous cycles and growth

Animal Spirits Meets Creative Destruction

We show how a Schumpeterian process of creative destruction can induce coordination in the timing of entrepreneurial activities across diverse sectors of the economy.Consequently, a multi-sector economy, in which sector-specific, productivity improvements are made by independent, profit-seeking entrepreneurs, can exhibit regular booms, slowdowns and downturns as an inherent part of the long-run growth process.The cyclical equilibrium that we study has a higher long-run growth rate but lower welfare than the corresponding acyclical one.We find that the cycles generated by our model share some features of actual business cycles, and that across cycling economies, a negative relationship emerges between volatility and growth.economic growth;entrepreneurship;innovation;business cycles

Three-dimensional fluid motion in Faraday waves: creation of vorticity and generation of two-dimensional turbulence

We study the generation of 2D turbulence in Faraday waves by investigating the creation of spatially periodic vortices in this system. Measurements which couple a diffusing light imaging technique and particle tracking algorithms allow the simultaneous observation of the three-dimensional fluid motion and of the temporal changes in the wave field topography. Quasi-standing waves are found to coexist with a spatially extended fluid transport. More specifically, the destruction of regular patterns of oscillons coincides with the emergence of a complex fluid motion whose statistics are similar to that of two-dimensional turbulence. We reveal that a lattice of oscillons generates vorticity at the oscillon scale in the horizontal flow. The interaction of these vortices explain how 2D turbulence is fueled by almost standing waves. Remarkably, the curvature of Lagrangian trajectories reveals a "footprint" of the forcing scale vortices in fully developed turbulence. 2D Navier-Stokes turbulence should be considered a source of disorder in Faraday waves. These findings also provide a new paradigm for vorticity creation in 2D flows

Southern Durchmusterung (Schoenfeld 1886): Documentation for the machine-readable version

The machine-readable version of the catalog, as it is currently being distributed from the Astronomical Data Center, is described. The Southern Durchmusterung (SD) was computerized at the Centre de Donnees Astronomiques de Strasbourg and at the Astronomical Data Center at the National Space Science Data Center, NASA/Goddard Space Flight Center. Corrigenda listed in the original SD volume and published by Kuenster and Sticker were incorporated into the machine file. In addition, one star indicated to be missing in a published list, and later verified, is flagged so that it can be omitted from computer plotted charts if desired. Stars deleted in the various errata lists were similarly flagged, while those with revised data are flagged and listed in a separate table. This catalog covers the zones -02 to -23 degrees; zones +89 to -01 degrees (the Bonner Durchmusterung) are included in a separate catalog available in machine-readable form

Discovery of a Small Central Disk of CO and HI in the Merger Remnant NGC 34

We present CO(1-0) and HI(21-cm) observations of the central region of the wet merger remnant NGC 34. The Combined Array for Research in Millimeter-wave Astronomy (CARMA) observations detect a regularly rotating disk in CO with a diameter of 2.1 kpc and a total molecular hydrogen mass of ($2.1 \pm 0.2) \times10^9~M_\odot$. The rotation curve of this gas disk rises steeply, reaching maximum velocities at 1" (410 pc) from the center. Interestingly, HI observations done with the Karl G. Jansky Very Large Array show that the absorption against the central continuum has the exact same velocity range as the CO in emission. This strongly suggests that the absorbing HI also lies within 1" from the center, is mixed in and corotates with the molecular gas. A comparison of HI absorption profiles taken at different resolutions (5"-45") shows that the spectra at lower resolutions are less deep at the systemic velocity. This provides evidence for HI emission in the larger beams, covering the region from 1 kpc to 9 kpc from the center. The central rapidly rotating disk was likely formed either during the merger or from fall-back material. Lastly, the radio continuum flux of the central source at mm wavelengths ($5.4\pm1.8$ mJy) is significantly higher than expected from an extrapolation of the synchrotron spectrum, indicating the contribution of thermal free-free emission from the central starburst.Comment: Accepted for publication in A

Black Hole-Neutron Star Mergers: Disk Mass Predictions

Determining the final result of black hole-neutron star mergers, and in particular the amount of matter remaining outside the black hole at late times and its properties, has been one of the main motivations behind the numerical simulation of these systems. Black hole-neutron star binaries are amongst the most likely progenitors of short gamma-ray bursts --- as long as massive (probably a few percents of a solar mass), hot accretion disks are formed around the black hole. Whether this actually happens strongly depends on the physical characteristics of the system, and in particular on the mass ratio, the spin of the black hole, and the radius of the neutron star. We present here a simple two-parameter model, fitted to existing numerical results, for the determination of the mass remaining outside the black hole a few milliseconds after a black hole-neutron star merger (i.e. the combined mass of the accretion disk, the tidal tail, and the potential ejecta). This model predicts the remnant mass within a few percents of the mass of the neutron star, at least for remnant masses up to 20% of the neutron star mass. Results across the range of parameters deemed to be the most likely astrophysically are presented here. We find that, for 10 solar mass black holes, massive disks are only possible for large neutron stars (R>12km), or quasi-extremal black hole spins (a/M>0.9). We also use our model to discuss how the equation of state of the neutron star affects the final remnant, and the strong influence that this can have on the rate of short gamma-ray bursts produced by black hole-neutron star mergers.Comment: 11 pages, 7 figure