The Monetary Transmission Mechanism in The United Kingdom: Pass-Through & Policy Ru

A number of recent papers have used policy simulations from small empirical macro models to assess the efficacy of inflation-forecast targeting. The macro models used to undertake the simulations differ significantly with the assumed degree of openness, an important factor for the analysis. However, the open economy models typically approach the pass-through from exchange rate to import prices and ultimately retail prices in a stylized manner, assuming full and instantaneous pass-through. This paper modifies the open economy macro model presented in Batini and Haldane (1999) to accommodate a variety of pass-through representations, considering time and state-(cycle)-dependent pass-through rules. While the model’s dynamics are affected, the main result of Batini and Haldane – that targeting an inflation forecast dominates targeting current inflation – is robust to the assumed rate of pass-through.

Bail-Out or Work-Out? Theoretical Considerations

In recent years, we appear to have entered an era of capital account crises. In response, a number of new crisis resolution ideas have been put forward, including the establishment of supranational institutions such as an international lender of last resort or an international bankruptcy court, temporary payments standstills and the inclusion of collective action clauses in debt contracts. This paper assesses these proposals using a theoretical model of crisis. The model underscores the importance of adapting policy interventions to the nature of the crisis at hand. For example, it finds that payments standstills and last-resort lending are an equally efficient means of dealing with liquidity crises, both ex-ante and ex-post, while creditor committees are second-best. It finds that debt-write-downs are a preferred means of dealing with solvency crises than subsidized IMF financing because of the negative moral hazard implications of the latter tool. And it finds that international bankruptcy court proposals may be superior to contractual approaches in securing such write-downscrisis resolution, international lender of last resort, standstills, IMF

Generalized Clustering Conditions of Jack Polynomials at Negative Jack Parameter α\alpha

We present several conjectures on the behavior and clustering properties of Jack polynomials at \emph{negative} parameter $\alpha=-\frac{k+1}{r-1}$, of partitions that violate the $(k,r,N)$ admissibility rule of Feigin \emph{et. al.} [\onlinecite{feigin2002}]. We find that "highest weight" Jack polynomials of specific partitions represent the minimum degree polynomials in $N$ variables that vanish when $s$ distinct clusters of $k+1$ particles are formed, with $s$ and $k$ positive integers. Explicit counting formulas are conjectured. The generalized clustering conditions are useful in a forthcoming description of fractional quantum Hall quasiparticles.Comment: 12 page

Variation in actual relationship among descendants of inbred individuals

In previous analyses, the variation in actual, or realized, relationship has been derived as a function of map length of chromosomes and type of relationship, the variation being greater the shorter the total chromosome length and the coefficient of variation being greater the more distant the relationship. Here, the results are extended to allow for the relatives' ancestor being inbred. Inbreeding of a parent reduces variation in actual relationship among its offspring, by an amount that depends on the inbreeding level and the type of mating that led to that level. For descendants of full-sibs, the variation is reduced in later generations, but for descendants of half-sibs, it is increased

Laughlin State on Stretched and Squeezed Cylinders and Edge Excitations in Quantum Hall Effect

We study the Laughlin wave function on the cylinder. We find it only describes an incompressible fluid when the two lengths of the cylinder are comparable. As the radius is made smaller at fixed area, we observe a continuous transition to the charge density wave Tao-Thouless state. We also present some exact properties of the wave function in its polynomial form. We then study the edge excitations of the quantum Hall incompressible fluid modeled by the Laughlin wave function. The exponent describing the fluctuation of the edge predicted by recent theories is shown to be identical with numerical calculations. In particular, for $\nu=1/3$, we obtain the occupation amplitudes of edge state $n(k)$ for 4-10 electron size systems. When plotted as a function of the scaled wave vector they become essentially free of finite-size effects. The resulting curve obtains a very good agreement with the appropriate infinite-size Calogero-Sutherland model occupation numbers. Finally, we numerically obtain $n(k)$ of the edge excitations for some pairing states which may be relevant to the $\nu=5/2$ incompressible Hall state.Comment: 25 pages revtex, 9 uuencoded figures, submitted separately, also available from first author. CSULA-94-1

Thermodynamics of an one-dimensional ideal gas with fractional exclusion statistics

We show that the particles in the Calogero-Sutherland Model obey fractional exclusion statistics as defined by Haldane. We construct anyon number densities and derive the energy distribution function. We show that the partition function factorizes in the form characteristic of an ideal gas. The virial expansion is exactly computable and interestingly it is only the second virial coefficient that encodes the statistics information.Comment: 10pp, REVTE

Simulation of high-spin Heisenberg models in coupled cavities

We propose a scheme to realize the Heisenberg model of any spin in an arbitrary array of coupled cavities. Our scheme is based on a fixed number of atoms confined in each cavity and collectively applied constant laser fields, and is in a regime where both atomic and cavity excitations are suppressed. It is shown that as well as optically controlling the effective spin Hamiltonian, it is also possible to engineer the magnitude of the spin. Our scheme would open up an unprecedented way to simulate otherwise intractable high-spin problems in many-body physics.Comment: 4 pages, 2 figure

La pregunta de los 100 mil millones

This article examines the costs of banking pollution and the role of regulation and restrictions on the financial system in tackling it. It studies the benefits of such restrictions in terms of modularity, robustness and incentives, and the costs in terms of the economies of scale and the economies of scope that are exhausted at relatively modest levelfinancial crisis, systemic risk

Exact calculation of the ground-state dynamical spin correlation function of a S=1/2 antiferromagnetic Heisenberg chain with free spinons

We calculate the exact dynamical magnetic structure factor S(Q,E) in the ground state of a one-dimensional S=1/2 antiferromagnet with gapless free S=1/2 spinon excitations, the Haldane-Shastry model with inverse-square exchange, which is in the same low-energy universality class as Bethe's nearest-neighbor exchange model. Only two-spinon excited states contribute, and S(Q,E) is found to be a very simple integral over these states.Comment: 11 pages, LaTeX, RevTeX 3.0, cond-mat/930903

Non-perturbative behavior of the quantum phase transition to a nematic Fermi fluid

We discuss shape (Pomeranchuk) instabilities of the Fermi surface of a two-dimensional Fermi system using bosonization. We consider in detail the quantum critical behavior of the transition of a two dimensional Fermi fluid to a nematic state which breaks spontaneously the rotational invariance of the Fermi liquid. We show that higher dimensional bosonization reproduces the quantum critical behavior expected from the Hertz-Millis analysis, and verify that this theory has dynamic critical exponent $z=3$. Going beyond this framework, we study the behavior of the fermion degrees of freedom directly, and show that at quantum criticality as well as in the the quantum nematic phase (except along a set of measure zero of symmetry-dictated directions) the quasi-particles of the normal Fermi liquid are generally wiped out. Instead, they exhibit short ranged spatial correlations that decay faster than any power-law, with the law $|x|^{-1} \exp(-\textrm{const.} |x|^{1/3})$ and we verify explicitely the vanishing of the fermion residue utilizing this expression. In contrast, the fermion auto-correlation function has the behavior $|t|^{-1} \exp(-{\rm const}. |t|^{-2/3})$. In this regime we also find that, at low frequency, the single-particle fermion density-of-states behaves as $N^*(\omega)=N^*(0)+ B \omega^{2/3} \log\omega +...$, where $N^*(0)$ is larger than the free Fermi value, N(0), and $B$ is a constant. These results confirm the non-Fermi liquid nature of both the quantum critical theory and of the nematic phase.Comment: 20 pages, 2 figures, 1 table; new version with minor changes; new subsection 3C2 added with an explicit calculation of the quasiparticle residue at the nematic transition; minor typos corrected, new references; general beautification of the text and figure