23,697 research outputs found
Luxury and Wealth Accumulation.
This paper develops a model of luxury goods by incorporating weakly non-separable, recursive preferences. In a two-good framework, a quasi-luxury is de ned as a good whose marginal rate of substitution is increasing in wealth. Under certain conditions, it is identical to a luxury good. Consumers wait for quasi-luxuries more (less) patiently than for quasi-necessities when they expect to be happier (unhappier) in the future. The preference for quasi-luxuries promotes optimal wealth accumulation and hence growth. In a two-country economy, the less patient country with stronger quasi-luxury preferences can be wealthier than the more patient country.WEALTH ; WEALTH DISTRIBUTION ; PREFERENCES
Tariffs, Time Preference, and the Current Account under Weakly Nonseparable Preferences.
Incorporating weakly nonseparable preferences into the familiar time-preference model, we emphasize a role of steady-state welfare changes in determining the effect of permanent tariffs on the current account.TARIFFS ; SOCIAL WELFARE ; PREFERENCES
Weakly Nonseparable Preference and the Current Account: Yes, There is a Harberger-Laursen-Metzler Effect.
We examine the current account effect of a terms-of-trade deterioration for a small country model, incorporating weakly nonseparable preference a la Shi (1994) under endogenous time preference.INTERNATIONAL ECONOMY ; CURRENT ACCOUNT
Josephson Vortex States in Intermediate Fields
Motivated by recent resistance data in high superconductors in fields
{\it parallel} to the CuO layers, we address two issues on the Josephson-vortex
phase diagram, the appearances of structural transitions on the observed first
order transition (FOT) curve in intermediate fields and of a lower critical
point of the FOT line. It is found that some rotated pinned solids are more
stable than the ordinary rhombic pinned solids with vacant interlayer spacings
and that, due to the vertical portion in higher fields of the FOT line, the FOT
tends to be destroyed by creating a lower critical point.Comment: 12 pages, 3 figures. To appear in J.Phys.Soc.Jpn. 71, No.2 (February,
2002
Giant tunnel magnetoresistance and high annealing stability in CoFeB/MgO/CoFeB magnetic tunnel junctions with synthetic pinned layer
We investigated the relationship between tunnel magnetoresistance (TMR) ratio
and the crystallization of CoFeB layers through annealing in magnetic tunnel
junctions (MTJs) with MgO barriers that had CoFe/Ru/CoFeB synthetic ferrimagnet
pinned layers with varying Ru spacer thickness (tRu). The TMR ratio increased
with increasing annealing temperature (Ta) and tRu, reaching 361% at Ta = 425C,
whereas the TMR ratio of the MTJs with pinned layers without Ru spacers
decreased at Ta over 325C. Ruthenium spacers play an important role in forming
an (001)-oriented bcc CoFeB pinned layer, resulting in a high TMR ratio through
annealing at high temperatures.Comment: 10 pages, 5 figures, submitted to Applied Physics Letter
Time-reversal Characteristics of Quantum Normal Diffusion
This paper concerns with the time-reversal characteristics of intrinsic
normal diffusion in quantum systems. Time-reversible properties are quantified
by the time-reversal test; the system evolved in the forward direction for a
certain period is time-reversed for the same period after applying a small
perturbation at the reversal time, and the separation between the time-reversed
perturbed and unperturbed states is measured as a function of perturbation
strength, which characterizes sensitivity of the time reversed system to the
perturbation and is called the time-reversal characteristic.
Time-reversal characteristics are investigated for various quantum systems,
namely, classically chaotic quantum systems and disordered systems including
various stochastic diffusion systems. When the system is normally diffusive,
there exists a fundamental quantum unit of perturbation, and all the models
exhibit a universal scaling behavior in the time-reversal dynamics as well as
in the time-reversal characteristics, which leads us to a basic understanding
on the nature of quantum irreversibility.Comment: 21pages, 25figure
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