On fixed points of Poisson shot noise transforms

Distributional fixed points of a Poisson shot noise transform (for nonnegative, nonincreasing response functions bounded by 1) are characterized. The tail behavior of fixed points is described. Typically they have either exponential moments or their tails are proportional to a power function, with exponent greater than -1. The uniqueness of fixed points is also discussed. Finally, it is proved that in most cases fixed points are absolutely continuous, apart from the possible atom at zero

Optimal stabilization policy with endogenous firm entry

Monetary policy has significant but overlooked effects on entry and exit of firms. We study optimal monetary stabilization policy in a DSGE model with microfounded money demand and endogenous firm entry. Due to a congestion externality affecting firm entry, the optimal policy deviates from the Friedman rule in all states even though all prices are fully flexible. In contrast to previous Ramsey model with flexible price, our calibration exercises suggest that the model can generate a high volatility of the nominal interest rate which is a direct consequence of policy actions to control entry.Monetary policy ; Econometric models

Outside versus inside bonds: a Modigliani-Miller type result for liquidity constrained economies

When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government bonds (outside bonds) and in the other they can borrow (issue inside bonds). All transactions are voluntary, implying no taxation or forced redemption of private debt. We show that any allocation in the economy with inside bonds can be replicated in the economy with outside bonds but that the converse is not true. However, the optimal policy in each economy makes the allocations equivalent.Financial markets ; Bond market ; Liquidity (Economics)

The disjointness of stabilizer codes and limitations on fault-tolerant logical gates

Stabilizer codes are a simple and successful class of quantum error-correcting codes. Yet this success comes in spite of some harsh limitations on the ability of these codes to fault-tolerantly compute. Here we introduce a new metric for these codes, the disjointness, which, roughly speaking, is the number of mostly non-overlapping representatives of any given non-trivial logical Pauli operator. We use the disjointness to prove that transversal gates on error-detecting stabilizer codes are necessarily in a finite level of the Clifford hierarchy. We also apply our techniques to topological code families to find similar bounds on the level of the hierarchy attainable by constant depth circuits, regardless of their geometric locality. For instance, we can show that symmetric 2D surface codes cannot have non-local constant depth circuits for non-Clifford gates.Comment: 8+3 pages, 2 figures. Comments welcom

Building the Infrastructure: The Effects of Role Identification Behaviors on Team Cognition Development and Performance

The primary purpose of this study was to extend theory and research regarding the emergence of mental models and transactive memory in teams. Utilizing Kozlowski et al.’s (1999) model of team compilation, we examine the effect of role identification behaviors and argue that such behaviors represent the initial building blocks of team cognition during the role compilation phase of team development. We then hypothesized that team mental models and transactive memory would convey the effects of these behaviors onto team performance in the team compilation phase of development. Results from 60 teams working on a command and control simulation supported our hypotheses

Optimal disclosure policy and undue diligence

While both public and private financial agencies supply asset markets with large amounts of information, they do not generally disclose all asset-related information to the general public. This observation leads us to ask what principles might govern the optimal disclosure policy for an asset manager or financial regulator. To investigate this question, we study the properties of a dynamic economy endowed with a risky asset, and with individuals that lack commitment. Information relating to future asset returns is available to society at zero cost. Legislation dictates whether this information is to be made public or not. Given the properties of our environment, nondisclosure is generally desirable. This result is overturned, however, when individuals are able to access hidden information—what we call undue diligence—at sufficiently low cost. Information disclosure is desirable, in other words, only to the extent that individuals can easily discover it for themselves.Disclosure of information ; Banks and banking - Regulations

The Impact of Task- and Team-Generic Teamwork Skills Training on Team Effectiveness

This study examined the effects of training team members in three task- and teamgeneric teamwork skills: planning and task coordination, collaborative problem solving, and communication. We first examined the degree to which task- and team-generic teamwork skills training impacted team performance on a task unrelated to the content of the training program.We then examined whether the effects of task- and team-generic teamwork skills training on team performance were due to the transfer of skills directly related to planning and task coordination, collaborative problem solving, and communication. Results from 65 four-person project teams indicated that task- and team-generic teamwork skills training led to significantly higher levels of team performance. Results also indicated that the effects of task- and teamgeneric teamwork skills training on team performance were mediated by planning and task coordination and collaborative problem solving behavior. Although communication was positively affected by the task- and team-generic teamwork skills training, it did not mediate the relationship between task- and team-generic teamwork skills training and team performance.Theoretical and practical implications of these results are discussed, as well as possible limitations and directions for future research