Forecasting Pre-World War I Inflation: The Fisher Effect Revisited

We consider the puzzling behavior of interest rates and inflation in the United States and the United Kingdom between 1879 and 1913. A deflationary regime prior to 1896 was followed by an inflationary one from 1896 until the beginning of World War I; the average inflation rate was 3.8 percentage points higher in the second period than in the first. Yet nominal interest rates were no higher after 1896 than they had been before. This nonadjustment of nominal interest rates would be consistent with rational expectations if inflation were not forecastable, and indeed univariate tests show little sign of serial correlation in inflation. However, inflation was forecastable on the basis of lagged gold production. Investors' expectations of inflation should have risen by at least three percentage points in the United States between 1890 and 1910. We consider in an information processing context alternative ways of accounting for this failure of interest rates to adjust, for example the possible beliefs that increases in gold production might be transitory. We conclude that the failure of investors to exhibit foresight with regard to the shift in the trend inflation rate after 1896 is not persuasive evidence that investors were negligent or naive in processing information.

Dynamic magnetic response of infinite arrays of ferromagnetic particles

Recently developed techniques to find the eigenmodes of a ferromagnetic particle of arbitrary shape, as well as the absorption in the presence of an inhomogeneous radio-frequency field, are extended to treat infinite lattices of such particles. The method is applied to analyze the results of recent FMR experiments, and yields substantially good agreement between theory and experiment

Long-range Casimir interactions between impurities in nematic liquid crystals and the collapse of polymer chains in such solvents

The elastic interactions between objects embedded in a nematic liquid crystal are usually caused by the average distorsion-rather than by the fluctuations-of the nematic orientational field. We argue that for sufficiently small particles, the nematic-mediated interaction originates purely from the fluctuations of the nematic director. This Casimir interaction decays as d^(-6), d being the distance between the particles, and it dominates van der Waals interactions close to the isotropic-to-nematic transition. Considering the nematic as a polymer solvent, we show that the onset of this Casimir interaction at the isotropic-to-nematic transition can discontinuously induce the collapse of a flexible polymer chain from the swollen state to the globular state, without crossing the Theta-point.Comment: 6 pages, 1 figur

Tuning electronic structures via epitaxial strain in Sr2IrO4 thin films

We have synthesized epitaxial Sr2IrO4 thin-films on various substrates and studied their electronic structures as a function of lattice-strains. Under tensile (compressive) strains, increased (decreased) Ir-O-Ir bond-angles are expected to result in increased (decreased) electronic bandwidths. However, we have observed that the two optical absorption peaks near 0.5 eV and 1.0 eV are shifted to higher (lower) energies under tensile (compressive) strains, indicating that the electronic-correlation energy is also affected by in-plane lattice-strains. The effective tuning of electronic structures under lattice-modification provides an important insight into the physics driven by the coexisting strong spin-orbit coupling and electronic correlation.Comment: 9 pages, 5 figures, 1 tabl

Strongly Localized Magnetization Modes in Permalloy Antidot Lattices

Antidot lattices (ADLs) patterned into soft magnetic thin films exhibit rich ferromagnetic resonance (FMR) spectra corresponding to many different magnetization modes. One of the predicted modes is highly localized at the edges of the antidots; this mode is difficult to detect experimentally. Here we present FMR data for a permalloy thin film patterned into a square array of square antidots. Comparison of these data with micromagnetic simulations permits identification of several edge modes. Our simulations also reveal the effect of the antidot shape on the mode dispersion

Ferromagnetic resonance study of eightfold artificial ferromagnetic quasicrystals

We have performed broadband (10 MHz–18 GHz) and narrowband (9.7 GHz) ferromagnetic resonance (FMR) measurements on permalloy thin films patterned with quasiperiodic Ammann tilings having eightfold rotational symmetry. We observed highly reproducible mode structures in the low-frequency, hysteretic regime in which domain walls and unsaturated magnetization textures exist. A minimum of 10 robust modes were observed in patterned samples, compared to the single uniform mode observed in unpatterned permalloy films. The field dependence and approximate eightfold rotational symmetry of the FMR spectra are in good agreement with micromagnetic simulations that confirm the importance of patterning for controlling static and dynamic magnetic response

Controlled Magnetic Reversal in Permalloy Films Patterned into Artificial Quasicrystals

We have patterned novel Permalloy thin films with quasicrystalline Penrose P2 tilings and measured their dc magnetization and ferromagnetic resonance absorption. Reproducible anomalies in the hysteretic, low-field data signal a series of abrupt transitions between ordered magnetization textures, culminating in a smooth evolution into a saturated state. Micromagnetic simulations compare well to experimental dc hysteresis loops and ferromagnetic resonance spectra and indicate that systematic control of magnetic reversal and domain wall motion can be achieved via tiling design, offering a new paradigm of magnonic quasicrystals

Why does the stock market fluctuate?

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