Housing cycles in the major euro area countries.

The recent burst of the house price bubble in the United States and its spillover effects on real economies worldwide has rekindled the interest in the role of housing in the business cycle. In this paper, we investigate the relationships between housing cycles among the four major euro area countries (Germany, France, Italy and Spain) over the sample 1980q1 – 2008q4. Our main findings are that GDP cycles between 1.5 and 8 years show a high degree of comovement across these four countries, reflecting trade linkages. In contrast comovements in housing market cycles between 1.5 and 8 years are much weaker, idiosyncratic factors playing a major role. House prices are even less related across countries than quantities (residential investment, building permits, housing starts …). We find however much stronger relationships since 1999, i.e. in the common monetary policy period.Housing cycles, synchronisation measures, euro area countries.

Rudiments of Holography

An elementary introduction to Maldacena's AdS/CFT correspondence is given, with some emphasis in the Fefferman-Graham construction. This is based on lectures given by one of us (E.A.) at the Universidad Autonoma de Madrid.Comment: 60 pages, additional misprints corrected, references adde

Large N and double scaling limits in two dimensions

Recently, the author has constructed a series of four dimensional non-critical string theories with eight supercharges, dual to theories of light electric and magnetic charges, for which exact formulas for the central charge of the space-time supersymmetry algebra as a function of the world-sheet couplings were obtained. The basic idea was to generalize the old matrix model approach, replacing the simple matrix integrals by the four dimensional matrix path integrals of N=2 supersymmetric Yang-Mills theory, and the Kazakov critical points by the Argyres-Douglas critical points. In the present paper, we study qualitatively similar toy path integrals corresponding to the two dimensional N=2 supersymmetric non-linear sigma model with target space CP^n and twisted mass terms. This theory has some very strong similarities with N=2 super Yang-Mills, including the presence of critical points in the vicinity of which the large n expansion is IR divergent. The model being exactly solvable at large n, we can study non-BPS observables and give full proofs that double scaling limits exist and correspond to universal continuum limits. A complete characterization of the double scaled theories is given. We find evidence for dimensional transmutation of the string coupling in some non-critical string theories. We also identify en passant some non-BPS particles that become massless at the singularities in addition to the usual BPS states.Comment: 38 pages, including an introductory section that makes the paper self-contained, two figures and one appendix; v2: typos correcte

Unimodular cosmology and the weight of energy

Some models are presented in which the strength of the gravitational coupling of the potential energy relative to the same coupling for the kinetic energy is, in a precise sense, adjustable. The gauge symmetry of these models consists of those coordinate changes with unit jacobian.Comment: LaTeX, 23 pages, conclusions expanded. Two paragraphs and a new reference adde