Factor proportions and international business cycles

Positive investment comovements across OECD economies as observed in the data are difficult to replicate in open-economy real business cycle models, but also vary substantially in degree for individual country-pairs. This paper shows that a two-country stochastic growth model that distinguishes sectors by factor intensity (capital-intensive vs. labor-intensive) gives rise to an endogenous channel of the international transmission of shocks that first, can substantially ameliorate the “quantity anomalies” that mark large open-economy models, and second, generate a cross-sectional prediction that is strongly supported by the data: investment correlations tend to be stronger for country-pairs that exhibit greater disparity in the factor-intensity of trade. In addition, three new pieces of evidence support the central mechanism: (1) the production composition of capital versus labor-intensive sectors changes over the business cycle; (2) the prices of capital-intensive goods and labor-intensive goods are respectively, procyclical and countercyclical; (3) a positive productivity shock in the U.S. tilts the composition of production towards capital-intensive sectors in other countries

Factor Proportions and International Business Cycles

Positive investment comovements across OECD economies as observed in the data are difficult to replicate in open-economy real business cycle models, but also vary substantially in degree for individual country-pairs. This paper shows that a two-country stochastic growth model that distinguishes sectors by factor intensity (capital-intensive vs. labor-intensive) gives rise to an endogenous channel of the international transmission of shocks that first, can substantially ameliorate the "quantity anomalies" that mark large open-economy models, and second, generate a cross-sectional prediction that is strongly supported by the data: investment correlations tend to be stronger for country-pairs that exhibit greater disparity in the factor-intensity of trade. In addition, three new pieces of evidence support the central mechanism: (1) the production composition of capital versus labor-intensive sectors changes over the business cycle; (2) the prices of capital-intensive goods and labor-intensive goods are respectively, procyclical and countercyclical; (3) a positive productivity shock in the U.S. tilts the composition of production towards capital-intensive sectors in other countries.International business cycles, international comovement, composition effects

Nonlinear Electromagnetic Quasinormal Modes and Hawking Radiation of A Regular Black Hole with Magnetic Charge

Based on a regular exact black hole (BH) from nonlinear electrodynamics (NED) coupled to General Relativity, we investigate its stability of such BH through the Quasinormal Modes (QNMs) of electromagnetic (EM) field perturbation and its thermodynamics through Hawking radiation. In perturbation theory, we can deduce the effective potential from nonlinear EM field. The comparison of potential function between regular and RN BHs could predict their similar QNMs. The QNMs frequencies tell us the effect of magnetic charge $q$, overtone $n$, angular momentum number $l$ on the dynamic evolution of NLED EM field. Furthermore we also discuss the cases near extreme condition of such magnetically charged regular BH. The corresponding QNMs spectrum illuminates some special properties in the near-extreme cases. For the thermodynamics, we employ Hamilton-Jacobi method to calculate the near-horizon Hawking temperature of the regular BH and reveal the relationship between classical parameters of black hole and its quantum effect

Intranight optical variability of radio-quiet BL Lacertae objects

Aims: Intranight variation (or microvariation) is a common phenomenon of radio-loud BL Lac objects. However, it is not clear whether the recently found radio-quiet BL Lac objects have the same properties. The occurrence rate of intranight variation is helpful in distinguishing the mechanism of the continuum of radio-quiet BL Lac objects. Methods: We conducted a photometric monitoring of 8 radio-quiet BL Lac objects by the Xinglong 2.16m and Lijiang 2.4m telescopes. The differential light curves are calculated between each target and two comparison stars. To quantify the variation, the significance of variation is examined by a scaled $F$-test. Results: No significant variation is found in the 11 sessions of light curves of 8 radio-quiet BL Lac objects (one galactic source is excluded). The lack of microvariation in radio-quiet BL Lac objects is consistent with the detection rate of microvariation in normal radio-quiet AGNs, but much lower than for radio-loud AGNs. This result indicates that the continua of the radio-quiet BL Lac objects are not dominated by jets that will induce frequent microvariations.Comment: Accepted for publication in Astronomy and Astrophysics; 7 pages, 1 figure, 3 table