5,748 research outputs found
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 , overtone , angular
momentum number 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
-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
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