A quantum Monte Carlo study on the superconducting Kosterlitz-Thouless transition of the attractive Hubbard model on a triangular lattice

We study the superconducting Kosterlitz-Thouless transition of the attractive Hubbard model on a two-dimensional triangular lattice using auxiliary field quantum Monte Carlo method for system sizes up to $12\times 12$ sites. Combining three methods to analyze the numerical data, we find, for the attractive interaction of $U=-4t$, that the transition temperature stays almost constant within the band filling range of $1.0 < n < 1.4$, while it is found to be much lower in the $n<1$ region.Comment: RevTeX 6 page

Productivity propagation with networks transformation

We model sectoral production by cascading binary compounding processes. The sequence of processes is discovered in a self-similar hierarchical structure stylized in the economy-wide networks of production. Nested substitution elasticities and Hicks-neutral productivity growth are measured such that the general equilibrium feedbacks between all sectoral unit cost functions replicate the transformation of networks observed as a set of two temporally distant input-output coefficient matrices. We examine this system of unit cost functions to determine how idiosyncratic sectoral productivity shocks propagate into aggregate macroeconomic fluctuations in light of potential network transformation. Additionally, we study how sectoral productivity increments propagate into the dynamic general equilibrium, thereby allowing network transformation and ultimately producing social benefits.Comment: arXiv admin note: text overlap with arXiv:1902.0105

On estimating Armington elasticities for Japan's meat imports

By fully accounting for the distinct tariff regimes levied on imported meat, we estimate substitution elasticities of Japan's two-stage import aggregation functions for beef, chicken and pork. While the regression analysis crucially depends on the price that consumers face, the post-tariff price of imported meat depends not only on ad valorem duties but also on tariff rate quotas and gate price system regimes. The effective tariff rate is consequently evaluated by utilizing monthly transaction data. To address potential endogeneity problems, we apply exchange rates that we believe to be independent of the demand shocks for imported meat. The panel nature of the data allows us to retrieve the first-stage aggregates via time dummy variables, free of demand shocks, to be used as part of the explanatory variable and as an instrument in the second-stage regression

The elastic origins of tail asymmetry

Based on a multisector general equilibrium framework, we show that the sectoral elasticity of substitution plays the key role in the evolution of asymmetric tails of macroeconomic fluctuations and the establishment of robustness against productivity shocks. Non-unitary elasticity of substitution renders a nonlinear Domar aggregation, where normal sectoral productivity shocks translate into non-normal aggregated shocks with variable expected output growth. We empirically estimate 100 sectoral elasticities of substitution, using the time-series linked input-output tables for Japan, and find that the production economy is elastic overall, relative to Cobb-Douglas with unitary elasticity. Along with the previous assessment of an inelastic production economy for the US, the contrasting tail asymmetry of the distribution of aggregated shocks between the US and Japan is explained. Moreover, robustness of an economy is assessed by the expected output growth, the level of which is led by the sectoral elasticities of substitution, under zero mean productivity shocks

Structural Propagation of Productivity Shocks: The Case of Korea

We model the transition of technological structure that is associated with the changes in cost induced by the innovation that occurred, using a system of multi-sector, multi-factor production functions. Structural propagation is quantified by using a system of unit-cost functions compatible with multi-level CES, plain CES, Cobb--Douglas, and Leontief production functions whose parameters we estimate via two timely distant input--output accounts. The economy-wide welfare gain obtainable for an exogenously given innovation will hence be quantified via the technological structure after structural propagation. Welfare gain due to productivity doubling for the medical and health services (public) industry is studied as an example, using the 2000--2005 Korean linked input--output table as the source of data