Fiscal Implications of Population Ageing

The paper explores the long-term fiscal implications of population aging in the Czech Republic. The results, although bearing a significant margin of uncertainty due to the very long-term character of the projection exercise, do not impart encouraging fiscal outlooks for the Czech Republic. This is hardly surprising given that the Czech Republic is facing pronounced population ageing. Moreover, the fiscal position of the Czech Republic is presently very poor, in spite of its (still) low level of debt and debt interest payments. The Czech Republic?s high primary deficit will foster a rapid rise in debt irrespective of population ageing. Therefore, to cope with the expected fiscal pressures, it is necessary not only to overhaul the pension and health-care systems in the medium term, but also to immediately start an intensive strategy of consolidation aimed at significantly reducing the high primary deficit.ageing populations; fiscal policy; fiscal sustainability

Cyclically Adjusted Fiscal Balance: OECD and ESCB Methods

The paper considers the impact of the business cycle on Czech fiscal balance in the past decade. The authors employed two different calculation methods in their analysis: an OECD and an ESCB method. Two crucial findings emerged from the analysis. First, the estimates of cyclically adjusted deficits in the Czech Republic proved their robustness, because both our calculation methods, although being philosophically different, provided very similar results. Sharply deteriorating Czech budget deficits are basically structural in nature, i.e., they are independent of the business cycle. Moreover, another hypothesis was confirmed: Czech fiscal policy exhibits mainly pro-cyclical features. As the paper further documents, both basic assessments held true even when quasi-fiscal deficits were included in the analysis.off-budget transactions; quasi-fiscal policy; cyclically adjusted balance; fiscal stance; fiscal policy

On p-adic lattices and Grassmannians

It is well-known that the coset spaces G(k((z)))/G(k[[z]]), for a reductive group G over a field k, carry the geometric structure of an inductive limit of projective k-schemes. This k-ind-scheme is known as the affine Grassmannian for G. From the point of view of number theory it would be interesting to obtain an analogous geometric interpretation of quotients of the form G(W(k)[1/p])/G(W(k)), where p is a rational prime, W denotes the ring scheme of p-typical Witt vectors, k is a perfect field of characteristic p and G is a reductive group scheme over W(k). The present paper is an attempt to describe which constructions carry over from the function field case to the p-adic case, more precisely to the situation of the p-adic affine Grassmannian for the special linear group G=SL_n. We start with a description of the R-valued points of the p-adic affine Grassmannian for SL_n in terms of lattices over W(R), where R is a perfect k-algebra. In order to obtain a link with geometry we further construct projective k-subvarieties of the multigraded Hilbert scheme which map equivariantly to the p-adic affine Grassmannian. The images of these morphisms play the role of Schubert varieties in the p-adic setting. Further, for any reduced k-algebra R these morphisms induce bijective maps between the sets of R-valued points of the respective open orbits in the multigraded Hilbert scheme and the corresponding Schubert cells of the p-adic affine Grassmannian for SL_n.Comment: 36 pages. This is a thorough revision, in the form accepted by Math. Zeitschrift, of the previously published preprint "On p-adic loop groups and Grassmannians

Times of arrival: Bohm beats Kijowski

We prove that the Bohmian arrival time of the 1D Schroedinger evolution violates the quadratic form structure on which Kijowski's axiomatic treatment of arrival times is based. Within Kijowski's framework, for a free right moving wave packet, the various notions of arrival time (at a fixed point x on the real line) all yield the same average arrival time. We derive an inequality relating the average Bohmian arrival time to the one of Kijowksi. We prove that the average Bohmian arrival time is less than Kijowski's one if and only if the wave packet leads to position probability backflow through x. Otherwise the two average arrival times coincide.Comment: 9 page

A new approach to quantum backflow

We derive some rigorous results concerning the backflow operator introduced by Bracken and Melloy. We show that it is linear bounded, self adjoint, and not compact. Thus the question is underlined whether the backflow constant is an eigenvalue of the backflow operator. From the position representation of the backflow operator we obtain a more efficient method to determine the backflow constant. Finally, detailed position probability flow properties of a numerical approximation to the (perhaps improper) wave function of maximal backflow are displayed.Comment: 12 pages, 8 figure