Euler solutions using an implicit multigrid technique

A coarse-grid correction algorithm has been implemented into an implicit upwind Euler solver and tested for transonic airfoil problems. The Euler solver uses split-flux formulation and penta-diagonal scalar equations, respectively, for the explicit and implicit operators. The multigrid sequence starts at the fine grid level, then steps down to each coarse grid level to smooth error components using implicit operators. Estimate of residuals can be obtained by two approaches, which differ in the level where the residuals are collected. Both approaches will lead to a work reduction factor of 12 for a Mach 0.75 flow at 2 degrees incidence on a 65x26 grid. The work reduction factor is found to increase proportional to the number of grid levels

Factorization of Standard Model cross sections at ultra high energy

The factorization theorem for organizing multiple electroweak boson emissions at future colliders with energy far above the electroweak scale is formulated. Taking the inclusive muon-pair production in electron-positron collisions as an example, we argue that the summation over isospins is demanded for constructing the universal distributions of leptons and gauge bosons in an electron. These parton distributions are shown to have the same infrared structure in the phases of broken and unbroken electroweak symmetry, an observation consistent with the Goldstone Equivalence Theorem. The electroweak factorization of processes involving protons is sketched, with an emphasis on the subtlety of the scalar distributions.Comment: 5 pages, 3 figure

The Market Price of Aggregate Risk and the Wealth Distribution

We introduce limited liability in a model with a continuum of ex ante identical agents who face aggregate and idiosyncratic income risk. These agents can trade a complete menu of contingent claims, but they cannot commit and shares in a Lucas tree serve as collateral to back up their state-contingent promises. The limited liability option gives rise to a second risk factor, in addition to aggregate consumption growth risk. This liquidity risk is created by binding solvency constraints, and it is measured by the growth rate of one moment of the wealth distribution. The economy is said to experience a negative liquidity shock when this growth rate is high and a large fraction of agents faces severely binding solvency constraints. The adjustment to the Breeden-Lucas stochastic discount factor induces substantial time variation in equity risk premia that is consistent with the data at business cycle frequencies.

Taiwan\u27s Participation in Inter-Governmental Organizations: An Overview of Its Initiatives

Emboldened by the ascendance of economic issues on the global agenda and the erosion of security-driven bipolar structures, Taiwan in the late 1980s decided to use its economic advantages for diplomatic gain. Examination of changes in three phases of Taiwan\u27s initiatives indicates that its inter-governmental organization strategies and targets correlate well with domestic politics and external factors

Domestic Bargaining in Taiwan\u27s International Agricultural Negotiations

Development literature often depicts development as a transitional process in which agriculture is marginalized while resources are transferred to growing nonfarm sectors, through either voluntary exchange or involuntary coercion. The conventional analysis of Taiwan\u27s agriculture and its role in economic development generally attests to this model.-1 Prior to the 1970s, as the backbone of Taiwan\u27s economy and the major earner of foreign currencies, agriculture accounted for more than 40% of the total employment and over 20% of the net domestic product (NDP). But a series of programs unfavorable to farmers were put in place so that the government could channel resources into industrial development. For instance, rice farmers were asked to pay for fertilizer with rice at exchange ratios consistently unfavorable to them, and the government\u27s mandatory purchase scheme bought rice from farmers at 20% to 30% below prevailing market prices. Through these mechanisms, productivity gains achieved after Taiwan\u27s land reforms (1949- 53) were taken by the government, which subsequently redirected them into the emerging industrial sector as investment capital. In addition, the abundant supply of food and labor from rural areas also provided an environment conducive to low-wage, labor-intensive industrializatio