Laterally stacked Schottky diodes for infrared sensor applications

Laterally stacked Schottky diodes for infrared sensor applications are fabricated utilizing porous silicon having pores. A Schottky metal contract is formed in the pores, such as by electroplating. The sensors may be integrated with silicon circuits on the same chip with a high quantum efficiency, which is ideal for IR focal plane array applications due to uniformity and reproducibility

PANEL: "NEW FRONTIERS FOR AGRICULTURAL EXPORTS"; REMARKS

International Relations/Trade,

Factor Taxation and Labor Supply In A Dynamic One-Sector Growth Model

This paper studies a class of AK-type growth models with public capital stock and elastic labor supply. The government taxes both factor incomes and conduct expenditure. To rationalize the taxation, government expenditure affects the productivity of private sectors. It shows the existence of a unique balanced-growth path, near which there is only a transitional dynamic path leading the economy toward it. While a higher capital tax rate reduces economic growth in the short run, the long-term growth effect is ambiguous, and this long-term growth effect remains ambiguous even if the level of tax rate is larger than the degree of government externality. A higher labor income tax rate has equally ambiguous growth effects both in the short and long runs. However, if the intertemporal elasticity of substitution for labor supply is small enough, a higher labor tax rate always lowers economic growth in the long run, despite the existence of productive government taxation.taxation, infrastructures, economic growth, transitional dynamics

Overreaction and Multiple Tail Dependence at the High-frequency Level — The Copula Rose

This paper applies a non- and a semiparametric copula-based approach to analyze the first-order autocorrelation of returns in high frequency financial time series. Using the EUREX D3047 tick data from the German stock index, it can be shown that the temporal dependence structure of price movements is not always negatively correlated as assumed in the stylized facts in the finance literature. Depending on the sampling frequency, the estimated copulas exhibit some kind of overreaction phenomena and multiple tail dependence, revealing patterns similar to the compass rose.High Frequency Data, Non- and Semiparametric Copulas, Overreaction, Tail Dependence, Compass Rose

Duration and Order Type Clusters

This paper introduces a new bivariate autoregressive conditional framework (ACD×ACL) for modelling the arrival process of buy and sell orders in a limit order book. The model contains two dynamic components to describe the observed clustering of durations and order types: a duration process to capture the time structure, combined with a new "Autoregressive Conditional Logit" model in order to display the traders' order choice. Both processes are adapted to a common natural filtration and modelled simultaneously. It can be shown that the state of the order book as well as the success and the speed of the matching process have a significant influence on the traders' decisions when and on which side of the market to submit orders and, thus, affect the market's liquidityUltra high frequency, transaction data, limit order book, order aggressiveness, market microstructure, ACD model, dynamic logit model, bivariate point process, survival analysis.

Duration and Order Type Clusters

This paper introduces a new bivariate autoregressive conditional framework (ACD×ACL) for modelling the arrival process of buy and sell orders in a limit order book. The model contains two dynamic components to describe the observed clustering of durations and order types: a duration process to capture the time structure, combined with a new "Autoregressive Conditional Logit" model in order to display the traders' order choice. Both processes are adapted to a common natural filtration and modelled simultaneously. It can be shown that the state of the order book as well as the success and the speed of the matching process have a significant influence on the traders' decisions when and on which side of the market to submit orders and, thus, affect the market's liquidityUltra high frequency transaction data, limit order book, market microstructure, ACD model, dynamic logit model, bivariate point process.

Economic Growth With Optimal Public Spending Compositional

This paper uses a one-sector, endogenous growth model to study optimal composition between public investment and consumption in government expenditure and its relationships with economic growth. Assuming a benevolent government which maximizes a representative household’s lifetime utilities, the paper determines the unique, interior public investment share in government’s budgets, which is determined by policy and structural parameters. It finds that the conventional determinants of economic growth now generate stronger growth effects, via their indirect impacts upon optimal public spending composition. The effects emerge from raising the marginal utility of private consumption, relative to the marginal utility of public consumption, thereby inducing public investment and increasing economic growth. Our quantitative results suggest that the growth effect is sizable. The large growth effect via optimal public investment in our model has implications to East Asian economic growth miracles where public investment share and economic growth are both higher than other area’s countries.public consumption, public investment, economic growth