“On the ‘Hot Potato Effect’ of Inflation: Intensive versus Extensive Margins”

Conventional wisdom is that inflation makes people spend money faster, trying to get rid of it like a “hot potato,” and this is a channel through which inflation affects velocity and welfare. Monetary theory with endoge- nous search intensity seems ideal for studying this. However, in standard models, inflation is a tax that lowers the surplus from monetary exchange and hence reduces search effort. We replace search intensity with a free entry (participation) decision for buyers - i.e., we focus on the extensive rather than intensive margin - and prove buyers always spend their money faster when inflation increases. We also discuss welfare.Search, Money, Inflation, Velocity, Free Entry

On the properties of contact binary stars

A catalogue of light curve solutions of contact binary stars has been compiled. It contains the results of 159 light curve solutions. Properties of contact binary stars were studied by using the catalogue data. As it is well known since Lucy's (1968a,b) and Mochnacki's (1981) works, primary components transfer their own energy to the secondary star via the common envelope around the two stars. This transfer was parameterized by a transfer parameter (ratio of the observed and intrinsic luminosities of the primary star). We proved that this transfer parameter is a simple function of the mass and luminosity ratio. This newly found relation is valid for all systems except H type systems which have a different relation. We introduced a new type of contact binary stars: H subtype systems which have a large mass ratio ($q>0.72$). These systems show highly different behaviour on the luminosity ratio - transfer parameter diagram from other systems and according to our results the energy transfer rate is less efficient in them than in other type of contact binary stars. We also show that different types of contact binaries have well defined locations on the mass ratio - luminosity ratio diagram. All contact binary systems do not follow Lucy's relation ($L_2/L_1 = (M_2/M_1)^{0.92}$). No strict mass ratio - luminosity ratio relation of contact binary stars exists.Comment: 5 pages, 4 figures, accepted for publication in A&

Sticky prices: a new monetarist approach

Why do some sellers set nominal prices that apparently do not respond to changes in the aggregate price level? In many models, prices are sticky by assumption; here it is a result. We use search theory, with two consequences: prices are set in dollars, since money is the medium of exchange; and equilibrium implies a nondegenerate price distribution. When the money supply increases, some sellers may keep prices constant, earning less per unit but making it up on volume, so profit stays constant. The calibrated model matches price-change data well. But, in contrast with other sticky-price models, money is neutral.

Molecular Matchmaking: A Computational Study of the Electrostatic Interaction Between Chronic Myeloid Leukemia Drugs and Bcr-Abl Oncoprotein

In this project, we systematically use several computational techniques such as charge optimization and component analysis to study molecular recognition and binding in the chronic myeloid leukemia (CML) drug systems. Using CML drugs and their biological target, the Bcr-Abl oncoprotein, we systematically conduct a comparative analysis on five CML drugs bound to both the wild-type (WT) and T315I mutant Abl kinase. While early generation drugs (imatinib, nilotinib, and dasatinib) interact with Thr315 via a hydrogen bond, novel drugs ponatinib and PPY-A bypass interacting with Thr315 altogether. With the mutation to Ile at position 315, early generation drugs may experience a significant loss in favorable binding due to loss of electrostatic interaction and introduction of steric hindrance. To investigate the differential binding of these drugs to the WT and mutant, we optimize each of the drugs to the Abl kinase, allowing us to study how each drug binds to the native form. We also optimize PPY-A and ponatinib to the mutant T315I, comparing this charge distribution with the one generated from optimizing to the native form. Using component analysis, we identify chemical moieties of each drug that contribute favorably or unfavorably to the electrostatic free energy of binding. Taken together, we hope that by studying CML drugs, we will gain some insight into the larger picture of electrostatic binding interaction and potentially provide future direction for rational drug design and battling drug resistance

Mechanical Properties of Coal Measure Rocks Containing Fluids at Pressure

The sedimentary rock that comprises coal measures has quite nonlinear, elastic, stress – strain characteristics. It is also affected by the fluid pressure within it. The fluids act in two quite separate ways. The first way in which fluid acts is in a poroelastic manner while the second is within fractures. These effects are important in rock behaviour, extending from the deformation around a roadway to failure within an outburst. This paper presents the results of detailed laboratory studies into coal and sedimentary rock properties. It relates these to the real situations seen in mining

The weather affects air conditioner purchases to fill the energy efficiency gap

Energy efficiency improvement is often hindered by the energy efficiency gap. This paper examines the effect of short-run temperature fluctuations on the Energy Star air conditioner purchases in the United States from 2006 to 2019 using transaction-level data. Results show that the probability of purchasing an Energy Star air conditioner increases as the weekly temperature before the transaction deviates from 20–22 °C. A larger response is related to fewer cooling degree days in the previous years, higher electricity prices/income/educational levels/age/rate of owners, more common use of electricity, and stronger concern about climate change. 1 °C increase and decrease from 21 °C would lead to a reduction of total energy expenditure by 35.46 and 17.73 million dollars nationwide (0.13% and 0.06% of the annual total energy expenditure on air conditioning), respectively. Our findings have important policy implications for demand-end interventions to incorporate the potential impact of the ambient physical environment