Sovereign debt crisis, fiscal consolidation, and active central bankers in a monetary union

In this paper we examine global financial instability and its impact on the sovereign debts of peripheral countries in a stylized model of the European Economic and Monetary Union (EMU), where centralized and national policy authorities strategically interact. We show that active expansionary monetary policies might operate as indirect risk-sharing mechanisms that improve EMU stability and the welfare of (a part of the) member states. The European Central Bank (ECB) partially internalizes the fact that the monetary union\u2019s stability is a public good by reallocating a part of the cost of stabilizing the EMU from the periphery to the core countries. In this respect, unconventional monetary policies such as \u2018quantitative easing\u2019 are more effective than traditional monetary policies centered on ex-post interest rate adjustments. The rationale of our findings is that unconventional monetary policies decrease the cost of fiscal interventions in the peripheral countries and incentivize the consolidation of their public balance sheets; these same unconventional policies produce positive externalities but also come at a cost for central countries

Experimental and Numerical Dynamic Investigation of an ORC System for Waste Heat Recovery Applications in Transportation Sector

ORC power units represent a promising technology for the recovery of waste heat in Internal Combustion Engines (ICEs), allowing to reduce emissions while keeping ICE performance close to expectations. However, the intrinsic transient nature of exhaust gases represents a challenge since it leads ORCs to often work in off-design conditions. It then becomes relevant to study their transient response to optimize performance and prevent main components from operating at inadequate conditions. To assess this aspect, an experimental dynamic analysis was carried out on an ORC-based power unit bottomed to a 3 L Diesel ICE. The adoption of a scroll expander and the control of the pump revolution speed allow a wide operability of the ORC. Indeed, the refrigerant mass flow rate can be adapted according to the exhaust gas thermal power availability in order to increase thermal power recovery from exhaust gases. The experimental data confirmed that when the expander speed is not regulated, it is possible to control the cycle maximum pressure by acting on the refrigerant flow rate. The experimental data have also been used to validate a model developed to extend the analysis beyond the experimental operating limits. It was seen that a 30% mass flow rate increase allowed to raise the plant power from 750 W to 830 W

A local field emission study of partially aligned carbon-nanotubes by AFM probe

We report on the application of Atomic Force Microscopy (AFM) for studying the Field Emission (FE) properties of a dense array of long and vertically quasi-aligned multi-walled carbon nanotubes grown by catalytic Chemical Vapor Deposition on a silicon substrate. The use of nanometric probes enables local field emission measurements allowing investigation of effects non detectable with a conventional parallel plate setup, where the emission current is averaged on a large sample area. The micrometric inter-electrode distance let achieve high electric fields with a modest voltage source. Those features allowed us to characterize field emission for macroscopic electric fields up to 250 V/$\mu$m and attain current densities larger than 10$^5$ A/cm$^2$. FE behaviour is analyzed in the framework of the Fowler-Nordheim theory. A field enhancement factor $\gamma \approx$ 40-50 and a turn-on field $E_{turn-on} \sim$15 V/$\mu$m at an inter-electrode distance of 1 $\mu$m are estimated. Current saturation observed at high voltages in the I-V characteristics is explained in terms of a series resistance of the order of M$\Omega$. Additional effects as electrical conditioning, CNT degradation, response to laser irradiation and time stability are investigated and discussed

Field emission from single multi-wall carbon nanotubes

Electron field emission characteristics of individual multiwalled carbon nanotubes have been investigated by a piezoelectric nanomanipulation system operating inside a scanning electron microscopy chamber. The experimental setup ensures a high control capability on the geometric parameters of the field emission system (CNT length, diameter and anode-cathode distance). For several multiwalled carbon nanotubes, reproducible and quite stable emission current behaviour has been obtained with a dependence on the applied voltage well described by a series resistance modified Fowler-Nordheim model. A turn-on field of about 30 V/um and a field enhancement factor of around 100 at a cathode-anode distance of the order of 1 um have been evaluated. Finally, the effect of selective electron beam irradiation on the nanotube field emission capabilities has been extensively investigated.Comment: 16 pages, 5 figure

The Spectre of Financial Dominance in the Eurozone

Differently from previous crises, the European institutions responded promptly to the Covid-19 pandemic by implementing an appropriate policy mix. However, this policy mix has proven to be insufficient for reducing the risks of financial instability in the European Union due to the temporary horizon of the centralised fiscal policy and the persistence of adverse shocks. In fact, the impact of the pandemic was exacerbated by the dramatic consequences of the war in Ukraine. The possible inefficiencies in implementing the Next Generation-EU (NG-EU) and an inadequate response to the Ukraine crisis could trigger, at best, the revival of financial and fiscal dominance in the euro-area economies. However, by using a simple model referred to the post-pandemic and war period, we show that the overburdening of the European Central Bank’s role would come with high costs. Hence, we argue that it is necessary to pursue sustainable development based on the successful implementation of the NG-EU and the related transformation of the one-shot centralised fiscal policy into a recurrent policy tool

A Simple Model for the Absorption of Starlight by Dust in Galaxies

We present a new model to compute the effects of dust on the integrated spectral properties of galaxies, based on an idealized prescription of the main features of the interstellar medium (ISM). The model includes the ionization of HII regions in the interiors of the dense clouds in which stars form and the influence of the finite lifetime of these clouds on the absorption of radiation. We compute the production of emission lines and the absorption of continuum radiation in the HII regions and the subsequent transfer of line and continuum radiation in the surrounding HI regions and the ambient ISM. This enables us to interpret simultaneously all the observations of a homogeneous sample of nearby UV-selected starburst galaxies, including the ratio of far-IR to UV luminosities, the ratio of Halpha to Hbeta luminosities, the Halpha equivalent width, and the UV spectral slope. We show that the finite lifetime of stellar birth clouds is a key ingredient to resolve an apparent discrepancy between the attenuation of line and continuum photons in starburst galaxies. In addition, we find that an effective absorption curve proportional to lambda^-0.7 reproduces the observed relation between the ratio of far-IR to UV luminosities and the UV spectral slope. We interpret this relation most simply as a sequence in the overall dust content of the galaxies. The shallow wavelength dependence of the effective absorption curve is compatible with the steepness of known extinction curves if the dust has a patchy distribution. In particular, we find that a random distribution of discrete clouds with optical depths similar to those in the Milky Way provides a consistent interpretation of all the observations. Our model for absorption can be incorporated easily into any population synthesis model. (abridged)Comment: To appear in the 2000 July 20 issue of the Astrophysical Journal; 19 pages with 13 embedded PS figures (emulateapj5.sty

Primary Mandibular Condyle Xanthoma: Case Report and Literature Review

Bone xanthoma is a rare benign primary bone lesion histologically characterized by sheets of foamy cells which are macrophages with a cytoplasm filled with droplets of fat. It is usually associated with endocrine or metabolic diseases, in the absence of which the lesion is called primary xanthoma. Because of the lack of pathognomonic radiologic and clinical features, they require a differential diagnosis with a broad spectrum of lesions with a varying degree of malignant potential. We describe a case of primary mandibular xanthoma of a 16-year-old girl without typical cutaneous manifestations and alterations in lipid values. The temporomandibular joint involvement at the mandibular condyle is peculiar in the case described here. We present even a qualitative systematic review of the literature on primary xanthoma of the jaws in others to draw up treatment guidelines

Status of Salerno Laboratory (Measurements in Nuclear Emulsion)

A report on the analysis work in the Salerno Emulsion Laboratory is presented. It is related to the search for nu_mu->nu_tau oscillations in CHORUS experiment, the calibrations in the WANF (West Area Neutrino Facility) at Cern and tests and preparation for new experiments.Comment: Proc. The First International Workshop of Nuclear Emulsion Techniques (12-24 June 1998, Nagoya, Japan), 15 pages, 11 figure