A Case Where Barro Expectations Are Not Rational

This note generalizes Feldstein’s (1976) criticism of Barro’s(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold “Barro expectations”: they believe that government debt must necessarily be repaid and therefore leave the present value of their income streams unchanged. In this scenario, a change in the mode of taxation affects the present value of disposable income in the private sector. This violates their Barro expectations

A Simple Explanation for DAMA with Moderate Channeling

We consider the possibility that the DAMA signal arises from channeled events in simple models where the dark matter interaction with nuclei is suppressed at small momenta. As with the standard WIMP, these models have two parameters (the dark matter mass and the size of the cross-section), without the need to introduce an additional energy threshold type of parameter. We find that they can be consistent with channeling fractions as low as about ~ 15%, so long as at least ~70% of the nuclear recoil energy for channeled events is deposited electronically. Given that there are reasons not to expect very large channeling fractions, these scenarios make the channeling explanation of DAMA much more compelling.Comment: 6 pages, 2 figure

On the new economic philosophy of crisis management in the European Union

This essay attempts to go beyond presenting the bits and pieces of still ongoing crisis management in the EU. Instead it attempts at finding the ‘red thread’ behind a series of politically improvised decisions. Our fundamental research question asks whether basic economic lessons learned in the 1970s are still valid. Namely, that a crises emanating from either structural or regulatory weaknesses cannot and should not be remedied by demand management. Our second research question is the following: Can lacking internal commitment and conviction in any member state be replaced or substituted by external pressure or formalized procedures and sanctions? Under those angles we analyze the project on establishing a fiscal and banking union in the EU, as approved by the Council in December 2012

International capital mobility in an era of globalisation: adding a political dimension to the 'Feldstein–Horioka Puzzle'

The debate about the scope of feasible policy-making in an era of globalisation continues to be set within the context of an assumption that national capital markets are now perfectly integrated at the international level. However, the empirical evidence on international capital mobility contradicts such an assumption. As a consequence, a significant puzzle remains. Why is it, in a world in which the observed pattern of capital flows is indicative of a far from globalised reality, that public policy continues to be constructed in line with more extreme variants of the globalisation hypothesis? I attempt to solve this puzzle by arguing that ideas about global capital market integration have an independent causal impact on political outcomes which extends beyond that which can be attributed to the extent of their actual integration

Adolescent brain cognitive development (ABCD) study: Overview of substance use assessment methods.

One of the objectives of the Adolescent Brain Cognitive Development (ABCD) Study (https://abcdstudy.org/) is to establish a national longitudinal cohort of 9 and 10 year olds that will be followed for 10 years in order to prospectively study the risk and protective factors influencing substance use and its consequences, examine the impact of substance use on neurocognitive, health and psychosocial outcomes, and to understand the relationship between substance use and psychopathology. This article provides an overview of the ABCD Study Substance Use Workgroup, provides the goals for the workgroup, rationale for the substance use battery, and includes details on the substance use module methods and measurement tools used during baseline, 6-month and 1-year follow-up assessment time-points. Prospective, longitudinal assessment of these substance use domains over a period of ten years in a nationwide sample of youth presents an unprecedented opportunity to further understand the timing and interactive relationships between substance use and neurocognitive, health, and psychopathology outcomes in youth living in the United States

Puzzles of Dark Matter - More Light on Dark Atoms?

Positive results of dark matter searches in experiments DAMA/NaI and DAMA/LIBRA confronted with results of other groups can imply nontrivial particle physics solutions for cosmological dark matter. Stable particles with charge -2, bound with primordial helium in O-helium "atoms" (OHe), represent a specific nuclear-interacting form of dark matter. Slowed down in the terrestrial matter, OHe is elusive for direct methods of underground Dark matter detection using its nuclear recoil. However, low energy binding of OHe with sodium nuclei can lead to annual variations of energy release from OHe radiative capture in the interval of energy 2-4 keV in DAMA/NaI and DAMA/LIBRA experiments. At nuclear parameters, reproducing DAMA results, the energy release predicted for detectors with chemical content other than NaI differ in the most cases from the one in DAMA detector. Moreover there is no bound systems of OHe with light and heavy nuclei, so that there is no radiative capture of OHe in detectors with xenon or helium content. Due to dipole Coulomb barrier, transitions to more energetic levels of Na+OHe system with much higher energy release are suppressed in the correspondence with the results of DAMA experiments. The proposed explanation inevitably leads to prediction of abundance of anomalous Na, corresponding to the signal, observed by DAMA.Comment: Contribution to Proceedings of XIII Bled Workshop "What Comes beyond the Standard Model?

CoGeNT Interpretations

Recently, the CoGeNT experiment has reported events in excess of expected background. We analyze dark matter scenarios which can potentially explain this signal. Under the standard case of spin independent scattering with equal couplings to protons and neutrons, we find significant tensions with existing constraints. Consistency with these limits is possible if a large fraction of the putative signal events is coming from an additional source of experimental background. In this case, dark matter recoils cannot be said to explain the excess, but are consistent with it. We also investigate modifications to dark matter scattering that can evade the null experiments. In particular, we explore generalized spin independent couplings to protons and neutrons, spin dependent couplings, momentum dependent scattering, and inelastic interactions. We find that some of these generalizations can explain most of the CoGeNT events without violation of other constraints. Generalized couplings with some momentum dependence, allows further consistency with the DAMA modulation signal, realizing a scenario where both CoGeNT and DAMA signals are coming from dark matter. A model with dark matter interacting and annihilating into a new light boson can realize most of the scenarios considered.Comment: 24 pages, 12 figs, v2: published version, some discussions clarifie

Non-relativistic effective theory of dark matter direct detection

Dark matter direct detection searches for signals coming from dark matter scattering against nuclei at a very low recoil energy scale ~ 10 keV. In this paper, a simple non-relativistic effective theory is constructed to describe interactions between dark matter and nuclei without referring to any underlying high energy models. It contains the minimal set of operators that will be tested by direct detection. The effective theory approach highlights the set of distinguishable recoil spectra that could arise from different theoretical models. If dark matter is discovered in the near future in direct detection experiments, a measurement of the shape of the recoil spectrum will provide valuable information on the underlying dynamics. We bound the coefficients of the operators in our non-relativistic effective theory by the null results of current dark matter direct detection experiments. We also discuss the mapping between the non-relativistic effective theory and field theory models or operators, including aspects of the matching of quark and gluon operators to nuclear form factors.Comment: 35 pages, 3 figures, Appendix C.3 revised, acknowledgments and references adde