The Growth-Volatility Relationship: New Evidence Based on Stochastic Volatility in Mean Models

This paper models the relationship between growth and volatility for G7 economies in the time period 1960-2009. It delivers for the first time estimates of this relationship based on a logarithm variant of stochastic volatility in mean (SV-M) models. The relationship appears significantly positive in Germany and Italy, but insignificant in other countries. We also show that output volatility has increased in all countries since the beginning of the financial crisis, which illustrates the end of the great moderation. For comparison, the paper also delivers estimates based on a logarithm variant of GARCH in mean (log-GARCH-M) models, the class of time series models previously used in the literature to estimate the growth-volatility relationship. We show that SV-M models deliver results preferable to those of log-GARCH-M models, despite the high computational cost of their estimation. SV-M models fit generally better data than log-GARCH-M ones. As their residuals do not violate distribution assumptions, they do not deliver dubious conclusions concerning the significance of the relationship, which is the case of the log-GARCH-model for France, the UK and the US. Finally, SV-M models suggest a positive impact of unexpected volatility on output growth, which is not taken into account by log-GARCH-M models.Growth, Volatility, Sequential Monte-Carlo Methods.

Domain wall structure in magnetic bilayers with perpendicular anisotropy

We study the magnetic domain wall structure in magnetic bilayers (two ultrathin ferromagnetic layers separated by a non magnetic spacer) with perpendicular magnetization. Combining magnetic force and ballistic electron emission microscopies, we are able to reveal the details of the magnetic structure of the wall with a high spatial accuracy. In these layers, we show that the classical Bloch wall observed in single layers transforms into superposed N\'eel walls due to the magnetic coupling between the ferromagnetic layers. Quantitative agreement with micromagnetic calculations is achieved.Comment: Author adresses AB, SR, JM and AT: Laboratoire de Physique des Solides, CNRS, Universit\'e Paris Sud, UMR 8502, 91405 Orsay Cedex, France ML : Laboratoire PMTM, Institut Galil\'ee, CNRS, Universit\'e Paris-13, UPR 9001, 93430 Villetaneuse, Franc

Impact of vegetation and soil moisture seasonal dynamics on dust emissions over the Sahel

International audience[1] To address the challenging issue of estimating mineral dust emissions from the semi-arid Sahel, a modeling approach is developed by combining two specific models: one dedicated to the simulation of the seasonal herbaceous layer in the Sahel (STEP) and the other to the estimation of dust emissions (MB). The area of interest is the Sahelian belt (12 N-20 N, 20 W-35 E) and the simulations were performed at a 0.25 spatial resolution over a 4-year period (2004-2007). The rainfall forcing is provided by a TRMM (Tropical Rainfall Measuring Mission) satellite-derived product; the other meteorological data are ECMWF products. An empirical parameterization is used to estimate the surface roughness and its temporal dynamics according to the characteristics of the simulated vegetation in terms of surface cover and height. Where no vegetation grows, the surface properties are considered as constant in time and are derived from the POLDER-1 satellite measurements. Simulations are constrained step by step by comparisons with observations. Simulated annual dust fluxes emitted from the whole area range from approximately 100 Mt to 400 Mt depending on the year, in good agreement with previous works dealing with Saharan dust emissions. For the fringe where herbaceous vegetation can affect dust emissions, the annual dust emission fluxes range between 0.5 Mt and 20 Mt depending on the year. Inhibition of dust emissions due to the seasonal dynamics of vegetation and surface soil moisture over this fringe varies between 20% and 35%. Citation: Pierre, C., G. Bergametti, B. Marticorena, E. Mougin, C. Bouet, and C. Schmechtig (2012), Impact of vegetation and soil moisture seasonal dynamics on dust emissions over the Sahel

Erosion éolienne dans les régions arides et semi-arides africaines : processus physiques, métrologie et techniques de lutte

Cette étude présente une approche par modélisation pour estimer les émissions de particules terrigènes provenant de la région semi-aride sahélienne. Deux modèles spécifiques ont été combinés : l'un pour représenter le couvert herbacé saisonnier au Sahel, l'autre pour quantifier les émissions de particules terrigènes. Le Sahel (12°N–20°N, 20°W–35°E) constitue la région d'étude et les simulations ont été effectuées à une résolution spatiale de 0,25° sur une période de 4 ans (2004-2007). Le forçage pluviométrique provient d'un produit satellitaire TRMM (Tropical Rainfall Measuring Mission). Les autres forçages météorologiques ont été fournis par le CEPMMT (Centre Européen pour les Prévisions Météorologiques à Moyen Terme). La rugosité aérodynamique de la surface a été estimée à partir d'une paramétrisation empirique pour représenter sa dynamique temporelle à partir des simulations du couvert végétal saisonnier. Les simulations de végétation ont été comparées à des observations satellitaires au préalable. Lorsqu'aucune végétation ne pousse, les propriétés de la surface ont été considérées constantes et déduites de mesures satellitaires. Les flux d'émission annuels simulés sont compris entre 100 et 400 Mt pour l'ensemble de la région considérée, en accord avec des travaux précédents portant sur le Sahara. Leur variabilité interannuelle est aussi en accord avec les observations satellitaires. Nous avons par ailleurs mis en évidence l'existence d’une "frange émissive saisonnièrement végétalisée" dont la superficie varie selon l'année et pour laquelle les émissions annuelles sont comprises entre 0,5 Mt et 20 Mt pour la période considérée. L'inhibition en masse de ces émissions due à la végétation saisonnière et à l'humidité superficielle du sol sur cette frange varie de 20% à 35%

Photovoltaic response around a unique180° ferroelectric domain wall in single crystalline BiFeO3

Using an experimental setup designed to scan a submicron sized light spot and collect the photogenerated current through larger electrodes, we map the photovoltaic response in ferroelectric BiFeO3 single crystals. We study the effect produced by a unique 180° ferroelectric domain wall (DW) and show that the photocurrent maps are significantly affected by its presence and shape. The effect is large in its vicinity and in the Schottky barriers at the interface with the Au electrodes, but no extra photocurrent is observed when the illuminating spot touches the DW, indicating that this particular entity is not the heart of specific photo-electric properties. Using 3D modelling, we argue that the measured effect is due to the spatial distribution of internal fields which are significantly affected by the charge of the DW due to its distortion

Distribution of naturally occurring radionuclides (U, Th) in Timahdit black shale (Morocco)

Attention has been focused recently on the use of Moroccan black oil shale as the raw material for production of a new type of adsorbent and its application to U and Th removal from contaminated wastewaters. The purpose of the present work is to provide a better understanding of the composition and structure of this shale and to determine its natural content in uranium and thorium. A black shale collected from Timahdit (Morocco) was analyzed by powder X-ray diffraction and SEM techniques. It was found that calcite, dolomite, quartz and clays constitute the main composition of the inorganic matrix. Pyrite crystals are also present. A selective leaching procedure, followed by radiochemical purification and α-counting, was performed to assess the distribution of naturally occurring radionuclides. Leaching results indicate that 238U, 235U, 234U, 232Th, 230Th and 228Th have multiple modes of occurrence in the shale. U is interpreted to have been concentrated under anaerobic conditions. An integrated isotopic approach showed the preferential mobilization of uranium carried by humic acids to carbonate and apatite phases. Th is partitioned between silicate minerals and pyrite