"Pareto Optimal Pro-cyclical Research and Development"

We develop a perfectly competitive endogenous growth model in which R&D is the engine of growth. Our model generates pro-cyclical R&D investment and labor input as a pareto optimal response to technology shocks to the consumption and equipment good sectors. The model also reproduces a variety of facts from the U.S. economy. Growth in R&D capital accounts for 75 percent of the growth rate of GNP and the decline in the relative price of equipment investment. Investment in each sector is pro-cyclical. Our results suggest that equipment shocks may be less important than the previous literature has found. After accounting for the endogenous response of R&D, equipment sector shocks only account for a small fraction of the variance in the growth rate of GNP.

Omniscopes: Large Area Telescope Arrays with only N log N Computational Cost

We show that the class of antenna layouts for telescope arrays allowing cheap analysis hardware (with correlator cost scaling as N log N rather than N^2 with the number of antennas N) is encouragingly large, including not only previously discussed rectangular grids but also arbitrary hierarchies of such grids, with arbitrary rotations and shears at each level. We show that all correlations for such a 2D array with an n-level hierarchy can be efficiently computed via a Fast Fourier Transform in not 2 but 2n dimensions. This can allow major correlator cost reductions for science applications requiring exquisite sensitivity at widely separated angular scales, for example 21cm tomography (where short baselines are needed to probe the cosmological signal and long baselines are needed for point source removal), helping enable future 21cm experiments with thousands or millions of cheap dipole-like antennas. Such hierarchical grids combine the angular resolution advantage of traditional array layouts with the cost advantage of a rectangular Fast Fourier Transform Telescope. We also describe an algorithm for how a subclass of hierarchical arrays can efficiently use rotation synthesis to produce global sky maps with minimal noise and a well-characterized synthesized beam.Comment: Replaced to match accepted PRD version. 10 pages, 9 fig

Making the case for a low intertemporal elasticity of substitution

We provide two ways to reconcile small values of the intertemporal elasticity of substitution (IES) that range between 0.35 and 0.5 with empirical evidence that the IES is large. We do this reconciliation using a model in which all agents have identical preferences and the same access to asset markets. We also conduct an encompassing test, which indicates that specifications of the model with small values of the IES are more plausible than specifications with a large IES.

Uninsured countercyclical risk: an aggregation result and application to optimal monetary policy

We consider an incomplete-markets economy with capital accumulation and endogenous labor supply. Individuals face countercyclical idiosyncratic labor and asset risk. We derive conditions under which the aggregate allocations and price system can be found by solving a representative agent problem. This result is applied to analyze the properties of an optimal monetary policy in a new Keynesian economy with uninsured countercyclical individual risk. The optimal monetary policy that emerges from our incomplete-markets economy is the same as the optimal monetary policy in a representative agent model with preference shocks. When price rigidity is the only friction, the optimal monetary policy calls for stabilizing the inflation rate at zero.

Making the case for a low intertemporal elasticity of substitution

We provide two ways to reconcile small values of the intertemporal elasticity of substitution (IES) that range between 0.35 and 0.5 with empirical evidence that the IES is large. We do this reconciliation using a model in which all agents have identical preferences and the same access to asset markets. We also conduct an encompassing test, which indicates that specifications of the model with small values of the IES are more plausible than specifications with a large IES.

Noise in optical synthesis images. II. Sensitivity of an ^nC_2 interferometer with bispectrum imaging

We study the imaging sensitivity of a ground-based optical array of n apertures in which the beams are combined pairwise, as in radio-interferometric arrays, onto n(n - 1)/2 detectors, the so-called ^nC_2 interferometer. Groundbased operation forces the use of the fringe power and the bispectrum phasor as the primary observables rather than the simpler and superior observable, the Michelson fringe phasor. At high photon rates we find that bispectral imaging suffers no loss of sensitivity compared with an ideal array (space based) that directly uses the Michelson fringe phasor. In the opposite limit, when the number of photons per spatial coherence area per coherence time drops below unity, the sensitivity of the array drops rapidly relative to an ideal array. In this regime the sensitivity is independent of n, and hence it may be efficient to have many smaller arrays, each operating separately and simultaneously

A-site Randomness Effect on Structural and Physical Properties of Ba-based Perovskite Manganites

The discovery of novel structural and physical properties in the $A$-site ordered manganite $R$BaMn$_{2}$O$_{6}$ ($R$ = Y and rare earth elements) has demanded new comprehension about perovskite manganese oxides. In the present study, the $A$-site disordered form, $R_{0.5}$Ba$_{0.5}$MnO$_{3}$, has been investigated and compared with both $R$BaMn$_{2}$O$_{6}$ and $R_{0.5}A_{0.5}$MnO$_{3}$ ($A$: Sr, Ca) in the structures and electromagnetic properties. $R_{0.5}$Ba$_{0.5}$MnO$_{3}$ has a primitive cubic perovskite cell in the structure and magnetic glassy states are dominant as its ground state, in contrast to the ordinary disordered $R_{0.5}A_{0.5}$MnO$_{3}$ ($A$: Sr, Ca). In Pr-compounds with various degrees of Pr/Ba randomness at the $A$-sites, the $A$-site disorder gradually suppresses both ferromagnetic and A-type antiferromagnetic transitions and finally leads to a magnetic glassy state in Pr$_{0.5}$Ba$_{0.5}$MnO$_{3}$. A peculiar behavior, multi-step magnetization and resistivity change, has been observed in Pr$_{0.5}$Ba$_{0.5}$MnO$_{3}$. These properties could be closely related to any spatial heterogeneity caused by the random distribution of Ba$^{2 +}$ and $R^{3 +}$ with much different ionic radius.Comment: 9 pages, to be published in J. Phys. Soc. Jpn. 73 Aug. (2004

Instantons on ALE spaces and Super Liouville Conformal Field Theories

We provide evidence that the conformal blocks of N=1 super Liouville conformal field theory are described in terms of the SU(2) Nekrasov partition function on the ALE space O_{P^1}(-2).Comment: 10 page

Structures and Electromagnetic Properties of New Metal-Ordered Manganites; RBaMn_{2}O_{6} (R = Y and Rare Earth Elements)

New metal-ordered manganites RBaMn_{2}O_{6} have been synthesized and investigated in the structures and electromagnetic properties. RBaMn_{2}O_{6} can be classified into three groups from the structural and electromagnetic properties. The first group (R = La, Pr and Nd) has a metallic ferromagnetic transition, followed by an A-type antiferromagnetic transition in PrBaMn_{2}O_{6}. The second group (R = Sm, Eu and Gd) exhibits a charge-order transition, followed by an antiferromagnetic long range ordering. The third group (R = Tb, Dy and Ho) shows successive three phase transitions, the structural, charge/orbital-order and magnetic transitions, as observed in YBaMn_{2}O_{6}. Comparing to the metal-disordered manganites (R^{3+}_{0.5}A^{2+}_{0.5})MnO_{3}, two remarkable features can be recognized in RBaMn_{2}O_{6}; (1) relatively high charge-order transition temperature and (2) the presence of structural transition above the charge-order temperature in the third group. We propose a possible orbital ordering at the structural transition, that is a possible freezing of the orbital, charge and spin degrees of freedom at the independent temperatures in the third group. These features are closely related to the peculiar structure that the MnO_{2} square-lattice is sandwiched by the rock-salt layers of two kinds, RO and BaO with extremely different lattice-sizes.Comment: 5 pages, 4 figures, submitted to J. Phys. Soc. Jp