20,369 research outputs found
Accounting for Housing in a CPI
Statistical agencies in different nations usually use the rental equivalence approach to the treatment of housing in their CPIs but a few countries use the user cost approach. The paper argues that an opportunity cost approach is the correct theoretical framework for accounting for OOH in a CPI. This approach, first mentioned in a 2006 OECD paper by Diewert, is developed more fully here. We explore the relationship of this new approach to the usual rental equivalency and user cost approaches. The new approach leads to an Owner Occupied Housing Opportunity Cost (OOHOC) index that is a weighted average of the rental and the financial opportunity costs.Durable goods, Consumer Price Index, Cost of Living Index, Owner Occupied Housing, depreciation, hedonic regression models, rental equivalence approac
Accounting for housing in a CPI
In this paper, we take stock of how statistical agencies in different nations are currently accounting for housing in their consumer price indexes (CPIs). The rental equivalence and user cost approaches have been favourites of economists. Both can be derived from the fundamental equation of capital theory. Concerns about these approaches are taken up. We go on to argue that an opportunity cost approach is the correct theoretical framework for accounting for owner-occupied housing (OOH) in a CPI. This approach, first mentioned in a 2006 OECD paper by Diewert, is developed more fully here. We explore the relationship of this new approach to the usual rental equivalency and user cost approaches. The new approach leads to an owner-occupied housing opportunity cost (OOHOC) index that is a weighted average of the rental and the financial opportunity costs. ; We call attention to the need for more direct measures of inflation for owner-occupied housing services. In a 2007 paper, Mishkin argues that central banks with supervisory authority can reduce the likelihood of bubbles forming through prudential supervision of the financial system. However, the official mandates of central banks typically focus on managing measured inflation. Barack Obama has pledged to give the Federal Reserve greater oversight of a broader array of financial institutions. We believe that an important addition to this pledge should be to give the BLS, BEA, and Census Bureau the funds and the mandate to aggressively develop improved measures of inflation for owner-occupied housing services. Central banks and national governments have many policy instruments at their disposal that they could use, in the future, to control inflation in housing markets. What they lack are appropriate measures of inflation in the market for owner-occupied housing services. The proposed new opportunity cost measure for accounting for OOH in a CPI will not be simple or cheap to implement. However, the current financial crisis makes it clear that the costs of not having an adequate measure for inflation in the cost of owner-occupied housing services can be far greater.Durable goods, Consumer ; Consumer price indexes ; Cost of living adjustments ; Housing
Effects of Chemical Potential on Hadron Masses at Finite Temperature
We study the effects of the chemical potential on the meson mass at
finite temperature. Our preliminary results show that some effects are seen in
the vicinity of the phase transition point. Although the signal is still too
noisy to obtain conclusive physical results within limited statistics, the mass
susceptibility is consistent with zero.Comment: LATTICE98(hightemp), 3 page
Simulation of SU(2) Dynamical Fermion at Finite Chemical Potential and at Finite Temperature
SU(2) lattice gauge theory with dynamical fermion at non-zero chemical
potential and at finite temperature is studied. We focus on the influence of
chemical potential for quark condensate and mass of pseudoscalar meson at
finite temperature.
Hybrid Monte Carlo simulations with staggered fermions are carried
out on lattice. At and
0.05,0.07,0.1, we calculate the quark condensate and masses of
pseudoscalar meson consisting of light and heavier quarks for chemical
potential 0.0,0.02,0.05,0.1,0.2.Comment: Proceedings of the International Workshop on Nonperturbative Methods
and Lattice QCD, Guangzhou, Chin
Spin-orbit interactions in black-hole binaries
We perform numerical simulations of black-hole binaries to study the exchange
of spin and orbital angular momentum during the last, highly nonlinear, stages
of the coalescence process. To calculate the transfer of angular momentum from
orbital to spin, we start with two quasi-circular configurations, one with
initially non-spinning black holes, the other with corotating black holes. In
both cases the binaries complete almost two orbits before merging. We find
that, during these last orbits, the specific spin (a/m) of each horizon
increases by only 0.012 for the initially non-spinning configuration, and by
only 0.006 for the initially corotating configuration. By contrast, the
corotation value for the specific spin should increase from 0.1 at the initial
proper separation of 10M to 0.33 when the proper separation is 5M. Thus the
spin-orbit coupling is far too weak to tidally lock the binary to a corotating
state during the late-inspiral phase. We also study the converse transfer from
spin into orbital motion. In this case, we start the simulations with parallel,
highly-spinning non-boosted black holes. As the collision proceeds, the system
acquires a non-head-on orbital motion, due to spin-orbit coupling, that leads
to the radiation of angular momentum. We are able to accurately measure the
energy and angular momentum losses and model their dependence on the initial
spins.Comment: This version corrects two typos in Eq (4) and Table I present in the
published versio
Information entropic superconducting microcooler
We consider a design for a cyclic microrefrigerator using a superconducting
flux qubit. Adiabatic modulation of the flux combined with thermalization can
be used to transfer energy from a lower temperature normal metal thin film
resistor to another one at higher temperature. The frequency selectivity of
photonic heat conduction is achieved by including the hot resistor as part of a
high frequency LC resonator and the cold one as part of a low-frequency
oscillator while keeping both circuits in the underdamped regime. We discuss
the performance of the device in an experimentally realistic setting. This
device illustrates the complementarity of information and thermodynamic entropy
as the erasure of the quantum bit directly relates to the cooling of the
resistor.Comment: 4 pages, 3 figure
Introduction to Price and Productivity Measurement for Housing
This paper provides a brief introduction to a proposed new opportunity cost treatment of owner occupied housing in measures of inflation for the United States. In addition, the paper introduces, and provides links to, a collection of nine other papers that discuss various aspects of the treatment of owner occupied housing in measures of inflation for a number of nations including Canada, Germany, Iceland and the United States.Durable goods, Consumer Price Index, Cost of Living Index, Owner Occupied Housing, depreciation, hedonic regression models, rental equivalence approac
Study of acoustic emission during mechanical tests of large flight weight tank structure
A polyphenylane oxide insulated, flight weight, subscale, aluminum tank was monitored for acoustic emissions during a proof test and during 100 cycles of environmental test simulating space flights. The use of a combination of frequency filtering and appropriate spatial filtering to reduce background noise was found to be sufficient to detect acoustic emission signals of relatively small intensity expected from subcritical crack growth in the structure. Several emission source locations were identified, including the one where a flaw was detected by post-test X-ray inspections. For most source locations, however, post-test inspections did not detect flaws; this was partially attributed to the higher sensitivity of the acoustic emission technique than any other currently available NDT method for detecting flaws
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