Enhanced nematic fluctuations near an antiferromagnetic Mott insulator and possible application to high-TcT_{c} cuprates

Motivated by the widespread experimental observations of nematicity in strongly underdoped cuprate superconductors, we investigate the possibility of enhanced nematic fluctuations in the vicinity of a Mott insulator that displays N\'eel-type antiferromagnetic order. By performing a strong-coupling expansion of an effective model that contains both Cu-$d$ and O-$p$ orbitals on the square lattice, we demonstrate that quadrupolar fluctuations in the $p$-orbitals inevitably generate a biquadratic coupling between the spins of the $d$-orbitals. The key point revealed by our classical Monte Carlo simulations and large-$N$ calculations is that the biquadratic term favors local stripe-like magnetic fluctuations, which result in an enhanced nematic susceptibility that onsets at a temperature scale determined by the effective Heisenberg exchange $J$. We discuss the impact of this type of nematic order on the magnetic spectrum and outline possible implications on our understanding of nematicity in the cuprates.Comment: 11 pages, 4 figures; includes Supplemental Material (14 pages, 4 figures

Magnetic phase diagram of the iron pnictides in the presence of spin-orbit coupling: Frustration between C2C_2 and C4C_4 magnetic phases

We investigate the impact of spin anisotropic interactions, promoted by spin-orbit coupling, on the magnetic phase diagram of the iron-based superconductors. Three distinct magnetic phases with Bragg peaks at $(\pi,0)$ and $(0,\pi)$ are possible in these systems: one $C_2$ (i.e. orthorhombic) symmetric stripe magnetic phase and two $C_4$ (i.e. tetragonal) symmetric magnetic phases. While the spin anisotropic interactions allow the magnetic moments to point in any direction in the $C_2$ phase, they restrict the possible moment orientations in the $C_4$ phases. As a result, an interesting scenario arises in which the spin anisotropic interactions favor a $C_2$ phase, but the other spin isotropic interactions favor a $C_4$ phase. We study this frustration via both mean-field and renormalization-group approaches. We find that, to lift this frustration, a rich magnetic landscape emerges well below the magnetic transition temperature, with novel $C_2$, $C_4$, and mixed $C_2$-$C_4$ phases. Near the putative magnetic quantum critical point, spin anisotropies promote a stable Gaussian fixed point in the renormalization-group flow, which is absent in the spin isotropic case, and is associated with a near-degeneracy between $C_2$ and $C_4$ phases. We argue that this frustration is the reason why most $C_4$ phases in the iron pnictides only appear inside the $C_2$ phase, and discuss additional manifestations of this frustration in the phase diagrams of these materials.Comment: 21 pages, 19 figures, published versio

The predictive accuracy of credit ratings: measurement and statistical inference

Credit ratings are ordinal predictions for the default risk of an obligor. To evaluate the accuracy of such predictions commonly used measures are the Accuracy Ratio or, equivalently, the Area under the ROC curve. The disadvantage of these measures is that they treat default as a binary variable thereby neglecting the timing of the default events and also not using the full information from censored observations. We present an alternative measure that is related to the Accuracy Ratio but does not suffer from these drawbacks. As a second contribution, we study statistical inference for the Accuracy Ratio and the proposed measure in the case of multiple cohorts of obligors with overlapping lifetimes. We derive methods that use more sample information and lead to more powerful tests than alternatives that filter just the independent part of the dataset. All procedures are illustrated in the empirical section using a dataset of S&P Long Term Credit Ratings. --ratings,predictive accuracy,Accuracy Ratio,Harrell's C,overlapping lifetimes

Luminescence and Squeezing of a Superconducting Light Emitting Diode

We investigate a semiconductor $p$-$n$ junction in contact with superconducting leads that is operated under forward bias as a light-emitting diode. The presence of superconductivity results in a significant increase of the electroluminescence in a certain frequency window. We demonstrate that the tunneling of Cooper pairs induces an additional luminescence peak on resonance. There is a transfer of superconducting to photonic coherence which results in the emission of entangled photon pairs and squeezing of the fluctuations in the quadrature amplitudes of the emitted light. The squeezing angle can be electrically manipulated by changing the relative phase of the order parameters in the superconductors. We finally derive the conditions for lasing in the system and show that the laser threshold is reduced due to superconductivity. This shows how macroscopic coherence of a superconductor can be used to control the properties of light.Comment: 26 pages, 14 figures. Published versio

Finite-Size Effects in Lattice QCD with Dynamical Wilson Fermions

As computing resources are limited, choosing the parameters for a full Lattice QCD simulation always amounts to a compromise between the competing objectives of a lattice spacing as small, quarks as light, and a volume as large as possible. Aiming to push unquenched simulations with the Wilson action towards the computationally expensive regime of small quark masses we address the question whether one can possibly save computing time by extrapolating results from small lattices to the infinite volume, prior to the usual chiral and continuum extrapolations. In the present work the systematic volume dependence of simulated pion and nucleon masses is investigated and compared with a long-standing analytic formula by Luescher and with results from Chiral Perturbation Theory. We analyze data from Hybrid Monte Carlo simulations with the standard (unimproved) two-flavor Wilson action at two different lattice spacings of a=0.08fm and 0.13fm. The quark masses considered correspond to approximately 85 and 50% (at the smaller a) and 36% (at the larger a) of the strange quark mass. At each quark mass we study at least three different lattices with L/a=10 to 24 sites in the spatial directions (L=0.85-2.08fm).Comment: 21 pages, 20 figures, REVTeX 4; v2: caption of Fig.7 corrected, one reference adde

Global Excess Liquidity and House Prices - A VAR Analysis for OECD Countries

The belief that house prices are driven by specific regional and institutional variables and not at all by monetary conditions is so entrenched with some market participants and some commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. This paper investigates the relationship between global excess liquidity and asset prices on a global scale:How important is global liquidity? How are asset (especially house) prices and other important macro variables like consumer prices affected by global monetary conditions? This paper analyses the international transmission of monetary shocks with a special focus on the effects of a global monetary aggregate ("global liquidity") on consumer prices and different asset prices.We estimate a variety of VAR models for the global economy using aggregated data that represent the major OECD countries. The impulse responses show that a positive shock to global liquidity leads to permanent increases in the global GDP deflator and in the global house price index, while the latter reaction is even more distinctive. Moreover, we find that there are subsequent spillovers to consumer prices. In contrast, we are not able to find empirical evidence in favour of the hypothesis that the MSCIWorld index as a measure of stock prices significantly reacts to changes in global liquidity.Global liquidity, inflation control, international spillovers, asset prices, VAR analysis

Emergent magnetic degeneracy in iron pnictides due to the interplay between spin-orbit coupling and quantum fluctuations

Recent experiments in iron pnictide superconductors reveal that, as the putative magnetic quantum critical point is approached, different types of magnetic order coexist over a narrow region of the phase diagram. Although these magnetic configurations share the same wave-vectors, they break distinct symmetries of the lattice. Importantly, the highest superconducting transition temperature takes place close to this proliferation of near-degenerate magnetic states. In this paper, we employ a renormalization group calculation to show that such a behavior naturally arises due to the effects of spin-orbit coupling on the quantum magnetic fluctuations. Formally, the enhanced magnetic degeneracy near the quantum critical point is manifested as a stable Gaussian fixed point with a large basin of attraction. Implications of our findings to the superconductivity of the iron pnictides are also discussed.Comment: 6 pages, 2 figures, published versio