Birefringence of interferential mirrors at normal incidence Experimental and computational study

In this paper we present a review of the existing data on interferential mirror birefringence. We also report new measurements of two sets of mirrors that confirm that mirror phase retardation per reflection decreases when mirror reflectivity increases. We finally developed a computational code to calculate the expected phase retardation per reflection as a function of the total number of layers constituting the mirror. Different cases have been studied and we have compared computational results with the trend of the experimental data. Our study indicates that the origin of the mirror intrinsic birefringence can be ascribed to the reflecting layers close to the substrate.Comment: To be published in Applied Physics

The charismatic leadership of the ECB presidency:A language-based analysis

There is little doubt that the European Central Bank (ECB), and in particular its presidency, has taken the lead in tackling the euro crisis. But can this leadership be also characterised as charismatic? This article answers the question by focusing on language – a key component as well as a reliable indicator of charisma. By means of a software‐assisted content analysis of the entire corpus of ECB presidential speeches, it is found that the crisis has indeed led to the emergence of the Bank's presidency as a charismatic euro leader. This in turn confirms the recent politicisation of the ECB, but at the same time might be seen as mitigating the problems related to the Bank's democratic deficit, to the extent that charisma can be seen, from a Weberian standpoint, as an alternative source of political legitimacy

Maximizing Price Stability in a Monetary Economy

In this paper we analyze options for the European Central Bank (ECB) to achieve its single mandate of price stability. Viable options for price stability are described, analyzed, and tabulated with regard to both short- and long-term stability and volatility. We introduce an additional tool for promoting price stability and conclude that public purpose is best served by the selection of an alternative buffer stock policy that is directly managed by the ECB

Die Zinslast des Bundes in der Schuldenkrise: Wie lukrativ ist der „sichere Hafen“?

In the aftermath of the Great Recession and during the debt crisis in the euro area yields on German federal bonds have been exceptionally low. This analysis tries to calculate the profits that the federal government makes due to the low yields. The interest payments that are due to emissions of bonds and bills made between 2009 and 2012 are approximated and compared to several benchmark scenarios. Compared to the mean yields of the years 1999-2008 profits of the federal government are quite high (68 billion euros). Application of yield curve models show that most of these profits are due to the macroeconomic conditions in the euro area and to low central bank rates. To a much smaller extend these profits are due to flight into safety, which, however, has become more relevant recently

Models for measuring hepatic glucose production from labelled IVGTT

In the line of the minimal modelling strategy, we present various modelling attempts to measure hepatic glucose production during a labelled intravenous glucose tolerance test (labelled IVGTT). We propose a physiological model which allows to reconstruct by deconvolution a profile of hepatic glucose production which is more reliable than those obtained with simpler models. The model presented incorporates the most recent information on the influence of insulin on glucose kinetics and allows recovery of a more physiological prediction of hepatic response during the IVGTT

Tassazione di impresa ed economia digitale

La Corporate Income Tax è ancora oggi un modello efficiente di tassazione delle imprese? L’imposta sulle società, diffusasi intorno alla metà del secolo scorso, nacque con caratteristiche e presupposti che portarono rapidamente alla crisi di questo tributo. In tempi più recenti tale crisi ha registrato una significativa accelerazione. La globalizzazione ha indotto profondi mutamenti nel modello di business: le attività delle imprese sono diventate globali, digitali e immateriali, mentre i sistemi fiscali sono rimasti quelli progettati un secolo fa. All’interno dell’Unione europea la crisi della Corporate Income Tax ha assunto dimensioni ancora più significative per la combinazione con le regole di libera circolazione dei capitali. Per limitarne i principali effetti negativi (profit shifting, violazione delle regole del mercato interno) le istituzioni europee dedicano da quasi un quarantennio molta attenzione a forme di coordinamento/ armonizzazione che non hanno generato i risultati sperati.Is taxation through Corporate Income Tax still an efficient model for taxing enterprises today? Corporate tax, diffused in the middle of the last century, was established with characteristics and assumptions that quickly cast it into a crisis. In more recent times this crisis has significantly accelerated. Globalization has produced profound changes in the business model: business activities have become global, digital and intangible, while tax systems remained as they were a century ago. In the European Union, the Corporate Income Tax crisis has assumed dimensions that are even more significant since it is combined with the rules of the free movement of capital. To limit the main negative effects (profit shifting, violation of the internal market rules), for almost forty years European institutions have been devoting much attention to various forms of coordination/harmonisation that have not produced the expected results

NAD metabolism in cultured cells

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