CENTRAL BANK LEARNING, TERMS OF TRADE SHOCKS & CURRENCY RISKS: SHOULD ONLY INFLATION MATTER FOR MONETARY POLICY?

This paper examines the role of interest rate policy in a small open economy subject to terms of trade shocks, and time-varying currency risks. The private sector makes optimal decisions in an intertemporal non-linear setting with rational, forward-looking expectations. In contrast, the monetary authority practices "least-squares learning" about the evolution of inflation, output growth, and exchange rate depreciation in alternative policy scenarios. Interest rates are set by linear quadratic optimization, with the objectives for inflation, output growth, or depreciation depending on current conditions. The simulation results show that the prefered stance is one which targets inflation only. Including other targets such as growth and exchange rate changes significantly increases output variability, and unambiguously decreases welfare.Currency risks, learning, parameterized expectations, policy targets

Cyclic Universe and Infinite Past

We address two questions about the past for infinitely cyclic cosmology. The first is whether it can contain an infinite length null geodesic into the past in view of the Borde-Guth-Vilenkin (BGV) "no-go" theorem, The second is whether, given that a small fraction of spawned universes fail to cycle, there is an adequate probability for a successful universe after an infinite time. We give positive answers to both questions then show that in infinite cyclicity the total number of universes has been infinite for an arbitrarily long time.Comment: 7 pages. Clarification in discussion of infinite pas

Work functions of self-assembled monolayers on metal surfaces

Using first-principles calculations we show that the work function of noble metals can be decreased or increased by up to 2 eV upon the adsorption of self-assembled monolayers of organic molecules. We identify the contributions to these changes for several (fluorinated) thiolate molecules adsorbed on Ag(111), Au(111) and Pt(111) surfaces. The work function of the clean metal surfaces increases in this order, but adsorption of the monolayers reverses the order completely. Bonds between the thiolate molecules and the metal surfaces generate an interface dipole, whose size is a function of the metal, but it is relatively independent of the molecules. The molecular and bond dipoles can then be added to determine the overall work function.Comment: 5 pages, 2 figure

Test of variational transition state theory against accurate quantal results for a reaction with very large reaction-path curvature and a low barrier

We present three sets of calculations for the thermal rate constants of the collinear reaction I+HI-->IH+I: accurate quantum mechanics, conventional transition state theory (TST), and variational transition state theory (VTST). This reaction differs from previous test cases in that it has very large reaction-path curvature but hardly any tunneling. TST overestimates the accurate results by factors of 2×10^10, 2×10^4, 57, and 19 at 40, 100, 300, and 1000 K, respectively. At these same four temperatures the ratios of the VTST results to the accurate quantal ones are 0.3, 0.8, 1.1, and 1.4, respectively. We conclude that the variational transition states are meaningful, even though they are computed from a reaction-path Hamiltonian with large curvature, which is the most questionable case

Kinetics and Products of the Acid-Catalyzed Ring-Opening of Atmospherically Relevant Butyl Epoxy Alcohols

Epoxydiols are produced in the gas phase from the photo-oxidation of isoprene in the absence of significant mixing ratios of nitrogen oxides (NO_x). The reactive uptake of these compounds onto acidic aerosols has been shown to produce secondary organic aerosol (SOA). To better characterize the fate of isoprene epoxydiols in the aerosol phase, the kinetics and products of the acid-catalyzed ring-opening reactions of four hydroxy-substituted epoxides were studied by nuclear magnetic resonance (NMR) techniques. Polyols and sulfate esters are observed from the ring-opening of the epoxides in solutions of H_2SO_4/Na_2SO_4. Likewise, polyols and nitrate esters are produced in solutions of HNO_3/NaNO_3. In sulfuric acid, the rate of acid-catalyzed ring-opening is dependent on hydronium ion activity, sulfate ion, and bisulfate. The rates are much slower than the nonhydroxylated equivalent epoxides; however, the hydroxyl groups make them much more water-soluble. A model was constructed with the major channels for epoxydiol loss (i.e., aerosol-phase ring-opening, gas-phase oxidation, and deposition). In the atmosphere, SOA formation from epoxydiols will depend on a number of variables (e.g., pH and aerosol water content) with the yield of ring-opening products varying from less than 1% to greater than 50%

An absorption tube for the investigation of gases in the photographic infrared

An absorption cell of novel design is described, which combines the advantages of long path and relatively small volume

Enhanced recovery after surgery

Enhanced Recovery or Fast Track Recovery after Surgery protocols (ERAS) have significantly changed perioperative care following colorectal surgery and are promoted as reducing the stress response to surgery. The present systematic review aimed to examine the impact on the magnitude of the systemic inflammatory response (SIR) for each ERAS component following colorectal surgery using objective markers such as C-reactive protein (CRP) and interleukin-6 (IL-6). A literature search was performed of the US National Library of Medicine (MEDLINE), EMBASE, PubMed, and the Cochrane Database of Systematic Reviews using appropriate keywords and subject headings to February 2015. Included studies had to assess the impact of the selected ERAS component on the SIR using either CRP or IL-6. Nineteen studies, including 1898 patients, were included. Fourteen studies (1246 patients) examined the impact of laparoscopic surgery on the postoperative markers of SIR. Ten of these studies (1040 patients) reported that laparoscopic surgery reduced postoperative CRP. One study (53 patients) reported reduced postoperative CRP using opioid-minimising analgesia. One study (142 patients) reported no change in postoperative CRP following preoperative carbohydrate loading. Two studies (108 patients) reported conflicting results with respect to the impact of goal-directed fluid therapy on postoperative IL-6. No studies examined the effect of other ERAS components, including mechanical bowel preparation, antibiotic prophylaxis, thromboprophylaxis, and avoidance of nasogastric tubes and peritoneal drains on markers of the postoperative SIR following colorectal surgery. The present systematic review shows that, with the exception of laparoscopic surgery, objective evidence of the effect of individual components of ERAS protocols in reducing the stress response following colorectal surgery is limited