International Macroeconomic Policy: When Wealth Affects People's Impatience

Under a modified neo-classical framework, this paper reexamined the effect of international macroeconomic policies by rejecting the routine assumption of a constant rate of time preference. In the model presented here, we suppose the holdings of real financial wealth will affect people's impatience which has far-reaching implications towards various core issues in international macroeconomics. The introducing of wealth into instantaneous discounting function yields intriguing dynamics of consumption, real balances, and foreign bond holdings. One interesting feature of our model is that stationary rate of time preference no longer necessarily equals real interest rate. We also find that central bank's foreign exchange intervention is not super-neutral even if households capitalize all transfers from the government, which contradicts Obstfeld(1981) in that the distribution of the economy¡¯s claims on the rest of the world between the public and the central bank is relevant to the economic performance. The monetary policy affects the real factors, but how the economy behaves in the long run and in the short run differs a lot from Uzawa(1968) and Obstfeld(1981).international macroeconomic policy, impatience, foreign exchange, monetary policy

When Wealth Affects People's Impatience

Zou [1994] has proved that the spirit of capitalism will cause endogenous growth using the AK model. We find that this conclusion needs to be reexamined under our endogenous time preference model. Contrastingly different patterns of growth will obtain under our framework.

Capital Accumulation And Present-biased Preference

This paper reexamines the capital accumulation within a neo-classical growth model under the assumption of hyperbolic discounting as well as endogenous preference, finding that 1) two kinds of Naifs¡¯ behavior coincides under log utility; 2) increasing marginal impatience due to capital accumulation itself will negatively affect the steady state locus of consumption and capital; 3) the effect of hyperbolic settings through effective rate of preference is still ambiguous; 4) we prove the saddle-point equilibrium property for the steady state under various assumptions about individual¡¯s preference. Our model also justifies Max Weber's idea that although spirit of capitalism is an engine to capital accumulation, the subsequent growing wealth will damage this engine.hyperbolic discounting, time-inconsistent, capital accumulation, spirit of capitalism

The relationship of electron Fermi energy with strong magnetic fields

In order to depict the quantization of Landau levels, we introduce Dirac $\delta$ function, and gain a concise expression for the electron Fermi energy, $E_{F}(e) \propto B^{1/4}$. The high soft X-ray luminosities of magnetars may be naturally explained by our theory.Comment: 3 pages, 1 figure, submitted to OMEG11 Proceeding (Tokyo, Japan. Nov.14-18, 2011

Mask-guided Style Transfer Network for Purifying Real Images

Recently, the progress of learning-by-synthesis has proposed a training model for synthetic images, which can effectively reduce the cost of human and material resources. However, due to the different distribution of synthetic images compared with real images, the desired performance cannot be achieved. To solve this problem, the previous method learned a model to improve the realism of the synthetic images. Different from the previous methods, this paper try to purify real image by extracting discriminative and robust features to convert outdoor real images to indoor synthetic images. In this paper, we first introduce the segmentation masks to construct RGB-mask pairs as inputs, then we design a mask-guided style transfer network to learn style features separately from the attention and bkgd(background) regions and learn content features from full and attention region. Moreover, we propose a novel region-level task-guided loss to restrain the features learnt from style and content. Experiments were performed using mixed studies (qualitative and quantitative) methods to demonstrate the possibility of purifying real images in complex directions. We evaluate the proposed method on various public datasets, including LPW, COCO and MPIIGaze. Experimental results show that the proposed method is effective and achieves the state-of-the-art results.Comment: arXiv admin note: substantial text overlap with arXiv:1903.0582

KS0−KL0K_S^0-K_L^0 Asymmetries and CPCP Violation in Charmed Baryon Decays into Neutral Kaons

We study the $K^0_S-K^0_L$ asymmetries and $CP$ violations in charm-baryon decays with neutral kaons in the final state. The $K^0_S-K^0_L$ asymmetry can be used to search for two-body doubly Cabibbo-suppressed amplitudes of charm-baryon decays, with the one in $\Lambda^+_c\to pK^0_{S,L}$ as a promising observable. Besides, it is studied for a new $CP$-violation effect in these processes, induced by the interference between the Cabibbo-favored and doubly Cabibbo-suppressed amplitudes with the neutral kaon mixing. Once the new CP-violation effect is determined by experiments, the direct $CP$ asymmetry in neutral kaon modes can then be extracted and used to search for new physics. The numerical results based on $SU(3)$ symmetry will be tested by the experiments in the future.Comment: 15 pages, 3 tables. Version published in JHE