A century and three-quarters of Bank Rate and long-term interest rates in the United Kingdom

Over the years from 1844 to 2013, the United Kingdom had several distinct monetary policy regimes. This paper examines the relationship between the Bank of England policy rate and UK long-term rates in each regime. Our starting point is R. G. Hawtrey's A century of Bank Rate, which focused mainly on the classical Gold Standard. We also examine the Interwar years, post-Second World War years of policy by discretion and the recent regime of inflation targeting. We find that policy regimes that firmly anchor inflationary expectations result in long-run interest rates becoming less responsive to changes in monetary policy rates. This suggests a conflict between a regime that anchors inflationary expectations and one that allows a central bank to have significant effects on long-term rates via a short-term policy rate. © 2017 John Wiley & Sons Lt

Theory of structural response to macroscopic electric fields in ferroelectric systems

We have developed and implemented a formalism for computing the structural response of a periodic insulating system to a homogeneous static electric field within density-functional perturbation theory (DFPT). We consider the thermodynamic potentials E(R,eta,e) and F(R,eta,e) whose minimization with respect to the internal structural parameters R and unit cell strain eta yields the equilibrium structure at fixed electric field e and polarization P, respectively. First-order expansion of E(R,eta,e) in e leads to a useful approximation in which R(P) and eta(P) can be obtained by simply minimizing the zero-field internal energy with respect to structural coordinates subject to the constraint of a fixed spontaneous polarization P. To facilitate this minimization, we formulate a modified DFPT scheme such that the computed derivatives of the polarization are consistent with the discretized form of the Berry-phase expression. We then describe the application of this approach to several problems associated with bulk and short-period superlattice structures of ferroelectric materials such as BaTiO3 and PbTiO3. These include the effects of compositionally broken inversion symmetry, the equilibrium structure for high values of polarization, field-induced structural phase transitions, and the lattice contributions to the linear and the non-linear dielectric constants.Comment: 19 pages, with 15 postscript figures embedded. Uses REVTEX4 and epsf macros. Also available at http://www.physics.rutgers.edu/~dhv/preprints/sai_pol/index.htm

Point-charge electrostatics in disordered alloys

A simple analytic model of point-ion electrostatics has been previously proposed in which the magnitude of the net charge q_i on each atom in an ordered or random alloy depends linearly on the number N_i^(1) of unlike neighbors in its first coordination shell. Point charges extracted from recent large supercell (256-432 atom) local density approximation (LDA) calculations of Cu-Zn random alloys now enable an assessment of the physical validity and accuracy of the simple model. We find that this model accurately describes (i) the trends in q_i vs. N_i^(1), particularly for fcc alloys, (ii) the magnitudes of total electrostatic energies in random alloys, (iii) the relationships between constant-occupation-averaged charges and Coulomb shifts (i.e., the average over all sites occupied by either $A$ or $B$ atoms) in the random alloy, and (iv) the linear relation between the site charge q_i and the constant- charge-averaged Coulomb shift (i.e., the average over all sites with the same charge) for fcc alloys. However, for bcc alloys the fluctuations predicted by the model in the q_i vs. V_i relation exceed those found in the LDA supercell calculations. We find that (a) the fluctuations present in the model have a vanishing contribution to the electrostatic energy. (b) Generalizing the model to include a dependence of the charge on the atoms in the first three (two) shells in bcc (fcc) - rather than the first shell only - removes the fluctuations, in complete agreement with the LDA data. We also demonstrate an efficient way to extract charge transfer parameters of the generalized model from LDA calculations on small unit cells.Comment: 15 pages, ReVTeX galley format, 7 eps figures embedded using psfig, to be published in Phys. Rev.

First-principles calculations of the self-trapped exciton in crystalline NaCl

The atomic and electronic structure of the lowest triplet state of the off-center (C2v symmetry) self-trapped exciton (STE) in crystalline NaCl is calculated using the local-spin-density (LSDA) approximation. In addition, the Franck-Condon broadening of the luminescence peak and the a1g -> b3u absorption peak are calculated and compared to experiment. LSDA accurately predicts transition energies if the initial and final states are both localized or delocalized, but 1 eV discrepancies with experiment occur if one state is localized and the other is delocalized.Comment: 4 pages with 4 embeddded figure

Effects of macroscopic polarization in III-V nitride multi-quantum-wells

Huge built-in electric fields have been predicted to exist in wurtzite III-V nitrides thin films and multilayers. Such fields originate from heterointerface discontinuities of the macroscopic bulk polarization of the nitrides. Here we discuss the background theory, the role of spontaneous polarization in this context, and the practical implications of built-in polarization fields in nitride nanostructures. To support our arguments, we present detailed self-consistent tight-binding simulations of typical nitride QW structures in which polarization effects are dominant.Comment: 11 pages, 9 figures, uses revtex/epsf. submitted to PR

Electric fields and valence band offsets at strained [111] heterojunctions

[111] ordered common atom strained layer superlattices (in particular the common anion GaSb/InSb system and the common cation InAs/InSb system) are investigated using the ab initio full potential linearized augmented plane wave (FLAPW) method. We have focused our attention on the potential line-up at the two sides of the homopolar isovalent heterojunctions considered, and in particular on its dependence on the strain conditions and on the strain induced electric fields. We propose a procedure to locate the interface plane where the band alignment could be evaluated; furthermore, we suggest that the polarization charges, due to piezoelectric effects, are approximately confined to a narrow region close to the interface and do not affect the potential discontinuity. We find that the interface contribution to the valence band offset is substantially unaffected by strain conditions, whereas the total band line-up is highly tunable, as a function of the strain conditions. Finally, we compare our results with those obtained for [001] heterojunctions.Comment: 18 pages, Latex-file, to appear in Phys.Rev.

Cross-sectional scanning tunneling microscopy of InAsSb/InAsP superlattices

Cross-sectional scanning tunneling microscopy has been used to characterize compositional structure in InAs{sub 0.87}Sb{sub 0.13}/InAs{sub 0.73}P{sub 0.27} and InAs{sub 0.83}Sb{sub 0.17}/InAs{sub 0.60}P{sub 0.40} strained-layer superlattice structures grown by metal-organic chemical vapor deposition. High-resolution STM images of the (110) cross section reveal compositional features within both the InAs{sub x}Sb{sub 1{minus}x} and InAs{sub y}P{sub 1{minus}y} alloy layers oriented along the [{bar 1}12] and [1{bar 1}2] directions--the same as those in which features would be observed for CuPt-B type ordered alloys. Typically one variant dominates in a given area, although occasionally the coexistence of both variants is observed. Furthermore, such features in the alloy layers appear to be correlated across heterojunction interfaces in a manner that provides support for III-V alloy ordering models which suggest that compositional order can arise from strain-induced order near the surface of an epitaxially growing crystal. Finally, atomically resolved (1{bar 1}0) images obtained from the InAs{sub 0.87}Sb{sub 0.13}/InAs{sub 0.73}P{sub 0.27} sample reveal compositional features in the [112] and [{bar 1}{bar 1}2] directions, i.e., those in which features would be observed for CuPt-A type ordering

Importance of Correlation Effects on Magnetic Anisotropy in Fe and Ni

We calculate magnetic anisotropy energy of Fe and Ni by taking into account the effects of strong electronic correlations, spin-orbit coupling, and non-collinearity of intra-atomic magnetization. The LDA+U method is used and its equivalence to dynamical mean-field theory in the static limit is emphasized. Both experimental magnitude of MAE and direction of magnetization are predicted correctly near U=4 eV for Ni and U=3.5 eV for Fe. Correlations modify one-electron spectra which are now in better agreement with experiments.Comment: 4 pages, 2 figure

Cation- and vacancy-ordering in Li_xCoO_2

Using a combination of first-principles total energies, a cluster expansion technique, and Monte Carlo simulations, we have studied the Li/Co ordering in LiCoO_2 and Li-vacancy/Co ordering in CoO_2. We find: (i) A ground state search of the space of substitutional cation configurations yields the (layered) CuPt structure as the lowest-energy state in the octahedral system LiCoO_2 (and CoO_2), in agreement with the experimentally observed phase. (ii) Finite temperature calculations predict that the solid-state order- disorder transitions for LiCoO_2 and CoO_2 occur at temperatures (~5100 K and ~4400 K, respectively) much higher than melting, thus making these transitions experimentally inaccessible. (iii) The energy of the reaction E(LiCoO_2) - E(CoO_2) - E(Li) gives the average battery voltage V of a Li_xCoO_2/Li cell. Searching the space of configurations for large average voltages, we find that CuPt (a monolayer superlattice) has a high voltage (V=3.78 V), but that this could be increased by cation randomization (V=3.99 V), partial disordering (V=3.86 V), or by forming a 2-layer Li_2Co_2O_4 superlattice along (V=4.90 V).Comment: 12 Pages, RevTeX galley format, 5 figures embedded using epsf Phys. Rev. B (in press, 1998

Spin, charge and orbital ordering in ferrimagnetic insulator YBaMn2_2O5_5

The oxygen-deficient (double) perovskite YBaMn$_2$O$_5$, containing corner-linked MnO$_5$ square pyramids, is found to exhibit ferrimagnetic ordering in its ground state. In the present work we report generalized-gradient-corrected, relativistic first-principles full-potential density-functional calculations performed on YBaMn$_2$O$_5$ in the nonmagnetic, ferromagnetic and ferrimagnetic states. The charge, orbital and spin orderings are explained with site-, angular momentum- and orbital-projected density of states, charge-density plots, electronic structure and total energy studies. YBaMn$_2$O$_5$ is found to stabilize in a G-type ferrimagnetic state in accordance with experimental results. The experimentally observed insulating behavior appears only when we include ferrimagnetic ordering in our calculation. We observed significant optical anisotropy in this material originating from the combined effect of ferrimagnetic ordering and crystal field splitting. In order to gain knowledge about the presence of different valence states for Mn in YBaMn$_2$O$_5$ we have calculated $K$-edge x-ray absorption near-edge spectra for the Mn and O atoms. The presence of the different valence states for Mn is clearly established from the x-ray absorption near-edge spectra, hyperfine field parameters and the magnetic properties study. Among the experimentally proposed structures, the recently reported description based on $P$4/$nmm$ is found to represent the stable structure