Normal functionals on Lipschitz spaces are weak∗^\ast continuous

Let $\operatorname{Lip}_0(M)$ be the space of Lipschitz functions on a complete metric space $M$ that vanish at a base point. We show that every normal functional in $\operatorname{Lip}_0(M)^\ast$ is weak$^*$ continuous, answering a question by N. Weaver.Comment: v2: Revised versio

Balanced budget multiplier with indirect taxes under imperfect competition

This paper presents two counter-examples to the Keynesian features attributed to imperfect competition in general equilibrium models. In particular, by considering indirect tax rates, a non positive and monotonically non-increasing relationship between the magnitude of both the balanced budget and welfare multipliers and market-power is obtained.

The Two-Dimensional Stringy Black-Hole: A New Approach and a Pathology

The string propagation in the two-dimensional stringy black-hole is investigated from a new approach. We completely solve the classical and quantum string dynamics in the lorentzian and euclidean regimes. In the lorentzian case all the physics reduces to a massless scalar particle described by a Klein-Gordon type equation with a singular effective potential. The scattering matrix is found and it reproduces the results obtained by coset CFT techniques. It factorizes into two pieces : an elastic coulombian amplitude and an absorption part. In both parts, an infinite sequence of imaginary poles in the energy appear. The generic features of string propagation in curved D-dimensional backgrounds (string stretching, fall into spacetime singularities) are analyzed in the present case. A new physical phenomenon specific to the present black-hole is found : the quantum renormalization of the speed of light. We find c_{quantum} = \sqrt{{k\o{k-2}}}~c_{classical}, where $k$ is the integer in front of the WZW action. This feature is, however, a pathology. Only for $k \to \infty$ the pathology disappears (although the conformal anomaly is present). We analyze all the classical euclidean string solutions and exactly compute the quantum partition function. No critical Hagedorn temperature appears here.Comment: 32 pages, uses phyzz

Nonlinear monetary policy rules: some new evidence for the US

This paper dreives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical results show that these features lead to sign and size aymmetries, and nonlinearities in the policy rule. Reduced-form estimates indicate that US monetary policy can be characterized by a nonlinear policy rule after 1983, but not before 1979. This finding is consistent with the view that the Fed`s inflation preferences during the Volcker-Greenspan regime differ considerably from the ones during the Burns-Miller regime

A refined analysis of the low-mass eclipsing binary system T-Cyg1-12664

The observational mass-radius relation of main sequence stars with masses between ~0.3 and 1.0 Msun reveals deviations between the stellar radii predicted by models and the observed radii of stars in detached binaries. We generate an accurate physical model of the low-mass eclipsing binary T-Cyg1-12664 in the Kepler mission field to measure the physical parameters of its components and to compare them with the prediction of theoretical stellar evolution models. We analyze the Kepler mission light curve of T-Cyg1-12664 to accurately measure the times and phases of the primary and secondary eclipse. In addition, we measure the rotational period of the primary component by analyzing the out-of-eclipse oscillations that are due to spots. We accurately constrain the effective temperature of the system using ground-based absolute photometry in B, V, Rc, and Ic. We also obtain and analyze V, Rc, Ic differential light curves to measure the eccentricity and the orbital inclination of the system, and a precise Teff ratio. From the joint analysis of new radial velocities and those in the literature we measure the individual masses of the stars. Finally, we use the PHOEBE code to generate a physical model of the system. T-Cyg1-12664 is a low eccentricity system, located d=360+/-22 pc away from us, with an orbital period of P=4.1287955(4) days, and an orbital inclination i=86.969+/-0.056 degrees. It is composed of two very different stars with an active G6 primary with Teff1=5560+/-160 K, M1=0.680+/-0.045 Msun, R1=0.799+/-0.017 Rsun, and a M3V secondary star with Teff2=3460+/-210 K, M2=0.376+/-0.017 Msun, and R2=0.3475+/-0.0081 Rsun. The primary star is an oversized and spotted active star, hotter than the stars in its mass range. The secondary is a cool star near the mass boundary for fully convective stars (M~0.35 Msun), whose parameters appear to be in agreement with low-mass stellar model.Comment: 18 pages, 15 figures, 15 table