Innovation and Growth with Financial, and Other, Frictions

The generation and implementation of ideas, or knowledge, is crucial for economic performance. We study this process in a model of endogenous growth with frictions. Productivity increases with knowledge, which advances via innovation, and with the exchange of ideas from those who generate them to those best able to implement them (technology transfer). But frictions in this market, including search, bargaining, and commitment problems, impede exchange and thus slow growth. We characterize optimal policies to subsidize research and trade in ideas, given both knowledge and search externalities. We discuss the roles of liquidity and financial institutions, and show two ways in which intermediation can enhance efficiency and innovation. First, intermediation allows us to finance more transactions with fewer assets. Second, it ameliorates certain bargaining problems, by allowing entrepreneurs to undo otherwise sunk investments in liquidity. We also discuss some evidence, suggesting that technology transfer is a significant source of innovation and showing how it is affected by credit considerations.Economic models; Potential output; Productivity

Innovation and growth with financial, and other, frictions

The generation and implementation of ideas, or knowledge, is crucial for economic performance. We study this process in a model of endogenous growth with frictions. Productivity increases with knowledge, which advances via innovation, and with the exchange of ideas from those who generate them to those best able to implement them (technology transfer). But frictions in this market, including search, bargaining, and commitment problems, impede exchange and thus slow growth. We characterize optimal policies to subsidize research and trade in ideas, given both knowledge and search externalities. We discuss the roles of liquidity and financial institutions, and show two ways in which intermediation can enhance efficiency and innovation. First, intermediation allows us to finance more transactions with fewer assets. Second, it ameliorates certain bargaining problems, by allowing entrepreneurs to undo otherwise sunk investments in liquidity. We also discuss some evidence, suggesting that technology transfer is a significant source of innovation and showing how it is affected by credit considerations.

Particle escape into extra space

We focus on escape of a spin integer particle the challenge for which is of course that the corresponding field equation contains the second order time derivative and, in general, may be problematic for interpreting the extra-dimensional part of the field as a wave function for the KK modes as it is usually regarded.Comment: 3 page

Radiative Corrections to Longitudinal and Transverse Gauge Boson and Higgs Production

Radiative corrections to gauge boson and Higgs production computed recently using soft-collinear effective theory (SCET) require the one-loop high-scale matching coefficients in the standard model. We give explicit expressions for the matching coefficients for the effective field theory (EFT) operators for q qbar -> VV and q qbar -> phi^+ phi for a general gauge theory with an arbitrary number of gauge groups. The group theory factors are given explicitly for the standard model, including both QCD and electroweak corrections.Comment: 16 pages, 49 figure

Innovation and growth with financial, and other, frictions

The generation and implementation of ideas are crucial for economic performance. We study this in a model of endogenous growth, where productivity increases with innovation, and where the exchange of ideas (technology transfer) allows those with comparative advantage implement them. Search, bargaining, and commitment frictions impede the idea market, however, reducing efficiency and growth. We characterize optimal policies involving subsidies to innovative and entrepreneurial activity, given both knowledge and search externalities. The role of liquidity is discussed. We show intermediation helps by financing more transactions with fewer assets, and, more subtly, by ameliorating holdup problems. We also discuss some evidence

Dynamics of massive matter disappearance on the brane

Time evolution of the probability of quasilocalized massive modes decay trough the tunneling into an extra dimension is analyzed in the Randall-Sundrum braneworld model.Comment: 5 pages, 1 figure, version to appear in Phys. Lett.

Innovation and Growth with Financial, and other, Frictions

The generation and implementation of ideas, or knowledge, is crucial for economic performance. We study this process in a model of endogenous growth with frictions. Productivity increases with knowledge, which advances via innovation, and with the exchange of ideas from those who generate them to those best able to implement them (technology transfer). But frictions in this market, including search, bargaining, and commitment problems, impede exchange and thus slow growth. We characterize optimal policies to subsidize research and trade in ideas, given both knowledge and search externalities. We discuss the roles of liquidity and financial institutions, and show two ways in which intermediation can enhance efficiency and innovation. First, intermediation allows us to finance more transactions with fewer assets. Second, it ameliorates certain bargaining problems, by allowing entrepreneurs to undo otherwise sunk investments in liquidity. We also discuss some evidence, suggesting that technology transfer is a significant source of innovation and showing how it is affected by credit considerations.

Electroweak Sudakov Corrections using Effective Field Theory

Electroweak Sudakov corrections of the form alpha^n log^m s/M_{W,Z}^2 are summed using renormalization group evolution in soft-collinear effective theory (SCET). Results are given for the scalar, vector and tensor form-factors for fermion and scalar particles. The formalism for including massive gauge bosons in SCET is developed.Comment: 5 page

NEW MEASUREMENTS OF THE WATER VAPOR ABSORPTION CROSS SECTION IN THE BLUE-VIOLET RANGE BY CAVITY-ENHANCED DIFFERENTIAL OPTICAL ABSORPTION SPECTROSCOPY

The absorption cross section of water vapor in the blue-violet range (415-460 nm) is currently not well known, and many weak spectral lines are not included in either the HIgh resolution TRANsmission molecular absorption (HITRAN) database or its HIgh TEMPerature companion, HITEMP. Direct measurements of the absorption cross section of water vapor in this region have been limited by the slant column density (SCD) of gaseous water molecules achievable in a laboratory setting. We use cavity-enhanced differential optical absorption spectroscopy (CE-DOAS) to generate water vapor SCDs comparable to those in field measurements. Our cavity consists of high-reflectivity (R $>$ 0.99995) mirrors separated by ~80 cm to realize effective path lengths up to 16 km; water vapor is generated from deionized water in a double-bubbler system. Broadband light sources (LEDs) with peak intensities at 420 and 455 nm allow us to measure multiple lines at moderately high spectral resolution (0.15 nm). The first spectra were measured at room temperature (298 K), but our setup allows us to explore temperature variations. Our goals are to refine available line lists for gas-phase water by combining laboratory measurements with quantum chemical calculations, and to reevaluate field measurements. In particular, we will revisit field data from University of Colorado Airborne Multi-AXis Differential Optical Absorption Spectroscopy (CU AMAX-DOAS) instrument during the Tropical Ocean tRoposphere Exchange of Reactive halogen species and Oxygenated VOC (TORERO) campaign. As part of TORERO, comparisons of in situ and remote-sensing measurements of water vapor were performed, and AMAX-DOAS fits exhibited cosmetic residual structures when using HITRAN and HITEMP reference spectra. Our work has the potential to improve trace gas retrievals from many current and planned satellites, e.g. Ozone Monitoring Instrument (OMI), TROPOspheric Monitoring Instrument (TROPOMI), and Tropospheric Emissions: Monitoring of Pollution (TEMPO); and from aircraft-based remote-sensing instruments such as the CU AMAX-DOAS