Infrared Absorption Associated with Strong Hydrogen Bonds

Several investigators have proposed that there exists a more or less unique relation between the O-O distance in O-H-O hydrogen bonds and the shift of O-H vibrational frequency. [1-5] However, the meager intensities of some bands which have been ascribed to this vibration (notably in nickel dimethyl-glyoxime and potassium dihydrogen phosphate) have made us a little skeptical of the correlation inthe case of very short, and possibly symmetrical, hydrogen bonds

Fiscal Policy, Growth and Convergence in Europe

Recent evidence on the impact of fiscal policy, taxes, public expenditures and budget deficits on long-run growth in OECD countries has adopted the Barro (1990) framework to distinguish between ‘productive’ and ‘unproductive’ expenditures, and ‘distortionary’ and ‘non-distortionary’ taxes. Using estimated long-run growth effects from these fiscal variables, this paper simulates the effects on growth rates of observed fiscal policy changes in the EU. With two exceptions, the individual country growth effects of actual changes in taxes, expenditures and deficits appear plausible at around -0.2 to +0.2 of a percentage point per annum. Few common policy scenarios are apparent in the data however, with key sources of differences between countries being the extent to which distortionary taxes or deficits were used to fund public spending increases and whether additional spending was focussed on ‘productive’ activities. Our results confirm that the change in the overall share of taxes or spending in GDP, or the annual budget deficit, is not a good guide to whether the growth effects of fiscal policy are likely to be positive or negative. The paper also considers whether our growth regression model, which imposes parameter homogeneity across countries, is justified. The evidence suggests this is the case, with a high degree of uniformity across countries. Finally the paper considers whether there is any evidence of ‘fiscal convergence’ across the EU. That is, are growth-affecting fiscal variables becoming more similar over time across the EU? Though data are limited, the answer to this question appears generally to be negative, with little evidence of unconditional convergence. Countries’ tax or expenditure/GDP ratios do, however, generally revert towards their steady-state paths.

Equity weights for economic evaluation: An Australian Discrete Choice Experiment, CHERE Working Paper 2008/5

Background: Economic evaluation of healthcare interventions and technologies using the quality-adjusted life year (or life year) usually values outcomes independently of who they accrue to. This is a simplifying assumption relating to the more complex societal preferences. While the premise of equal value has been criticised as being unreflective of societal views, no alternative has gained significant traction. Aims: To identify the trade-offs made by an Australian population between total gain in life expectancy, initial life expectancy, gender, income and smoking status, and then to generate equity weights for economic evaluation from these results. Method: A discrete choice experiment was used in an online panel. 241 respondents answered twelve binary choices, and the results were analysed using logistic regression. Equity weights were then generated using Hicksian compensating variation. Results: A typical individual was willing to discriminate based on smoking and income, but not on gender or initial life expectancy (although the last of these is considered within a narrow range of 55-75 years). However, there was considerable heterogeneity in respondents. Equity weights ranged from 0.673 for smokers with an above average income to 1.207 for non-smokers with a below average income. This result was sensitive to the point at which the marginal utility of time was estimated. Conclusion: Healthcare decision making, using an orthodox QALY model, does not capture the views of society, particularly with regard to smoking or income. We have presented an alternative approach, weighting outcomes dependent on the personal characteristics of the individual receiving them. The feasibility of including this finding in economic evaluation is as yet uncertain and has to be investigated further.Economic evaluation, discrete choice experiment

Fiscal Policy, Growth and Convergence in Europe

Recent evidence on the impact of fiscal policy – taxes, public expenditures and budget deficits – on long-run growth in OECD countries has adopted the Barro (1990) framework to distinguish between ‘productive’ and ‘unproductive’ expenditures, and ‘distortionary’ and ‘non-distortionary’ taxes. Using estimated long-run growth effects from these fiscal variables, this paper simulates the effects on growth rates of observed fiscal policy changes in the EU. With two exceptions, the individual country growth effects of actual changes in taxes, expenditures and deficits appear plausible at around –0.3 to +0.3 of a percentage point per annum. Few common policy scenarios are apparent in the data however, with key sources of differences between countries being the extent to which distortionary taxes or deficits were used to fund public spending increases and whether additional spending was focussed on ‘productive’ activities. One implication of our results is that the change in the overall share of taxes or spending in GDP or the annual budget surplus/deficit is not a good guide to whether the growth effects of fiscal policy are likely to be positive or negative. The paper also considers whether our growth regression model, which imposes parameter homogeneity across countries, is justified. The evidence suggests this is the case, with a high degree of uniformity across countries. Finally the paper considers whether there is any evidence of ‘fiscal convergence’ across the EU. That is, are growth-affecting fiscal variables becoming more similar over time across the EU? Though data are limited, the answer to this question appears to be negative, with little evidence of unconditional convergence. Countries’ tax or expenditure/GDP ratios do, however, generally revert towards their steady-state paths.Fiscal policy; growth; convergence; taxation; public expenditure

Phase Transitions Driven by QuasiParticle Interactions

Quasiparticles and collective effects may have seemed exotic when first proposed in the 1930s, but their status has blossomed with their confirmation by todays sophisticated experiment techniques. Evidence has accumulated about the interactions of, say, magnons and rotons and with each other and also other quasiparticles. We briefly review the conjectures of their existence necessary to provide quantitative agreement with experiment which in the early period was their only reason for being. Phase transitions in the Anderson model, the Kondo effect, roton roton interactions, and highly correlated systems such as helium4, the Quantum Hall Effect, and BEC condensates are discussed. Some insulator and superconductor theories seem to suggest collective interactions of several quasiparticles may be necessary to explain the behavior. We conclude with brief discussions of the possibility of using the parameter to detect quantum critical points and some background on bound states emerging from the continuum. Finally, we present a summary and conclusions and also discuss possible future directions.Comment: 1 Tabl

Mathematical modelling of grass growth and production

Imperial Users onl

Growth and welfare maximization in models of public finance and endogenous growth

This paper evaluates the trade-off between growth and welfare maximization from two perspectives. Firstly, it synthesizes and extends endogenous growth models with public finance to compare growth and welfare maximizing tax rates. Secondly, it examines the distinct model outcomes in terms of their growth rates and welfare levels. This comparison highlights the range of trade-offs: the growth maximizing tax rate can be above, below, or equal to the welfare maximizing equivalent. We find however that even relatively large differences in growth and welfare maximizing tax rates translate into relatively small differences in growth rates, and, in some cases, welfare levels. --Economic Growth,Productive Public Spending,Optimal Fiscal Policy

Growth and Welfare Maximization in Models of Public Finance and Endogenous Growth

This paper evaluates the trade-off between growth and welfare maximization from two perspectives. Firstly, it synthesizes and extends endogenous growth models with public finance to compare the growth and welfare maximizing tax rates. Secondly, it examines the distinct model outcomes in terms of the growth rates and welfare levels. This comparison highlights the range of trade-offs: the growth maximizing tax rate can lie above, below, or on the welfare maximizing equivalent. We find however that even relatively large differences in growth and welfare maximizing tax rates translate into relatively small differences in growth rates, and, in some cases, welfare levels.Economic Growth, Productive Public Spending, Optimal Fiscal Policy

Dealer Intermediation and Price Behavior in the Aftermarket for New Bond Issues

We study trading and prices in newly issued municipal bonds. Municipals, which trade in decentralized, broker-dealer markets, are underpriced when issued, but unlike equities the average price rises slowly over a period of several days. We document high levels of price dispersion in newly issued bonds, and show that the average drift upward in price is because of changes in the mix of trades over time. While large trades occur at prices close to the reoffering yield, and close to each other, small trades occur at a wide range of prices almost simultaneously. Some small investors appear to be informed about the status of the issue, and trade on attractive terms. Others appear uninformed, and broker/dealers are able to discriminate between them.

Industrial production and capacity utilization: recent developments and the 1999 annual revision

In late 1999, the Federal Reserve published revised measures of industrial production, capacity, and capacity utilization for the period January 1992 through October 1999. The updated measures reflect both the incorporation of newly available, more comprehensive source data typical of annual revisions and the introduction of improved methods for compiling a few series, including computer and office equipment and motor vehicles. The new source data are for recent years, primarily from 1997 on, and the modified methods affect data beginning in 1992. ; The production index for the third quarter of 1999 is at 137.7 percent of output in 1992, compared with 135.2 percent reported before the annual revision, and the capacity index is 170.7 percent of output in 1992, compared with 167.9 percent reported previously. As a result, the rate of industrial capacity utilization was revised up 0.1 percentage point, to 80.7 percent for the third quarter of 1999.Industrial production index ; Industrial capacity