Money in monetary policy design: monetary cross-checking in the New-Keynesian model

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross-check in policy formulation (see Lucas (2007)). We show that the New-Keynesian model can explain such trends if one allows for the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In this paper, we show in detail how to derive the appropriate magnitude of the interest rate adjustment following a significant cross-check with monetary information, when the New-Keynesian model is the central bank’s preferred model. The cross-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. Keywords: Monetary Policy, New-Keynesian Model, Money, Quantity Theory, European Central Bank, Policy Under Uncertaint

Determination of the Bending Rigidity of Graphene via Electrostatic Actuation of Buckled Membranes

The small mass and atomic-scale thickness of graphene membranes make them highly suitable for nanoelectromechanical devices such as e.g. mass sensors, high frequency resonators or memory elements. Although only atomically thick, many of the mechanical properties of graphene membranes can be described by classical continuum mechanics. An important parameter for predicting the performance and linearity of graphene nanoelectromechanical devices as well as for describing ripple formation and other properties such as electron scattering mechanisms, is the bending rigidity, {\kappa}. In spite of the importance of this parameter it has so far only been estimated indirectly for monolayer graphene from the phonon spectrum of graphite, estimated from AFM measurements or predicted from ab initio calculations or bond-order potential models. Here, we employ a new approach to the experimental determination of {\kappa} by exploiting the snap-through instability in pre-buckled graphene membranes. We demonstrate the reproducible fabrication of convex buckled graphene membranes by controlling the thermal stress during the fabrication procedure and show the abrupt switching from convex to concave geometry that occurs when electrostatic pressure is applied via an underlying gate electrode. The bending rigidity of bilayer graphene membranes under ambient conditions was determined to be $35.5^{+20}_{-15}$ eV. Monolayers have significantly lower {\kappa} than bilayers

Testing Comptonizing coronae on a long BeppoSAX observation of the Seyfert 1 galaxy NGC 5548

We test accurate models of Comptonization spectra over the high quality data of the BeppoSAX long look at NGC 5548, allowing for different geometries of the scattering region, different temperatures of the input soft photon field and different viewing angles. We find that the BeppoSAX data are well represented by a plane parallel or hemispherical corona viewed at an inclination angle of 30$^{\circ}$. For both geometries the best fit temperature of the soft photons is close to 15$^{+3}_{-9}$ eV. The corresponding best fit values of the hot plasma temperature and optical depth are $kT_{\rm e}\simeq$ 250--260 keV and $\tau\simeq$ 0.16--0.37 for the slab and hemisphere respectively. These values are substantially different from those derived fitting the data with a power-law + cut off approximation to the Comptonization component (kT_{\rm e}\lta 60 keV, $\tau\simeq$ 2.4). This is due to the fact that accurate Comptonization spectra in anisotropic geometries show "intrinsic" curvature which reduces the necessity of a high energy cut-off. The Comptonization parameter derived for the slab model {is} larger than predicted for a two phase plane parallel corona in energy balance, suggesting that a more ``photon-starved'' geometry is necessary. The spectral softening detected during a flare which occurred in the central part of the observation corresponds to a decrease of the Comptonization parameter, probably associated with an increase of the soft photon luminosity, the {hard} photon luminosity remaining constant.Comment: 36 pages, 9 figures, accepted by Ap

Solubility limit and precipitate formation in Al-doped 4H-SiC epitaxial material

Heavily Al-doped 4H–SiC structures have been prepared by vapor phase epitaxy. Subsequent anneals have been carried out in an Ar atmosphere in a rf-heated furnace between 1500 °C and 2000 °C for 0.5 to 3 h. Secondary ion mass spectrometry has been utilized to obtain Al concentration versus depth as well as lateral distributions (ion images). Transmission electron microscopy(TEM) has been employed to study the crystallinity and determine phase composition after heat treatment. A solubility limit of ∼2×10²⁰ Al/cm³ (1900 °C) is extracted. Three-dimensional ion images show that the Al distribution does not remain homogeneous in layers heat treated at 1700 °C or above when the Al concentration exceeds 2×10²⁰ cm⁻³. Al-containing precipitates are identified by energy-filtered TEM.Financial support was partly received from the Swedish Foundation for Strategic Research (SSF) SiCEP program

Monte Carlo Analysis of a New Interatomic Potential for He

By means of a Quadratic Diffusion Monte Carlo method we have performed a comparative analysis between the Aziz potential and a revised version of it. The results demonstrate that the new potential produces a better description of the equation of state for liquid $^4$He. In spite of the improvement in the description of derivative magnitudes of the energy, as the pressure or the compressibility, the energy per particle which comes from this new potential is lower than the experimental one. The inclusion of three-body interactions, which give a repulsive contribution to the potential energy, makes it feasible that the calculated energy comes close to the experimental result.Comment: 36 pages, LaTex, 11 PostScript figures include