Comparing the Performance of Alternative Exchange Arrangements

The volatility of the world economy since the breakdown of the Bretton Woods par value system of exchange rates has led many policymakers and economists to call for reform of the international monetary system. Many critics of the current "non-system" call for tighter international rules of the game in macroeconomic policy making. The proposed systems cover a wide spectrum of measures including maintaining the current flexible exchange rate system but with increased consultations between the major economies; a "target zone " system as advocated by John Williamson; or a full return to a system of fixed exchange rates as advocated by Ronald McKinnon This paper presents and applies a methodology useful for studying the operating characteristics of a number of alternative monetary arrangements using a large-scale simulation model of the world economy. We consider the performance of the regimes when policymakers do or do not observe the shocks, and when policymakers infer the shocks using an optimal filtering rule. Although the results are model specific and at best illustrative of the issues involved, the approach does have the advantage of providing a richer framework of analysis than is possible in simple models of international interdependence.

Quantum Mechanics of Extended Objects

We propose a quantum mechanics of extended objects that accounts for the finite extent of a particle defined via its Compton wavelength. The Hilbert space representation theory of such a quantum mechanics is presented and this representation is used to demonstrate the quantization of spacetime. The quantum mechanics of extended objects is then applied to two paradigm examples, namely, the fuzzy (extended object) harmonic oscillator and the Yukawa potential. In the second example, we theoretically predict the phenomenological coupling constant of the $\omega$ meson, which mediates the short range and repulsive nucleon force, as well as the repulsive core radius.Comment: RevTex, 24 pages, 1 eps and 5 ps figures, format change

Coordination of Monetary and Fiscal Policies in the OECD

Discontent with the functioning of the world monetary system has led to many proposals for international monetary reform. These proposals range from enhanced consultations under the current regime of floating exchange rates to a regime of fixed exchange rates, as proposed by Ronald McKinnon. In this paper we examine the implications of several alternative monetary arrangements for fiscal policy in the world economy. In particular we focus upon two issues. The first is the effects of alternative monetary arrangements on the international transmission of fiscal policy. The second is the implications of the alternative regimes for strategic aspects of fiscal policymaking. As is generally the case in the discussion of exchange regimes we find that the choice of the monetary system is crucially dependent upon the source and nature of the shocks hitting the world economy. In this paper we show that the monetary regime also has important implications for the transmission of fiscal policy in the world economy and for the nature of the strategic games played by fiscal authorities. Rigid rules of the game, as under fixed exchange rates, do not necessarily eliminate the inefficient equilibria that can occur when fiscal authorities behave non-cooperatively

Lightcone reference for total gravitational energy

We give an explicit expression for gravitational energy, written solely in terms of physical spacetime geometry, which in suitable limits agrees with the total Arnowitt-Deser-Misner and Trautman-Bondi-Sachs energies for asymptotically flat spacetimes and with the Abbot-Deser energy for asymptotically anti-de Sitter spacetimes. Our expression is a boundary value of the standard gravitational Hamiltonian. Moreover, although it stands alone as such, we derive the expression by picking the zero-point of energy via a ``lightcone reference.''Comment: latex, 7 pages, no figures. Uses an amstex symbo

Chiral black hole in three-dimensional gravitational Chern-Simons

A chiral black hole can be defined from the three-dimensional pure gravitational Chern-Simons action as an independent gravitational theory. The third order derivative of the Cotton tensor gives a dimensional constant which plays a role of the cosmological constant. The handedness of angular momentum depends on the signature of the Chern-Simons coefficient. Even in the massless black hole which corresponds to the static black hole, it has a nonvanishing angular momentum. We also study statistical entropy and thermodynamic stability.Comment: 6 pages, a reference added, minor changes to introductio

The McKibbin-Sachs Global Model: Theory and Specifications

This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks and flows and intertemporal constraints. The formation of expectations also plays an important role in the model. In the version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non-oil developing countries and OPEC.

Macroeconomic Interdependence of Japan and the United States: Some Simulation Results

In this paper we examine the macroeconomic interdependence of Japan and the U.S. using a medium-scale simulation model of the world economy. Our goal is to determine how shifts in macroeconomic policies in the U.S. or Japan affect the other country as well as the rest of the world. In particular we examine the following three issues: (1) the likely macroeconomic ramifications for the U.S., Europe and Japan of significant budget cuts in the U.S.; (2) the macroeconomic implications of a protectionist tariff imposed by the U.S.; and (3) the scope for policy coordination among the U.S., Japan and Europe

(2,2)-Formalism of General Relativity: An Exact Solution

I discuss the (2,2)-formalism of general relativity based on the (2,2)-fibration of a generic 4-dimensional spacetime of the Lorentzian signature. In this formalism general relativity is describable as a Yang-Mills gauge theory defined on the (1+1)-dimensional base manifold, whose local gauge symmetry is the group of the diffeomorphisms of the 2-dimensional fibre manifold. After presenting the Einstein's field equations in this formalism, I solve them for spherically symmetric case to obtain the Schwarzschild solution. Then I discuss possible applications of this formalism.Comment: 2 figures included, IOP style file neede

Clustered spatially and temporally resolved global heat and cooling energy demand in the residential sector

Climatic conditions, population density, geography, and settlement structure all have a strong influence on the heating and cooling demand of a country, and thus on resulting energy use and greenhouse gas emissions. In particular, the choice of heating or cooling system is influenced by available energy distribution infrastructure, where the cost of such infrastructure is strongly related to the spatial density of the demand. As such, a better estimation of the spatial and temporal distribution of demand is desirable to enhance the accuracy of technology assessment. This paper presents a Geographical Information System methodology combining the hourly NASA MERRA-2 global temperature dataset with spatially resolved population data and national energy balances to determine global high-resolution heat and cooling energy density maps. A set of energy density bands is then produced for each country using K-means clustering. Finally, demand profiles representing diurnal and seasonal variations in each band are derived to capture the temporal variability. The resulting dataset for 165 countries, published alongside this article, is designed to be integrated into a new integrated assessment model called MUSE (ModUlar energy systems Simulation Environment)but can be used in any national heat or cooling technology analysis. These demand profiles are key inputs for energy planning as they describe demand density and its fluctuations via a consistent method for every country where data is available