An Economic Analysis of the Single Euro Payments Area (SEPA)

Under which conditions is it advantageous for countries to form a single payments area? This question is analyzed in a model of spatial bank competition to understand better the economic foundations of the Single Euro Payments Area (SEPA). An economic research perspective on the mostly informal policy debates about SEPA is developed. The analysis suggests that expectations about the positive effects of SEPA may be exaggerated as most channels for enhancing public welfare seem rather weak. Still the project may be worthwhile undertaking if the cost of creating SEPA-compliant systems is reduced by extending the time frame for the implementation phase and if the use of electronic payments is promoted.SEPA, Optimum Payments Areas, Payment System, Payment Area

Capacity Utilization, Income Distribution, and the Urban Informal Sector: An Open-Economy Model

Developing economies worldwide have experienced rapid informal sector expansion in response to formal sector unemployment. However, the macroeconomic eects of formal-informal sector dualism have been widely overlooked. This paper develops a two-sector, structuralist, macroeconomic model to analyze the impact of urban informal sector activity on export-led growth policy. The model uses stylized facts from the Johannesburg informal sector and is applicable to countries where informal sector production is concentrated in low-wage goods and commercial services. The paper finds that trade-os between capacity utilization and reduced income inequality could be magnified when the existence of an urban informal sector is incorporated.informal sector, South Africa, macroeconomic policy

Employment, Poverty, and Public Assistance in the Rural United States

In this brief, authors Rebecca Glauber and Andrew Schaefer provide a glimpse of the economic and demographic characteristics of life in the rural United States. Using data from the American Community Survey, they compare those living in low- and lower-middle-income counties to those living in upper-middle- and high-income counties. Additionally, they compare counties at the extremes, where median incomes are in the bottom and top 10 percent of the income distribution. They report that nearly 75 percent of low-income rural counties in the United States are in the South. Compared to lower-income rural counties, higher-income rural counties have a larger share of immigrants but a smaller share of non-native speakers. One-fifth of immigrants in low-income rural counties do not speak English, compared to just one-twentieth of immigrants in high-income rural counties. People living in poorer rural counties rely more heavily than those living in more well-off rural counties on public-sector supports, and they are less likely to work. Although policy makers tend to focus on people living in the urban United States, the authors’ results show that those living in the rural United States, and particularly in low-income counties, may have even more to gain from public health insurance and other social safety-net programs

Room Temperature Electrical Detection of Spin Coherence in C60

An experimental demonstration of electrical detection of coherent spin motion of weakly coupled, localized electron spins in thin Fullerene C60 films at room temperature is presented. Pulsed electrically detected magnetic resonance experiments on vertical photocurrents through Al/C60/ZnO samples showed that an electron spin Rabi oscillation is reflected by transient current changes. The nature of possible microscopic mechanisms responsible for this spin to charge conversion as well as its implications for the readout of endohedral Fullerene (N@C60) spin qubits are discussed.Comment: 4 pages, 3 figure

Studies of circadian cycles in human subjects during prolonged isolation in a constant environment using 8-channel telemetry systems Memorandum report no. 66-4

Circadian cycles in human subjects during prolonged isolation in constant environment using eight channel telemetry system

Reweighting towards the chiral limit

We propose to perform fully dynamical simulations at small quark masses by reweighting in the quark mass. This approach avoids some of the technical difficulties associated with direct simulations at very small quark masses. We calculate the weight factors stochastically, using determinant breakup and low mode projection to reduce the statistical fluctuations. We find that the weight factors fluctuate only moderately on nHYP smeared dynamical Wilson-clover ensembles, and we could successfully reweight 16^4, (1.85fm)^4 volume configurations from m_q = 20MeV to m_q = 5MeV quark masses, reaching the epsilon-regime. We illustrate the strength of the method by calculating the low energy constant F from the epsilon-regime pseudo-scalar correlator.Comment: 17 pages, 8 figure

Studies of circadian cycles in human subjects during prolonged isolation in a constant environment using eight-channel telemetry systems

Telemetry monitored physiological data of human circadian cycles during prolonged isolatio