On the Growth and Stability Effects of Habit Formation and Durability in Consumption

This paper shows that a unique balanced growth monetary equilibrium exists in a transactions-based monetary endogenous growth model with habit formation or durability in consumption. An increase in the nominal money growth rate reduces the long-run output growth rate, wherein habit formation enforces the effectiveness of monetary policy while durability in consumption reduces it. We also show that while habit formation destabilizes the macroeconomy by making the balanced growth equilibrium exhibit local indeterminacy, durability in consumption maintains saddle-path stability of the balanced growth equilibrium. We find that the mechanism through which habit formation and durability impose different effects on both the growth-effect of money and the macroeconomic stabilizing properties is such that habit formation and durability influence the elasticity of intertemporal substitution in consumption in opposite directions.Habit formation, Durability, Superneutrality, Indeterminacy

Role of radical awareness in the character and word acquisition of Chinese children

Includes bibliographical references

Criteria Of Turbulent Transition In Parallel Flows

Based on the energy gradient method, criteria for turbulent transition are proposed for pressure driven flow and shear driven flow, respectively. For pressure driven flow, the necessary and sufficient condition for turbulent transition is the presence of the velocity inflection point in the averaged flow. For shear driven flow, the necessary and sufficient condition for turbulent transition is the existence of zero velocity gradient in the averaged flow profile. It is shown that turbulent transition can be effected via a singularity of the energy gradient function which may be associated with the chaotic attractor in dynamic system. The role of disturbance in the transition is also clarified in causing the energy gradient function to approach the singularity. Finally, it is interesting that turbulence can be controlled by modulating the distribution of the energy gradient function.Comment: The Third International Symposium on Physics of Fluids (ISPF3) 15-18 June, 2009, Jiuzhaigou, China. 6 pages; 1 figur