ON A LOW-COMPETITIVENESS COUNTRY JOINING THE EUROZONE: ARE THERE LESSONS FROM GREECE? CES Open Forum Series 2018-2019

Seven remaining states are presently on the Eurozone’s enlargement agenda: Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Romania and Sweden. Except Sweden, all these countries tend to have low competitiveness not only relative to Germany but also to most of the Eurozone countries (especially, Austria, Belgium, Finland, France, Ireland, Italy, Luxembourg and the Netherlands). For countries adopting the euro, issues of political economy may have a decisive effect on the eventual outcome and largely determine their economic prospects within the Eurozone. The Greek experience shows that the intensity of partisan strife is certainly an important element to be taken into account in a far from easy assessment of how entry will likely affect the country's economic progress. The crucial issue that needs to be considered is whether entry will improve or worsen the prospects for a substantial gain in competitiveness. It is the assessment of how entry will affect the forces favoring reforms relative to those opposing them that should ultimately determine the decision to opt for early or delayed entry

Eigenvector centrality and its variability over time are promising indicators of alterations in brain function due to early amyloid deposition.

This scientific commentary refers to 'Eigenvector centrality dynamics are related to Alzheimer's disease pathological changes in non-demented individuals', by Lorenzini et al. (https://doi.org/10.1093/braincomms/fcad088)

Design and Analysis of a Parabolic Trough Solar Concentrator

A prototype solar desalination system (SODESAL) with a parabolic-trough solar concentrator (PTSC) and evacuated tube was designed and analyzed to determine the solar thermal capabilities for small-scale distillation and energy generation. A proof-of-concept study verified that distillation is possible with the system as designed, however a rupture occurred in the copper heat-pipe heat exchanger due to overheating. The internal temperatures of an aluminum heat transfer fin were measured inside an evacuated tube typically used in solar water heater systems to understand the lateral heat distribution and identify possible causes of the rupture. Solar radiation was measured for both the summer and winter solstices to understand the relationship between incident solar radiation and the potential freshwater yield of the system. The lateral heat distribution of the AHTF is dependent upon the PTSC’s solar incident angle. A consistent lateral heat distribution occurred across the AHTF approximately 40 mins after solar noon. The temperature difference between each end of the AHTF can exceed over 225 °C leading up to and following solar noon when the PTSC was set at a static slope. The SODESAL system’s future applications, system improvements and additional research are also discussed along with the capability of small-scale CSP systems

Crisis and extremism: can a powerful extreme right emerge in a modern democracy? Evidence from Greece’s Golden Dawn

By local and international standards, Golden Dawn (GD) is at the far end of Extreme Right, yet it has emerged as Greece’s third largest party, gaining most of its electoral support within months, in early 2012. Its electoral rise has been attributed to the severe economic crisis the country had previously and since experienced. We investigate this remarkable case study econometrically, using both panel vote-share, and individual vote-intent regressions. Dramatic changes in parameters provide congruent evidence that GD’s success was due to a change in voter behaviour, rather than changes in individual characteristics or contextual conditions. Around one third of this change was due to GD’s success in taking ownership of the previously ownerless niche issues of immigration and law-and-order; the remaining change is attributed to its success in attracting financially distressed voters and voters fitting a typical Extreme Right demographic. Auxiliary evidence suggests this change was driven by a massive realignment of voters fleeing mainstream parties, after a coalition government imposed harsh austerity measures

A tug of war: overnight versus intraday expected returns

We link investor heterogeneity to the persistence of the overnight and intraday components of returns. We document strong overnight and intraday firm-level return continuation along with an offsetting cross-period reversal effect, all of which lasts for years. We look for a similar tug of war in the returns of 14 trading strategies, finding in all cases that profits are either earned entirely overnight (for reversal and a variety of momentum strategies) or entirely intraday, typically with profits of opposite signs across these components. We argue that this tug of war should reduce the effectiveness of clienteles pursuing the strategy. Indeed, the smoothed spread between the overnight and intraday return components of a strategy generally forecasts time variation in that strategy's close-to-close performance in a manner consistent with that interpretation. Finally, we link cross-sectional and time-series variation in the decomposition of momentum profits to a specific institutional tug of war

Brain‑correlates of processing local dependencies within a statistical learning paradigm

Statistical learning refers to the implicit mechanism of extracting regularities in our environment. Numerous studies have investigated the neural basis of statistical learning. However, how the brain responds to violations of auditory regularities based on prior (implicit) learning requires further investigation. Here, we used functional magnetic resonance imaging (fMRI) to investigate the neural correlates of processing events that are irregular based on learned local dependencies. A stream of consecutive sound triplets was presented. Unbeknown to the subjects, triplets were either (a) standard, namely triplets ending with a high probability sound or, (b) statistical deviants, namely triplets ending with a low probability sound. Participants (n = 33) underwent a learning phase outside the scanner followed by an fMRI session. Processing of statistical deviants activated a set of regions encompassing the superior temporal gyrus bilaterally, the right deep frontal operculum including lateral orbitofrontal cortex, and the right premotor cortex. Our results demonstrate that the violation of local dependencies within a statistical learning paradigm does not only engage sensory processes, but is instead reminiscent of the activation pattern during the processing of local syntactic structures in music and language, reflecting the online adaptations required for predictive coding in the context of statistical learning.publishedVersio

Existence of solution to a system of PDEs modeling the crystal growth inside lithium batteries

The life-cycle of electric batteries depends on a complex system of interacting electrochemical and growth phenomena that produce dendritic structures during the discharge cycle. We study herein a system of 3 partial differential equations combining an Allen--Cahn phase-field model (simulating the dendrite-electrolyte interface) with the Poisson--Nernst--Planck systems simulating the electrodynamics and leading to the formation of such dendritic structures. We prove novel existence, uniqueness and stability results for this system and use it to produce simulations based on a finite element code.Comment: 27 pages, 22 figures, free software and open source code availabl