Can Fiscal Policy Stimulus Boost Economic Recovery?

We assess the role played by fiscal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive fiscal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the effect of fiscal policy is temporary, housing prices gradually and persistently fall. Consequently, the attempts of fiscal policy to mitigate stock price developments (e.g. via taxes on capital gains) may severely de-stabilize housing markets. The empirical findings also point to significant fiscal multiplier effects in the context of severe housing busts, which gives rise to the importance of the implementation of fiscal stimulus packages. In addition, our results suggest that when governments run a budget deficit, they place an upward pressure on real interest rates, which "crowds-out" private consumption and investment. In contrast, during bust periods, unexpected variation in the fiscal stance crowds-in private spending, which reflects the "direct" and "indirect" effects of policy actions impact arising from a downward movement in real interest rates and an upward revision in price level expectations.Fiscal policy, asset prices, panel VAR.

Dangling-bond spin relaxation and magnetic 1/f noise from the amorphous-semiconductor/oxide interface: Theory

We propose a model for magnetic noise based on spin-flips (not electron-trapping) of paramagnetic dangling-bonds at the amorphous-semiconductor/oxide interface. A wide distribution of spin-flip times is derived from the single-phonon cross-relaxation mechanism for a dangling-bond interacting with the tunneling two-level systems of the amorphous interface. The temperature and frequency dependence is sensitive to three energy scales: The dangling-bond spin Zeeman energy delta, as well as the minimum (E_min) and maximum (E_max) values for the energy splittings of the tunneling two-level systems. We compare and fit our model parameters to a recent experiment probing spin coherence of antimony donors implanted in nuclear-spin-free silicon [T. Schenkel {\it et al.}, Appl. Phys. Lett. 88, 112101 (2006)], and conclude that a dangling-bond area density of the order of 10^{14}cm^{-2} is consistent with the data. This enables the prediction of single spin qubit coherence times as a function of the distance from the interface and the dangling-bond area density in a real device structure. We apply our theory to calculations of magnetic flux noise affecting SQUID devices due to their Si/SiO_2 substrate. Our explicit estimates of flux noise in SQUIDs lead to a noise spectral density of the order of 10^{-12}Phi_{0}^{2} {Hz}^{-1} at f=1Hz. This value might explain the origin of flux noise in some SQUID devices. Finally, we consider the suppression of these effects using surface passivation with hydrogen, and the residual nuclear-spin noise resulting from a perfect silicon-hydride surface.Comment: Final published versio

Probing two-level systems with electron spin inversion recovery of defects at the Si/SiO2_2 interface

The main feature of amorphous materials is the presence of excess vibrational modes at low energies, giving rise to the so called "boson peak" in neutron and optical spectroscopy. These same modes manifest themselves as two level systems (TLSs) causing noise and decoherence in qubits and other sensitive devices. Here we present an experiment that uses the spin relaxation of dangling bonds at the Si/(amorphous)SiO$_2$ interface as a probe of TLSs. We introduce a model that is able to explain the observed non-exponential electron spin inversion recovery and provides a measure of the degree of spatial localization and concentration of the TLSs close to the interface, their maximum energy and its temperature dependence.Comment: 4 pages, 2 figures, regular pape

Evaluation of analytical methodologies to derive vulnerability functions

The recognition of fragility functions as a fundamental tool in seismic risk assessment has led to the development of more and more complex and elaborate procedures for their computation. Although vulnerability functions have been traditionally produced using observed damage and loss data, more recent studies propose the employment of analytical methodologies as a way to overcome the frequent lack of post-earthquake data. The variation of the structural modelling approaches on the estimation of building capacity has been the target of many studies in the past, however, its influence in the resulting vulnerability model, impact in loss estimations or propagation of the uncertainty to the seismic risk calculations has so far been the object of restricted scrutiny. Hence, in this paper, an extensive study of static and dynamic procedures for estimating the nonlinear response of buildings has been carried out in order to evaluate the impact of the chosen methodology on the resulting vulnerability and risk outputs. Moreover, the computational effort and numerical stability provided by each approach were evaluated and conclusions were obtained regarding which one offers the optimal balance between accuracy and complexity

Irreducible complexity of iterated symmetric bimodal maps

We introduce a tree structure for the iterates of symmetric bimodal maps and identify a subset which we prove to be isomorphic to the family of unimodal maps. This subset is used as a second factor for a $\ast$-product that we define in the space of bimodal kneading sequences. Finally, we give some properties for this product and study the *-product induced on the associated Markov shifts

Ab initio calculation of the dynamical properties of PPP and PPV

In this work, we have calculated the vibrational modes and frequencies of the crystalline PPP (in both the Pbam and Pnnm symmetries) and PPV (in the P21/c symmetry). Our results are in good agreement with the available experimental data. Also, we have calculated the temperature dependence of their specific heats at constant volume, and of their vibrational entropies. Based on our results, at high temperatures, the PPP is more stable in the Pnnm structure than in the Pbam one.Comment: 5 pages, 7 figures, accepted for publication in Braz. J. Phys., special number, Proceedings of BWSP-12, 12th Brazilian Workshop on Semiconductor Physic

Scale insects (Hemiptera: Coccoidea) of ornamental plants from Sao Carlos, Sao Paulo, Brazil

A list of 35 scale insects collected from 72 ornamental plant species in Sao Carlos, Sao Paulo, Brazil is provided. Regarding host specificity, 30 scale insects were polyphagous, 4 oligophagous, and 1 monophagous. A total of 102 coccoid/plant associations are recorded, 29 of which are new host records for the species; 60 are new host records for the species in Brazil. Pulvinaria urbicola Cockerell, 1893 (Coccidae), Phenacoccus similis Granara de Willink, 1983 (Pseudococcidae), and Orthezia molinarii (Morrison, 1952) (Ortheziidae) are recorded for the first time in Brazil. In addition, we describe the injury caused by scale insects on ornamental plants

Energy in an Expanding Universe in the Teleparallel Geometry

The main purpose of this paper is to explicitly verify the consistency of the energy-momentum and angular momentum tensor of the gravitational field established in the Hamiltonian structure of the Teleparallel Equivalent of General Relativity (TEGR). In order to reach these objectives, we obtained the total energy and angular momentum (matter plus gravitational field) of the closed universe of the Friedmann-Lemaitre-Robertson-Walker (FLRW). The result is compared with those obtained from the pseudotensors of Einstein and Landau-Lifshitz. We also applied the field equations (TEGR) in an expanding FLRW universe. Considering the stress energy-momentum tensor for a perfect fluid, we found a teleparallel equivalent of Friedmann equations of General Relativity (GR).Comment: 19 pages, no figures. Revised in view of Referee's comments. Version to appear in the Brazilian Journal of Physic