Chaotic Dynamics in Optimal Monetary Policy

There is by now a large consensus in modern monetary policy. This consensus has been built upon a dynamic general equilibrium model of optimal monetary policy as developed by, e.g., Goodfriend and King (1997), Clarida et al. (1999), Svensson (1999) and Woodford (2003). In this paper we extend the standard optimal monetary policy model by introducing nonlinearity into the Phillips curve. Under the specific form of nonlinearity proposed in our paper (which allows for convexity and concavity and secures closed form solutions), we show that the introduction of a nonlinear Phillips curve into the structure of the standard model in a discrete time and deterministic framework produces radical changes to the major conclusions regarding stability and the efficiency of monetary policy. We emphasize the following main results: (i) instead of a unique fixed point we end up with multiple equilibria; (ii) instead of saddle--path stability, for different sets of parameter values we may have saddle stability, totally unstable equilibria and chaotic attractors; (iii) for certain degrees of convexity and/or concavity of the Phillips curve, where endogenous fluctuations arise, one is able to encounter various results that seem intuitively correct. Firstly, when the Central Bank pays attention essentially to inflation targeting, the inflation rate has a lower mean and is less volatile; secondly, when the degree of price stickiness is high, the inflation rate displays a larger mean and higher volatility (but this is sensitive to the values given to the parameters of the model); and thirdly, the higher the target value of the output gap chosen by the Central Bank, the higher is the inflation rate and its volatility.Comment: 11 page

Evaluation of the Diurnal Cycle in the Atmospheric Boundary Layer Over Land as Represented by a Variety of Single-Column Models: The Second GABLS Experiment

We present the main results from the second model intercomparison within the GEWEX (Global Energy andWater cycle EXperiment) Atmospheric Boundary Layer Study (GABLS). The target is to examine the diurnal cycle over land in today’s numerical weather prediction and climate models for operational and research purposes. The set-up of the case is based on observations taken during the Cooperative Atmosphere-Surface Exchange Study-1999 (CASES-99), which was held in Kansas, USA in the early autumn with a strong diurnal cycle with no clouds present. The models are forced with a constant geostrophic wind, prescribed surface temperature and large-scale divergence. Results from 30 different model simulations and one large-eddy simulation (LES) are analyzed and compared with observations. Even though the surface temperature is prescribed, the models give variable near-surface air temperatures. This, in turn, gives rise to differences in low-level stability affecting the turbulence and the turbulent heat fluxes. The increase in modelled upward sensible heat flux during the morning transition is typically too weak and the growth of the convective boundary layer before noon is too slow. This is related to weak modelled nearsurface winds during the morning hours. The agreement between the models, the LES and observations is the best during the late afternoon. From this intercomparison study, we find that modelling the diurnal cycle is still a big challenge. For the convective part of the diurnal cycle, some of the first-order schemes perform somewhat better while the turbulent kinetic energy (TKE) schemes tend to be slightly better during nighttime conditions. Finer vertical resolution tends to improve results to some extent, but is certainly not the solution to all the deficiencies identifie

A comparative study of super- and highly-deformed bands in the A ~ 60 mass region

Super- and highly-deformed rotational bands in the A ~ 60 mass region are studied within cranked relativistic mean field theory and the configuration-dependent shell-correction approach based on the cranked Nilsson potential. Both approaches describe the experimental data well. Low values of the dynamic moments of inertia J^(2) compared with the kinematic moments of inertia J^(1) seen both in experiment and in calculations at high rotational frequencies indicate the high energy cost to build the states at high spin and reflect the limited angular momentum content in these configurations.Comment: 11 pages, 4 PostScript figures, Latex, uses 'epsf', submitted to Phys. Lett.

Money in monetary policy design: monetary cross-checking in the New-Keynesian model

In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross-check in policy formulation (see Lucas (2007)). We show that the New-Keynesian model can explain such trends if one allows for the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that include additional robustness checks. In earlier work, we proposed an interest rate rule that is near-optimal in normal times but includes a cross-check with monetary information. In case of unusual monetary trends, interest rates are adjusted. In this paper, we show in detail how to derive the appropriate magnitude of the interest rate adjustment following a significant cross-check with monetary information, when the New-Keynesian model is the central bank’s preferred model. The cross-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. Keywords: Monetary Policy, New-Keynesian Model, Money, Quantity Theory, European Central Bank, Policy Under Uncertaint

Determination of the Bending Rigidity of Graphene via Electrostatic Actuation of Buckled Membranes

The small mass and atomic-scale thickness of graphene membranes make them highly suitable for nanoelectromechanical devices such as e.g. mass sensors, high frequency resonators or memory elements. Although only atomically thick, many of the mechanical properties of graphene membranes can be described by classical continuum mechanics. An important parameter for predicting the performance and linearity of graphene nanoelectromechanical devices as well as for describing ripple formation and other properties such as electron scattering mechanisms, is the bending rigidity, {\kappa}. In spite of the importance of this parameter it has so far only been estimated indirectly for monolayer graphene from the phonon spectrum of graphite, estimated from AFM measurements or predicted from ab initio calculations or bond-order potential models. Here, we employ a new approach to the experimental determination of {\kappa} by exploiting the snap-through instability in pre-buckled graphene membranes. We demonstrate the reproducible fabrication of convex buckled graphene membranes by controlling the thermal stress during the fabrication procedure and show the abrupt switching from convex to concave geometry that occurs when electrostatic pressure is applied via an underlying gate electrode. The bending rigidity of bilayer graphene membranes under ambient conditions was determined to be $35.5^{+20}_{-15}$ eV. Monolayers have significantly lower {\kappa} than bilayers

Electronic structure and optical properties of ZnX (X=O, S, Se, Te)

Electronic band structure and optical properties of zinc monochalcogenides with zinc-blende- and wurtzite-type structures were studied using the ab initio density functional method within the LDA, GGA, and LDA+U approaches. Calculations of the optical spectra have been performed for the energy range 0-20 eV, with and without including spin-orbit coupling. Reflectivity, absorption and extinction coefficients, and refractive index have been computed from the imaginary part of the dielectric function using the Kramers--Kronig transformations. A rigid shift of the calculated optical spectra is found to provide a good first approximation to reproduce experimental observations for almost all the zinc monochalcogenide phases considered. By inspection of the calculated and experimentally determined band-gap values for the zinc monochalcogenide series, the band gap of ZnO with zinc-blende structure has been estimated.Comment: 17 pages, 10 figure

Electromagnetic Cascades and Cascade Nucleosynthesis in the Early Universe

We describe a calculation of electromagnetic cascading in radiation and matter in the early universe initiated by the decay of massive particles or by some other process. We have used a combination of Monte Carlo and numerical techniques which enables us to use exact cross sections, where known, for all the relevant processes. In cascades initiated after the epoch of big bang nucleosynthesis $\gamma$-rays in the cascades will photodisintegrate $^4$He, producing $^3$He and deuterium. Using the observed $^3$He and deuterium abundances we are able to place constraints on the cascade energy deposition as a function of cosmic time. In the case of the decay of massive primordial particles, we place limits on the density of massive primordial particles as a function of their mean decay time, and on the expected intensity of decay neutrinos.Comment: compressed and uuencoded postscript. We now include a comparison with previous work of the photon spectrum in the cascade and the limits we calculate for the density of massive particles. The method of calculation of photon spectra at low energies has been improved. Most figures are revised. Our conclusions are substantially unchange

Exploring the fatty acid amide hydrolase and cyclooxygenase inhibitory properties of novel amide derivatives of ibuprofen

Inhibition of fatty acid amide hydrolase (FAAH) reduces the gastrointestinal damage produced by non-steroidal anti-inflammatory agents such as sulindac and indomethacin in experimental animals, suggesting that a dual-action FAAH-cyclooxygenase (COX) inhibitor could have useful therapeutic properties. Here, we have investigated 12 novel amide analogues of ibuprofen as potential dual-action FAAH/COX inhibitors. N-(3-Bromopyridin-2-yl)−2-(4-isobutylphenyl)propanamide (Ibu-AM68) was found to inhibit the hydrolysis of [3H]anandamide by rat brain homogenates by a reversible, mixed-type mechanism of inhibition with a Ki value of 0.26 µM and an α value of 4.9. At a concentration of 10 µM, the compound did not inhibit the cyclooxygenation of arachidonic acid by either ovine COX-1 or human recombinant COX-2. However, this concentration of Ibu-AM68 greatly reduced the ability of the COX-2 to catalyse the cyclooxygenation of the endocannabinoid 2-arachidonoylglycerol. It is concluded that Ibu-AM68 is a dual-acting FAAH/substrate-selective COX inhibitor

Oxygen-deficient perovskite-related (Nd0.4Sr0.6)2Ni0.8M0.2O4-δ as oxygen electrode materials for SOFC/SOEC

Perovskite-related Ln2NiO4+δ (Ln = La, Pr, Nd) nickelates with layered Ruddlesden-Popper combine redox stability with noticeable oxygen stoichiometry changes, yielding enhanced mixed transport and electrocatalytic properties. These unique features are promising for applications as oxygen electrodes with good electrochemical performance in reversible SOFC/SOEC (solid oxide fuel/electrolysis cell) systems. To date, most efforts were focused on oxygen-hyperstoichiometric Ln2NiO4+δ-based phases, whereas nickelates with oxygen-deficient lattice remain poorly explored. Recent studies demonstrated that the highest electrical conductivity in (Ln2-xSrx)2NiO4±δ series at elevated temperatures is observed for the compositions containing ~ 60 at.% of strontium in A sublattice [1,2]. The present work was focused on the characterization of (Nd0.4Sr0.6)2Ni0.8M0.2O4-δ (M = Ni, Co, Fe) nickelates for the possible use as materials for reversible oxygen electrodes. The ceramic materials were prepared by Pechini method with repeated annealings at 650-1200°C and sintered at 1250-1300°C for 5 h under oxygen atmosphere. Variable-temperature XRD studies confirmed that all studied compositions retain tetragonal K2NiF4-type structure in the temperature range 25-900°C. The results of thermogravimetric analysis showed that the prepared nickelates has oxygen-deficient lattice under oxidizing conditions at temperatures above 700°C. Partial substitution of nickel by cobalt or iron results in a decrease of p-type electronic conductivity and the concentration of oxygen vacancies in the lattice (Fig.1), but also suppresses dimensional changes associated with microcracking effects (due to anisotropic thermal expansion of tetragonal lattice). Electrochemical performance of porous (Nd0.4Sr0.6)2Ni0.8M0.2O4-δ electrodes in contact with Ce0.9Gd0.1O2-δ solid electrolyte was evaluated at 600- 800°C employing electrochemical impedance spectroscopy and steady-state polarization (anodic and cathodic) measurements.publishe