The Effect of Fiscal Rules on Public Investment if Budget Deficits Are Politically Motivated

Uncertainty about the future preferences of the government may induce policy makers to run excessive budget deficits. As a solution to this problem, economists have proposed to impose a binding debt rule. In this paper we argue that a binding debt rule does not eliminate the distortions due to strategic behaviour of politicians. Rather, strategic manipulation shifts from public debt to public investment. As an alternative, we examine the effects of a capital borrowing rule which permits the government to run a budget deficit equal to the amount of public investment. We show that this rule effectively eliminates strategic behaviour.fiscal rules and budget deficits and public investment

HEAO 1 measurements of the galactic ridge

The HEAO A2 experiment data was systematically searched for unresolved galactic disc emission. Although there were suggestions of non-uniformities in the emission, the data were consistent with a disc of half-thickness 241 + 22 pc and surface emissivity (2-10 keV) at galactic radius R(kpc) of 2.2 10 to the minus 7th power exp(-R/3.5) erg/sq cm to the (-2)power/s (R 7.8 kpc). giving a luminosity of approximately 4.4 10 to the 37th power erg S to the (-1) power. If the model is extrapolated to radii less than 7.8 kpc, the unresolved disc emission is approximately 1.4 10 to the 38th power erg S to the (-1) power (2-10 keV) i.e., a few percent of the luminosity of the galaxy in resolved sources. the disc emission has a spectrum which is significantly softer than that of the high galactic latitude diffuse X-ray background and it is most probably of discrete source origin

Spin Gap of S=1/2 Heisenberg Model on Distorted Diamond Chain

We study the spin gap of the S=1/2 Heisenberg model on the distorted diamond chain, which is recently proposed to represent magnetic properties of Cu_3 Cl_6 (H_2 O)_2 2H_8 C_4 SO_2. This model is composed of stacked trimers and has three kinds of exchange interactions J_1, J_2 and J_3. Using the numerical diagonalization, we obtain a contour map of the spin gap in the J_2/J_1-J_3/J_1 plane. We argue possible values of the exchange constants based on the contour map and the observed value of the spin gap.Comment: 2 pages, 4 figure

Anchoring In Action: Manual Estimates Of Slant Are Powerfully Biased Toward Initial Hand Orientation And Are Correlated With Verbal Report

People verbally overestimate hill slant by approximately 15 degrees to 25 degrees, whereas manual estimates (e. g., palm board measures) are thought to be more accurate. The relative accuracy of palm boards has contributed to the widely cited theoretical claim that they tap into an accurate, but unconscious, motor representation of locomotor space. In the current work, 4 replications (total N = 204) carried out by 2 different laboratories tested an alternative anchoring hypothesis that manual action measures give low estimates because they are always initiated from horizontal. The results of all 4 replications indicate that the bias from response anchoring can entirely account for the difference between manual and verbal estimates. Moreover, consistent correlations between manual and verbal estimates given by the same observers support the conclusion that both measures are based on the same visual representation. Concepts from the study of judgment under uncertainty apply even to action measures in information rich environments

Some Methodological Concerns When Estimating the Size of Organizing Activities

Researchers and organizers recognize that social movements experience periods of inception, expansion, and decline. Although the movement literature is laden with numerous theoretical formulations on this topic, there are few articles that overtly address the issue of data collection. This paper addresses this methodological issue in detail. In doing so, we use previous media research and two case studies to illustrate the problems associated with the most frequently used data sources of event size. Finally, the paper suggests several research strategies that might enhance the accuracy of those studies that try to trace the protest cycles of community organizing efforts

Discovery of the Orbit of the Transient X ray Pulsar SAX J2103.5+4545

Using X-ray data from the Rossi X-Ray Timing Explorer (RXTE), we carried out pulse timing analysis of the transient X-ray pulsar SAX J2103.5+4545. An outburst was detected by All Sky Monitor (ASM) October 25 1999 and reached a peak X-ray brightness of 27 mCrab October 28. Between November 19 and December 27, the RXTE/PCA carried out pointed observations which provided us with pulse arrival times. These yield an eccentric orbit (e= 0.4 \pm 0.2) with an orbital period of 12.68 \pm 0.25 days and light travel time across the projected semimajor axis of 72 \pm 6 sec. The pulse period was measured to be 358.62171 \pm 0.00088 s and the spin-up rate (2.50 \pm 0.15) \times 10^{-13} Hz s^{-1}. The ASM data for the February to September 1997 outburst in which BeppoSAX discovered SAX J2103.5+4545 (Hulleman, in't Zand and Heise 1998) are modulated at time scales close to the orbital period. Folded light curves of the 1997 ASM data and the 1999 PCA data are similar and show that the intensity increases at periastron passages.Comment: To appear in The Astrophysical Journal (Letters

Chandra observations of the millisecond X-ray pulsar IGR J00291+5934 in quiescence

In this Paper we report on our analysis of three Chandra observations of the accretion-powered millisecond X-ray pulsar IGR J00291+5934 obtained during the late stages of the 2004 outburst. We also report the serendipitous detection of the source in quiescence by ROSAT during MJD 48830-48839. The detected 0.3-10 keV source count rates varied significantly between the Chandra observations from (7.2+-1.2)x10^-3, (6.8+-0.9)x10^-3, and (1.4+-0.1)x10^-2 counts per second for the 1st, 2nd, and 3rd Chandra observation, on MJD 53371.88, 53383.99, and 53407.57, respectively. The count rate for the 3rd observation is 2.0+-0.4 times as high as that of the average of the first two observations. The unabsorbed 0.5-10 keV source flux for the best-fit power-law model to the source spectrum was (7.9+-2.5)x10^-14, (7.3+-2.0)x10^-14, and (1.17+-0.22)x10^-13 erg cm^-2 s^-1 for the 1st, 2nd, and 3rd Chandra observation, respectively. We find that this source flux is consistent with that found by ROSAT [~(5.4+-2.4)x10^-14 erg cm^-2 s^-1]. Under the assumption that the interstellar extinction, N_H, does not vary between the observations, we find that the blackbody temperature during the 2nd Chandra observation is significantly higher than that during the 1st and 3rd observation. Furthermore, the effective temperature of the neutron star derived from fitting an absorbed blackbody or neutron star atmosphere model to the data is rather high in comparison with many other neutron star soft X-ray transients in quiescence, even during the 1st and 3rd observation. If we assume that the source quiescent luminosity is similar to that measured for two other accretion powered millisecond pulsars in quiescence, the distance to IGR J00291+5934 is 2.6-3.6 kpc.Comment: 7 pages, 3 Figures, accepted for publication in MNRA

Hysteresis of spectral evolution in the soft state of black-hole binary LMC X-3

We report the discovery of hysteresis between the x-ray spectrum and luminosity of black-hole binary LMC X-3. Our observations, with the Proportional Counter Array on the Rossi X-ray Timing Explorer, took place entirely within the soft spectral state, dominated by a spectral component that was fitted well with a multicolor disk blackbody. A power-law component was seen only during times when the luminosity of the disk blackbody was declining. The x-ray luminosity at these times was comparable to that seen in transient systems (x-ray novae) when they return to the hard state at the end of an outburst. Our observations may represent partial transitions to the hard state; complete transitions have been seen in this system by Wilms et al. (2001). If they are related to the soft-to-hard transition in transients, then they demonstrate that hysteresis effects can appear without a full state transition. We discuss these observations in the context of earlier observations of hysteresis within the hard state of binaries 1E 1740.7-2942 and GRS 1758-258 and in relation to published explanations of hysteresis in transients.Comment: 14 pages, 6 figures, accepted by The Astrophysical Journa