The SU(n) invariant massive Thirring model with boundary reflection

We study the SU(n) invariant massive Thirring model with boundary reflection. Our approach is based on the free field approach. We construct the free field realizations of the boundary state and its dual. For an application of these realizations, we present integral representations for the form factors of the local operators.Comment: LaTEX2e file, 27 page

Zombie Lending and Depressed Restructuring in Japan

In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the well-known observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in their inspections. To facilitate this forbearance the banks often engaged in sham loan restructurings that kept credit flowing to otherwise insolvent borrowers (that we call zombies). Thus, the normal competitive outcome whereby the zombies would shed workers and lose market share was thwarted. Our model highlights the restructuring implications of the zombie problem. The counterpart of the congestion created by the zombies is a reduction of the profits for healthy firms, which discourages their entry and investment. In this context, even solvent banks do not find good lending opportunities. We confirm our story's key predictions that zombie-dominated industries exhibit more depressed job creation and destruction, and lower productivity. We present firm-level regressions showing that the increase in zombies depressed the investment and employment growth of non-zombies and widened the productivity gap between zombies and non-zombies.

Difference equations for the higher rank XXZ model with a boundary

The higher rank analogue of the XXZ model with a boundary is considered on the basis of the vertex operator approach. We derive difference equations of the quantum Knizhnik-Zamolodchikov type for 2N-point correlations of the model. We present infinite product formulae of two point functions with free boundary condition by solving those difference equations with N=1.Comment: LaTEX 16 page

Relaxing Constraints on Inflation Models with Curvaton

We consider the effects of the curvaton, late-decaying scalar condensation, to observational constraints on inflation models. From current observations of cosmic density fluctuations, severe constraints on some class of inflation models are obtained, in particular, on the chaotic inflation with higher-power monomials, the natural inflation, and the new inflation. We study how the curvaton scenario changes (and relaxes) the constraints on these models.Comment: 18 pages, 6 figure

Will the U.S. Bank Recapitalization Succeed? Eight Lessons from Japan

During the financial crisis that started in 2007, the U.S. government has used a variety of tools to try to rehabilitate the U.S. banking industry. Many of those strategies were used also in Japan to combat its banking problems in the 1990s. There are also a surprising number of other similarities between the current U.S. crisis and the recent Japanese crisis. The Japanese policies were only partially successful in recapitalizing the banks until the economy finally started to recover in 2003. From these unsuccessful attempts, we derive eight lessons. In light of these eight lessons, we assess the policies the U.S. has pursued. The U.S. has ignored three of the lessons and it is too early to evaluate the U.S. policies with respect to four of the others. So far the U.S. has avoided Japan’s problem of having impaired banks prop up zombie firms.

Zombie Lending and Depressed Restructuring in Japan

In this paper, we propose a bank-based explanation for the decade-long Japanese slowdown following the asset price collapse in the early 1990s. We start with the wellknown observation that most large Japanese banks were only able to comply with capital standards because regulators were lax in their inspections. To facilitate this forbearance the banks often engaged in sham loan restructurings that kept credit flowing to otherwise insolvent borrowers (that we call zombies). Thus, the normal competitive outcome whereby the zombies would shed workers and lose market share was thwarted. Our model highlights the restructuring implications of the zombie problem. The counterpart of the congestion created by the zombies is a reduction of the profits for healthy firms, which discourages their entry and investment. In this context, even solvent banks will not find good lending opportunities. We confirm our story's key predictions that zombiedominated industries exhibit more depressed job creation and destruction, and lower productivity. We present firm-level regressions showing that the increase in zombies depressed the investment and employment growth of non-zombies and widened the productivity gap between zombies and non-zombies

Curvaton Scenario with Affleck-Dine Baryogenesis

We discuss the curvaton scenario with the Affleck-Dine baryogenesis. In this scenario, non-vanishing baryonic entropy fluctuation may be generated even without primordial fluctuation of the Affleck-Dine field. Too large entropy fluctuation is inconsistent with the observations and hence constraints on the curvaton scenario with the Affleck-Dine baryogenesis are obtained. We calculate the baryonic entropy fluctuation (as well as other cosmological density fluctuations) in this case and derive constraints. Implications to some of the models of the curvaton are also discussed.Comment: 16 pages,2 figure

Quantum phase transition of dynamical resistance in a mesoscopic capacitor

We study theoretically dynamic response of a mesoscopic capacitor, which consists of a quantum dot connected to an electron reservoir via a point contact and capacitively coupled to a gate voltage. A quantum Hall edge state with a filling factor nu is realized in a strong magnetic field applied perpendicular to the two-dimensional electron gas. We discuss a noise-driven quantum phase transition of the transport property of the edge state by taking into account an ohmic bath connected to the gate voltage. Without the noise, the charge relaxation for nu>1/2 is universally quantized at R_q=h/(2e^2), while for nu<1/2, the system undergoes the Kosterlitz-Thouless transtion, which drastically changes the nature of the dynamical resistance. The phase transition is facilitated by the noisy gate voltage, and we see that it can occur even for an integer quantum Hall edge at nu=1. When the dissipation by the noise is sufficiently small, the quantized value of R_q is shifted by the bath impedance.Comment: 5 pages, 2 figures, proceeding of the 19th International Conference on the Application of High Magnetic Fields in Semiconductor Physics and Nanotechnology (HMF-19