The Domestic Natural Gas Shortage in China

This thesis analyzes the domestic shortage in the Chinese natural gas market. Both the domestic supply and demand of natural gas are growing fast in China. However, the supply cannot catch up with the demand. Under the present pricing mechanism, the Chinese natural gas market cannot get the equilibrium by itself. Expensive imports are inadequate to fill the increasing gap between the domestic demand and supply. Therefore, the shortage problem occurs. Since the energy gap can result in the arrested development of economics, the shortage problem need to be solved. This thesis gives three suggestions to solve the problem: the use of Unconventional Gas, Natural Gas Storage and Pricing Reform

Cloud Atlas

This is a film review of Cloud Atlas (2012) which aims to address what constitutes the reasons for the success of this film and the humanistic theme in which they are rooted, despite the seemingly Buddhist philosophy such as reincarnation this film embodies

INTERPRETING IN A DIFFERENT LEGAL CULTURE: A STUDY OF CHINESE INTERPRETERS AT ANGEL ISLAND STATION (1910-1940)

Despite the similarities between translation studies and interpreting studies, a dichotomy between them has existed for centuries due to their different modes of delivery and final products. Between the two, interpreting studies has received the less scholarly attention; nonetheless, it might actually be a more complex activity inasmuch as it involves face-to-face encounters and oral communication and allows less responses time. Unlike translators with their printed or hand-written texts, interpreters first receive individual voices, with all of their variations in tones, facial expressions, and gestures that accompany them. Instead of texts, which enjoy greater freedom from specific time and places, interpreters work with individual persons who speak and act in accordance with their role in defined relationships. Moreover, interpreters also receive immediate feedback from speakers or audiences

Optimal Dynamic Nonlinear Income Taxation under Loose Commitment

This paper examines an infinite-horizon model of dynamic nonlinear income taxation in which there exists a small probability that the government cannot commit to its future tax policy. In this "loose commitment" environment, we find that even a little uncertainty over whether the government can commit yields substantial effects on the optimal dynamic nonlinear income tax system. Under an empirically plausible parameterization, numerical simulations show that high-skill individuals must be subsidized in the short run, despite the government's redistributive objective, unless the probability of commitment is higher than 98%. Loose commitment also reverses the short-run welfare effects of changes in most model parameters. In particular, all individuals are worse-off, rather than better-off, in the short run when the proportion of high-skill individuals in the economy increases. Finally, our main findings remain qualitatively robust to a setting in which loose commitment is modelled as a Markov switching process.Dynamic Income Taxation, Loose Commitment

Optimal Nonlinear Income Taxation with Habit Formation

It has recently been shown that incorporating "keeping up with the Joneses" preferences into a prototypical two-ability-type optimal nonlinear taxation model leads to higher marginal income tax rates for both types of agents. Specifically, the high-skill type faces a positive marginal income tax rate, rather than zero as in the conventional case. In this paper, agents' utility functions are postulated to exhibit "habit formation in consumption" such that the prototypical two-ability-type optimal nonlinear taxation model becomes a dynamic analytical framework. We show that if the government can commit to its future fiscal policy, the presence of consumption habits does not affect the standard results on optimal marginal income tax rates. By contrast, if the government cannot pre-commit, the high-skill type will face a negative marginal income tax rate, whereas the effect of habit formation on the low-skill type's marginal tax rate is ambiguous.Income Taxation; Habit Formation; Commitment

Fiscal policy, increasing returns, and endogenous fluctuations

We examine the quantitative implications of government fiscal policy in a discrete-time one-sector growth model with a productive externality that generates social increasing returns to scale. Starting from a laissez-faire economy that exhibits an indeterminate steady state (a sink), we show that the introduction of a constant capital tax or subsidy can lead to various forms of endogenous fluctuations, including stable 2-, 4-, 8-, and 10- cycles, quasi-periodic orbits, and chaos. In contrast, a constant labor tax or subsidy has no effect on the qualitative nature of the model's dynamics. We also show that the use of local steady-state analysis to detect the presence of multiple equilibria in this class of models can be misleading. For a plausible range of capital tax rates, the log-linearized dynamical system exhibits saddle-point stability (suggesting a unique equilibrium) while the true nonlinear model exhibits global indeterminancy. Finally, we explore the use of a state-contingent capital subsidy/tax scheme for stabilization purposes. We show that a local control policy designed using the log-linearized model can rule out sunspot equilibria near the steady state but may not prevent fluctuations arising from global indeterminacy. We proceed to use the nonlinear model to design a policy that can stabilize the economy against all forms of endogenous fluctuations and select a globally unique equilibrium.Fiscal policy ; Business cycles ; Chaotic behavior in systems

From Type-II Triply Degenerate Nodal Points and Three-Band Nodal Rings to Type-II Dirac Points in Centrosymmetric Zirconium Oxide

Using first-principles calculations, we report that ZrO is a topological material with the coexistence of three pairs of type-II triply degenerate nodal points (TNPs) and three nodal rings (NRs), when spin-orbit coupling (SOC) is ignored. Noticeably, the TNPs reside around Fermi energy with large linear energy range along tilt direction (> 1 eV) and the NRs are formed by three strongly entangled bands. Under symmetry-preserving strain, each NR would evolve into four droplet-shaped NRs before fading away, producing distinct evolution compared with that in usual two-band NR. When SOC is included, TNPs would transform into type-II Dirac points while all the NRs have gaped. Remarkably, the type-II Dirac points inherit the advantages of TNPs: residing around Fermi energy and exhibiting large linear energy range. Both features facilitate the observation of interesting phenomena induced by type-II dispersion. The symmetry protections and low-energy Hamiltonian for the nontrivial band crossings are discussed.Comment: 7 pages, 5 figures, J. Phys. Chem. Lett. 201